Very easy.
Dear investors and analysts, good morning. Welcome to the 3-Quarter Economic Exchange Meeting of Zangge Mining in 2024. Before the meeting starts, I would like to remind all the participants of the meeting that all the participants are in silent mode at the moment. Please leave your questions after the meeting is over.
During the meeting, if investors have any questions, they can click on the Q&A button and raise their hand. We will speak in turn. First of all, I would like to introduce the leaders of the company that will attend this meeting, Mr. Li Ruixue, the secretary of the board of directors of Zangge Mining, Mr. Tian Taiyin, the financial director, and Ms. Chen Mudi, the head of the investor relationship. Next, Mr. Li will introduce to you the recent operating situation of the company. Dear investors,
and to all the investors who are interested in mining, good morning. First of all, I would like to thank Qiu Guanyi for helping us organize this 3Q Talk. Last Friday night, we released the 3Q Report. Taking this opportunity, we would like to briefly report on the performance of 3Q and
The first is a review of the operating performance. In the third quarter of 2024, the company's gross profit was 8.68 billion yuan, and the deductible profit was 8.47 billion yuan. In the third quarter, the company's gross profit was 5.71 billion yuan, and the deductible profit was 5.69 billion yuan.
In the first three quarters, Lihuajia's net income was 15.101 billion yuan. In terms of production and sales, the net production amount was 75.620,000 tons and the sales amount was 71.50,000 tons. Basically, in both aspects of production and sales, we have completed about 70% of the overall plan. In the fourth quarter, we will do our best to promote Lihuajia's production and sales work and ensure the completion of the overall
This is a business goal. In the first three quarters of carbon dioxide, the income of 8.06 billion yuan was also achieved. The production volume of the first three quarters was 9,277 tons, and the sales volume was 10,210 tons. The main source is that the company continues to innovate and optimize the production process on the basis of the original raw material technology.
In this way, the cost of carbon dioxide is further reduced. However, in the third quarter, the average cost of carbon dioxide was 35,000 yuan per ton. Compared with the first half of the year, the average cost of carbon dioxide decreased by 14%, which still achieved a certain effect. So copper-plated bricks are affected by the rapid impact of the increase in the price of copper-plated products.
G-Long has contributed 3.63 billion yuan to the company's investment. In the first three quarters, G-Long has made new progress in project construction and resource allocation. Among them, G-Long II has been approved by the government, and related regulations have been implemented. The construction of the mining plant, the mining depot, the mining mine, the first selection, and the selection of the main factory have been implemented.
The second phase of the project is planned to be completed by the end of 2025, and will be completed by the end of 2026. After completion, the selection scale will be increased by 200,000 tons per day, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons, and the total production volume will be increased from 150,000 to 200,000 tons
According to the latest data, the total resource of copper and metal in the giant copper mine has reached 25.88 million tons. This has set a deep resource base for the future development of the giant copper industry. On the other hand, the company's resource reserve continues to expand, and some important projects are also being steadily promoted. First of all, in the Mameituo salt lake project,
The company is simultaneously promoting the approval of the project and the issuance of the full-fledged project. The project has already been submitted by the Autonomous Region to the Zhangbao City Government for review. The issuance and application of the mining full-fledged project is also being promoted at the same time. As for the 39% share of Guolun Mining, there is already a Tibetan Tibetan Foundation
to complete the relevant acquisition and complete the process of factory conversion registration. The company has 21.09% of the shares of Guolun Mining. We all know that under the name of Guolun Mining, there are Longmutuo and Jiezhe Tea Factory, two large-scale mining options. The resource reserve is also relatively rich. Among them, Li Resources, which is hidden, has reached 3.9 million tons, and Jia Resources has 28 million tons.
So far, the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of the building has been completed, and the construction and planning of
of which 157.72 square kilometers are fake. The amount of fake resources in Pingshen is 9.81 tons. At present, we are also waiting for the verification report of the project in the mine area to be compiled. The completion report is being compiled. Thirdly, the company has approved the cash dividend and the rental-disappearance refund.
and receive more return on investment. At the end of this year, the company will continue to implement the cash dividend policy since 2022, which is to issue a cash dividend of 2.6 yuan per share and a cash dividend of 4.08 billion yuan in winter. From 2022 to now, there have been five cash dividends in the past three years.
