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 就 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。 PERSISTENCE RESOURCES GROUP LTD 集海資源集團有限公司 （股份代號：2489） （於開曼群島註冊成立的有限公司） 2025年第一季度報告 集 海 資 源 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至2025年3月31日 止 第 一 季 度（「報告期間」）之 未 經 審 核 業 績（「第一季度報告」）。本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上市規則第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息 條 文 作 出。 本 公 司 第 一 季 度 報 告 未 經 審 核。本 公 司 審 核 委 員 ...

Financial Performance - Revenue for 2024 reached RMB 499,505,000, an increase of 30.3% compared to RMB 383,463,000 in 2023[11] - Gross profit for 2024 was RMB 253,759,000, representing a 38.3% increase from RMB 183,253,000 in 2023[11] - Profit attributable to equity holders of the parent company was RMB 104,760,000, up 61% from RMB 65,025,000 in 2023[11] - Net profit for the year ended December 31, 2024, was approximately RMB 146,608,000, representing an increase of about 54.4% from RMB 94,939,000 in 2023[22] - The company's attributable profit for the year was approximately RMB 104,760,000, an increase of about 61.1% from RMB 65,025,000 in 2023, mainly due to increased sales volume[51] - The cost of sales for the year was approximately RMB 245,746,000, an increase of about 22.7% from RMB 200,210,000 in 2023, attributed to higher depreciation, smelting costs, and resource tax increases[44] - Gross profit for the year was approximately RMB 253,759,000, up about 38.5% from RMB 183,253,000 in 2023, with a gross margin of approximately 50.8%, an increase of about 3.0% from 47.8% in 2023[45] - Other income and gains for the year were approximately RMB 19,703,000, doubling from RMB 9,851,000 in 2023, mainly due to increased interest income from cash and cash equivalents[46] Production and Sales - The company extracted a total of 1,989.3 thousand tons of ore in 2024, an increase of 8.7% from 1,830.7 thousand tons in 2023[13] - Gold production for 2024 was 904.3 kg, which is a 2.3% increase from 882.3 kg in 2023[13] - Gold sales in 2024 reached 913.3 kg, up from 872.3 kg in 2023, marking an increase of 4.7%[13] - The gold recovery rate from the processing plant was 94.52% in 2024, slightly improved from 94.46% in 2023[13] - The total gold production for the year was approximately 904.3 kg (or about 28,872.0 ounces), an increase of about 2.5% compared to the previous year[26] Market and Strategic Outlook - The company plans to continue expanding its mining operations and enhance its production capabilities in the coming years[18] - The board of directors expressed confidence in achieving further growth and profitability in the future[18] - The average selling price of gold increased by approximately 24.4%, contributing to the revenue growth[27] - The company plans to complete the second phase of its mining optimization plan in 2025, which is expected to extend the service life of its Songjiagou open-pit mine[23] - The company anticipates that the U.S. interest rate cut cycle will continue, positively impacting the gold market in the medium to long term[67] Governance and Compliance - The company appointed three independent non-executive directors in November 2023, enhancing its governance structure[80][82][83][84] - The audit committee has reviewed the audited consolidated financial statements for the year and confirmed compliance with applicable accounting standards and legal regulations[147] - The company has confirmed compliance with disclosure requirements under the Listing Rules for the year ended December 31, 2024[137] - The independent non-executive directors have reviewed compliance with the non-competition agreement with Majestic Gold Corp. and found adherence to the commitments[138] - The board consists of eight members, including four executive directors and four independent non-executive directors[160] Environmental, Social, and Governance (ESG) Initiatives - The company aims to integrate environmental, social, and governance (ESG) considerations into its operations to enhance its core competitiveness[23] - The board of directors emphasized a commitment to sustainable practices, aiming for a 20% reduction in carbon emissions by 2025[89] - The group is committed to environmental protection and regularly reviews its environmental policies and performance[91] - The ESG committee was established to assist the board in managing all ESG-related matters and will be effective from February 6, 2025[195] Shareholder and Dividend Information - The company declared an interim dividend of approximately RMB 59,000,000 on August 30, 2024, with no further annual dividend recommended for the year[31] - The board does not recommend a final dividend