香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 ARTGO HOLDINGS LIMITED 雅 高 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：3313） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 業績概覽 • 本集團截至二零二三年六月三十日止六個月的收益約人民幣31.1百 萬 元（二 零 二 二 年：約 人 民 幣26.9百 萬 元），增 加15.6%或 約 人 民 幣4.2 百萬元。 • 本 集 團 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 除 稅 前 虧 損 約 人 民 幣38.6百 萬 元（二 零 二 二 年：約 人 民 幣36.4百 萬 元），增 加 虧 損 約 人 民 幣2.2百萬元。 • 本 集 團 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 淨 虧 損 約 為 人 民 幣 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ARTGO HOLDINGS LIMITED 雅 高 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：3313） 有關截至二零二二年十二月三十一日止年度的年報的 補充公告 謹此提述雅高控股有限公司（「本公司」，連同其附屬公司，統稱為「本集團」）於二 零二三年四月二十七日刊發的截至二零二二年十二月三十一日止年度的年報（「年 報」）。除另有指明者外，本公告所用詞彙與年報所界定者具有相同涵義。 除年報中分別於董事會報告第38至41頁所載「購股權計劃」一節及財務報表附註29 所提供的資料外，董事會謹此根據上市規則第17.07及17.09條提供下列有關本集團 購股權計劃的額外資料： 1. 於本年度，緊接購股權獲行使日期前已行使購股權數目、股份行使價及收市 價概述如下： 行使日期前 已行使購股 每股行使價 股份的加權 權數目 （港元） 平均收市價 ...

Financial Performance - The company managed to increase its overall revenue by approximately 1.2% despite a challenging environment due to the COVID-19 pandemic and geopolitical tensions[5]. - The overall operating revenue for the year was approximately RMB 89.1 million, a slight increase of 1.2% from RMB 88.0 million in the previous year[18]. - The revenue from marble stone products for the year was approximately RMB 34.4 million, an increase of 10.2% from RMB 31.2 million in the previous year[10]. - The calcium carbonate business contributed total revenue of approximately RMB 53.1 million, a decrease of 3.6% from RMB 55.1 million in the previous year[13]. - The sales of marble stone products accounted for 38.7% of total revenue, while calcium carbonate products accounted for 59.6%[19]. - The total cost of sales for the year was approximately RMB 76.3 million, up from RMB 66.1 million in the previous year[20]. - The gross profit for the year was approximately RMB 12.8 million, a decrease of RMB 9.1 million compared to the previous year, resulting in a gross margin of 14.4%[22]. - Other income and gains decreased by approximately RMB 12.0 million to RMB 10.4 million, primarily due to reductions in VAT refunds, government subsidies, and rental income from investment properties[23]. - The company’s reserves available for distribution to shareholders as of December 31, 2022, were approximately RMB 991.7 million, down from RMB 1,132.9 million in 2021[162]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2022, consistent with the previous year[159]. Strategic Initiatives - The company adopted a low-profit strategy to enhance sales and improve inventory turnover, while tightening credit policies for customers[9]. - The company plans to monetize non-core assets, particularly by selling its warehousing and logistics business, to generate immediate liquidity and reduce debt levels[6]. - The company is actively seeking debt restructuring and refinancing opportunities with non-bank lenders in China to lower financing costs and improve liquidity[5]. - The company will continue to monitor the changing business environment and adjust its business plans accordingly[6]. - The company aims to enhance its market presence and operational efficiency through strategic management and resource optimization[81]. - The company is focused on expanding its sales network into new regions, including North America and the Middle East, while also increasing penetration in existing markets[148]. Operational Adjustments - The company has gradually reduced its operations in Xiamen and shifted them to Jiangxi Province, where its largest marble mine and processing facilities are located[5]. - The company emphasizes the importance of operational efficiency and has slowed down capital expenditures until the business environment stabilizes[9]. - The company acknowledges the ongoing uncertainties and challenges in both the Chinese and global economies, particularly due to the Russia-Ukraine war and potential impacts on the banking sector in the US and Europe[8]. - The company believes that the impact of the pandemic will gradually diminish with the rollout of vaccines and the easing of restrictions by the Chinese government[6]. Inventory and Receivables - Inventory decreased by approximately 27.0% from RMB 59.9 million to RMB 43.7 million, mainly due to inventory write-downs and clearance of low-quality stock[32]. - Trade receivables increased from approximately RMB 26.4 million to RMB 29.0 million, attributed to approximately 69.8% of sales recorded in the second half of the year[34]. - Trade payables increased from approximately RMB 16.4 million to RMB 23.1 million, mainly due to a slowdown in payments to suppliers[35]. - Net current assets decreased by approximately 43.9% from RMB 31.9 million to RMB 17.9 million, primarily due to inventory