长江商报消息 知名贵金属企业白银有色（601212.SH）被证监会立案调查。 9月10日晚，白银有色发布公告，近日，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。 究竟在哪些方面信息披露违法违规，白银有色没有具体披露。 2024年，白银有色曾收到上海证券交易所出具的2023年年度报告信息披露监管工作函，要求公司补充披 露部分内容。2025年7月，公司回复2024年年报问询函显示，信息披露不及时、员工串通舞弊等问题被 重点关注。 作为行业知名企业，白银有色的盈利能力并不突出。2018年至2022年，公司年度归母净利润在3000万元 左右徘徊。2023年，公司归母净利润突破亿元，但2024年又出现回落。 信披违法违规，白银有色的问题，究竟出在何处？公司没有公告。此次立案调查，会对公司有多大影 响，暂时无从知晓。 白银有色主要从事铜、铅、锌、金、银等多种有色金属的采选、冶炼、加工及贸易，业务覆盖有色金属 全产业链。 受贵金属行情火热等因素影响，2025年4月以来，白银有色的股价有所表现。 K线图显示，2025年4月9日，白银有色盘中低点为2.45元/股，此后，股价不 ...

Core Viewpoint - The company, Baiyin Nonferrous Metals (601212.SH), faces significant challenges following a regulatory investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, leading to a sharp decline in stock price and highlighting serious internal control issues [2][4]. Group 1: Regulatory Issues - On September 10, the company received a notice from the CSRC regarding an investigation into information disclosure violations, resulting in a stock price drop of 9.91% to 3.82 yuan [2]. - The CSRC's inquiry was prompted by previous incidents of employee collusion and accounting errors, indicating substantial internal control problems within the company [2][4]. Group 2: Internal Control Problems - The company has faced multiple internal control issues, including significant discrepancies in zinc ingot shipments and payments amounting to approximately 388 million yuan, which is 466.91% of the company's net profit [2][3]. - Investigations revealed that employees engaged in bribery and collusion, leading to the unauthorized removal of 990 tons of zinc ingots valued at 157 million yuan [3]. Group 3: Financial Performance - In the first half of the year, the company reported a loss of 217 million yuan, with revenue declining by 15.28% to 44.56 billion yuan compared to the previous year [5][8]. - The company has a history of fluctuating net profits, with significant adjustments made to past financial statements due to accounting errors, affecting reported profits from 2019 to 2023 [6][8]. Group 4: Future Outlook - The company plans to implement an SAP information system to enhance management and communication, although testing of the system has not yet been completed [4]. - Ongoing legal disputes related to warehouse contracts and sales agreements are expected to further impact the company's financial position, with estimated liabilities of approximately 317 million yuan [8].

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]

9月10日，白银有色公告称，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。 | 主要财务指标 | 本报告期 | 上年同期 | 本报告期比上年 | | --- | --- | --- | --- | | | (1-6月) | | 同期增减(%) | | 基本每股收益(元/股) | -0.029 | 0.002 | -1.550.00 | | 稀释每股收益(元/股) | -0.029 | 0.002 | -1550.00 | | 扣除非经常性损益后的基本每股收 | -0.002 | 0.002 | -200.00 | | 益(元/股) | | | | 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%。 根据《上海证券交易所交易规则》有关规定，白银有色的上述情况属于股票交易异常波动。 9月3日，白银有色公告称，经公司自查并征询公司前两大股东中信国安实业集团有限公司、甘肃省新业资产经营有限责任公司，截至目前公司及前两大 ...

【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 ...

Group 1 - The industrial metals sector is expected to benefit from the upcoming peak season and anticipated liquidity turning points, with macroeconomic signals from Powell indicating potential interest rate cuts and domestic policies supporting demand release [1] - Global liquidity easing expectations are likely to enhance the financial and commodity attributes of industrial metals, driving prices upward [1] - Current inventory levels of major industrial metals are low, and as the supply side faces disruptions from maintenance and seasonal factors, demand is expected to gradually increase with the peak season, improving the supply-demand dynamics [1] Group 2 - The Mining ETF (561330) tracks the non-ferrous metals index (931892), which reflects the overall performance of listed companies in the non-ferrous metals sector in the A-share market, focusing on mining, smelting, and processing [1] - The Non-ferrous 60 ETF (159881) tracks the non-ferrous metals index (930708), providing an effective tool for investors to gauge the development status of the non-ferrous metals industry [1]

