Financial Performance - For the six months ended June 30, 2021, the company's revenue was RMB 3,355,148,000, a decrease from RMB 10,186,358,000 in the same period of 2020[10] - The net loss attributable to shareholders for the six months ended June 30, 2021, was RMB 72,063,000, significantly improved from a loss of RMB 156,150,000 in the same period of 2020[10] - For the six months ended June 30, 2021, the total revenue was RMB 3,355,148,000, a decrease of 67.1% compared to RMB 10,186,358,000 for the same period in 2020[20] - The revenue from copper products was RMB 3,285,500,000, down 67.7% from RMB 10,165,400,000 in the previous year, reflecting a 74.3% decline in sales volume from 257,664 tons to 66,404 tons[21] - The loss for the six months ended June 30, 2021, was RMB 72,100,000, a reduction from RMB 156,200,000 in the same period of 2020[25] - Gross profit for the same period was RMB 35,250,000, compared to a gross loss of RMB 58,842,000 in 2020, indicating a significant improvement[134] - The company's total assets as of June 30, 2021, were RMB 1,694,773,000, an increase from RMB 1,501,018,000 at the end of 2020[143] - The net current assets increased to RMB 961,147,000 from RMB 724,273,000, reflecting improved liquidity[143] Cash Flow and Liquidity - Cash and cash equivalents decreased by 47.6% to RMB 24,805,000 as of June 30, 2021, compared to RMB 47,321,000 at the end of 2020[10] - The current ratio as of June 30, 2021, was 1.2, while the quick ratio was 0.9, indicating a decrease in liquidity compared to December 31, 2020[49] - The company reported a net cash outflow of RMB 9,190,000 for the period, with cash and cash equivalents at RMB 24,805,000 as of June 30, 2021[160] Revenue Streams - Sales of power distribution cables increased by 38.7% to RMB 13,300,000 from RMB 9,600,000 in the previous year[24] - Sales of communication cables surged by 428.5% to RMB 46,200,000 from RMB 8,800,000 in the previous year[24] - The recycling steel products segment generated external sales of RMB 3,295,610 thousand, while the communication cable segment generated RMB 46,249 thousand[175] - The total revenue for the first half of 2021 reached RMB 3,355,148 thousand, with a significant contribution from the sales of recycled copper products at RMB 2,856,319 thousand[198] Government Support and Subsidies - The increase in value-added tax refunds was 178.8%, rising from RMB 23.1 million to RMB 64.5 million[25] - Government subsidies increased by 160.5% from RMB 21.0 million to RMB 54.8 million[25] - The group received VAT refunds and government subsidies amounting to RMB 44,467 thousand during the reporting period[187] Debt and Financing - The total interest-bearing borrowings as of June 30, 2021, amounted to RMB 1,856,823,000, slightly down from RMB 1,885,709,000 at the end of 2020[26] - The weighted average effective interest rate for bank and other borrowings was 7.90% as of June 30, 2021[26] - The company aims to enhance its financial position through the issuance of convertible bonds, allowing for lower financing costs[72] Employee and Operational Metrics - As of June 30, 2021, the company had approximately 665 employees, with employee costs amounting to RMB 23,700,000 for the six months ended June 30, 2021[16] - The company plans to implement stricter accounts receivable management in the second half of 2021 to improve cash flow[15] Shareholder Information - Major shareholders include Quaetus Capital Pte Ltd and Kwek Steven Poh Song, each holding 280,312,902 shares, representing 8.54% of the company[92] - The company’s chairman, Yu Jianqiu, holds 532,794,400 shares, accounting for 16.22% of the total shares[80] - The company reported a total of 310,317,000 shares held by Youyang Technology Development Investment (Group) Limited, representing 9.45% of the total shares[100] Future Outlook and Strategic Initiatives - The company aims to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[162] - Future outlook includes potential growth in the sales of recycled copper products, driven by increasing demand in various industries[199] - The company is exploring strategic acquisitions to bolster its market position and expand its operational capabilities[199] - Continued investment in research and development is planned to innovate new products and improve existing technologies[199]

Financial Performance - The Group recorded a net loss of approximately RMB 387.2 million for the year ended 31 December 2020, primarily due to a 30.9% decrease in copper product sales compared to 2019[15]. - Revenue for the year ended December 31, 2020, was RMB 16,698.5 million, a decrease of 30.5% from RMB 24,012.7 million in 2019[39]. - Revenue from trading of electrolytic copper decreased by 49.1% to RMB 8,516.2 million, with sales volume dropping 45.6% from 397,327 metric tons in 2019 to 216,325 metric tons in 2020[40]. - Revenue from recycled copper products increased by 11.2% to RMB 7,990.9 million, driven by a 7.3% increase in sales volume from 171,228 metric tons in 2019 to 183,742 metric tons in 2020[42]. - Gross profit for the year was RMB 62.6 million, compared to a gross loss of RMB 257.9 million in 2019, resulting in a gross profit margin of 0.4%[43]. - The loss for the year was RMB 387.2 million, compared to a loss of RMB 217.3 million in 2019, largely due to increased provisions for doubtful debts and decreased VAT refunds[52]. - The