write-downs[36]. Management and Governance - The board of directors consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[77]. - The company has a strong management team with extensive experience in trade, investment, and brand management[79][81]. - The independent non-executive directors contribute to the governance and strategic oversight of the company, ensuring compliance and accountability[86]. - The company has adopted a board diversity policy, recognizing the benefits of diversity among board members, considering measurable aspects such as gender, age, cultural and educational background, and professional experience[108]. - The company has complied with the corporate governance code, except for the separation of the roles of chairman and chief executive officer, which is currently held by the same individual[99]. Environmental and Compliance Efforts - The company has implemented measures to mitigate environmental pollution, such as water conservation and recycling in marble mining operations[151]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations that significantly impact its operations[152]. - The company has maintained a commitment to environmental protection and sustainable development, achieving notable accomplishments in environmental management[150]. Stock Options and Incentives - The company granted a total of 420,730,000 stock options under the stock option plan in April 2022, all of which were exercised within the year[180]. - The stock option plan aims to incentivize eligible participants to enhance their performance for the benefit of the group[177]. - A total of 883,730,000 stock options were granted during the year, with an exercise price of HKD 0.025[186]. - The stock options plan has been in effect since December 9, 2013, and will continue for 10 years[185]. Audit and Financial Oversight - The audit committee, established on December 9, 2013, is responsible for reviewing financial information and internal control procedures[115]. - The total audit fees paid to KPMG for the year ended December 31, 2022, amounted to RMB 1,200,000, with an additional RMB 100,000 for non-audit services[130]. - The board has reviewed the effectiveness of the internal control system, including resource adequacy and employee qualifications[131]. - The company has established a framework for risk management and internal control to protect assets and shareholder interests[141].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 ARTGO HOLDINGS LIMITED 雅 高 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：3313） 有 關 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 年 度 業 績 公 告 之 澄 清 公 告 茲 提 述 雅 高 控 股 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）日 期為二零二三年三月三十一日的截至二零二二年十二月三十一日止年度 的年度業績公告（「年度業績公告」）。除文義另有所指外，本公告所用詞彙 與年度業績公告所界定者具有相同涵義。 本公司股東宜將本公告與年度業績公告一併閱讀。 本 公 司 謹 此 澄 清，由 於 無 心 之 失，本 集 團 的 貸 款 及 遞 延 收 入 於 二 零 二 二 年十二月三十一日的本集團綜合財務狀況表內被錯誤分類為其他應付款 項 及 應 計 費 用。因 此，本 公 司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 ARTGO HOLDINGS LIMITED 雅 高 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：3313） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 經 審 核 年 度 業 績 公 告 業績概覽 截至二零二二年十二月三十一日止年度： • 本 集 團 的 收 益 約 為 人 民 幣89.1百 萬 元（二 零 二 一 年：約 人 民 幣88.0百 萬元），增加1.2%或約人民幣1.1百萬元。 • 本 集 團 的 除 稅 前 虧 損 約 人 民 幣149.4百 萬 元（二 零 二 一 年：約 人 民 幣 416.2百萬元），減少虧損約人民幣 266.8百萬元。 • 本 集 團 的 淨 虧 損 為 約 人 民 幣148.3百 萬 元（二 零 二 一 年：約 人 民 幣 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 26,940,000, a decrease of 39.1% compared to RMB 44,398,000 for the same period in 2021[10] - Gross profit for the same period was RMB 6,681,000, down 54.8% from RMB 14,770,000 in 2021[10] - The company reported a loss before tax of RMB 36,447,000, slightly improved from a loss of RMB 39,436,000 in the previous year, indicating a 7.5% reduction in losses[10] - The net loss attributable to equity holders for the period was RMB 36,200,000, compared to RMB 39,387,000 in 2021, reflecting a 5.3% improvement[12] - The net cash flow from operating activities was RMB (1,201,000) for the first half of 2022, compared to RMB 71,299,000 in the same period of 2021[23] - The company reported a net loss of RMB 36,200,000 for the six months ended June 30, 2022, compared to a loss of RMB 39,387,000 in the same period of 2021[20] - The gross profit for the review period was approximately RMB 6.7 million, a decrease of about RMB 8.1 million compared to the same period last year, with a gross margin of 24.8%[137] - The net loss attributable to the company's owners for the review period was approximately RMB 36.2 million, a reduction from RMB 39.4 million in the same period last year, influenced by decreased operating gross profit, reduced financial costs, and lower impairment losses[147] Assets and Liabilities - Total non-current assets as of June 30, 2022, amounted to RMB 1,526,114,000, a slight increase from RMB 1,524,429,000 