南方猛業投資有限公司 SOUTH MANGANESE INVESTMENT LIMITED (於百慕達註冊成立之有限公司) 股份代號: 1091 0 0 0 0 中 期 報 告 2024 目錄 頁次 2-3 公司資料 財務業績 中期簡明綜合損益及其他全面收益表 中期簡明綜合財務狀況表 中期簡明綜合權益變動表 中期簡明綜合現金流量表 中期簡明綜合財務報表附註 4 5-6 7-8 9 10-33 其他資料 管理層討論及分析 環境、社會及管治報告 我們的錳礦資源摘要及我們的錳礦石儲量摘要 企業管治常規守則 董事進行證券交易的標準守則 董事及最高行政人員在股份及相關股份的權益 主要股東及其他人士在股份及相關股份的權益 購買、贖回或出售本公司的上市證券 審閱帳目 前瞻聲明 詞滙表 34-44 45-58 59-66 67 67 67 68 69 69 69 70-72 2 南方錳業投資有限公司 公司資料 | --- | --- | |---------------------------------------------------------------------------------------------- ...

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，並明確表示，概不對因本公告全部或任何 部份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。 South Manganese Investment Limited 南方錳業投資有限公司 （於百慕達註冊成立之有限公司） （股份代號：1091） 截至二零二四年六月三十日止六個月的中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------| | | | | | 財務概要 | | • | 於二零二四年上半年，收益為 5,733.3 百萬港元，較二零二三年上半年的 | | | 7,732.5 百萬港元減少 25.9% 。 | | • | 於二零二四年上半年，毛利為 282.1 百萬港元，較二零二三年上半年的 655.0 | | | 百萬港元減少 56.9% 。於二零二四年上半年，毛利率為 4.9% ， ...

綠水青山就是金山銀山 ...

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，並明確表示，概不對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。 South Manganese Investment Limited 南方錳業投資有限公司 （於百慕達註冊成立之有限公司） （股份代號：1091） | --- | --- | |----------|----------------------------------------------------------------------------------------------------------------------------------------| | | | | 財務概要 | | | • | 於二零二三年，收益為 17,134.0 百萬港元，較二零二二年的 16,031.9 百萬港 | | • | 於二零二三年，毛利為 934.1 百萬港元，較二零二二年的 1,372.3 百萬港元下 。於二零二三年，毛利率為 5.5% ，較二零二二年的 8.6% 下跌 3.1 個 | | | | ...

南方猛業投資有限公司 SOUTH MANGANESE INVESTMENT LIMITED (於百慕達註冊成立之有限公司) 股份代號: 1091 頁次 財務業績 其他資料 2 南方錳業投資有限公司 | --- | --- | |-------------------------------|-------------------------------------------------------| | | | | 董事會 | 註冊辦事處 | | 執行董事 | Clarendon House, 2 Church Street, | | 李維健先生（主席及行政總裁） | Hamilton HM 11, Bermuda | | 張賀先生 | | | 徐翔先生 | 香港總部及主要營業地點 | | 李俊機先生 | 香港金鐘金鐘道九十五號統一中心三十五樓 A02 室 | | 非執行董事 | 電話： (852) 2179 1310 | | 崔凌女士 | 傳真： (852) 2537 0168 | | 潘聲海先生 | 電郵： ir@southmn.com | | 獨立非執行董事 | 中國主要營業地點 | | 張宇鵬先生 ...

