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佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 稀 鎂 科 技 集 團 控 股 有 限 公 司 RARE EARTH MAGNESIUM TECHNOLOGY GROUP HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：601） 2 0 2 2年 全 年 業 績 公 告 稀鎂科技集團控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公 司截至2022年12月31日止年度的經審核業績。本公告列載本公司2022年年報全文， 並符合香港聯合交易所有限公司證券上市規則內有關全年業績初步公告須附載資料 的要求。本公司2022年年報的印刷版本將於2023年4月28日寄發予本公司股東，並可 於聯交所網站www.hkexnews.hk及本公司的網站www.remt.com.hk閱覽。 承董事會命 稀鎂科技集團控股有限公司 ...

公司資料 CORPORATE INFORMATION 董事 執行董事： 沈世捷 （主席兼行政總裁） 池斯樂 獨立非執行董事： 鄺炳文 張省本 審核委員會 鄺炳文 （主席） 張省本 薪酬委員會 沈世捷 （主席） 鄺炳文 張省本 Executive Directors: Shum Sai Chit (Chairman and Chief Executive Officer) Chi Sile Independent Non-executive Directors: 提名委員會 沈世捷 （主席） 鄺炳文 公司秘書 樊國民 核數師 國衛會計師事務所有限公司 DIRECTORS Kwong Ping Man Cheung Sound Poon AUDIT COMMITTEE Kwong Ping Man (Chairman) Cheung Sound Poon REMUNERATION COMMITTEE Shum Sai Chit (Chairman) Kwong Ping Man Cheung Sound Poon NOMINATION COMMITTEE Shum Sai Chit (Chairman) Kwon ...

Magnesium Industry Overview - The average price of magnesium in 2021 was RMB 25,244 per ton, representing an increase of 86% year-on-year, with a lowest price of RMB 13,950 per ton and a highest price of RMB 70,000 per ton[11][14]. - The magnesium price has experienced significant fluctuations, with an increase of 89% from the historic high in 2008, reaching a new high in 14 years[11][14]. - The implementation of the "Dual Control of Total Energy Consumption and Energy Intensity" policy has significantly impacted magnesium production, leading to a cautious approach from downstream companies and weaker demand[14][17]. - The high magnesium prices have suppressed production demand in downstream industries, affecting the sustainable development of the magnesium market[14]. - The magnesium industry is expected to play a crucial role in promoting green, low-carbon, and high-quality development in the future[10][13]. Company Performance - The company's revenue for the year was HKD 416,060,000, a decrease of 44.1% compared to HKD 744,836,000 in 2020[32]. - The overall gross profit margin decreased by 1% to 16.5%[32]. - Shareholders' attributable loss was HKD 331,883,000, compared to HKD 74,011,000 in 2020[32]. - Total sales volume decreased to 16,901 tonnes in 2021 from 39,156 tonnes in 2020[46]. - EBITDA decreased by HK$97,385,000 or 73.1% to HK$35,835,000 in 2021[40]. Financial Challenges and Restructuring - The creditors' scheme approved on March 1, 2022, allows the company to pay off debts in phases over the next five years[28]. - The company is facing a winding-up petition due to an outstanding principal amount of US$20,707,777.78, which includes unpaid interest and default interest[63]. - The proposed creditors' scheme includes options for term extension and convertible bond swaps, subject to court approval[66]. - The company is undergoing a restructuring process with the appointment of joint provisional liquidators to oversee debt management and maintain its stock exchange listing[60]. - The Group's current liabilities exceeded its current assets by approximately HK$483,515,000 as of December 31, 2021[117]. Operational and Management Insights - The company holds 22 technical patents and is recognized as a national-level high and advanced technology enterprise[4]. - The innovative vertical retorts magnesium smelting technology has characteristics such as high mechanisation, small foot-print, less labor, low labor intensity, small investment, and low energy consumption[19][23]. - The company plans to focus on green and low-carbon production to leverage new opportunities in the magnesium industry[26]. - The management is focused on minimizing credit risk by regularly assessing clients' transaction records and credit history[110]. - The Group has adopted green initiatives in daily operations, including resource recycling, energy saving measures, and water saving practices[128]. Corporate Governance - The Group has implemented corporate governance practices in line with the Code on Corporate Governance Practices, with no significant deviations reported[140]. - The Company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Executive Management Committee[170]. - The Audit Committee is responsible for providing independent and professional advice on financial reporting and reviewing the internal control of the Group[171]. - The Company has adopted a Board Diversity Policy, considering various objective criteria such as gender, age, and professional qualifications for Board appointments[191]. - The Company Secretary has over 10 years of experience in auditing, accounting, financial management, and corporate finance[196]. Employee and Stakeholder Relations - As of December 31, 2021, the Group employed 365 staff, down from 382 in 2020, and provided various employee benefits[97]. - The Group recognizes the importance of balancing risk and return in its investment decision process and has established proper investment assessment procedures[120]. - The Company encourages shareholders to provide feedback and inquiries regarding management and corporate governance[200]. - The Group has maintained compliance with relevant laws and regulations in Mainland China and Hong Kong, with no material non-compliance reported as of the report date[129]. - The Group's commitment to social responsibility includes efforts to improve the sustainability of the communities in which it operates[128].

