Financial Performance - Revenue decreased by 65.0% to RMB 837.7 million for the year ended December 31, 2023, compared to RMB 2,391.7 million in 2022[1] - Loss attributable to equity holders of the company was RMB 805.8 million in 2023, compared to RMB 4,763.2 million in 2022[1] - The company reported a net loss of approximately RMB 805.78 million for 2023, compared to a net loss of RMB 4.76 billion in 2022, indicating a significant reduction in losses[6] - The company recorded a gross loss of approximately RMB 111.9 million for the fiscal year ending December 31, 2023, compared to a gross loss of approximately RMB 288.1 million for the fiscal year ending December 31, 2022[50] - The company’s net loss attributable to shareholders was RMB (805,780,000) in 2023, a notable decrease from RMB (4,763,152,000) in 2022, indicating improved financial performance[27] Debt and Liabilities - Current ratio as of December 31, 2023, was 0.2, down from 0.35 in 2022[1] - Debt to equity ratio as of December 31, 2023, was -47.1%, improved from -59.1% in 2022[1] - As of December 31, 2023, the company's net current liabilities were approximately RMB 4.09 billion, while net debt stood at approximately RMB 3.51 billion[6] - The company is currently undergoing debt restructuring to reduce its debt levels, but has not yet received sufficient evidence to confirm the timing and scope of this restructuring[77] - The company faced overdue debts totaling approximately RMB 1.55 billion and RMB 23.92 million, which may impact its ability to continue as a going concern[76] Cash Flow and Liquidity - The company has cash and cash equivalents of approximately RMB 18.33 million as of December 31, 2023[6] - The company incurred a loss of approximately RMB 805.8 million, leading to net debt of approximately RMB 3,507.2 million, compared to RMB 2,702.0 million in 2022[62] - Cash and cash equivalents (excluding pledged deposits) as of December 31, 2023, were approximately RMB 18.3 million, compared to RMB 2.4 million in 2022[58] - The company has communicated with creditors regarding overdue debts but has not yet received any agreements for extensions or refinancing[77] Operational Performance - The company is actively seeking alternative financing arrangements to secure new funds, including issuing convertible bonds amounting to RMB 400 million, subject to certain conditions[9] - The group is working to improve operational performance and cash flow through cost control measures and effective working capital management[9] - The company has implemented various financial plans and measures to alleviate liquidity pressure and improve its financial condition[7] - The company has successfully completed the restructuring of related subsidiaries and is negotiating with overseas lenders for debt extensions[11] Segment Performance - The revenue from recycled copper products in 2023 was RMB 811,094 thousand, down from RMB 2,383,263 thousand in 2022, indicating a decrease of about 66.0%[18] - The company reported a total segment loss of RMB (516,859) thousand for 2023, compared to a loss of RMB (4,550,704) thousand in 2022[14] - The group operates three reportable segments: recycled copper products, power cables, and communication cables, each requiring different technologies and market strategies[12] Legal and Regulatory Issues - The company is facing significant uncertainties that may impact its ability to continue as a going concern due to ongoing litigation and frozen bank accounts[6] - Legal issues have led to the freezing of multiple bank accounts and the seizure of assets, which the company is currently addressing[78] - The company is addressing litigation issues to lift bank account freezes and release seized properties and inventory[9] Governance and Compliance - The audit committee has reviewed the financial situation and discussed measures with management to address the uncertainties related to going concern[84] - The audit committee consists of three independent non-executive directors and is responsible for communication with external auditors and reviewing the group's financial reporting procedures[85] - The company has adhered to the corporate governance code as of December 31, 2023, with clear separation of roles between the Chairman and CEO[87] Market Outlook - The company is optimistic about the copper industry's prospects, driven by demand growth related to electric vehicles and renewable energy systems, aligning with the government's carbon neutrality goals by 2060[40] - The company believes that the demand for its products, particularly copper, will remain strong in the future, supporting its growth strategy[41] - The company anticipates that the policies announced by financial authorities will provide support to the stagnant economy and benefit from the expected growth in copper demand[41]

