Revenue and Profit Performance - The group's revenue for the first half of 2024 was approximately RMB 2,321.2 million, a decrease of about 17.2% compared to RMB 2,804.6 million in the first half of 2023[1] - The net profit attributable to the company's owners for the first half of 2024 was approximately RMB 20.6 million, an increase of about 27.2% from RMB 16.2 million in the same period of 2023[1] - The total comprehensive income for the period was RMB 10.3 million, compared to RMB 1.8 million in the first half of 2023[3] - The company reported a profit before tax of RMB 12,177 thousand for the ongoing business, compared to a loss of RMB 168 thousand in the same period of the previous year[12] - For the six months ended June 30, 2024, the profit attributable to the owners of the company from continuing operations was RMB 20,556,000, compared to RMB 14,203,000 for the same period in 2023, representing an increase of approximately 44.5%[26] - In the first half of 2024, the company recorded a net profit attributable to shareholders of approximately RMB 20.6 million, an increase of about 27.2% compared to RMB 16.2 million in the same period of 2023[40] Segment Performance - The manufacturing segment experienced a decline in sales but an increase in net profit due to higher silver prices and improved cost control, leading to a reduction in administrative and other expenses[1] - The jewelry retail segment saw a significant decline in gold product sales, but silver product sales increased, resulting in a higher gross profit margin for silver products compared to gold[1] - Revenue from the manufacturing segment was RMB 2,220,488 thousand for the six months ended June 30, 2024, down from RMB 2,584,609 thousand in the same period of 2023, indicating a decline of about 14.1%[16] - The jewelry retail segment generated revenue of RMB 98,509 thousand, compared to RMB 141,867 thousand in the previous year, reflecting a decrease of approximately 30.6%[16] - The fresh food retail segment reported revenue of RMB 2,248 thousand, significantly lower than RMB 78,106 thousand in the prior year, marking a decline of around 97.1%[16] - The fresh food retail segment confirmed a goodwill impairment loss of approximately RMB 8.5 million due to business restructuring and strategy adjustments[41] Assets and Liabilities - The group's total assets as of June 30, 2024, were RMB 1,848.7 million, slightly down from RMB 1,863.6 million as of December 31, 2023[5] - The net current assets increased to RMB 1,111.6 million from RMB 1,084.3 million[5] - As of June 30, 2024, total equity reached RMB 1,248,402 thousand, a slight increase from RMB 1,238,100 thousand as of December 31, 2023, representing a growth of approximately 0.13%[6] - The company's non-controlling interests decreased from RMB 786,629 thousand as of December 31, 2023, to RMB 776,375 thousand as of June 30, 2024, a decline of about 1.9%[6] - The total bank borrowings as of June 30, 2024, were RMB 408,700,000, a decrease from RMB 445,000,000 as of December 31, 2023[38] - The utilized bank borrowings were RMB 407,200,000 as of June 30, 2024, down from RMB 421,200,000 as of December 31, 2023[38] Expenses and Cost Management - The company's cost of sales and services was approximately RMB 2,251.1 million in the first half of 2024, a decrease of about 18.1% from RMB 2,749.3 million in the first half of 2023[55] - Gross profit increased to approximately RMB 70.1 million in the first half of 2024, up about 26.9% from RMB 55.3 million in the first half of 2023, with a gross margin improvement from 1.97% to 3.02%[57] - Selling and distribution expenses decreased by approximately 22.2% to RMB 12.7 million in the first half of 2024 from RMB 16.3 million in the first half of 2023[58] - Administrative expenses reduced by approximately 21.8% to RMB 20.5 million in the first half of 2024 from RMB 26.2 million in the first half of 2023[59] Credit and Impairment Provisions - The expected credit loss provision for trade and other receivables was approximately RMB 6.1 million in the first half of 2024, compared to RMB 1.4 million in the same period of 2023[2] - The company has made conservative impairment provisions for trade and other receivables, recognizing a net impairment loss of approximately RMB 6.1 million in the first half of 2024, compared to RMB 1.4 million in the same period of 2023[41] - The expected credit loss provisions for trade receivables increased to RMB 3,401,000 in the first half of 2024, compared to RMB 1,418,000 in the same period of 2023[34] Strategic Developments - The company has suspended the rapid expansion of its fresh food retail business and is focusing on developing more competitive product lines[39] - The company is developing a new artificial diamond brand, SISI, which has begun to enter the market after significant investment in brand planning and marketing[44] - The company has acquired a 51% stake in Jiangxi Letong New Materials Co., Ltd., which holds exploration permits for mineral resources in Tibet, aiming to diversify business risks and create synergies[51] - The company is closely monitoring the trends in gold and silver prices, which have surged due to geopolitical tensions and central bank purchases, to capitalize on growth opportunities in its main gold and silver business[44] Corporate Governance and Compliance - The audit committee reviewed the financial reporting process and confirmed that the unaudited condensed consolidated financial statements for the first half of 2024 were prepared in accordance with applicable accounting standards[76] - The company has maintained compliance with corporate governance codes, although the roles of Chairman and CEO are held by the same individual[73] - The board decided not to declare an interim dividend for the first half of 2024, consistent with the previous year where no dividend was declared[71] Employee and Operational Metrics - As of June 30, 2024, the group employed 190 staff, down from 274 employees as of December 31, 2023, with total compensation for the first half of 2024 amounting to RMB 16.3 million, a decrease from RMB 20.5 million in the same period of 2023[69] - The company continues to provide adequate training and professional development opportunities for all employees to meet their career development needs[69]

