致：香港交易及結算所有限公司 公司名稱: 中國金屬資源利用有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年11月3日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01636 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 ...

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，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA METAL RESOURCES UTILIZATION LIMITED 中國金屬資源利用有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1636） 有關對本公司截至二零二四年十二月三十一日止年度的 財務報表之無法表示意見 本公司核數師對本公司截至二零二四年十二月三十一日止年度之財務報表的持續經 營問題出具無法表示意見（「無法表示意見」）。本公告旨在向投資者提供最新資料， 以便彼等知悉本公司自二零二五年七月三十日起至本公告日期（「該期間」）解決無法 表示意見事宜的措施。 茲提述我們日期為二零二五年七月三十日之公告（「七月公告」），其中所使用已界定 的詞彙及名稱將於本公告使用。值得注意的是，從七月公告可見我們的債務重組之 成功乃解決無法表示意見的關鍵，而獲得投資者投資人民幣 3億元至人民幣5億元 為最重要的第一步，因其將推動債務重組的整個進程。因此，本公司於該期間一直 專心致力尋找及爭取 ...

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong copper stocks, driven by a surge in copper prices, which reached a historical high of $11,035 per ton on the London Metal Exchange (LME) [1] - Copper prices have increased by approximately 25% this year, recovering from a sharp sell-off triggered by the escalation of the trade war in April [1] - Supply challenges have become a focal point for investors, particularly due to the suspension of operations at Freeport-McMoRan's Grasberg mine in Indonesia following a landslide [1] Group 2 - Citigroup's recent research report indicates that global manufacturing sentiment remains mixed, and cyclical demand growth continues to face pressure [1] - Data from Citigroup shows that copper consumption growth in August was weak, rising only 1.3% year-on-year, which is below the strong performance driven by the solar industry in the first half of the year [1] - The bank anticipates that copper consumption growth will remain moderate for the remainder of the year, but maintains a positive outlook for copper prices, predicting they will rise to $12,000 per ton by the second quarter of next year [1] Group 3 - Notable stock performances include China Daye Non-Ferrous Metals rising over 14%, China Nonferrous Mining up 5.3%, Jiangxi Copper and Minmetals Resources increasing by 4%, China Gold International rising by 2.5%, and China Metal Resources up by 1.2% [1]

Core Viewpoint - The article highlights a significant surge in gold prices, which have surpassed $4000 per ounce for the first time, driven by global economic and geopolitical uncertainties, with notable institutional interest in gold as a safe-haven asset [1][2][3]. Group 1: Gold Price Surge - On October 8, gold prices reached a historic high, breaking the $4000 per ounce mark, with a year-to-date increase of 53.6% [2][3]. - The surge in gold prices has led to a substantial rise in gold stocks in the Hong Kong market, with companies like Chifeng Jilong Gold Mining seeing an increase of over 17% [1][2]. Group 2: Catalysts for Gold Price Increase - The U.S. government shutdown has been identified as a direct catalyst for the recent rise in gold prices, causing delays in key economic data releases and increasing market uncertainty regarding Federal Reserve interest rate decisions [4][5]. - Political instability in France and Japan has further fueled concerns about fiscal risks, contributing to the demand for gold as a safe-haven asset [6]. Group 3: Institutional Interest and Predictions - Ray Dalio, founder of Bridgewater Associates, emphasized that gold is a safer investment compared to the U.S. dollar, suggesting a strategic allocation of approximately 15% of investment portfolios to gold [7]. - Goldman Sachs has raised its gold price forecast for December 2026 to $4900 per ounce, citing strong demand from institutional investors and central banks [7][8]. Group 4: Recommendations and Market Sentiment - Investment strategies are shifting towards increasing gold allocations to hedge against dollar risks, with suggestions to raise gold holdings to around 5% of investment portfolios [9]. - Analysts caution about potential short-term corrections in gold prices due to the rapid increase, indicating that profit-taking by speculators may occur [9].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國金屬資源利用有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01636 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | ...

China Metal Resources Utilization Limited (the "Company") CHINA METAL RESOURCES UTILIZATION LIMITED 中國金屬資源利用有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 1636) （股份代號：1636） NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s) (Note 1) , – Notice of Publication of 2025 Interim Report (the Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.cmru ...

CHINA METAL RESOURCES UTILIZATION LIMITED 中國金屬資源利用有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 1636) "Corporate Communications" refer to any documents issued or to be issued by the Company for the information or action of holders of any of its securities, including, but not limited to, (a) the directors' report, its annual accounts together with a copy of the auditors' report and, where applicable, its summary financial report; (b) the interim report and, wh ...