for the year ending December 31, 2024[98] - The company plans to enhance shareholder returns with a proposed dividend increase of 10% in the next fiscal year[89] Employee and Training Information - The company had a total of 506 employees as of December 31, 2024, with a total training time of 2,508 hours during the year[126] - The company does not find it appropriate to set specific gender targets for its employee team, focusing instead on other relevant factors in candidate selection[179] Risk Management and Financial Position - The company's effective tax rate for the year was approximately 31.4%, down from about 35.1% in 2023, reflecting an increase in pre-tax profits[50] - The company's net cash and cash equivalents increased from approximately RMB 586,840,000 on December 31, 2023, to approximately RMB 639,599,000 on December 31, 2024, primarily due to profits earned during the year[53] - The company has no significant contingent liabilities as of December 31, 2024[65] - The company has no mortgages on any assets, except for a deposit of RMB 21,212,000 for environmental restoration guarantees[63] Acquisitions and Investments - The company acquired a 52% stake in Yantai Mijin Mining Co., Ltd. for RMB 81,900,000, enhancing its market position[21] - The acquisition of 52% equity in Mouk Jin was completed for a total consideration of RMB 81,900,000, with the financial performance of Mouk Jin to be consolidated into the group's financial statements[142] Corporate Governance Practices - The company is committed to high levels of corporate governance and continuously reviews its governance practices[154] - The board has established various committees, including the remuneration committee, nomination committee, and audit committee, to oversee corporate governance functions[157] - The company has adopted a board diversity policy, focusing on achieving a balance in professional knowledge, skills, experience, and perspectives[178]

Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue was approximately RMB 499,505,000, an increase of about 30.3% compared to RMB 383,463,000 in 2023[3] - The net profit for the same period was approximately RMB 146,608,000, representing a growth of about 54.4% from RMB 94,939,000 in 2023[3] - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 5.24, up about 21.8% from RMB 4.30 in 2023[3] - The profit attributable to the parent company was approximately RMB 104,760,000, an increase of about 61.1% from RMB 65,025,000 in 2023[3] - The total comprehensive income for the year was RMB 151,346,000, compared to RMB 94,425,000 in 2023, reflecting a significant increase[6] - The gross profit margin for the year was approximately 50.9%, compared to 47.8% in the previous year[5] - The group's revenue for the year was approximately RMB 499,505,000, an increase of about 30.3% compared to RMB 383,463,000 in 2023, driven by a 24.4% rise in average selling price and a 4.7% increase in sales volume[109] - The net profit for the year was approximately RMB 146,608,000, representing a 54.4% increase from RMB 94,939,000 in 2023, primarily due to higher average selling prices and increased interest income from cash reserves[110] Assets and Liabilities - The group's total assets less current liabilities amounted to RMB 1,115,586,000 as of December 31, 2024, compared to RMB 1,039,815,000 in 2023[7] - The group's cash and cash equivalents increased to RMB 639,599,000 from RMB 586,840,000 in 2023[7] - The total liabilities decreased to RMB 139,376,000 from RMB 178,086,000 in 2023, indicating improved financial stability[7] - Total assets minus current liabilities increased to RMB 1,115,586 thousand in 2024 from RMB 1,039,815 thousand in 2023, representing a growth of approximately 7.3%[8] - Net assets rose to RMB 1,053,459 thousand in 2024, up from RMB 975,935 thousand in 2023, indicating an increase of about 7.9%[8] - Non-current liabilities decreased slightly to RMB 62,127 thousand in 2024 from RMB 63,880 thousand in 2023, a reduction of approximately 2.8%[8] - The company's equity attributable to owners increased to RMB 883,464 thousand in 2024, compared to RMB 827,788 thousand in 2023, reflecting a growth of around 6.7%[8] Revenue Sources - Revenue from gold bar sales increased to RMB 499,505 thousand in 2024, up from RMB 383,463 thousand in 2023, representing a growth of approximately 30.3%[99] - Sulfur sales generated RMB 5,441 thousand in 2024, compared to RMB 4,783 thousand in 2023, indicating an increase of about 13.8%[99] - Government subsidies received amounted to RMB 835 thousand in 2024, significantly higher than RMB 170 thousand in 2023, reflecting a growth of approximately 391.2%[99] - Interest