Gross revenue of RMB 7.9 billion surged 21%, driven by gold prices

20 tons of gold ore increased 1.6%, smelting increased 15.5 tons by 20%

The appreciation of the renminbi depressed the price of the renminbi gold by 24% less than the price of the US dollar

By-products deduct gross mineral costs, and gross profit per unit of control surges

Core gross profit of over RMB 3.6 billion surged 58%

Gross profit of 9.4 billion yuan fell 24% year on year, cement prices dragged down by property prices

Core administrative expenses surged 26% by ¥1.2 billion

Core operating profit rose 182% to 2,554 million yuan

Interest coverage improved core pre-tax earnings of ¥1,877 million to 171% production capacity investment far exceeded depreciation and the decline in gold reserves dragged down valuation cuts according to the price of cash, silver and copper, and the core profit in 2021 may be less than RMB 1.5 billion

It is expected that the core P/E will only need 13 times higher gold prices to boost profits to make up for the valuation