恒邦股份：公司自有矿山资源有限，自产矿冶炼占比很少，外购原料冶炼毛利率较自产矿冶炼毛利率低

Core Insights - The company, Hengbang Co., Ltd. (002237.SZ), primarily engages in gold smelting, positioning itself as a specialized smelting enterprise [1] - Gold is the main product generated during the smelting process, sourced from both purchased raw materials and self-mined ores [1] - The company has limited self-owned mining resources, resulting in a low proportion of self-mined ore smelting compared to purchased raw materials, which have a lower gross profit margin [1] Financial Performance - An investor raised a question regarding the company's profitability, noting that a subsidiary, Wanguo Gold, generated 1.4 tons of self-produced gold with revenues of 1.2 billion yuan and profits of 600 million yuan [3] - In contrast, the company reported a total of nearly 70 tons of gold from both self-production and processing of purchased materials, generating over 50 billion yuan in revenue, but with lower profits than the subsidiary [3]