tight liquidity situation of customers has led to an increase in the bad debt provision ratio, impacting financial performance[30]. - The Group's subsidiaries have faced unsatisfactory performance due to production delays, resulting in a larger amount of goodwill impairment[30]. Market Outlook - The copper price dropped to RMB 35,300 per ton in early 2020 due to COVID-19 but rebounded to RMB 59,640 per ton by the end of the year, the highest level since 2013[14]. - The International Monetary Fund (IMF) predicts a global economic growth of 5.5% in 2021, with China's economy expected to grow by 8.1%[19]. - The demand for copper is anticipated to increase due to new infrastructure projects, new energy vehicles, and high-tech appliances, positioning the Company to benefit from this trend[20]. - The gradual recovery from the pandemic in major regions is expected to sustain copper demand, supporting the Company's market position[14]. - The Group expects China's economy to continue improving, with a projected GDP growth of 8.1% in 2021, supported by the rollout of COVID-19 vaccines[22]. - The Chinese government is expected to introduce stimulus measures during the 14th Five-Year Plan to support the resource recycling industry, providing unprecedented opportunities for the Company[21]. - The Chinese government's guidance on establishing a green low-carbon circular economy is anticipated to create unprecedented opportunities for the metal resource utilization sector[22]. Strategic Initiatives - The Company plans to broaden its product range and pursue further vertical integration in response to favorable market conditions[7]. - The Group aims to strengthen its innovation and R&D capabilities to improve product quality and service levels, thereby increasing market share[26]. - The Company is well positioned to become a leading integrated recycled copper product supplier in China, leveraging its advantages in raw material supply and governmental policies[7]. - The Group plans to expand its business footprint gradually to create long-term value for shareholders[26]. Financial Position - The capital structure as of December 31, 2020, consisted mainly of shareholders' equity and interest-bearing borrowings, with no material seasonality in borrowing requirements[54]. - As of December 31, 2020, the Group's total interest-bearing borrowings increased by RMB 187.1 million to RMB 1,885.7 million compared to RMB 1,698.6 million as of December 31, 2019[67]. - The Group's cash and cash equivalents amounted to RMB 47.3 million as of December 31, 2020, down from RMB 64.7 million as of December 31, 2019[63]. - Trade and bills receivables increased by RMB 940.7 million to RMB 2,129.7 million as of December 31, 2020, with turnover days increasing to 36.3 days from 15.7 days in 2019[63]. - The Group's inventories decreased by RMB 247.0 million to RMB 316.8 million as of December 31, 2020, compared to RMB 563.8 million as of December 31, 2019[63]. - Trade and bills payables increased by RMB 508.7 million to RMB 1,068.6 million as of December 31, 2020, with payable turnover days increasing to 17.9 days from 8.3 days in 2019[66]. - The debt to equity ratio increased to 126.7% as of December 31, 2020, compared to 1.1 in 2019, mainly due to the increase in interest-bearing borrowings and a net loss for the year[73]. Management and Governance - The management discussion and analysis section provides insights into the overall business strategy and performance outlook[129]. - The company has appointed several experienced directors, enhancing its strategic and operational capabilities[140][142][148]. - The management team has a strong background in both operational and financial aspects, which is expected to drive future growth[140][142][148]. - The company aims to improve financial reporting and transparency under the guidance of its experienced finance director[142]. - The board includes members with extensive experience in various industries, enhancing strategic decision-making[148]. Shareholder Information - As of December 31, 2020, Mr. Yu Jiangiu holds 6,204,000 shares, representing approximately 0.24% of the company's total shares[174]. - Mr. Huang Weiping has a significant interest in controlled corporations, holding 532,794,400 shares, which is approximately 20.25% of the total shares[174]. - The company has not granted any rights to acquire shares or debentures to directors or their immediate family members during the year ended December 31, 2020[183]. - The company has not disclosed any significant transactions or contracts involving directors that would impact the group's business during the year[170]. - The interests of directors and chief executives in the company's shares and associated corporations were recorded as required by the SFO[175]. Operational Highlights - The Group is a manufacturer of recycled copper products, also known as copper semis, in Southwest China[158]. - The Group's principal activities include the manufacturing of recycled copper products and trading of electrolytic copper[158]. - The company primarily funded its capital expenditures through internal channels[118]. - The group had no significant acquisitions or disposals of subsidiaries or associates during the reporting period[118]. - The company is actively involved in the environmental technology sector, indicating a commitment to sustainable practices[140].

