NNCI(SH:600301) Shang Hai Zheng Quan Bao·2025-10-31 05:47Core Viewpoint - The company plans to use its capital reserve to cover losses, aiming to enhance its ability to return value to investors and comply with legal profit distribution conditions [10][11][12]. Financial Data - The company reported a net profit of 1,831.12 yuan from the merged entity for the current period, compared to 16,778,176.58 yuan from the previous period [8]. - The company’s total undistributed profits as of December 31, 2024, were -1,069,418,631.49 yuan, with a surplus reserve of 57,005,751.71 yuan and a capital reserve of 2,897,228,466.85 yuan [11]. Operational Performance - The company experienced a decline in gross margins for its main products, including tin, zinc, lead, and antimony, due to factors such as decreased ore grades, environmental management costs, and increased reliance on purchased raw materials [50][51]. Shareholder Information - The company will hold its fifth extraordinary general meeting on November 17, 2025, to discuss the proposal to use capital reserves to cover losses [30][25]. - The board of directors approved the proposal to use surplus and capital reserves to cover cumulative losses, which will be submitted for shareholder approval [19][12]. Important Events - The company’s board of directors held a meeting on October 30, 2025, where they approved the third-quarter report and the proposal for using capital reserves to cover losses [16][19]. - The company plans to implement the capital reserve usage after obtaining approval from the shareholders' meeting, which introduces some uncertainty [14].