香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明不會就因本公告全部或任何部分內 容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 GREENTECH TECHNOLOGY INTERNATIONAL LIMITED 綠 科 科 技 國 際 有 限 公 司 （於開曼群島註冊成立之有限公司） 00195 （股份代號： ） 二零二三年中期業績公告 綠科科技國際有限公司（「本公司」）的董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司截至二零二三年六月三十日止六個月之未經審核業績。本公告載有本公 司二零二三年中期報告全文，並符合香港聯合交易所有限公司證券上市規則中有關 中期業績初步公告附載資料之相關規定。 承董事會命 綠科科技國際有限公司 ...

Production and Financial Performance - The total production of tin metal from the Renison underground mine in 2022 was 8,404 tons, a slight decrease of approximately 0.57% compared to 8,452 tons in 2021[6]. - Revenue from the tin mining operations for the year was approximately HKD 931,380,000, down 4.9% from HKD 979,884,000 in 2021[14]. - The net profit attributable to shareholders for the year was approximately HKD 216,750,000, a decrease from HKD 345,017,000 in 2021[14]. - The company recorded revenue of approximately HKD 606,440,000 from its tin trading business in 2022, with a gross profit of HKD 10,444,000, but decided to discontinue this business due to profitability concerns[7]. - The overall tin supply in 2022 decreased due to stricter import and export controls and supply chain disruptions in major tin-producing countries[12]. - The revenue for the year ended December 31, 2022, was approximately HKD 931,380,000, a decrease of about 4.9% from HKD 979,884,000 in 2021, primarily due to a decline in average tin prices[29]. - The cost of sales for the year was approximately HKD 523,847,000, accounting for 56.2% of the recorded revenue, slightly down from 56.5% in 2021[30]. - The gross profit for the year was approximately HKD 407,533,000, with a gross profit margin of 43.8%, an increase from 43.5% in 2021, attributed to a decrease in the cost of sales of tin concentrate[31]. - Profit attributable to owners of the company decreased to approximately HKD 216,750,000 from HKD 345,017,000, primarily due to a decline in average tin prices[34]. Market Conditions and Future Outlook - Tin prices reached a historical high of USD 50,050 per ton in March 2022, but fell to around USD 17,700 per ton by October 2022 due to profit-taking and concerns over potential economic slowdown[5][13]. - The company anticipates stable sales growth in the short to medium term, driven by strong downstream demand for tin due to carbon neutrality policies and the development of new energy vehicles and 5G-related products[7]. - The global tin market is expected to see new growth due to the rapid development of electric vehicles, smart manufacturing, and 5G electronics, with anticipated gradual increases in tin prices in 2023[18]. Exploration and Resource Management - The company plans to continue focusing on exploration activities to fully exploit the resource potential of the mining area and optimize operations to produce more tin metal[6]. - The total proven, controlled, and inferred resources at the Renison underground mine amounted to 19,820,000 tons with a grade of 1.61% as of December 31, 2022, representing a 17.2% increase in tin content to 128,900 tons compared to the previous year[15]. - The company plans to continue exploration in the Area 5, Leatherwood Trend, and Huon North locations to identify high-grade ore and increase tin metal production[18]. - The Renison underground mine produced 8,404 tons of tin metal with an average tin grade of 1.71% during the year, while the Renison tailings project did not undergo any development or production activities[80]. - The total estimated resource for the Renison Bell mine is 19,820 thousand tons of tin with a grade of 1.61%, yielding 319,586 tons of tin metal, and 19,820 thousand tons of copper with a grade of 0.20%, yielding 39,588 tons of copper metal[78]. Corporate Governance and Management - The company has experienced management changes, with several new appointments in executive and independent director roles since April 2020[105][106][107]. - The board consists of eight directors, including five executive directors and three independent non-executive directors, ensuring a balanced composition with diverse skills and expertise[113]. - The company is focusing on corporate governance and compliance, as indicated by the detailed profiles of its board and management team[109]. - The company has established a framework for corporate governance that includes four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Compliance Committee[111]. - The company has adopted a new stock option plan aimed at incentivizing qualified participants who contribute to the group's success, with a total of 28,686,000 shares to be issued, representing 2.1% of the total shares outstanding as of the report date[135]. Legal Matters - The company is involved in a legal dispute regarding a claim of AUD 15,143,422.44 (approximately HKD 85,736,000) related to the sale agreement of all issued shares of Bason Mining Resources Limited[91]. - The company and its subsidiary, Tengfeng, have counterclaimed against the plaintiff, Mr. Chen, for a total of AUD 27,001,217 (approximately HKD 152,870,000) due to various breaches of the sale agreement[92]. - A case management hearing was held on October 18, 2021, with a trial scheduled to commence on May 6, 2024, expected to last for 41 days[96]. - The company attempted mediation with Mr. Chen in December 2021, but no settlement has been reached, and legal proceedings are ongoing[96]. Financial Position and Shareholder Information - As of December 31, 2022, the group's liquidity ratio improved to 2.06 from 1.37 in the previous year, with net current assets of approximately HKD 197,477,000[37]. - The group's total liabilities to total assets ratio decreased to 29.7% from 39.6% in the previous year[36]. - The company’s cumulative losses as of December 31, 2022, were HKD 120,324,000[182]. - The company has a significant shareholder, with 340,000,000 shares held by various entities, accounting for approximately 24.89% of the issued share capital[189]. - The company has established indemnification provisions for its directors and senior officers against liabilities incurred in the execution of their duties[187].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明不會就因本公告全部或任何部分內 容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 GREENTECH TECHNOLOGY INTERNATIONAL LIMITED 綠 科 科 技 國 際 有 限 公 司 （於開曼群島註冊成立之有限公司） 00195 （股份代號： ） 截至二零二二年十二月三十一日止年度之年度業績公告 綠科科技國際有限公司（「本公司」）董事（「董事」）會（「董事會」），欣然公告本公司及 其附屬公司（統稱為「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合 業績（連同截至二零二一年十二月三十一日止上一個財政年度之經重列比較數字）如 下︰ ...

