Financial Performance - Total revenue for 2022 reached RMB 18,289,596 thousand, a 46.5% increase from RMB 12,449,318 thousand in 2021[28] - Gross profit for 2022 was RMB 4,493,835 thousand, compared to RMB 1,515,928 thousand in 2021, reflecting a significant growth[28] - Profit before tax increased to RMB 3,184,970 thousand in 2022, up from RMB 1,439,137 thousand in the previous year, marking a 121.3% rise[28] - The total comprehensive income for the year was RMB 3,568,068 thousand, compared to RMB 1,277,212 thousand in 2021, indicating a strong performance[28] - The company's revenue increased by 46.9% from RMB 12,449.3 million for the year ended December 31, 2021, to RMB 18,289.6 million for the year ended December 31, 2022[35] - Annual profit increased significantly from RMB 1,260.0 million for the year ended December 31, 2021, to RMB 3,028.1 million for the year ended December 31, 2022, with a net profit margin growth from 10.1% to 16.6%[55] Asset and Liability Management - Non-current assets increased to RMB 12,015,872 thousand in 2022, up from RMB 7,637,849 thousand in 2021, showing robust asset growth[29] - Total assets reached RMB 20,840,394 thousand in 2022, compared to RMB 12,281,400 thousand in 2021, reflecting a strong expansion[29] - The total liabilities increased to RMB 8,812,597 thousand in 2022, compared to RMB 7,107,743 thousand in 2021, indicating increased leverage[29] - Equity attributable to owners of the parent rose to RMB 8,476,396 thousand in 2022, compared to RMB 3,138,398 thousand in 2021, demonstrating strong shareholder value growth[29] - The company's debt as of December 31, 2022, was RMB 6,291.4 million, an increase from RMB 4,762.5 million as of December 31, 2021[69] - The debt-to-equity ratio improved from 0.9 as of December 31, 2021, to 0.5 as of December 31, 2022, due to significant equity increase from the IPO[70] Operational Developments - The company successfully launched the second phase of the nickel product smelting project in Indonesia, significantly exceeding design capacity in the first phase[32] - The company successfully completed the HPAL project, achieving over 100% utilization of the first phase production lines[36] - The company is in the construction phase for the third phase of the wet process project, following regulatory approvals[36] - The company plans to build multiple integrated downstream production bases in Indonesia, including Obi Island, to maximize resource utilization and achieve intensive benefits[81] - The company aims to enhance operational efficiency across the entire industrial chain on Obi Island, minimizing operational and production costs[81] Revenue Streams and Market Position - Nickel product trading revenue decreased by 5.8% from RMB 8,771.1 million to RMB 8,259.0 million, primarily due to a decline in nickel ore sales volume[43] - The average selling price and sales volume of nickel iron increased, contributing to a revenue increase of RMB 1,285.1 million despite a decrease in overall trading revenue[43] - Revenue from production business increased significantly from RMB 2,448.5 million in 2021 to RMB 9,119.2 million in 2022, driven by the consolidation of HPL and increased customer demand for nickel-iron products[44] - The company’s nickel cobalt compound production revenue increased significantly, contributing 39.4% to total revenue in 2022[42] Cost Management and Expenses - Administrative expenses increased significantly from RMB 301.1 million in 2021 to RMB 791.3 million in 2022, primarily due to business expansion and increased personnel costs[49] - Financing costs rose sharply from RMB 79.3 million in 2021 to RMB 254.4 million in 2022, mainly due to increased bank loan interest[51] - Sales and distribution expenses decreased by 22.5% from RMB 124.1 million in 2021 to RMB 96.2 million in 2022, due to optimization of personnel structure[48] - Other operating expenses increased significantly from RMB 91.9 million in 2021 to RMB 388.9 million in 2022, mainly due to investment losses linked to nickel price fluctuations[50] Research and Development Initiatives - The company is committed to increasing R&D investment to enhance production processes and develop new technologies, including a domestic R&D center[79] - Future R&D directions include comprehensive utilization of metal resources from laterite nickel ore and development of nickel-cobalt composite materials[79] - The company plans to establish a high-quality research team and strengthen collaborations with academic institutions to boost R&D capabilities[79] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance and transparency[99] - The company has a whistleblowing mechanism in place to report and investigate any potential violations[99] - The board of directors consists of three independent non-executive directors, accounting for over one-third of the board members[103] - The company has implemented mechanisms to ensure independent viewpoints are considered in board decisions[106] Shareholder Communication and Dividend Policy - The company maintains communication with shareholders through various channels and presents independent resolutions for significant matters at shareholder meetings[138] - The company did not recommend the payment of a final dividend for the year ended December 31, 2022[151] - Future dividends will be subject to the company’s articles of association and relevant Chinese laws, requiring a 10% allocation of net profits to statutory reserves until it reaches over 50% of registered capital[137] Environmental and Social Responsibility - The company is committed to sustainable development and aims to create a livable industrial city while maintaining good relations with local governments[81] - The company emphasizes the importance of protecting the local ecosystem and environment while promoting a resource-saving and environmentally friendly industrial park[81] - The company is focused on low-carbon green operations and aims to promote green economic strategies under the Belt and Road Initiative[81]