income rose to RMB 13,059 thousand in 2024, compared to RMB 4,493 thousand in 2023, marking an increase of around 190.5%[99] - Total other income and gains increased to RMB 19,703 thousand in 2024 from RMB 9,851 thousand in 2023, showing a growth of approximately 99.0%[99] Operational Highlights - The company operates a single reportable segment: mining and processing of gold, with all revenue derived from operations in mainland China[98] - The group's gold production for the year was approximately 904.3 kg (or about 28,872.0 ounces), an increase of about 2.5% compared to the previous year[108] - The group completed 23 exploration drill holes at a cost of approximately RMB 5,424,000 to enhance gold reserves[111] - The company has identified significant uncertainties related to environmental restoration liabilities, which may lead to substantial adjustments in asset and liability valuations in the next fiscal year[92] Financial Reporting and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[12] - The group has adopted revised accounting standards for the financial statements, including IFRS 16 regarding lease liabilities from sale and leaseback transactions, which has no impact on the group's financial position[17] - The group has reassessed the classification of liabilities as current or non-current under the revised IAS 1, confirming that there is no change in classification for the group[18] - The group does not have any supplier financing arrangements, thus the amendments related to supplier financing have no impact on the financial statements[17] - The group has confirmed that the adoption of the revised standards does not affect its financial situation or performance[17] Governance and Management - The company has adhered to the corporate governance code during the year ending December 31, 2024, with no known deviations[157] - The roles of the chairman and CEO are currently held by the same individual, which the board believes is in the best interest of the company[159] - The company will continue to review the separation of the roles of chairman and CEO as appropriate in the future[159] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year[162] Future Outlook - The company anticipates that the U.S. interest rate reduction cycle will continue into 2025, positively impacting the gold market[146] - The group faces various financial risks, including interest rate risk and commodity price risk, which could impact revenue and profitability due to fluctuations in gold prices and other commodities[137][138]

Financial Performance - For the nine months ended September 30, 2024, the company reported revenue of RMB 364,905 thousand, an increase of 28.6% compared to RMB 283,667 thousand for the same period in 2023[4] - Gross profit for the same period was RMB 191,610 thousand, representing a gross margin of 52.5%, up from RMB 132,008 thousand in 2023[4] - The net profit for the nine months ended September 30, 2024, was RMB 117,995 thousand, a significant increase of 58.0% from RMB 74,685 thousand in 2023[4] - The company reported a total comprehensive income of RMB 119,918 thousand for the nine months ended September 30, 2024, compared to RMB 75,727 thousand in 2023[7] - Basic and diluted earnings per share for ordinary shareholders were approximately RMB 0.043, an increase of approximately 22.9% compared to RMB 0.035 in the comparable period[48] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to RMB 601,138 thousand as of September 30, 2024, compared to RMB 586,840 thousand at the end of 2023[9] - Operating cash flow for the nine months ended September 30, 2024, was RMB 222,223 thousand, up from RMB 146,032 thousand in the same period of 2023[14] - The company's cash flow analysis indicates a healthy liquidity position with a year-over-year increase in cash reserves[24] - The company's cash and cash equivalents increased from approximately RMB 586,840,000 as of December 31, 2023, to approximately RMB 601,138,000 as of September 30, 2024, driven by net cash generated from operating activities[62] Expenses and Costs - The company’s administrative expenses increased to RMB 30,744 thousand for the nine months ended September 30, 2024, from RMB 25,489 thousand in 2023[4] - The cost of sales for the reporting period was approximately RMB 173,295,000, representing a 14.3% increase from RMB 151,659,000 in the comparable period, attributed to increased depreciation, smelting costs, and resource taxes[52] - Administrative expenses for the reporting period were approximately RMB 30,744,000, a 20.6% increase from RMB 25,489,000, primarily due to increased administrative costs post-listing and exploration