Financial Performance - The company reported a revenue of approximately RMB 5,545.1 million for the fiscal year ending December 31, 2023, representing a significant increase of about 71.6% compared to RMB 3,231.6 million in the previous year[20]. - The net profit attributable to the company's owners for the fiscal year 2023 was approximately RMB 14.5 million, a turnaround from a net loss of approximately RMB 120.8 million in 2022[20]. - The manufacturing segment reported external sales revenue of approximately RMB 5,044.5 million for the year ended December 31, 2023, a significant increase of about 250.0% compared to RMB 1,441.3 million for the year ended December 31, 2022[23]. - The manufacturing segment achieved a profit of approximately RMB 55.5 million in 2023, recovering from a loss of approximately RMB 22.4 million in 2022[23]. - The group achieved a gross profit of approximately RMB 109.1 million in 2023, a significant increase of about 65.8% from RMB 65.8 million in 2022, with a maintained gross margin of approximately 2.0%[72]. - The company completed the sale of its silver trading business on November 1, 2023, recording a sale gain of approximately RMB 1.6 million[67]. - Other income increased from approximately RMB 4.9 million for the year ended December 31, 2022, to approximately RMB 11.5 million for the year ended December 31, 2023, primarily from government subsidies and bank interest income[76]. Business Segments - The manufacturing business segment saw a notable increase in sales, attributed to the resumption of operations after a production halt and government subsidies that reduced unit sales costs[21]. - The jewelry new retail business segment contributed to the overall sales increase, while the fresh food retail business segment experienced a decline in sales[20]. - The jewelry new retail segment recorded external sales of approximately RMB 410.5 million in 2023, up from RMB 280.5 million in 2022, but the segment incurred a loss of approximately RMB 7.8 million compared to a loss of RMB 9.1 million in the previous year[33]. - The fresh food retail business segment recorded revenue of approximately RMB 90.1 million in 2023, a significant decline from RMB 1,509.8 million in 2022, accounting for about 1.6% of the total revenue (46.5% in 2022)[51]. - The fresh food retail business reported sales of approximately RMB 90.1 million in 2023, a decrease of about 94.0% from RMB 1,509.8 million in 2022, mainly due to strategic adjustments and a decline in pig prices[66]. Strategic Initiatives - The company aims to continue its transformation into a comprehensive enterprise in precious metals, including silver, gold, and palladium[14]. - The company plans to leverage its unique production model to enhance the quality of its silver ingots and palladium products[22]. - The company has expanded its operations into the S2B2C agricultural product platform through an investment in Jiangsu Nongmuren E-commerce Co., Ltd.[14]. - The group plans to enhance its supply chain capabilities and develop new business lines, focusing on cost reduction and efficiency improvements[50]. - The group will continue to explore suitable business opportunities within and outside its core industry, including the fresh food retail sector, to diversify its business risks[57]. Corporate Governance - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[106]. - The board consists of three executive directors and three independent non-executive directors, adhering to the corporate governance code[106]. - The company is actively reviewing the separation of the roles of Chairman and CEO to enhance governance practices[106]. - The company has established a board independence assessment mechanism to ensure strong independence within the board[138]. - The company has adopted a board diversity policy, aiming to have at least one female member by December 31, 2024[127][129]. Risk Management - The company faces strategic risks due to changes in the business, economic, regulatory, or political environment, which may adversely affect performance and strategic goals[167]. - Legal and compliance risks may arise from unexpected legal or regulatory impacts, potentially leading to fines and operational costs[167]. - The company has implemented a whistleblowing policy allowing employees and stakeholders to report misconduct confidentially[168]. - The company is committed to actively monitoring industry trends and competitor changes to mitigate strategic risks[167]. - The risk management committee has been established to assist the board in monitoring the risk management and internal control systems[157]. Employee and Remuneration Policies - The company employed 274 staff as of December 31, 2023, down from 352 staff in the previous year, with total remuneration approximately RMB 39.4 million[89]. - The company’s remuneration policy is based on individual employee performance and benchmarks against salary trends in Hong Kong and China[181]. - The company is committed to enhancing gender diversity at all levels, including senior management[142]. Shareholder Communication - The company has implemented a shareholder communication policy to ensure timely and transparent communication with shareholders[188]. - The board has reviewed the effectiveness of the shareholder communication policy, and the results were satisfactory[191]. - The company encourages shareholders to submit written notices for director nominations at least seven days before the general meeting[197].