Financial Performance - Revenue for the group decreased by 70.0% to HKD 895,697,000 for the six months ended June 30, 2022, while gross profit increased to HKD 402,904,000 from HKD 163,167,000 for the same period in 2021[16] - The group's unaudited consolidated revenue for the six months ended June 30, 2022, was approximately HKD 895,697,000, a decrease of 70.0% compared to HKD 2,990,434,000 for the same period in 2021[30] - Gross profit for the same period was HKD 402.9 million, significantly up from HKD 163.2 million in the previous year, indicating a gross margin improvement[117] - The company achieved a profit before tax of HKD 417.4 million, compared to HKD 193.0 million in the prior year, reflecting a 116% increase[117] - Total comprehensive income for the period was HKD 238.5 million, up from HKD 116.5 million in the same period last year, marking a 104% increase[118] Production and Resources - The total production of tin metal from the Renison underground mine for the first half of 2022 was 4,631 tons, representing a year-on-year increase of about 27.8% from 3,623 tons in the first half of 2021[13] - The estimated tin and copper resources as of June 30, 2022, include 1,780 thousand tons of tin at a grade of 1.79% and 1,780 thousand tons of copper at a grade of 0.25%[71] - The total resource estimate for the Renison mine is 18,250 thousand tons of tin at a grade of 1.65%, yielding 301,500 tons of tin metal, and 36,500 tons of copper at a grade of 0.20%[71] - Proven and probable reserves at the Renison Bell mine total 30,147,000 tonnes with an average tin grade of 0.69% and copper grade of 0.22%, equating to 209,000 tonnes of tin and 67,000 tonnes of copper[75] Market and Demand - The consumption of tin metal in China from January to May 2022 was 78,400 tons, an increase of 28.3% compared to 61,101 tons in the same period of 2021[12] - The group anticipates stable growth in tin metal demand driven by the automotive industry, 5G-related products, and electronics, supported by government initiatives in China and the United States[18] Legal Matters - The company is involved in a legal dispute regarding a claim of AUD 15,143,422 (approximately HKD 85,736,000) related to the sale agreement of all issued shares of Baisong Mining Resources Limited[20] - The company and its subsidiary deny the claims and have counterclaimed against the plaintiff, seeking a total of AUD 27,001,217 (approximately HKD 146,000,000) in damages and compensation[22] - The company attempted mediation with the plaintiff in December 2021, but no settlement has been reached, and legal proceedings continue[26] Financial Position - As of June 30, 2022, the group's current assets net value was approximately HKD 347,331,000, up from HKD 117,191,000 as of December 31, 2021[37] - The group's liquidity ratio as of June 30, 2022, was 1.72, compared to 1.37 as of December 31, 2021[37] - The company's total equity rose to HKD 1,037.6 million from HKD 798.0 million, reflecting a robust capital position[123] Employee and Management - The total employee cost amounted to approximately HKD 82,604,000, an increase from HKD 74,369,000 as of June 30, 2021, reflecting a year-over-year growth of about 16.6%[50] - The company employed approximately 335 employees as of June 30, 2022, compared to 322 employees at the end of 2021, indicating a growth in workforce[50] - The total remuneration for key management personnel for the six months ended June 30, 2022, was HKD 4,488,000, an increase from HKD 2,608,000 for the same period in 2021[190] Capital Expenditures and Investments - The group had capital expenditures of approximately HKD 134,125,000 for property, machinery, and equipment for the six months ended June 30, 2022[43] - The group invested approximately USD 6.2 million (equivalent to HKD 48.6 million) in a private equity fund during the period, with confirmed interest income of HKD 792,000[175] Shareholder Information - The company has a significant ownership stake of 17.77% held by a major shareholder, with 242,732,353 shares[97] - Major shareholders control approximately 1,700,000,000 shares of the company, representing a significant ownership stake[102] - The company confirmed it maintained sufficient public float as per listing rules during the period ending June 30, 2022[85] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending June 30, 2022[108] - The company confirmed compliance with all applicable corporate governance codes as of June 30, 2022[109] - The company has implemented a standard code of conduct for securities trading by its directors, ensuring adherence to regulations[110]

Financial Performance - The group's revenue surged by 691% to approximately HKD 5,251,919,000 in 2021, compared to HKD 664,300,000 in 2020[13]. - The net profit attributable to shareholders for the year was approximately HKD 349,815,000, a turnaround from a net loss of HKD 25,663,000 in 2020[13]. - The group's audited consolidated revenue for the year ended December 31, 2021, was approximately HKD 5,251,919,000, a significant increase of about 691% compared to HKD 664,300,000 in 2020[27]. - The sales cost for the year was approximately HKD 4,805,844,000, accounting for 91.5% of the recorded revenue, down from 94.5% in 2020[28]. - The gross profit was approximately HKD 446,075,000 with a gross profit margin of 8.5%, an increase from 5.5% in 2020[28]. - Administrative expenses decreased by approximately 5.1% to about HKD 34,524,000, representing 