Financial Performance - The company's total revenue for the year ended December 31, 2024, was approximately RMB 54.0 million, an increase of about RMB 5.7 million compared to RMB 48.3 million for the year ended December 31, 2023[9]. - The operating revenue decreased by RMB 981.6 million, a decline of approximately 77.7% from about RMB 1,263.7 million in 2023[10]. - The company reported a significant revenue decrease of approximately RMB 981.6 million, or about 77.7%, from approximately RMB 1,263.7 million for the year ended December 31, 2023, to approximately RMB 282.1 million for the year ended December 31, 2024[29]. - The total comprehensive income for the year ended December 31, 2024, was approximately RMB 54.0 million, an increase of about RMB 5.7 million compared to approximately RMB 48.3 million for the year ended December 31, 2023[30]. - The company recorded revenue of approximately RMB 282.1 million for the year ended December 31, 2024, a decrease of approximately RMB 981.6 million compared to RMB 1,263.7 million for the year ended December 31, 2023[54]. - Trade goods sales accounted for approximately 86.5% of total sales in 2024, while processing service revenue represented about 13.5% of total sales[54]. - The total sales volume from trade activities decreased from 2,672.8 thousand tons in 2023 to 673.0 thousand tons in 2024, a reduction of approximately 75.2%[61]. - Gross profit fell from approximately RMB 141.5 million in 2023 to approximately RMB 15.7 million in 2024, a decrease of about RMB 125.8 million[68]. - The overall gross margin decreased from approximately 11.2% in 2023 to approximately 5.6% in 2024, primarily due to significant price fluctuations and a reduction in higher-margin iron ore production[69]. Asset Management - The company confirmed a gain from the sale of assets amounting to approximately RMB 115.8 million following the completion of the asset transfer agreement[9]. - The company aims to improve its financial position through the sale of certain assets, including mining rights, valued at approximately RMB 314.5 million, minus outstanding liabilities[27]. - The group completed a significant asset transfer agreement on May 21, 2024, for the sale of mining rights and related assets for a total consideration of approximately RMB 314.5 million[77]. Operational Developments - The company is actively responding to government initiatives by expanding into clean energy sectors, including wind, solar, and thermal energy[7]. - The company plans to maintain its iron and titanium concentrate business while developing a complete industrial chain for titanium metal products[7]. - The company is committed to low-carbon and environmentally sustainable projects, adjusting its industrial structure to enhance investor interests[15]. - The company continues to invest in the full titanium industry chain, including the development of sponge titanium and high-purity titanium products[29]. - The company plans to process approximately 1.5 million tons of external rough powder in 2025, focusing on Australian processing agreements[18]. - The construction of the Zhuge Shangyu intelligent mining and processing plant is progressing, with an investment of approximately RMB 500 million planned for 2025[21]. - The total stripping scale for the Zhuge Shangyu mining project is set to reach 3 million tons per year, with construction expected to begin in April 2025[21]. Research and Development - The company continues to strengthen its research and development capabilities, having received multiple certifications for high-tech enterprises and innovation centers[16]. - The company is focusing on the development of new technologies and materials, ensuring timely communication with investors regarding market changes[25]. - The company is actively pursuing partnerships with top universities and research institutions to enhance its technological capabilities and innovation[39]. Governance and Compliance - The board held four regular meetings in the fiscal year ending December 31, 2024, with all directors present at each meeting[90]. - Independent non-executive directors confirmed their independence according to Listing Rule 3.13, ensuring effective governance[99]. - The company conducted two shareholder meetings during the fiscal year, including the annual general meeting on June 6, 2024, and a special meeting on August 16, 2024[94]. - The board has a mechanism in place for obtaining independent opinions to enhance governance practices[93]. - The company is committed to ensuring that board composition meets regulatory requirements and maintains a balance of executive and non-executive directors[93]. - The board consists of six male members and one female director as of the end of the fiscal year on December 31, 2024[105]. - The company has established a formal and transparent process for the selection and reappointment of directors[102]. - The audit committee is responsible for overseeing the financial reporting system and ensuring compliance with accounting standards and regulations[114]. - The company has adopted a set of insider information policies and procedures to ensure the accuracy and timeliness of public disclosures[151]. Financial Position - As of December 31, 2024, the total borrowings of the group amounted to approximately RMB 267.1 million, compared to approximately RMB 118.0 million as of December 31, 2023[73]. - The group's cash and bank balances as of December 31, 2024, were approximately RMB 80.0 million, down from approximately RMB 146.1 million as of December 31, 2023[73]. - The asset-liability ratio as of December 31, 2024, was approximately 32.9%, up from approximately 19.3% as of December 31, 2023, mainly due to advances from the controlling shareholder[74]. - The company has a distributable reserve of approximately RMB 284,118,000 as of December 31, 2024, down from RMB 301,411,000 in 2023[169]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024, consistent with the previous year[162]. Employee and Management - Employee benefits expenses for the year ended December 31, 2024, were approximately RMB 17.1 million, down from approximately RMB 24.2 million for the year ended December 31, 2023[79]. - The group had 119 employees as of December 31, 2024, a decrease from 179 employees as of December 31, 2023[79]. - The company emphasizes competitive compensation for employees compared to market standards and practices[111]. - The remuneration committee held two meetings during the fiscal year ending December 31, 2024, to review the compensation of directors and senior management[109]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainable development through technological innovation and energy efficiency[158]. - The company is focusing on green mining practices and aims to integrate sustainable development into its operations[42]. - The company has not made any charitable donations during the year, consistent with the previous year[179].