The total amount of shares is more than 7.4 billion yuan. This year, we launched a share repurchase plan with the goal of marketing. In September, we launched the first share repurchase. So far, the company has accumulated 3.03 million shares.
to spend more than 7,100,000 yuan. In the future, the company will continue to promote related shares and recovery work according to the planned recovery arrangements. I will talk about the three aspects of the company's first three quarters, the related key projects and the related
Thank you for your introduction, Mr. Li.
Next, we will move on to the Q&A session. Investors can click on the Q&A button to ask a question. We will open the Q&A session one by one. Before the investors ask a question, please introduce your name and where you are from. First, we would like to invite Nanxueyuan from Mingsheng Securities to ask a question.
Okay. Hello, Mr. Rui. Hello, everyone. I'm Nan Xueyuan from Mingsheng Jinze. Mr. Rui, I'd like to ask you about the issue of fake fat. I'll ask you two questions one by one. The first question is about Q3. In fact, we can see that the production and sales of fake fat have declined. I'd like to ask you what the main reason is. In fact, there are mainly two aspects.
On the one hand, in the third quarter of this year, the influence of various climate changes, especially in places like Sichuan and Hebei, the high temperature and weather, as well as the impact of global warming, have led to the demand for oil and gas, especially oil and gas. This is one aspect. On the other hand, in the third quarter, there was actually a shortage.
is relatively in a state of equilibrium. Chocolate sales are relatively stable. So, from the perspective of security and security, a certain U.S. stock market has been formed. Thirdly, we have also done a job this year, which is to fulfill the demand of the country's commercial reserve. So, at the end of March this year, our chocolate U.S. stock market was about 120,000 tons.
It is also an obligation to complete the country's commercial and chemical reserves. So, in general, the above three reasons have led to the fall of the stock price in the first three quarters of this year. Thank you.
Okay, Mr. Rui. You see that the output has also dropped a little bit. Is there any decline in our 3G network here? The decline in output is mainly due to July this year.
Jiafei's production chain is one of the factors that has been under review for a month. This has led to a decline in Jiafei's production volume in the third quarter. Of course, overall, it does not affect the completion of the sales target task of the annual green price.
Okay, I understand, Mr. Wei. Mr. Wei, I have another question. It's about the cost. If we only look at the cost of 3G, there must be an increase. What is the main reason for this increase? And how do we look at the cost of fat? Thank you. Mr. Qian, please answer this question. Okay. Hello, everyone.
As for the cost, it has been increasing steadily since the last two years. Now we are in the middle of some key progress. Today, we are constantly upgrading the modern environment, such as roads and production facilities in the factory area, as well as some maintenance of the furnace and salt field.
This is a major impact factor. Of course, there are some other factors, such as the amount of coal we just talked about.
In 1 to 3 degrees, the amount is not fully released. In 4 degrees, the 1 million tokens planned at the beginning of the year will be released. There will be some kind of greed. Okay, thank you. Okay, I understand. Mr. Tian, let me ask you again. You just mentioned the investment in the green mine. In fact, I would like to ask, from the perspective of the financial statement, from the perspective of the subject, which subject is mainly involved in this investment?
This is based on the accounting standards. If you meet the automation requirements, you will be able to enter fixed assets and so on. If you don't meet the requirements, you will be able to enter the non-fixed assets. So our investment may be more in the non-fixed assets. Because the non-fixed assets are not included in the accounting standards.
Okay, I understand, Mr. Rui. I have one more question about our mining rights. Is there any progress on mining rights at the moment? Thank you. Please repeat the question. I didn't hear it clearly just now. Mr. Rui, my question is about the maintenance of the salt lake in Chalfan. Is there any progress at the moment? Mr. Rui,
This is a sequence, a sequence, a sequence of our mining array. Oh, the sequence of work. We have been doing this for a long time. Because from last year, starting in the second half of the year, we have been working around the Tarahanian mining array for a long time, and we have been doing some related things. For example, our mining array will increase the type of mine on the shore, right? We used to carry fake, fake salt, and wax. Is there any wax?
No, I don't think so. Now, we may have to move some of the mining people to the reform policy. We have to do some preparatory work in the early stage. This is what we did in advance. On this basis, we are continuing to promote the full-time work of mining. According to the regulations of the National Mining Resource Management, if the mining companies we normally produce and operate meet the legal requirements of the country,
After the full-term expiration, it will naturally continue to expire. As a general rule of thumb, you don't have to worry about it. After the full-term expiration of the typhoon in August next year, there will be no delay or other risk factors. This is definitely not going to happen. That's about it. Thank you. Okay, I understand, Chairman Rui. Okay, Chairman Rui, that's all I have. Thank you. Thank you, Chairman.
