Core Viewpoint - The resignation of the general manager and legal representative, Xiong Jifeng, raises concerns about the management stability of Sichuan Jinding, especially given the chairman's legal troubles and the company's fluctuating financial performance [1][2][5]. Management Changes - Xiong Jifeng resigned for personal reasons and will no longer hold any positions in the company or its subsidiaries [1] - Chairman Liang Fei will temporarily assume the role of general manager until a new appointment is made [2] - Liang Fei has been involved in multiple legal cases with a total amount of 2.027 billion yuan, and has been subject to consumption restrictions [2][3] Financial Performance - Sichuan Jinding's net profits from 2020 to 2022 were 38.24 million yuan, 67.78 million yuan, and 12.97 million yuan, respectively, followed by losses of 41.24 million yuan and 19.19 million yuan in 2023 and 2024 [5] - The company reported a turnaround in the first half of the year, attributed to improved market conditions and increased demand for limestone, as well as investment income from the disposal of a subsidiary [6] Ownership and Control - Although the actual control of Sichuan Jinding has shifted to the government of Luoyang, Liang Fei continues to exert significant influence over the company's operations [4][5] - The previous controlling entity, Pusuo Capital, faced financial difficulties leading to the freezing of its shares in Sichuan Jinding [4][6] Business Operations - Sichuan Jinding's main business involves limestone mining, processing, and sales, which are essential for various industries including construction and chemical manufacturing [6] - The company has not yet realized substantial results from its diversification efforts since the entry of Luoyang Capital [6]

近年来，在"双碳"目标引领下，博州以生态红线为发展底线，创新构建"绿色工艺+资源增值"招商模式，通过严格实施环保一票否决制，天博辰业矿业有 限公司等一批传统企业持续改进生产工艺，产品不断向下游发展，产品附加值持续提升，昔日荒芜戈壁正崛起为西部绿色矿业示范区。 工业经济稳定增长 博州各类矿产资源丰富，尤其石灰石质量好、储量大，可以满足有关产业发展需求。 7月29日，记者从博州统计局获悉，上半年博州经济运行稳中有进、进中向好，工业与消费领域均呈现出良好的发展态势。 天博辰业矿业有限公司主控室。 记者库来西 摄 天博辰业矿业有限公司在此深耕10年，近日，记者走进企业生产车间。在看似平凡的厂房和竖窑中，石灰石原材料经过一系列精细加工，"变身"为用途广 泛的活性氧化钙。 公司生技室主任高华介绍："今年上半年，我们生产了44万吨活性氧化钙。这类产品可广泛应用于钢铁、化工、建筑材料、环保脱硫、食品添加剂等多个 领域，市场需求旺盛。下半年，我们已经排好生产计划，确保稳定生产。" 新疆精杞神枸杞开发有限责任公司生产车间内，工作人员在包装枸杞。博尔塔拉融媒体中心图库 新疆天莱农牧集团股份有限公司工作人员在流水线上作业。博尔塔拉融 ...

Core Viewpoint - The company is focusing on its core business of non-metallic mineral mining and processing, while also investing in new projects to enhance its operational efficiency and expand its market presence. Company Overview - Sichuan Jinding (Group) Co., Ltd. is engaged in the mining, processing, and sales of non-metallic minerals, primarily limestone and active calcium oxide [4][5][6]. - The company has a significant limestone mining resource in Emeishan, Sichuan, which is crucial for its production of cement and other industrial materials [11][12]. Financial Performance - The company achieved a revenue of 356.75 million yuan, an increase of 8.86% compared to the previous year [5]. - The net profit attributable to shareholders was -19.19 million yuan, a decrease in losses by 22.05% year-on-year [5]. - Limestone sales revenue reached 279.25 million yuan, reflecting a year-on-year increase of 63.92% [10]. Industry Context - The non-metallic mineral industry, particularly limestone, is highly cyclical and dependent on fixed asset investment, with demand fluctuating based on economic conditions [7][8]. - The demand for limestone is closely tied to the construction and cement industries, which are expected to recover as government policies stabilize the real estate market [13]. Strategic Initiatives - The company is actively pursuing the construction of new projects, including the comprehensive utilization of tailings and the establishment of an environmental building materials base in Luoyang [4][18]. - The implementation of a 5G smart mining project aims to enhance operational efficiency and safety in mining operations [4][20]. Future Outlook - The company plans to expand its product offerings and market reach by investing in energy-efficient equipment and enhancing its logistics capabilities [17][19]. - The focus on green and low-carbon technologies aligns with national policies promoting sustainable development and environmental protection [19][20].