Financial Performance - Revenue for the six months ended June 30, 2021, was HK$182,632,000, a decrease of 50.5% compared to HK$368,178,000 for the same period in 2020[9]. - Gross profit for the same period was HK$20,932,000, down 72.2% from HK$75,465,000 in 2020[9]. - Loss before tax increased significantly to HK$45,639,000, compared to a loss of HK$2,795,000 in the prior year, marking a substantial deterioration in financial performance[9]. - The total comprehensive loss attributable to owners of the Company for the period was HK$23,732,000, compared to HK$58,098,000 in the same period last year, indicating an improvement in overall loss despite the ongoing challenges[11]. - The company reported a basic and diluted loss per share of 0.71 cents for the period, compared to 0.19 cents in the previous year[11]. - For the six months ended June 30, 2021, the loss before income tax was HK$45,639,000, compared to a loss of HK$2,795,000 for the same period in 2020, reflecting a significant increase in losses[23]. - The company reported a total comprehensive loss of HK$23,732,000 for the six months ended June 30, 2021, compared to a total comprehensive loss of HK$58,098,000 for the same period in 2020[21]. - The loss after tax for the Period was HK$46,655,000, compared to a loss of HK$12,440,000 for the same period in 2020[119]. Assets and Liabilities - Non-current assets as of June 30, 2021, totaled HK$1,831,106,000, an increase from HK$1,783,924,000 at the end of 2020[16]. - Current liabilities increased to HK$1,017,712,000 from HK$953,709,000 at the end of 2020, reflecting rising financial obligations[16]. - As of June 30, 2021, total non-current liabilities decreased to HK$76,479,000 from HK$151,201,000 as of December 31, 2020, representing a reduction of approximately 49.3%[18]. - The company's net assets as of June 30, 2021, were HK$1,429,352,000, down from HK$1,451,922,000 at the end of 2020, indicating a decline of about 1.6%[18]. - The Group's current borrowings amounted to approximately HK$873,316,000, while cash and cash equivalents were only approximately HK$7,086,000[37]. - As of June 30, 2021, total borrowings amounted to HK$873,316,000, a slight increase from HK$872,319,000 as of December 31, 2020[81]. - The total amount of borrowings classified as current liabilities was HK$873,316,000, reflecting an increase from HK$796,938,000 in the previous period[81]. Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2021, was HK$53,385,000, a recovery from a cash used in operations of HK$66,049,000 in the same period of the previous year[23]. - The net cash used in investing activities was HK$81,893,000 for the first half of 2021, compared to a net cash generated of HK$661,000 in the same period of 2020[26]. - The net decrease in cash and cash equivalents was HK$29,356,000 in 2021, compared to HK$213,156,000 in 2020[26]. Debt and Restructuring - The Group could not fulfill certain covenants related to borrowings amounting to approximately HK$837,421,000, which became repayable on demand[37]. - The Group is facing significant uncertainty regarding its ability to continue as a going concern, indicating potential difficulties in realizing assets and discharging liabilities in the normal course of business[40]. - The Company is actively exploring a debt restructuring plan, which may involve equity-to-debt swaps and extensions of repayment periods, subject to creditor negotiations and court approvals[49]. - A proposed restructuring plan has not yet been formulated, and its eventual outcome remains uncertain, which raises doubts about the Group's ongoing viability[51]. - The Company is negotiating with creditors regarding a scheme of arrangement for debt restructuring, which may involve refinancing and debt compromises[49]. - The restructuring plan is expected to be implemented through arrangements with creditors, likely requiring court sanctions[42]. - The Company anticipates it is unlikely to refinance its offshore borrowings due in the next couple of months due to defaults[109]. - The Company received a petition for winding up due to failure to repay an outstanding principal of US$20,707,777.78[109]. Operational Performance - The overall gross profit margin of the magnesium products business was 11.5%, down approximately 9 percentage points from 20.5% in the same period last year[119]. - Total sales volume decreased from 18,674 tons in the corresponding period in 2020 to 9,353 tons in the Period[119]. - Selling and distribution expenses decreased to approximately HK$1,982,000 in 2021 from HK$4,860,000 in 