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 ...

Financial Performance - The company's revenue for the six months ended June 30, 2022, was RMB 521,101,000, a decrease of 41.2% compared to RMB 886,491,000 for the same period in 2021[10] - Gross profit for the same period was RMB 64,014,000, representing a gross margin of 12.3%, compared to RMB 48,433,000 in 2021[10] - The net profit for the period was RMB 14,941,000, down from RMB 16,306,000 in the previous year, indicating a decline of 8.3%[10] - The company reported a net profit of RMB 14,941,000 for the six months ended June 30, 2022, compared to a net loss of RMB 353,379,000 at the beginning of the year[15] - The company's total comprehensive income for the six months ended June 30, 2022, was RMB 17,095,000, compared to RMB 15,811,000 for the same period in 2021[15] - Basic earnings per share for the six months ended June 30, 2022, were RMB 0.285, down from RMB 0.308 in the same period of 2021[74] Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 766,138,000, an increase of 8.5% from RMB 705,971,000 at the end of 2021[7] - The company's total equity increased to RMB 304,305,000, up from RMB 287,210,000, reflecting a growth of 5.5%[7] - The company’s total liabilities decreased from RMB 1,000,000 to RMB 800,000, reflecting improved financial health[15] - Total liabilities as of June 30, 2022, were RMB 461,833,000, with Shandong Xingsheng at RMB 401,829,000 and Hami Xinxing at RMB 179,915,000[40] Cash Flow and Financial Health - Cash and cash equivalents rose significantly to RMB 311,777,000, compared to RMB 191,286,000, marking an increase of 63.0%[7] - The net cash flow from operating activities for the six months ended June 30, 2022, was RMB 178,091,000, significantly up from RMB 30,493,000 in the same period of 2021, representing a growth of approximately 482%[18] - The company incurred a loss of RMB 15,000 from tax payments during the reporting period, indicating a minimal tax burden[18] - The company’s financing activities resulted in a net cash outflow of RMB 35,894,000, compared to RMB 12,971,000 in the same period of 2021[18] Inventory and Receivables - The company reported a decrease in inventory to RMB 34,227,000, down 63.1% from RMB 92,643,000 in the previous year[7] - Accounts receivable increased significantly to RMB 34,656,000 as of June 30, 2022, compared to RMB 22,044,000 as of December 31, 2021, marking an increase of about 57.1%[47] - The net amount of accounts receivable and notes receivable reached RMB 31,151,000 as of June 30, 2022, up from RMB 18,539,000 as of December 31, 2021, reflecting a growth of approximately 67.8%[47] Operational Efficiency and Cost Management - The company aims to improve operational efficiency and reduce administrative expenses, which were RMB 35,264,000 for the period, up from RMB 27,897,000 in 2021[10] - The financial costs for the period were RMB 7,097,000, a slight decrease from RMB 8,715,000 in the previous year[10] - Distribution costs and administrative expenses increased by approximately RMB 6.4 million or 21.5% to about RMB 36.2 million, mainly due to R&D measures related to advanced processing technology[116] Market and Product Development - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[5] - The company plans to continue expanding its titanium iron mining operations and has made significant progress in technical cooperation with the Chinese Academy of Sciences and the Russian Academy of Sciences[89] - The company is actively pursuing cooperation in wind power and photovoltaic projects to create new economic growth points[124] Environmental and Sustainability Initiatives - The company plans to implement environmental remediation and land reclamation projects at Yangzhuang Iron Mine, aiming to convert tailings into new economic growth points[92] - The company is focusing on sustainable operations and environmental restoration to create new economic growth points[123] - The company is actively pursuing carbon market projects and has been focusing on low-carbon and environmentally friendly production processes[92] Shareholder and Financing Activities - The company did not declare any interim dividends for the six months ended June 30, 2022, consistent with the previous year[76] - The company has an unused credit facility of RMB 78,000,000 as of June 30, 2022[64] - The company’s major shareholder provided a loan of RMB 42,000,000, which remains unpaid as of June 30, 2022[64] Other Financial Metrics - The company received government grants totaling RMB 67,000, a decrease from RMB 91,000 in the prior year[67] - The company reported a foreign exchange loss of RMB (4,510,000) compared to a gain of RMB 5,296,000 in the previous year[67] - The company has capital commitments of RMB 43 million as of June 30, 2022, unchanged from December 31, 2021[81]

Financial Performance - The company reported a total comprehensive loss of approximately RMB 30.3 million for the year ended December 31, 2021, compared to a total comprehensive profit of approximately RMB 61.8 million for the same period in 2020[7]. - Operating revenue increased to RMB 667.8 million, a 69.1% increase from RMB 966.0 million in the previous year[7]. - The company reported a revenue of approximately RMB 1,633.8 million for the year ended December 31, 2021, an increase of approximately RMB 667.8 million or 69.1% compared to RMB 966.0 million for the year ended December 31, 2020[21]. - The total comprehensive loss for the year ended December 31, 2021, was approximately RMB 30.3 million, a decline from a comprehensive income of approximately RMB 61.8 million for the year ended December 31, 2020[23]. - The gross profit decreased from approximately RMB 78.2 million (gross margin of 8.1%) for the year ended December 31, 2020, to approximately RMB 33.4 million (gross margin of 2.0%) for the year ended December 31, 2021[85]. - The gross profit margin for iron ore powder trading decreased from 41.7% in 2020 to 29.9% in 2021, significantly impacting overall profitability[84]. - Other income for the year ended December 31, 2021, was approximately RMB 2.1 million, a decrease from approximately RMB 60.4 million in the previous year, primarily due to a one-time compensation received in 2020[87]. - The total cost of sales increased by approximately RMB 712.6 million or about 80.3% to approximately RMB 1,600.3 million for the year ended December 31, 2021, compared to approximately RMB 887.7 