Baotou Steel Rare Earth (600111) disclosed the 2011 semi-annual report on the evening of August 8.
According to the report, the company achieved operating profit of 3.879 billion yuan in the first half of the year, an increase of 434.24% year-on-year. Among them, the net profit attributable to the shareholders of the listed company was 1.977 billion yuan, an increase of 458.51% over the same period of last year. In the first half of the year, basic earnings per share reached 1.632 yuan, an increase of 458.51% year-on-year. However, the company does not make profit distribution in the medium term, nor does it transfer capital into shares.
With regard to the large increase in mid-year report results, the company stated that during the reporting period, the state actively implemented a series of policies to promote the rapid development of the rare earth industry, and the rare earth industry accelerated joint reorganization, increased resources protection, and further standardized production and business order.
In terms of main business, rare earth raw materials still account for the largest portion of main business income. During the reporting period, the company’s main business revenue in raw materials for rare earth products was RMB 4.3 billion, an increase of 130.13% compared to the same period of last year. According to the reporter’s understanding, the price of rare earth products is based on metal niobium as an example. January 7, 2011. The price was 51,000 yuan/ton. By June 28, the price of metal thorium was 225,000 yuan/ton. The price of metal lanthanum also rose from 50,000 yuan/ton in January to 260 yuan/ton in June. The above two products are the main products of Baotou Steel Rare Earth Raw Materials.
From the perspective of the three fees, the company’s sales expenses increased compared to the same period of last year. The sales cost for the current report amounted to 22.73 million yuan, compared with 17.21 million yuan in the same period of last year; the management fees for the reporting period was 210 million yuan. , an increase of nearly 50 million yuan from 160 million yuan in the same period of last year; financial expenses increased from 51.22 million yuan in the same period of last year to 53.93 million yuan in the reporting period.
On the same day, Baotou Steel Rare Earth also issued an announcement on foreign investment that it will form a joint venture with Anhui Earth New Material Co., Ltd. (hereinafter referred to as the earth bear company) to jointly build an annual output of 4,000 tons of NdFeB alloy strips project. Baotou Rare Earth made a cash contribution of RMB 60 million, which accounted for 60% of the equity interest in the new company. Earth Bear Company contributed RMB 40 million in cash, accounting for 40% of the equity interest in the new company.
The company stated that the cooperation with Earth Bear Company is to accelerate the pace of making rare earth functional materials bigger and stronger, to increase the total economic output of Baotou Steel's rare earths, and to improve the company's industrialization development level. The company plans to adopt joint reorganization and joint venture cooperation methods. A new capacity of 15,000 tons of rare earth magnetic materials was added outside Baotou, eventually achieving the company’s annual development target of 30,000 tons of rare earth magnetic materials. To this end, the company plans to cooperate with Earth Bear Company to build an annual output of 4,000 tons of neodymium iron boron quick-setting thin strip alloy project.
According to the report, the company achieved operating profit of 3.879 billion yuan in the first half of the year, an increase of 434.24% year-on-year. Among them, the net profit attributable to the shareholders of the listed company was 1.977 billion yuan, an increase of 458.51% over the same period of last year. In the first half of the year, basic earnings per share reached 1.632 yuan, an increase of 458.51% year-on-year. However, the company does not make profit distribution in the medium term, nor does it transfer capital into shares.
With regard to the large increase in mid-year report results, the company stated that during the reporting period, the state actively implemented a series of policies to promote the rapid development of the rare earth industry, and the rare earth industry accelerated joint reorganization, increased resources protection, and further standardized production and business order.
In terms of main business, rare earth raw materials still account for the largest portion of main business income. During the reporting period, the company’s main business revenue in raw materials for rare earth products was RMB 4.3 billion, an increase of 130.13% compared to the same period of last year. According to the reporter’s understanding, the price of rare earth products is based on metal niobium as an example. January 7, 2011. The price was 51,000 yuan/ton. By June 28, the price of metal thorium was 225,000 yuan/ton. The price of metal lanthanum also rose from 50,000 yuan/ton in January to 260 yuan/ton in June. The above two products are the main products of Baotou Steel Rare Earth Raw Materials.
From the perspective of the three fees, the company’s sales expenses increased compared to the same period of last year. The sales cost for the current report amounted to 22.73 million yuan, compared with 17.21 million yuan in the same period of last year; the management fees for the reporting period was 210 million yuan. , an increase of nearly 50 million yuan from 160 million yuan in the same period of last year; financial expenses increased from 51.22 million yuan in the same period of last year to 53.93 million yuan in the reporting period.
On the same day, Baotou Steel Rare Earth also issued an announcement on foreign investment that it will form a joint venture with Anhui Earth New Material Co., Ltd. (hereinafter referred to as the earth bear company) to jointly build an annual output of 4,000 tons of NdFeB alloy strips project. Baotou Rare Earth made a cash contribution of RMB 60 million, which accounted for 60% of the equity interest in the new company. Earth Bear Company contributed RMB 40 million in cash, accounting for 40% of the equity interest in the new company.
The company stated that the cooperation with Earth Bear Company is to accelerate the pace of making rare earth functional materials bigger and stronger, to increase the total economic output of Baotou Steel's rare earths, and to improve the company's industrialization development level. The company plans to adopt joint reorganization and joint venture cooperation methods. A new capacity of 15,000 tons of rare earth magnetic materials was added outside Baotou, eventually achieving the company’s annual development target of 30,000 tons of rare earth magnetic materials. To this end, the company plans to cooperate with Earth Bear Company to build an annual output of 4,000 tons of neodymium iron boron quick-setting thin strip alloy project.
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