中金岭南回应深交所问询 详解毛利率波动及关联交易等问题

Core Viewpoint - The report from Zhongshanzhonghuan Accounting Firm provides detailed explanations regarding the fluctuations in gross profit margin, related party transactions, inventory management, and overseas subsidiary control for Zhongjin Lingnan Nonfemet Company Limited. Group 1: Gross Profit Margin Fluctuations - The fluctuations in gross profit margin are primarily attributed to changes in raw material prices and product structure. For instance, the gross profit margin for copper smelting products decreased from 4.13% to 2.39% due to rising raw material costs, which were 63,500 CNY/ton, 73,800 CNY/ton, and 80,500 CNY/ton from 2023 to the first half of 2025, while sales prices did not increase at the same rate [2] - The gross profit margin for lead and zinc smelting products decreased by 5.47 percentage points in 2023 but gradually recovered, reaching 18.15% in the first half of 2025 [2] Group 2: Sensitivity Analysis - Sensitivity analysis indicates that fluctuations in raw material prices significantly impact the gross profit margins of copper and lead-zinc smelting products. For example, a 10% increase in raw material prices for copper smelting products would lead to a 9.46 percentage point decrease in gross profit margin [3] Group 3: Related Party Transactions - The related party procurement amounts were 38.85 million CNY, 33.01 million CNY, 271.11 million CNY, and 183.36 million CNY during the reporting period. The pricing of related party transactions is fair and based on normal commercial needs, with a price difference of only 3.70% compared to third-party prices [4] Group 4: Inventory Management - The book value of inventory increased from 3.489 billion CNY at the end of 2022 to 12.987 billion CNY by the end of June 2025, accounting for 26.79% of total assets. The inventory turnover rate decreased from 17.81 to 4.93 [5] - The increase in inventory is mainly due to the expansion of copper smelting business after the merger with Zhongjin Copper Industry, with raw materials and work-in-progress reserves increasing significantly [5] Group 5: Overseas Subsidiary Performance - The Australian subsidiary, Peiliya, reported net profits of 11.605 million AUD, -64.26 million AUD, and 0.44 million AUD over the past three years. The loss in 2023 was primarily due to falling metal prices and increased costs [6] - The company has implemented effective control measures over Peiliya, ensuring that there is no risk of loss of control over overseas assets [6] Group 6: Fundraising and Project Delays - Zhongjin Lingnan raised 3.8 billion CNY through convertible bonds in 2020, with some projects experiencing delays. The "Dominican Mining Company's Maimon Mine" project has been postponed from the end of 2022 to the end of 2025 due to public health events and geological conditions [7][8] - The company plans to raise up to 1.5 billion CNY through a targeted stock issuance, with all funds intended for working capital and bank loan repayment [8]