Financial Performance - The company's revenue for the year 2023 was approximately RMB 5,545.1 million, a significant increase of about 71.6% compared to RMB 3,231.6 million in 2022[2]. - The profit attributable to the owners of the company for 2023 was approximately RMB 14.5 million, a turnaround from a loss of RMB 120.8 million in 2022[2]. - The gross profit for the year 2023 was RMB 109.1 million, compared to RMB 65.8 million in 2022[5]. - Basic earnings per share for 2023 were RMB 0.007, a recovery from a loss of RMB 0.065 in 2022[6]. - The company reported a net loss attributable to owners of the company of RMB 12,065 thousand in 2023, a significant improvement from a loss of RMB 61,522 thousand in 2022[40]. - The group reported a net profit attributable to shareholders of approximately RMB 14.5 million for the year ended December 31, 2023, compared to a net loss of approximately RMB 120.8 million in the previous year, marking a turnaround from loss to profit[61]. - The group reported a loss from continuing operations before tax of RMB 21,494 for the year ended December 31, 2023, compared to a loss of RMB 85,058 in 2022[19][20]. Segment Performance - The manufacturing segment recorded a profit of approximately RMB 55.5 million in 2023, compared to a loss of RMB 22.4 million in 2022, due to resumed operations and government subsidies[2][3]. - The jewelry new retail segment experienced a loss of approximately RMB 7.8 million in 2023, despite an increase in sales volume, primarily due to lower gross margins on gold products[4]. - The fresh food retail segment reported a loss of approximately RMB 26.9 million in 2023, attributed to reduced trading volumes and lower pig prices compared to 2022[4]. - The jewelry segment generated revenue of RMB 5,092,975, while the fresh food segment contributed RMB 410,458, and the retail segment added RMB 90,074[19]. - The jewelry retail business recorded external sales of approximately RMB 410.5 million for the year ended December 31, 2023, a significant increase from RMB 280.5 million in 2022, accounting for about 7.4% of the group's total revenue[77]. - The fresh food retail business experienced a significant decline in 2023 compared to 2022, shifting from rapid expansion to a focus on refined operational profitability[81]. - The fresh food retail business segment saw a drastic decline in sales, recording approximately RMB 90.1 million for the year ended December 31, 2023, down about 94.0% from RMB 1,509.8 million in 2022, mainly due to the consolidation phase of the "Agricultural and Pastoralist" S2B2C platform[97]. Assets and Liabilities - Total assets decreased from RMB 1,930,669 thousand in 2022 to RMB 1,863,609 thousand in 2023, a decline of approximately 3.5%[7]. - Non-current assets decreased from RMB 212,500 thousand in 2022 to RMB 159,440 thousand in 2023, a reduction of about 25%[7]. - Current liabilities decreased from RMB 870,297 thousand in 2022 to RMB 779,309 thousand in 2023, a decrease of approximately 10.5%[7]. - Total equity decreased from RMB 1,257,883 thousand in 2022 to RMB 1,238,100 thousand in 2023, a decline of about 1.6%[8]. - The total assets as of December 31, 2023, amounted to RMB 2,023,049, a decrease from RMB 2,143,169 in 2022[22][23]. - The total liabilities increased to RMB 784,949 in 2023 from RMB 885,286 in 2022, indicating a reduction of approximately 11.3%[22][23]. Cash Flow and Financing - The company incurred financing costs of RMB 25.66 million in 2023, compared to RMB 22.58 million in 2022[5]. - The company’s bank borrowings totaled RMB 421,200,000 in 2023, up from RMB 406,382,000 in 2022, indicating a rise of 3.9%[54]. - As of December 31, 2023, the group's bank balances and cash amounted to approximately RMB 524.7 million, a decrease from RMB 589.2 million in 2022[119]. - The group’s bank borrowings amounted to RMB 189,500,000 at a fixed annual interest rate ranging from 4.25% to 5.61% as of December 31, 2023, compared to RMB 223,382,000 in 2022[58]. Operational Strategies and Future Plans - The company plans to continue expanding its fresh food retail business and enhance its online and offline integration services[19]. - The company aims to improve its operational efficiency and reduce costs in the upcoming fiscal year[19]. - The group plans to strengthen its position in the precious metals market while exploring suitable business opportunities to diversify risks[88]. - The fresh food retail business is implementing a refined operation strategy through S2B2C models to enhance supply chain stability and pricing advantages[90]. - The company has established partnerships with major third-party platforms, including JD.com, Tmall, and Douyin, to enhance brand recognition and sales performance[78]. Employee and Operational Costs - The company’s total employee costs slightly decreased to RMB 39,352 thousand in 2023 from RMB 39,898 thousand in 2022, indicating cost control measures[37]. - Selling and distribution expenses decreased by approximately 20.7% to about RMB 33.3 million for the year ended December 31, 2023, down from approximately RMB 42.0 million in 2022, primarily due to the significant decline in revenue from the fresh food retail segment[103]. - Administrative expenses decreased by approximately 26.1% to about RMB 58.4 million for the year ended December 31, 2023, down from approximately RMB 79.0 million in 2022, mainly due to the reclassification of indirect production costs[104]. Market Trends and Product Development - The company has developed a new business line with the launch of the lab-grown diamond brand SISI, focusing on marketing and product design, with plans for nationwide regional agency development[72]. - The lab-grown diamond industry in China is still in its early stages, but it is expected to experience significant growth as consumer awareness increases over the next one to two years[72]. - The group is focusing on enhancing supply chain capabilities and reducing marketing costs to minimize losses and improve profitability[82]. - The group remains confident in the future demand for precious metals and jewelry retail markets, driven by sustained high levels of risk aversion globally[88].