as of February 28, 2021[15] - Current assets totaled RMB 210,380,000, down from RMB 214,422,000 in the previous year, indicating a decrease of 1.9%[15] - The company’s total assets less current liabilities stood at RMB 1,538,698,000, a decrease from RMB 1,556,302,000 in the previous year[15] - The total non-current liabilities amounted to RMB 293,069,000 as of June 30, 2022[17] - The net assets of the company were RMB 1,263,233,000 as of June 30, 2022[17] - Trade receivables and bills amounted to RMB 90,083,000 as of June 30, 2022, slightly up from RMB 89,619,000 as of December 31, 2021[71] - The provision for credit losses on trade receivables increased to RMB 63,378,000 as of June 30, 2022, from RMB 63,195,000 as of December 31, 2021[71] - Trade payables totaled RMB 31,077,000 as of June 30, 2022, compared to RMB 16,380,000 as of December 31, 2021[76] - Other payables and accrued expenses reached RMB 119,717,000 as of June 30, 2022, up from RMB 117,273,000 as of December 31, 2021[76] - Total bank and other borrowings amounted to RMB 256,388,000 as of June 30, 2022, compared to RMB 246,373,000 as of December 31, 2021[78] - The current ratio as of June 30, 2022, was 1.06, a decrease from 1.17 as of December 31, 2021, primarily due to reduced revenue during the review period[151] - Total borrowings increased by approximately RMB 7.1 million to RMB 292.3 million as of June 30, 2022, compared to RMB 285.2 million as of December 31, 2021[152] - The debt-to-equity ratio was approximately 21.8% as of June 30, 2022, compared to 20.8% as of December 31, 2021[153] Revenue Breakdown - Revenue from calcium carbonate products was RMB 25,489,000, accounting for 94.6% of total revenue for the first half of 2022[34] - Revenue from marble products for the six months ended June 30, 2022, was RMB 26,600,000, while the total revenue was RMB 26,940,000, indicating a decrease from RMB 44,398,000 in the same period of 2021[37] - Revenue from marble products decreased significantly to RMB 1.1 million, a 94.6% drop compared to RMB 20.5 million in the same period last year due to adverse market conditions in the real estate sector and lockdowns affecting sales activities[100] - The calcium carbonate business contributed approximately RMB 25.5 million in revenue, an increase from RMB 22.7 million in the same period last year[102] - Sales of calcium carbonate products accounted for 94.6% of total revenue, amounting to approximately RMB 25.5 million[131] Cost Management - The company continues to focus on cost management, with administrative expenses reduced to RMB 24,144,000 from RMB 26,171,000, a decrease of 7.8%[10] - The cost of goods sold for the six months ended June 30, 2022, was RMB 20,259,000, down from RMB 29,628,000 in the same period of 2021[55] - Employee benefits expenses for the six months ended June 30, 2022, amounted to RMB 6,829,000[55] - Financial costs (excluding lease liabilities interest) for the six months ended June 30, 2022, were RMB 15,198,000, down from RMB 22,752,000 in the same period of 2021[48] - Administrative expenses amounted to RMB 24.1 million, representing approximately 89.6% of the revenue during the review period, a decrease from RMB 26.2 million in the same period last year, which accounted for 58.9% of the revenue[140] Shareholder Information - The company’s issued share capital was RMB 39,274,000 as of June 30, 2022[20] - The company’s total equity attributable to owners was RMB 1,170,009,000 as of June 30, 2022[20] - The company had a weighted average number of ordinary shares of 4,431,753,578 for the six months ended June 30, 2022, compared to 4,120,081,209 for the same period in 2021[60] - As of June 30, 2022, the total issued and paid-up ordinary shares increased to 4,630,847,501 shares from 4,368,767,501 shares as of December 31, 2021, representing a growth of approximately 6%[82] - The company directors and senior executives held a total of 43,777,000 shares, representing approximately 0.95% of the issued share capital[164] - The company has no major shareholders with interests or short positions in shares or related securities that require disclosure under the Securities and Futures Ordinance as of June 30, 2022[168] Corporate Governance - The company has maintained high levels of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency[169] - There were no violations of the listing rules during the review period ending June 30, 2022[171] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group during the review period[177] Market Conditions and Strategic Response - The ongoing geopolitical tensions and the COVID-19 pandemic have significantly impacted the company's overall business activities and operating environment[99] - The company has implemented tighter credit policies and slowed down capital expenditures in response to challenging market conditions[99] - The operational efficiency is being improved by gradually reducing business activities in Xiamen and relocating them to Jiangxi Province[99] - The company has paused further commodity trading activities due to uncertainties arising from the US-China trade relations, resulting in no revenue from this segment during the review period[103] - The logistics business was abandoned to focus resources on core operations, with warehouse sales negotiations delayed due to the pandemic[104] - The company plans to continue monitoring the impact of the COVID-19 pandemic and adapt its business strategies accordingly, while seeking beneficial projects for the company and its shareholders[160]