expenses[56] Assets and Liabilities - The company’s total assets less current liabilities amounted to RMB 1,086,296 thousand as of September 30, 2024, compared to RMB 1,039,815 thousand at the end of 2023[9] - The company’s non-current liabilities totaled RMB 64,070 thousand as of September 30, 2024, slightly up from RMB 63,880 thousand at the end of 2023[12] - As of September 30, 2024, the company had no outstanding bank borrowings, a decrease from RMB 30,000,000 in the comparable period[64] - The group has no significant contingent liabilities as of September 30, 2024, suggesting a stable financial position[76] Production and Operations - The total gold production during the reporting period was approximately 682.3 kg (or about 21,935.4 ounces), an increase of approximately 2.4% compared to the comparable period ending September 30, 2023[45] - The company operates as an investment holding company with subsidiaries engaged in gold mining, processing, and sales in China[29] - The company holds a 100% stake in Majestic Yantai Gold Ltd. and 75% in Yantai Zhongjia Mining Co., Ltd., which is involved in gold mining and processing[30] Risk Management - The group faces significant interest rate risk related to bank borrowings, with all bank loans obtained at fixed rates during the reporting period[69] - The group does not actively seek to hedge against foreign exchange risks, primarily dealing in RMB, but monitors economic conditions and foreign exchange risk[71] - The group has implemented credit verification procedures for all customers to minimize credit risk, trading only with recognized and reputable clients[70] - The group is subject to regulatory risks due to changes in laws and regulations affecting the gold mining and refining industry in China[73] - The board advises investors to exercise caution when trading the company's securities, highlighting the importance of not overly relying on unverified financial data[76] - The group has not utilized any derivative financial instruments to hedge interest rate risks, indicating a conservative approach to financial management[69] Financial Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards and presented in Renminbi[33] - The financial statements include comprehensive disclosures as required by the Hong Kong Companies Ordinance[33] - The company’s subsidiaries' performance is consolidated from the date control is obtained, ensuring accurate financial reporting[35]

PERSISTENCE RESOURCES GROUP LTD 集 海 資 源 集 團 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號：2489 中 期 報 告 A R B B B B B B B B B 的电影 | --- | --- | --- | --- | --- | |-------|----------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | 目錄 | | | | | | | | | | | | 公司資料 | | | 2 | | | 管理層討論及分析 | | | 4 | | | | | | | | | 企業管治及其他資料 | | | | | | | | | 12 | | | 中期簡明綜合損益及其他全面收益表 | | | 19 | | | | | | | | | 中期簡明綜合財務狀況表 | | | 21 | | | 中期簡明綜合權益變動表 | | | 23 | | | 中期簡明綜合現金流量表 | | | 25 | | | 中期簡 ...

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 就 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。 PERSISTENCE RESOURCES GROUP LTD 集海資源集團有限公司 （股份代號：2489） （於開曼群島註冊成立的有限公司） 中期業績公告 截 至2024年6月30日止六個月 | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 財務摘要 | | 截 至 2024 年 6 月 30 日 止 六 ...

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 就 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。 PERSISTENCE RESOURCES GROUP LTD 集海資源集團有限公司 （股份代號：2489） （於開曼群島註冊成立的有限公司） 2024年第一季度報告 集 海 資 源 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至2024年3月31日 止 第 一 季 度（「報告期間」）之 未 經 審 核 業 績（「第一季度報告」）。本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上市規則第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息 條 文 作 出。 本 公 司 第 一 季 度 報 告 未 經 審 核。本 公 司 審 核 委 員 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 383,463,000, a decrease of about 8.4% compared to RMB 418,413,000 in 2022[21] - The net profit for the same period was approximately RMB 94,939,000, down approximately 21.5% from RMB 120,990,000 in 2022[21] - The total ore mined in 2023 was 1,830.70 thousand tons, a decrease from 1,989.20 thousand tons in 2022[14] - Gold production in 2023 was 882.3 kilograms, down from 1,072.5 kilograms in 2022[14] - The company achieved a gold recovery rate of 94.46% in 2023, slightly lower than 95.31% in 2022[14] - The earnings per share for 2023 was RMB 0.04, down from RMB 0.06 in 2022[11] - Revenue for the year was approximately RMB 383,463,000, down about 8.4% from RMB 418,413,000 in 2022, primarily due to a 19.6% decline in sales volume[27] - Net profit for the year was approximately RMB 94,939,000, a decrease of about 21.5% from RMB 120,990,000 in 2022, attributed to reduced gold sales due to mining