Corporate Information [Directors and Key Personnel](index=3&type=section&id=Directors%20and%20Key%20Personnel) This section lists the company's executive directors, independent non-executive directors, and company secretary, providing core members of the corporate governance structure - Executive directors include **Yu Jianqiu, Kuang Weixin, Gao Qiang, and Zhu Yufen**[4](index=4&type=chunk)[5](index=5&type=chunk) - Independent non-executive directors include **Li Wei, Fang Guanghua, and Yu Renzhong**[4](index=4&type=chunk)[6](index=6&type=chunk) - The company secretary is **Zhang Yingkun**[5](index=5&type=chunk)[6](index=6&type=chunk) [Corporate Governance and Contact Details](index=4&type=section&id=Corporate%20Governance%20and%20Contact%20Details) This section provides detailed information on the company's auditor, legal counsel, committee members, registered office, China head office, Hong Kong place of business, principal bankers, company website, and stock code - The auditor is **ZHONGHUI ANDA CPA Limited**[8](index=8&type=chunk)[9](index=9&type=chunk) - The Chairman of the Audit and Corporate Governance Committee is **Yu Renzhong**[8](index=8&type=chunk)[9](index=9&type=chunk) - The company's stock code is **1636**[10](index=10&type=chunk) - The company website is **http://www.cmru.com.cn**[10](index=10&type=chunk) Financial Highlights [Key Financial Performance Indicators](index=6&type=section&id=Key%20Financial%20Performance%20Indicators) For the six months ended June 30, 2025, the company's turnover decreased by 25% year-on-year, net loss narrowed, but cash and cash equivalents significantly decreased, with total equity remaining negative and expanding Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 340,852 | 454,200 | -25.07% | | Net loss attributable to owners of the Company | (208,066) | (221,735) | -6.16% | | Loss per share | (0.46) | (0.49) | -6.12% | | Net loss margin | (61.0%) | (48.8%) | -25.00% | | Return on equity | N/A | N/A | - | Balance Sheet Summary as at Period End | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 880 | 3,613 | -75.64% | | Total assets | 1,067,511 | 1,083,120 | -1.44% | | Total liabilities | (5,429,378) | (5,244,623) | 3.52% | | Total equity | (4,361,867) | (4,161,503) | 4.81% | Operating Efficiency Indicators as at Period End | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory turnover days | 43 | 38 | increased by 5 days | | Receivables turnover days | 7 | 62 | decreased by 55 days | | Payables turnover days | 841 | 578 | increased by 263 days | | Current ratio | 0.1 | 0.1 | No change | | Quick ratio | 0.1 | 0.1 | No change | | Debt-to-equity ratio | (38)% | (40)% | improved by 2% | | Net debt-to-equity ratio | (38)% | (40)% | improved by 2% | Management Discussion and Analysis [Business Review](index=8&type=section&id=Business%20Review) In the first half of 2025, China's copper market experienced volatile growth, with the company's turnover decreasing by 25% and net loss narrowing by 6.1%. To address difficulties, the company applied for bankruptcy reorganization for some operating subsidiaries to restructure debt and unlock asset potential. Recycled copper product sales reached RMB 339 million, but communication and power distribution cable businesses were suspended due to insufficient working capital and a weak real estate market - In the first half of 2025, China's copper prices fluctuated, with Shanghai Futures Exchange copper prices rising from approximately **RMB 76,000/tonne** to a peak of approximately **RMB 82,600/tonne** in May, then falling back to approximately **RMB 80,000/tonne** in June[16](index=16&type=chunk)[20](index=20&type=chunk) Business Performance in H1 2025 | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 341 | 454 | -25.00% | | Loss | 208 | 222 | -6.31% | - The company has proactively applied for bankruptcy reorganization of some operating subsidiaries to restructure and reduce debt, unlocking the intrinsic value and commercial potential of quality assets[18](index=18&type=chunk)[20](index=20&type=chunk) - For the six months ended June 30, 2025, the Group sold **4,877 tonnes** of recycled copper products, generating sales turnover of **RMB 339 million**[22](index=22&type=chunk)[25](index=25&type=chunk) - Communication cable and power distribution cable businesses have not resumed operations due to a lack of working capital and unfavorable conditions in the real estate sector[22](index=22&type=chunk)[25](index=25&type=chunk) [Prospects](index=9&type=section&id=Prospects) China's copper market is undergoing an adjustment period in 2025, with short-term impacts from slowing housing completions, declining seasonal demand, and tighter solar energy regulations. Nevertheless, long-term demand is supported by investments in infrastructure, renewable energy, and electric vehicles. The Asia-Pacific copper market is projected to grow from **USD 136.16 billion** in 2025 to **USD 213.8 billion** by 2034, at a **CAGR of 5.3%**. The company's immediate priority is to complete the bankruptcy reorganization of its subsidiaries - China's copper market faces short-term headwinds, including reduced housing completions, declining seasonal demand for home appliances, and tighter regulations on solar installations[23](index=23&type=chunk)[26](index=26&type=chunk) - Long-term demand is continuously driven by national strategic investments in infrastructure, renewable energy, and electric vehicle production[24](index=24&type=chunk)[26](index=26&type=chunk) - The Asia-Pacific copper market is projected to expand from **USD 136.16 billion** in 2025 to **USD 213.8 billion** by 2034, with a **CAGR of 5.3%**[28](index=28&type=chunk)[31](index=31&type=chunk) - The company's immediate priority is to successfully complete the bankruptcy reorganization of its subsidiaries as soon as possible, while remaining confident in its long-term business prospects[30](index=30&type=chunk)[32](index=32&type=chunk) [Debt Restructuring Progress](index=11&type=section&id=Debt%20Restructuring%20Progress) Multiple company subsidiaries (Tongxin, Jincircular, Taiyue, Yinlian Xiangbei, Hubei Rongsheng, Baohe New Century, Jinxin) are undergoing bankruptcy reorganization or pre-reorganization procedures, aiming to restructure debt, unlock asset value, and ensure continued operations. Relevant applications have been approved by the courts, and creditors' meetings have been held - Five subsidiaries, including **Tongxin, Jincircular, Taiyue, Yinlian Xiangbei, and Hubei Rongsheng**, are undergoing debt restructuring to reduce debt, unlock asset value, and enhance turnover capacity[33](index=33&type=chunk)[34](index=34&type=chunk)[214](index=214&type=chunk) - The bankruptcy reorganization applications for **Tongxin and Jincircular** were accepted by the Youxian Court on **January 3, 2023**, with the first creditors' meeting held on **March 28, 2023**[42](index=42&type=chunk)[44](index=44&type=chunk)[203](index=203&type=chunk) - **Taiyue's** voluntary bankruptcy reorganization application was submitted to the court on **May 18, 2023**, and accepted by the Youxian Court on **May 24, 2023**[37](index=37&type=chunk)[39](index=39&type=chunk)[206](index=206&type=chunk) - **Yinlian Xiangbei's** bankruptcy reorganization application was accepted by the Miluo City People's Court on **July 21, 2023**, dismissing the winding-up petition[38](index=38&type=chunk)[40](index=40&type=chunk)[209](index=209&type=chunk) - **Hubei Rongsheng's** pre-reorganization application was approved by the Yunmeng County People's