XINGYE SILVER&TIN(SZ:000426)2024-04-29 17:46Dividend Distribution - The company plans to distribute a cash dividend of 0.65 CNY per 10 shares to all shareholders, based on a total of 1,837,192,219 shares[4]. - The total cash dividend distributed is CNY 119,417,494.24, which represents 100% of the profit distribution amount[167]. - The company has established a profit distribution policy to ensure stable returns to investors, adhering to the policy without adjustments during the reporting period[164]. Business Operations - The company has not changed its main business, which is focused on non-ferrous metal mining, since the last adjustment in December 2011[13]. - The company has not experienced any changes in its controlling shareholder during the reporting period[13]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 000426[9]. - The company’s official website is http://www.xyyxky.com/[9]. - The company’s mining operations are influenced by macroeconomic cycles and the economic cycles of downstream industries, indicating a cyclical nature[36]. - The company’s main products include silver, tin, zinc, lead, iron, copper, antimony, and gold, with diverse applications across various industries[41][42][43][44][45]. Financial Performance - The company’s operating revenue for 2023 reached ¥3,706,005,008.22, representing a 77.67% increase compared to ¥2,085,888,738.73 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥969,344,844.83, a significant increase of 457.41% from ¥173,900,470.00 in 2022[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,024,293,764.54, up 410.11% from ¥200,798,812.84 in 2022[16]. - The net cash flow from operating activities for 2023 was ¥1,749,643,341.00, an increase of 125.26% compared to ¥776,720,487.49 in 2022[16]. - The basic earnings per share for 2023 was ¥0.5276, reflecting a 457.13% increase from ¥0.0947 in 2022[16]. - The total assets at the end of 2023 amounted to ¥11,083,437,191.46, a 15.12% increase from ¥9,627,417,740.00 at the end of 2022[16]. - The net assets attributable to shareholders at the end of 2023 were ¥6,476,277,712.61, up 16.67% from ¥5,550,724,678.52 at the end of 2022[16]. Market Conditions - The macroeconomic environment remains challenging, with ongoing geopolitical conflicts and domestic economic risks, but the company is focused on high-quality development and risk management[25]. - In 2023, tin prices experienced a weak overall performance, with the annual average price around 200,000 CNY/ton, reflecting a slight surplus in the market[26]. - The average price of zinc in 2023 was 21,489 CNY/ton, a decrease of 13.8% year-on-year, with the lowest price recorded at 18,600 CNY/ton in May[28]. - Lead prices in 2023 showed a slight decline of 0.2%, closing at 15,875 CNY/ton, while the average price for 1 lead was 15,601 CNY/ton, up 2.8% year-on-year[30]. - Copper prices peaked at 9,550 USD/ton in January 2023, but overall showed a downward trend due to insufficient demand recovery, leading to a slight increase in supply surplus[31]. - The international gold price fluctuated significantly in 2023, with historical highs reached in December, driven by changes in U.S. monetary policy and geopolitical tensions[32]. Production and Sales - The company reported quarterly revenues of ¥1,281,347,664.14 in Q4 2023, with a net profit of ¥426,389,752.91 attributable to shareholders[20]. - The company’s revenue from non-ferrous metal mining accounted for 99.80% of total operating income in 2023[40]. - The sales volume of zinc concentrate increased by 32.76% year-on-year, reaching 54,972.43 tons in 2023 compared to 41,408.20 tons in 2022[69]. - The production volume of lead concentrate surged by 203.67% year-on-year, totaling 161.74 tons in 2023, up from 53.33 tons in 2022[71]. - The sales volume of copper-silver concentrate rose by 75.71% year-on-year, amounting to 118,942.12 kg in 2023, compared to 67,693.55 kg in 2022[71]. - The production volume of tin concentrate increased by 110.74% year-on-year, reaching 5,811.57 tons in 2023, up from 2,757.74 tons in 2022[70]. Risk Management - The company emphasizes the potential risks related to market price fluctuations, safety production, environmental protection, and policy changes[4]. - The company faces risks from market price fluctuations, particularly in the non-ferrous metals sector, which could significantly impact profitability if prices decline sharply[126]. - Safety production risks are present due to potential natural disasters, equipment failures, and human errors during mining operations[125]. - Environmental protection risks include waste emissions and ecological impacts from mining activities, which could adversely affect business prospects and financial performance[126]. - Strategies to mitigate risks include enhancing market price forecasting, conducting futures hedging, and improving safety and environmental management systems[127]. Research and Development - The company is focusing on technological research and development aims to enhance mining efficiency and resource recovery[40]. - The company has established high-efficiency green mining research centers in its subsidiaries to boost R&D capabilities[63]. - Research and development investment amounted to ¥107,012,793.60 in 2023, a 42.04% increase from ¥75,341,487.98 in 2022[93]. - The number of R&D personnel increased to 154 in 2023, representing a growth of 10.79% from 139 in 2022[93]. - The company has implemented advanced automation and control technologies in its processing plants, leading to industry-leading technical indicators[63]. Corporate Governance - The company has established a clear decision-making process for remuneration, ensuring transparency and alignment with industry standards[147]. - The company has a total of three independent directors, with backgrounds in finance and law, enhancing governance and oversight[141][142]. - The governance structure has been updated to align with regulatory requirements, including the establishment of an Environmental, Social, and Governance (ESG) committee[132]. - The company has not reported any penalties from regulatory bodies for its directors and supervisors in the last three years, indicating compliance with regulations[145]. - The company has established a commitment to link executive compensation to the performance of the company's return measures[200]. Environmental Responsibility - The company has invested a total of RMB 14.5154 million in environmental protection during the reporting period[181]. - The company has achieved environmental assessment approvals for subsidiaries including Xilin Mining, Rongguan Mining, and Yinman Mining, with ongoing efforts for others[178]. - The company has actively engaged in land reclamation and geological environment remediation, enhancing the ecological environment of mining areas[179]. - The company has reported no incidents of pollutant exceedance during the reporting period, adhering to environmental monitoring requirements[179]. - The company is preparing for the "Green Mine Review" initiative, aiming to enhance green mining practices across its subsidiaries[179]. Strategic Acquisitions - The company acquired a 70% stake in Boshen Mining, which owns the Bangbu Gold Mine, enhancing resource reserves and core competitiveness[40]. - The company acquired 70% equity in Tibet Boshen Mining for ¥280,000,000.00, with asset delivery completed on May 19[102]. - The company has integrated gold mining resources through the acquisition of Tibet Boson Mining, which is expected to strengthen its core competitiveness[118]. Future Outlook - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion CNY[198]. - The company plans to expand its market presence by entering two new provinces, aiming for a 25% increase in market share[198]. - A strategic acquisition of a smaller mining company is in progress, expected to enhance operational efficiency and increase production capacity by 30%[199]. - The company is committed to sustainability, with plans to reduce carbon emissions by 15% over the next three years[198].