0.7% of the group's revenue[29]. - The company reported a consolidated profit attributable to owners of approximately HKD 349,815,000 for the year, a turnaround from a loss of approximately HKD 25,663,000 in 2020, primarily due to increased average tin prices and improved production efficiency[31]. Production and Resources - In 2021, the total production of tin metal from the Renison underground mine was 8,452 tons, a significant increase of approximately 8.4% compared to 7,798 tons in 2020[6]. - The total proven, controlled, and inferred resources at the Renison underground mine amounted to 18,240,000 tons with a tin grade of 1.65% as of December 31, 2021[14]. - The ore reserves decreased by 8.5% to 110,000 tons, while the proven and inferred resources saw a 9.7% increase in confirmed tin ore[14]. - The Renison underground mine produced 8,452 tons of tin metal with an average tin grade of 1.41% during the year[67]. - The Renison Bell Mine has a confirmed resource of 1,397 thousand tons with a tin grade of 1.50%, yielding 20,900 tons of tin metal[69]. - The inferred resource at the Renison Bell Mine is estimated at 2,470 thousand tons with a tin grade of 1.59%, resulting in 39,100 tons of tin metal[69]. - The Renison tailings project involves processing approximately 22,300,000 tons of tailings with an average grade of 0.44% tin and 0.23% copper, containing about 99,000 tons of tin[75]. Market and Demand - The average tin price reached a ten-year high of approximately USD 41,000 per ton in 2021, driven by increased demand from electric vehicles and electronics[12]. - The group anticipates stable sales growth in the medium term, supported by strong downstream demand for tin due to stricter environmental policies in major consuming countries[7]. - The demand for tin is expected to grow due to the rapid development of electric vehicles, smart manufacturing, and 5G electronics[16]. Strategic Plans and Operations - The group plans to continue focusing on exploration activities to fully exploit the resource potential of the mining area and optimize operations to produce more tin metal[6]. - The group plans to continue exploration in the Area 5, Leatherwood Trend, and Huon North locations to enhance high-grade ore resources[16]. - The group aims to enhance operational efficiency and strengthen core competitiveness to create greater value for investors and shareholders[8]. - The company has established a tin supply contract with Yunnan Tin Group to provide stable revenue until January 2025[17]. - The company aims to diversify its business lines to seek more development opportunities and enhance sustainable growth[17]. Legal and Compliance Matters - The company is pursuing legal claims totaling AUD 27,001,217 (approximately HKD 152,870,000) against Mr. Chen for various breaches related to the acquisition of Baisong[77]. - The actual tin production shortfall over three years was approximately 2,348.9 tons, leading to a claim of AUD 5,496,266 (approximately HKD 31,118,000) for underperformance[79]. - The company is involved in multiple legal proceedings, including a lawsuit with claims amounting to AUD 16.3 million related to case number 3132/2016[82]. - The company has not reached a settlement with Mr. Chen, and both parties continue with legal procedures[81]. - The company has attempted mediation with Mr. Chen in December 2021, but he expressed no interest in further discussions at that time[81]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code as set out in the Listing Rules, maintaining compliance as of December 31, 2021[94]. - The board consists of eight directors, including five executive directors and three independent non-executive directors, ensuring a balanced composition with diverse skills and expertise[97]. - The company has established a governance framework that includes the board and four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Compliance Committee[95]. - The independent non-executive directors have submitted annual confirmations of their independence in accordance with the Listing Rules[98]. - The board held a total of six meetings during the year, with attendance rates for individual directors documented[101]. - The company has arranged for directors and senior management to have directors' and officers' liability insurance, which is reviewed annually[99]. Risk Management - The company has implemented a risk management framework to assess and manage significant risks related to its existing business[135]. - The risk assessment process includes reviewing organizational goals, evaluating risk management concepts, and conducting entity-level risk assessments[135]. - The management confirmed the effectiveness and adequacy of the risk management mechanisms and internal control systems for the fiscal year ending December 31, 2021[141]. Shareholder Information - The company has established a dividend policy that considers financial performance, cash flow, future operations, and overall business conditions[143]. - The company maintained a board composition with at least one-third independent non-executive directors, complying with listing rules[112]. - Major shareholder Cybernaut Green Technology Holdings (Hong Kong) Limited holds approximately 24.89% of the company's issued share capital, equivalent to 1,700,000,000 shares[168]. - The company has not established any preferential rights for existing shareholders regarding the issuance of new shares[196].