Court of Hubei Province on **September 12, 2023**[41](index=41&type=chunk)[43](index=43&type=chunk)[213](index=213&type=chunk) - The bankruptcy reorganization applications for **Baohe New Century and Jinxin** were accepted by the Youxian Court on **March 31, 2025, and May 12, 2025**, respectively[47](index=47&type=chunk)[48](index=48&type=chunk)[216](index=216&type=chunk) [Human Resources](index=15&type=section&id=Human%20Resources) As of June 30, 2025, the Group had **248 employees**, with staff costs of approximately **RMB 11.4 million**. The company offers competitive remuneration, emphasizes employee training and team building, and is committed to social responsibility by employing disabled individuals Number of Employees and Staff Costs | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total employees | 248 employees | 250 employees | | Staff costs (for the six months ended June 30, 2025) | RMB 11.4 million | - | - The Group is committed to fostering a culture of learning and sharing within the organization, emphasizing individual employee training and development, as well as team building[49](index=49&type=chunk)[51](index=51&type=chunk) - The Group is committed to social responsibility, employing disabled individuals and providing appropriate working environments and safeguards[49](index=49&type=chunk)[51](index=51&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[50](index=50&type=chunk)[52](index=52&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) This section provides a detailed review of the company's financial performance, including declining turnover, narrowing losses, capital structure, liquidity, and asset pledges. The company faces severe liquidity challenges, but receivables turnover days have significantly improved [Revenue Analysis](index=16&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, the company's turnover was **RMB 341 million**, a **25% decrease** from the same period in 2024. Sales of recycled copper products decreased by **24%**, primarily due to a **30% reduction in sales volume**, partially offset by a **9% increase in average selling price** Turnover Analysis (RMB thousands) | Category | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales of recycled copper products | 339,422 | 445,883 | -24.09% | | Sales of power distribution cables | 543 | 177 | 206.78% | | Sales of communication cables | – | 42 | -100.00% | | Sales of waste materials | – | 5,011 | -100.00% | | Others | 887 | 3,087 | -71.24% | | **Total** | **340,852** | **454,200** | **-25.07%** | - Sales volume of recycled copper products decreased by **30%** from **7,004 tonnes** in H1 2024 to **4,877 tonnes** in H1 2025[59](index=59&type=chunk)[61](index=61&type=chunk) - The average selling price of recycled copper products increased by **9%** from **RMB 63,658 per tonne** in H1 2024 to **RMB 69,596 per tonne** in H1 2025[59](index=59&type=chunk)[61](index=61&type=chunk) [Loss for the Period](index=17&type=section&id=Loss%20for%20the%20Period) For the six months ended June 30, 2025, the company's loss was **RMB 208 million**, a reduction from **RMB 222 million** in the same period of 2024, primarily due to a significant decrease in bad debt provisions Loss for the Period Comparison (RMB millions) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss | 208 | 222 | | Bad debt provisions | 2 | 20 | - The reduction in loss was primarily due to a decrease in bad debt provisions from **RMB 20 million** in H1 2024 to approximately **RMB 2 million** in H1 2025[60](index=60&type=chunk)[62](index=62&type=chunk) [Capital Structure](index=17&type=section&id=Capital%20Structure) As of June 30, 2025, the Group's capital structure primarily comprised shareholders' equity, bank and other borrowings, and finance leases. Total interest-bearing borrowings slightly decreased to **RMB 1.652 billion**, all due within one year or repayable on demand Total Interest-Bearing Borrowings (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bills payable | 24,003 | 24,373 | | Interest-bearing bank and other borrowings | 1,627,777 | 1,642,001 | | **Total interest-bearing borrowings** | **1,651,780** | **1,666,374** | - All interest-bearing borrowings are due within one year and repayable on demand[64](index=64&type=chunk)[65](index=65&type=chunk) - The effective interest rate for bills payable is **12–13%**, and for interest-bearing bank and other borrowings, it is **3.85–9.92%**[65](index=65&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company's cash and cash equivalents significantly decreased by **75.64%** to **RMB 0.9 million**. Inventory turnover days increased, receivables turnover days significantly improved, but payables turnover days deteriorated. The company has net liabilities of approximately **RMB 4.362 billion** and is discussing a potential share subscription with state-owned enterprise Kefa to repay entrusted loans Changes in Liquidity and Turnover Days | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 880 | 3,613 | -75.64% | | Inventories | 41,497 | 39,208 | 5.84% | | Trade and bills receivables | 13,624 | 13,254 | 2.79% | | Trade and bills payables | 790,503 | 789,288 | 0.15% | - Inventory turnover days increased from **38 days** in 2024 to **43 days** in H1 2025, primarily due to reduced copper product sales[68](index=68&type=chunk)[72](index=72&type=chunk) - Net receivables turnover days decreased from **62 days** in 2024 to **7 days** in H1 2025, mainly due to accelerated collection from customers and improved operations[69](index=69&type=chunk)[72](index=72&type=chunk) - Payables turnover days increased from **578 days** in 2024 to **841 days** in H1 2025, primarily due to delays in settling payables[70](index=70&type=chunk)[73](index=73&type=chunk) - As of June 30, 2025, the Group's total interest-bearing borrowings slightly decreased by **RMB 14 million** to **RMB 1.652 billion**[71](index=71&type=chunk)[73](index=73&type=chunk) - The company has net liabilities of approximately **RMB 4.362 billion**, resulting in negative debt-to-equity and net debt-to-equity ratios[79](index=79&type=chunk)[80](index=80&type=chunk) - The company is in discussions with state-owned enterprise Kefa regarding a potential share subscription, with proceeds intended to repay entrusted loans of approximately **RMB 300 million**[75](index=75&type=chunk)[76](index=76&type=chunk) [Charge on Assets](index=21&type=section&id=Charge%20on%20Assets) As of June 30, 2025, the Group had pledged assets including property, plant and equipment, right-of-use assets, inventories, and bank deposits, with a total net book value of **RMB 335 million**, as collateral for certain bank financing Net Book Value of Pledged Assets (RMB thousands) | Asset Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, plant and equipment | 196,841 | 205,093 | | Right-of-use assets | 79,769 | 74,857 | | Inventories | 26,583 | 26,583 | | Bank deposits | 32,139 | 32,262 | | **Total** | **335,332** | **338,795** | [Risk Management](index=22&type=section&id=Risk%20Management) This section outlines the company's main risks, including commodity price volatility and foreign exchange risks. The company considers using copper futures to hedge commodity risk but currently has no open contracts. Foreign exchange risk primarily stems from HKD-denominated liabilities, resulting in an exchange difference of **RMB 7.7 million** in H1 2025 [Commodity Risk](index=22&type=section&id=Commodity%20Risk) The company's primary raw material is scrap copper, exposing it to price fluctuations in