Financial Performance - The company recorded a consolidated loss attributable to equity holders of approximately RMB 539.0 million for the year ended December 31, 2024[16]. - In 2024, the company recorded a consolidated loss attributable to equity holders of approximately RMB 539.0 million, an increase of about 9.2% compared to the previous year[29]. - The company reported a loss attributable to owners of RMB 539.0 million for the year ended December 31, 2024, compared to a loss of RMB 492.8 million in the previous year, representing a 9.3% increase in losses[45]. - Revenue decreased by 68.9% to RMB 308.3 million for the year ended December 31, 2024, down from RMB 990.8 million in 2023[45]. - The gross profit margin fell significantly, with a gross profit of only RMB 322 compared to RMB 232.5 million in the previous year, a decrease of 99.9%[45]. - The company faced a net loss from continuing operations of RMB 568.7 million, which is a 9.6% increase from the previous year's loss of RMB 519.1 million[45]. - The company has a net current liability of RMB 3,888.9 million and a shareholder deficit of RMB 1,628.3 million as of December 31, 2024[40]. - The total bank and other borrowings amounted to RMB 1,720.5 million, with RMB 1,686.6 million due within the next twelve months[40]. - The company reported a reserve available for distribution to shareholders of RMB -20,384,000 as of December 31, 2024, compared to RMB 129,558,000 as of December 31, 2023[93]. - The company has ongoing litigation and arbitration-related unpaid amounts totaling RMB 145.1 million as of December 31, 2024[187]. Production and Supply - The domestic coal production increased by 1.3% year-on-year, while coal imports reached a historical high, growing by 14.4% year-on-year[14]. - Future coal supply is expected to remain stable and sufficient, with major coal-producing provinces gradually restoring capacity[17]. - The company anticipates production will continue to be below previous years due to complex geological conditions, optimization of mining teams, and strict safety regulations, which may lead to intermittent production halts[20]. - The company plans to stabilize and increase production to achieve economies of scale and diversify its product offerings, with an expected production rebound in 2025[44]. - The company’s Guizhou coal mine operated at only 27% utilization in 2024, leading to high operational and financial costs[44]. - The company expects a moderate growth in coal supply and demand in the near future, with coal prices anticipated to decline slightly[18]. Market Conditions - The coal market in 2024 is characterized by sufficient domestic and imported supply, with moderate demand growth and a significant decline in coal prices, deviating from traditional seasonal trends[24]. - The cyclical fluctuations in the coal industry are likely to diminish, benefiting supply-side stability and the overall profitability of the coal sector[17]. - The coal industry is anticipated to experience moderate constraints on capacity and production expansion due to ongoing capital expenditure challenges and strict regulatory environments[17]. Cost Management and Operational Efficiency - The company aims to optimize processes, production management, and cost control to break the negative cycle affecting its operations and profitability[16]. - The company aims to enhance coal quality management and optimize product structure to establish a sustainable competitive advantage in the future[28]. - The company plans to expand quality production capacity and improve coal washing facilities and transportation systems to enhance competitiveness and average selling prices[20]. - The company is committed to optimizing processes and exploring asset restructuring opportunities to improve liquidity and alleviate financial pressure[26]. - The company is negotiating with lenders to extend repayment schedules and is considering fundraising activities to improve liquidity[43]. Safety and Environmental Compliance - The company emphasizes the importance of safety management and environmental protection, implementing multiple safety measures to ensure safe production[28]. - The company has implemented six safety systems in its mining operations to ensure a safe working environment for employees[37]. - Environmental compliance costs were approximately RMB 2.9 million in 2024, with RMB 1.2 million related to the construction of environmental facilities[36]. - The company has set aside approximately RMB 14.1 million for future environmental restoration obligations as of December 31, 2024[36]. Corporate Governance and Management - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balance of power[139]. - The company has adopted the corporate governance code as per listing rules and complied with most provisions, except for C.2.1 regarding the separation of the roles of chairman and CEO[137]. - The independent non-executive directors have confirmed their independence and have relevant financial management expertise[140]. - The company has established procedures for directors to seek independent professional advice at the company's expense[146]. - The company has established a new Environmental, Social, and Governance (ESG) Committee to enhance its governance functions[152]. Shareholder Information - Major shareholders include Li Feili with a total of 714,029,650 shares, representing 51.72% of the issued shares[98]. - The company has not experienced significant changes in its main business nature during the year 2024[88]. - The company has not entered into any arrangements allowing directors to benefit from acquiring shares or bonds of the company or any other corporate entity during the year[104]. - The company has not purchased, sold, or redeemed any of its shares for the year ending December 31, 2024[132]. Risk Management - The company employs a proactive risk management approach to identify and manage inherent business risks[174]. - The risk management framework includes both top-down and bottom-up approaches to identify and mitigate operational risks[178]. - The board has reviewed the risk management and internal control systems and found them to be effective and adequate, with no significant issues identified that could impact financial, operational, or compliance controls[186]. - The group has identified market risk as a significant risk for 2024, with a focus on product differentiation and market strategy to mitigate this risk[182].