Financial Performance - In the first half of 2023, the company recorded a net profit attributable to owners of approximately RMB 16.2 million, a significant turnaround from a net loss of RMB 29.9 million in the same period of 2022[23]. - The company's revenue for the first half of 2023 was RMB 2,813 million, compared to RMB 2,585 million in the first half of 2022, reflecting an increase of approximately 8.8%[10]. - The group's revenue for the first half of 2023 was approximately RMB 2,812.5 million, a significant increase of about 195.3% compared to RMB 952.3 million in the first half of 2022[58]. - Gross profit for the first half of 2023 was approximately RMB 66.7 million, a substantial increase of about 93.4% from RMB 34.5 million in the same period of 2022, although the overall gross margin decreased to about 2.4% from 3.6%[67]. - The company reported a profit of RMB 16,164 thousand for the six months ended June 30, 2023, compared to a loss of RMB 29,948 thousand in the same period last year[118]. Segment Performance - The manufacturing segment contributed 91.9% of total revenue in 2023, while the jewelry new retail segment accounted for 5.0%, silver trading for 2.8%, and fresh food retail for 0.3%[14]. - The manufacturing segment reported external sales revenue of approximately RMB 2,584.6 million, a significant increase of approximately 2,433.4% compared to RMB 102.0 million in the same period of 2022[26]. - The jewelry new retail segment recorded external sales of approximately RMB 141.9 million in the first half of 2023, down from RMB 160.9 million in the same period of 2022, representing about 5.0% of the group's total revenue[30]. - The fresh food retail business segment generated revenue of approximately RMB 78.1 million in the first half of 2023, a decrease from RMB 677.3 million in the first half of 2022, accounting for about 2.78% of the group's total revenue[48]. - The silver trading segment recorded a net profit in the first half of 2023 despite low trading volumes and commission income due to a lack of investor interest in silver trading[24]. Operational Developments - The company successfully resumed production in its manufacturing segment after a year-long suspension, leading to significantly higher sales of silver bars in the first half of 2023 compared to the same period in 2022[24]. - The company has implemented production upgrades and adjustments in its manufacturing facilities, contributing to improved operational efficiency and cost reduction[24]. - The group has launched a new business line focusing on lab-grown diamonds under the SISI brand, which emphasizes emotional connections and innovative diamond cultivation technology[31]. - The group is exploring new growth points in the jewelry retail business, particularly in lab-grown diamonds and colored gemstones, to capitalize on market potential[30]. - The group is focusing on optimizing its operational strategies in the fresh food retail segment, which has not yet generated net profit in the first half of 2023[27]. Business Expansion and Diversification - The company has expanded its business by acquiring a 51% stake in Jiangsu Nongmuren E-commerce Co., enhancing its fresh food retail segment and diversifying its revenue streams[22]. - The company aims to reduce business risks associated with over-reliance on the precious metals industry by diversifying into fresh food retail and other sectors[22]. - The group plans to establish new fresh product platforms such as "Beef Master," "Lamb Master," and "Noodle Master" in 2023 to capture more market share[54]. - The company is focusing on expanding its new retail business and integrating online and offline sales for fresh food in China[138]. - The company has plans to enhance its electronic platform for silver trading and related services, aiming to capture a larger market share[138]. Financial Position and Management - The net asset value remained stable at approximately RMB 1,258 million as of June 30, 2023, compared to RMB 1,259 million at the end of 2022[16]. - As of June 30, 2023, the group's bank borrowings amounted to approximately RMB 426.5 million, an increase from RMB 406.4 million as of December 31, 2022[74]. - The net asset liability ratio as of June 30, 2023, was approximately -13.6%, slightly improved from -14.5% as of December 31, 2022[74]. - The