（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：港股君 资金流向方面，当日主力流入3.245万港元，流出23.758万港元，净流出20.51万港元。 奥威控股有限公司('本公司'或'公司')最初依据英属处女群岛法律,于二零一一年一月十四日在英属处女 群岛注册成立,于二零一三年五月二十三日由英属处女群岛迁册至开曼群岛。本公司于二零一三年十一 月二十八日在香港联合交易所有限公司('香港联交所')主板挂牌上市(股份代码1370)。本公司及其附属公 司('本集团'或'公司'或'公司的')主要在中国从事铁矿勘探、开采、选矿及销售,以及建筑用砂石料生产销 售业务。本集团拥有并运营的三个铁矿场,全部位于中国钢产量及铁矿石消耗量最高的河北省。公司是 河北省政府指定的涞源县矿产资源整合主体之一。从2008年至2014年,公司已成功实施一系列收购,将若 干小型铁矿合并及整合,成为公司矿山的一部分。截至二零一四年十二月三十一日,本集团铁矿石合计共 有约394.8百万吨控制的资源量、约307.8百万吨预可采储量,以及约223.7百万吨推断资源量。凭借较低的 现金经营成本、有 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 645.659 million, a decrease of 3.3% compared to RMB 667.367 million in 2023[13]. - The gross profit for 2024 was RMB 76.918 million, down 22.4% from RMB 99.176 million in the previous year[13]. - The company incurred a net loss of RMB 289.621 million for 2024, compared to a net loss of RMB 549.139 million in 2023, indicating an improvement[13]. - The group recorded revenue of approximately RMB 645.7 million for the year ended December 31, 2024, a decrease of about 3.3% compared to the previous year[20]. - Gross profit for the year was approximately RMB 76.9 million, down about 22.4%, resulting in a gross margin of approximately 11.9% (2023: 14.9%) [20]. - The loss attributable to equity holders for the year was approximately RMB 289.6 million, compared to a loss of RMB 549.1 million in 2023[20]. - The group's gross profit for the reporting period was approximately RMB 76.9 million, a decrease of about RMB 22.3 million or 22.4% compared to the same period last year, with the gross profit margin decreasing from 14.9% to 11.9%[46]. - The group recorded a post-tax loss of approximately RMB 289.6 million for the reporting period, a decrease from a post-tax loss of RMB 549.1 million in the same period last year[60]. Assets and Liabilities - Total assets decreased to RMB 1,857.798 million in 2024 from RMB 2,201.011 million in 2023, reflecting a decline of 15.6%[15]. - The company's total equity stood at RMB 687.614 million in 2024, down 28.9% from RMB 965.597 million in 2023[15]. - Non-current assets decreased to RMB 1,492.019 million in 2024 from RMB 1,783.902 million in 2023, a decline of 16.3%[15]. - Current liabilities increased to RMB 900.646 million in 2024 from RMB 757.886 million in 2023, an increase of 18.8%[15]. - The group's total liabilities ratio as of December 31, 2024, was approximately 46.9%, an increase of about 5.5% compared to the same period last year[67]. - Current liabilities exceeded current assets by approximately RMB 534,867,000 as of December 31, 2024[200]. - The group had borrowings due within one year amounting to approximately RMB 632,992,000 and capital commitments of approximately RMB 18,114,000[200]. - Cash and cash equivalents were only approximately RMB 34,646,000 as of the same date, indicating liquidity concerns[200]. Production and Sales - Iron ore production for the year was approximately 721.8 thousand tons, a decrease of about 0.6% year-on-year, while sales volume increased by approximately 2.8% to 739.1 thousand tons[29]. - The average selling price of iron concentrate was approximately RMB 798.1 per ton, a decrease of about 1.7% compared to the previous year[29]. - The group’s iron ore business recorded revenue of approximately RMB 589.8 million, an increase of about 1.0% year-on-year[30]. - The total production of aggregates for the group was approximately 1,402.0 thousand tons, a decrease of about 49.3% year-on-year, while sales volume decreased by approximately 24.7% to 1,758.2 thousand tons[40]. - The average selling price of aggregates during the reporting period was approximately RMB 28.9 per ton, reflecting a decrease of 15.2% compared to the previous year[40]. Strategic Plans and Market Outlook - The company plans to focus on expanding its iron ore exploration and sales operations in Hebei province, China, which is a key market for steel production[8]. - The company is also exploring opportunities for green building materials production through the recycling of tailings[8]. - Future outlook includes potential strategic acquisitions to enhance market position and operational capabilities[8]. - The company anticipates that the demand for steel in 2025 will remain weak, with supply and price trends expected to stabilize or narrow in decline[73]. - The company plans to deepen cost reduction and efficiency enhancement mechanisms to improve profitability in its iron ore and aggregate businesses[74]. - The company aims to expand its green building materials aggregate production scale through new construction or acquisition of production lines[75]. - The company will actively explore sales opportunities beyond the Xiong'an New Area to increase aggregate sales and improve cash collection[75]. - The company expects that the investment ratio in the real estate sector will decrease at a slower pace due to government policies promoting healthy market development[73]. - The company anticipates continued growth in infrastructure investment, positively impacting steel demand[73]. Risk Management and Governance - The company has a comprehensive approach to risk management and internal controls as outlined in the corporate governance report[91]. - The board consists of experienced independent non-executive directors providing independent advice and guidance[83]. - The company has established an independent internal audit department that reports directly to the audit committee, ensuring effective risk management and internal control systems[163]. - The company has implemented a risk management and internal control system to mitigate operational risks and ensure accurate financial reporting[181]. - The board is tasked with ensuring compliance with legal and regulatory requirements and monitoring the effectiveness of the company's governance policies[176]. Employee and Corporate Governance - Employee welfare expenses for the group amounted to approximately RMB 74.5 million, a decrease from RMB 78.9 million in the previous year, with a total of 759 full-time employees as of December 31, 2024[43]. - The board consists of five executive directors and three independent non-executive directors, meeting the requirements of the Listing Rules[150]. - The company has established a retirement and employee benefits plan, details of which are included in the financial statements[140]. - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance throughout the year[132]. - The company has maintained the required public float as per the Listing Rules throughout the reporting period[134]. Shareholder Communication and Transparency - The company is committed to maintaining high transparency and timely disclosure of business developments and financial performance to shareholders[194]. - The board of directors reviewed and assessed the effectiveness of the group's shareholder communication policy for the fiscal year ending December 31, 2024[194]. - The company will publish annual and interim reports in March and August respectively to update shareholders on business developments and market trends[192]. - The group encourages shareholders to access corporate communications through its website to promote environmental protection[193].