Okay, thank you for your answer. Next, let's welcome Director Wang of Changjiang Securities. Director Wang, can you turn on the microphone? Can you hear me? Yes, I can. Good morning, everyone. I'm Wang Xiaoxi from Changjiang Securities. I'd like to ask Director Rui a few questions. First, we can see that Congratulation Company is in the third quarter.
The risk of the space-time man we have been worried about has finally been eliminated. So from the perspective of the landing, some guidance for some expansion projects of later companies, including what we saw earlier, Lao Wo also published a new quantity report. So for the subsequent progress, is there any clearer direction? This is the first one. So the second one is from a technical point of view, we see that in fact, the performance of Jilong is very bright. Even if you look at the background of the same price fall, in fact, this profit
Thank you, Mr. Wang. You just mentioned some key projects. I have mentioned some of them during the discussion.
First of all, we are very concerned about the issue of the Marmite Salt Lake. According to the requirements of the Tibet government on related mineral resources, we are now at the crossroads. The first one is about the project's objective report and objective contract. It is being implemented by the Tibet Autonomous Region Development Committee. At present, it has been reported that the government is waiting to hold a special meeting to discuss the approach of the law. The second one,
The sea mine is being deployed. It is responsible for reporting to the government from the Natural Resource Center in the private area. We are working on both sides at the same time. The relatively fast one is the land acquisition. Once the land acquisition is approved, we may start the construction of the project in the future. The second thing I just mentioned is the old fake mine. In the old fake mine, we covered 400 square kilometers.
We are also working on the development of the project in two parts. At present, we have completed 157 square kilometers of the 8th Line under the Tsai-Tai Province. We also have a lot of work to do in the future. These works, such as locking, sealing, and non-negotiating, are all being promoted in accordance with our plan.
Of course, we are in the process of planning for investment and development in the future. We had planned to do a 100-million-yuan plan before. And we also planned the entire construction cycle to be 36 months. This is the layout and arrangement of the time.
Thirdly, what about the cost of building the facility? This question is for Mr. Qian to answer. As for the cost of building the facility, I'm not sure where you got the information from. But the cost of building the facility has been optimized under the management of Zijin. As you know, this year's production capacity release
This year's production has improved a lot compared to last year. So, after all these years of continuous cost optimization, production climbing, and the optimization of production capacity, there are still some improvements in the cost. I understand. Thank you.
Thank you for your answer. Next, we will have Mr. Yang Yaohong to ask a question. Mr. Yang, you can ask a question now. Mr. Yang, is the signal bad here? Next, we will have Mr. Ma Jun to ask a question.
Thank you for your introduction. I'm Ma Jun from Guangda. I'd like to ask you two questions. First of all, I'd like to ask you a question about China Energy and Mining. After the transaction, what is your plan for this project? Is it more of a financial investment? Or will you participate in the development and construction of this project in the future? Because China Energy and Mining have already cooperated with Lanxiao.
And this is one. And now there are two lakes, probably a test or early planning. Is there a rough data on the cost? Is it similar to Tin Hai? Then the second question I would like to ask the leader here is because we saw that not long ago, the news also said that the purple gold mine also made the pig's brain copper mine an internal project. Because considering this, we may have some equity before the time is up. I don't know if we will have some operating space at the level of our listed company in the future. Mainly these two questions. Thank you, leader.
I have a question for Mr. Ma. First of all, according to the report of Chengtou, Guoneng is rich in natural resources.
In addition to the 4 million tons, there are also 28 million tons of greenhouse gases. This is the first aspect of the volume. The second aspect is that it also announces the progress of the two lakes. Because these two lakes should be the result of a series of samples. It is now known that the overall validation work of these two lakes has been completed.
The overall plan is 30,000 tons of solar energy and 30,000 tons of electricity and coal, which is a total of 60,000 tons of energy. The overall plan is 70,000 tons of energy. At present, these two projects are still in the early stages.
As for the cooperation with Lanxiao, it is true that it should already have a market card in it, but later on, how exactly the two of us will cooperate, whether our company will lead the market construction, including the promotion of this industry, we will have a deep discussion later. Because at the moment, a shareholding acquisition has just been carried out, and if there are some new developments in the future, we will definitely share them with the investors as soon as possible.