company's equity attributable to owners increased to RMB 452,885 thousand from RMB 436,738 thousand, a rise of about 3.7%[115]. - The company has maintained a stable liquidity position, primarily funded through internal resources and bank borrowings[82]. Corporate Governance - The company has adhered to the corporate governance code, with the exception of the separation of the roles of chairman and CEO[102]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting process and risk management systems[105]. - The company has established a nomination committee to recommend suitable candidates for the board and review its structure annually[108]. - The company continues to focus on enhancing its corporate governance practices to protect shareholder interests and improve corporate value[102]. Shareholder Information - Major shareholders hold significant stakes, with Ms. Zhou Peizhen owning approximately 20.76% of the company's shares[93]. - The total number of options available under the 2012 plan is 70,950,000 shares, representing about 3.63% of the issued share capital as of June 30, 2023[98]. - Under the 2015 plan, the total number of options available is 81,000,000 shares, accounting for approximately 4.15% of the issued share capital as of June 30, 2023[100]. - The company aims to reward participants who have contributed to its growth through the stock option plans established in 2012 and 2015[97]. - The company has a total of 24,059,658 options authorized for grant under all stock option plans as of June 30, 2023[100].

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，概不就因本公告全部或任何 部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA SILVER GROUP LIMITED 中 國 白 銀 集 團 有 限 公司 （於開曼群島註冊成立的有限公司） 815 （股份代號： ） 截至二零二三年六月三十日止六個月之 中期業績公告 二零二三年中期業績摘要 2,812.5 本集團二零二三年上半年的收入約為人民幣 百萬元（二零二二年上半年：人 952.3 195.3% 民幣 百萬元），較二零二二年上半年大幅增加約 。 16.2 二零二三年上半年，本集團錄得本公司擁有人應佔利潤約人民幣 百萬元（二零 29.9 二二年上半年：應佔虧損約人民幣 百萬元）。同比轉虧為盈乃主要由於以下因 ...

Financial Performance - For the fiscal year ending December 31, 2022, the company recorded a sales revenue of approximately RMB 3,246.3 million, a significant increase of about 40.9% compared to RMB 2,303.5 million in the previous year[23]. - The company's gross profit for the same period was approximately RMB 74.6 million, a decrease of about 46.3% from RMB 138.9 million in the previous year, primarily due to strict pandemic control measures and economic activity impacts[23]. - The company reported a loss attributable to shareholders of approximately RMB 120.8 million for the fiscal year, a significant reduction from a loss of approximately RMB 2,412.9 million in the previous year, mainly due to the absence of a one-time inventory write-off that occurred in the previous year[25]. - The overall gross profit for the company was approximately RMB 74.6 million in 2022, a substantial decrease of about 46.3% from RMB 138.9 million in 2021, with a gross margin dropping to approximately 2.3%[71]. - The net loss attributable to the company's owners for the year ended December 31, 2022, was approximately RMB 120.8 million, a significant decrease from RMB 2,412.9 million in the previous year, mainly due to the absence of inventory write-offs[80]. Business Segments - The company has four business segments, including manufacturing, new retail jewelry, silver trading, and fresh food retail, with the latter contributing significantly to the revenue increase[22]. - The fresh food retail business, acquired through a 51% stake in Jiangsu Nongmuren E-commerce Co., has shown strong sales performance, offsetting declines in other segments[21]. - The manufacturing segment accounted for 44% of total revenue in 2021, while the new retail jewelry segment contributed 9%[9]. - The silver trading business segment recorded sales of approximately RMB 14.8 million for the year ended December 31, 2022, a significant decrease of about 68.9% compared to RMB 47.6 million in 2021, resulting in a loss of approximately RMB 60.3 million[48]. - The jewelry retail segment under Jinmao Silver Cat Group recorded sales of approximately RMB 280.5 million for the year ended December 31, 2022, a decrease of about 23.0% from RMB 364.0 million in 2021, resulting in a loss of approximately RMB 9.1 million[37]. Sales and Revenue Growth - The fresh food retail business achieved a sales figure of approximately RMB 1,509.8 million