Financial Performance - The overall revenue of Artgo Holdings increased by approximately 19.1% despite challenges in the marble business due to the pandemic and geopolitical tensions[10]. - The company reported a total revenue of approximately RMB 88.0 million for 2021, an increase of 19.1% compared to RMB 73.9 million in 2020[25]. - Revenue from marble products was approximately RMB 31.2 million, a decrease of 19.4% compared to RMB 38.7 million in 2020[14]. - Sales of calcium carbonate products contributed approximately RMB 55.1 million to the company's revenue, representing a 72.7% increase from RMB 31.9 million in 2020[16]. - The marble stone products accounted for 35.6% of total revenue in 2021, down from 52.4% in 2020, with sales amounting to approximately RMB 31.2 million[25]. - The company’s total sales cost for 2021 was approximately RMB 66.1 million, compared to RMB 60.6 million in 2020, with marble stone product costs at RMB 19.7 million and calcium carbonate product costs at RMB 43.4 million[28]. - The group recorded a gross profit of approximately RMB 21.9 million in 2021, an increase of about RMB 8.6 million compared to 2020, with an overall gross margin of approximately 24.9% compared to 18.1% in 2020[31]. - Other income and gains amounted to approximately RMB 22.4 million in 2021, an increase of about RMB 1.6 million from RMB 20.8 million in 2020, primarily due to increases in VAT refunds and rental income[32]. - Other expenses decreased by approximately RMB 7.5 million to RMB 4.8 million in 2021 from RMB 12.3 million in 2020, mainly due to reduced depreciation from the sale of investment properties[33]. - Selling and distribution expenses were approximately RMB 2.5 million, accounting for about 2.9% of total revenue, down from RMB 2.9 million or 3.9% in 2020, reflecting tighter cost control[34]. - Administrative expenses increased by approximately RMB 6.6 million to RMB 61.6 million in 2021, primarily due to RMB 10.4 million in equity-settled share option expenses[35]. - The group reported a loss attributable to owners of approximately RMB 417.8 million, an increase of RMB 187.6 million compared to a loss of RMB 230.2 million in 2020[41]. Asset Management and Sales - The company sold eight investment properties to strengthen its financial position and liquidity during the challenging economic environment[13]. - The company sold eight investment properties in Shanghai, receiving total proceeds of RMB 153.5 million, resulting in a net loss of RMB 3.7 million from these sales[21]. - The company plans to seek opportunities to liquidate non-core assets to generate immediate liquidity and reduce debt levels[10]. - The company is actively seeking potential buyers for its logistics business, which it decided to divest in late 2019[20]. - The group completed three asset sales during the year, totaling RMB 153.5 million, resulting in a net loss of RMB 3.8 million from these sales[62]. Operational Challenges - The real estate sector, which is a key market for the company's marble products, has not fully recovered from the pandemic, with developers focusing on inventory clearance and debt restructuring[9]. - The ongoing geopolitical tensions and the impact of the Russia-Ukraine war present uncertainties for the company's future outlook[10]. - Artgo Holdings is closely monitoring the development of COVID-19 and its impact on financial performance, adjusting business plans accordingly[10]. - The company has delayed capital expenditures and purchases of raw materials until the operating environment stabilizes[13]. - The company anticipates that the significant revenue growth in its calcium carbonate business will slow down in 2022 due to current market conditions[16]. Mining Operations - In Q4 2021, the company commenced small-scale mining activities at Yongfeng Mine, extracting 703.2 cubic meters of marble after obtaining a new mining permit in 2020[15]. - The company’s marble raw material sales volume increased to 1,520 cubic meters in 2021 from 641 cubic meters in 2020[27]. - The estimated marble resource at the Dejiang mine is 2.1 million cubic meters, with 1.3 million cubic