2020, with a ratio to income of 1.1%[131]. - Administrative expenses increased to approximately HK$49,424,000 in 2021, up by HK$16,829,000 from HK$32,595,000 in 2020[132]. - The Group employed 365 employees as of June 30, 2021, a decrease from 636 employees on June 30, 2020[159]. Shareholder and Corporate Governance - The Company did not recommend any payment of interim dividends for the six months ended June 30, 2021, consistent with the previous year[67]. - The Company will update shareholders on any material developments regarding the restructuring efforts[49]. - The company complied with the Code on Corporate Governance Practices, with a noted deviation regarding attendance at the annual general meeting by a non-executive director[199]. - The total number of options held by directors includes 20,000,000 options for Shum Sai Chit, representing a personal interest of 0.76% in the company[184]. Market Outlook - The penetration rate of new energy vehicles is projected to reach 15-25% by 2025, with global sales expected to exceed 11 million units[123]. - The demand for magnesium as a lightweight material is anticipated to significantly increase in the long term due to its role in enhancing battery life for new energy vehicles[123].

Financial Performance - The Group recorded an operating income of approximately HK$744.8 million for the year ended December 31, 2020, with an after-tax loss of approximately HK$74.0 million, resulting in an overall gross profit margin of 17.5%[21] - The Group's revenue for 2020 was HK$744,836,000, a decrease of 50.8% compared to HK$1,515,291,000 in 2019[37] - The overall gross profit margin decreased by 10.0% to 17.5% in 2020, down from 27.5% in 2019[39] - Loss attributable to shareholders was HK$74,011,000 in 2020, compared to a profit of HK$209,732,000 in 2019[39] - EBITDA for 2020 was HK$133,220,000, a decrease of 70.2% from HK$447,150,000 in 2019[45] - The total sales volume of the Group's products decreased from 60,559 tons in 2019 to 39,156 tons in 2020, significantly impacting performance[45] - The Group recorded a consolidated net loss of approximately HK$74,011,000 for the year ended 31 December 2020[179] Market and Industry Trends - In 2020, China's magnesium output was about 907,000 tons, down 6.4% year-on-year, and the export volume was approximately 393,800 tons, down 12.78% year-on-year[21] - The average magnesium usage per vehicle in China increased to about 5 kg in 2019, while developed countries reached up to 40 kg, indicating significant growth potential in the domestic automotive sector[25] - The global compound annual growth rate for magnesium in the automotive sector is projected to be 23.7% over the next five years[25] - The magnesium industry is considered a strategic new material for the 21st century, with strong and stiff properties, good thermal and electrical conductivity, and low processing costs[22] - The Chinese Government's plan predicts that by 2025, new energy vehicle sales will exceed 5 million, representing about 20% of total new vehicle sales[30] Company Strategy and Innovation - The company aims to leverage lightweight innovation to create opportunities for future growth in the magnesium sector[6] - The company is focused on expanding its market presence and enhancing its product offerings in response to the evolving industry landscape[6] - The company plans to adopt a cautious approach to business development in 2021, focusing on product, technology, and marketing innovation[76] - The company aims to enhance overall competitiveness and profitability by exploring new-quality customers while retaining loyal ones[77] - The company will expand its market network to cater to the demand for lightweight materials in the post-epidemic era[77] Operational Challenges - The pandemic has significantly impacted the magnesium industry, leading to challenges in both supply and demand sides of the industrial chain[20] - The Group is undergoing a restructuring process due to defaults related to its controlling shareholder's notes, which has caused cross defaults on certain borrowings[64] - A petition for winding up the Company was filed in February 2021 due to failure to repay outstanding debts totaling US$20,707,777.78[68] - The Group's liquidity risk is highlighted by its inability to raise sufficient funds to meet financial obligations, as indicated by the significant gap between liabilities and assets[102] Corporate Governance - The Group has established relevant committees and adopted internal policies to enhance corporate governance and