20% gross income RMB 7.9 billion greatly increased 21% driven by gold price

20 tons of gold minerals increased 1.6% smelting 15.5 tons increased by 20%

The appreciation of human currency suppresses the price of human coin gold is less than that of US dollar gold by 24%.

By-product deduction of mineral gross cost controlled gold unit gross profit increases sharply

Core gross margin surpassed ¥3.6 billion by 58%

Gross profit ¥9.4 billion year-on-year drop of 24% cement price drag on property price

The core administrative expenditure of ¥1.2 billion has soared by 26%.

Core operating profit 2554 million yuan up 182%

Interest coverage improves core pre-tax earnings of 1877 million and 171%

Capacity investment far exceeds depreciation irresistible gold reserves decline dragging down valuation

Core profit by cash silver copper price in 2021 or less than ¥1.5 billion

It is expected that the core Phammer E is only 13 times higher and needs higher gold prices to boost earnings to make up for valuations.