raw materials and finished products. The company considers using copper futures contracts to hedge some of this risk, but as of June 30, 2025, it had no open contracts - The company's main raw material for producing recycled copper products is scrap copper, which is subject to price fluctuations in both raw materials and finished products[84](index=84&type=chunk)[87](index=87&type=chunk) - The company will consider using copper futures contracts to mitigate some of the risks associated with copper price fluctuations[84](index=84&type=chunk)[87](index=87&type=chunk) - As of June 30, 2025, the Group had no open copper futures contracts[84](index=84&type=chunk)[87](index=87&type=chunk) [Foreign Currency Risk](index=22&type=section&id=Foreign%20Currency%20Risk) The functional currency for most of the Group's entities is RMB, but it is primarily exposed to currency risk involving HKD-denominated cash, convertible bonds, and contingent consideration liabilities. As of June 30, 2025, certain borrowings were denominated in HKD, totaling approximately **HKD 376.2 million**, resulting in an exchange difference of **RMB 7.7 million** during the period - The Group is primarily exposed to currency risk involving HKD-denominated cash and cash equivalents, convertible bonds, and contingent consideration liabilities[85](index=85&type=chunk)[88](index=88&type=chunk) - As of June 30, 2025, certain interest-bearing bank and other borrowings were denominated in HKD, with a total principal amount of approximately **HKD 376.2 million**[86](index=86&type=chunk)[88](index=88&type=chunk) - For the six months ended June 30, 2025, the company recognized an exchange difference of approximately **RMB 7.7 million** from the translation of financial statements of entities outside China[86](index=86&type=chunk)[88](index=88&type=chunk) - During the period, the Group did not commit to entering into any financial instruments to hedge its foreign exchange risk[86](index=86&type=chunk)[88](index=88&type=chunk) [Other Operational Information](index=23&type=section&id=Other%20Operational%20Information) This section covers information on the company's significant investments, acquisitions and disposals, capital expenditures, capital commitments, contingent liabilities, and post-reporting period events. The company had no significant changes or activities in these areas but faces multiple legal proceedings resulting in frozen bank accounts and seized assets - For the six months ended June 30, 2025, the Group held no significant investments in equity interests of any other companies (other than subsidiaries and associates)[89](index=89&type=chunk)[95](index=95&type=chunk] - During the period, the Group had no significant acquisitions or disposals of subsidiaries or associates, nor any significant capital expenditures[90](index=90&type=chunk)[91](index=91&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk] - As of June 30, 2025, capital commitments contracted but not provided for in the consolidated financial statements amounted to **RMB 25.8 million**, primarily for property, plant and equipment and land use rights[92](index=92&type=chunk)[98](index=98&type=chunk] - Multiple legal proceedings related to bank and other borrowings, as well as trade and other payables, are ongoing against the Group, resulting in the freezing of certain bank accounts and the seizure of certain properties, right-of-use assets, and inventories[93](index=93&type=chunk)[99](index=99&type=chunk] - No significant events requiring adjustment or disclosure affecting the Group occurred after the end of the financial period ended June 30, 2025[94](index=94&type=chunk)[100](index=100&type=chunk] Other Information [Directors' and Chief Executives' Interests in Shares](index=24&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20in%20Shares) As of June 30, 2025, the company's directors and chief executives held long and short positions in the company's shares and related shares. Mr. Yu Jianqiu held a significant number of shares through controlled corporations and incurred short positions due to pledged shares Directors' Interests in Shares and Related Shares of the Company | Name of Director | Capacity/Nature of Interest | Number of Shares Held (L) | Number of Related Shares (L) | Number of Related Shares (S) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Yu Jianqiu | Beneficial owner | 620,400 | – | – | 0.14% | | | Interest in controlled corporation | 32,768,240 | – | 20,000,000 | 7.31% (L), 4.46% (S) | | Mr. Kuang Weixin | Beneficial owner | 327,260 | 400,000 | – | 0.16% | | Ms. Zhu Yufen | Beneficial owner | – | 300,000 | – | 0.07% | - Mr. Yu Jianqiu's **20 million** short position refers to shares pledged by Shijian Co., Ltd. to China Huarong International Holdings Limited[106](index=106&type=chunk)[108](index=108&type=chunk) - The number of related shares for Mr. Kuang Weixin and Ms. Zhu Yufen originated from share options granted under the expired share option scheme[104](index=104&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=26&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, no rights to acquire benefits by way of purchase of shares or debentures of the company were granted to any director or their family members, nor were any such rights exercised by them - For the six months ended June 30, 2025, no rights to acquire benefits by way of purchase of shares or debentures of the company were granted to any director or their respective spouses or children under 18, nor were any such rights exercised by them[111](index=111&type=chunk)[112](index=112&type=chunk) [Substantial Shareholders' Interests and Short Positions in the Company's Shares and Related Shares](index=27&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions) As of June 30, 2025, several substantial shareholders held 5% or more interests or short positions in the company's shares, including long positions held through controlled corporations and short positions arising from pledged shares Substantial Shareholders' Long and Short Positions in the Company's Ordinary Shares | Name | Capacity/Nature of Interest | Number of Shares Held (L) | Number of Related Shares (L) | Number of Shares Held (S) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | :--- | :--- | | Kwek Steven Poh Song | Interest in controlled corporation | 28,031,290 | – | – | 6.25% | | Mianyang Youxian District State-owned Assets Supervision and Administration Office | Interest in controlled corporation | 71,799,456 | – | – | 16.02% | | China CITIC Financial Asset Management Co., Limited | Interest in controlled corporation | 9,048,529 | – | – | 2.02% | | | Person with security interest over shares | – | 70,000,000 | – | 15.62% | | Leung Lisa | Interest in controlled corporation | 55,762,726 | – | – | 12.44% | | Huang Weiping | Interest in controlled corporation | – | – | 31,031,700 | 6.92% | | Mianyang Yuancheng Integration Development Group Co., Ltd. | Beneficial interest | – | – | 50,000,000 | 11.16% | | Mianyang Science and Technology City Development Investment (Group) Co., Ltd. | Person with security interest over shares | – | 31,031,700 | – | 6.92% | | Chan Man Hoi | As receiver | – | 87,672,800 | – | 19.56% | | He Junyu | As receiver | – | 87,672,800 | – | 19.56% | - Mianyang Youxian District State-owned Assets Supervision and Administration Office holds shares through **Mianyang Fule Investment Co., Ltd. and Mianyang Zantai Industrial Co., Ltd.