Financial Performance - The company recorded revenue of approximately RMB 282.1 million for the year ended December 31, 2024, a decrease of about 77.7% compared to RMB 1,263.7 million for the year ended December 31, 2023[3]. - The profit attributable to the owners of the company increased from approximately RMB 48.3 million for the year ended December 31, 2023, to approximately RMB 54.0 million for the year ended December 31, 2024[3]. - The operating profit for the year ended December 31, 2024, was RMB 74.8 million, compared to RMB 63.1 million for the previous year, reflecting an increase of approximately 18.0%[5]. - Basic earnings per share for the year ended December 31, 2024, were RMB 17.65, up from RMB 16.36 for the previous year[5]. - The company reported a net profit attributable to shareholders of RMB 61,723,000 for the year ended December 31, 2024, compared to RMB 50,525,000 for the previous year, representing an increase of 22.0%[25]. - The total consolidated revenue for the year ending December 31, 2024, was approximately RMB 54.0 million, an increase of about RMB 5.7 million compared to approximately RMB 48.3 million for the year ending December 31, 2023[45]. - The gross profit decreased from approximately RMB 141.5 million for the year ending December 31, 2023, to approximately RMB 15.7 million for the year ending December 31, 2024, a reduction of about RMB 125.8 million[44]. - The overall gross margin decreased to approximately 5.6% in 2024 from 11.2% in 2023, attributed to price volatility and delayed processing orders[73]. Assets and Liabilities - The total assets of the company as of December 31, 2024, amounted to RMB 1,015.98 million, an increase from RMB 869.30 million as of December 31, 2023[6]. - The total equity attributable to the owners of the company increased to RMB 545.84 million as of December 31, 2024, compared to RMB 491.88 million as of December 31, 2023[6]. - The company’s total liabilities increased to RMB 470.14 million as of December 31, 2024, compared to RMB 377.42 million as of December 31, 2023[7]. - As of December 31, 2024, the company reported accounts receivable of RMB 25,974,000, a decrease from RMB 32,950,000 in 2023, with a net accounts receivable of RMB 22,671,000 after provisions[31]. - The company’s total prepayments and other receivables increased significantly to RMB 306,441,000 in 2024 from RMB 48,133,000 in 2023, primarily due to receivables from asset sales[33]. - The company’s accounts payable decreased to RMB 20,895,000 in 2024 from RMB 48,885,000 in 2023, indicating improved cash flow management[37]. - The company’s total liabilities related to mining rights payable as of December 31, 2024, amounted to RMB 108,068,000, with RMB 20,000,000 classified as current liabilities[30]. Cash Flow and Financial Costs - The company reported a net financial cost of RMB 7.92 million for the year ended December 31, 2024, compared to RMB 1.50 million for the previous year, indicating an increase in financial expenses[5]. - The company’s cash and cash equivalents decreased to RMB 80.0 million as of December 31, 2024, from RMB 146.1 million as of December 31, 2023[6]. - As of December 31, 2024, the total borrowings of the group amount to approximately RMB 267.1 million, up from approximately RMB 118.0 million as of December 31, 2023[77]. - The group's cash and bank balances as of December 31, 2024, are approximately RMB 80.0 million, down from approximately RMB 146.1 million as of December 31, 2023[77]. - The group's debt-to-equity ratio as of December 31, 2024, is approximately 32.9%, an increase from approximately 19.3% as of December 31, 2023[79]. Business Operations and Strategy - The company completed the sale of mining rights and related assets for a net gain of RMB 115,805,000 during the year ended December 31, 2024[19]. - The company recognized revenue of RMB 123,352,000 from the sale of mining rights and exploration rights for the year ended December 31, 2024[17]. - The company plans to expand into clean energy sectors, including wind, solar, and thermal energy, as part of its new business strategy[43]. - The group plans to invest approximately RMB 145.3 million in the Zhuzhu Shanyu titanium iron mine for the construction of a new 10 million ton processing and production line[54]. - The group is actively seeking new economic growth points by adjusting its production plans in response to market changes, particularly in the renewable energy sector[55]. - The group is focusing on green mining practices and community engagement to enhance economic and environmental benefits[55]. - The group has established partnerships with top universities and research institutions to support ongoing projects and innovation[52]. Shareholder and Governance - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[15]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024 (2023: none)[93]. - The audit committee has reviewed the audited annual results for the year ending December 31, 2024, prior to submission to the board for approval[99]. - The board consists of three executive directors and four independent non-executive directors as of March 28, 2025[100]. Future Outlook - The group plans to release new production capacity in 2025, focusing on protective mining and expanding the titanium industry chain through research and development investments[89]. - The group anticipates processing approximately 1.5 million tons of external ore in 2025, contingent on the feasibility of processing techniques and profitability[90]. - An investment of approximately RMB 500 million is planned for the Zhuzhu Shangyu mine and processing plant construction in 2025, focusing on mining, production line construction, and automation[90]. - The group aims to enhance safety production through intelligent design, with a comprehensive control platform expected to be completed by the end of 2025[91]. - The group emphasizes the importance of adapting to global industrial chain adjustments and aims for high-end, intelligent, and green transformation in the titanium industry[92]. Technological Advancements - The company is implementing an AI-driven unmanned inspection system and geological risk warning model for real-time monitoring of underground environments and equipment status[95]. - The company aims to enhance resource utilization by optimizing the ore selection process through IoT technology and introducing intelligent sorting equipment[95]. - The company is focusing on low-carbon and sustainable growth projects, with plans to increase investment and adjust its industrial structure under appropriate conditions[95].