meters classified as controlled and 0.8 million cubic meters as inferred[72]. - The Yongfeng mine has an annual permitted extraction volume of 1.1 million cubic meters, with a mining license valid until June 5, 2030[76]. - The assessed mining rights value for the Yongfeng mine is approximately RMB 55.8 million, valid for 30 years[76]. - As of December 31, 2021, the estimated resource volume of Yongfeng Mine is 106.6 million cubic meters, with 51.2 million cubic meters classified as proven, 46.6 million cubic meters as controlled, and 8.8 million cubic meters as inferred[80]. - In 2021, the group produced approximately 703.2 cubic meters from Yongfeng Mine, a significant increase from 233.3 cubic meters in 2020, representing a growth of approximately 201%[82]. - The estimated marble resource volume at Zhangxi Mine as of December 31, 2021, is 29.7 million cubic meters, with 7.1 million cubic meters proven, 18.4 million cubic meters controlled, and 4.2 million cubic meters inferred[88]. - The group has not conducted exploration, development, or production activities at Zhangxi Mine in 2021, consistent with 2020[88]. - The estimated marble resource volume at Lichuan Mine as of December 31, 2021, is 4.55 million cubic meters, with 3.88 million cubic meters controlled and 0.67 million cubic meters inferred[96]. - The group has not conducted exploration, development, or production activities at Lichuan Mine in 2021, consistent with 2020[96]. - The group is applying for the renewal of the mining license for Zhangxi Mine to expand its mining area and increase marble resources, with no significant obstacles anticipated[85]. Management and Governance - The company appointed Mr. Yan Weiwen as Executive Director and CEO in March 2016, and he has nearly 28 years of experience in trade and investment[105]. - Mr. Zhang Jian, with nearly 16 years of experience in stone mining and processing, is currently the Vice President and General Manager of the Stone Production and Processing Division[106]. - The company has a strong management team with extensive experience in the construction materials sector, particularly in stone product processing and application in construction projects[106]. - The company has a diverse board with members holding various qualifications and experiences in finance and management[112]. - The company has adopted a board diversity policy, considering various measurable aspects such as gender, age, cultural background, and professional experience in board composition[141]. - The chairman and CEO roles are separated, with the current chairman also serving as the acting CEO since December 1, 2016, to strengthen leadership capabilities[142]. - The board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee, to oversee specific aspects of the company's affairs[148]. - The company is actively seeking to appoint a qualified candidate for the CEO position to comply with governance code requirements[146]. - The board confirmed that there are no significant uncertainties that may cast doubt on the company's ability to continue as a going concern[167]. - The company has established a training program for directors and senior management to ensure ongoing professional development and compliance with legal standards[165]. Compliance and Risk Management - The company has established a robust internal control system to safeguard its assets and shareholder interests, ensuring compliance with regulatory requirements[185]. - The company has a framework in place to identify, assess, and manage significant risks to achieve its operational goals[186]. - The group has implemented multiple measures to mitigate the impact of environmental pollution, such as conserving and recycling water used in marble mining[199]. - The group has established compliance procedures to ensure adherence to applicable laws, rules, and regulations that significantly impact its operations[200]. - The board has delegated the audit committee to monitor the group's compliance policies and practices, with regular reviews conducted[200]. - As of December 31, 2021, the group has complied with significant aspects of laws and regulations affecting its business and operations[200]. Future Outlook and Strategy - The company has set a revenue target of $500 million for the next fiscal year, representing a 25% increase from the current year[120]. - New product development includes the launch of a premium marble line, expected to contribute an additional $50 million in revenue[119]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share within the next three years[126]. - A strategic acquisition of a local competitor is in progress, projected to enhance production capacity by 40%[127]. - Financial management strategies have been revised, aiming for a 15% increase in profit margins by optimizing resource allocation[129].