**[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - Mianyang Yuancheng Integration Development Group Co., Ltd.'s **50 million** short position resulted from shares pledged to Huarong International[125](index=125&type=chunk)[127](index=127&type=chunk)[132](index=132&type=chunk) - Huang Weiping's **31.0317 million** short position resulted from shares pledged by his controlled company to Mianyang Science and Technology City Development Investment (Group) Co., Ltd.[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Expired Share Option Scheme](index=31&type=section&id=Expired%20Share%20Option%20Scheme) The company's share option scheme expired on **January 28, 2024**. As of June 30, 2025, **11.28 million** share options remained unexercised, with **2.7 million** lapsing during the period. The fair value of share options is estimated using a binomial model - The share option scheme became effective upon listing on **February 21, 2014**, and expired on **January 28, 2024**[134](index=134&type=chunk)[136](index=136&type=chunk) Details of Share Option Movements (thousand share options) | Category | Held at January 1, 2025 | Granted during the period | Exercised during the period | Cancelled/Lapsed during the period | Number of share options at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors | 700 | 0 | 0 | 0 | 700 | | Employees (excluding directors) | 10,580 | 0 | 0 | 0 | 10,580 | | Service providers | 2,700 | 0 | 0 | (2,700) | 0 | | **Total for all categories** | **13,980** | **0** | **0** | **(2,700)** | **11,280** | - The adjustment to unexercised share options became effective on **April 9, 2025**, the effective date of the share consolidation[139](index=139&type=chunk) - The fair value of the granted share options is estimated using a binomial model on the grant date[141](index=141&type=chunk)[143](index=143&type=chunk) [Purchase, Sale or Redemption of Shares](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[146](index=146&type=chunk)[150](index=150&type=chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The company largely complied with the Corporate Governance Code in H1 2025, with two deviations: no legal action insurance for directors and the Chairman also serving as CEO. Additionally, Mr. Yu Jianqiu had a non-compliance event due to a forced sale of shares during a blackout period - The company did not make appropriate insurance arrangements for legal actions against its directors, as service fee quotations exceeded the budget[147](index=147&type=chunk)[151](index=151&type=chunk) - Chairman Mr. Yu Jianqiu also serves as the Chief Executive Officer, which the Board believes is in the best interest of the Group[148](index=148&type=chunk)[151](index=151&type=chunk) - A forced sale during the blackout period constituted a non-compliance event, involving the sale of **5,112,000 shares** by Shijian Co., Ltd., controlled by Mr. Yu Jianqiu[152](index=152&type=chunk)[155](index=155&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk) [Compliance with the Required Standard of Securities Transactions by Directors of Listed Issuers](index=35&type=section&id=Compliance%20with%20Securities%20Transactions%20Standard) All directors, except Mr. Yu Jianqiu, complied with the Model Code for Securities Transactions. Mr. Yu's non-compliance was due to a forced sale of shares during a blackout period, deemed an inadvertent breach under special circumstances. The company has taken steps to strengthen internal controls and will organize training for directors - All directors, except Mr. Yu Jianqiu, confirmed compliance with the Model Code for the six months ended June 30, 2025[154](index=154&type=chunk)[158](index=158&type=chunk) - Mr. Yu Jianqiu's non-compliance event was due to a forced sale of **5,112,000 shares** by Shijian Co., Ltd., which he controls, during a blackout period, and was accepted by the directors (excluding Mr. Yu) as an inadvertent breach under special circumstances[155](index=155&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - The company has taken measures to strengthen internal controls and will organize training for directors regarding the requirements of the Listing Rules[164](index=164&type=chunk)[166](index=166&type=chunk) [Changes in Directors' Information](index=37&type=section&id=Changes%20in%20Directors'%20Information) In accordance with Rule 13.51B(1) of the Listing Rules, there have been no changes in the company's directors' information since the publication of the 2024 annual report - There have been no changes in the company's directors' information since the publication of the 2024 annual report[167](index=167&type=chunk)[170](index=170&type=chunk) [Review of Interim Report](index=37&type=section&id=Review%20of%20Interim%20Report) The Group's interim report and unaudited consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the company's Audit Committee - The Group's interim report and unaudited consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the company's Audit Committee[168](index=168&type=chunk)[171](index=171&type=chunk) [Acknowledgement](index=37&type=section&id=Acknowledgement) The Board takes this opportunity to thank all shareholders and business partners for their continuous strong support, and all employees of the Group for their efforts and contributions - The Board thanks all shareholders, business partners, and employees for their strong support and contributions[169](index=169&type=chunk)[172](index=172&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group recorded a net loss of **RMB 208 million**, narrowing from **RMB 222 million** in the prior year. Turnover decreased, but gross loss and bad debt provisions significantly reduced, while foreign currency translation generated a positive exchange difference Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Turnover | 340,852 | 454,200 | | Cost of sales | (343,169) | (487,992) | | Gross loss | (2,317) | (33,792) | | Other income and gains, net | 2,879 | 33,708 | | Net impairment losses on trade receivables | (1,577) | (20,347) | | Finance costs | (162,514) | (151,992) | | Loss before tax | (208,066) | (221,660) | | Loss for the period attributable to owners of the Company | (208,066) | (221,735) | | Exchange differences on translation of foreign operations | 7,702 | (5,603) | | Total comprehensive loss for the period attributable to owners of the Company | (200,364) | (227,338) | | Basic loss per share (RMB) | (0.46) | (0.49) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets slightly decreased, but total liabilities continued to rise, leading to further deterioration in net current liabilities and total equity (net liabilities), indicating severe financial challenges for the company Summary of Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total non-current assets | 535,181 | 549,506 | | Total current assets | 532,330 | 533,614 | | **Total assets** | **1,067,511** | **1,083,120** | | Total current liabilities | 5,429,378 | 5,244,623 | | **Total liabilities** | **5,429,378** | **5,244,623** | | Net current liabilities | (4,897,048) | (4,711,009) | | Total assets less current liabilities | (4,361,867) | (4,161,503) | | **Total equity (net liabilities)** | **(4,361,867)** | **(4,161,503)** | - As of June 30, 2025, cash and cash equivalents were **RMB 0.88 million**, a significant decrease from **RMB 3.613 million** as of December 31, 2024[180](index=180&type=chunk) Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the Group's accumulated losses increased due to the loss for the period and the impact of lapsed share options, partially offset by exchange differences on translation