in 2022, marking a significant entry into the market as it was previously non-existent in 2021[65]. - The "Meat Cabinet" platform under the Nongmuren brand achieved approximately RMB 1,509.8 million in revenue in 2022, despite severe pandemic impacts in key markets like Shanghai and Jiangsu[52]. - The company plans to launch new fresh food platforms for beef, lamb, seafood, and fresh noodles in 2023, aiming to replicate its successful business model and capture more market share[58]. Production and Operations - Jiangxi Longtian Yong's sales in the manufacturing segment decreased by approximately 23.8% to about RMB 1,441.3 million for the year ended December 31, 2022, compared to RMB 1,891.9 million in 2021[30]. - Silver sales increased significantly by approximately 362.4% from about RMB 308.3 million in the year ended December 31, 2021, to approximately RMB 1,425.8 million for the year ended December 31, 2022, primarily due to the resumption of production at the silver electrolysis production line[31]. - Palladium sales dropped approximately 99.5%, from about RMB 1,448.1 million in the year ended December 31, 2021, to approximately RMB 7.0 million for the year ended December 31, 2022, due to reduced demand and limited production since the resumption of the sponge palladium production line[35]. - Jiangxi Longtian Yong resumed commercial-scale production of the silver electrolysis production line in mid-June 2022 and officially commenced operations of the sponge palladium production line on August 25, 2022[27]. Corporate Governance - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced composition for effective decision-making[119]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, maintaining high standards of corporate governance[117]. - Independent non-executive directors account for at least one-third of the board, ensuring adequate industry and financial experience[126]. - The company has established a nomination committee responsible for reviewing board composition and monitoring director appointments[130]. - The board has adopted a diversity policy aiming to ensure at least one female member by December 31, 2024[133]. Risk Management and Audit - The risk management committee is responsible for leading and coordinating risk assessment activities at least annually, including risk identification and mitigation strategies[160]. - The internal audit department has conducted an independent review of the risk management and internal control systems, providing recommendations for improvements[161]. - The board is responsible for determining the acceptable level of risk in achieving strategic objectives and ensuring effective risk management systems are in place[161]. - The audit committee held three meetings during the year ending December 31, 2022, reviewing the financial statements and ensuring compliance with applicable accounting standards[152]. Shareholder Communication and Dividends - The company has established a shareholder communication policy to ensure equal, timely, effective, transparent, accurate, and public communication with shareholders[187]. - The company aims to publish interim and annual results early to keep shareholders informed about the group's performance and operations[192]. - The company did not declare any final dividends for the year ending December 31, 2022, compared to zero dividends in 2021[87]. - The company has adopted a dividend policy without a predetermined payout ratio, allowing the board to propose dividends based on financial conditions[196].

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的任何損失承擔任何責任。 CHINA SILVER GROUP LIMITED 中 國 白 銀 集 團 有 限 公司 （於開曼群島註冊成立的有限公司） 815 （股份代號： ） 截至二零二二年十二月三十一日止年度之 全年業績公告 二零二二年全年業績摘要 3,246.3 2,303.5 二零二二年的收入約為人民幣 百萬元（二零二一年：人民幣 百萬 40.9% 元），較二零二一年增加約 。 120.8 二零二二年，本公司擁有人應佔虧損約為人民幣 百萬元（二零二一年：人民 2,412.9 幣 百萬元）。同比顯著下降乃主要由於本集團製造業務分部主要附屬公司江 ...

中國白銀集團 CHINASILVERGROUP 中國白銀集團有限公司 China Silver Group Limited (於開曼群島註冊成立的有限公司) 股份代號：815 2021 中期報告 中國領先的全產業 白銀、黃金、윈金及貴金屬綜合企業 目錄 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------------------------------|------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | 目錄 | | | | | | | | 公司資料 財務摘要 | | | | | | | | | | | | | | | | 我們的里程碑 精選品牌與產品 | | | | | | | | 管理層討論與分析 | | | | | | | | 企業管治及其他資料 | | | | | | | | | 簡明綜合損益及其他全面收益表 | | | | | | | 簡明綜合財務狀況表 | | | | | | ...