Financial Performance - For the six months ended June 30, 2021, Greentech's revenue increased by 1,565% to HKD 2,990,434,000, with a gross profit of HKD 163,167,000, compared to a gross profit of HKD 19,509,000 for the same period in 2020[14]. - The group's unaudited consolidated revenue for the six months ended June 30, 2021, was approximately HKD 2,990,434,000, a significant increase of 1,565% compared to HKD 179,575,000 for the same period last year[29]. - Gross profit for the same period was HKD 163,167 thousand, compared to a gross loss of HKD 19,509 thousand in the previous year, indicating a turnaround in profitability[108]. - The company achieved a profit before tax of HKD 193,049 thousand, compared to a loss of HKD 54,540 thousand in the prior year, reflecting a substantial improvement in financial performance[108]. - Net profit attributable to owners of the company was HKD 108,922 thousand, compared to a loss of HKD 42,101 thousand in the same period last year, marking a significant recovery[110]. - Basic earnings per share for the period was HKD 1.59, a notable increase from a loss per share of HKD 0.62 in the previous year[110]. Revenue Sources - The introduction of gold trading contributed approximately HKD 2,573,119,000 to revenue and HKD 11,583,000 to gross profit during the period[14]. - Revenue from the tin supply agreement for the six months ended June 30, 2021, was approximately HKD 417,315,000[85]. - The service fee under the gold trading service agreement for the six months ended June 30, 2021, amounted to approximately HKD 7,349,000[88]. - The company reported sales of tin concentrate to YTATR amounting to HKD 417,315,000 for the six months ended June 30, 2021, compared to HKD 179,575,000 for the same period in 2020[167]. Production and Resources - Tin production from the Renison underground mine was 3,623 tons, a year-on-year increase of approximately 4.3%, with Greentech's share being 1,811 tons[12]. - The total proven, measured, and inferred resources at the Renison underground mine amounted to 18,200,000 tons with a tin grade of 1.65% as of March 31, 2021[14]. - The Renison underground mine produced 3,623 tons of tin metal with an average tin grade of 1.51% during the reporting period[70]. - The total estimated tin metal is 136,170 tons and copper metal is 89,194 tons[68]. - The Renison tailings contain approximately 22,000,000 tons of tailings with an average grade of 0.44% tin and 0.23% copper, representing one of the largest untapped tin resources globally, with an estimated tin content of about 98,930 tons[78]. Market Outlook - The company expects stable growth in sales in the medium to short term due to strong downstream demand for tin, driven by the recovery of global economic activities[15]. - The global tin market outlook remains positive, supported by increasing demand from the automotive industry, 5G-related products, and electronics[16]. - China's tin consumption from January to May 2021 was 61,101 tons, a 7.0% increase compared to 57,130 tons in the same period of 2020[11]. - The International Monetary Fund projects a global economic growth rate of 6% for 2021 and 4.9% for 2022, which is expected to positively impact the tin market[15]. Operational Efficiency - The cost of sales for the same period was approximately HKD 2,827,267,000, representing 94.5% of the recorded revenue, down from 110.9% in the previous year[30]. - The gross profit margin for the six months ended June 30, 2021, was 5.5%, compared to a gross loss margin of 10.9% in the previous year[31]. - Administrative expenses decreased by approximately 19.2% to about HKD 16,534,000, accounting for 0.6% of the group's revenue, down from 11.4% in the previous year[32]. - Financial costs increased to approximately HKD 9,162,000, representing 0.3% of the group's revenue, up from 1.1% in the previous year[33]. Legal Matters - The ongoing litigation involves a claim of AUD 15,143,422.44 (approximately HKD 90,659,000) related to a breach of the purchase agreement for the entire issued share capital of Parksong Mining Resources Limited[18]. - The group is pursuing counterclaims against the plaintiff, including amounts totaling approximately AUD 173,619,000 (around HKD 173,619,000) for various breaches and damages[20]. - A court hearing is scheduled for October 18, 2021, to review the readiness for trial in the ongoing litigation[25]. Shareholder Information - As of June 30, 2021, the major shareholder, Amazing Express International Limited, holds 1,700,000,000 shares, representing approximately 24.89% of the company's issued share capital[94]. - The beneficial owner, Dan Sri Royal Datuk Gu Run Jin, holds 1,213,661,766 shares, accounting for 17.77% of the company's issued share capital[91]. - The beneficial owner, Fu Jing Ke, has pledged 800,000,000 shares as collateral under a sale agreement, which represents 11.71% of the company's issued share capital[97]. - The total shareholding of Dan Sri Royal Datuk Gu Run Jin and Fu Jing Ke combined is approximately 29.48% of the company's issued share capital[91]. Employee and Management - The company employed approximately 322 employees as of June 30, 2021, down from 335 employees as of December 31, 2020[48]. - Total employee costs amounted to HKD 74,369,000 for the period ending June 30, 2021, compared to approximately HKD 64,608,000 for the same period in 2020, reflecting an increase of about 15%[48]. - The total remuneration for key management personnel for the six months ended June 30, 2021, was HKD 2,608,000, a decrease from HKD 7,908,000 for the same period in 2020[169]. Capital Expenditures and Investments - The group had capital expenditures of approximately HKD 79,865,000 for property, machinery, and equipment during the six months ended June 30, 2021[41]. - The group acquired property, plant, and equipment totaling approximately HKD 74.07 million for the six months ended June 30, 2021, compared to HKD 26.33 million for the same period in 2020[150]. - The group invested approximately HKD 5.8 million in exploration and evaluation assets for the six months ended June 30, 2021, up from HKD 3.15 million in the same period of 2020[152]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending June 30, 2021[99]. - The company has adopted a standard code for securities trading by directors, confirming compliance with regulations during the reporting period[102]. - The board of directors approved a reduction in director fees to one-third during the COVID-19 pandemic, with normal salaries reinstated from April 1, 2021[101].