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 645.7 million, a decrease of about RMB 21.7 million or 3.3% compared to the previous year[3]. - The cost of sales for the same period was approximately RMB 568.7 million, an increase of about RMB 0.5 million compared to the previous year[3]. - The gross profit for the year was approximately RMB 76.9 million, a decrease of about RMB 22.3 million or 22.4% year-on-year[3]. - The group recorded a loss of approximately RMB 289.6 million for the year, compared to a loss of RMB 549.1 million in the previous year[3]. - Basic loss per share attributable to equity holders was RMB 0.18, compared to RMB 0.34 in the previous year[4]. - The company reported a net loss of approximately RMB 289,621,000 for the year ending December 31, 2024, with current liabilities exceeding current assets by approximately RMB 534,867,000[15]. - The company reported a loss from continuing operations of RMB 289,621,000 for the year ending December 31, 2024, compared to a loss of RMB 549,139,000 in 2023, indicating a significant improvement[28]. - The group recorded a post-tax loss of approximately RMB 289.6 million for the reporting period, a decrease from a post-tax loss of RMB 549.1 million in the same period last year[72]. Assets and Liabilities - Non-current assets decreased to RMB 1,492.0 million from RMB 1,783.9 million in the previous year[5]. - Current assets decreased to RMB 365.8 million from RMB 417.1 million in the previous year[5]. - Total liabilities increased to RMB 900.6 million from RMB 757.9 million in the previous year[6]. - The net asset value decreased to RMB 687.6 million from RMB 965.6 million in the previous year[6]. - The company faced significant uncertainties regarding its ability to continue as a going concern due to its financial position as of December 31, 2024[37]. - The group's total liabilities ratio as of December 31, 2024, was approximately 46.9%, an increase of about 5.5% compared to the same period last year[79]. - The group had bank loans amounting to RMB 872.0 million as of December 31, 2024, a decrease of RMB 40 million or 4.4% compared to the end of the previous year[78]. Revenue Breakdown - Revenue from iron concentrate for 2024 was RMB 589,799,000, compared to RMB 584,027,000 in 2023, showing a slight increase[18]. - Revenue from sand and gravel aggregates for 2024 was RMB 55,860,000, down from RMB 83,340,000 in 2023, indicating a significant decline[18]. - Total revenue for 2024 was RMB 645,659,000, compared to RMB 667,367,000 in 2023, reflecting a decrease of approximately 3.2%[18]. - The company recorded revenue of approximately RMB 589.8 million from iron ore business in 2024, an increase of about 1.0% compared to the previous year[41]. Operational Efficiency - The total employee costs for the year were RMB 74,504,000, down from RMB 78,908,000 in the previous year, reflecting a reduction of approximately 5.1%[26]. - The average cash operating cost for iron concentrate at Wang'er Gou and Shuanma Zhuang mines decreased by 5.3% to RMB 662.2 per ton compared to RMB 699.0 in 2023[47]. - The average cash operating cost for mechanism sand increased due to rising raw material and electricity costs[51]. - The company plans to deepen cost reduction and efficiency enhancement mechanisms to improve profitability in the iron ore and aggregate business[86]. Investments and Financing - The company successfully obtained new borrowings of RMB 230,000,000 from a Chinese bank to settle existing loans, with an annual interest rate of 7.5% and repayment due in mid-February 2026[17]. - The group’s total capital expenditure was approximately RMB 19.1 million, which includes the acquisition of property, plant, and equipment, construction in progress, and intangible assets[80]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the reporting period[91]. - The audit committee reviewed the group's annual performance and financial statements for the year ending December 31, 2024[92]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the year[90]. Production and Sales - Iron concentrate production was approximately 721.8 thousand tons in 2024, a decrease of about 0.6% compared to 726.2 thousand tons in 2023[42]. - The sales volume of iron concentrate increased by approximately 2.8% to 739.1 thousand tons in 2024 from 719.1 thousand tons in 2023[42]. - The group recorded a 49.3% decrease in sand and gravel production to approximately 1,402.0 thousand tons, and a 24.7% decrease in sales volume to approximately 1,758.2 thousand tons compared to the previous year[49]. Impairment and Valuation - The group recorded an impairment loss of approximately RMB 201.1 million during the reporting period, with significant losses attributed to property, plant, equipment, and intangible assets[59]. - The independent valuation of the group's assets indicated an impairment loss of approximately RMB 177.0 million for property, plant, and equipment, and construction in progress as of December 31, 2024[59]. - The expected credit loss provision under the group's model was approximately RMB 24.1 million, contributing to the overall impairment loss recorded during the reporting period[59]. Future Outlook - The company expects to record a net operating cash inflow for the year ending December 31, 2025[17]. - The company aims to expand its green building materials aggregate production scale through new construction or acquisition of production lines[87]. - The company will actively explore sales opportunities beyond the Xiong'an New Area to increase aggregate sales and improve cash collection[87].

奧威控股有限公司 AOWEI HOLDING LIMITED AOWEI HOLDING LIMITED （於英屬處女群島註冊成立並於開曼群島續存之有限公司） （前稱「Hengshi Mining Investments Limited 恒實礦業投資有限公司」） 股份代號：1370 2024 中期報告 為社會 創造財富 為股東 創造所值 為員工 創造前程 創造 核心價值 t 2017 目錄 公司資料 2 財務摘要 5 管理層討論與分析 6 其他資料 15 簡明綜合損益及其他全面收益表 20 簡明綜合財務狀況表 22 簡明綜合權益變動表 24 簡明綜合現金流量表 26 簡明綜合財務報表附註 27 公司資料 公司資料 奧威控股有限公司（原名恒實礦業投資有限公司）（「本公司」或「公司」）最初依據英屬處女群島法律，於2011年1 月14日在英屬處女群島註冊成立，於2013年5月23日由英屬處女群島遷冊至開曼群島。本公司於2013年11月28 日在香港聯合交易所有限公司（「香港聯交所」）主板掛牌上市（股份代碼：1370）。於2017年11月28日，本公司名 稱由恒實礦業投資有限公司改為奧威控股有限公司。 本公司及其附屬 ...

Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately RMB 323.7 million, a decrease of about RMB 32.1 million or 9.0% compared to the same period last year[1]. - Gross profit for the same period was approximately RMB 46.7 million, down about RMB 37.3 million or 44.4%, with a gross margin of 14.4%[1][2]. - Loss attributable to equity holders for the period was approximately RMB 50.6 million, compared to a loss of RMB 65.7 million in the same period last year[1]. - Basic loss per share for the period was RMB 0.03, compared to RMB 0.04 per share in the same period last year (restated)[3]. - The company reported a net loss attributable to owners of RMB (50,587,000) for the six months ended June 30, 2024, an improvement from a loss of RMB (65,749,000) in the same period of 2023, representing a decrease in loss of about 23%[20]. - The group recorded a post-tax loss of approximately RMB 50.6 million, a reduction in loss of approximately RMB 15.1 million compared to the same period last year, primarily due to decreased sales volume of iron concentrate leading to lower gross profit[48]. Assets and Liabilities - The total non-current assets as of June 30, 2024, amounted to RMB 1,712.4 million, a decrease from RMB 1,783.9 million as of December 31, 2023[4]. - Current assets totaled RMB 402.5 million, down from RMB 417.1 million as of December 31, 2023[4]. - Current liabilities were RMB 726.2 million, compared to RMB 757.9 million as of December 31, 2023[4]. - The net asset value as of June 30, 2024, was RMB 914.9 million, down from RMB 965.6 million as of December 31, 2023[5][6]. - As of June 30, 2024, the company had cash and cash equivalents of only RMB 53,822,000 against borrowings due within one year of approximately RMB 516,992,000[8]. - The total liabilities ratio was approximately 45.1%, an increase of approximately 3.7% from the end of last year[57]. Revenue and Sales - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 323,731,000, with iron concentrate contributing RMB 306,694,000 and sand and gravel aggregate contributing RMB 17,037,000[13]. - The company’s revenue for the same period in 2023 was RMB 355,846,000, indicating a decrease of approximately 9% year-over-year[14]. - The group reported a tax credit of approximately RMB 1.7 million for the period, compared to a tax expense of approximately RMB 25.7 million in the same period last year[47]. - The sales cost for the reporting period was approximately RMB 277.1 million, an increase of 1.9% compared to the previous year, attributed to a slight increase in unit sales costs[42]. Production and Operations - The production of iron concentrate for the first half of 2024 was approximately 337.5 thousand tons, representing a decrease of 11.6% compared to 381.93 thousand tons in the same period of 2023[32]. - The sales volume of iron concentrate in the first half of 2024 was about 358.3 thousand tons, a decline of 9.4% from 395.38 thousand tons in the same period of 2023[32]. - The average selling price of iron concentrate increased by 9.9% to RMB 856.06 per ton in the first half of 2024, compared to RMB 778.79 per ton in the same period of 2023[33]. - The production and sales of sand and gravel aggregates decreased significantly, with production down 73.7% to 466.21 thousand tons due to adverse weather conditions and infrastructure damage[38]. - The average unit cash operating cost for iron concentrate decreased by 3.0% to RMB 670.87 per ton, primarily due to lower unit costs in mining and dry selection processes[37]. Financing and Costs - Interest expenses for bank borrowings increased to RMB 29,785,000 for the six months ended June 30, 2024, compared to RMB 25,533,000 for the same period in 2023[15]. - The company’s financing costs totaled RMB 30,720,000 for the six months ended June 30, 2024, compared to RMB 26,469,000 for the same period in 2023, reflecting an increase in overall financing expenses[15]. - The administrative expenses increased by 21.3% to approximately RMB 59.7 million, primarily due to increased costs related to work stoppage losses[45]. Employee and Operational Changes - The total number of employees in the group is 797, a decrease from 988 employees in the same period of 2023[65]. - Total employee compensation and benefits amounted to approximately RMB 39.1 million, down from RMB 45.0 million in the same period of 2023[65]. - Employee costs totaled RMB 39,113,000 for the six months ended June 30, 2024, down from RMB 44,610,000 in the same period of 2023, showing a reduction of approximately 12.5%[18]. Strategic Initiatives - The company plans to actively negotiate with banks to renew borrowings as they come due to meet operational and financial needs[9]. - Major shareholders have committed to providing sufficient funds to enable the company to repay its debts and fulfill financial obligations if necessary[9]. - The group plans to enhance cost reduction and efficiency mechanisms, optimize production processes, and improve product quality to increase profitability amid a complex market environment[60]. - The company has adjusted its sales strategy and enhanced risk management to cope with the weak demand and declining prices in the iron ore market[32].