Financial Performance - For the first half of 2020, the profit attributable to the owners of the company increased significantly by approximately 60.7% to about RMB 114.7 million compared to the same period in 2019[22]. - The overall gross profit for the group was approximately RMB 221.4 million, up about 10.9% from RMB 199.6 million in the first half of 2019, despite a decline in the gross profit from the jewelry retail segment[26]. - The company reported a profit of RMB 71,372,000 for the six months ended June 30, 2020, compared to a profit of RMB 114,661,000 for the same period in 2019, reflecting a decrease of approximately 37.7%[160]. - The net profit attributable to shareholders for the six months ended June 30, 2020, was RMB 114,661,000, compared to RMB 71,372,000 in 2019, marking an increase of about 60.5%[200]. - Basic and diluted earnings per share for the period were RMB 0.070, compared to RMB 0.044 in the same period last year[150]. Revenue Growth - The company's revenue for the first half of 2020 was approximately RMB 1,809.8 million, a significant increase of about 58.5% compared to RMB 1,141.9 million in the first half of 2019[59]. - Total revenue for the six months ended June 30, 2020, was RMB 1,809,845,000, a significant increase from RMB 1,141,923,000 in the same period of 2019, representing a growth of approximately 58.5%[192]. - Palladium sales surged to approximately RMB 1,352.0 million in the first half of 2020, a dramatic increase from RMB 15.5 million in the same period of 2019, reflecting a growth of about 8,600%[32]. - The manufacturing segment's sales surged to approximately RMB 1,568.3 million, up about 286.0% from RMB 406.2 million in the first half of 2019[32]. Segment Performance - The manufacturing segment's profit rose to approximately RMB 136.8 million in the first half of 2020, a substantial increase of about 145.0% from RMB 55.8 million in the first half of 2019[22]. - The jewelry retail segment's sales dropped significantly by approximately 69.5% to RMB 216.7 million in the first half of 2020, down from RMB 709.7 million in the same period of 2019, primarily due to the impact of COVID-19[36]. - The silver trading business recorded a segment profit of approximately RMB 19.0 million in the first half of 2020, an increase of about 73.6% compared to RMB 11.0 million in the same period of 2019[26]. - The jewelry new retail business reported a segment loss of RMB 16,282 thousand, highlighting challenges faced in this area during the reporting period[184]. Market Strategy - The company is actively developing new business opportunities in the palladium and other precious metals markets to adapt to economic uncertainties[23]. - The company aims to continue enhancing its product structure and increasing the proportion of precious metals in response to market changes[23]. - The company plans to increase its focus on high-margin silver and jewelry products to improve profit margins while expanding its offline retail network to increase market share in China[54]. - The company anticipates that over 90% of its manufacturing revenue in 2020 will come from silver, gold, and palladium products, reflecting a strategic shift towards precious metals[53]. Operational Challenges - The group’s operations were significantly impacted by the COVID-19 pandemic, leading to delays in resuming work and the termination of a land acquisition contract, which affected financial performance[174]. - The company has taken measures to ensure employee health and safety in response to government-imposed quarantine measures during the pandemic[174]. Shareholder Information - As of June 30, 2020, Chairman Chen Wan-tian holds 411,422,187 shares, representing approximately 25.28% of the company's equity[114]. - Major shareholders include Pandanus Associates Inc., Pandanus Partners L.P., and FIL Limited, each holding 129,998,000 shares, accounting for 7.99% of the company's equity[122]. - The company has a total of 73,200,000 shares available for issuance under the 2012 share option plan, which is about 4.50% of the total issued share capital as of June 30, 2020[129]. Cost Management - Selling and distribution expenses decreased by approximately 21.6% to about RMB 14.3 million, mainly due to reduced advertising and promotional spending during the pandemic[71]. - Administrative expenses fell by approximately 24.7% to about RMB 47.5 million, attributed to a reduction in average employee numbers[72]. Financial Position - As of June 30, 2020, the group's bank and other borrowings amounted to approximately RMB 167.5 million, an increase from RMB 110.0 million as of December 31, 2019[79]. - The net asset liability ratio as of June 30, 2020, was approximately -21.9%, improved from -14.0% as of December 31, 2019, indicating a net cash position[79]. - The group's cash and cash equivalents, net current assets, and total assets less current liabilities were approximately RMB 964.4 million, RMB 3,236.6 million, and RMB 3,584.5 million, respectively, as of June 30, 2020[87].