Financial Performance - For the first half of 2020, the company's revenue decreased by 29.0% to HKD 179,575,000, with a gross loss of HKD 19,509,000 compared to a gross profit of HKD 32,058,000 in the same period last year[9]. - The group reported a net loss attributable to shareholders of approximately HKD 42,101,000, a significant decline from a profit of HKD 29,160,000 in the previous year[28]. - Revenue for the six months ended June 30, 2020, was HKD 179,575,000, a decrease of 29% compared to HKD 252,848,000 for the same period in 2019[98]. - The gross loss for the period was HKD 19,509,000, compared to a gross profit of HKD 32,058,000 in the previous year[98]. - Total comprehensive loss for the period was HKD 58,396,000, compared to a total comprehensive income of HKD 35,918,000 in the same period last year[98]. - Basic loss per share was HKD 0.62, compared to earnings per share of HKD 0.43 in the previous year[98]. - The company reported a loss of HKD 40,162,000 related to exploration and evaluation asset impairment for the Bishops Mountain project, which has been in maintenance since July 2010[70]. Production and Operations - Tin production from the Renison underground mine totaled 3,473 tons, a decrease of approximately 6.4% year-on-year, with the company's share being 1,737 tons[7]. - The actual tin concentrate production for three years was approximately 4,979 tons, 6,159 tons, and 6,013 tons, resulting in a total shortfall of about 2,349 tons against a guaranteed production of 6,500 tons per year[19]. - The Renison underground mine produced 3,473 tonnes of tin metal during the reporting period, with an average tin grade of 1.38%[63]. - The total estimated resources for the Renison tailings project remain unchanged, with no development or recovery production activities conducted during the reporting period[63]. - The Renison underground mine has a critical tin grade of 0.7%, with a total resource estimate of 18,547 thousand tonnes at 1.57% tin grade, yielding 291,562 tonnes of tin metal[54][66]. Market Conditions - The average tin price for the first half of 2020 was USD 16,040 per ton, down about 21.5% from USD 20,431 per ton in the same period last year[6]. - The tin metal market is expected to face tight upstream supply and weak downstream demand in the short term due to the ongoing impact of the COVID-19 pandemic[10]. - The company anticipates that the development of new energy vehicles, smart products, and 5G electronics will lead to stable growth in downstream consumption, positively impacting the tin metal market in the medium to long term[10]. Exploration and Resources - The company's exploration efforts in the Bell 50 area have confirmed the extension of high-grade ore in the Area 5 region, with total resources at the Renison underground mine amounting to 18,547,000 tons and a tin grade of 1.57%[9]. - The group plans to continue extensive exploration and resource development drilling at the Renison underground target in the upcoming periods[63]. - The estimated tin and copper resources as of June 30, 2020, include a total of 42,433 thousand tonnes of tin with an average grade of 0.93% and 89,317 tonnes of copper with an average grade of 0.21%[61]. Financial Position - As of June 30, 2020, the group's liquidity ratio was 1.1, down from 1.3 at the end of 2019, with net current assets of approximately HKD 13,134,000[29]. - Non-current assets totaled HKD 469,970,000 as of June 30, 2020, down from HKD 479,712,000 as of December 31, 2019[101]. - Current assets decreased to HKD 211,371,000 from HKD 266,124,000 over the same period[101]. - Total equity attributable to owners of the company was HKD 379,927,000, a decrease from HKD 432,900,000 at the end of 2019[103]. Administrative and Operational Costs - Administrative expenses increased by approximately 3.5% to about HKD 20,461,000, accounting for approximately 11.4% of the group's revenue[26]. - The company reported a significant increase in administrative expenses, totaling HKD 20,461,000 for the period, compared to HKD 19,770,000 in the previous year[98]. - The cost of sales for the same period was approximately HKD 199,084,000, representing about 110.9% of the recorded revenue, compared to 87.3% in the previous year[23]. Legal Matters - The ongoing litigation involves a claim of AUD 15,143,422.44 (approximately HKD 80,701,000) for unpaid amounts related to the acquisition of Bason Mining Resources Limited[12]. - The company is counterclaiming against the plaintiff for various amounts totaling approximately HKD 156,281,000 due to alleged breaches of the acquisition agreement[14]. - The litigation is ongoing, with no settlement reached during mediation efforts[16]. Corporate Governance - The company has confirmed compliance with the corporate governance code as of June 30, 2020[89]. - The company’s audit committee consists of three independent non-executive directors, ensuring compliance with governance standards[87]. - The company has maintained a minimum of one-third independent non-executive directors on the board following recent changes[89]. Employee and Management - The company employed approximately 334 employees as of June 30, 2020, an increase from 316 employees as of December 31, 2019[40]. - Total employee costs amounted to HKD 64,608,000 for the period ending June 30, 2020, compared to HKD 62,992,000 for the same period in 2019, reflecting an increase of approximately 2.6%[40]. - The total remuneration for key management personnel for the six months ended June 30, 2020, was HKD 7,884,000, an increase from HKD 4,981,000 for the same period in 2019[148].