Receivables and Impairment Losses - The total trade receivables, notes receivable, and other receivables as of December 31, 2023, were approximately RMB 115,477,000, RMB 2,950,000, and RMB 31,602,000, respectively[10] - Credit loss provisions for trade receivables, notes receivable, and other receivables were approximately RMB 8,849,000, RMB 0, and RMB 3,469,000, respectively[10] - The impairment loss on trade receivables (net of reversal) included in the consolidated income statement for the year ended December 31, 2023, was approximately RMB 7,816,000[10] - The impairment loss on other receivables (net of reversal) included in the consolidated income statement for the year ended December 31, 2023, was approximately RMB 1,609,000[10] - The impairment assessment of trade receivables, notes receivable, and other receivables was identified as a key audit matter due to its significance to the consolidated financial statements and the involvement of significant estimates and judgments[12] - The company used a provision matrix for collective assessment of expected credit losses for trade receivables, notes receivable, and other receivables, based on historical default rates and forward-looking information[12] Property, Plant, and Equipment Impairment - The impairment assessment of property, plant, and equipment, construction in progress, and intangible assets was identified as a key audit matter due to its significance to the consolidated financial statements and the involvement of significant estimates and judgments[7] - The company engaged independent external valuation experts to assess the key assumptions and estimates used in determining the recoverable amount of cash-generating units, including future sales, operating costs, capital expenditures, and discount rates[7] - Sensitivity analysis was performed on the key assumptions and estimates used in cash flow forecasts to evaluate the impact of changes and to assess any indications of management bias[8] - Impairment losses on property, plant, and equipment, construction in progress, and intangible assets surged to RMB 298.731 million in 2023 from RMB 54.559 million in 2022[22] - Impairment losses amounted to RMB 372.0 million in 2023, including RMB 298.7 million for property, plant, and equipment, and construction in progress at Jiheng Mining[190] Financial Performance - Revenue for 2023 decreased to RMB 667.367 million from RMB 937.751 million in 2022, a decline of 28.8%[22] - Gross profit for 2023 was RMB 99.176 million, down from RMB 163.697 million in 2022, a decrease of 39.4%[22] - Net loss for 2023 was RMB 549.139 million, compared to a net profit of RMB 60.755 million in 2022[22] - Earnings per share (basic) from continuing and discontinued operations was a loss of RMB 0.34 in 2023, compared to a profit of RMB 0.04 in 2022[22] - The company reported a net loss of RMB 549,139 thousand for the year 2023, compared to a net profit of RMB 60,755 thousand in 2022[37][41] - The company recorded a loss of approximately RMB 549.1 million in 2023, compared to a profit of RMB 60.8 million in the previous year[102] - The company reported a net loss of approximately RMB 548.634 million from continuing operations for the year ended December 31, 2023, with current liabilities exceeding current assets by RMB 340.777 million[123] Assets and Liabilities - Total assets decreased to RMB 1,783.902 million in 2023 from RMB 1,937.017 million in 2022[24] - Cash and cash equivalents dropped to RMB 34.482 million in 2023 from RMB 56.086 million in 2022[24] - Bank borrowings increased to RMB 472.000 million in 2023 from RMB 337.000 million in 2022[24] - Net current liabilities increased to RMB 340.777 million in 2023 from RMB 212.241 million in 2022[24] - Non-current liabilities increased to RMB 477,528 thousand in 2023 from RMB 209,988 thousand in 2022, primarily due to a significant rise in bank loans to RMB 440,000 thousand from RMB 176,000 thousand[26] - The company's net asset value decreased to RMB 965,597 thousand in 2023 from RMB 1,514,788 thousand in 2022, reflecting a substantial decline in reserves[26] - Total equity value dropped to RMB 965,597 thousand in 2023 from RMB 1,514,788 thousand in 2022, indicating a significant reduction in retained earnings[26][41] - Current liabilities increased to RMB 757.886 million in 2023 from RMB 700.070 million in 2022[97] Cash Flow - Operating cash flow from continuing operations decreased significantly to a loss of RMB 524.79 million in 2023, compared to a profit of RMB 96.908 million in 2022[49] - Net cash generated from operating activities dropped to RMB 53.345 million in 2023 from RMB 193.509 million in 2022[49] - Cash used in investing activities increased to RMB 417.625 million in 2023, up from RMB 168.832 million in 2022, primarily due to deposits for equity tool acquisitions and pledged bank deposits[51] - Net cash from financing activities improved to RMB 342.727 million in 2023, compared to a net cash outflow of RMB 73.045 million in 2022, driven by new bank borrowings of RMB 914.5 million[51] - Cash and cash equivalents decreased by RMB 21.553 million in 2023, ending the year at RMB 34.482 million[51] - Depreciation expenses increased to RMB 30.942 million in 2023 from RMB 10.364 million in 2022[49] - Inventory decreased by RMB 68.829 million in 2023, contributing positively to operating cash flow[49] - Trade and other receivables decreased by RMB 64.527 million in 2023, improving cash flow compared to an increase of RMB 24.317 million in 2022[49] - Contract liabilities decreased by RMB 59.356 million in 2023, compared to an increase of RMB 33.598 million in 2022[49] Reserves and Equity - The statutory surplus reserve remained unchanged at RMB 84,556 thousand, as per Chinese regulations requiring 10% of post-tax profits to be allocated to this reserve[44] - The special reserve increased to RMB 30,971 thousand in 2023 from RMB 30,763 thousand in 2022, primarily due to allocations for safety production funds[45] - The exchange reserve decreased to RMB (12) thousand in 2023 from RMB 40 thousand in 2022, reflecting foreign exchange adjustments[46] - Other reserves remained unchanged at RMB (126,229) thousand, including adjustments from acquisitions and non-controlling interests[47] Accounting Policies and Standards - The company applied new International Financial Reporting Standards (IFRS) amendments in 2023, including amendments to IAS 8 regarding the definition of accounting estimates, which had no significant impact on the consolidated financial statements[71][72] - Amendments to IAS 12 regarding deferred tax related to assets and liabilities from single transactions were applied in 2023, with no significant impact on the consolidated financial statements[74][75] - The company has not yet applied temporary exceptions related to the OECD's Pillar Two model rules due to the absence of enacted or substantively enacted legislation in the jurisdictions where the company operates[75] - Amendments to IAS 1 and IFRS Practice Statement 2 regarding the disclosure of accounting policies were applied in 2023, affecting the disclosure of the company's accounting policies in the consolidated financial statements[77][78] - The company will disclose information related to Pillar Two income taxes when the legislation is enacted or substantively enacted, including qualitative and quantitative data[75] - The company's accounting policy changes due to the cancellation of the MPF-Long Service Payment offset mechanism in Hong Kong will take effect on May 1, 2025[80] - The company has retrospectively applied the Hong Kong Institute of Certified Public Accountants' guidance on the accounting treatment of the cancellation of the MPF-Long Service Payment (LSP) offset mechanism, resulting