Financial Performance - For the six months ended June 30, 2023, the company reported a revenue of RMB 141,496,000, a decrease of 87.38% compared to RMB 1,119,215,000 for the same period in 2022[2] - The cost of sales for the same period was RMB 159,773,000, down from RMB 1,159,825,000, resulting in a gross loss of RMB 18,277,000, an improvement from a gross loss of RMB 40,610,000 in 2022[2] - The company recorded a net loss attributable to owners of RMB 496,374,000 for the six months ended June 30, 2023, compared to a net loss of RMB 523,586,000 for the same period in 2022, indicating a slight improvement[2] - The company reported a total operating loss of RMB 496,374 thousand for the six months ended June 30, 2023, compared to a loss of RMB 520,617 thousand for the same period in 2022, indicating an improvement of about 4.67%[19] - The company recorded a net loss of RMB 356,359 thousand for the six months ended June 30, 2023, compared to a net loss of RMB 370,504 thousand for the same period in 2022, indicating a reduction of about 3.81%[19] Assets and Liabilities - Total non-current assets as of June 30, 2023, amounted to RMB 603,082,000, a decrease from RMB 619,573,000 as of December 31, 2022[3] - Current assets increased to RMB 1,382,604,000 as of June 30, 2023, compared to RMB 1,778,498,000 at the end of 2022, primarily driven by an increase in inventory[3] - The company reported total liabilities of RMB 5,183,213,000 as of June 30, 2023, compared to RMB 5,097,225,000 at the end of 2022, indicating a slight increase in financial obligations[3] - The net current liabilities increased to RMB (3,800,609,000) as of June 30, 2023, compared to RMB (3,318,727,000) at the end of 2022, reflecting a worsening liquidity position[3] - The company had cash and cash equivalents of approximately RMB 12,287,000 as of June 30, 2023, with short-term debts amounting to RMB 1,598,910,000[8] Bankruptcy and Restructuring - The company is undergoing debt restructuring for its subsidiaries, Copper Xin and Jin Xun Huan, under the Chinese Bankruptcy Law, with the first creditors' meeting held on March 28, 2023[8] - The company submitted a voluntary bankruptcy restructuring application for its subsidiary, Tai Yue, on May 18, 2023, which was accepted by the court on May 24, 2023[9] - The company faces significant uncertainty regarding its ability to continue as a going concern due to ongoing litigation and frozen bank accounts[8] - The company has initiated a restructuring process for its subsidiary, Hubei Rongsheng, as of September 12, 2023, under the relevant bankruptcy laws[10] - The company is actively seeking new financing arrangements, including issuing convertible bonds worth RMB 400 million, subject to certain conditions[10] Operational Performance - The company continues to focus on the production and trading of copper, aluminum, and related products as its main business[5] - The company has made efforts to improve operational performance and cash flow through cost control measures and working capital management[10] - The group produced 21,282 tons of recycled copper products and sold 21,058 tons, achieving a sales revenue of RMB 1,450 million during the year ending May 31, 2024[40] - The group's communication cable and power distribution businesses have not resumed operations due to a lack of operating funds and poor real estate market conditions, but recovery is expected as the market stabilizes[40] Market and Economic Outlook - The outlook for the copper industry remains optimistic, particularly due to the emphasis on sustainable economic transformation and advancements in information technology, including 5G deployment[41] - The government has implemented a series of supportive policies to address economic stagnation, including a 20 basis point cut in the seven-day reverse repurchase rate and a 50 basis point reduction in the reserve requirement ratio[42] - The company anticipates benefiting from the expected growth in copper demand, despite potential short-term negative impacts from the bankruptcy restructuring of its subsidiary[43] - The company