Financial Performance - The group's annual profit decreased to RMB 220 million, down from RMB 325 million in 2017, reflecting a decline of approximately 32.3%[19] - The group's revenue for the year ended December 31, 2018, was RMB 3,751 million, a decrease of approximately 31.4% compared to RMB 5,469 million in 2017[41] - In 2018, the company's total revenue was RMB 3,751.2 million, a decrease of approximately 31.2% from RMB 5,469.0 million in 2017[42] - Jewelry retail sales for the company were RMB 2,497 million in 2018, a decrease of approximately 29.1% from RMB 3,520 million in 2017, attributed to a shift in marketing strategy[44] - The silver trading business recorded sales of RMB 105 million in 2018, down about 34.8% from RMB 161 million in 2017, mainly due to waived membership fees and reduced commission income[45] - Gross profit for the year was RMB 596 million, a slight decrease of 1.3% from RMB 604 million in 2017, with an overall gross margin increase from 11% to 15.9%[49] - The company reported a profit attributable to owners of RMB 149 million for the year, down from RMB 286 million in 2017, mainly due to goodwill impairment and increased selling expenses[55] Sales and Revenue Breakdown - The overall sales of the subsidiary Jinmao Silver Cat Group reached RMB 2,497 million, accounting for approximately 66.6% of total revenue, an increase from 64.4% in 2017[18] - Silver bar sales dropped from RMB 790 million in 2017 to RMB 220 million in 2018, a decline of about 72.2% due to reduced sales volume[43] - The average selling price of silver bars was RMB 3.1 million per ton in 2018, down from RMB 3.4 million per ton in 2017[43] - The group recorded a contribution of RMB 105 million from its silver trading business in 2018, down from RMB 161 million in 2017, with a segment loss of RMB 10 million compared to a profit of RMB 119 million in 2017[35] Business Strategy and Expansion - The group plans to expand into hazardous waste treatment, with a projected capacity of 1 million tons[14] - The group plans to expand its hazardous waste treatment business, leveraging advanced recycling technology to become a leader in the environmental technology industry over the next three years[37] - The group aims to become China's leading comprehensive enterprise in the silver and precious metals industry[20] - The group has shifted its marketing strategy towards higher-margin silver jewelry products, resulting in improved profitability despite revenue declines[18] - The group continues to leverage its strong resources in upstream operations to support its downstream jewelry retail business[18] Market Conditions and Challenges - The group has faced challenges due to global market uncertainties and asset depreciation affecting its financial performance[19] - The group anticipates a rise in demand for precious metals due to heightened global risk aversion, maintaining confidence in the Chinese silver, precious metals, and jewelry retail markets[36] Operational Metrics - The manufacturing segment sold 67 tons of silver ingots and produced 258 tons for downstream use in 2018[21] - As of December 31, 2018, the self-operated online jewelry platform had over 9.7 million registered members, with total page views exceeding 850 million and unique visitors over 210 million[28] - The group operates 98 CSmall experience stores across 18 provinces and municipalities in China, including 15 self-operated and 83 franchised stores[31] - The group collaborates with 22 television and video shopping channels, reaching over 100 million households daily in China, significantly enhancing brand awareness[29] Financial Position and Liquidity - As of December 31, 2018, cash and cash equivalents amounted to RMB 541 million, down from RMB 712 million in 2017, while net current assets increased to RMB 2,621 million from RMB 2,077 million[61] - The company reported that sales to its top five customers accounted for 35.7% of total sales, down from 42.0% in the previous year[145] - The largest customer contributed 11.9% of total sales, a decrease from 27.2% in the prior year[145] - The company’s top five suppliers represented 48.3% of total purchases, down from 59.0% year-on-year[145] - The largest supplier accounted for 12.3% of total purchases, reduced from 29.8% in the previous year[145] - As of December 31, 2018, the company's bank borrowings amounted to RMB 60 million, down from RMB 110 million in 2017, with a net cash position and a net asset liability ratio of -14.4%[57] Corporate Governance - The board of directors consists of three executive directors and three independent non-executive directors as of the report date[74] - The company has complied with the corporate governance code except for the absence of four independent non-executive directors at the annual general meeting held on May 29, 2018[72] - The board held 11 meetings during the review year, approving the annual performance for the year ended December 31, 2017[78] - All independent non-executive directors have confirmed their independence according to the listing rules[80] - The company has a remuneration committee that provides recommendations on the remuneration of directors and senior management[84] - The company’s executive directors are responsible for formulating business strategies and development plans[75] - The board is responsible for ensuring effective corporate governance and continuously reviewing governance measures[77] Risk Management - The board has established a risk management team to assist in the continuous monitoring of the group's risk management and internal control systems[106] - The internal audit function was established this year to provide useful information and recommendations regarding the adequacy and effectiveness of the risk management and internal control systems[107] - The board and audit committee believe that the group's risk management and internal control systems are adequate and effective as of December 31, 2018[111] - The risk management and internal control systems aim to manage rather than eliminate risks associated with achieving business objectives[109] Employee and Stakeholder Relations - The company recognizes employees as its most valuable asset and aims to provide competitive compensation and development opportunities[138] - The company ensures adequate training and professional development opportunities for all employees to meet their career development needs[60] - The company maintains strong relationships with key stakeholders, including customers, suppliers, and shareholders, to enhance long-term business interests[140] Shareholder Information - The company did not recommend a final dividend for the year ended December 31, 2018, compared to a dividend of HKD 0.03 per share in 2017[64] - The company has adopted a dividend policy without a predetermined payout ratio, allowing the board to propose dividends based on financial conditions[127] - As of December 31, 2018, the company had reserves available for distribution to shareholders amounting to RMB 1,040,288,000, compared to RMB 1,064,074,000 in 2017[148] Legal and Compliance - The company has established compliance and risk management policies to monitor adherence to significant legal and regulatory requirements[136] - The company has not entered into any equity-linked agreements that would lead to the issuance of shares as of December 31, 2018[195] - The company has provided indemnity provisions for directors against liabilities incurred in the execution of their duties[199]