Another question is about China's copper mine. I saw that China's purple gold has been listed recently. Is there any consideration for this?
Zhu Nuo is actually owned by Mr. Xiao, a major shareholder of our listed company. So far, we have been able to track a piece of news, which is that Zhu Nuo is planned to enter the market in June.
I have two questions. Thank you for your answer.
Okay, thank you for your answer. If investors have any questions during the meeting, or if you want to communicate with the company, you can raise your hand. Investors who can use the microphone can also ask questions in writing. Next, we will take questions from Yang Yanghong and Mr. Yang. Can you hear me? Yes.
Hello, everyone. I have three questions for you. The first one is about Liyan. As you can see, in the first three quarters of the year, Liyan has completed more than 80% of its annual production target. What is the performance of the production volume in the fourth quarter? If we look at it from the perspective of the third quarter, will there be a decrease in the return base? This is the first question.
As you can see, our production volume has reached 9,270 tons in the first three quarters, right? We have sold 10,200 tons. The production target for the whole year is to reach 10,200 tons. The sales remain unchanged, reaching 10,500 tons. By the fourth quarter, such a production target will definitely be achieved. Second, in terms of sales,
10,000 to 500 people is definitely no problem. Then the market will adjust according to our market conditions, and then the price of the market will be adjusted in time. It is definitely a state where we can do as much as possible to form a consensus, right? For example, in terms of sales,
to reach 12,000 tons in a few days. This is no problem. So specifically, there may be a target data of nearly 2,000 tons when it comes to the number of sales of 4G. This is probably the case.
I see. Mr. Chen, you just mentioned that the cost of carbon dioxide is 35,000 yuan. I'd like to ask if there is any room for further cost reduction. Also, regarding the fixed price standard of labor, in the process of decreasing the price of carbon dioxide, will the price of labor be adjusted? This may affect the cost of resource tax. Can it be reduced further?
Let's have Mr. Qian answer this question. In terms of cost, there is a limited amount of compression in the cost space. So we are doing our best. We are also doing some research and development. In the next step, if we want to reduce the cost to a greater extent, we have to rely on some optimization and breakthroughs in technology.
and the supply of the rest of the oil is limited. Secondly, the price of crude oil has risen this year, but now the price of crude oil is fluctuating based on the price of coal. So if the price of coal goes down, there will be a lot of room for crude oil. How long will it take to adjust the price?
We are not sure about this. Because in the agreement between the two parties, the rules are relatively ambiguous. We can look at it from a technical point of view. I see. Thank you. Then there is another question about Mameituo. You just introduced the stage of proofreading. Then I would like to ask, when you get the paper version of the rainbow certificate,
The third question is about the construction of the project. In fact, it has been a long time.
We have been preparing for this for a long time. If the project is approved, we can start the project construction. Our initial plan is about 9 to 12 months. We need to adjust the temperature, base, and other conditions.
Secondly, the stock acquisition. Currently, we are doing our best to promote the project cooperation and the distribution of mining rights. The stock acquisition is also in the process. At the same time, we are basically connecting the original
The agreement signed with the Jiangsu Tibetan Fund for Strategic Cooperation is that when the project reaches the initial status, it can start the stock acquisition immediately. That is to say, the S&P 500 has a right to buy the stock. However, the acquisition of the stock will be disclosed to the public in the future. Thank you.
All right. Thank you, Mr. Wei. Thank you, Mr. Guo. That's all I have to say. Okay. Thank you, Mr. Wei. Before we start the meeting, we have some questions from the organizations. I have a question for you. Mr. Wei, what is the expectation of the sales volume of the fourth quarter? The sales volume of the fourth quarter? First, let's look at the goals of the previous year.
In the past year, our production target was 1.05 million tons, and the sales target was 1.04 million tons. In the first three quarters, our production target was 1.05 million tons, and the sales target was 1.04 million tons. In the first three quarters, our production target was 1.05 million tons, and the sales target was 1.04 million tons. In the first three quarters, our production target was 1.05 million tons, and the sales target was 1.04 million tons. In the first three quarters, our production target was 1.05 million tons, and the sales target was 1.04 million tons. In the first three quarters, our production target was 1.05 million tons, and the sales target was 1.04 million tons. In the first three quarters, our production target was 1.05 million tons, and the sales target was 1.04 million tons. In the first three quarters, our production target was 1.05 million tons, and the sales target was 1.05 million tons. In the first three quarters, our production target
In terms of sales, there is a data of nearly 300,000 tons. According to our current supply and distribution plan, these two production targets can be achieved in the four seasons. Thank you. Okay, thank you for your answer. Sun Yili from Wenzhi District asks, what is the target of production of carbon dioxide in 2025?