in more reliable and relevant information regarding the impact of the offset mechanism and its cancellation[81] - The company has adjusted its accounting policy to align with the Hong Kong Institute of Certified Public Accountants' guidance, which no longer considers employer MPF contributions as linked to employee services, leading to cumulative adjustments in service costs, interest expenses, and actuarial assumptions[83] - The application of the revised accounting standards had no material impact on the company's profit or loss for the years ended December 31, 2023, and December 31, 2022, nor on the financial position of the company and its subsidiaries as of those dates[84] - The company has not early adopted several new and revised International Financial Reporting Standards (IFRS) that have been issued but are not yet effective, including amendments related to asset sales or contributions between investors and their associates or joint ventures, lease liabilities in sale and leaseback transactions, and supplier financing arrangements[87] - The application of the 2020 and 2022 amendments to IAS 1 regarding the classification of liabilities as current or non-current will not result in a reclassification of the company's liabilities as of December 31, 2023[90] Operational Challenges and Strategies - The loss was primarily due to natural disasters, environmental production restrictions, and a decrease in the exploitable reserves of iron ore at Jihong Mining[102] - The company faced increased financing costs and impairment losses on property, plant, and equipment, as well as a deposit for the acquisition of a 0.614% stake in Cangzhou Bank[102] - The company is exploring alternative strategies and optimizing internal resources to reduce production and operational costs[104] - The company remains confident in improving its operational and financial performance despite the challenges faced in 2023[106] - The company plans to closely monitor market dynamics and explore the feasibility of underground mining at Jiheng Mining, while considering the possibility of divesting its iron ore business to improve financial performance[107] - The company is focusing on optimizing asset allocation and expanding its green building materials business, particularly in the sand and gravel aggregate sector, to enhance profitability and sustainability[107] - The company is increasing investments in safety and environmental protection, including upgrading technology and equipment, to comply with stricter regulations and reduce risks[115] - The company's major shareholders have committed to providing sufficient funds to ensure the company can meet its debt obligations and financial responsibilities[123] - The company ceased its medical business and liquidated related subsidiaries due to continuous losses and inability to find opportunities in the medical sector[183] Iron Ore Business Performance - The company's iron ore business recorded revenue of approximately RMB 584.0 million for the year ended December 31, 2023, a decrease of 28.2% compared to the previous year[141] - The company's iron concentrate production was approximately 726.2 thousand tons for the year ended December 31, 2023, a decrease of 31.0% compared to the previous year[141] - The company's iron concentrate sales volume was approximately 719.1 thousand tons for the year ended December 31, 2023, a decrease of 31.0% compared to the previous year[141] - The average unit cash operating cost of iron concentrate at Jingyuancheng was approximately RMB 699.0 per ton, and at Jiheng Mining, it was approximately RMB 527.3 per ton for the year ended December 31, 2023[141] - The company's iron ore business achieved a gross profit of approximately RMB 84.2 million, with a gross margin of 14.4% for the year ended December 31, 2023[141] - Jihong Mining's iron concentrate production decreased by 74.7% to 130.3 thousand tons in 2023 compared to 2022[143] - Jingyuancheng Mining's iron concentrate production increased by 10.7% to 595.9 thousand tons in 2023 compared to 2022[143] - The total iron concentrate production of the group decreased by 31.0% to 726.2 thousand tons in 2023 compared to 2022[143] - The average selling price of iron concentrate increased by 4.1% to RMB 812.2 per ton in 2023 compared to 2022[143] - The average unit cash operating cost of iron concentrate increased by 9.8% to RMB 668.2 per ton in 2023 compared to 2022[143] - The total iron ore reserves of the group compliant with JORC standards (2004 edition) amounted to 141,902 thousand tons as of December 31, 2023[147] - The total iron ore resources of the group compliant with JORC standards (2004 edition) amounted to 270,539 thousand tons as of December 31, 2023[147] - The annual mining capacity of Zhijiazhuang Mine is 2.4 million tons per year as of December 31, 2023[150] - The average unit cash operating cost of Zhijiazhuang Mine's iron concentrate increased by 24.5% to RMB 527.3 per ton in 2023 compared to 2022[151] - The average unit cash operating cost of Wangergou and Shuanmazhuang Mines' iron concentrate decreased by 11.0% to RMB 699.0 per ton in 2023 compared to 2022[156] Sand and Gravel Aggregate Business - The company's solid waste utilization project has a total processing capacity of approximately 6.4 million tons/year, with Jihang Mining's project contributing 3.7 million tons/year and Jingyuancheng Mining's project contributing 2.7 million tons/year[157] - In 2023, the company's sand and gravel aggregate production decreased by 27.5% year-over-year to approximately 2,763.7 thousand tons, while sales decreased by 34.2% to approximately 2,334.4 thousand tons[159] - The company's sand and gravel aggregate business generated revenue of approximately RMB 83.3 million, a decrease of 33.1% year-over-year, with a gross profit of RMB 15.1 million and a gross margin of 18.1%[159] - The company's average unit cash operating cost for sand and gravel aggregates was approximately RMB 23.6 per ton[159] - Total production of sand and gravel aggregates decreased by 27.5% to 2,763.7 thousand tons in 2023 compared to 3,813.6 thousand tons in 2022[182] - Total sales of sand and gravel aggregates decreased by 34.2% to 2,334.4 thousand tons in 2023 compared to 3,549.3 thousand tons in 2022[182] - Average unit cash operating cost for sand and gravel aggregates increased by 136.2% to RMB 23.6 in 2023 compared to RMB 10.0 in 2022[182] Expenses and Employee Benefits - Administrative expenses rose to RMB 132.397 million in 2023 from RMB 101.858 million in 2022, an increase of 30%[22] - Administrative expenses increased to RMB 132.4 million in 2023 from RMB 101.9 million in 2022 due to losses from mine shutdowns caused by heavy rain disasters[189] - Employee benefits expenses decreased to RMB 79.4 million in 2023 from RMB 98.4 million in 2022, with the number of full-time employees decreasing from 1,027 to 861[184] - Sales and distribution expenses decreased to RMB 3.1 million in 2023 from RMB 3.5 million in 2022[188] Market and Industry Trends - China's steel industry achieved a crude steel output of 1.019 billion tons in 2023, meeting the "flat control" policy target, but domestic consumption dropped to 933 million tons due to a significant decline in real estate development investment[113] - China's steel exports reached 90 million tons in 2023, a 36.2% increase year-over-year, driven by strong demand in international markets[113] - China's GDP exceeded RMB 126 trillion in 2023, a year-on-year increase of 5.2%[136] - China's total iron ore imports in 2023 were approximately 1.179 billion tons, an increase of 6% compared to the previous year[137] - The port inventory of imported iron ore was approximately 120 million tons at the end of December 2023, a decrease of 