Summary of Key Points Core Viewpoint - The company reported a net loss of 19.19 million yuan for the year 2024, primarily due to macroeconomic factors affecting downstream operations and increased asset impairment provisions [2][3]. Group 1: Company Performance - The company experienced a net profit loss of 19.19 million yuan in 2024, which is a deterioration of 22.05 million yuan compared to the previous year [2]. - The decline in profitability was attributed to insufficient operational activity in the first three quarters due to macroeconomic conditions, increased impairment provisions, and rising costs and taxes [2][3]. Group 2: Future Growth Points - The company is focusing on expanding its business model by leveraging its existing limestone mining resources and logistics capabilities, with ongoing projects aimed at enhancing production capacity and efficiency [3][5]. - New projects include the construction of a comprehensive utilization production line for tailings and an environmentally friendly building materials base, which are expected to contribute to future revenue growth [3][5]. Group 3: Strategic Planning for 2025 - The company plans to improve its business structure and expand its target market, aiming to enhance sustainable operational capabilities and transition towards a green, low-carbon economy [5]. - The strategy includes the development of a complete industrial chain around limestone mining and processing, with a focus on high-quality limestone resources and innovative technologies [5]. Group 4: Industry Context - The limestone industry is characterized by regional competition and is heavily influenced by local economic conditions and infrastructure investments, which affect demand for limestone products [6]. - The company anticipates that the implementation of national policies and economic recovery will boost demand in the cement and construction sectors, positively impacting the limestone market [6].

Core Viewpoint - Sichuan Jinding has shown a significant recovery in performance after a period of losses, with a notable increase in revenue and a return to profitability in the first quarter of 2025 [1][4]. Financial Performance - In 2024, the company achieved an operating income of 357 million yuan, an increase of 8.86% year-on-year, but reported a net loss of 19.19 million yuan attributable to shareholders [1]. - The loss narrowed significantly by 22.05 million yuan compared to the same period in 2023, indicating a strong recovery trend [1]. - In Q1 2025, the company reported total operating revenue of 126 million yuan, a year-on-year increase of 46.19%, and a net profit of 18.03 million yuan, marking a return to profitability [1]. Business Segments - The company operates in three main segments: limestone mining, active calcium oxide production, and logistics transportation, with differentiated development across these areas [2]. - Limestone mining saw a total extraction of 9.7448 million tons in 2024, an increase of 3.3988 million tons or 53.56% year-on-year, with sales revenue from limestone reaching 279 million yuan, up 63.92% [2]. - Active calcium oxide production, essential for various industries, generated revenue of 2.8487 million yuan from 0.78 million tons produced in 2024 [3]. - The logistics segment achieved a cargo throughput of 1.4938 million tons, an increase of 54.68% year-on-year, with revenue of 37.6915 million yuan [3]. Cash Flow and Financial Health - The net cash flow from operating activities for 2024 reached 109 million yuan, a staggering increase of 1111.55% year-on-year, marking the second-best performance in the company's history [4]. - In Q1 2025, operating cash flow was 12.9527 million yuan, continuing a year-on-year increase of 1197.37%, demonstrating strong operational resilience [4]. Strategic Initiatives - The management acknowledged the need to diversify the product structure and expand market reach due to the low added value of current main products [5]. - Plans for 2025 include improving the main business structure and leveraging capital market financing to expand operations [6]. - The company aims to build a green circular low-carbon economy, focusing on the development of smart and green mines, and enhancing its competitive edge in the calcium industry [6].

Core Viewpoint - The company has reported significant financial performance improvements in the first quarter of 2025, driven by favorable market conditions and operational enhancements. Financial Performance - The company achieved a net profit attributable to shareholders of 18.03 million yuan in Q1 2025, attributed to improved economic conditions in the Sichuan region and increased demand for limestone products [6]. - Total operating revenue for the period reached 125.88 million yuan, representing a 46.19% increase compared to the same period last year [7]. - Limestone sales revenue amounted to 112.33 million yuan, showing a substantial year-on-year increase of 151.01% [7]. Corporate Actions - The company has decided to terminate its plan for a specific stock issuance due to changes in the capital market environment and its own development needs, with the Shanghai Stock Exchange confirming the termination of the review process [5]. - The board approved a new guarantee limit for 2024 not exceeding 650 million yuan, with specific allocations based on the subsidiaries' debt ratios [6].