Core Viewpoint - Baiyin Nonferrous Metals Group Co., Ltd. reported a stable performance in the first half of 2025, achieving an operating income of 44.559 billion yuan and a net profit attributable to shareholders of 433 million yuan, demonstrating strong operational resilience in a complex environment within the nonferrous metals industry [1] Group 1: Financial Performance - The company achieved an operating income of 44.559 billion yuan in the first half of 2025 [1] - The net profit attributable to shareholders reached 433 million yuan [1] - The production output of various metals included 13.05 thousand tons of copper, lead, zinc, and molybdenum concentrates [1] Group 2: Production and Operations - The cumulative output of copper, lead, zinc, and molybdenum concentrates was 13.05 thousand tons, with specific outputs of 31.8 thousand tons of copper, 83.6 thousand tons of zinc, 14.9 thousand tons of lead, and 174 tons of molybdenum [1] - The smelting system produced a total of 426.2 thousand tons of copper, zinc, and lead products, including 197 thousand tons of cathode copper, 13.8 thousand tons of electrolytic lead, and 215.4 thousand tons of zinc products [1] - The production of gold was 11,773 kilograms, silver was 270.54 tons, and sulfuric acid was 1.0746 million tons, indicating stable core product output [1] Group 3: Key Projects and Developments - The company accelerated the implementation of key projects, including the green mining reagent technology transformation project, with the first phase production line of 15 thousand tons officially launched [2] - The intelligent copper smelting factory project has made progress, completing 28 sub-projects and focusing on IT resource construction and boiler flue dust automatic delivery [2] - Various domestic and overseas mineral projects are advancing, including the completion of the second phase of the tailings dam for the Shouxin Peru Company and the operational approval for the first gold Gedex mining resource recovery project [2]

Core Viewpoint - Baiyin Nonferrous Metals (601212.SH) faced a significant stock price drop due to the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, leading to a trading halt at 3.82 CNY per share [2] Group 1: Company Investigation and Violations - The CSRC issued a "Notice of Investigation" to Baiyin Nonferrous Metals for suspected violations of information disclosure regulations [2] - The company has a history of internal fraud and irregularities, with recent internal control audit opinions indicating "emphasis of matter" in the 2023 and 2024 annual reports [2] - A significant case involved employees colluding to misappropriate copper products, with the investigation revealing a potential criminal offense involving 157 million CNY [2] Group 2: Recent Incidents and Financial Impact - In November 2023, a serious discrepancy was found during a warehouse inventory check, leading to the discovery of 990 tons of zinc ingots being stolen by employees [3] - The company failed to disclose these incidents in a timely manner in the 2023 annual report, citing confidentiality due to ongoing criminal investigations [3] - The financial impact of these incidents is evident, with a reported revenue of 86.787 billion CNY in 2024, a slight decrease of 0.21%, and a net profit of 81 million CNY, down 25.18% [4] Group 3: Financial Performance and Management Changes - In the first half of 2025, the company reported a net loss of 217 million CNY, a staggering decline of 1859.82%, attributed to a legal dispute involving a subsidiary and a provision for expected liabilities of approximately 314 million CNY [5] - Baiyin Nonferrous Metals operates across a full industry chain in nonferrous and precious metals, including exploration, mining, smelting, processing, and trading [5] - A significant management change occurred in July 2023, with the resignation of the vice chairman and the appointment of a new vice chairman with extensive risk management experience [5]