9.1% year-on-year[137] - The Platts 62% iron ore price index returned to the $130 mark during the reporting period[137] Financing and Loans - The company secured new loans totaling RMB 237 million from Chinese banks post-reporting period, with an annual interest rate of 9.23% and a repayment date of February 20, 2025[123] - The company expects to generate positive net operating cash flow for the year ending December 31, 2024[123] - The company is applying for an additional RMB 30 million loan from a Chinese bank to support its financial needs[123] - The company's financing costs for the reporting period were approximately RMB 57.1 million, an increase of RMB 29.4 million or 106.1% compared to the same period last year[200] Valuation and Capital - Jihong Mining's weighted average cost of capital (WACC) is estimated at 10.0% after tax and 13.1% before tax[193] - Jihong Mining recorded an impairment loss of approximately RMB 63.9 million for the deposit paid for the acquisition of a 0.614% equity stake in Cangzhou Bank[194] - The market-to-book ratio (average) for comparable companies used in Jihong Mining's valuation is 0.51[198] Miscellaneous - Aowei Holding Limited's shares were listed on the Hong Kong Stock Exchange on November 28, 2013, following a restructuring aimed at seeking a public listing[69] - The company's ultimate controlling parties are Hengshi International Investment Limited, Mr. Li Yanjun, and Mr. Li Ziwei, as of December 31, 2023[70] - Exchange rate differences from overseas operations resulted in a gain of RMB 388 thousand in 2023[39] - The company's total comprehensive income for 2023 was RMB 61,143 thousand, including the net loss and other comprehensive income[39]

Financial Performance - The group recorded a post-tax loss of approximately RMB 549.1 million, compared to a post-tax profit of RMB 60.8 million in the same period last year, primarily due to increased asset impairment, reduced gross profit, and higher administrative and financing costs[6]. - The group's revenue for the year ended December 31, 2023, was approximately RMB 667.4 million, a decrease of about RMB 270.4 million or 28.8% compared to the same period last year[46]. - The group's gross profit for the year was approximately RMB 99.2 million, a decrease of about RMB 64.5 million or 39.4% compared to the previous year[46]. - The loss attributable to equity holders of the company was approximately RMB 549.1 million, compared to a profit of RMB 60.8 million in the same period last year[46]. - The basic loss per share attributable to equity holders of the company was RMB 0.34, compared to a basic earnings per share of RMB 0.04 in the previous year[46]. - Total comprehensive loss for the year was RMB 549,191 thousand, compared to a comprehensive income of RMB 61,143 thousand in the previous year[64]. - The company reported a net loss from continuing operations of approximately RMB 548,634,000 for the year ending December 31, 2023[104]. - The group recorded a net loss from continuing operations of approximately RMB 548.634 million for the year ended December 31, 2023[155]. Costs and Expenses - The group's financing costs for the reporting period amounted to RMB 571 million, an increase of RMB 294 million or 106.1% compared to the same period last year[5]. - The cost of sales for the group during the reporting period was approximately RMB 568.2 million, a decrease of about RMB 205.9 million compared to the previous year[46]. - Administrative expenses for the reporting period amounted to RMB 132.4 million, an increase of approximately RMB 30.5 million compared to RMB 101.9 million in the same period last year[200]. - The group recognized an asset impairment loss of approximately RMB 298.7 million as of December 31, 2023, including a loss of RMB 200.0 million for fixed assets and RMB 98.7 million for construction in progress[178]. - Impairment losses recorded during the reporting period were approximately RMB 372.0 million, primarily based on the recoverable amounts of related assets at the end of the reporting period[200]. Assets and Liabilities - The group's total assets less current liabilities were RMB 1,443.1 million, down from RMB 1,724.8 million[48]. - Total equity decreased to RMB 965.6 million from RMB 1,514.8 million[49]. - Current liabilities increased to RMB 757.9 million from RMB 700.1 million[48]. - The company’s current liabilities exceed its current assets by approximately RMB 340,777,000 as of December 31, 2023[104]. - Non-current assets decreased to RMB 1,783,902 thousand in 2023 from RMB 1,937,017 thousand in 2022, a reduction of approximately 8%[66]. - Non-current liabilities rose to RMB 477,528 thousand in 2023 from RMB 209,988 thousand in 2022, indicating a significant increase[67]. Inventory and Trade Receivables - As of December 31, 2023, the group's inventory was approximately RMB 111.6 million, an increase of RMB 24.8 million or 28.6% year-on-year, mainly due to increased finished products of sand and gravel aggregates, iron concentrate, and iron ore[8]. - As of December 31, 2023, the total trade receivables amounted to RMB 106,628,000, an increase from RMB 90,369,000 in 2022[125]. - The trade receivables net amount as of December 31, 2023, was RMB 106.628 million, an increase from RMB 90.369 million in 2022[151]. Revenue Breakdown - Iron concentrate sales were RMB 584,027,000, down from RMB 813,190,000 in 2022, representing a decline of approximately 28%[107]. - The group’s iron ore business recorded revenue of approximately RMB 584.0 million, a decrease of about 28.2% compared to the same period last year, with a gross profit of approximately RMB 84.2 million and a gross margin of 14.4%[160]. - The group’s sand and gravel aggregate business generated revenue of approximately RMB 83.3 million, down approximately 33.1% year-on-year, achieving a gross profit of approximately RMB 15.1 million and a gross margin of 18.1%[168]. - The total revenue for the group was approximately RMB 667.4 million, a decrease of approximately RMB 270.4 million compared to the previous year, primarily due to lower sales volumes of iron concentrate and sand and gravel materials[173]. Financing and Borrowings - The group’s bank loans amounted to RMB 912.0 million as of December 31, 2023, an increase of RMB 399.0 million or 77.8% compared to the end of the previous year[42]. - The company successfully obtained new borrowings of RMB 237,000,000 from Chinese financial institutions to settle existing loans, with an annual interest rate of 9.23%[83]. - Bank borrowings increased to RMB 472,000 thousand in 2023 from RMB 337,000 thousand in 2022, an increase of about 40%[65]. Strategic Initiatives - The group plans to actively promote industrial transformation and upgrade by developing the green building materials business through new construction or acquisition of sand and gravel aggregate production lines[17]. - The group is actively promoting the comprehensive utilization of solid waste to enhance resource efficiency and support green industry transformation[166]. - The group has implemented multiple management mechanisms to enhance safety and environmental protection, aiming to minimize adverse impacts on employee health and the environment[171]. Employment and Workforce - The group employed 861 full-time employees as of December 31, 2023, down from 1,027 employees in the previous year, with employee benefits expenses amounting to approximately RMB 79.4 million[172]. Market Conditions - The iron ore market showed signs of recovery, with a total import of iron ore in China reaching approximately 117.9 million tons, a 6% increase year-on-year[133]. - The iron ore price index for 62% Fe reached over USD 130 during the reporting period, indicating a significant price recovery[133].