remains confident in the long-term business outlook, believing that demand for its products, especially copper, will continue to be strong[43] Compliance and Governance - The financial report is prepared in accordance with the International Financial Reporting Standards, ensuring consistency with the previous year's accounting policies[7] - The company has adhered to corporate governance principles and has complied with all relevant rules as of June 30, 2023[71] - The company has confirmed compliance with the standards for directors' securities trading as of June 30, 2023[72] - There have been changes in the board of directors, including the appointment of new independent non-executive directors and the resignation of an executive director[73] Employee and Social Responsibility - The group aims to enhance its social responsibility by employing disabled individuals and providing them with appropriate working conditions[48] - Employee costs for the six months ended June 30, 2023, were RMB 13,779,000, down from RMB 21,287,000 in the same period of 2022[28] - The group employed 340 employees as of June 30, 2023, down from 507 employees at the end of 2022[48] Legal Proceedings - The company is currently involved in multiple legal proceedings related to bank loans and trade payables, which may result in the freezing of certain bank accounts and the seizure of properties and inventories[68] - The company faces a civil ruling from the Hunan Province court regarding a debt of approximately RMB 11.9 million, leading to a bankruptcy restructuring application on July 21, 2023[10] Financial Instruments and Risk Management - The company has not entered into any financial instruments to hedge its foreign exchange risks as of June 30, 2023, despite having some borrowings denominated in Hong Kong dollars[63] - As of June 30, 2023, the company had no outstanding copper futures contracts, indicating a strategy to mitigate copper price volatility risks[62]

智通财经APP讯，中国金属利用(01636)公布2022年经审核全年业绩，营业额较2021年减少69.0%至人民币23.92亿元，净亏损约47.63亿元，同比扩大4888.8%;每股亏损1.1元。 公告称，营业额减少主要因为电解铜贸易及再生铜产品销售减少。主因是工业生产及建筑活动减少，以致于2022年铜的需求显著减少。 亏损增加主要是由于 2021年度1.516亿元的毛利转为2022年度2.88亿元的毛损。同时额外税务附加费增加至人民币6620万元，坏账拨备净值增加至人民币21.19亿元及垫付供应商款项减值增加至19.485亿元。 值得注意的是，独立核数师并无就该集团的综合财务报表发表意见。 ...

Financial Performance - Revenue decreased by 69.0% to RMB 2,391.7 million compared to RMB 7,719.4 million in 2021[3] - The company reported a loss attributable to shareholders of RMB 4,763.2 million for the year, compared to a loss of RMB 95.5 million in 2021[3] - Loss per share was RMB 1.10, compared to RMB 0.03 in the previous year[3] - The company experienced a significant increase in financial losses, with a pre-tax loss of RMB 4,761.2 million compared to RMB 54.1 million in 2021[4] - The group reported a significant impairment of RMB 1,948,484,000 related to advances to suppliers, highlighting financial strain[27] - The loss for the year ended December 31, 2022, was RMB 4,763.2 million, significantly higher than the loss of RMB 95.5 million for the year ended December 31, 2021, primarily due to the shift from gross profit to gross loss[98] Assets and Liabilities - Total assets decreased from RMB 6,733,999 thousand in 2021 to RMB 2,398,071 thousand in 2022, a decline of approximately 64.4%[5] - Current assets dropped significantly from RMB 6,040,338 thousand in 2021 to RMB 1,778,498 thousand in 2022, representing a decrease of about 70.5%[5] - The company reported a total equity of RMB (2,702,000) thousand in 2022, compared to RMB 1,709,397 thousand in 2021, reflecting a negative equity position[7] - The company recorded net losses of approximately RMB 4,763,152,000 and RMB 95,477,000 for the years ended December 31, 2022, and 2021, respectively[11] - As of December 31, 2022, the company's net current liabilities were approximately RMB 3,318,727,000, and net debt was approximately RMB 2,702,000,000[11] Debt and Restructuring - The company is undergoing debt restructuring involving its wholly-owned subsidiaries, Copper Xin and Jin Xun Huan, under the Chinese Bankruptcy Law[12] - The first creditors' meeting for the restructuring of Copper Xin and Jin Xun Huan was held on March 28, 2023[12] - The company submitted a voluntary bankruptcy restructuring application for its indirect wholly-owned subsidiary, Tai Yue, on May 18, 2023[14] - The company received a civil ruling from the Yuxian Court regarding Tai Yue's bankruptcy restructuring acceptance on May 24, 2023[14] - The