activity suspension[28] - Basic and diluted earnings per share were approximately RMB 0.04, down about 33.3% from RMB 0.06 in 2022[29] - Gross profit for the year was approximately RMB 183,253,000, a decrease of about 16.2% from RMB 218,590,000 in 2022, with a gross margin of approximately 47.8%[42] - Other income and gains for the year were approximately RMB 9,851,000, down about 26.5% from RMB 13,403,000 in 2022, mainly due to a decline in sulfur sales[43] - Administrative expenses increased by approximately 28.3% to RMB 43,239,000, primarily due to increased listing expenses[44] - Financing costs increased by approximately 7.3% to about RMB 3,170,000 from RMB 2,955,000 in 2022, primarily due to rising actual interest rates[46] - Income tax expenses decreased by approximately RMB 12,600,000 to about RMB 51,318,000 from RMB 63,918,000 in 2022, attributed to a decline in pre-tax profit, with an effective tax rate of approximately 35.1%[47] - Profit attributable to equity holders of the parent company was approximately RMB 65,025,000, a decrease of about 21.9% from RMB 83,214,000 in 2022, mainly due to reduced sales resulting from a suspension of mining activities from May to mid-July 2023[48] Assets and Liabilities - Non-current assets as of December 31, 2023, were RMB 581,707,000, an increase from RMB 554,171,000 in 2022[12] - Current assets increased significantly to RMB 636,194,000 in 2023 from RMB 331,878,000 in 2022[12] - Cash and cash equivalents increased to approximately RMB 586,840,000 as of December 31, 2023, from about RMB 282,187,000 in 2022, primarily due to net proceeds from the successful IPO[50] - The group had outstanding bank borrowings of approximately RMB 30,000,000 as of December 31, 2023, unchanged from 2022, with all borrowings at fixed interest rates[52] - The company's distributable reserves as of December 31, 2023, amounted to approximately RMB 525,411,000, an increase from RMB 322,794,000 in 2022[110] Market and Growth Strategy - The company plans to expand its mining operations and improve gold processing operations to achieve sustainable growth in Shandong Province[22] - The company anticipates that gold spot prices in China will rise in 2024 due to increasing demand for safe-haven assets, with global gold prices expected to grow at a compound annual growth rate of 3.6% from USD 1,801.3 per ounce in 2022 to USD 2,148.4 per ounce by 2027[64] - The company plans to expand its mining operations and increase gold reserves through operational efficiency and acquisition of value-added assets in China[64] - On March 25, 2024, the company’s wholly-owned subsidiary signed a letter of intent to acquire 70% of the issued share capital of a target company engaged in gold mining and related activities in Shandong Province, China[65] IPO and Proceeds Utilization - The company’s market capitalization was marked by its successful listing on the Hong Kong Stock Exchange on December 22, 2023[20] - The net proceeds from the global offering amounted to approximately HKD 218.3 million after deducting underwriting fees and other expenses[66] - As of December 31, 2023, the company has utilized approximately HKD 3.0 million of the net proceeds from the global offering[67] - The allocation of net proceeds includes 20.4% (HKD 44.5 million) for further construction of mining infrastructure, expected to be utilized by June 2025[67] - 55.0% (HKD 120.1 million) of the proceeds is allocated for selective acquisitions of gold mining assets, with a revised timeline for utilization pushed to February 2025[67] - 12.6% (HKD 27.5 million) is designated for repaying existing bank loans, expected to be utilized by September 2024[67] - The company plans to use 10.0% (HKD 21.8 million) for working capital, with HKD 3.0 million already utilized and the remainder expected to be used by December 2025[67] - The remaining unutilized net proceeds are held in a licensed bank in Hong Kong as of December 31, 2023[69] - The company is conducting due diligence on a potential gold mine in Yantai, with a letter of intent signed on March 25, 2024[69] - The timeline for utilizing the remaining proceeds for business expansion through selective acquisitions has been adjusted from September 2024 to February 2025[69] - The company emphasizes a cautious approach to utilizing the proceeds to maintain flexibility in response to changing market conditions[69] Corporate Governance - The company appointed Dr. Jeffrey Francis Malaihollo as an independent non-executive director in November 2023[75] - The board consists of eight members, including four executive directors and four independent non-executive directors[157] - The company has