Financial Performance - For the six months ended June 30, 2023, the company reported total revenue of RMB 355,846,000, with a segment loss of RMB 34,771,000[23]. - The company incurred a pre-tax loss of RMB 40,072,000 for the six months ended June 30, 2023, compared to a loss of RMB 34,771,000 in the previous period[23]. - The company reported a loss attributable to equity holders of approximately RMB 65.7 million for the reporting period, compared to a profit of approximately RMB 44.7 million in the same period last year[102]. - The group's gross profit for the reporting period was approximately RMB 83.9 million, a decrease of about RMB 55.6 million or 39.9% compared to the same period last year, with a gross margin of 23.6%[106]. - The total sales cost for the reporting period was approximately RMB 271.9 million, a decrease of about RMB 125.7 million or 31.6% compared to the same period last year, mainly due to a reduction in iron concentrate sales volume[158]. - The company recorded a net loss after tax of approximately RMB 65.7 million, a decrease in profit of about RMB 110.5 million compared to the previous year[146]. Borrowings and Liabilities - The company's bank borrowings increased to RMB 341,500,000 as of June 30, 2023, compared to RMB 176,000,000 as of December 31, 2022, reflecting a growth of 94%[7]. - The group’s total liabilities increased due to new borrowings, with a significant portion secured against properties[59]. - The group's bank borrowings as of June 30, 2023, were RMB 818.5 million, an increase of approximately RMB 305.5 million or 59.6% compared to the end of last year[166]. - The group's total liabilities ratio as of June 30, 2023, was approximately 31.6%, an increase of about 10.4% compared to the end of last year[180]. - The group has no significant or contingent liabilities as of June 30, 2023[184]. Assets and Equity - The net asset value decreased to RMB 1,449,025,000 as of June 30, 2023, down from RMB 1,514,788,000 as of December 31, 2022, representing a decline of approximately 4.3%[7]. - The total equity as of June 30, 2023, was RMB 1,449,025,000, a decrease of 4.3% from RMB 1,514,788,000 as of December 31, 2022[7]. - The group's property, plant, and equipment net value as of June 30, 2023, was approximately RMB 1,443.9 million, an increase of RMB 241.9 million or 20.1% compared to the end of last year[175]. - The group's intangible assets, primarily mining rights, had a net value of approximately RMB 58.0 million as of June 30, 2023, down by about RMB 3.7 million from the end of last year[148]. Operational Efficiency and Management - The company is focused on maintaining effective management and internal processes to enhance operational integrity[2]. - The company aims to enhance management standards and improve work efficiency while controlling major capital expenditures in the second half of 2023[186]. - The management is monitoring interest rate risks and may consider hedging if necessary, although currently, there are no interest rate hedging policies in place[182]. - The company has maintained compliance with corporate governance codes as per the listing rules during the reporting period[2]. Environmental Responsibility - The company has strengthened its commitment to environmental responsibility by increasing investments in mine environmental management and has received provincial-level green mine certification[20]. - The company is in the process of applying for national/provincial-level green mine certification for its mining operations[20]. - The company has implemented self-restraint measures in mining operations to promote resource conservation and environmental protection[20]. - The group is actively promoting a green industry layout, focusing on the reuse of solid waste and ecological restoration, to mitigate operational risks in its mining business[186]. Production and Sales - The total production of iron concentrate was approximately 381.93 thousand tons, a decrease of about 32.8% year-on-year, while the sales volume was approximately 395.38 thousand tons, down 29.8% year-on-year[131]. - The average selling price of iron concentrate decreased by 6.8% to RMB 778.79 per ton compared to RMB 835.62 per ton in the previous year[114]. - The total mining cost was RMB 123.40 per ton, an increase of 10.02% from RMB 112.16 per ton in the previous year[138]. - The average cash operating cost for iron concentrate from Jingyuan City Mining was approximately RMB 691.6 per ton, while from Jiheng Mining it was approximately RMB 483.1 per ton[131]. Employee and Management Compensation - The total employee count as of June 30, 2023, was 988, down from 1,046 in the same period of 2022, with total employee compensation and benefits amounting to approximately RMB 45.0 million[197]. - The basic salary, allowances, and benefits for key management personnel totaled RMB 1.894 million for the six months ended June 30, 2023, compared to RMB 1.782 million in the previous year[80]. - The company’s management compensation is determined by the remuneration committee based on individual performance and market trends[77]. Market Conditions - The company faced a complex economic environment, implementing various measures to enhance operational efficiency and optimize asset allocation[112]. - The iron ore price index fluctuated, reaching a high of approximately USD 133.1 per ton in Q1 2023 and dropping to a low of approximately USD 97.4 per ton in Q2 2023, before rebounding to about USD 114.0 per ton in June[130]. - The company believes that China's economic resilience and potential will drive global economic growth, despite ongoing geopolitical and inflationary challenges[184].

| --- | |-------------------------------------------------------------------------------------------------------------------------| | | | 財務摘要 | | 本集團報告期間的收入約為人民幣 355.8 百萬元，較去年同期降低約人民幣 | | 百萬元或 33.8% 。 | | 本集團報告期間的毛利約為人民幣 83.9 百萬元，較去年同期減少約人民幣 萬元或 39.9% ；本集團報告期間的毛利率約為 23.6% 。 | | 本集團報告期間，本公司權益持有人應佔虧損約為人民幣 65.7 百萬元，而去年同 期應佔溢利約人民幣 44.7 百萬元。 | | 本公司報告期間普通股權益持有人應佔每股股份基本虧損為人民幣 0.04 元╱股， 而去年同期每股股份基本盈利為人民幣 0.03 元╱股。 | | 本公司董事會並不建議派付報告期內的中期股息。 | | --- | --- | --- | --- | |--------------------------------|-------|--- ...