Financial Performance - Revenue from continuing operations decreased by approximately 68.9% to approximately RMB 308.3 million[2] - Gross profit from continuing operations decreased by approximately 99.9% to approximately RMB 0.3 million[2] - Loss attributable to owners of the parent from continuing operations increased by approximately 9.3% to approximately RMB 538.6 million[2] - Basic loss per share from continuing operations was approximately RMB 0.39[4] - The company reported a total comprehensive loss of RMB 569.8 million for the year, compared to RMB 520.0 million in the previous year[5] - The group recorded a loss attributable to the company's owners of RMB 539.0 million for the year ending December 31, 2024[14] - The company reported a loss before tax from continuing operations of RMB 543.9 million for 2024, compared to a loss of RMB 488.6 million in 2023, indicating an increase in losses[34] - The company reported a net loss from continuing operations of RMB 538.6 million for 2024, compared to a loss of RMB 492.8 million in 2023, indicating an increase in overall losses[39] - The net loss attributable to owners of the parent increased from RMB 4,928 million in 2023 to RMB 5,386 million in 2024, reflecting the same factors affecting overall losses[87] Assets and Liabilities - Total assets decreased from RMB 3,105.9 million in 2023 to RMB 2,864.6 million in 2024[8] - Total liabilities increased from RMB 4,164.4 million in 2023 to RMB 4,492.9 million in 2024[8] - Current liabilities increased from RMB 3,779.2 million in 2023 to RMB 4,022.4 million in 2024[8] - Non-current liabilities increased from RMB 385.2 million in 2023 to RMB 470.5 million in 2024[8] - As of December 31, 2024, the group's net current liabilities amounted to RMB 3,888.9 million, an increase from RMB 3,537.5 million as of December 31, 2023[10] - The group's total assets minus current liabilities were approximately RMB -1,157.8 million as of December 31, 2024, compared to RMB -673.3 million as of December 31, 2023[10] Cash Flow and Financing - Cash and cash equivalents decreased from RMB 10.1 million in 2023 to RMB 4.1 million in 2024[7] - Total bank and other borrowings of the group were RMB 1,720.5 million, with RMB 1,686.6 million due within the next twelve months[14] - The group has ongoing litigation and arbitration-related unpaid amounts totaling RMB 145.1 million as of December 31, 2024[14] - The group is implementing measures to improve profitability and cash flow, including negotiating with lenders for extended repayment schedules and focusing on coal quality management[15] - The group has pledged shares amounting to 600,000,000 ordinary shares to secure financing of up to RMB 200 million for operational capital[94] Operational Performance - Revenue from coal sales accounted for RMB 308,296 thousand in 2024, compared to RMB 990,646 thousand in 2023, reflecting a decline of 68.9%[24] - The coal production and sales volume significantly dropped, leading to increased unit production costs and decreased average selling prices[66] - Sales volume of self-produced smokeless coal dropped by about 61.9%, from approximately 2.30 million tons in 2023 to about 0.88 million tons in 2024[70] - The average selling price of self-produced smokeless coal decreased by approximately 18.3%, from RMB 431.4 per ton in 2023 to RMB 352.5 per ton in 2024[70] - The overall gross profit from continuing operations fell by approximately 99.9%, from about RMB 232.5 million in 2023 to approximately RMB 0.3 million in 2024[78] Cost Management - Employee benefits and depreciation expenses related to the cost of sold inventory totaled approximately RMB 183.5 million in 2024, significantly reduced from RMB 416.3 million in 2023, a decrease of about 56%[32] - Labor costs for 2024 were approximately RMB 101.8 million, a decrease of about 49.6% from RMB 201.8 million in 2023[73] - The sales cost from continuing operations decreased by approximately 59.4% from RMB 758.3 million in 2023 to RMB 308.0 million in 2024, mainly due to the reduction in sales volume of self-produced smokeless coal[72] - Sales and distribution expenses decreased by approximately 75.9% from RMB 997 million in 2023 to RMB 241 million in 2024, primarily due to reduced transportation costs for power coal[79] - Administrative expenses decreased by approximately 17.6% from RMB 1,651 million in 2023 to RMB 1,360 million in 2024, mainly due to strict cost control measures[80] Governance and Management - The company has adopted the corporate governance code as per the listing rules and has complied with it throughout the year, except for a specific provision regarding the separation of roles of the Chairman and CEO[103] - The Chairman and CEO, Han Weibing, served until January 12, 2024, during which the company deviated from the corporate governance code, but the board believes this arrangement was in the best interest of the group[104] - Wang Xinhua has been appointed as the new Chairman effective January 12, 2024[105] - The preliminary performance announcement for the fiscal year ending December 31, 2024, has been reviewed by the audit committee and confirmed by Ernst & Young, aligning with the draft financial statements[106] Future Outlook - The company is focusing on improving coal quality management to enhance competitiveness and average selling prices[63] - The coal industry is expected to see moderate supply and production expansion due to ongoing capital expenditure constraints and strict regulatory environments[98] - Government policies are expected to provide stable support for overall electricity consumption and coal demand, with a focus on fiscal and monetary expansion[99] - The group anticipates production levels to remain below historical averages due to complex geological conditions and stricter safety regulations[100] - The company maintains a cautiously optimistic outlook on the coal industry, emphasizing the importance of stable coal supply and cleaner utilization to meet current energy demands[101]