established mechanisms for independent non-executive directors to express their opinions openly and provide independent professional judgment[159] - The board of directors consists of four independent non-executive directors, accounting for 50% of the total board members[168] - All independent non-executive directors confirmed their independence in accordance with the listing rules[168] - The company has complied with the corporate governance code regarding the appointment and re-election of directors[169] - The company has established a nomination committee to evaluate the board's structure and composition, ensuring alignment with corporate strategy[183] - The nomination committee consists of four members, including the executive director and chairman of the committee, ensuring a diverse representation[183] Employee and Social Responsibility - The company is committed to providing equal opportunities and a harmonious work environment for its employees[86] - The company has adopted environmental policies to minimize the impact of its operations on the environment[85] - The company maintains good relationships with its customers and has not experienced any significant disputes or controversies with employees, suppliers, or customers during the year[88] - As of December 31, 2023, approximately 86% of the company's employees are male, while about 14% are female, indicating a significant gender imbalance in the workforce[175] - The company emphasizes the importance of gender diversity and aims to improve the representation of women in its workforce[175] - The company will continue to promote gender diversity in future board appointments without specific targets, focusing on overall merit and contribution[174] Risk Management - The board is responsible for risk management and internal control systems, which are regularly reviewed for effectiveness[197] - The company has established risk management policies to regulate its risk management, including ESG risks, and aims to enhance operational management levels[197] - The board reviews significant risks, including ESG risks, and the effectiveness of the internal control systems annually[198] - The group has engaged independent professional consultants to conduct an annual review of the effectiveness of risk management and internal control systems as of December 31, 2023[200] - The group believes that its risk management and internal control procedures are sufficient to meet the demands of its current operating environment[200] - The group has established a whistleblowing system to allow employees and stakeholders to report serious concerns about potential misconduct confidentially and anonymously[199] - The risk management process involves identifying, assessing, responding to, monitoring, and reporting risks[199]

Financial Performance - For the year ended December 31, 2023, the group's revenue was approximately RMB 383,463,000, a decrease of about 8.4% compared to RMB 418,413,000 in 2022[3]. - The group's net profit for the year was approximately RMB 94,939,000, down approximately 21.5% from RMB 120,990,000 in 2022[3]. - Basic and diluted earnings per share attributable to ordinary shareholders of the parent company were approximately RMB 0.04, a decrease of about 33.3% from RMB 0.06 (restated) in 2022[3]. - The total comprehensive income for the year was RMB 94,425,000, compared to RMB 131,126,000 in 2022, reflecting a decline[8]. - The group reported a gross profit of RMB 183,253,000 for the year, down from RMB 218,590,000 in 2022, indicating a decline in profitability[5]. - Administrative expenses rose to RMB 43,239,000 in 2023 from RMB 33,711,000 in 2022, reflecting increased operational costs[5]. - Revenue from gold bar sales decreased to RMB 383,463 thousand in 2023, down 8.3% from RMB 418,413 thousand in 2022[35]. - Total other income and gains fell to RMB 9,851 thousand in 2023, a decline of 26.5% from RMB 13,403 thousand in 2022[35]. - The group's profit before tax was impacted by a cost of sold inventory amounting to RMB 200,210 thousand in 2023, slightly up from RMB 199,823 thousand in 2022[37]. - The group incurred employee benefit expenses totaling RMB 50,125 thousand in 2023, an increase of 34.3% compared to RMB 37,270 thousand in 2022[37]. - The income tax expense for the group was RMB 51,318 thousand in 2023, down 19.8% from RMB 63,918 thousand in 2022[39]. - The total tax expense for the year was RMB 51,318,000, down from RMB 63,918,000 in 2022, reflecting a decrease of approximately 19.8%[40]. - The group's mother company owners' profit attributable was approximately RMB 65,025,000, a decrease of about 21.9% from RMB 83,214,000 in 2022, mainly