Financial Performance - In 2022, the company recorded revenue of approximately RMB 937.8 million, a decrease of about 21.3% compared to the previous year[23]. - Gross profit for 2022 was approximately RMB 163.7 million, down about 60.8%, with the gross margin declining from 35.0% to 17.5%[23]. - The net profit after tax was approximately RMB 60.8 million, representing a decrease of about 70.1% year-on-year[23]. - The company's revenue for 2022 was RMB 937.75 million, a decrease from RMB 1,191.74 million in 2021, representing a decline of approximately 21.2%[49]. - Gross profit for 2022 was RMB 163.70 million, down from RMB 417.24 million in 2021, indicating a significant drop of about 60.8%[49]. - The net profit for the year was RMB 60.76 million, compared to RMB 203.14 million in the previous year, reflecting a decrease of approximately 70%[49]. - The basic earnings per share for 2022 was RMB 0.04, down from RMB 0.12 in 2021, a decline of 66.7%[49]. Production and Sales - The company's iron concentrate production for 2022 was approximately 1,052.4 thousand tons, a decrease of about 6.2% compared to the previous year[31]. - Iron concentrate sales volume during the reporting period was approximately 1,042.3 thousand tons, down about 7.5% year-on-year[31]. - The total production of iron concentrate for the group was 1,052.4 thousand tons, a decrease of 6.2% compared to 1,121.9 thousand tons in 2021, while sales volume also dropped by 7.5% to 1,042.3 thousand tons[72]. - The average selling price of iron concentrate decreased by 20.7% to RMB 780.2 per ton, while the average unit cash operating cost increased by 4.1% to RMB 608.4 per ton[72]. Costs and Expenses - The average cash operating cost for iron concentrate at Jingyuan City was approximately RMB 785.0 per ton, while for Jiheng Mining it was approximately RMB 423.5 per ton[31]. - The total mining cost decreased to RMB 131.4 per ton, down 13.0% from RMB 151.1 per ton in the previous year[82]. - The total administrative expenses were approximately RMB 102.6 million, slightly increasing by RMB 0.1 million compared to RMB 102.5 million in the previous year[94]. - The financing costs for the reporting period were approximately RMB 27.7 million, a decrease of about RMB 6.9 million or 19.9% compared to the previous year[118]. - The group’s tax expenses were approximately RMB 35.4 million, a decrease of about RMB 39.6 million compared to the previous year, primarily due to reduced profits[107]. Market Conditions - The global economic recovery showed significant slowdown in 2022, with China's GDP growth at 3% compared to the previous year[26]. - The domestic crude steel production in China was approximately 1.013 billion tons in 2022, a year-on-year decrease of 4.3%[58]. - In the first half of 2022, iron ore prices fluctuated significantly due to a combination of macroeconomic policies, COVID-19 impacts, and rising operational costs, leading to a year-on-year decline in overall performance[61]. Strategic Initiatives - The company aims to enhance its competitiveness and risk resistance by promoting mine upgrades and accelerating the layout of green industries[29]. - The company plans to enhance safety and environmental management through increased funding and training, aiming to improve operational standards[36]. - The company is focusing on green building materials production by recycling tailings, which aligns with environmental sustainability goals[50]. - The company aims to accelerate the layout of green industries and explore the development of other derivative products through solid waste recycling to achieve zero emissions in mining production[62]. - The company plans to accelerate the layout of the green building materials industry through new construction to increase market share in response to the demand for construction materials in the Xiong'an New Area and surrounding regions[137]. - The company aims to achieve zero waste discharge by collaborating with authoritative institutions in the domestic solid waste building materials sector to develop high-quality solid waste mechanism sand production technology[137]. Corporate Governance and Management - The company is committed to high levels of corporate governance to optimize performance and protect shareholder interests[71]. - The company has implemented multiple management mechanisms to strengthen safety and environmental awareness among employees[36]. - The company has a strong emphasis on research and development of new products and technologies to support its growth strategy[146]. - The company is committed to improving its operational efficiency and management practices to drive future growth[146]. - The company has appointed a new executive director and CFO, Mr. Zuo Yuehui, effective March 29, 2023, who has over 18 years of experience in accounting and financial management[150]. - Mr. Sun Jianhua, the previous executive director and CFO, resigned effective March 29, 2023, after over 17 years of experience in financial and accounting management[147]. - The company has appointed Mr. Sun Tao as an executive director responsible for strategic planning and project initiation, who has over 18 years of experience in corporate management[151]. Legal and Compliance - There were no significant legal disputes or arbitration cases affecting the company as of December 31, 2022[69]. - The company has made arrangements for directors' liability insurance to protect against potential claims[184]. Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2022, consistent with the previous year[177]. - The board has adopted a dividend policy that retains sufficient cash reserves to meet operational needs and future growth, considering various factors including financial performance and cash flow[187]. - As of December 31, 2022, the company's distributable reserves amounted to RMB 863.6 million, subject to the regulations of the Cayman Islands and the company's articles of association[194]. Inventory and Receivables - The group’s inventory as of December 31, 2022, was approximately RMB 86.8 million, a decrease of about RMB 34.6 million or 28.5% compared to the previous year[113]. - Trade receivables and notes receivable amounted to approximately RMB 102.5 million, an increase of about RMB 17.3 million from RMB 85.2 million in the previous year, mainly due to an increase in receivable customer notes[121]. - Other receivables were approximately RMB 263.5 million, up by about RMB 26.5 million from RMB 237.0 million year-on-year, attributed to increased prepayments to construction service providers[121]. Capital Expenditure and Debt - As of December 31, 2022, total capital expenditure was approximately RMB 171.8 million, significantly higher than RMB 81.6 million in 2021[133]. - The company's debt ratio was approximately 21.2%, a decrease of about 1% compared to the previous year, calculated as total bank borrowings divided by total assets[141]. - The total bank borrowings amounted to RMB 337.0 million classified as current liabilities and RMB 176.0 million as non-current liabilities, with interest rates ranging from 3.2% to 9.23%[131]. - The overall financial condition of the company remains sound, with no significant changes in debt or contingent liabilities since December 31, 2022[131].