INTERIM REPORT 2024 中期報告 Feishang Anthracite Resources Limited 飛尚無煙煤資源有限公司 Feishang Anthracite Resources Limited 飛尚無煙煤資源有限公司 （於英屬維爾京群島註冊成立的有限公司） 股份代號 : 1738 中期報告 2024 目錄 公司資料2 財務摘要4 管理層討論與分析5 其他資料 16 中期簡明綜合損益表 22 中期簡明綜合全面收益表 23 中期簡明綜合財務狀況表 24 中期簡明綜合權益變動表 26 中期簡明綜合現金流量表 27 中期簡明綜合財務資料附註 28 礦山物業概要 55 公司資料 企業社會責任委員會 執行董事 核數師 獨立非執行董事 陳謙先生 梁穎女士 王秀峰先生 英皇道979號 授權代表 太古坊一座27樓 黃華安先生 余銘維先生 註冊辦事處 Maples Corporate Services (BVI) Limited 公司秘書 Kingston Chambers, P.O. Box 173 余銘維先生 Road Town, Tortola British Virgin Islands ...

Financial Performance - Revenue from continuing operations decreased by approximately 76.0% to approximately RMB 153.6 million for the six months ended June 30, 2024, compared to approximately RMB 641.3 million for the same period in 2023[1] - Gross profit from continuing operations fell by approximately 99.3% to approximately RMB 1.5 million for the six months ended June 30, 2024, down from approximately RMB 224.3 million in the prior year[1] - Loss attributable to owners of the parent from continuing operations increased by approximately 537.0% to approximately RMB 143.4 million for the six months ended June 30, 2024, compared to approximately RMB 22.5 million for the same period in 2023[1] - Basic loss per share from continuing operations was approximately RMB 0.10 for the six months ended June 30, 2024, compared to RMB 0.02 for the same period in 2023[3] - Total loss for the period was approximately RMB 150.7 million for the six months ended June 30, 2024, compared to RMB 18.3 million for the same period in 2023[4] - The company reported a net loss of approximately RMB 150.7 million for the six months ended June 30, 2024, which includes losses from discontinued operations[2] - The company reported a gross loss attributable to equity holders of approximately RMB 143.6 million for the six months ended June 30, 2024[43] - Loss from continuing operations increased from approximately RMB 17.4 million in the first half of 2023 to about RMB 150.5 million in the reporting period[51] - Loss attributable to equity holders of the parent company rose from approximately RMB 22.5 million in the first half of 2023 to about RMB 143.4 million in the reporting period[52] Assets and Liabilities - Total assets decreased to approximately RMB 3,068.1 million as of June 30, 2024, from RMB 3,105.9 million as of December 31, 2023[5] - Current liabilities totaled approximately RMB 3,833.2 million as of June 30, 2024, compared to RMB 3,779.2 million as of December 31, 2023[6] - Non-current liabilities increased to approximately RMB 444.5 million as of June 30, 2024, from RMB 385.2 million as of December 31, 2023[6] - As of June 30, 2024, the group's net current liabilities were approximately RMB 3,647.6 million, compared to RMB 3,537.5 million as of December 31, 2023[7] - The group reported a shareholder deficit of approximately RMB 1,209.6 million as of June 30, 2024[8] - The total assets minus current liabilities were approximately RMB -765.1 million as of June 30, 2024, compared to RMB -673.3 million as of December 31, 2023[7] - The company's debt-to-equity ratio increased to 304.7% as of June 30, 2024, due to significant losses recorded during the reporting period[61] Cash Flow and Financing - The company’s cash and cash equivalents increased to approximately RMB 19.5 million as of June 30, 2024, compared to RMB 10.1 million as of December 31, 2023[5] - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB (145,000) compared to RMB (471,000) for the same period in 2023, indicating an improvement[17] - The financing activities resulted in a net cash outflow of RMB (28,000) for the six months ended June 30, 2024, compared to an inflow of RMB 614,000 in the same period of 2023[17] - The company secured a short-term bank loan of RMB 32.0 million at a fixed annual interest rate of 6.775% for coal purchases, to be repaid by August 15, 2025[69] - The company has committed financial support from Feishang Industrial Group to ensure sufficient liquidity for operations[8] Revenue and Sales - Total revenue from continuing operations for the six months ended June 30, 2024, was RMB 153,619,000, a decrease of 76% from RMB 641,344,000 in the same period of 2023[20] - Coal sales accounted for RMB 153,607,000 of the total revenue, down from RMB 641,229,000 in the previous year, reflecting a significant decline in sales volume[21] - The sales volume of self-produced anthracite coal dropped by about 68.3%, from approximately 1.32 million tons to around 0.42 million tons[44] - The