兴业银锡(000426) - 2021 Q4 - 年度财报

Risk Management and Compliance - The company reported a significant focus on risk management, highlighting potential market price fluctuations, safety production, environmental protection, and policy risks[3]. - The company emphasizes the importance of investor awareness regarding potential risks associated with its operations[3]. - The company’s financial statements have been audited by Tianheng Accounting Firm, ensuring compliance and accuracy in financial reporting[12]. - The company has not been listed as a key pollutant discharge unit by environmental protection authorities, and there were no administrative penalties for environmental issues during the reporting period[132]. - The company has committed to maintaining independence from its controlling shareholder in terms of personnel, finance, assets, and operations, ensuring compliance with regulatory requirements[138]. Business Operations and Strategy - The main business remains unchanged, focusing on non-ferrous metal mining, with no alterations reported during the fiscal year[11]. - The company has not reported any changes in its main business operations during the reporting period, maintaining its focus on mining activities[11]. - The company operates 13 subsidiaries across five major sectors: mining, smelting, investment, trade, and research and development[26]. - The company aims to expand its market presence and enhance its operational efficiency through strategic mergers and acquisitions[26]. - The company is focusing on resource extension, overseas market expansion, and brand establishment as part of its strategic development plan[84]. Financial Performance - The company's operating revenue for 2021 was ¥2,008,804,402.32, representing a 113.65% increase compared to 2020[13]. - The net profit attributable to shareholders for 2021 was ¥246,465,571.88, a significant turnaround from a loss of ¥183,859,290.18 in 2020, marking a 234.05% increase[13]. - The net cash flow from operating activities reached ¥688,043,714.49, a 64.84% increase from ¥417,397,335.11 in 2020[13]. - The total profit reached CNY 356.56 million, marking a significant year-on-year growth of 278.19%[47]. - The company’s mining output and sales volume increased due to the resumption of operations at its subsidiaries, particularly Yinman Mining and Qianjinda Mining[46]. Environmental Initiatives - The company has committed to improving safety investments and establishing a comprehensive environmental management system to avoid adverse impacts from environmental issues[89]. - The company has implemented measures to reduce carbon emissions, such as replacing coal-fired boilers with biomass fuel boilers, which has improved thermal efficiency and significantly reduced carbon emissions[135]. - The company has achieved compliance with the autonomous region's green mine construction standards for several subsidiaries, enhancing its commitment to sustainable mining practices[134]. - The company has actively engaged in land reclamation and geological environment management, including tree planting and grass sowing, to improve the ecological environment of mining areas[134]. - The company has maintained a zero pollution incident record during the reporting period, demonstrating effective environmental monitoring and compliance[134]. Shareholder and Management Information - The company’s major shareholder remains unchanged, with Inner Mongolia Xingye Group holding a significant stake since December 2011[11]. - The company has established a clear communication channel through its board secretary and securities representative for investor relations[9]. - The company’s independent directors have extensive backgrounds in finance and management, contributing to the governance of the company[99][100]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 9.32 million, with a total standard of CNY 7.86 million[107]. - The company has not experienced any resignations or dismissals among directors, supervisors, or senior management during the reporting period[96]. Internal Control and Governance - The internal control system was enhanced, with risk management and internal control processes being continuously improved to increase operational efficiency[124]. - The board of directors strictly followed relevant regulations and actively participated in decision-making processes, ensuring the scientific and objective nature of board decisions[112]. - The audit and legal committee held 10 meetings during the reporting period, discussing various important matters including the annual audit and internal control evaluations[113]. - The company has a comprehensive salary policy that includes a salary system for senior management and key positions[117]. - The company has not faced any penalties from securities regulatory authorities in the past three years[105]. Subsidiaries and Investments - The company has established two wholly-owned subsidiaries, Xingye Ruijin and Xingye Gold, which have been included in the consolidated financial statements, increasing the number of subsidiaries to 13[162]. - The company has invested a total of 1,101.85 thousand yuan in exploration activities across various subsidiaries during the reporting period[40]. - The company has established a subsidiary in Beijing to enhance its technological research and development capabilities, focusing on mineral exploration and processing[45]. - The company has established a trading subsidiary in Shanghai to enhance its capabilities in price discovery and product preservation[38]. - The company completed a restructuring, acquiring 100% of Yinan Mining, which is currently in the construction phase and will engage in silver mining and sales upon commencement of operations[142]. Market and Sales Performance - The company’s sales from zinc concentrate accounted for 28.98% of total revenue, with a year-on-year increase of 51.59%[48]. - The total sales revenue from domestic sales was ¥2,008,804,402.32, reflecting a growth of 113.65% year-on-year[50]. - The total sales amount of the top five customers reached CNY 1,102,990,133.47, accounting for 54.91% of the annual total sales[61]. - The company’s sales strategy combines spot sales and futures pricing to mitigate price volatility risks[39]. - The company has optimized its mining and selection processes to enhance production efficiency and reduce costs[39]. Legal and Regulatory Matters - The company faced a lawsuit regarding the transfer of 51% equity in Tongdu Mining, with a disputed amount of 306 million CNY, which resulted in a previously recognized estimated liability of 71.18 million CNY being reversed after winning the appeal[165]. - The company was fined 6.3 million CNY for illegal land occupation, and has since complied with the penalty and is in the process of obtaining the necessary land use approvals[166]. - The company is undergoing a restructuring process due to its controlling shareholder, Xingye Group, entering reorganization proceedings, with the first creditors' meeting held on November 18, 2020[167]. - The restructuring plan for Xingye Group was initially approved by various creditor groups, but a group with secured claims did not approve it, leading to further negotiations[168]. - The company has confirmed that there have been no significant debts or violations of securities regulations in the past five years[146].