group is undergoing debt restructuring aimed at reducing the debt levels of its subsidiaries[68] Cash Flow and Liquidity - Cash and cash equivalents decreased from RMB 11,953 thousand in 2021 to RMB 2,391 thousand in 2022, a decline of approximately 80%[5] - The company is actively seeking alternative financing arrangements to obtain new funds and improve cash flow[18] - The company is facing challenges in cash flow management and maintaining sufficient liquidity due to the tightening of working capital conditions[78] - As of December 31, 2022, the company had cash and cash equivalents of RMB 261,000, indicating a significant liquidity position despite ongoing legal disputes[61] Revenue Streams - The group reported total revenue of RMB 2,391,709,000, with external sales contributing RMB 2,385,928,000 from the recycled copper products segment[27] - Revenue from recycled copper products for the year ended December 31, 2022, was approximately RMB 2,383.3 million, down 66.4% from RMB 7,089.8 million for the year ended December 31, 2021, with sales volume dropping from 131,864 tons to 44,241 tons, a decline of 66.4%[90] - The total income from VAT refunds and government subsidies was RMB 232,119 thousand, contributing positively to the financial results[28] - The company received government subsidies totaling RMB 12,591,000 in 2022, a substantial increase from RMB 3,600,000 in 2021, reflecting enhanced support from local authorities[40] Operational Challenges - The company failed to repay approximately RMB 231,720,000 of convertible bonds and RMB 981,661,000 of bank loans and other borrowings as of December 31, 2022[11] - The company is currently negotiating with creditors regarding outstanding debts, but has not received sufficient evidence to confirm the recoverability of overdue receivables[73] - The economic environment has led to significant financial difficulties for many suppliers and customers, resulting in increased asset impairment and bad debt provisions[78] Corporate Governance - The audit committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ended December 31, 2022[137] - The company has complied with the corporate governance code as per the listing rules as of December 31, 2022[139] - The company has faced non-compliance issues with listing rules regarding the number of independent non-executive directors and the composition of the audit committee[142] Future Outlook - The company expects strong demand for copper driven by China's "14th Five-Year Plan," particularly in new infrastructure, new energy vehicles, and high-tech electronic equipment[87] - The company plans to continue focusing on market expansion and new product development to enhance future performance[28] - The company is committed to maintaining employee welfare and contributing to the local community during the restructuring process[80]

Financial Performance - The company reported a revenue of RMB 1,119,215,000 for the first half of 2022, a decrease of 66.3% compared to RMB 3,355,148,000 in the same period of 2021[8]. - The net loss for the first half of 2022 was approximately RMB 523,600,000, compared to a net loss of RMB 72,063,000 in the first half of 2021[8][16]. - For the six months ended June 30, 2022, the company's revenue was RMB 1,119,215,000, a decrease of 66.6% compared to RMB 3,355,148,000 for the same period in 2021[25]. - The company reported a loss of RMB 523,600,000 for the six months ended June 30, 2022, compared to a loss of RMB 72,100,000 for the same period in 2021, indicating a significant increase in losses[30]. - The gross loss for the period was RMB 40,610 thousand, compared to a gross profit of RMB 35,250 thousand in the previous year[152]. - The company incurred a pre-tax loss of RMB 520,617 thousand, significantly higher than the pre-tax loss of RMB 53,132 thousand in the prior year, indicating a substantial decline in financial performance[152]. - The net loss attributable to the owners of the company was RMB 523,586 thousand, compared to a net loss of RMB 72,063 thousand in the same period last year[152]. - Basic loss per share was RMB 0.12, compared to RMB 0.02 in the previous year, reflecting a worsening financial position[152]. - The financial costs increased to RMB 125,834 thousand from RMB 78,658 thousand, highlighting rising expenses impacting profitability[152]. Assets and Liabilities - Cash and cash equivalents decreased by 41.23% to RMB 7,025,000 from RMB 11,953,000 as of December 