In the first half of this year, the company achieved operating income of 35563,337 million yuan, operating profit - 269.1996 million yuan, and net profit attributable to owners of the parent company - 1968.065 million yuan, down 27.69%, 255.37%, and 268.81% respectively from the same period last year. The main reasons for the company's performance loss are: (1) the sales price of zinc ingots, the main product, continues to fall; (2) the company does not have its own mineral raw material base, and all of the zinc concentrate required, is a pure smelting and processing enterprise, and profit margins are limited; (3) due to the rise in crude oil prices in the international market, the prices of coal, electricity and various auxiliary materials have also risen, causing the company's product processing costs to increase; (4) due to the continuous increase in central bank interest rates, the cost of using the company's capital has risen. Due to the slowdown in global economic growth and declining consumer demand for zinc, we expect zinc prices to maintain a weak trend of fluctuating decline over the next two years. It is difficult for the company's business performance to improve significantly this year and next two years, so we give the company a neutral investment rating.