Manganese Ore Mining Segment Performance - Manganese ore mining segment turned a profit of HKD 73.4 million in 2022, compared to a loss of HKD 180.6 million in 2021, primarily due to the early termination of subcontracting services at the Bembélé manganese mine in Gabon, which incurred settlement expenses of HKD 166.0 million in 2021[31] - Manganese ore mining revenue increased to HKD 1,257.2 million in 2022, accounting for 74.2% of total revenue, up from HKD 721.7 million in 2021[29] - Manganese mining segment revenue increased by 74.2% to 1,257.2 million HKD in 2022 from 721.7 million HKD in 2021 due to expanded mining operations at the Bembélé manganese mine[176] Electrolytic Manganese Metal Products Performance - The company's electrolytic manganese metal products saw an 8.1% decrease in average selling price to HKD 20,322 per ton in 2022, down from HKD 22,121 per ton in 2021[26] - Gross profit margin for electrolytic manganese metal products dropped by 28.2 percentage points to 16.0% in 2022, compared to 44.2% in 2021[26] - Gross profit contribution from electrolytic manganese metal products decreased by 71.5% to HKD 385.8 million in 2022, down from HKD 1,355.7 million in 2021[26] - Electrolytic manganese product sales volume decreased by 14.6% to 118,500 tons in 2022 (2021: 138,682 tons), with an average selling price decrease of 8.1% to HKD 20,322 per ton (2021: HKD 22,121 per ton)[52] Trade Business Performance - Trade business revenue grew to HKD 9,411.0 million in 2022, representing 58.8% of total revenue, up from HKD 5,924.6 million in 2021[29] - The total sales cost increased by 39.7% to HKD 14,659.6 million in 2022 (2021: HKD 10,491.8 million), in line with the increase in trade business revenue and sales costs[36] Battery Materials Production Performance - Battery materials production revenue increased to HKD 1,986.7 million in 2022, representing 18.7% of total revenue, up from HKD 1,673.9 million in 2021[29] - The battery materials production division's revenue increased by 18.7% to HKD 1,986.7 million in 2022 (2021: HKD 1,673.9 million), and gross profit increased by 55.7% to HKD 692.5 million (2021: HKD 444.7 million)[53] - The average selling price of lithium manganate increased by 130.3% to HKD 99,597 per ton in 2022 (2021: HKD 43,236 per ton), in line with the surge in lithium carbonate prices[35] Financial Performance Overview - Total revenue increased by 24.9% to HKD 16,031.9 million in 2022 (2021: HKD 12,830.8 million), while gross profit decreased by 41.3% to HKD 1,372.3 million (2021: HKD 2,338.9 million), with a gross margin of 8.6% (2021: 18.2%)[46] - The company's operating profit decreased by 59.0% to HKD 514.2 million in 2022, compared to HKD 1,254.1 million in 2021, mainly due to reduced gross profit contribution from electrolytic manganese metal products[28] - The company's attributable profit to owners was HKD 336.1 million in 2022 (2021: HKD 454.6 million)[46] - The company's profit attributable to owners for 2022 was HK$336.1 million, a decrease from HK$454.6 million in 2021[60] - Revenue increased by 24.9% to 16,031,885 thousand HKD in 2022 compared to 12,830,762 thousand HKD in 2021[175] - Gross profit decreased by 41.3% to 1,372,332 thousand HKD in 2022 from 2,338,939 thousand HKD in 2021, with gross margin dropping to 8.6% from 18.2%[175] - Operating profit fell by 59.0% to 514,169 thousand HKD in 2022 from 1,254,104 thousand HKD in 2021[175] - Profit before tax decreased by 27.7% to 394,879 thousand HKD in 2022 from 546,344 thousand HKD in 2021[175] - Net profit attributable to the company's owners dropped by 26.1% to 336,091 thousand HKD in 2022 from 454,583 thousand HKD in 2021[175] Impairment Losses and Adjustments - The company recognized non-cash impairment losses of HKD 119.7 million for property, plant, and equipment, and mining rights in 2022 (2021: HKD 236.4 million)[46] - The company adjusted its investment and expansion plans for the Changgou and Waifu manganese mines, resulting in impairment losses of HKD 70.9 million and HKD 48.8 million, respectively[40][43] - The company recognized a non-cash impairment loss of 119.7 million HKD related to mining rights in 2022[164] Financial Position and Liquidity - Cash and bank balances (including pledged deposits) increased to HK$1,606.3 million in 2022 from HK$1,245.9 million in 2021, while borrowings increased to HK$4,460.4 million from HK$4,113.9 million[64] - Net current liabilities decreased to HK$746.3 million in 2022 from HK$1,584.9 million in 2021, primarily due to obtaining more long-term loans[67] - Fixed-rate and floating-rate borrowings were HK$3,534.7 million and HK$925.7 million respectively in 2022, with fixed-rate loans carrying interest rates between 1.40% and 9.3%[69] - The company's financial expenses remained stable at HK$221.3 million in 2022, compared to HK$236.0 million in 2021[83] - The net debt ratio decreased to 90.1% as of December 31, 2022 (2021: 92.3%)[46] - The group's quick ratio improved to 0.63 in 2022 from 0.60 in 2021, while the net debt ratio decreased to 90.1% from 92.3%[126] - The company's current liabilities exceeded its current assets by HKD 746.3 million as of December 31, 2022, raising liquidity risk concerns[128] - The company successfully renewed or obtained new bank loans amounting to HKD 