of foreign operations, leading to a further expansion of total equity (net liabilities) Summary of Condensed Consolidated Statement of Changes in Equity (RMB thousands) | Item | January 1, 2025 (Audited) | Loss for the period | Exchange differences on translation of foreign operations | Lapsed share options | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share capital | 363,611 | – | – | – | 363,611 | | Share premium | 2,204,701 | – | – | – | 2,204,701 | | Exchange reserve | (55,808) | – | 7,702 | – | (48,106) | | Capital reserve | 132,055 | – | – | – | 132,055 | | Statutory reserve | 144,662 | – | – | – | 144,662 | | Share-based payment reserve | 22,849 | – | – | (8,290) | 14,559 | | Accumulated losses | (6,973,573) | (208,066) | – | 8,290 | (7,173,349) | | **Total** | **(4,161,503)** | **(208,066)** | **7,702** | **–** | **(4,361,867)** | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group's operating activities shifted from net cash inflow to net outflow, while investing and financing activities continued to be net cash outflows, resulting in a significant decrease in cash and cash equivalents at period-end Summary of Condensed Consolidated Statement of Cash Flows (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash (used in)/from operating activities | (2,178) | 7,813 | | Net cash used in investing activities | (147) | (125) | | Net cash used in financing activities | (421) | (4,346) | | Net (decrease)/increase in cash and cash equivalents | (2,746) | 3,342 | | Cash and cash equivalents at beginning of period | 3,613 | 18,327 | | Effect of foreign exchange rate changes, net | 13 | (37) | | **Cash and cash equivalents at end of period** | **880** | **21,632** | Notes to the Condensed Consolidated Financial Information [General Information and Basis of Preparation](index=44&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) This note provides basic company information, principal activities, and the basis of preparation for the interim financial report. The company primarily engages in the manufacturing, sales, and trading of copper, aluminum, and related products. The report is prepared in accordance with IAS 34 and details the significant going concern uncertainties faced by the company and its mitigation measures - The company was incorporated in the Cayman Islands on **February 22, 2013**, and listed on the Main Board of the Hong Kong Stock Exchange on **February 21, 2014**[185](index=185&type=chunk)[186](index=186&type=chunk)[189](index=189&type=chunk) - The Group's principal activities are the manufacturing, sales, and trading of copper, aluminum, and related products[186](index=186&type=chunk)[189](index=189&type=chunk) - This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with International Accounting Standard 34 Interim Financial Reporting[187](index=187&type=chunk)[190](index=190&type=chunk) [Going Concern Basis](index=46&type=section&id=Going%20Concern%20Basis) The Group faces significant going concern uncertainties due to continuous losses, substantial net current liabilities and net liabilities, debt defaults, and multiple legal proceedings resulting in frozen bank accounts and seized assets. Management is actively implementing financial plans and measures, including debt restructuring, seeking refinancing, strengthening cost control, and resolving litigation to address these challenges - The Group recorded net losses of approximately **RMB 208 million** and **RMB 222 million** for the two consecutive periods ended June 30, 2025, and 2024, respectively[199](index=199&type=chunk)[200](index=200&type=chunk) - As of June 30, 2025, the Group's net current liabilities were approximately **RMB 4.897 billion**, and net liabilities were approximately **RMB 4.362 billion**[199](index=199&type=chunk)[200](index=200&type=chunk) - As of June 30, 2025, the Group failed to repay approximately **RMB 1.628 billion** in interest-bearing bank and other borrowings and approximately **RMB 24 million** in bills payable[199](index=199&type=chunk)[200](index=200&type=chunk) - The Group faces multiple lawsuits, resulting in the freezing of several bank accounts and the seizure of property, plant and equipment, right-of-use assets, and inventories[199](index=199&type=chunk)[200](index=200&type=chunk) - Management has implemented or is implementing several financial plans and measures, including debt restructuring, negotiating extensions with creditors, seeking new financing, cost control, and resolving litigation to unfreeze assets[201](index=201&type=chunk)[219](index=219&type=chunk)[222](index=222&type=chunk) [Changes in Accounting Policies and Disclosures](index=55&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted in preparing the condensed consolidated interim financial information are consistent with those applied in the Group's annual consolidated financial statements for the year ended December 31, 2024. The adoption of new and revised IFRS accounting standards had no significant impact on the Group's financial performance and position - The accounting policies adopted for the preparation of the interim financial report are the same as those used for the 2024 annual financial statements[226](index=226&type=chunk)[229](index=229&type=chunk) - The adoption of new and revised International Financial Reporting Standards had no significant impact on the Group's financial performance and position[227](index=227&type=chunk)[229](index=229&type=chunk) [Segment Reporting](index=56&type=section&id=Segment%20Reporting) The Group is organized into three reportable operating segments based on products and services: recycled copper products, power distribution cables, and communication cables. Segment results are assessed based on adjusted profit before tax. The recycled copper products segment is the primary revenue source, but its sales decreased in H1 2025 - The Group is organized into three reportable operating segments: **recycled copper products, power distribution cables, and communication cables**[231](index=231&type=chunk) Sales to External Customers (RMB thousands) | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Recycled copper products | 340,309 | 453,981 | | Power distribution cables | 543 | 177 | | Communication cables | – | 42 | | **Total** | **340,852** | **454,200** | - In H1 2025, the recycled copper products segment recorded a loss of **RMB 41.031 million**[237](index=237&type=chunk) - In H1 2025, Customer A contributed **RMB 326 million** to the recycled copper products segment's turnover, representing the vast majority of the Group's turnover[246](index=246&type=chunk) [Revenue](index=61&type=section&id=Revenue) The Group's revenue primarily derives from the manufacturing and sale of copper and related products in China, recognized at the point of goods transfer. For the six months ended June 30, 2025, total turnover was **RMB 341 million**, a **25.07% decrease** from the prior year, mainly impacted by reduced sales of recycled copper products - Revenue from contracts with customers primarily originates from the production and sale of copper and related products in China, with revenue recognized at the point in time when goods are transferred[249](index=249&type=chunk)[258](index=258&type=chunk) Breakdown of Revenue Categories (RMB thousands) | Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales of recycled copper products | 339,422 | 445,883 | | Sales of power distribution cables | 543 | 177 | | Sales of communication cables | – | 42 | | Sales of waste materials | – | 5,011 | | Others | 887 | 3,087 | | **Total** | **340,852** | **454,200** | [Other Income and Gain, Net](index=64&type=section&id=Other%20Income%20and%20Gain%2C%20Net) For the six months ended June 30, 2025, the Group's other income and gains, net, significantly decreased to **RMB 2.879 million**, primarily due to a substantial decline in VAT refunds and government grants. A gain on debt forgiveness of **RMB 2.485 million** was recognized during the period Other Income and Gains, Net (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | VAT refunds | 399 | 12,989 | | Government grants | 19 | 20,300 | | Interest income | 4 | 20 | | Net exchange differences | – | (1) | | Loss on disposal of property, plant and equipment | – | (15) | | Gain on debt forgiveness | 2,485 | – | | Others | (28) | 415 | | **Total** | **2,879** | **33,708** | - The VAT refund rate decreased from **50% to 30%**, leading to a significant reduction in refund amounts[262](index=262&type=chunk) - Government grants are primarily provided by local governments for general operations, with no future related costs[263](index=263&type=chunk)[264](index=264&type=chunk) [Loss Before Tax](index=65&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax was **RMB 208 million**, narrowing from **RMB 222 million** in the prior year. This was primarily due to reduced cost of sales and depreciation of property, plant and equipment Components of Loss Before Tax (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of sales | 343,169 | 487,992 | | Staff costs | 11,437 | 10,862 | | Depreciation of property, plant and equipment | 10,996 | 16,624 | | Depreciation of right-of-use assets | 1,742 | 1,998 | - Cost of sales includes **RMB 3.411 million** (2024: **RMB 5.62 million**) related to staff costs, depreciation, and amortization[267](index=267&type=chunk) [Income Tax](index=66&type=section&id=Income%20Tax) For the six months ended June 30, 2025, the Group had no income tax expense, compared to **RMB 0.075 million** in the prior year. Entities in the Cayman Islands and British Virgin Islands are exempt from income tax, while Chinese subsidiaries are subject to corporate income tax Income Tax Expense (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current tax – PRC corporate income tax | – | 75 | - The Group is not subject to any income tax in the Cayman Islands and the British Virgin Islands[269](index=269&type=chunk) - The company's PRC subsidiaries are subject to PRC corporate income tax applicable to each subsidiary[269](index=269&type=chunk) [Loss Per Share](index=66&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share was **RMB (0.46)**, an improvement from **RMB (0.49)** in the prior year. Diluted loss per share was the same as basic loss per share due to the absence of potential dilutive ordinary shares Loss Per Share (RMB) | Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic | (0.46) | (0.49) | | Diluted | (0.46) | (0.49) | - Basic loss per share is calculated based on the loss attributable to equity holders of the company of **RMB 208 million** and the weighted average number of ordinary shares in issue of **448,155,726** after the share consolidation for the interim period[269](index=269&type=chunk)[270](index=270&type=chunk) - As the company's outstanding share options had no potential dilutive ordinary shares, diluted loss per share was the same as basic loss per share[271](index=271&type=chunk) [Property, Plant and Equipment](index=67&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the Group's property, plant and equipment had a net book value of **RMB 375 million**, with **RMB 197 million** pledged. There were no significant acquisitions or disposals during the period Net Book Value of Property, Plant and Equipment (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, plant and equipment | 374,901 | 387,299 | - As of June 30, 2025, property, plant and equipment with a net book value of **RMB 197 million** were pledged as collateral for certain bank financing granted to the Group[276](index=276&type=chunk) - For the six months ended June 30, 2025, and 2024, there were no significant acquisitions or disposals of property, plant and equipment[276](index=276&type=chunk) [Inventories](index=67&type=section&id=Inventories) As of June 30, 2025, the Group's inventories amounted to **RMB 41.5 million**, of which **RMB 26.58 million** were pledged as collateral for bank financing Inventories (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Inventories | 41,497 | 39,208 | - As of June 30, 2025, inventories of **RMB 26.583 million** were pledged as collateral for bank financing granted to the Group[273](index=273&type=chunk)[275](index=275&type=chunk) [Trade and Bills Receivables, Prepayments, Other Receivables and Other Assets](index=68&type=section&id=Trade%20and%20Bills%20Receivables%2C%20Prepayments%2C%20Other%20Receivables%20and%20Other%20Assets) As of June 30, 2025, net trade and bills receivables amounted to **RMB 13.624 million**, with the majority (**RMB 11.62 million**) overdue for more than 180 days. Total prepayments, other receivables, and other assets were **RMB 436 million** Ageing Analysis of Trade and Bills Receivables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 2,004 | 3 | | 61 to 180 days | – | 407 | | Over 180 days | 11,620 | 12,844 | | **Total (net of impairment losses)** | **13,624** | **13,254** | Prepayments, Other Receivables and Other Assets (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Government grant receivables | 211,797 | 211,698 | | Other deposits, prepayments and receivables | 224,553 | 225,390 | | **Total** | **436,350** | **437,088** | - Trade and bills receivables are normally due within **90 days** from the invoice date[281](index=281&type=chunk) [Trade and Bills Payables, Other Payables and Accruals](index=69&type=section&id=Trade%20and%20Bills%20Payables%2C%20Other%20Payables%20and%20Accruals) As of June 30, 2025, trade and bills payables amounted to **RMB 791 million**, with the vast majority (**RMB 789 million**) overdue for more than 180 days. Total other payables and accruals reached **RMB 2.838 billion** Ageing Analysis of Trade and Bills Payables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 428 | 144 | | 31 to 60 days | 838 | 81 | | 61 to 180 days | 249 | 83 | | Over 180 days | 788,988 | 788,980 | | **Total** | **790,503** | **789,288** | Other Payables and Accruals (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contract liabilities | 370,462 | 370,486 | | Accrued expenses and other payables | 2,467,063 | 2,268,276 | | **Total** | **2,837,525** | **2,638,762** | [Interest-Bearing Bank and Other Borrowings](index=70&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank and other borrowings amounted to **RMB 1.628 billion**, all due within one year or repayable on demand, and were in default. Multiple assets and equity interests were pledged as collateral Analysis of Interest-Bearing Bank and Other Borrowings (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank loans – secured | 252,330 | 252,330 | | Bank loans – unsecured | 5,000 | 5,000 | | Other borrowings – secured | 108,160 | 108,160 | | Other borrowings – unsecured and unguaranteed | 449,190 | 463,414 | | Factoring loans – secured | 507,000 | 507,000 | | Entrusted loans – secured | 306,097 | 306,097 | | **Total** | **1,627,777** | **1,642,001** | - As of June 30, 2025, all interest-bearing bank and other borrowings were repayable within one year or on demand, and the Group had failed to repay these