Humon Share(SZ:002237)2022-11-24 12:34Group 1: Company Overview - Shandong Hengbang Smelting Co., Ltd. primarily engages in gold mining, precious metal smelting, high-tech material R&D and production, and international trade. The main products include gold, silver, electrolytic copper, sulfuric acid, and rare metals, with an annual production capacity of 50 tons of gold, 1,000 tons of silver, 25,000 tons of electrolytic copper, and 1.3 million tons of sulfuric acid [2]. - In 2021, the company achieved an annual production of 39.60 tons of gold, 757.2 tons of silver, and 19.48 million tons of electrolytic copper, generating revenue of 41.383 billion yuan and a net profit of 455 million yuan [2][3]. - As of the end of Q3 2022, the company reported revenue of 34.537 billion yuan and a net profit of 405 million yuan [3]. Group 2: Mining and Production Updates - The Liaoshang Gold Mine has a gold metal reserve of 69,913 kg, with a construction scale of 900,000 tons/year currently in the infrastructure phase [3]. - The WanGuo International Mining Group reported a revenue of 33.049 million yuan and a net profit of 8.6726 million yuan as of June 30, 2022 [3]. - The company is enhancing its core technology in precious metal smelting and resource recovery, aiming to increase gold resource reserves and accelerate the acquisition of quality gold mining resources [3]. Group 3: Financial and Operational Strategies - The company has reported asset impairments primarily due to fixed asset depreciation and inventory price declines, totaling 24.87519 million yuan in 2022 [4]. - The hedging strategy involves using inventory hedging to mitigate risks from commodity price fluctuations, ensuring stable long-term development [4]. - The company plans to maintain an asset-liability ratio around 60%, with historical ratios of 71.19%, 58.18%, 59.96%, and 64.68% from 2019 to mid-2022 [4]. Group 4: Employee and Investment Initiatives - The employee stock ownership plan completed the purchase of 5.0761 million shares at an average price of 11.40 yuan/share, totaling approximately 57.84 million yuan, representing 0.44% of the company's total equity [5]. - The company has submitted materials for a convertible bond issuance, which is currently under review by the China Securities Regulatory Commission [5].