3,145.5 million from January 1, 2023, to September 30, 2023, addressing liquidity concerns[128] Tax and Dividend Information - The effective tax rate for 2022 was 13.3%, lower than the statutory corporate income tax rate due to the utilization of unrecognized tax loss balances by certain profitable subsidiaries[84] - The company did not recommend any dividend for the year ended December 31, 2022, consistent with 2021[85] - The company did not recommend the payment of any dividends for the year[170] Operational and Strategic Developments - The company is exploring ways to improve its borrowing structure, including short-term and medium-term notes, to optimize interest rates and repayment terms[93] - The group is negotiating a repayment schedule with Customer A and preparing for legal action to expedite the recovery of overdue amounts[108] - The group faces interest rate risk due to fluctuations in the China Loan Prime Rate and LIBOR, which could increase financial expenses if rates rise[108] - The group uses interest rate swap contracts to manage interest rate risk by converting some floating-rate USD borrowings to fixed rates[108] - The group's operations in China and Gabon face foreign exchange risks, with revenues and expenses denominated in RMB, USD, and Central African CFA francs[111] - The group aims to become a leading global manganese producer with a focus on improving operational efficiency and profitability[112] - The electrolytic manganese division faces challenges due to oversupply and rising production costs in the steel industry, leading to reduced demand[114] - The company is optimistic about China's economic recovery following the relaxation of COVID-19 quarantine measures and lockdown policies at the end of 2022[133] - The company focuses on five business segments: ore and traditional manganese-related products, new energy materials, alloy materials, supply chain logistics, and solid waste resource utilization[134] - The company is actively developing new energy battery materials, including electrolytic manganese dioxide and lithium manganate, to expand applications in electric vehicles and other tools[144] - The company established an independent investigation committee on March 31, 2023, to address audit concerns[149] - The company's two subsidiaries were recognized as Guangxi Digital Workshops and Guangxi Green Manufacturing Enterprises[157] - The company was selected as one of the first batch of manufacturing single champion demonstration enterprises in Guangxi in 2022[189] - The company's high-performance lithium-ion battery cathode material key technology and industrialization project won the second prize of the Guangxi Autonomous Region Science and Technology Progress Award in 2022[189] Asset and Liability Changes - Prepayments, other receivables, and other assets classified as current assets decreased by 21.7% to HK$1,380.9 million in 2022[65] - Other payables and accrued expenses decreased by 30.7% to HK$1,521.4 million in 2022, mainly due to reduced advances from trade business customers and decreased VAT payable in China[66] - Inventory increased by 32.2% to HKD 1,849.1 million in 2022, driven by higher inventory and production materials at the Bembélé manganese mine in Gabon[89] - Trade payables and notes increased by 65.3% to HKD 2,148.9 million in 2022, mainly due to increased production and trade-related payables[90] - Total borrowings increased to HKD 4,460.4 million in 2022, with HKD 3,266.9 million due within one year[93] - Total assets increased to 11,450,624 thousand HKD in 2022 from 10,984,343 thousand HKD in 2021[185] - Total liabilities increased to 8,618,338 thousand HKD in 2022 from 8,248,510 thousand HKD in 2021[185] Corporate Governance and Auditing - The company appointed PricewaterhouseCoopers as its new auditor effective October 19, 2022, following the resignation of Ernst & Young[135] - The company is addressing internal control deficiencies identified in an independent review to meet the Hong Kong Stock Exchange's resumption guidance[139] - The group's financial statements for 2021 were restated due to underreporting of reserves and overreporting of non-controlling interests[118][119] - The group may incur additional income tax expenses and related late payment fees due to past tax planning arrangements for certain subsidiaries[121] Other Financial Metrics - EBITDA for 2022 decreased by 20.8% to 1,048.0 million HKD from 1,323.0 million HKD in 2021[164] - Other income and gains increased by 15.7% to 183.2 million HKD in 2022, primarily due to foreign exchange gains[166] - The company holds 33% equity in an associate company, with outstanding bank loans secured by the associate's land, property, plant, and equipment[95] - The company used HK$7.2 million in 2022 to pay the Chinese government for the extension of mining rights for the Changgou Manganese Mine, with annual payments of approximately RMB 6.2 million required from 2023 to 2032[63] - Total funds raised from the IPO amounted to HKD 1,983 million, with HKD 1,894 million (95.5%) utilized as of December 31, 2022[86] - The company's registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda[155] - The company's headquarters in Hong Kong is located at Room A02, 35/F, United Centre, 95 Queensway, Admiralty, Hong Kong[155]