average selling price of self-produced anthracite coal decreased by approximately 24.4%, from RMB 485.1 per ton to RMB 366.7 per ton[44] - The sales revenue from processed coal (including screening and/or washing) decreased from approximately RMB 398.6 million to around RMB 66.6 million, a decline of about 83.3%[45] Costs and Expenses - Labor costs decreased by approximately 58.4% to around RMB 47.0 million, down from RMB 113.0 million in the same period of 2023[47] - The total sales cost dropped by approximately 63.5% to around RMB 152.1 million, compared to RMB 417.0 million in the previous period[46] - The total depreciation expense for the reporting period was approximately RMB 43.7 million, a decrease from RMB 127.8 million for the same period in 2023[34] - Labor costs increased from RMB 85.5 per ton in 2023 to RMB 112.2 per ton in 2024, representing a 31.2% increase[49] - The total unit sales cost for coal mining rose from RMB 284.0 per ton in 2023 to RMB 334.7 per ton in 2024, an increase of 17.9%[49] Operational Challenges and Strategies - The company faced challenges due to complex geological conditions and strict safety and environmental regulations, leading to temporary production halts[43] - The group is implementing measures to improve profitability and cash flow, including expanding coal washing capacity and controlling production costs[8] - The group aims to enhance coal product competitiveness and average selling prices through quality management initiatives[8] - The company anticipates that coal supply will not increase in 2024, with production growth expected to be limited due to various regulatory and operational challenges[64] - The company expects a decline in revenue and a significant increase in consolidated losses attributable to the parent company for the year ending December 31, 2024[65] Shareholder and Corporate Governance - The average number of ordinary shares outstanding was 1,380,546,000 for both periods, indicating no change in share count[18] - The company did not declare or pay any dividends during the reporting period, consistent with the previous period where no dividends were declared[33] - The company has established an audit committee to review and monitor financial reporting procedures, risk management, and internal controls, consisting of three independent non-executive directors[71] - The mid-term report will be published in accordance with the relevant regulations and will be sent to shareholders at an appropriate time[72] - The company expresses gratitude to all employees and management for their efforts and contributions during the reporting period[72]

Financial Performance - In 2023, the company recorded a consolidated loss attributable to equity holders of approximately RMB 493.4 million, primarily due to complex geological conditions and temporary shutdowns of two major coal mines[18]. - The company recorded a consolidated loss attributable to equity holders of approximately RMB 493.4 million for the year ended December 31, 2023, compared to a consolidated profit of approximately RMB 53.1 million in the previous year[34]. - Total revenue from continuing operations decreased by approximately 38.2% from RMB 1,603.2 million in 2022 to RMB 990.8 million in 2023, primarily due to a decline in average selling price and sales volume of self-produced anthracite coal[49]. - The group recorded a loss from continuing operations of approximately RMB 519.1 million, compared to a profit of approximately RMB 73.9 million in 2022, primarily due to a decrease in the average selling price and sales volume of self-produced anthracite coal, resulting in a gross profit reduction of approximately RMB 428.0 million[68]. - Gross profit from continuing operations fell by approximately 64.8% from RMB 660.5 million in 2022 to RMB 232.5 million in 2023, with the gross profit margin decreasing from approximately 41.2% to 23.5%[58]. - The company experienced impairment losses on property, plant, and equipment amounting to RMB 262.7 million in 2023, a significant increase from the previous year[49]. - Financing costs decreased by approximately 6.6% from about RMB 152.6 million in 2022 to approximately RMB 142.6 million in 2023, attributed to a reduction in average interest-bearing bank and other borrowings[65]. - Income tax expenses decreased from approximately RMB 58.1 million in 2022 to approximately RMB 30.5 million in 2023, primarily due to a decrease in profit before tax[66]. - The net current liabilities of the group increased from approximately RMB 3,011.7 million as of December 31, 2022, to approximately RMB 3,537.5 million as of December 31, 2023[74]. - The asset-liability ratio increased from 139.4% on December 31, 2022, to 223.8% on December 31, 2023, due to significant losses recorded during the year[83]. Market and Industry Trends - The average price of port thermal coal in 2023 significantly decreased compared to 2022, although it remained at a relatively high level[16]. - Coal imports in 2023 increased by 63% year-on-year, driven by geopolitical tensions easing and the reopening of Australian coal imports[16]. - Overall electricity consumption in 2023 grew by 6.7%, supporting a 6.1% increase in thermal power generation[17]. - The coal industry is expected