Financial Performance - The group's revenue increased by 2.7% to approximately HKD 443.661 million for the year ended December 31, 2019[8]. - The group reported a consolidated loss attributable to shareholders of approximately HKD 61.589 million, compared to a profit of HKD 39.345 million in 2018[8]. - Revenue for the year was approximately HKD 443,661,000, an increase of about 2.7% from approximately HKD 431,969,000 in 2018, driven by increased production but offset by falling tin prices[34]. - The group's gross profit was approximately HKD 5,858,000, with a gross margin of 1.3%, down from 3.4% in 2018, mainly due to lower tin prices and increased labor costs[34]. - Administrative expenses increased by approximately 6.7% to about HKD 61,932,000, representing about 9.8% of the group's revenue[34]. - The average annual price of tin metal on the London Metal Exchange for 2019 was USD 18,643 per ton, a significant decrease of 7.5% from USD 20,153 per ton in 2018[15]. - The total consumption of tin concentrate in China from January to November 2019 was approximately 133,000 tons, a year-on-year decrease of 2.93%[14]. - The tin concentrate production in China for 2019 decreased significantly by 9.97% to approximately 139,800 tons[14]. Production and Operations - The total production of tin metal from the Renison underground mine was 7,418 tons, a significant increase of about 13% compared to 6,557 tons in 2018[7]. - The estimated total resources at the Renison underground mine as of December 10, 2019, were approximately 18.54 million tons with a tin grade of 1.54%[8]. - The estimated tin content at the Renison underground mine increased by 8% to 285,100 tons, with a total measured, indicated, and inferred resource of approximately 18,540,000 tons at a tin grade of 1.54%[18]. - The company plans to continue exploration in the Area 5 and Leatherwood Trend locations to identify high-grade ore and increase tin metal production[22]. - The group will continue to enhance the production capacity of the Renison underground mine in collaboration with partners[12]. - The mining method currently employed at Renison is deemed suitable for the reported resource situation[59]. - The company conducted extensive exploration and resource development drilling during the year, including 2,260 meters of major rock layer development[66]. Market Conditions and Challenges - The decline in tin prices was influenced by a decrease in demand, with prices dropping to USD 15,565 per ton in August 2019, the lowest in three years[6]. - The group anticipates challenges in the tin market due to the impact of the COVID-19 pandemic on the global economy[9]. - The impact of the COVID-19 pandemic on the company's operations and financial situation is currently difficult to estimate[22]. Legal Matters - The company is pursuing claims against Mr. Chen totaling approximately AUD 159.63 million, which includes amounts of AUD 16.3 million, AUD 1.05 million, AUD 476,393, AUD 8.51 million, and USD 2.06 million[90]. - The company is seeking compensation for the production shortfall, amounting to approximately AUD 27.02 million, which includes claims of AUD 3.28 million, AUD 650,000, and AUD 1.02 million for the respective years[94]. - The company has been involved in ongoing legal proceedings since 2013, with multiple amendments and submissions made to the court regarding the disputes with Mr. Chen and related parties[92]. - The court has ordered expert evidence to be submitted regarding the claims related to AUD 16.3 million, operational cash matters, and production shortfalls, which will lead to a reassessment of the total claims and liabilities[97]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, adhering to the Hong Kong Stock Exchange's Corporate Governance Code[118]. - The board includes independent directors with extensive experience in finance and law, enhancing corporate governance and oversight[110][111]. - The company has established a governance framework that includes an audit committee, remuneration committee, and nomination committee to ensure accountability and transparency[119]. - The company has a balanced board composition with five executive directors, two non-executive directors, and three independent non-executive directors, ensuring effective governance[124]. - The company has arranged for directors and senior management to have directors and officers liability insurance, which is reviewed annually[124]. Environmental and Social Responsibility - The company is committed to environmental protection and has established an environmental management system to minimize its environmental footprint[22]. Shareholder Information - The company has a significant shareholder, Dan Sri, holding approximately 29.48% of the issued share capital with 2,013,661,766 shares[109]. - The company does not recommend paying dividends for the year ended December 31, 2019[172]. - The company’s reserves available for distribution to shareholders are subject to the ability to repay any debts due in the ordinary course of business[176]. Related Party Transactions - The company has a continuous related party transaction with YTPAH under the tin supply contract, which is considered a related party transaction under the listing rules[195]. - Independent non-executive directors confirmed that the ongoing related transactions under the tin and copper supply agreements are conducted in the ordinary course of business and on normal commercial terms[200].