Revenue and Profitability - Revenue for the six months ended June 30, 2020, was RMB 11,694,871,000, an increase of 14.8% compared to RMB 10,186,358,000 for the same period in 2019[11] - The net loss attributable to shareholders for the six months ended June 30, 2020, was RMB (156,150,000), compared to a profit of RMB 44,026,000 in the same period of 2019[12] - The net loss margin for the six months ended June 30, 2020, was (1.53)%, compared to a profit margin of 0.38% in the same period of 2019[21] - For the six months ended June 30, 2020, the total revenue was RMB 10,186,400,000, a decrease of 12.9% compared to RMB 11,694,900,000 for the same period in 2019[33] - The company reported a loss of RMB 156,200,000 for the six months ended June 30, 2020, compared to a profit of RMB 44,000,000 for the same period in 2019[38] - Basic and diluted loss per share for the period was RMB (0.06), compared to earnings of RMB 0.02 per share in the previous year[167] Financial Position - Total assets increased by 18.1% to RMB 6,141,237,000 as of June 30, 2020, compared to RMB 5,200,642,000 as of December 31, 2019[17] - Total liabilities rose by 32.8% to RMB 4,501,356,000 as of June 30, 2020, up from RMB 3,390,555,000 as of December 31, 2019[18] - Total equity decreased by 9.4% to RMB 1,639,881,000 as of June 30, 2020, compared to RMB 1,810,087,000 as of December 31, 2019[19] - Cash and cash equivalents decreased by 27.3% to RMB 47,051,000 as of June 30, 2020, down from RMB 64,703,000 as of December 31, 2019[16] - The company's net current assets decreased to RMB 658,338 thousand from RMB 860,795 thousand in the previous year[173] - Net assets as of June 30, 2020, were RMB 1,639,881 thousand, down from RMB 1,810,087 thousand as of December 31, 2019, indicating a decline of about 9.4%[175] Cash Flow and Liquidity - Cash flow from operating activities for the six months ended June 30, 2020, was RMB 325,755 thousand, compared to a cash outflow of RMB 145,055 thousand for the same period in 2019[191] - The company reported a net cash outflow of RMB 17,709 thousand in cash and cash equivalents for the six months ended June 30, 2020[191] - As of June 30, 2020, the company had bank loans and other borrowings amounting to RMB 493,500 thousand, with repayments of RMB 456,709 thousand during the period[191] Inventory and Receivables - Inventory increased by RMB 807,000,000 to RMB 1,370,800,000, with inventory turnover days rising from 7.5 days to 17.1 days[50] - Trade receivables decreased by RMB 71,900,000 to RMB 1,117,100,000, with turnover days increasing from 15.7 days to 20.5 days[51] Debt and Financing - Total interest-bearing borrowings increased by RMB 116,900,000 to RMB 1,815,500,000 as of June 30, 2020, compared to RMB 1,698,600,000 as of December 31, 2019[51] - The debt-to-equity ratio increased to 110.7 as of June 30, 2020, compared to 107.8 on December 31, 2019, due to an increase in interest-bearing bank and other borrowings[56] - The company has a total of RMB 300,000,000 in entrusted loans from Mianyang Science and Technology City Development Investment (Group) Co., Ltd. (Kefa) with no repayment required until further agreement[52] Operational Challenges and Management Actions - The company anticipates a challenging operating environment for the second half of 2020 due to the ongoing impact of COVID-19[26] - The management is implementing a series of financing plans to strengthen financial stability and prepare for future opportunities[28] - The company is monitoring the impact of COVID-19 on its financial condition and operational performance[105] Shareholder Information - Major shareholders include Quaetus Capital Pte Ltd holding 280,312,902 shares (10.65%) and Black Horse Capital Asset Management Ltd holding 153,828,000 shares (5.85%) as of June 30, 2020[121][122] - The company’s chairman and executive director, Mr. Yu Jianqiu, holds 645,722,400 shares, representing 24.54% of the total[111] - The company’s major shareholder, China Huarong Asset Management Co., Ltd., holds 499,316,077 shares, representing 19.10%[127] Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the listing rules, with the roles of chairman and CEO currently held by the same individual, Yu Jianqiu[151] - The board has implemented measures to remind directors of trading restrictions during blackout periods to prevent future violations of the code of conduct[156] - The audit committee has reviewed the unaudited interim financial report for the six months ended June 30, 2020[161] Accounting and Reporting - The interim financial report includes unaudited condensed consolidated financial data and notes, which are essential for understanding the group's financial position and performance since the full-year financial statements for 2019[196] - The accounting policies adopted for the interim financial data are consistent with those used for the annual consolidated financial statements for the year ended December 31, 2019, with certain revised International Financial Reporting Standards applied for the current period[197] - The report emphasizes the importance of compliance with International Financial Reporting Standards in the preparation of financial statements[197]

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 ...

源 ANNUAL R 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 Contents 目錄 Corporate Profile 02 公司概況 Chairman's Statement 03 主席報告 Management Discussion and Analysis 05 管理層討論及分析 Directors and Senior Management 21 董事及高級管理層 Report of the Directors 27 董事會報告 Corporate Governance Report 58 企業管治報告 Independent Auditor's Report 79 獨立核數師報告 Consolidated Statement of Profit or Loss 92 綜合損益表 C ...