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 157,288,000, a decrease of 83.4% compared to RMB 947,996,000 in the same period of 2023[7]. - The gross profit for the same period was RMB 12,184,000, down 83.7% from RMB 74,704,000 year-on-year[7]. - The company incurred an operating loss of RMB 12,610,000, compared to an operating profit of RMB 42,598,000 in the previous year[7]. - The company reported a net loss of RMB 16,353,000 for the period, compared to a net profit of RMB 33,138,000 in the same period last year[7]. - For the six months ended June 30, 2024, the company reported a total comprehensive loss of RMB 12,842,000 compared to a comprehensive income of RMB 31,300,000 for the same period in 2023[8]. - The basic loss per share for the period was RMB (4.68), a decrease from RMB 12.41 in the previous year[8]. - The company reported a net loss attributable to owners of RMB 16,353,000 for the six months ended June 30, 2024, compared to a profit of RMB 33,138,000 in the same period of 2023, representing a significant decline[40]. - The company recognized a total of RMB 22,896,000 in current liabilities related to mining rights payable as of June 30, 2024, compared to RMB 4,889,000 as of December 31, 2023, indicating a significant increase of 367.5%[22]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 897,676,000, an increase of 3.2% from RMB 869,297,000 at the end of 2023[6]. - The company's total equity decreased to RMB 479,039,000 from RMB 491,881,000, reflecting a decline of 2.6%[6]. - The company’s liabilities increased to RMB 418,637,000 from RMB 377,416,000, marking an increase of 10.9%[6]. - The company’s non-current assets totaled RMB 514,843,000, down 18.7% from RMB 633,515,000 at the end of 2023[4]. - The company’s accumulated losses increased to RMB (266,823,000) from RMB (244,990,000) at the beginning of the year[9]. - As of June 30, 2024, total equity attributable to the owners of the company was RMB 479,039,000, down from RMB 491,881,000 at the beginning of the year[9]. - The company’s total liabilities directly associated with non-current assets held for sale amounted to RMB 36,341,000[28]. Cash Flow - Cash used in operating activities was RMB (25,013,000), an improvement from RMB (58,277,000) in the same period last year[11]. - The company incurred a net cash outflow from investing activities of RMB (79,744,000), significantly higher than RMB (17,595,000) in the previous year[11]. - Financing activities generated a net cash inflow of RMB 32,644,000, compared to RMB 24,035,000 in the prior period[11]. - The company’s cash and cash equivalents decreased to RMB 73,858,000 from RMB 146,133,000, a decline of 49.5%[4]. - The company’s cash and cash equivalents at the end of the period were RMB 73,858,000, a decrease from RMB 72,771,000 at the end of the previous year[11]. - Cash and cash equivalents totaled RMB 75,358,000 as of June 30, 2024, compared to RMB 147,633,000 as of December 31, 2023, reflecting a decrease of 48.9%[25]. Operational Highlights - The gross profit for the mining and ore processing segment was RMB 2,584,000, while the mineral trading segment reported a gross profit of RMB 9,600,000, leading to a total gross profit of RMB 12,184,000 for the six months ended June 30, 2024[18]. - The company incurred depreciation expenses of RMB 11,062,000 for property, plant, and equipment during the six months ended June 30, 2024[19]. - The company made capital expenditures of RMB 52,574,000 during the six months ended June 30, 2024, reflecting ongoing investment in operational capacity[18]. - The company reported a foreign exchange gain of RMB 1,361,000 for the six months ended June 30, 2024[18]. - The company has entered into a coal purchase agreement with Xinjiang Jiangna, which will see the company purchase mixed coal from April 22, 2022, to December 31, 2024[45]. - The company has actively responded to government initiatives by expanding into clean energy sectors, including wind and solar power[50]. Market and Sales Performance - The processing service revenue from iron ore and other ores was RMB 10,836,000 for the six months ended June 30, 2024, down 93.3% from RMB 162,450,000 in the same period of 2023[33]. - The sales revenue from coal and coal products trading reached RMB 146.452 million in the first half of 2024[52]. - The average selling price of coarse iron powder and mixed coal increased by approximately 8.2% and 7.9%, respectively, compared to the same period last year[58]. - The sales volume from trading activities decreased significantly, with crude iron powder sales at 35.9 thousand tons compared to 189.1 thousand tons in the previous year, and mixed coal sales at 414.8 thousand tons down from 1,480.0 thousand tons[61]. - The company continues to monitor mineral market trends to maintain stable trading profit margins despite significant revenue declines[66]. Strategic Initiatives - The company has entered into an asset transfer agreement to sell certain assets for approximately RMB 314,484,000, subject to the outstanding amount of RMB 25,000,000 related to mining rights[28]. - The company plans to increase the processing volume of Brazilian coarse powder by over 800,000 tons in the second half of 2024, building on the existing processing volume[70]. - A strategic investment of approximately RMB 1.5 billion is planned for the construction of the Zhuge Shangyu mine and processing plant, focusing on mining, production line construction, and automation[71]. - The group is focusing on low-carbon environmental projects and has made significant progress in ecological enhancement projects[53]. Employee and Governance - As of June 30, 2024, the group had 131 employees, a decrease from 179 employees as of December 31, 2023, with employee benefits expenses amounting to approximately RMB 6.8 million[78]. - The audit committee reviewed the unaudited interim consolidated results for the six months ending June 30, 2024, and found them compliant with applicable accounting standards and regulations[91].