This consideration is a bit ahead of schedule. We are still in the process of reviewing the project target for 2025. If there is a meeting next year, we will make it public to the market. Thank you. Okay, thank you for your answer. There is another one, Mr. Kang.
I have a question for the leader. Is there a set salary for the coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal-fired coal
If we have a chance to visit the project site in Wanxiang District, we can have a full exchange. Thank you. Thank you for your answer. Investors in the conference room, if you have any questions, please raise your hand. Investors who can't turn on their microphones, please ask a question in Chinese. The host will translate for you. Mr. Lv, did you decide on the power supply plan for the Mameetso project?
We are also working on a new phase of preparation. For example, we are preparing for the launch of a nuclear test. Thank you. Okay, thank you for your answer. If there are any investors who have questions, please raise your hand. We will remove the silence and open the floor.
We have a lot to talk about this time. Wait a minute. There is a question from Mr. Shi. The penetration rights of the two lakes under the state-owned mining industry have increased from 18% to 21%. How did this increase? Will it increase in the future? Please answer, thank you. We used to calculate, that is to say, first we have to look at the structure of the infrastructure on the ground.
Most of it came from the investment of Jiangsu Zhangxingxing. Secondly, it was approved by our Zhangzi Mining Operation Company. Based on this background, the penetration of Zhangzi Mining, the share of our mine, increased from 18% to 21.9%. This is one factor. Another is the penetration through the Jiangsu Industrial Fund.
Secondly, we will use the company's capital to raise funds to increase the proportion of shares. Will there be a change in the proportion of shares in the future? Will there be new results in the future? We will continue to record. Thank you. Okay, thank you for your answer. It's almost time for this interview.
One more question for Mr. Zhang. From the perspective of industry employees, do you have any prediction of the future price trend of Jia and Li? Do you have any relevant measures to deal with this? Let's do a simple analysis on this question. Jia and Li's price prediction, in fact, Li still has something to say about it, but his opinion is still relatively large.
In terms of domestic demand, the price of fake leather is relatively even every year. However, as we all know, the domestic market is full of fake leather, which is mainly due to the announcement of the production volume of some major international manufacturers. And, as we all know, it is also due to the influence of some regional politics. So the price curve here should be very accurate.
If you predict it clearly, there will still be difficulties. As we all know, during the first half of the year, the main trade negotiations were very intense. But in terms of big trends, our current price value should still be at a relatively stable level. If there is a big increase or a big decline in the later period, there will be no big changes.
it is likely to have a relatively high efficiency rate. As for you, we all know that in recent years, the price has been fluctuating sharply, and now it has reached a low point in history. So, on the national level, we all reached some common views, but this view is also a matter of perspective. But from the point of view of the supply-demand relationship, or the overall production layout of new energy sources,
So, in fact, our current growth rate should be at the lowest level. This is our own opinion. Okay, thank you. Okay, thank you for your answer. Jiangsu Huarui Investment, Mr. Lv asks, how is the company's investment progress in the downstream industry? This question is a bit complicated. What do you mean by progress?
or coal-fired power plants. But at the moment, we have not made a very clear extension of the coal-fired power plant to the oil-fired power plant chain. We are still focused on the development of R&D resources, focusing on the development of our two major industries, coal-fired power plants, to carry out relevant productive activities and focus on our own industry to support development. Thank you. Okay, Mr. Lv, the next question. Has the company considered capital operations, such as acquisitions in Laos, and has a better resource-rich project?
First of all, from the company's reputation, we are a professional mining resource development company, right? We will definitely persist as long as we have good resources, right? Thank you. Okay, thank you for your answer. Investors who need to ask questions can click on the Ask button to ask a question or leave a message in the chat area.
Next, we have a question from Mr. Zou in the text area. After the change in state-owned equity is completed, will the capital expenses of Chaka and Lumutu be paid by shareholders or banks? Mr. Tian, these two projects are not fully paid by shareholders. They should be used as a whole.
The reason for the slowdown in carbon emissions in the third quarter?
But when it comes to the reason for the decrease in cost reduction, in fact, we do not include the specific cost of self-accounting. As you know, every year, the production is relatively high in other sectors. So there is a surplus effect in other sectors, especially fixed costs.