Production and Resources - In the first half of 2019, the total production of tin metal from the Renison underground mine was 3,710 tons, an increase of approximately 18.0% compared to 3,143 tons in the same period of 2018[13] - The tin content of the Renison underground mine increased by 22% from 215,665 tons to 263,192 tons, providing greater potential for production increases[15] - The total measured, indicated, and inferred resources at the Renison underground mine are currently estimated at 17,582,000 tons with a tin grade of 1.50%[15] - The Renison Underground Mine produced 7,125 tons of tin metal during the review period, with an average tin grade of 1.32%[64] - The updated mineral resource estimate for the Renison Underground Mine increased the tin resource from 215,665 tons to 263,192 tons, representing a 22% increase[69] - The total estimated copper resource at the Renison Underground Mine is 34,861 tons, with a grade of 0.20%[61] Financial Performance - The group's revenue for the six months ended June 30, 2019, rose by 4.0% to HKD 252,848,000, while gross profit was HKD 32,058,000, resulting in a gross margin of approximately 12.7%, down from 25.8% in the first half of 2018[13] - The average tin price for the first half of 2019 was USD 20,431 per ton, a decrease of 3% compared to USD 21,077 per ton in the first half of 2018[13] - The company recorded a profit attributable to shareholders of HKD 29,160,000 for the six months ended June 30, 2019, compared to HKD 26,507,000 for the same period in 2018[13] - Revenue from the tin and new tin supply agreements amounted to approximately HKD 252,848,000 for the six months ending June 30, 2019[77] - The group reported a net profit of HKD 29,160,000 for the six months ended June 30, 2019, compared to HKD 26,507,000 for the same period in 2018, reflecting a growth of 10.3%[157] - The total cost of inventory recognized as an expense was HKD 220,790,000 for the six months ended June 30, 2019, compared to HKD 180,527,000 in the previous year, indicating an increase of 22.3%[154] Legal Matters - The company is pursuing claims against Mr. Chen totaling approximately AUD 160,535,000, which includes amounts of AUD 1,048,847.18, AUD 476,393, AUD 16,300,000, AUD 8,505,000, and USD 2,059,897[21] - The company alleges that Mr. Chen failed to pay settlement amounts under the agreement, with a specific claim of AUD 3,244,520 acknowledged by Mr. Chen[24] - The company is seeking compensation for production shortfalls in tin concentrate, with actual production figures of approximately 4,979 tons, 6,159 tons, and 6,013 tons against a guaranteed production of 6,500 tons per year, resulting in claims of AUD 3,284,000, AUD 650,000, and AUD 1,021,000 for the respective years[24] - The company has been involved in legal proceedings since 2011, with ongoing litigation and expert evidence applications related to the claims against Mr. Chen[24] - The company is actively pursuing joint litigation against Yunnan Tin Group and Yunnan Tin Hong Kong related to the claims[24] Operational Strategy - The company plans to expand its business into overseas markets, particularly in Vietnam, where it has established a subsidiary to explore development opportunities[18] - The company anticipates continued increases in tin production from the Renison underground mine due to ongoing exploration and the commissioning of a new processing plant[16] - The company remains cautiously optimistic about the long-term development of the tin mining industry and aims to enhance operational efficiency through improved resource investment and management[18] - The company continues to focus on exploration and development of tin and copper resources in Australia, which is a key part of its operational strategy[109] Financial Position - As of June 30, 2019, the group's current assets net value was approximately HKD 95,681,000, up from HKD 58,175,000 at the end of 2018[34] - The group's liquidity ratio as of June 30, 2019, was 1.5, compared to 1.3 at the end of 2018[34] - The company reported a basic earnings per share of HKD 0.43, up from HKD 0.39 in the previous year, indicating an increase of about 10.3%[100] - The total assets as of June 30, 2019, amounted to HKD 654,397 thousand, an increase from HKD 611,878 thousand at the end of 2018[103] - Current liabilities decreased to HKD 195,434 thousand from HKD 206,750 thousand, showing a reduction of about 5.5%[102] Corporate Governance - The audit committee has reviewed the interim results for the six months ending June 30, 2019[90] - The company has complied with the corporate governance code as per the listing rules during the reporting period[91] - The financial statements include a consolidated balance sheet as of June 30, 2019, and a consolidated income statement for the six-month period[95] - The company has adopted the standard code for securities transactions by directors, confirming compliance during the reporting period[92] Exploration and Development - The company drilled 423 NQ2 core holes totaling 54,733 meters to enhance the controlled resource and inferred reserve estimates[60] - The company incurred exploration costs of HKD 55,863,000 and processing costs of HKD 42,701,000 during the six months ending June 30, 2019[64] - The Renison tailings project has not undergone development or recovery production activities during the review period[64] - The company has made additional requests for expert evidence regarding the receivables claimed by Mr. Chen and the payables pursued by the company[25] Changes in Accounting Policies - The company has adopted the new Hong Kong Financial Reporting Standard 16, which may impact the accounting policies and financial statements moving forward[110] - The application of HKFRS 16 resulted in the recognition of right-of-use assets, which will be depreciated over their estimated useful life[123] - The company recognized lease liabilities of HKD 24,111,000 as of January 1, 2019, with current liabilities amounting to HKD 14,385,000 and non-current liabilities of HKD 9,726,000[136] - The company will measure lease liabilities at the present value of unpaid lease payments, using the incremental borrowing rate if the implicit rate is not determinable[127]