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 157,288,000, a decrease of 83.4% compared to RMB 947,996,000 for the same period in 2023[2]. - Gross profit for the same period was RMB 12,184,000, down 83.7% from RMB 74,704,000 in 2023[2]. - The net loss for the period was RMB 16,353,000, compared to a profit of RMB 33,138,000 in the previous year[3]. - The basic loss per share for the period was RMB (4.68), down from earnings of RMB 12.41 per share in 2023[3]. - The total comprehensive loss attributable to owners for the six months ending June 30, 2024, was approximately RMB 12.8 million, compared to a total comprehensive income of approximately RMB 31.3 million for the same period in 2023[31]. - The company reported a consolidated loss attributable to owners of approximately RMB 12.8 million for the six months ended June 30, 2024, compared to a profit of approximately RMB 31.3 million for the same period last year[50]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 897,676,000, an increase from RMB 869,297,000 as of December 31, 2023[4]. - The company's cash and cash equivalents decreased to RMB 73,858,000 from RMB 146,133,000 at the end of 2023[4]. - The company’s net accounts receivable decreased to RMB 11,036 million as of June 30, 2024, from RMB 28,914 million as of December 31, 2023, reflecting a decline of approximately 61.8%[23]. - Trade payables amounted to RMB 23,260 million as of June 30, 2024, down from RMB 48,885 million as of December 31, 2023, indicating a reduction of about 52.5%[27]. - As of June 30, 2024, total borrowings amounted to approximately RMB 151.9 million, up from RMB 118.0 million as of December 31, 2023[53]. - The debt-to-equity ratio as of June 30, 2024, was approximately 24.1%, an increase from 19.3% as of December 31, 2023[54]. Operational Highlights - The company reported interest income of RMB 584,000 for the six months ended June 30, 2024, down from RMB 1,113,000 in the same period of 2023, a decrease of approximately 47.5%[16]. - The company incurred interest expenses of RMB 3,937,000 for the six months ended June 30, 2024, compared to RMB 2,102,000 for the same period in 2023, representing an increase of about 87.0%[16]. - The company recorded a provision for corporate income tax in China at a rate of 25% on taxable profits, with certain subsidiaries reporting losses that offset taxable income[17]. - The company has capital commitments of approximately RMB 95.76 million as of June 30, 2024, related to the construction of a new processing and production line for the Zhuge Shangyu titanium iron mine[28]. - The company plans to continue processing Brazilian coarse powder, achieving a processing volume of 404,000 tons in the first half of 2024[32]. - The company aims to enhance production capacity at the Zhuge Shangyu processing plant, with a current annual production capacity of 300,000 tons[33]. Sales and Revenue Composition - 93.1% of total revenue for the six months ended June 30, 2024, came from the sales of iron powder and mixed coal, while 6.9% was from processing services[37]. - The average selling price of iron powder and mixed coal increased by approximately 8.2% and 7.9%, respectively, compared to the same period last year[39]. - The sales volume of mixed coal decreased to 414.8 thousand tons for the six months ended June 30, 2024, down from 1,480.0 thousand tons in the same period of 2023[42]. - The processing service revenue decreased from approximately 17.1% of total revenue in the six months ended June 30, 2023, to 6.9% in the same period of 2024 due to delays in processing orders[37]. Cost Management - Total sales cost decreased by approximately 83.4% to about RMB 145.1 million for the six months ended June 30, 2024, compared to RMB 873.3 million for the same period last year[44]. - Gross profit for trading activities decreased from approximately RMB 74.7 million to about RMB 12.2 million, a reduction of approximately RMB 62.5 million, primarily due to a slowdown in trading activities and delays in processing orders[46]. - Overall gross margin remained stable at 7.7% for the six months ended June 30, 2024, compared to 7.9% for the same period last year[47]. - Distribution costs and administrative expenses decreased by approximately RMB 0.6 million or 1.9% to about RMB 31.6 million, despite a rise in distribution costs due to warehousing services[48]. Strategic Initiatives - The company is focusing on expanding its clean energy business, including wind, solar, and thermal energy, while continuing to develop its titanium and iron ore business[30]. - The company has made substantial progress in the construction of low-carbon and environmentally friendly projects at Zhuge Shangyu[32]. - The company has established partnerships with universities for research on the comprehensive utilization of titanium iron ore, leading to several innovative outcomes[34]. - The company has been recognized as a provincial-level "Innovative SME" and "Technology Innovation Enterprise" in Shandong Province[34]. Employee and Governance - Employee benefits expenses for the six months ended June 30, 2024, were approximately RMB 6.8 million, down from RMB 11.0 million for the same period in 2023[58]. - The company adopted a restricted share award scheme to incentivize employees, with 501,000 restricted shares held by the trustee as of June 30, 2024[62]. - The audit committee reviewed the unaudited interim consolidated results for the six months ended June 30, 2024, ensuring compliance with applicable accounting standards and regulations[65].