Another one is, for example, in the whole process of production, there are some changes in cost. In fact, there is some impact, mainly because of the summer season. Our entire infrastructure and efficiency have been improved. This is mainly due to some of the changes in the weather that everyone has traditionally predicted. Okay, thank you.
Okay, thank you for your answer. Next, Mr. Shi has a question in the chat area. How do you plan for the production progress after the three-plus-three check-in period and the long-term short-term period? What are the expected costs and profits? This question is not easy to answer. As you can see, in the past few weeks,
China's stock market has just completed the process of overhaul. A series of actions in the future, such as the organization structure of the company, the composition of the board of directors, etc., need to be reviewed. Including the extension of the production plan of the project of Liangzhou Coal Mine, the investment system development arrangement, etc., are all under review. So if there is any new progress in the future, we will keep you updated. Thank you.
Okay, thank you for your answer. Next, we will have Mr. Chen Wenxiang to ask a question. Mr. Chen, is it convenient for you to turn on the microphone? Can you hear me, Ms. Li? Yes, we can hear you. Thank you.
Hello, Mr. Li. I'm a bit late today. I'd like to ask our leaders about the issue of how to divide profits. Our two subsidiaries are both in the fattening business. The fattening business in Tibet is mainly the business of fattening. And the retail business in Tibet is mainly the retail business. Are the two subsidiaries' profits disclosed in the newspaper?
And these two, for example, Dongbao's price is about 5400 yuan, and Li's is 3.87 billion, which is more than 100 taels. Then add these two together, and then add this red mine, which is about 8.5 billion, which is the addition of three businesses. Then, after these three are added, the middle one is still a little worse than our final basic income.
I don't know if my question is clear enough. This question is for Mr. Chai and Mr. Tian to answer, okay? In other words, after half a year, you have already announced that the main company is Yafei, right? Yes, yes. But there are some other things that are not included, right? You need to calculate a little more, right? Yes, yes, that's what I mean. You need to calculate a little less, right?
That's what I mean. As you know, our subcontractors have several companies. Other companies have their own investment period. We all know about the investment period, especially the construction period. But most of them are automated. The non-construction period is the period when you need to pay for meals or other expenses. For example, in our investment company, we don't have any investment income during the investment period.
but the management costs are still relatively high. You can see it in our stock company's annual report. The stock company's annual report shows that it has lost a lot of money, mainly because of the costs. There are still several other companies that need to be invested. So the difference is mainly in the stock company, investment companies, and construction companies.
This is the part of the cost-benefit ratio. If you look at the past year, you can say that the ratio of 2012-2013 is about the same as that of other companies. How much is this ratio? In 2012-2013, these numbers are equivalent to about 1.5 billion yuan. 1.5 billion yuan. It should be more than 1.5 billion yuan.
There are some changes every year. In the past two years, there was the employee retention plan. The employee retention plan increased the management cost every year. This year, in the first half of this year, the employee retention plan is over. The employee retention plan is over. This year, the management cost should be reduced by at least tens of millions. Of course, because of the two years,
In terms of hiring personnel and increasing investment, how much increase is there in terms of cost? So, in terms of the total, this year's cost should be about the same as in 2023. But it depends on the data provided later.
Let me ask you a quick question. In the first half of this company's 3.87 billion profit, this profit has already exceeded the tax. The last profit, right? If you look at the net profit, it has already exceeded the company's tax. I see. So it can directly...
It's a direct contribution to the final public domain, right? So it's 3.87 billion. From the perspective of Huobinbao, because we are 100% private equity, the first part can also be reflected in Huobinbao. I see, I see. Okay, okay. That's all I have to ask. Thank you, Mr. Li. Thank you, Mr. Lin. Okay, thank you.
Thank you for your answer. We are running out of time. Do you have anything else to add? Lastly, I would like to thank all the investors who took the time out of their busy schedules to participate in this event. If you have any questions, please feel free to contact us. Thank you. Thank you.
Okay, thank you very much for your questions, investors. Due to time constraints, this is the end of the third quarter of the Tibetan Mining Industry Exchange Meeting. Thank you for your answers. If you would like to have a further conversation with the company, please contact the Tibetan Mining Industry Securities Regulatory Department at any time. Thank you for your time. This is the end of the Tibetan Mining Industry Exchange Meeting. Goodbye.