Employee Count - The total number of full-time employees as of December 31, 2022, is corrected to 6,694, down from the previously reported 7,556[1] - The decrease in full-time employees was due to the erroneous inclusion of the full-time staff from the company's joint ventures[1] - The board confirmed that the clarification does not affect any other information provided in the announcement[1]

Financial Performance - Revenue increased from RMB 12,449.3 million for the year ended December 31, 2021, to RMB 18,289.6 million for the year ended December 31, 2022, representing a growth of 46.9% [2] - Gross profit rose from RMB 1,515.9 million in 2021 to RMB 4,493.8 million in 2022, with a gross margin of 24.6%, up 12.4 percentage points from 12.2% in 2021 [2] - Profit for the year reached RMB 3,028.1 million, a 140.3% increase from RMB 1,260.0 million in the previous year [2] - Profit attributable to owners of the company increased by 57.8% to RMB 1,735.2 million from RMB 1,099.5 million in 2021 [2] - The company's total revenue for the year ended December 31, 2022, was RMB 18,289,596 thousand, representing a 46.8% increase from RMB 12,449,318 thousand in 2021 [17] - Nickel product sales accounted for RMB 17,378,249 thousand, while equipment sales and other revenues were RMB 655,933 thousand and RMB 255,414 thousand, respectively [17] - Revenue from mainland China reached RMB 16,028,582 thousand, up from RMB 10,379,462 thousand in the previous year, indicating a growth of 54.5% [14] - The pre-tax profit for the year is RMB 3,184,970,000, compared to RMB 1,439,137,000 in the previous year, indicating a significant increase of approximately 121% [32] - Net profit increased from RMB 1,260.0 million to RMB 3,028.1 million, with net profit margin growing from 10.1% to 16.6% [74] Assets and Liabilities - Cash and cash equivalents as of December 31, 2022, amounted to RMB 4,426.2 million, a significant increase of 213.2% from RMB 1,413.3 million in 2021 [2] - Total assets less current liabilities stood at RMB 15,987.1 million, compared to RMB 8,785.2 million in the previous year [7] - Non-current assets increased to RMB 12,015.9 million from RMB 7,637.8 million in 2021 [5] - Current liabilities totaled RMB 4,853.3 million, up from RMB 3,496.2 million in the previous year [5] - The net asset value increased to RMB 12,027.8 million from RMB 5,173.7 million in 2021 [7] - The company's debt as of December 31, 2022, was RMB 6,291.4 million, up from RMB 4,762.5 million in 2021, reflecting a growth of 32.1% [82] - The debt-to-equity ratio decreased from 0.9 as of December 31, 2021, to 0.5 as of December 31, 2022, primarily due to a significant increase in equity from the IPO [82] Cash Flow and Investments - Net cash flow from operating activities for the year ended December 31, 2022, was RMB 1,999.3 million, up from RMB 811.3 million in 2021, reflecting a significant increase of 146.4% [77] - Net cash used in investing activities for the year ended December 31, 2022, was RMB 3,780.7 million, compared to RMB 643.3 million in 2021, indicating a substantial increase of 485.5% [78] - Net cash generated from financing activities for the year ended December 31, 2022, was RMB 4,583.6 million, a significant rise from RMB 997.2 million in 2021, representing an increase of 359.5% [79] - The total capital expenditure for the year ended December 31, 2022, was RMB 3,884.7 million, compared to RMB 661.6 million in 2021, marking an increase of 485.5% [81] Dividends and Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2022 [2] - The company declared a special dividend of RMB 466,779,405.00 on January 3, 2023, to shareholders listed on January 22, 2023 [85] - The board has resolved not to recommend the payment of a final dividend for the year ended December 31, 2022 [89] Operational Developments - The company successfully completed the first phase of its hydrometallurgical project in Indonesia, enhancing operational efficiency [49] - The first phase of the wet smelting project in Indonesia has achieved over 100% utilization, with the second phase's production line launched in January 2023 and reaching target output by February 2023 [51] - The company plans to expand upstream resource channels and seek quality nickel ore investment opportunities to ensure a stable supply of nickel resources [54] - The HPAL project has a total design capacity of 120,000 metal tons of nickel-cobalt compounds, with two production lines already operational, producing MHP [55] - The RKEF project plans 20 nickel-iron production lines with a total annual design capacity of 280,000 metal tons, with the first phase expected to launch in 2023 [56] Research and Development - The company plans to establish a research and development center domestically to enhance R&D capabilities and promote sustainable development across business segments [57] - Future R&D directions include comprehensive utilization of metal resources from laterite nickel ore and development of nickel-cobalt composite materials and lithium battery materials [58] Employee and Corporate Governance - The company has a total of 7,556 full-time employees as of December 31, 2022 [88] - The annual general meeting is expected to be held on June 15, 2023 [98] - The company will suspend share transfer registration from June 12, 2023, to June 15, 2023, to determine eligibility for attending the annual general meeting [99]