transparency[128] - The Company complied with the Code on Corporate Governance Practices, with some deviations noted regarding attendance at general meetings[129] - The Board is responsible for formulating overall strategies and policies, reviewing financial performance, and overseeing management operations[136] - The Audit Committee held four meetings in the year ended December 31, 2020, to review the Group's annual results and evaluate the effectiveness of internal controls[160][163][167] - The Company has adopted a Board Diversity Policy to enhance the diversity of its Board members based on meritocracy and competence[178] Employee and Workforce Management - The company has reduced its workforce from 722 employees in 2019 to 382 employees as of December 31, 2020[88] - The Group has implemented measures to optimize its compensation structure to retain key personnel and enhance employee training and career development opportunities[106] - The number of employees was approximately 382 as of December 31, 2020, with remuneration determined based on performance, work experience, and market conditions[115] Financial Management - Finance costs rose to approximately HK$97,857,000, an increase of 35.8% from HK$72,064,000 in 2019[54] - The Group's interest coverage ratio decreased to 1.36 times, indicating reduced ability to cover interest expenses[63] - Cash in bank at the end of the year was HK$46,289,000, including pledged bank deposits[63] Compliance and Risk Management - The Group's operations must comply with relevant laws and regulations in Mainland China and Hong Kong, with no material non-compliance reported for the year ended 31 December 2020[114] - The internal control system is designed to manage and mitigate risks associated with achieving business objectives[197] - The Company regularly reminds directors and employees about compliance with policies regarding inside information[199]

Financial Performance - Revenue for the six months ended June 30, 2020, was HK$368,178,000, a decrease of 49.3% compared to HK$726,229,000 for the same period in 2019[9]. - Gross profit for the same period was HK$75,465,000, down 63.5% from HK$206,318,000 in 2019[9]. - Loss before tax for the six months was HK$2,795,000, compared to a profit of HK$149,813,000 in the prior year[9]. - The net loss attributable to owners of the Company for the period was HK$12,440,000, a significant decline from a profit of HK$116,295,000 in 2019[9]. - Total comprehensive loss for the period was HK$58,098,000, compared to a total comprehensive income of HK$87,417,000 in the previous year[11]. - The Company reported a basic and diluted loss per share of HK$0.19 cents, compared to earnings of HK$1.77 cents per share in the previous year[11]. - For the six months ended June 30, 2020, the Group recorded a loss of approximately HK$12,440,000[39]. - The loss after tax for the Period is HK$12,440,000, compared to a profit after tax of HK$116,295,000 for the same period in 2019[142]. Assets and Liabilities - Non-current assets decreased to HK$1,582,386,000 as of June 30, 2020, from HK$1,666,026,000 at the end of 2019[16]. - Current assets totaled HK$799,439,000, down from HK$888,298,000 at the end of 2019[16]. - Current liabilities decreased to HK$500,408,000 from HK$804,577,000 at the end of 2019[16]. - The net current assets increased to HK$299,031,000, compared to HK$83,721,000 at the end of 2019[16]. - As of June 30, 2020, total non-current liabilities increased to HK$546,641,000 from HK$361,860,000 in the previous year, representing a 51.1% increase[18]. - The company's net assets decreased to HK$1,334,776,000 from HK$1,387,887,000, reflecting a decline of 3.8%[18]. - The total borrowings decreased to HK$448,384,000 as of June 30, 2020, compared to HK$487,442,000 as of December 31, 2019, reflecting a reduction of approximately 8.0%[87]. Cash Flow - Operating activities generated a net cash outflow of HK$66,049,000 for the six months ended June 30, 2020, compared to a cash inflow of HK$41,911,000 in the prior year[24]. - Net cash used in financing activities was HK$147,768,000, compared to HK$19,282,000 in the previous period[28]. - The net decrease in cash and cash equivalents for the period was HK$213,156,000, significantly higher than HK$3,060,000 in the prior period[28]. - The Group's cash and cash equivalents at the end of the period were HK$32,687,000, down from HK$123,926,000 at the end of the previous period[28]. Debt Restructuring - The Bermuda Court appointed joint provisional liquidators for the Group to oversee a coordinated debt