million for the year ended December 31, 2020[80]. Mining Operations and Reserves - The Yangzhuang iron ore mine has a confirmed reserve of 28.8 million tons, with the reserve registration proof obtained and preliminary review passed by local authorities[7]. - The company confirmed a rare earth reserve of 3,549 tons at the Yangzhuang iron ore mine, with a metal content of 4.47 tons and an industrial grade of 0.12%[8]. - The Yangzhuang Iron Mine has a confirmed reserve of 28.8 million tons, with a newly assessed rare earth mineral reserve of 3,549 tons and a metal content of 4.47 tons, with a grade of 0.126%[24]. - The Zhuge Shangyu titanium iron mine has proven and probable ore reserves of approximately 546.29 million tons, with an average grade of 5.69% titanium dioxide and 12.81% total iron[38]. - As of December 31, 2021, the total JORC ore reserves for Yangzhuang Iron Mine are estimated at 37.06 million tons, with proven reserves at 5.86 million tons and probable reserves at 31.20 million tons[53]. - The total JORC ore reserves for Zhuzha Shangyu Titanium Iron Mine are estimated at 403.90 million tons, with proven reserves at 199.40 million tons and probable reserves at 204.50 million tons[53]. - The total resource estimate for Zhuzha Shangyu Titanium Iron Mine is 494.9 million tons, with proven resources at 372.6 million tons and controlled resources at 118.3 million tons[56]. - The total resource estimate for QinJiaZhuang Titanium Iron Project is 99.6 million tons, with proven resources at 46.2 million tons and controlled resources at 42.1 million tons[58]. - The total resource estimate for Yangzhuang Iron Mine is 79.0 million tons, with proven resources at 11.3 million tons and controlled resources at 50.1 million tons[55]. Environmental and Sustainability Initiatives - The company plans to accelerate the construction of a low-carbon environmental comprehensive project with an investment of RMB 3 billion, which has received government approval[11]. - The company has received approval for the environmental management and land reclamation plan for the Yangzhuang iron ore mine, allowing for the processing and sale of construction materials[9]. - The company emphasizes green mining practices and aims to integrate these principles into daily operations[36]. - The company has implemented environmental governance and land reclamation plans for the Yangzhuang Iron Mine, converting waste into valuable products to enhance sales and economic growth[24]. - The company aims to enhance cooperation with national research institutions to improve titanium extraction technology and control production costs[29]. - The company will accelerate the construction of the Zhugeshangyu low-carbon environmental project and strengthen cooperation in wind and solar energy projects[97]. - The company emphasizes environmental protection and sustainable development through technological innovation and energy efficiency[193]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all relevant provisions during the year ended December 31, 2021[110]. - The board of directors held four regular meetings during the year, with all members attending all meetings, reflecting strong governance practices[119]. - The chairman and CEO positions are held by different individuals to ensure independence and accountability within the company[126]. - The independent non-executive directors possess strong qualifications in accounting, economics, science, or mining, enhancing the board's effectiveness[127]. - The audit committee was established in April 2012 and consists of three independent non-executive directors, ensuring oversight of financial reporting[111]. - The nomination committee, formed in April 2012, is responsible for board member selection and has been updated to align with corporate governance standards[128]. - The company emphasizes transparency and communication with shareholders, particularly through the annual general meeting[124]. - The board's composition reflects a balance of skills and experience, contributing to effective leadership and governance[117]. - The company has established a formal and transparent process for the selection and appointment of directors to ensure board effectiveness[135]. - The company aims to achieve board diversity by considering various factors, including gender, age, and professional experience[135]. Financial Position and Debt Management - As of December 31, 2021, the company's total borrowings amounted to approximately RMB 180.6 million, a decrease from RMB 189.5 million as of December 31, 2020[91]. - The company's cash and bank balances reached approximately RMB 192.0 million as of December 31, 2021, compared to RMB 136.3 million as of December 31, 2020[91]. - The company's debt-to-equity ratio was approximately 38.6% as of December 31, 2021, up from 36.6% as of December 31, 2020[90]. - The company plans to repay bonds totaling approximately HKD 130 million with a 7.0% annual interest rate due by December 31, 2022, using a loan of RMB 120 million from its chairman[93]. - The company provided a loan of RMB 120 million with no fixed repayment period to Shandong Xingsheng to repay bonds totaling approximately HKD 130 million due within the year[191]. Employee and Talent Management - The company has employed 152 full-time employees as of December 31, 2021, compared to 147 in 2020[102]. - The company believes that the remuneration provided to employees is competitive compared to market standards[141]. - The company has implemented a restricted share award scheme to incentivize and retain employees for sustainable development[140]. - The company has a total of 5 senior management personnel with salaries ranging from HKD 500,000 to over HKD 1,000,000[188]. Risk Management - The board has determined that the risk management and internal control systems are effective and appropriate, although they cannot eliminate all risks[186]. - The risk management system includes identifying risks, assessing their likelihood and impact, and evaluating risk combinations[172]. - The company conducted a risk assessment in 2021 and identified no significant risks[175]. - The internal control system is aligned with the COSO framework established in 2013, ensuring operational effectiveness and compliance with applicable laws[176]. - The internal audit department, composed of qualified professionals, independently evaluates the risk management and internal control systems[185].