Financial Performance - For the six months ended June 30, 2021, the total revenue was RMB 43,141,000, a slight decrease of 0.56% compared to RMB 43,384,000 in the same period of 2020[11]. - Gross profit for the same period was RMB 13,687,000, representing an increase of 12.7% from RMB 12,146,000 year-on-year[11]. - Other income and gains increased significantly to RMB 10,865,000, up 112.5% from RMB 5,106,000 in the previous year[11]. - The total loss from continuing operations before tax was RMB 40,128,000, an improvement from a loss of RMB 91,731,000 in the prior year[11]. - The net loss attributable to owners of the company was RMB 39,387,000, a reduction of 57.3% compared to RMB 92,347,000 in the same period of 2020[13]. - Basic and diluted loss per share from continuing operations was RMB 0.0097, compared to RMB 0.0287 in the previous year[11]. - The company reported a pre-tax loss from continuing operations of RMB 40,128 thousand for the six months ended June 30, 2021, compared to a loss of RMB 91,731 thousand in the same period of 2020[37]. - The company reported a gross profit of RMB 1,083,000 for the six months ended June 30, 2021, compared to a gross loss of RMB 160,000 for the same period in 2020, indicating a significant turnaround[71]. - Net loss attributable to owners decreased to approximately RMB 39.4 million, compared to a loss of RMB 92.3 million in the same period last year, mainly due to reduced impairment losses[155]. Assets and Liabilities - Non-current assets decreased to RMB 1,788,015 thousand as of June 30, 2021, down from RMB 1,962,995 thousand as of February 28, 2020, representing a decline of approximately 8.9%[16]. - Current assets increased significantly to RMB 416,902 thousand, up from RMB 287,734 thousand, marking an increase of approximately 45%[16]. - Total liabilities decreased to RMB 240,098 thousand from RMB 198,181 thousand, an increase of about 21%[16]. - The company's equity attributable to owners decreased slightly to RMB 1,543,497 thousand from RMB 1,555,309 thousand, a decline of approximately 0.8%[17]. - Trade receivables fell to RMB 41,683 thousand from RMB 60,641 thousand, a decrease of about 31.3%[16]. - The company’s total assets less current liabilities stood at RMB 1,964,819 thousand, down from RMB 2,052,548 thousand, reflecting a decrease of approximately 4.3%[16]. - The company’s current liabilities, excluding income tax, totaled RMB 137,609,000 as of June 30, 2021[65]. - The company reported a net cash outflow from financing activities of RMB 55,623 thousand for the six months ended June 30, 2021, compared to an inflow of RMB 45,144 thousand in the previous year[22]. - The company’s total bank and other borrowings amounted to RMB 309,342,000, a decrease of 19.6% from RMB 384,740,000 as of February 28, 2020[67]. Operational Efficiency and Future Outlook - Future outlook remains cautious due to market conditions, with a focus on improving operational efficiency and reducing losses[10]. - The company has plans for market expansion and new product development, although specific figures were not disclosed in the report[10]. - The company has focused its resources on the mining business, leading to the decision to sell its warehousing and logistics operations[70]. - The company anticipates that the impact of the pandemic on its operations will diminish, despite ongoing uncertainties in the global economy and U.S.-China relations[166]. Revenue Sources - The revenue contribution from calcium carbonate products and trading was RMB 22,681 thousand, accounting for 51.1% of total revenue for the first half of 2021[34]. - The sales of single-sided polished slabs generated revenue of RMB 6,652 thousand, which is a significant decrease of 73.5% compared to RMB 25,122 thousand in the same period of 2020[34]. - The company reported a total of RMB 22.7 million in revenue from its calcium carbonate business, compared to RMB 16.5 million in the same period last year, indicating a significant increase[95]. - Sales volume of marble blocks increased significantly to 1,500 cubic meters, compared to 623 cubic meters in the same period last year, representing a growth of approximately 141%[140]. - The average selling price of marble blocks rose to RMB 4,425 per cubic meter, a 58% increase from RMB 2,806 per cubic meter in the previous year[143]. - The average selling price of single-sided polished slabs surged by 216% to RMB 366 per square meter, down from RMB 116 per square meter in the same period last year[143]. Expenses and Costs - Administrative expenses increased to RMB 25,781,000, up from RMB 23,465,000 in the previous year, indicating a rise of 9.8%[11]. - Employee benefits expenses, including salaries and other benefits, amounted to RMB 7,635 thousand for the first half of 2021, compared to RMB 7,122 thousand in the same period of 2020[50]. - The depreciation of property, plant, and equipment increased to RMB 10,270 thousand for the first half of 2021, compared to RMB 3,948 thousand in the same period of 2020[50]. - Total sales cost from continuing operations was approximately RMB 295 million, with a decrease of 5.7% due to lower raw material costs despite a slight decline in total sales[144]. - Administrative expenses increased to RMB 258 million, accounting for approximately 59.8% of revenue, up from 54.1% in the previous year[149]. Management and Governance - The audit committee consists of three independent non-executive directors, including Ms. Long Yuequn as the chairperson[182]. - The company expresses gratitude to all employees, shareholders, investors, partners, and customers for their trust and continued support[183]. - The executive directors include Mr. Yuan Weiwen, Mr. Zhang Jian, Ms. Wu Jing, and Mr. Wan Jian, while the non-executive director is Mr. Yuan Zengcai[184]. - The company has maintained compliance with the corporate governance code, with no violations of listing rules reported during the review period[176]. Investment and Transactions - The company completed the sale of Genpex Investment Limited for RMB 63,500,000, with the transaction finalized on July 19, 2021[79]. - The company completed the sale of 51% equity in five commercial properties and 100% equity in one residential property, generating total proceeds of RMB 1,085 million, aimed at reallocating resources to focus on core business and reducing debt levels[105]. - The company has not engaged in any further commodity trading transactions due to uncertainties arising from the trade tensions between the US and China[96]. - The company did not declare an interim dividend for the six months ended June 30, 2021, consistent with the previous year[88].