Financial Performance - The total consolidated revenue for the year ended December 31, 2023, was approximately RMB 48.3 million, a decrease of RMB 18.5 million compared to RMB 66.8 million for the year ended December 31, 2022[8]. - Operating revenue decreased by RMB 602.2 million, down 32.3% from RMB 1,865.9 million in 2022, primarily due to reduced trading activities in mineral commodities[6]. - Other income decreased by approximately RMB 13.5 million, influenced by non-recurring income recognized in 2022[8]. - The fair value of listed equity investments decreased by approximately RMB 2.2 million in 2023 compared to an increase of RMB 9.1 million in 2022[8]. - The company achieved a revenue of RMB 1,263.7 million and a profit of RMB 50.5 million for the year[13]. - The company’s total revenue for the year ending December 31, 2023, was approximately RMB 48.3 million, a decrease of RMB 18.5 million compared to RMB 66.8 million for the year ending December 31, 2022, representing a decline of about 27.7%[28]. - For the fiscal year ending December 31, 2023, the company recorded revenue of approximately RMB 1,263.7 million, a decrease of about RMB 602.2 million or 32.3% compared to RMB 1,865.9 million for the fiscal year ending December 31, 2022[72][82]. - Gross profit decreased from approximately RMB 145.1 million for the year ended December 31, 2022, to about RMB 141.5 million for the year ended December 31, 2023, a reduction of approximately RMB 3.6 million[90]. - Overall gross margin increased from approximately 7.8% for the year ended December 31, 2022, to about 11.2% for the year ended December 31, 2023, mainly due to higher margins from processing services and iron concentrate sales[91]. Mining Operations - The company processed 1.83 million tons of Brazilian ore and produced 1.19 million tons of iron concentrate, achieving a gross profit of RMB 89.4 million[12]. - The company has renewed mining rights for both Yangzhuang Iron Mine and Zhuge Shangyu Titanium Iron Mine as of December 31, 2023[5]. - The Yangzhuang Iron Mine and Zhuge Shangyu Titanium Iron Mine received new mining permits in August and November 2023, respectively[13]. - The company invested approximately RMB 3.5 million in the Yangzhuang iron mine for processing and production line improvements in 2023[40]. - The company has established new mining licenses for the Yangzhuang and Zhuzhu Shangyu titanium iron mines, with the new licenses obtained in August and November 2023, respectively[37]. - The company has a mining permit for the Zhuge Shangyu titanium iron mine with an approved annual production capacity of 800,000 tons[42]. - The total proven and probable ore reserves for the Zhuge Shangyu titanium iron mine are approximately 546.29 million tons, with an average grade of 5.69% titanium dioxide and 12.81% total iron[49]. - The total ore reserves for Zhugeshangyu Titanium Iron Mine are 403.90 million tons, with 199.40 million tons (proven) and 204.50 million tons (probable)[59]. - The total ore reserves for Qinjiashan Titanium Iron Project are 86.63 million tons, with 45.33 million tons (proven) and 41.30 million tons (probable)[59]. - The average grade of iron for Yangzhuang Iron Mine is 24.55%, while for Zhugeshangyu and Qinjiashan, it is 12.82% and 13.56% respectively[57]. Strategic Initiatives - The company plans to expand into clean energy sectors, including wind, solar, and thermal energy, while continuing to develop its titanium and iron ore businesses[6]. - The company is actively developing its Xinjiang logistics and new energy investment business[10]. - The company is focusing on protective mining and production enhancements for its traditional iron and titanium mining operations[10]. - The company is enhancing the mining and processing of titanium iron ore, collaborating with research institutions for technological improvements[13]. - The company is actively pursuing new technologies and materials to respond to market changes and maintain communication with investors[25]. - The company is focusing on low-carbon and environmentally sustainable projects, planning to adjust its industrial structure to enhance investor benefits[25]. - The company aims to strengthen internal control management and enhance comprehensive standardized management levels to support performance improvement[41]. - The company is actively seeking new economic growth points by expanding its new energy business, particularly in solar thermal projects[48]. Financial Management - The company has reduced financial costs by approximately RMB 7.8 million due to decreased interest-bearing borrowings[28]. - Net financial costs decreased from approximately RMB 12.3 million for the year ended December 31, 2022, to about RMB 3.4 million for the year ended December 31, 2023, due to a reduction in interest expenses from decreased borrowings[94]. - Total borrowings as of December 31, 2023, were approximately RMB 118.0 million, compared to RMB 123.4 million as of December 31, 2022[96]. - Cash and bank balances reached approximately RMB 146.1 million as of December 31, 2023, up from RMB 124.7 million as of December 31, 2022[96]. - The company repaid RMB 71.2 million of shareholder loans using funds from a rights issue on June 13, 2023, with the remaining balance of approximately RMB 9.0 million fully repaid by the end of the fiscal year[70][71]. - The company received additional shareholder loans of approximately RMB 17.9 million in 2023, bringing total shareholder loans to RMB 88 million for the fiscal year[70][71]. - The company has successfully utilized the net proceeds as planned by December 31, 2023, including HKD 3.1 million for settling outstanding loans[108]. Corporate Governance - The board of directors held four meetings during the year ended December 31, 2023, with all directors having the opportunity to present matters for discussion[124]. - The company has adopted a mechanism for directors to obtain independent opinions and will review its implementation annually[125]. - The company emphasizes the importance of continuous professional development for all directors to enhance their knowledge and skills, ensuring informed contributions to the board[130]. - The roles of Chairman and CEO are held by different individuals to maintain independence and accountability, with the Chairman responsible for leading the board and the CEO managing daily operations[131]. - The company has three independent non-executive directors with strong qualifications in accounting, economics, science, or mining, confirming their independence under listing rules[132]. - The board has adopted a diversity policy to enhance strategic goals and sustainability, considering factors such as gender, age, cultural background, and professional experience[136]. - The independent non-executive directors are reappointed for two-year terms, with specific reappointments confirmed for Li Xiaoyang and Zhang Jingsheng starting April 27, 2024[132]. - The board monitors the company's performance in achieving its objectives and ensures compliance with regulations and guidelines set forth by the board and relevant authorities[137]. Shareholder Communication - The company is committed to maintaining open and regular communication with shareholders and investors, ensuring timely and comprehensive disclosure of information[167]. - The company’s annual general meeting is held annually, providing a platform for communication between shareholders and the board[160]. - The company’s financial performance and strategic goals are communicated through various channels, including annual and interim reports published on the stock exchange and the company’s website[171]. - The company’s corporate communications are prepared in both Chinese and English to facilitate understanding among shareholders[172]. - The company has reviewed its shareholder communication policy to ensure its effectiveness as of December 31, 2023[175]. Environmental and Social Responsibility - The company emphasizes the integration of green mining concepts into daily operations and aims to promote local economic development through community engagement[46]. - The company emphasizes the importance of environmental protection and sustainable development, relying on technological innovation to enhance production efficiency[192].