31, 2021[8]. - Total assets slightly decreased by 0.44% to RMB 6,704,053,000 from RMB 6,733,999,000 as of December 31, 2021[8]. - Total liabilities increased by 1.60% to RMB 5,105,159,000 from RMB 5,024,602,000 as of December 31, 2021[8]. - The total interest-bearing borrowings as of June 30, 2022, amounted to RMB 1,442,294,000, a decrease from RMB 1,799,964,000 as of December 31, 2021[32]. - The debt-to-equity ratio improved from 105.3% to 90.2% as of June 30, 2022, primarily due to the issuance of ordinary shares to settle convertible bonds[81][82]. - As of June 30, 2022, the net value of assets pledged for bank loans and other financing was RMB 2,185.2 million, compared to RMB 2,024.8 million as of December 31, 2021[83]. - The total equity of the company was RMB 1,598,894 thousand, reflecting a decline in reserves and retained earnings[164]. Inventory and Receivables - Inventory increased by RMB 645,800,000 to RMB 835,300,000 as of June 30, 2022, compared to RMB 189,500,000 as of December 31, 2021[78]. - Inventory turnover days increased to 80.0 days for the six months ended June 30, 2022, compared to 12.2 days for the year ended December 31, 2021[78]. - Trade receivables and notes receivable decreased by RMB 842,700,000 to RMB 1,468,800,000 as of June 30, 2022, down from RMB 2,311,500,000 as of December 31, 2021[79]. - Accounts receivable turnover days increased to 305.7 days for the six months ended June 30, 2022, compared to 105.0 days for the year ended December 31, 2021[79]. - As of June 30, 2022, trade payables and notes payable increased by RMB 495 million to RMB 1,838.7 million, compared to RMB 1,343.7 million as of December 31, 2021, with accounts payable turnover days rising from 58.2 days to 248.3 days[80]. Business Strategy and Future Outlook - The company plans to undergo a debt restructuring process to address its current debt issues, which was initiated by a voluntary bankruptcy reorganization application submitted to the court[16][17]. - Future business prospects will depend on the speed of recovery of the Chinese economy, influenced by the COVID-19 pandemic and the recovery of the construction and real estate sectors[18]. - The company aims to maintain employee welfare and contribute to the local community as part of its social responsibility during the restructuring process[17]. - The company is committed to creating value for its shareholders despite the challenging environment[19]. - The company plans to focus on the sales of recycled copper products, leading to a complete cessation of sales in electrolytic copper trading[26]. Shareholder Structure and Governance - The company has a significant shareholder structure, with major stakeholders holding substantial percentages of shares, including 11.89% by Mr. Yu Jianqiu and 6.92% by Mr. Huang Weiping[100][112]. - The largest single shareholder is Mianyang Fule Investment Co., Ltd., holding 16.02% of the shares, followed by Hengfu Investment Co., Ltd. with 12.44%[112][117]. - The company has established a stock option plan, with options granted to directors, including 3,000,000 shares to Ms. Zhu Yufen[105][106]. - The company is actively seeking suitable candidates to fill the vacancies of independent non-executive directors to comply with listing rules[145]. - The audit committee currently consists of only two members, which is below the minimum requirement set by the listing rules[145]. - The company has acknowledged the need to improve its governance structure following the resignation of two independent non-executive directors[145]. Cash Flow and Investment Activities - The company recorded a net cash flow from operating activities of RMB 150,595 thousand, a significant improvement from a net outflow of RMB (313,313) thousand in the prior year[179]. - The company’s investment activities resulted in a net cash outflow of RMB (181,483) thousand, indicating significant capital expenditures[179]. - The company’s financing activities generated RMB 17,800 thousand from bank loans and other borrowings[179]. Other Financial Information - The company reported other income and gains of RMB 63,700 thousand, down from RMB 126,579 thousand in the same period of 2021, indicating a decline in additional revenue sources[152]. - The company recognized government grants and subsidies amounting to RMB 119,241 thousand[197]. - The company reported a foreign exchange loss of RMB 23.9 million due to the conversion of liabilities from HKD to RMB[87].