to see moderate constraints on capacity and production expansion due to ongoing capital expenditure limitations and strict regulatory environments[20]. - The company anticipates that the cyclical fluctuations in the coal industry will likely weaken, benefiting supply-side stability and overall profitability[20]. - The overall demand for coal remains supported by high infrastructure investment and manufacturing sector growth[17]. - The company anticipates a moderate growth in coal supply and demand, reaching a state of tight balance, with coal prices expected to remain high and fluctuate narrowly[29]. Operational Strategies - The company plans to focus on coal quality management, capacity expansion, and optimizing product structure and marketing strategies to enhance profitability[18]. - The company aims to enhance production efficiency and safety through mechanization and automation in the coal mining process[20]. - The company is focusing on expanding high-quality production capacity, enhancing coal quality management, and optimizing product structure to improve competitiveness and average selling price[33]. - The company plans to explore investment opportunities in the new energy sector, leveraging resources and experience from major shareholders[24]. - The company aims to strengthen the brand recognition of its smokeless coal products to maintain a presence in the high-end market and further penetrate surrounding coal markets[33]. - The company will continue to implement strategic preparations for the concentrated mining of high-quality coal to gain a competitive edge in the future[23]. - The company is committed to improving operational efficiency and safety through the application of new technologies and equipment in coal mining and construction[33]. Customer and Supplier Relations - The largest customer accounted for approximately 16.5% of total sales in 2023, while the top five customers represented approximately 57.4% of total sales[37]. - The company has established strong relationships with its major suppliers, with no reliance on any single supplier[38]. - The company aims to reduce reliance on a limited number of major customers by expanding its product portfolio through coal washing and blending[50]. Employee and Community Engagement - Employee costs from continuing operations amounted to approximately RMB 315.8 million in 2023, down from RMB 372.1 million in 2022[40]. - The company has maintained good working relationships with its employees, employing 1,723 full-time staff as of December 31, 2023[40]. - The company has implemented six safety systems in its mining operations to ensure high safety standards[45]. - There were no significant disputes or conflicts with surrounding communities during the year ended December 31, 2023[42]. - The group donated approximately RMB 2.8 million during the year[151]. Governance and Management - The board consists of nine members, including six executive directors and three independent non-executive directors, ensuring a balance of power[166]. - The audit committee has been established to review and monitor the group's financial reporting procedures and internal controls[160]. - The company has adopted the corporate governance code as per the listing rules and has complied with most provisions[164]. - The chairman and CEO roles are held by the same individual, which the board believes is in the best interest of the group[165]. - The independent non-executive directors have confirmed their independence and have no significant relationships with the group[169]. - The board held a total of seven meetings and one shareholders' meeting during the year ended December 31, 2023, with attendance rates for executive directors ranging from 5/7 to 7/7[178]. - The audit committee conducted two meetings during the year, reviewing financial statements and the effectiveness of risk management and internal controls[187]. - The nomination committee held one meeting, focusing on the structure, composition, and diversity of the board[190]. - The company has established a dividend policy adopted in 2018, which requires the board to consider multiple factors before recommending any dividends[172]. Future Outlook - The company has set a revenue guidance of $200 million for the next fiscal year, reflecting a 10% growth expectation[100]. - Future outlook remains positive, with anticipated growth driven by both domestic and international demand for coal products[100]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[100]. - A strategic acquisition of a local mining firm is underway, expected to enhance production capacity by 40%[100]. - The company is investing $50 million in research and development for sustainable mining practices over the next three years[100]. - The management emphasized a focus on improving safety standards, aiming for a 50% reduction in workplace incidents by the end of the year[100].

智通财经APP讯，飞尚无烟煤(01738)发布2023年全年业绩，收入9.91亿元(人民币，下同)，同比减少约38.2%;股东应占亏损4.93亿元，而2022年同期取得溢利2600万元;每股亏损0.36元。 据悉，收益减少主要因自产无烟煤的平均售价下降及销量减少所致。自产无烟煤的销量由2022年的约289万吨减少至2023的约230万吨，减少约20.6%。销量下降的原因为：(1)集团面临现有採煤工作面整体地质情况复杂;及(2)因永晟煤矿和大运煤矿发生了几次因採矿过程中瓦斯排放不及时，超出适用的监管限制而导致的瓦斯超限事件导致停产。自产无烟煤的平均售价(扣除增值税)由2022年的每吨554.2元减少至2023的每吨431.4元，下跌约22.2%，主要由于集团煤矿的煤质下降及中国内地煤炭市场的整体价格下跌。 ...