Financial Performance - The company recorded revenue of approximately RMB 1,263.7 million for the year ended December 31, 2023, a decrease of about 32.3% compared to RMB 1,865.9 million for the year ended December 31, 2022[3]. - The net profit attributable to the owners of the company decreased from approximately RMB 66.8 million in 2022 to approximately RMB 48.3 million in 2023[3]. - Gross profit for the year was RMB 141.5 million, with a gross margin of approximately 11.2%, compared to RMB 145.1 million and a gross margin of 7.8% in the previous year[5]. - Operating profit decreased to RMB 63.1 million from RMB 78.1 million year-on-year[5]. - Basic and diluted earnings per share were RMB 16.36, down from RMB 21.94 in the previous year[5]. - The total comprehensive income for the year ended December 31, 2023, was approximately RMB 48.3 million, a decrease of RMB 18.5 million compared to RMB 66.8 million for the year ended December 31, 2022[39]. - The total sales cost decreased by approximately RMB 598.5 million or about 34.8% to approximately RMB 1,122.3 million for the year ended December 31, 2023, from approximately RMB 1,720.8 million for the year ended December 31, 2022[81]. - Gross profit decreased from approximately RMB 145.1 million for the year ended December 31, 2022, to approximately RMB 141.5 million for the year ended December 31, 2023, a reduction of about RMB 3.6 million[83]. - Overall gross margin increased from approximately 7.8% for the year ended December 31, 2022, to approximately 11.2% for the year ended December 31, 2023, primarily due to higher margins from processing services and sales of iron concentrate[84]. Assets and Liabilities - Total assets increased to RMB 869.3 million as of December 31, 2023, compared to RMB 746.0 million in 2022[6]. - Total equity attributable to the owners of the company rose to RMB 491.9 million from RMB 354.0 million in the previous year[6]. - The company reported a current tax expense of RMB 9,160,000 for 2023, compared to RMB 9,770,000 in 2022[20]. - The company's trade deposits to suppliers decreased significantly from RMB 70,081,000 in 2022 to RMB 17,301,000 in 2023[30]. - Total accounts payable rose to RMB 48,885,000 in 2023, up from RMB 34,412,000 in 2022, indicating increased operational activity[32]. - The company's current liabilities related to mining rights amount to RMB 19,229,000, while non-current liabilities total RMB 101,693,000 as of December 31, 2023[28]. - As of December 31, 2023, total borrowings amounted to approximately RMB 118.0 million, a slight decrease from approximately RMB 123.4 million as of December 31, 2022[88]. - The debt-to-equity ratio as of December 31, 2023, was approximately 19.3%, a decrease from 25.8% as of December 31, 2022[102]. - The current ratio improved to approximately 0.90 times as of December 31, 2023, compared to 0.84 times as of December 31, 2022[102]. Revenue Sources - Sales of iron ore powder decreased to RMB 206,234,000 in 2023 from RMB 456,280,000 in 2022, representing a decline of 54.8%[14]. - Trade sales accounted for approximately 79.0% of total sales in 2023, down from 90.2% in 2022, while processing service revenue increased from 9.8% in 2022 to 19.2% in 2023[71]. - The company’s processing service revenue increased to RMB 241,891,000 in 2023 from RMB 183,704,000 in 2022, marking a growth of 31.6%[14]. - The company’s total sales volume for trade activities decreased from 4,176.7 thousand tons in 2022 to 2,697.2 thousand tons in 2023[78]. - The company did not sell any iron ore or titanium ore during the fiscal year ending December 31, 2023[74][76]. Shareholder Actions - The company did not recommend a final dividend for the year ending December 31, 2023, consistent with 2022[14]. - The board proposed a share consolidation on January 11, 2023, to consolidate every twenty shares into one share, subject to shareholder approval[89]. - Following the share consolidation, the board proposed a rights issue to raise up to HKD 99,850,698 through the issuance of 87,588,332 rights shares at a subscription price of HKD 1.14 per share[90]. - The total gross proceeds from the rights issue amounted to approximately HKD 99.9 million, with a net amount of approximately HKD 97.1 million after expenses[99]. - Approximately 73.3% (about HKD 71.2 million) of the net proceeds will be used to offset or repay shareholder loans[99]. - The company received valid applications for a total of 37,308,277 shares, which is about 42.6% of the total shares offered in the rights issue[98]. - The remaining 50,280,055 shares, equivalent to approximately 57.4% of the total offered shares, were subscribed by the underwriter due to insufficient applications[99]. Strategic Focus and Future Plans - The company plans to continue focusing on mineral product trading and iron ore processing in China, with potential market expansion strategies under consideration[10]. - The company has committed to enhancing its research and development efforts in the full titanium industry chain, including sponge titanium and high-purity titanium products[41]. - The company plans to release new production capacity in 2024, focusing on protective mining and the expansion of the titanium industry chain[110]. - An investment of approximately RMB 500 million is planned for the construction of the Zhugeshangyu mine and processing plant[113]. - The company is focusing on low-carbon and environmentally sustainable projects, planning to adjust its industrial structure to enhance investor interests[47]. - The company is actively expanding its titanium and iron ore production business while exploring new energy projects, particularly solar thermal energy[54]. Mining Rights and Assets - The company confirmed intangible assets related to mining rights totaling RMB 222,167,000 as of December 31, 2023, with RMB 67,853,000 for Yangzhuang and RMB 154,314,000 for Zhuge Shangyu[26]. - As of December 31, 2023, the company has paid RMB 45,466,000 for the renewal of the Yangzhuang mining rights, with a remaining balance of RMB 25,000,000 to be paid in five installments from 2024 to 2028[26]. - The renewal of Zhuge Shangyu mining rights requires a total payment of approximately RMB 171,349,000, with RMB 51,349,000 already paid and a remaining balance of RMB 120,000,000 to be paid in eight installments from 2024 to 2031[26]. - The company has renewed mining rights for both Yangzhuang Iron Mine and Zhuge Shangyu Titanium Iron Mine as of December 31, 2023[36]. - The company has no outstanding prepayments for mining rights as of December 31, 2023, following the acquisition of relevant mining permits[27]. Employee and Operational Expenses - Employee benefits expenses for the year ended December 31, 2023, were approximately RMB 24.2 million, down from RMB 25.5 million in the previous year[105].