due to reduced sales volume[69]. - Gross profit decreased by approximately 16.2% to about RMB 183,253,000 (2022: RMB 218,590,000), with a gross margin of approximately 47.8% (2022: 52.2%) due to increased sales costs and reduced gold production[62]. Assets and Liabilities - The group's total assets less current liabilities increased to RMB 1,039,815,000 in 2023 from RMB 739,618,000 in 2022[10]. - Non-current assets totaled RMB 581,707,000 in 2023, up from RMB 554,171,000 in 2022[10]. - Cash and cash equivalents increased significantly to RMB 586,840,000 in 2023 from RMB 282,187,000 in 2022[10]. - The company's inventory totaled RMB 21,821,000, an increase from RMB 18,652,000 in 2022, representing a growth of approximately 11.6%[43]. - Trade payables amounted to RMB 10,273,000, a decrease from RMB 12,426,000 in 2022, indicating a reduction of about 17.4%[43]. - The group had outstanding bank loans of approximately RMB 30,000,000 as of December 31, 2023, unchanged from 2022, which were fully repaid on August 25, 2023[74]. - The group’s deferred tax liabilities increased to RMB 4,555 thousand in 2023, compared to RMB 3,762 thousand in 2022[39]. Gold Production and Sales - The total gold production for the year was approximately 882.3 kg (or about 28,366.4 ounces), a decrease of approximately 18.7% compared to the previous year[45]. - The group's gold production for the year was approximately 882.3 kg (equivalent to about 28,366.4 ounces), a decrease of approximately 190.2 kg (equivalent to about 6,114.7 ounces) or 17.7% compared to last year[53]. - Revenue decreased by approximately 8.4% to about RMB 383,463,000 (2022: RMB 418,413,000), primarily due to the reduction in gold production[59]. - The average selling price increased by 14% compared to last year despite the decrease in gold production[59]. Corporate Governance and Management - The company operates as an investment holding company with subsidiaries engaged in gold mining, processing, and sales in China[1]. - The company is led by Dr. Shao, who serves as both Chairman and CEO, ensuring effective management and business development since 2019[103]. - The board believes that having the same person in both roles enhances internal leadership consistency and strategic planning efficiency[103]. - The audit committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year[108]. - The company has complied with the corporate governance code during the year ending December 31, 2023, with no significant deviations reported[101]. Future Outlook and Plans - The group anticipates that gold spot prices in China will rise in 2024, driven by recovering demand for safe-haven assets and supportive consumption policies[87]. - Global gold spot prices are projected to increase from USD 1,801.3 per ounce in 2022 to USD 2,148.4 per ounce by 2027, reflecting a compound annual growth rate of 3.6%[87]. - The company aims to expand its mining operations and increase gold reserves through the acquisition of valuable assets in China, solidifying its position in Shandong Province[89]. - On March 25, 2024, the company's wholly-owned subsidiary PRG Res Holding 2 Ltd. signed a letter of intent to acquire 70% of the issued share capital of a target company engaged in gold mining and related activities in Yantai, Shandong Province[89]. - The allocation of the net proceeds includes 20.4% (HKD 44.5 million) for optimizing mining operations, 55.0% (HKD 120.1 million) for selective acquisitions, and 12.6% (HKD 27.5 million) for repaying existing bank loans[92]. Financial Reporting and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and presented in Renminbi[4]. - The consolidated financial statements include the company and its subsidiaries as of December 31, 2023[5]. - The company maintains control over its subsidiaries through direct or indirect ownership and assesses control based on voting rights and other relevant factors[6]. - The group has adopted new and revised International Financial Reporting Standards for the current financial year[8]. - The group has adopted the revised International Financial Reporting Standards (IFRS) 1, 8, and 12, which do not significantly impact the financial statements for the years ended December 31, 2023, and 2022[22]. - The group has disclosed significant accounting policy information in the notes to the financial statements, aligning with the revised IFRS requirements[22]. - The group has not experienced any significant impact on earnings per share or comprehensive income due to the adoption of the revised IFRS standards[22]. - The group has applied the revised standards retrospectively, ensuring consistency in financial reporting practices[24].