Group 1 - The stock price of Baiyin Nonferrous fell by 4.71% to 3.44 yuan as of August 27, 2025, with a trading volume of 1.45 million shares and a transaction amount of 511 million yuan [1] - Baiyin Nonferrous specializes in the mining, smelting, processing, and trading of various non-ferrous and precious metals, covering the entire industry chain of non-ferrous metals [1] - The company has an annual production capacity of 400,000 tons of copper, 400,000 tons of lead and zinc, 50 tons of gold, and 800 tons of silver [1] Group 2 - For the first half of 2025, the company reported total operating revenue of 44.56 billion yuan, a year-on-year decrease of 15.28%, and a net loss attributable to shareholders of 217 million yuan, compared to a profit of 12.34 million yuan in the same period last year [1] - The net cash flow from operating activities was 5.28 billion yuan, an increase of 436.79% year-on-year [1] - The weighted average return on equity for the reporting period was -1.39%, a decrease of 1.47 percentage points year-on-year [1] Group 3 - On August 27, 2025, the net outflow of main funds was 71.85 million yuan, accounting for 0.28% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 91.61 million yuan, representing 0.36% of the circulating market value [1]

Group 1 - The mining ETF (561330) rose over 1.2% in the afternoon, indicating a potential sustained recovery in the rare earth sector [1] - The mining ETF tracks the non-ferrous metal index (931892), which is compiled by China Securities Index Co., Ltd., reflecting the overall performance of listed companies in the non-ferrous metal industry in China [1] - The index exhibits strong cyclical characteristics, with industry allocation primarily concentrated in sub-sectors such as base metals and precious metals [1] Group 2 - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) and Link A (018167) [1]

Group 1 - China has implemented export controls on key minerals such as gallium, germanium, antimony, tungsten, and rare earths in response to U.S. restrictions on high-tech exports to China, significantly impacting U.S.-China trade policies [1] - The export control on rare earths is particularly influential, as it has become a critical negotiation point in U.S.-China trade talks, leading to the U.S. lifting some export restrictions on products like H20 and AMD after China eased rare earth export controls [1] - If China continues to strengthen its rare earth controls, overseas rare earth prices, especially for medium and heavy rare earths, are likely to remain high, while domestic rare earth prices are expected to rise, indicating a positive outlook for the rare earth industry [1] Group 2 - The Mining ETF (561330) tracks the non-ferrous metal index (931892), which reflects the overall performance of listed companies in China's non-ferrous metal industry, focusing on sectors such as mining, smelting, and processing [1] - The Non-ferrous Metal 60 ETF (159881) tracks the China Non-ferrous Metal Index (930708), providing investors with a tool to measure the development status of the non-ferrous metal industry, characterized by its cyclical nature [2] - Investors without stock accounts can consider various linked ETFs related to non-ferrous metals, which offer exposure to the industry while reflecting its cyclical characteristics [2]

Core Viewpoint - The mining ETF (561330) has risen over 1.2%, supported by favorable domestic and international policies that bolster industrial metal prices [1] Economic Indicators - The U.S. June CPI rebounded to 2.7%, alongside a 0.6% month-on-month increase in retail data, indicating persistent consumer resilience and supporting inflation expectations for industrial metal prices [1] - The market anticipates a 50.8% probability of an interest rate cut by the Federal Reserve in September [1] - China's GDP growth for the first half of the year was 5.3%, with cumulative export growth of 5.9% [1] Policy Environment - The ongoing "anti-involution" policies are continuously releasing support, and with a generally warm policy tone both domestically and internationally, the pressure on prices during the off-season is limited [1] - It is expected that the peak season and interest rate cut expectations will boost industrial metal prices after mid-August [1] - The industrial metal prices are likely to operate on a strong trend in the second half of the year under a backdrop of domestic and international policy easing [1] ETF and Index Information - The mining ETF (561330) tracks the non-ferrous metal mining index (931892), which is compiled by China Securities Index Co., Ltd. This index selects listed companies involved in the mining, smelting, and processing of non-ferrous metals from the A-share market to reflect the overall performance of related listed companies [1] - The index exhibits strong cyclicality and resource attributes, effectively reflecting market trends in the non-ferrous metal industry chain [1] - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link A (018167) and Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) [1]