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 947,996,000, representing an increase of 82% compared to RMB 521,101,000 for the same period in 2022[10]. - Gross profit for the same period was RMB 74,704,000, up from RMB 64,014,000, indicating a gross margin improvement[10]. - Operating profit increased to RMB 42,598,000 from RMB 28,289,000, reflecting a growth of 50.7% year-over-year[10]. - Net profit for the period was RMB 33,138,000, compared to RMB 14,941,000 in the previous year, marking a significant increase of 121.5%[10]. - The company reported a basic earnings per share of RMB 12.41, compared to RMB 5.70 for the same period last year, an increase of 117%[12]. - The company reported a profit attributable to owners of the company of RMB 33,138,000 for the six months ended June 30, 2023, compared to RMB 14,941,000 for the same period in 2022, reflecting a growth of approximately 121.5%[59]. - Basic earnings per share increased to RMB 12.41 for the six months ended June 30, 2023, from RMB 5.70 in the same period of 2022, marking an increase of approximately 117.5%[59]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 666,589,000, down from RMB 746,045,000 at the end of 2022[9]. - Total equity increased to RMB 474,887,000 from RMB 353,984,000, showing a growth of 34%[9]. - Total liabilities as of June 30, 2023, were RMB 191,702,000, down from RMB 392,061,000 as of December 31, 2022, indicating a reduction of approximately 51.1%[28]. - The asset-to-liability ratio as of June 30, 2023, was approximately 11.2%, a significant decrease from 25.8% as of December 31, 2022[132]. - The current ratio improved to approximately 1.30 times as of June 30, 2023, compared to 0.83 times as of December 31, 2022[132]. Cash Flow and Financing - Cash and cash equivalents decreased to RMB 72,771,000 from RMB 124,665,000, a decline of 41.7%[7]. - Cash flow from operating activities showed a net outflow of RMB 58,277,000 for the first half of 2023, a significant decrease compared to a net inflow of RMB 178,091,000 in the same period of 2022[15]. - The company raised RMB 89,603,000 through a rights issue during the reporting period, contributing positively to its financing activities[15]. - The total cash and cash equivalents decreased to RMB 72,771,000 as of June 30, 2023, down from RMB 311,777,000 at the end of the previous year, indicating a decline of approximately 76.7%[15]. - The company received a shareholder loan of RMB 120 million with no fixed repayment period to repay bonds totaling approximately HKD 130 million due by December 31, 2022, at an annual interest rate of 7.0%[88]. - The company issued 87,588,332 shares in a rights issue, raising approximately RMB 89,603,000 after expenses[46]. Operational Highlights - The company operates in two reportable segments: mining and mineral processing, and mineral trading, with performance evaluated based on profit or loss from these segments[26]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[6]. - The company plans to invest approximately RMB 1.5 billion in the construction of mining and processing facilities at the Shangyu Mine, focusing on titanium iron production lines and automation[81]. - The company aims to continue expanding its clean energy business, including wind, solar, and thermal energy, as part of its strategic growth plan[74]. - The company achieved a sales revenue of RMB 652.6 million from coal and coal products, leveraging logistics advantages in Xinjiang and Gansu[80]. Cost and Expenses - The company's total sales costs, distribution costs, and administrative expenses amounted to RMB 905,485,000 for the six months ended June 30, 2023, compared to RMB 493,280,000 for the same period in 2022, representing an increase of approximately 83.7%[53]. - The company incurred net finance costs of RMB 989,000 for the six months ended June 30, 2023, significantly reduced from RMB 7,097,000 in the same period of 2022, indicating a decrease of approximately 86.0%[55]. - The company reported a significant increase in transportation costs, which rose to RMB 61,075,000 for the six months ended June 30, 2023, from RMB 33,030,000 in the same period of 2022, an increase of approximately 84.8%[53]. - Total sales cost increased by approximately 91.1% to about RMB 873.3 million for the six months ended June 30, 2023, compared to RMB 457.1 million for the same period last year[114]. Shareholder and Governance - Major shareholders include Hongfa Holdings Limited with a 53.32% stake and Ms. Zhang Limei with a 55.65% stake, indicating significant ownership concentration[149]. - The audit committee reviewed the unaudited interim consolidated results for the six months ended June 30, 2023, ensuring compliance with applicable accounting standards and regulations[157]. - The company proposed a share consolidation of every 20 shares into 1 share with a par value of HKD 0.04, pending shareholder approval[90]. - Following the share consolidation, the company plans to conduct a rights issue at a subscription price of HKD 1.14 per share, potentially raising up to HKD 99.85 million[91].

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Add New Energy Investment Holdings Group Limited 愛德新能源投資控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02623） 截至2023年6月30日止六個月的 未經審核中期業績 財務摘要 截至2023年6月30日止六個月，本集團錄得收入約人民幣948.0百萬元，較截至 2022年6月30日止六個月之收入約人民幣521.1百萬元增加約81.9%。 本公司擁有人應佔本集團綜合收益總額由截至2022年6月30日止六個月的約人 民幣17.1百萬元增加至截至2023年6月30日止六個月的約人民幣31.3百萬元，增 加約83.0%。 未經審核中期業績 ...