restructuring process[35]. - The Company is exploring debt restructuring options, including equity restructuring to raise cash from third-party investors through equity issuance[47]. - The Group is considering a debt restructuring that may involve refinancing and/or a compromise or arrangement of debts and liabilities[47]. - The directors believe it is appropriate to prepare the consolidated financial statements on a going concern basis, dependent on successful negotiations with creditors[46]. - If the Group cannot continue as a going concern, adjustments will be made to write down asset values and reclassify non-current assets and liabilities[46]. Operational Impact - The COVID-19 pandemic has severely impacted the Group's operations, leading to logistics obstruction and a sharp decline in sales due to weak export orders[141]. - The Group will closely monitor the ongoing pandemic and adjust operational strategies to respond to market changes[145]. Share Capital and Options - The company's share capital increased slightly to HK$658,439,000 from HK$657,439,000, indicating a growth of 0.2%[21]. - The Group's treasury policy aims to manage significant foreign currency exposure cautiously and minimize foreign currency risk[176]. - As of June 30, 2020, options to subscribe for a total of 401,400,000 shares were outstanding under the share option scheme[180]. - The total interests of directors in the company, including share options, amount to 143,818,236 shares, which is approximately 2.26% of the issued share capital[190]. Management and Governance - The company applied for "light touch" joint provisional liquidators on July 3, 2020, for debt restructuring purposes[120]. - Century Sunshine Group Holdings Limited, the controlling shareholder, defaulted on the redemption of SGD101,750,000 notes on July 3, 2020, triggering events of default for certain borrowings[119]. - The Bermuda Court granted the appointment of joint provisional liquidators on July 16, 2020, with powers to act jointly and severally[164].

目 錄 CONTENTS 企業亮點 CORPORATE HIGHLIGHTS 市場前景廣闊 's Report Consolidated Statement of Profit or Loss and Other Comprehensive Income 稀鎂科技集團控股有限公司是1993年於香港聯交所主板上市的公司（股票 代號：00601.HK）。 2018年成功轉型之後，集團專注發展以稀土技術應用 為核心，研發、產銷稀土鎂合金新材料的高新技術企業。中國科學院長春 應用化學研究所以及國際金融公司（IFC）是集團優秀的合作夥伴，集團擁有 22項鎂合金專利技術，其生產的系列產品將受益於不斷拓展的應用領域的 市場需求。 Consolidated Statement of Financial Position Rare Earth Magnesium Technology Group Holdings Limited (Stock code: 00601) is listed on the Hong Kong Stock Exchange in 1993. Upon the successful transform ...

Financial Performance - Revenue for the six months ended June 30, 2019, was HK$726,229,000, a decrease of 8.7% compared to HK$795,638,000 for the same period in 2018[8] - Gross profit increased to HK$206,318,000, representing a gross margin of 28.4%, compared to HK$202,665,000 in the previous year[8] - Profit before income tax for the period was HK$149,813,000, up 10.5% from HK$135,630,000 in 2018[8] - Profit for the period from continuing operations was HK$116,295,000, an increase of 10.7% compared to HK$105,050,000 in the same period last year[9] - Total comprehensive income for the period was HK$87,417,000, compared to HK$69,803,000 in 2018, reflecting a growth of 25.2%[9] - Basic and diluted earnings per share from continuing operations were 1.77 cents, up from 1.60 cents in the previous year, indicating a growth of 10.6%[11] - Profit for the period was HK$116,295,000, contributing to a total comprehensive income of HK$87,417,000 for the first half of 2019[18] - Profit after tax rose to HK$116,295,000, representing a 12% increase from HK$103,816,000 in 2018, attributed to improved gross profit margins and reduced administrative expenses by 37%[108] Income and Expenses - Other income and gains for the period were HK$2,063,000, compared to HK$1,516,000 in the same period last year, showing an increase of 36.1%[8] - Administrative expenses decreased to HK$16,159,000 from HK$25,694,000, a reduction of 37.1%, contributing to improved profitability[8] - Finance costs increased slightly to HK$37,379,000 from HK$35,933,000, reflecting a rise of 4.0%[8] - The Group's income tax expenses for the six months ended June 30, 2019, were HK$33,518,000, compared to HK$30,580,000 for the same period in 2018, reflecting an increase of approximately 9.5%[49] - Finance costs paid decreased to HK$12,039,000 from HK$13,233,000, reflecting a 9.0% reduction[22] Assets and Liabilities - Total non-current assets increased to HK$1,686,653,000 as of June 30, 2019, compared to HK$1,683,148,000 at December 31, 2018, reflecting