borrowings[285](index=285&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) - Bank financing is secured by property, plant and equipment (**RMB 197 million**), right-of-use assets (**RMB 79.77 million**), inventories (**RMB 26.58 million**), and pledged deposits (**RMB 32.14 million**)[289](index=289&type=chunk) - Some borrowings are secured by **31.0317 million** ordinary shares of the company (representing **6.9%** of the issued share capital) held by shareholder Mr. Huang Weiping[290](index=290&type=chunk) - Some bank loans are guaranteed by property, plant and equipment of Sichuan Gushan Oil Chemical Co., Ltd., a private company controlled by Mr. Yu Jianqiu (**RMB 12 million**), and by property, plant and equipment of Mianyang Baohe Jiahao Waste Material Recycling Co., Ltd., a private company controlled by an associate of the Group (**RMB 47 million**)[290](index=290&type=chunk) [Capital, Reserves and Dividends](index=73&type=section&id=Capital%2C%20Reserves%20and%20Dividends) This section explains the company's dividend policy, share capital movements (including the 10-for-1 share consolidation effective April 7, 2025), statutory reserve fund, share premium account, and the treatment of share-based payment reserve - No interim dividend was declared for the six months ended June 30, 2025[293](index=293&type=chunk)[297](index=297&type=chunk) - Pursuant to an ordinary resolution passed on **April 7, 2025**, every **10 ordinary shares** of **HKD 0.1** each in the issued and unissued share capital of the company were consolidated into **one consolidated ordinary share** of **HKD 1** each[299](index=299&type=chunk)[302](index=302&type=chunk) - PRC subsidiaries are required to appropriate funds to a statutory reserve fund, which is not available for dividend distribution to shareholders[300](index=300&type=chunk)[301](index=301&type=chunk) - Funds in the share premium account may be distributed to shareholders, provided the company is able to pay its debts as they fall due in the ordinary course of business[303](index=303&type=chunk)[306](index=306&type=chunk) - The share-based payment reserve represents the fair value portion of unexercised share options granted to employees at the grant date[304](index=304&type=chunk)[305](index=305&type=chunk) [Equity-Settled Share-Based Transactions](index=76&type=section&id=Equity%20Settled%20Share-Based%20Transactions) The company's share option scheme expired on **January 28, 2024**. As of June 30, 2025, after adjustment for the share consolidation, **11.28 million** share options remained unexercised, with **2.7 million** lapsing during the period - The company's share option scheme became effective upon listing on **February 21, 2014**, and expired on **January 28, 2024**[307](index=307&type=chunk)[308](index=308&type=chunk) Number of Share Options and Weighted Average Exercise Price under Share Option Scheme | Item | For the six months ended June 30, 2025 (thousands) | Weighted average exercise price (HKD) | | :--- | :--- | :--- | | Outstanding at January 1 | 139,800 | 0.70 | | Share consolidation | (125,820) | – | | Lapsed during the period | (2,700) | 16.80 | | **Outstanding at end of period** | **11,280** | **4.65** | | Exercisable at end of period | 11,280 | 4.65 | [Fair Value Measurement of Financial Instruments](index=78&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) The carrying amounts of the Group's financial assets and liabilities approximate their respective fair values. The company manages its capital to ensure going concern and maximize shareholder returns. As of June 30, 2025, no financial instruments were categorized into three levels for fair value measurement inputs - The carrying amounts of the Group's financial assets and liabilities presented in the consolidated statement of financial position approximate their respective fair values[316](index=316&type=chunk)[317](index=317&type=chunk) Categories of Financial Instruments (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Financial assets measured at amortized cost | 122,161 | 119,926 | | Financial liabilities measured at amortized cost | 3,987,566 | 3,804,339 | - The Group manages its capital to ensure its ability to continue as a going concern while maximizing returns to stakeholders through the optimization of the debt and equity balance[318](index=318&type=chunk)[322](index=322&type=chunk) - As of June 30, 2025, and December 31, 2024, no financial instruments were categorized into three levels for fair value measurement inputs[326](index=326&type=chunk)[327](index=327&type=chunk) [Commitments](index=81&type=section&id=Commitments) As of June 30, 2025, the Group's capital commitments contracted but not provided for amounted to **RMB 25.787 million**, primarily for property, plant and equipment and land use rights, consistent with December 31, 2024 Capital Commitments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, plant and equipment | 13,242 | 13,242 | | Land use rights | 12,545 | 12,545 | | **Total** | **25,787** | **25,787** | [Material Related Party Transactions](index=81&type=section&id=Material%20Related%20Party%20Transactions) The Group engaged in several material related party transactions during the period, including payment of delivery costs to an associate's subsidiary and provision of bank loan collateral by companies controlled by directors and associates Other Related Party Transactions (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Delivery costs received by Mianyang Jincircular Financial Warehousing Co., Ltd. | 1,331 | 515 | | Pledge provided by Gushan Oil (a private company controlled by Mr. Yu Jianqiu) | 12,000 | 12,000 | | Loans secured by property, plant and equipment of Mianyang Baohe Jiahao (a private company controlled by an associate of the Group) | 47,000 | 47,000 | - Delivery costs ranged from **RMB 28 to RMB 680 per tonne**[339](index=339&type=chunk) [Compensation of Key Management Personnel](index=83&type=section&id=Compensation%20of%20Key%20Management%20Personnel) For the period ended June 30, 2025, the Group's total compensation for key management personnel was **RMB 3.637 million**, a decrease from **RMB 7.131 million** in the prior year Compensation of Key Management Personnel (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total compensation for key management personnel | 3,637 | 7,131 |

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國金屬資源利用有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01636 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | ...

Core Viewpoint - China Metal Resources Utilization (01636) reported a significant decline in revenue and continued losses, indicating challenges in operations and market conditions [1] Financial Performance - The company achieved a revenue of 341 million yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 24.96% [1] - The loss attributable to shareholders was 208 million yuan, a reduction of 6.16% compared to the previous year [1] - The loss per share was 0.46 yuan [1] Sales and Operations - The company sold 4,877 tons of recycled copper products, generating sales revenue of 339 million yuan from these products [1] - Due to a lack of operating funds and poor conditions in the real estate sector, the company's communication cable and power distribution cable businesses have not resumed operations, with most products already sold [1] - The company anticipates that once it secures sufficient operating funds, it will be able to restore the two downstream businesses as the real estate market begins to stabilize [1]