Financial Performance - Revenue from continuing operations for the year ended December 31, 2023, was RMB 990,786 thousand, a decrease from RMB 1,603,197 thousand in 2022, representing a decline of approximately 38.2%[20] - The net loss attributable to ordinary shareholders for 2023 was RMB (589) thousand, compared to a profit of RMB 27,122 thousand in 2022, indicating a significant turnaround in performance[2] - Gross profit from continuing operations decreased by approximately 64.8% to RMB 232.5 million[24] - Loss attributable to owners of the parent from continuing operations was approximately RMB 492.8 million, compared to a profit of RMB 26.0 million in the previous year[24] - Net loss for the year was RMB 519.7 million, compared to a profit of RMB 101.1 million in the previous year[35] - Basic loss per share from continuing operations was approximately RMB 0.36[24] - Total revenue from coal sales was RMB 990.646 million in 2023, down from RMB 1,602.737 million in 2022, indicating a significant decline[106] Cost and Expenses - The cost of sales for 2023 was RMB 758,332 thousand, down from RMB 942,674 thousand in 2022, reflecting a decrease of approximately 19.5%[6] - Employee benefit expenses and depreciation, amortization, and impairment costs totaled approximately RMB 416.3 million in 2023, down from RMB 572.8 million in 2022[8] - Other operating expenses from continuing operations decreased from approximately RMB 94.4 million in 2022 to about RMB 48.5 million in 2023[128] - Financing costs decreased by approximately 6.6% from RMB 152.6 million in 2022 to RMB 142.6 million in 2023[128] - Depreciation and amortization expenses decreased by RMB 79,200,000, or about 27.3%, from RMB 289,900,000 in 2022 to RMB 210,700,000 in 2023, primarily due to reduced production and lower unit construction costs[199] Assets and Liabilities - Total assets decreased to RMB 3,105.9 million from RMB 3,318.0 million[43] - Total liabilities increased to RMB 4,164.4 million from RMB 3,865.8 million[44] - As of December 31, 2023, the group's net current liabilities were approximately RMB 3,537.5 million, an increase from RMB 3,011.7 million as of December 31, 2022[62] - The total equity attributable to the owners of the parent company was RMB (1,282.6) million, compared to RMB (796.9) million in the previous year[61] - The company's total liabilities for interest-bearing bank and other borrowings increased to RMB 1,702,875,000 in 2023, up from RMB 1,496,404,000 in 2022, representing a growth of approximately 13.8%[190] Revenue Sources and Customer Concentration - The company reported that sales from three major customers accounted for 16.5%, 14.4%, and 11.2% of total revenue in 2023, compared to 15.9%, 11.9%, and 10.6% in 2022, indicating a shift in customer concentration[14] - Revenue from the sale of processed coal decreased from approximately RMB 948.1 million in 2022 to about RMB 575.1 million in 2023, a decline of approximately 39.2%[122] - Sales volume of self-produced anthracite coal dropped by about 20.6%, from approximately 2.89 million tons in 2022 to about 2.30 million tons in 2023[121] - Average selling price of self-produced anthracite coal decreased by approximately 22.2%, from RMB 554.2 per ton in 2022 to RMB 431.4 per ton in 2023[121] Taxation and Deferred Tax - The effective corporate income tax rate for the group is 25%, with a reduced rate of 15% applicable to a specific subsidiary due to compliance with regional development standards[9] - The company has confirmed deferred tax assets due to expected taxable profits from coal mining subsidiaries, with unutilized tax losses totaling approximately RMB 1,280.8 million as of December 31, 2023[12] - The deferred tax expense from continuing operations was RMB 30.463 million in 2023, down from RMB 58.134 million in 2022[111] Cash Flow and Financing - Cash and cash equivalents decreased to RMB 10.1 million from RMB 24.7 million[43] - The company received a total of RMB 968 million in short-term financing from Guizhou Bank, with a term from March 19, 2024, to March 18, 2025[146] - As of March 1, 2024, the company received a net amount of RMB 84.29 million from a short-term bank loan agreement with Guiyang Bank, with a fixed annual interest rate of 6.96%[151] - The cash flow from operating activities showed a net outflow of RMB 646,000 in 2023, compared to an outflow of RMB 741,000 in 2022, reflecting an improvement[89] Strategic Focus and Future Plans - The group is implementing measures to improve profitability and cash flow, including expanding coal washing capacity and controlling production costs[67] - The group aims to enhance the competitiveness and average selling price of its coal products through quality management initiatives[67] - The company plans to reduce reliance on a limited number of large customers by expanding its product mix through coal washing and blending[196] - The company plans to continue implementing targeted expansionary fiscal and monetary policies to stabilize its operations amid external uncertainties[118] Operational Changes and Management - The company has terminated operations at the Dog Field Coal Mine, which has been inactive since 2013[74] - The company's board announced several executive changes effective January 12, 2024, including the appointment of Wang Xinhua as the new executive director and chairman[152] - The company plans to hold its 2024 Annual General Meeting on June 18, 2024[156]