截至二零二三年六月三十日止六個月的中期業績公告 中期簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 毛利 654,960 1,134,497 所得稅開支 6 (43,821) (109,507) | --- | --- | |--------------|---------------| | | | | 93 (132,319) | 131 (182,741) | | (132,226) | (182,610) | | 1,326 | 215,046 | | --- | --- | --- | --- | |----------------------------------------------|-------|------------------------------------------------|---------------------| | | 附註 | 截至六月三十日止六個月 \n二零二三年 \n千港元 | 二零二二年 \n千港元 | | | | （未經審核） | （未經審核） | | | | | （經重述） | | | | | | | 下列人士應佔期內溢利╱（虧損）： ...

銷售成本 其他收入及收益 行政開支 於二零二二年，由於當地電解金屬錳製造商減產，長溝錳礦及外伏錳礦鄰近地區的 錳礦石需求顯著下降。而且，中國於二零二二年對下游鋼鐵產品的需求亦出現萎 縮，而本集團預期當地錳礦的供過於求狀況可能會持續一段時間。就此，本集團調 整了長溝錳礦及外伏錳礦的投資及擴張計劃，以控制我們的現金水平。有關該等投 資計劃的進一步變更導致兩個礦場的使用價值有所調整，因此已於二零二二年分別 就長溝錳礦及外伏錳礦確認採礦權減值虧損70.9百萬港元及48.8百萬港元。有關上 述減值的進一步資料載列如下： 二零二二年 十二月三十一日 二零二一年 十二月三十一日 產量乃按當地地質礦產勘查局按相關地質及礦產資源勘查規定而評估的礦石儲 備及自二零二三年起開始擴充的未來生產計劃估算得出。 於二零二二年，本集團就本集團全資擁有的外伏錳礦確認減值虧損48.8百萬港 元，以撇減至採礦權及其相關基礎設備及廠房及機器（「現金產生單位」）的可 收回金額9.2百萬港元。 (a) 礦石產量（千噸） (c) 除稅前貼現率 13.1% 採礦權餘下可使用年期的平均礦石售價假設為每噸300港元（相當於每噸人民 幣266元），乃參考礦石的 ...

於二零二三年上半年，全球仍然存在二零二二年以來的通脹壓力。西方國家延長並 加強高息政策以遏制通貨膨脹，另一方面亦令全球投資活動降溫。在中國，中國政 府旨在刺激需求，促進經濟從疫情中復甦。因此，市場籠罩在上述不確定因素的陰 影下，未來充滿挑戰。 – 35 – 儘管上述所言，自二零二一年起，本集團經營業績大幅改善，並能維持其利潤。本 集團會繼續圍繞五大業務分部，即礦石和傳統錳相關產品、新能源材料、合金材 料、供應鏈物流以及固廢資源化綜合利用，持續提升內部效率及管理技能以降低成 本及提高生產力、競爭力，於未來數年延續良好勢頭。 作為中國第二大電解金屬錳生產商及供應商，我們結合政府實現「碳達峰及碳中和」 的目標及要求，配合中國冶金礦山企業協會電解金屬錳創新聯盟工作委員會的倡議 和計劃，加強行業的協同效果，以改善和升級產業、加快綠色發展及實現可持續發 展為共同目標，並取得可見的成效。預期該分部於二零二三年下半年的前景將充滿 挑戰，原因為鋼鐵生產商繼續面臨供應過剩及生產成本持續上升等挑戰，而這將削 弱其對我們電解金屬錳產品的需求。為渡過難關，電解金屬錳分部的主要參與者已 共同倡議並推出了限產措施等措施，務求可削減電解金屬 ...

South Manganese Investment Limited 南方錳業投資有限公司 （於百慕達註冊成立之有限公司） （股份代號：1091） 截至二零二二年十二月三十一日止年度的 全年業績公告 – 1 – | --- | --- | --- | --- | |----------------------------------|-------|---------------------------|-------------------------| | | | 二零二二年 | 二零二一年 | | | 附註 | 千港元 | 千港元 （經重述） | | 收益 銷售成本 | 3 | 16,031,885 (14,659,553) | 12,830,762 (10,491,823) | | | | | | | 毛利 | | 1,372,332 | 2,338,939 | | 其他收入及收益 | 3 | 183,216 | 158,422 | | 銷售及分銷開支 | | (179,406) | (135,371) | | 行政開支 | | (623,896) | (592,201) | | 物業、廠房及設備及採 ...