Financial Performance - For the year ended December 31, 2018, the group's revenue increased by 0.7% to HKD 431,969,000, while the annual gross profit was HKD 14,544,000, with a gross margin of approximately 3.4%, down from 12.2% the previous year [10]. - The group's audited consolidated profit attributable to shareholders for the year was HKD 39,345,000, up from HKD 25,402,000 in 2017, primarily due to the reversal of impairment losses recognized on property, machinery, and exploration assets [10]. - The cost of sales for the year ended December 31, 2018, was approximately HKD 417,425,000, accounting for 96.6% of the recorded revenue, compared to 87.8% in 2017 [41]. - The group's gross profit for the year ended December 31, 2018, was approximately HKD 14,544,000, with a gross margin of 3.4%, down from HKD 52,275,000 and 12.2% in 2017, primarily due to increased depreciation, amortization, and employee costs [42]. - Administrative expenses increased by approximately 31.2% to about HKD 40,783,000, accounting for 9.4% of the group's revenue, up from HKD 31,080,000 in the previous year [43]. - Financial costs decreased to HKD 5,027,000, representing 1.2% of the group's revenue, down from HKD 14,195,000 in 2017, mainly due to lower interest on other borrowings [44]. Production and Resources - The total production of tin metal from the Renison underground mine in 2018 was 6,557 tons, a decrease of approximately 7.4% compared to 7,083 tons in 2017 [9]. - The total mineral resources at the Renison underground mine increased by 10% year-on-year to 16,437,000 tons as of December 31, 2018, while the total ore reserves remained stable at approximately 6,822,000 tons [10]. - Tin metal production increased from 1,616 tons in Q3 to 1,798 tons in Q4 of 2018, representing an increase of about 11% due to improved efficiency at the newly constructed plant [21]. - The Renison underground mine produced 6,557 tonnes of tin metal with an average tin grade of 1.23% during the year [80]. - The estimated total resource and reserve as of December 31, 2018, includes 41,990,000 tonnes of resources with a tin grade of 0.78% and 29,135,000 tonnes of reserves with a tin grade of 0.58% [86]. Exploration and Development - The company plans to enhance exploration activities to fully exploit the resource potential of the Renison mine, particularly in high-grade ore areas discovered in early 2019 [15]. - The company expects to continue exploration activities in 2019 to fully exploit resource potential, with a focus on higher-grade ore extraction [25]. - Resource definition activities in Area 5 and Leatherwood Trend have identified high-grade ore zones, with resource estimates to be updated in the June 2019 quarter [90]. - The company has conducted extensive exploration and resource development drilling programs at the Renison underground mine, including 1,413 meters of major stratigraphic development and 3,376 meters of operational development [80]. Legal Matters - The company is pursuing claims against Mr. Chen for a total of approximately AUD 16.3 million, which includes amounts of AUD 3,048,387.10 and AUD 476,393 [97]. - The company has been involved in legal proceedings since 2011, with ongoing litigation against Mr. Chen regarding the sale agreement with Baisong [100]. - The company has not reached a settlement with Mr. Chen despite attempts at mediation [100]. - The company is currently seeking expert evidence to support its claims and counterclaims in the ongoing litigation [102]. - The company has faced challenges related to its legal claims, which could impact its financial performance and market position [112]. Corporate Governance - The company is committed to maintaining high-quality corporate governance standards and has adopted all provisions under the Corporate Governance Code as of December 31, 2018, with minor deviations noted [129]. - The board of directors is responsible for determining the company's development direction, setting goals, and approving significant agreements and matters to enhance shareholder value [131]. - The company has a governance structure that includes the board of directors and four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Compliance Committee [130]. - The company has a diverse board with members holding various qualifications and experiences in finance, law, and corporate governance, enhancing its decision-making capabilities [125]. - The independent non-executive directors have submitted annual confirmations of their independence as required by listing rules [135]. Risk Management - The company confirmed that it maintained effective and adequate risk management mechanisms and internal control systems throughout the fiscal year ending December 31, 2018 [193]. - The company conducted a comprehensive risk assessment for the fiscal year 2018, identifying and prioritizing risks as high, medium, and low [190]. - The company has implemented a robust internal control system to manage risks related to governance, compliance, and financial operations [185]. Environmental Management - The group has established an environmental management system to minimize its environmental footprint and conducts annual environmental reviews [27].