Financial Performance - Revenue from continuing operations decreased by approximately 8.2% to about RMB 641.3 million for the six months ended June 30, 2023, compared to approximately RMB 698.8 million for the same period in 2022[8]. - Gross profit from continuing operations decreased by approximately 17.1% to about RMB 224.3 million for the six months ended June 30, 2023, compared to approximately RMB 270.7 million for the same period in 2022[8]. - Loss attributable to owners of the parent from continuing operations increased by approximately 42.6% to about RMB 22.5 million for the six months ended June 30, 2023, compared to approximately RMB 15.8 million for the same period in 2022[8]. - Total revenue decreased by approximately 8.2% from RMB 698.8 million to RMB 641.3 million due to a decline in average selling price and sales volume of self-produced anthracite coal[18]. - The company reported a loss of RMB 18,345,000 for the six months ended June 30, 2023, compared to a profit of RMB 28,835,000 in the same period of 2022, indicating a significant decline in performance[87]. - The company reported a total comprehensive loss of RMB 24,092,000 for the six months ended June 30, 2023, compared to a total comprehensive income of RMB 11,184,000 in the same period of 2022[95]. Production and Sales - The average selling price and sales volume of coal products decreased compared to the same period in 2022 due to high inventory levels and a decline in market prices[12]. - Total production for the reporting period was approximately 1.12 million tons, with confirmed and inferred total reserves of approximately 165.11 million tons as of June 30, 2023[15]. - Sales volume of self-produced anthracite coal decreased by about 3.6%, from approximately 1.37 million tons to 1.32 million tons, attributed to complex geological conditions[18]. - Revenue from coal processing sales increased from approximately RMB 381.0 million to RMB 398.6 million, accounting for 62.2% of total revenue in the reporting period[20]. Financial Position - As of June 30, 2023, the group's net current liabilities were approximately RMB 3,153 million, an increase from RMB 3,011.7 million as of December 31, 2022[36]. - The total outstanding short-term and long-term bank borrowings amounted to approximately RMB 1,584.9 million and RMB 182.6 million, respectively, as of June 30, 2023[37]. - The group's asset-liability ratio was 140.4% as of June 30, 2023, slightly up from 139.4% at the end of 2022[46]. - The company has a net current liability of RMB 3,153.0 million and shareholder deficit of RMB 566.8 million as of June 30, 2023, indicating significant uncertainty regarding the company's ability to continue as a going concern[85]. Costs and Expenses - Labor costs decreased by approximately 11.9% from RMB 128.4 million to RMB 113.0 million, benefiting from economies of scale after the expansion of Dayun Coal Mine[22]. - The processing cost of coal increased from approximately RMB 33.7 million to RMB 41.6 million due to higher transportation costs and increased processing volume[25]. - Total employee cost for the reporting period was approximately RMB 165.3 million, compared to RMB 181.4 million for the same period last year[48]. - The total depreciation expense for the period was RMB 127.8 million, slightly down from RMB 131.1 million in the previous year[138]. Market Conditions - The macroeconomic environment remains challenging due to external risks, including ongoing geopolitical tensions and potential recessions in major economies[10]. - Overall electricity consumption increased by 5% year-on-year in the first half of 2023, supporting the recovery of the thermal power industry, which grew by 7.5%[11]. - The coal industry is expected to see moderate supply growth due to low capital expenditure and strict safety regulations, with coal supply policies continuing to stabilize domestic production[52]. - Government stimulus measures are anticipated to support economic recovery, providing stable demand for electricity and coal consumption[52]. Strategic Initiatives - The company plans to close the Dogchang Coal Mine as part of a restructuring plan approved by local authorities[32]. - The company aims to enhance production efficiency and quality management to improve competitiveness and average selling prices amid strict regulatory environments[54]. - Guizhou Puxin plans to explore investment opportunities in the renewable energy sector, leveraging resources and experience from major shareholders[54]. - The company is focusing on expanding its market presence and enhancing its operational efficiency to improve future performance[88]. Shareholder Information - As of June 30, 2023, major shareholders include Li Feili with a total of 714,029,650 shares, representing 51.72% of issued shares[58]. - Feishang Group Limited directly holds 699,029,650 ordinary shares, representing approximately 50.1% of the issued shares[62]. - A share pledge agreement was established on May 19, 2023, where Feishang Group Limited pledged 600 million shares as collateral for a financing guarantee of up to RMB 200 million[62]. Compliance and Governance - The company has complied with the corporate governance code, except for the provision that the roles of chairman and CEO should be separated[70]. - The board of directors confirmed that all directors complied with the securities trading code during the reporting period[71]. - The company has not established any arrangements allowing directors to benefit from acquiring shares or bonds of the company or any other entity during the review period[68]. Deferred Tax and Accounting - The company is currently assessing its deferred tax risks related to the OECD's Pillar Two legislation, which is expected to impact future financial disclosures[108]. - The company adopted new and revised International Financial Reporting Standards (IFRS) effective January 1, 2023, with no impact on the interim financial data but expected effects on annual financial statement disclosures[98]. - The company has implemented retrospective application of the new accounting standards effective from January 1, 2023, impacting its financial reporting[107].

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Feishang Anthracite Resources Limited 飛 尚 無 煙 煤 資 源 有 限 公 司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1738） 截至二零二三年六月三十日止 六個月之中期業績公告 中期業績 截至二零二三年六月三十日止六個月 • 來自持續經營業務之收益由截至二零二二年六月三十日止六個月的約人民 幣698.8百萬元減少約8.2%至截至二零二三年六月三十日止六個月的約人民 幣641.3百萬元 • 來自持續經營業務之毛利由截至二零二二年六月三十日止六個月的約人民 幣270.7百萬元減少約17.1%至截至二零二三年六月三十日止六個月的約人 民幣224.3百萬元 ...