a growth of 0.15%[14] - Current assets rose to HK$812,591,000, up 17.9% from HK$689,070,000 at the end of 2018, driven by an increase in inventories and other receivables[14] - Total current liabilities increased to HK$261,149,000, a rise of 51.8% from HK$172,078,000, primarily due to higher borrowings[14] - Net current assets improved to HK$551,442,000, up 6.6% from HK$516,992,000, indicating a stronger liquidity position[14] - Total equity reached HK$1,361,587,000, representing a 7.1% increase from HK$1,271,217,000 at the end of 2018, supported by retained earnings growth[16] - Total assets as of June 30, 2019, amounted to HK$2,499,244,000, up from HK$2,347,923,000 as of June 30, 2018, indicating a growth of approximately 6.5%[37] - Total liabilities as of June 30, 2019, were HK$1,137,657,000, compared to HK$1,190,983,000 as of June 30, 2018, showing a decrease of about 4.5%[37] Cash Flow - Net cash generated from operating activities decreased to HK$41,911,000, down 81.9% from HK$231,796,000 in the previous year[21] - Cash and cash equivalents at the end of the period were HK$123,926,000, a decrease of 32.5% from HK$183,356,000 as of June 30, 2018[22] - Net cash used in investing activities was HK$25,689,000, a reduction of 79.5% compared to HK$125,298,000 in the same period last year[22] - Proceeds from new borrowings amounted to HK$67,555,000, significantly higher than HK$15,000,000 in the previous year[22] - The Group's cash and cash equivalents were approximately HK$133,674,000 as of June 30, 2019, down from HK$156,008,000 at the end of 2018, but sufficient to meet business needs[132] Borrowings and Financing - Borrowings surged to HK$135,486,000, up 106.5% from HK$65,706,000, reflecting increased financing needs[14] - Bank borrowings increased to HK$166,398,000 as of June 30, 2019, compared to HK$110,500,000 as of December 31, 2018, reflecting a 50.5% rise[68] - Total borrowings reached HK$411,087,000, up from HK$376,627,000, marking an increase of 9.1%[68] - The company issued bonds with an outstanding amount of US$20,504,000 (equivalent to HK$159,838,000) at an interest rate of 7% per annum, maturing on August 11, 2020[71] - The secured borrowings increased to HK$218,377,000 from HK$216,480,000, while unsecured borrowings rose to HK$192,710,000 from HK$160,147,000[68] Operational Highlights - Segment results for magnesium products were HK$193,893,000 for the six months ended June 30, 2019, compared to HK$174,854,000 for the same period in 2018, an increase of approximately 10.9%[41] - The gross profit margin for the magnesium business increased to 28.4%, up approximately 3% from 25.4% in the previous year, despite a decrease in total sales volume from 31,933 tons in 2018 to 28,395 tons in the current period[107] - Rare earth magnesium alloy products accounted for approximately 36% of production and sales volume and approximately 58% of revenue, indicating a strong market position[114] - The Group plans to increase R&D investment and optimize the product structure to meet the growing demand for magnesium alloys in the lightweight automotive sector, which could improve fuel efficiency by 6% to 8% for every 10% reduction in vehicle weight[116] - The Group aims to leverage resource advantages in the Hami region to accelerate project construction and optimize the magnesium industry, forming a circular economy model[116] Corporate Governance - The Audit Committee held two meetings during the review period to discuss accounting principles and internal control matters, reviewing the unaudited consolidated interim results for the six months ended June 30, 2019[180] - The Company complied with the Code on Corporate Governance Practices, with deviations noted regarding attendance of independent non-executive directors at the annual general meeting held on June 26, 2019[182] - All directors confirmed compliance with the Model Code for Securities Transactions throughout the six months ended June 30, 2019[183] - The Audit Committee has made a positive contribution to enhancing the Company's corporate governance[181]

CONTENTS 目錄 2 公司資料 Corporate Information 4 主席報告 Chairman's Statement 7 管理層討論及分析 Management Discussion and Analysis 18 企業管治報告 Corporate Governance Report 31 董事及高級管理人員簡介 Directors and Senior Management Profiles 35 董事會報告 Report of the Directors 44 獨立核數師報告 Independent Auditor's Report 53 綜合損益及其他全面收入表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 55 綜合財務狀況表 Consolidated Statement of Financial Position 57 綜合權益變動表 Consolidated Statement of Changes in Equity 59 綜合現金流量表 Consolidated Stateme ...