Core Viewpoint - Baiyin Nonferrous (601212.SH) faced a significant stock price drop due to the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, leading to a trading halt at 3.82 CNY per share [1] Group 1: Company Investigation and Violations - The CSRC issued a "Notice of Investigation" to Baiyin Nonferrous, indicating that the company is under investigation for suspected violations of information disclosure regulations [1] - Baiyin Nonferrous has a history of internal fraud and violations, with recent audit opinions highlighting concerns in internal controls for the 2023 and 2024 annual reports [1] - The company is currently cooperating with the investigation and has committed to fulfilling its disclosure obligations [1] Group 2: Financial Impact and Losses - Baiyin Nonferrous reported a slight revenue decline of 0.21% year-on-year for 2024, totaling 86.787 billion CNY, while net profit dropped by 25.18% to 81 million CNY [3] - The company has made provisions for losses related to the copper and zinc cases, amounting to 85.8792 million CNY and 23.2364 million CNY, respectively [3] - In the first half of 2025, the company reported a net loss of 217 million CNY, a staggering decline of 1859.82% year-on-year, primarily due to a legal dispute involving a subsidiary [3] Group 3: Recent Incidents and Internal Issues - In November 2023, a significant discrepancy was found during a warehouse inventory check, leading to the discovery of 990 tons of zinc ingots being stolen by employees in collusion with a logistics company [2] - The company failed to disclose these incidents in a timely manner in its 2023 annual report, citing confidentiality due to ongoing criminal investigations [2] - Baiyin Nonferrous has strengthened its internal controls in response to these incidents and is awaiting the outcome of police investigations to recover lost funds [3] Group 4: Management Changes - In July 2023, Baiyin Nonferrous experienced a major management change with the resignation of its vice chairman, Qiao Liang, and the appointment of Wang Meng as the new vice chairman [3] - Wang Meng has a background in risk management and compliance, having held various senior positions within China CITIC Group [3]

突发。 白银有色（601212）9月10日晚间公告，公司近日收到中国证券监督管理委员会（以下简称"中国证监 会"）下发的《立案告知书》，因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华 人民共和国行政处罚法》等法律法规，中国证监会决定对公司立案。 （文章来源：证券时报） 公告还称，目前公司各项经营活动和业务均正常开展，在立案调查期间，公司将积极配合中国证监会的 相关调查工作，并严格按照有关法律法规及监管要求履行信息披露义务。 公司日前披露的2025年半年度报告显示，2025年上半年公司总资产503.56亿元，实现营业收入445.59亿 元，利润总额4.33亿元，归属于上市公司股东的净利润为亏损2.17亿元。 据了解，白银有色的主要业务为铜、锌、铅、金、银等多种有色金属及贵金属的采选、冶炼、加工及贸 易，业务覆盖有色金属及贵金属勘探、采矿、选矿、冶炼、加工于一体的全产业链，涉及国内、国外等 多个地区，是具有深厚行业积淀并初步形成国际布局的大型有色金属及贵金属企业。 | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | --- | --- | --- | --- | | | | | 增 ...

Core Viewpoint - Baiyin Nonferrous Metals is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following a significant stock price fluctuation [2][5]. Financial Performance - For the first half of 2025, Baiyin Nonferrous reported a revenue of 44.56 billion yuan, a decrease of 15.28% year-on-year [6][7]. - The net profit attributable to shareholders was -2.17 billion yuan, marking a dramatic decline of 1859.82% compared to the previous year [6][8]. - The company's total assets stood at 503.56 billion yuan, with a net asset value of 154.40 billion yuan as of June 30, 2025 [6]. Stock Market Activity - Baiyin Nonferrous experienced a cumulative stock price increase of over 20% across three consecutive trading days prior to the CSRC's announcement [5]. - As of September 10, the stock price was reported at 4.24 yuan per share, reflecting a decline of 2.75%, with a total market capitalization of 31.4 billion yuan [9]. Company Operations - The company confirmed that all business operations are proceeding normally and is cooperating with the CSRC's investigation [5][6]. - Baiyin Nonferrous specializes in the exploration, mining, smelting, processing, and trading of various nonferrous and precious metals, including copper, zinc, lead, gold, and silver [6].

Core Viewpoint - The company Baiyin Nonferrous (601212) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, as indicated by the issuance of a notice of case filing [1][3]. Financial Performance - As of the end of the first half of 2025, the company reported total assets of 50.356 billion yuan, a decrease of 0.47% compared to the end of the previous year [3][4]. - The company's operating revenue for the first half of 2025 was 44.559 billion yuan, reflecting a decline of 15.28% year-on-year [3][4]. - The total profit for the period was 4.33 million yuan, while the net profit attributable to shareholders was a loss of 2.17 million yuan, marking a significant decrease of 1,859.82% compared to the same period last year [3][4]. Business Overview - Baiyin Nonferrous is engaged in the exploration, mining, selection, smelting, processing, and trading of various nonferrous metals and precious metals, including copper, zinc, lead, gold, and silver [3]. - The company operates across the entire industry chain of nonferrous and precious metals, with activities spanning both domestic and international markets, indicating a well-established industry presence and initial international layout [3].