Business Operations and Strategy - The company has adjusted its business strategy by suspending commodity trading and abandoning warehousing logistics to focus resources on core business and other potentially profitable projects [8]. - The company plans to seek opportunities to monetize non-core assets to generate immediate liquidity and reduce debt levels [8]. - The company aims to develop long-term business plans to fully utilize existing resources despite uncertainties in the Chinese and global economies [8]. - The company will continue to monitor the development of COVID-19 and assess its impact on financial conditions and operational performance [8]. - The company expresses gratitude to employees, shareholders, investors, partners, and customers for their trust and support during a challenging year [8]. Impact of COVID-19 - Due to the COVID-19 pandemic, the overall business operations were impacted, particularly in the first quarter, with construction projects in multiple cities in China being suspended [11]. - The overall sales performance was affected by delays in construction site operations and inventory replenishment due to the pandemic [7]. - The company has implemented various measures to ensure employee health and safety, leading to intermittent production halts in early 2020 [11]. - The net loss from continuing operations was approximately RMB 213.5 million, compared to RMB 86.7 million in the previous year, attributed to increased impairment losses and overall revenue decline due to COVID-19 [45]. Financial Performance - The overall revenue for the year was approximately RMB 73.9 million, a decrease of about RMB 200.6 million (or 73.1%) compared to RMB 274.5 million in 2019, primarily due to a significant drop in commodity trading revenue [22]. - Revenue from continuing operations was approximately RMB 70.6 million, down about RMB 203.1 million (or 74.2%) from the previous year [22]. - The calcium carbonate business contributed approximately RMB 31.9 million to the company's revenue, but faced challenges due to increased operational costs and the impact of COVID-19 [16]. - The company recorded an impairment loss of approximately RMB 15.4 million for the calcium carbonate business due to increased operating expenses and transportation costs [16]. - The company decided to suspend any further commodity trading transactions due to heightened political tensions and uncertainties in the business environment, resulting in no revenue from this segment for the year [17]. Mining Operations - The marble mining business achieved significant progress with the successful renewal of a ten-year mining license for the largest marble mine in Yongfeng County, Jiangxi Province, which will enhance the core business development [7]. - The company successfully renewed the mining license for Yongfenghao in Jiangxi Province for an additional ten years, allowing an increase in production capacity to 1.1 million cubic meters per year, more than quadrupling the previous limit [13]. - The mining activities were minimal prior to the renewal of the exploration license, but the company aims to restart operations and enhance its product line before fully resuming mining activities [13]. - The company plans to closely monitor the performance of its calcium carbonate business and ensure synergies with other group companies after resuming mining activities [16]. Cost and Inventory Management - Total sales cost from continuing operations was approximately RMB 602 million, mainly comprising processing costs, marble block costs, and transportation costs [31]. - Administrative expenses decreased to approximately RMB 54.7 million from RMB 58.0 million in 2019, reflecting cost-saving measures [40]. - Financial costs increased to approximately RMB 55.9 million, up by RMB 10.6 million from the previous year, mainly due to higher interest on borrowings [41]. - Inventory increased from approximately RMB 29.2 million on December 31, 2019, to approximately RMB 57.2 million on December 31, 2020, primarily due to the commissioning of the group's processing facilities in the second half of the year [46]. Corporate Governance - The company has maintained compliance with the corporate governance code, except for the separation of roles between the chairman and the CEO, which is currently held by the same individual [145]. - The company is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency [145]. - The company has adopted a board diversity policy, considering measurable aspects such as gender, age, cultural and educational background, and professional experience when setting board composition [163]. - The company has provided training and development for directors to ensure they are well-informed about their responsibilities and the company's operations [160]. Board Composition and Responsibilities - As of December 31, 2020, the board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors [151]. - The board of directors is responsible for leading and controlling the company, overseeing business strategy and performance, and making objective decisions in the company's best interest [156]. - The audit committee, established on December 9, 2013, consists of three independent non-executive directors and is responsible for reviewing financial information, internal controls, and risk management systems [171]. - The company has established a diversity policy for the board, considering various aspects such as gender, age, cultural and educational background, professional qualifications, skills, knowledge, and industry experience [180].