l El 金 源 China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) (根據開曼群島法律註冊成立的有限公司) Stock Code 股份代號 : 1636 e sax Annual Report 年報 錄 Corporate Profile 公司概況 2 Chairman's Statement 主席報告 3 目 Management Discussion and Analysis 管理層討論及分析 6 NTENTS O C Directors and Senior Management 董事及高級管理層 27 Report of the Directors 董事會報告 33 Corporate Governance Report 企業管治報告 65 Independent Auditor's Report 獨立核數師報告 87 Consolidated Statement of Profit ...

中 湖 � 资 China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) (根據刷曼群島法律註冊成立的有限公司) Stock Code 股份代號 : 1636 Interim Report 中 期 報 告 目 錄 2 公司資料 3 財務摘要 4 管理層討論及分析 18 其他資料 27 中期簡明綜合損益表 28 中期簡明綜合全面收益表 29 中期筒明綜合財務狀況表 31 中期間明綜合權益變動表 33 中期簡明綜合現金流量表 34 本中期報告的中、英文本已登載於本公司網站 http://www.cmru.com.cn/。股 東如已選擇收取本公司的公司通訊(「公司通訊」的英文本或中文本·則可要 求收取另一語言版本。只要提出要求,本公司將免費發送本中期報告的指定 語言版本。股東可隨時更改收取公司通訊的語言版本的選擇。 股東可隨時更改收取公司通訊的語言版本的選擇(即英文本或中文本或中· 英文本)。 股東可以書 ...

China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) (根據開曼群島法律註冊成立的有限公司) Stock Code 股份代號：1636 ANNUAL REPORT 年報 錄 Corporate Profile 公司概況 2 Chairman's Statement 主席報告 3 目 Management Discussion and Analysis 管理層討論及分析 6 NTENTS O C Directors and Senior Management 董事及高級管理層 22 Report of the Directors 董事會報告 28 Corporate Governance Report 企業管治報告 59 Independent Auditor's Report 獨立核數師報告 86 Consolidated Statement of Profit or Loss and Othe ...

中 学 交 are China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) 《根據同曼群島法律赴冊成立的有限公司) Stock Code 股份代號：1636 ER INTERIM REPORT ２ 目錄 2 公司資料 本中期報告的中、 英文本已登載於本公司網站 處香港中央證券登記有限公司， 地址為香港灣仔 2 3 財務摘要 4 管理層討論及分析 4 19 其他資料 29 中期簡明綜合損益表 29 30 中期簡明綜合全面收益表 30 31 中期簡明綜合財務狀況表 31 33 中期簡明綜合權益變動表 35 中期簡明綜合現金流量表 35 36 中期簡明綜合財務資料附註 36 中期簡明綜合財務資料附註 http://www.cmru.com.cn/。 股東如已選擇收取本 公司的公司通訊（「公司通訊」）的英文本或中文 本， 則可要求收取另一語言版本。 只要提出要 求， 本公司將免費發送本中期報告的指定語言版 ...

C Z A gg China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) (根據開曼群島法律註冊成立的有限公司) Stock Code 股份代號：1636 中期報告 Interim Report 2019 | --- | --- | |-------|--------------------------| | | | | | 目錄 | | 2 | 公司資料 | | 3 | 財務摘要 | | 4 | 管理層討論及分析 | | 16 | 其他資料 | | 27 | 中期簡明綜合損益表 | | 28 | 中期簡明綜合全面收益表 | | 29 | 中期簡明綜合財務狀況表 | | 31 | 中期簡明綜合權益變動表 | | 33 | 中期簡明綜合現金流量表 | | 34 | 中期簡明綜合財務資料附註 | 本中期報告的中、英文本已登載於本公司網站 http://www.cmru.com.cn/ 。股東如已選擇收 ...