Financial Performance - The total comprehensive income for the year ended December 31, 2022, was approximately RMB 668 million, compared to a loss of RMB 303 million for the year ended December 31, 2021, marking a significant turnaround [5]. - Operating revenue increased by RMB 232.1 million, reaching RMB 1,865.9 million, which is a 14.2% increase from RMB 1,633.8 million in the previous year [5]. - The company achieved a profit of RMB 57.6 million from its mining operations, emphasizing the successful protective mining and sales strategies implemented [5]. - The company's total revenue for the year ended December 31, 2022, was approximately RMB 1,865.9 million, an increase of about RMB 232.1 million or approximately 14.2% compared to RMB 1,633.8 million for the year ended December 31, 2021 [23]. - The gross profit margin improved from 2.0% in the previous year to 7.8% for the year ended December 31, 2022, reflecting enhanced profitability [25]. - The company achieved a turnaround from a total comprehensive loss of approximately RMB 30.3 million for the year ended December 31, 2021, to a total comprehensive income of approximately RMB 66.8 million for the year ended December 31, 2022 [25]. - The gross profit increased by approximately RMB 111.7 million to approximately RMB 145.1 million for the year ended December 31, 2022, compared to approximately RMB 33.4 million for the year ended December 31, 2021 [78]. - Overall gross margin improved from approximately 2.0% for the year ended December 31, 2021, to approximately 7.8% for the year ended December 31, 2022 [79]. - Other income for the year ended December 31, 2022, was approximately RMB 13.6 million, up from approximately RMB 2.1 million for the year ended December 31, 2021 [81]. - Net financial costs decreased from approximately RMB 18.4 million for the year ended December 31, 2021, to approximately RMB 12.3 million for the year ended December 31, 2022, due to reduced borrowing costs [82]. Operational Highlights - The logistics subsidiary in Xinjiang generated operating revenue of RMB 1,399.9 million and a profit of RMB 29.2 million, becoming a new economic growth point for the group [10]. - The company plans to continue processing Brazilian coarse powder with an estimated processing volume of around 3.2 million tons in 2023 [14]. - The company has completed geological data submissions and mining rights payments totaling RMB 76.8 million for the Yangzhuang iron mine, with all preparations for new mining licenses finalized [9]. - The construction of a high-standard intelligent ore dressing plant is underway, with a processing capacity of 2.6 million tons per year expected to be achieved [8]. - The company aims to leverage its logistics advantages in Xinjiang and Gansu to increase coal and coal product trading volume, maximizing sales revenue and profit [15]. - The company is actively pursuing new technologies and materials, ensuring timely communication with investors and responsiveness to market changes [21]. - The company is committed to maintaining its core business while exploring new business opportunities in clean energy, including wind, solar, and thermal energy [23]. - The company plans to enhance titanium processing technology and control production costs through collaboration with national research institutions [33]. - The company is focusing on expanding its new energy business, particularly in solar thermal projects, in response to market conditions [38]. Investment and Development - The company plans to invest approximately RMB 1.5 billion in the Shangyu Mine and processing plant construction, focusing on mining, titanium iron ore production line, and automation [16]. - The company has increased its investment in research and development, with R&D expenses amounting to approximately RMB 25.1 million in 2022 [25]. - The company has received government approval for a RMB 3 billion low-carbon environmental comprehensive project [29]. - The company is preparing to enter the construction phase for the Shangyu mine in August 2023, with plans to start mining during this period [103]. - The company is committed to expanding its traditional business in iron and titanium mining while continuing to invest in the full titanium industry chain [101]. Shareholder and Governance - The company plans to conduct a share consolidation, merging every 20 existing shares into 1 new share with a par value of HKD 0.04 [87]. - Following the share consolidation, the company proposes a rights issue of 87,588,332 shares at a subscription price of HKD 1.14 per share, aiming to raise up to HKD 99,850,698 [88]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition [111]. - The company has established a Nomination Committee to review and monitor the structure, size, and composition of the board, ensuring alignment with the group's strategy [121]. - The company has adopted corporate governance standards to ensure the integrity, transparency, and quality of disclosures, thereby enhancing shareholder value [107]. - The company has conducted two shareholder meetings in the year ending December 31, 2022, to maintain ongoing communication with shareholders [116]. - The company has implemented a restricted share award scheme to incentivize and retain employees for sustainable development [131]. Environmental and Social Responsibility - The company is actively participating in the Greater Bay Area Carbon Neutrality Association, focusing on low-carbon environmental projects [12]. - The company aims to develop green mining practices and enhance community interaction to promote local economic development [38]. - The group emphasizes environmental protection and sustainable development through technological innovation and energy efficiency [190]. Risk Management - The company adopted a risk management system to manage business and operational risks, with no significant risks identified in the 2022 risk assessment [170]. - The internal control system complies with the COSO framework, ensuring operational effectiveness, reliability of financial reporting, and compliance with applicable laws [172]. - The board has determined that the risk management and internal control systems are effective and appropriate, although they cannot eliminate all risks associated with business objectives [175].

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Add New Energy Investment Holdings Group Limited 愛德新能源投資控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02623） 截至2022年12月31日止年度的全年業績 財務摘要 本集團於截至2022年12月31日止年度錄得收入約人民幣1,865.9百萬元，較截至 2021年12月31日止年度的收入約人民幣1,633.8百萬元增加約14.2%。 本集團的業績由截至2021年12月31日止年度的本公司擁有人應佔綜合虧損總額 約人民幣30.3百萬元轉為截至2022年12月31日止年度的本公司擁有人應佔綜合 收益總額約人民幣66.8百萬元。 全年業績 ...