Core Viewpoint - The company Baiyin Nonferrous (601212) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its operations and investor confidence [2][4]. Financial Performance - As of the end of the first half of 2025, the company reported total assets of 50.36 billion yuan, a decrease of 0.47% compared to the end of the previous year [4][5]. - The company's operating revenue for the first half of 2025 was 44.56 billion yuan, reflecting a decline of 15.28% year-on-year [4][5]. - The total profit for the period was 433 million yuan, down 38.67% from the same period last year [4][5]. - The net profit attributable to shareholders was a loss of 217 million yuan, a significant decrease compared to a profit of 12.34 million yuan in the previous year [4][5]. Business Overview - Baiyin Nonferrous is engaged in the exploration, mining, selection, smelting, processing, and trading of various nonferrous and precious metals, including copper, zinc, lead, gold, and silver [4]. - The company operates across the entire industry chain of nonferrous and precious metals, with a presence in both domestic and international markets, indicating a well-established industry foundation and initial international layout [4].

Core Viewpoint - Baiyin Nonferrous Metals is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to a formal case being opened against the company [2]. Financial Performance - For the first half of 2025, Baiyin Nonferrous Metals reported a revenue of 44.56 billion yuan, a decrease of 15.28% compared to the same period last year [4]. - The net profit attributable to shareholders was -0.22 billion yuan, reflecting a significant decline of 1859.82% year-on-year [4]. - The company's basic earnings per share for the first half of 2025 were -0.029 yuan, down from 0.002 yuan in the previous year, marking a decrease of 1550% [5]. Asset and Equity Status - As of June 30, 2025, the total assets of Baiyin Nonferrous Metals stood at 503.56 billion yuan, with net assets attributable to shareholders at 154.40 billion yuan [3]. Stock Market Activity - Baiyin Nonferrous Metals experienced a stock price increase of over 20% over three consecutive trading days prior to the CSRC's announcement, which was classified as abnormal stock trading activity [2]. - As of September 10, 2025, the stock price was reported at 4.24 yuan per share, with a decline of 2.75%, resulting in a total market capitalization of 31.4 billion yuan [6].

Core Viewpoint - The company, Baiyin Nonferrous Metals, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while maintaining that its business operations are normal and it will cooperate with the investigation [1]. Group 1: Company Investigation - Baiyin Nonferrous Metals received a notice of investigation from the CSRC due to suspected information disclosure violations [1]. - The company announced that it will actively cooperate with the CSRC's investigation and fulfill its information disclosure obligations [1]. Group 2: Stock Performance - The stock price of Baiyin Nonferrous Metals experienced a significant fluctuation, with a cumulative closing price increase of over 20% over three consecutive trading days [2]. - The company confirmed that there are no major undisclosed matters affecting the abnormal stock trading fluctuations [3]. Group 3: Financial Performance - For the first half of 2025, Baiyin Nonferrous Metals reported a revenue of 44.56 billion yuan, a year-on-year decrease of 15.28%, and a net profit attributable to shareholders of -0.22 billion yuan, a decline of 1859.82% [4][6]. - As of June 30, 2025, the total assets of the company were 50.36 billion yuan, and the net assets attributable to shareholders were 15.44 billion yuan [5]. - The basic earnings per share for the first half of 2025 were -0.029 yuan, compared to 0.002 yuan in the same period last year, reflecting a significant decline [7]. Group 4: Market Data - As of September 10, 2023, the stock price of Baiyin Nonferrous Metals was 4.24 yuan per share, with a decline of 2.75%, and a total market capitalization of 31.4 billion yuan [9].

【导读】白银有色因涉嫌信息披露违法违规被中国证监会立案 9月10日，白银有色（601212）公告称，公司收到中国证监会下发的《立案告知书》。因公司涉嫌信息 披露违法违规，中国证监会决定对公司立案。 白银有色公告称，目前，公司各项经营活动和业务均正常开展，将积极配合中国证监会的相关调查工 作，并严格履行信息披露义务。 8月29日、9月1日、9月2日，白银有色连续三个交易日收盘价涨幅偏离值累计超过20%。 2025年上半年，白银有色的营业收入为445.59亿元，同比下降15.28%；归母净利润为-2.17亿元，同比下 降1859.82%。 截至2025年6月30日，白银有色的总资产为503.56亿元，归母净资产为154.40亿元。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 44.558.994.396.96 | 52.596.061.810.81 | -15.28 | | 利润息额 | 433.043.916.47 | 70 ...