公司代码：600916 公司简称：中国黄金 中国黄金集团黄金珠宝股份有限公司2025 年半年度报告 中国黄金集团黄金珠宝股份有限公司 中国黄金集团黄金珠宝股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘科军、主管会计工作负责人吴义东及会计机构负责人（会计主管人员）沈轶 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对 ...

Summary of Jinshi Resources Conference Call Company Overview - Jinshi Resources has resumed normal production in Q1 2025, with all previously suspended mines back in operation. The Baotou integrated selection and processing project is progressing smoothly, with fluorite resource processing exceeding expectations by 30%. The annual target is set at 600,000 to 700,000 tons, with a significant increase in output from light asset projects and a decrease in costs. Revenue and cash flow have shown significant growth [2][3]. Key Industry Insights - Recent fluorite prices have slightly decreased to 3,500 RMB/ton due to lower downstream demand and the impact of U.S. tariffs on end products. However, the price of silver products remains strong, indicating stable demand. The overall outlook for future price trends is positive [2][5]. - The mining industry faces high-risk challenges, which are not limited to fluorite but are common across all mineral types. The company is focusing on the development of robotic and unmanned technologies as a long-term solution to these risks [2][6]. Management and Operational Adjustments - Jinshi Resources is transitioning from outsourced to self-managed operations to enhance management quality and safety standards. This shift may increase short-term costs but aligns with industry trends towards self-management [2][7]. - The self-management model, while increasing costs, is expected to improve management quality and safety. The company is also investing in AI and robotic technologies to reduce accidents and long-term operational costs [7][8]. Cost Dynamics - Significant factors contributing to increased mining costs include depreciation and management fees during production halts, the purchase of external ore, safety compliance costs, and labor expenses. For instance, safety inspections led to a one-time expenditure of 30 million RMB for support equipment [11]. - The payment of resource fees has a notable impact on the company's financial status, with a specific example of over 20 million RMB in fees leading to losses at the Tangshan Port gold mine [12]. Project Performance - The Qingfushan project produced approximately 50,000 tons in Q1 2025, with an annual target of 180,000 to 220,000 tons and a gross margin of about 10%. The long-term goal is to utilize tailings resources to achieve a gross margin comparable to external sales, which is around 50% [4][15]. - The expected growth in 2025 compared to 2024 is driven by the recovery of single mine production, increased output from the Jinlebo project, and the commencement of external purchase project processing [16]. Strategic Challenges - The high costs of mining rights and inadequate supporting infrastructure in mainland regions pose significant challenges for development. The company is exploring new discoveries in remote areas to compensate for the declining number of single mines [20][21]. - The company is investing heavily in exploration and development to address the imbalance in strategic resource reserves and production ratios, particularly in response to the high demand for fluorine resources [22]. Conclusion - Jinshi Resources is navigating a complex landscape of production recovery, cost management, and strategic development while maintaining a positive outlook on market conditions and future growth opportunities. The focus on self-management and technological advancements positions the company to enhance operational efficiency and safety in the long term [2][6][24].