Financial Performance - The company recorded a turnaround from a consolidated loss of approximately RMB 96.5 million in the previous year to a consolidated profit of approximately RMB 101.0 million for the year ended December 31, 2022[18]. - The company recorded a consolidated profit attributable to equity holders of approximately RMB 53.1 million for the year ended December 31, 2022, a significant improvement from a consolidated loss of approximately RMB 113.8 million in the previous year[33]. - The profit from continuing operations for 2022 was approximately RMB 73.9 million, a significant recovery from a loss of approximately RMB 92.9 million in 2021, driven by increased average selling prices and sales volume of self-produced anthracite coal, contributing approximately RMB 261.7 million to gross profit[65]. - The profit attributable to owners of the parent from continuing operations was approximately RMB 26.0 million in 2022, compared to a loss of approximately RMB 110.3 million in 2021[67]. - Total revenue from continuing operations increased by approximately 43.0% from RMB 1,121.0 million in 2021 to RMB 1,603.2 million in 2022, primarily due to the rise in average selling price and sales volume of smokeless coal[48]. Market Conditions - The average selling price and sales volume of the company's coal products increased compared to the previous year, benefiting from a strong coal market[18]. - The overall coal market price remained high throughout the year, with significant fluctuations driven by energy shortages and price surges[17]. - The overall coal demand is expected to significantly increase in the short term, supported by stable domestic consumption and government policies aimed at economic recovery[21]. - The coal market remains in a tight balance, with supply pressures due to low capital expenditure in the coal industry, leading to slow growth in new production capacity[28]. - The coal industry is expected to experience moderate constraints on capacity and production expansion due to ongoing capital expenditure challenges and strict safety regulations[20]. Production and Operations - Domestic coal production increased significantly by 9% year-on-year, despite challenges in the supply chain and regulatory environment[16]. - The company reported a significant increase in coal production, achieving a total output of 5 million tons, representing a 20% year-over-year growth[97]. - The company aims to expand high-quality production capacity and implement mechanized and intelligent production management to achieve economies of scale and diversify product offerings[23]. - The company continues to explore and optimize coal mine design, applying new technologies and equipment to improve operational efficiency and reduce production costs[32]. - The company plans to enhance its operational efficiency and safety management to support production growth and cost control[52]. Financial Management - The company continues to face financial burdens from existing interest-bearing loans, impacting profitability[18]. - As of December 31, 2022, the group's net current liabilities increased to approximately RMB 3,011.7 million from approximately RMB 2,896.4 million in 2021, with cash and cash equivalents at approximately RMB 24.7 million[72]. - The total outstanding short-term and long-term bank borrowings as of December 31, 2022, amounted to approximately RMB 1,496.4 million and RMB 214.9 million, respectively[73]. - The group recognized an impairment provision of approximately RMB 2.7 million for trade receivables and prepayments, compared to a reversal of approximately RMB 2.0 million in 2021, primarily due to changes in expected credit losses[61]. - Financing costs decreased by approximately 5.5% from about RMB 161.6 million in 2021 to approximately RMB 152.6 million in 2022, primarily due to a reduction in interest-bearing bank and other borrowings[63]. Environmental and Safety Management - The company is committed to enhancing safety management and environmental protection measures to ensure safe production amid stringent regulatory environments[30]. - The company has invested in environmental facilities and established management systems for environmental monitoring[43]. - The company aims to enhance its environmental, social, and governance (ESG) initiatives, with a target of reducing carbon emissions by 20% by 2025[97]. - The company has implemented six safety systems in mining operations to ensure a safe working environment[44]. - The management team emphasized the importance of safety, reporting a 10% reduction in workplace incidents over the past year[97]. Customer and Supplier Relationships - In 2022, the largest customer accounted for approximately 15.9% of total sales, while the top five customers represented about 53.0% of total sales[36]. - The procurement amount from the largest supplier in 2022 was approximately 20.6% of total procurement, with the top five suppliers accounting for about 41.4%[36]. - The company aims to reduce reliance on a limited number of large customers by expanding its product portfolio through coal washing and blending[49]. - The company maintained good business relationships with major customers, with relationships lasting between two to six years[36]. Corporate Governance - The board consists of nine members, including six executive directors and three independent non-executive directors, ensuring a balance of power[166]. - The company has established a risk management and internal control system, which is overseen by the board of directors[172]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[169]. - The company has adopted a stock option plan as a reward for directors and eligible employees, but no options were granted for the year ended December 31, 2022[155]. - The company is committed to maintaining good corporate governance practices to enhance shareholder value[163]. Strategic Initiatives - The company will actively seek investment opportunities in the renewable energy sector, leveraging resources and experience from major shareholders in line with carbon peak and carbon neutrality goals[24]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified that could add $G million in annual revenue[92]. - Market expansion plans include entering two new regions, which are expected to generate an estimated $F million in additional revenue over the next two years[92]. - A new coal processing facility is expected to be operational by Q3 2024, which will increase production capacity by 40%[97]. - The company has closed three coal mines and acquired and operated three new coal mines as part of its expansion strategy[144].