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 43,384,000, a decrease of 9.5% compared to RMB 47,910,000 for the same period in 2019[7]. - Gross profit for the same period was RMB 12,146,000, down 40.3% from RMB 20,341,000 in 2019[7]. - The company reported a loss from continuing operations before tax of RMB 91,731,000, compared to a loss of RMB 26,734,000 in the previous year, indicating a significant increase in losses[7]. - Total comprehensive loss for the period was RMB 92,423,000, compared to RMB 29,027,000 in the same period last year, reflecting a substantial decline in financial performance[9]. - Basic and diluted loss per share from continuing operations was RMB 0.0287, compared to RMB 0.0097 in 2019, indicating a worsening of per-share performance[7]. - The company reported a net loss of RMB 28,798 thousand for the six months ended June 30, 2020, compared to a loss of RMB 92,423 thousand for the same period in 2019, indicating an improvement in financial performance[20]. Expenses and Costs - Administrative expenses decreased to RMB 23,465,000 from RMB 25,545,000, showing some cost control efforts[7]. - The cost of goods sold was RMB 31,238,000 for the six months ended June 30, 2020, compared to RMB 27,569,000 in the previous year, indicating an increase of approximately 13.7%[83]. - Financial costs totaled RMB 24,374,000 for the six months ended June 30, 2020, compared to RMB 21,857,000 in the previous year, with bank loan interest at RMB 9,970,000 (down from RMB 8,400,000) and other loan interest at RMB 13,706,000 (down from RMB 12,921,000)[79]. - Impairment losses on investment properties and trade receivables amounted to RMB 36.7 million and RMB 13.4 million, respectively, due to adverse business conditions[198]. - Employee costs totaled approximately RMB 71 million, slightly up from RMB 70 million in the same period last year, reflecting adjustments based on market conditions and employee contributions[199]. Assets and Liabilities - Non-current assets totaled RMB 2,025,032 thousand as of June 30, 2020, compared to RMB 2,017,430 thousand as of December 31, 2019, reflecting a slight increase of 0.73%[16]. - Current assets decreased to RMB 413,023 thousand from RMB 474,080 thousand, representing a decline of 12.91%[16]. - Total liabilities increased to RMB 706,623 thousand as of June 30, 2020, compared to RMB 681,588 thousand as of December 31, 2019, marking an increase of 3.68%[17]. - Total equity decreased to RMB 1,731,432 thousand as of June 30, 2020, from RMB 1,807,148 thousand as of December 31, 2019, reflecting a decrease of 4.19%[17]. - The company’s total assets decreased slightly to RMB 2,083,971 thousand as of June 30, 2020, from RMB 2,100,716 thousand as of December 31, 2019, a decrease of 0.79%[16]. Revenue Segments - The total revenue for the marble products segment was RMB 43,384,000 for the six months ended June 30, 2020, compared to RMB 47,910,000 for the same period in 2019, representing a decrease of approximately 9.5%[31]. - The revenue from the logistics services segment was RMB 1,598,000, contributing 3.6% to the total revenue for the first half of 2020[31]. - The calcium carbonate business contributed approximately RMB 16.5 million to the company's revenue, an increase from RMB 13.1 million in the previous year[139]. Impairment and Credit Risk - The company incurred an impairment loss on investment properties of RMB 36,667,000, which was not present in the previous year[7]. - Trade receivables impairment loss increased significantly to RMB 13,388,000 from RMB 1,198,000 in 2019, indicating potential issues with receivables collection[7]. - The impairment loss for trade receivables increased to RMB 47,032,000 as of June 30, 2020, compared to RMB 33,644,000 as of December 31, 2019, reflecting a significant rise in credit risk[100]. Cash Flow and Management - Cash and cash equivalents at the end of the period were RMB 86,938 thousand, up from RMB 82,280 thousand, indicating an increase of 5.06%[22]. - The net cash flow from operating activities was RMB 19,158 thousand for the six months ended June 30, 2020, compared to RMB 11,271 thousand for the same period in 2019, showing an increase of 69.93%[22]. - The group’s cash flow management strategies appear effective, as evidenced by the reduction in trade payables and improved receivable collection[101]. Business Operations and Market Conditions - The overall business operations were impacted by the pandemic, with production and sales affected during the first half of 2020[137]. - The marble business experienced a decline in production and sales due to COVID-19, but sales of slabs remained stable thanks to new machinery that began operations during the period[138]. - The company decided to suspend further commodity trading activities due to uncertainties arising from the US-China trade relations and the pandemic[140]. - The company is focused on ensuring employee health and safety while complying with local government measures during the pandemic[137]. Shareholder and Management Information - The total remuneration for key management personnel was RMB 2,720,000 for the six months ended June 30, 2020, compared to RMB 2,316,000 for the same period in 2019[132]. - No interim dividend was proposed for the six months ended June 30, 2020, consistent with the previous year[127]. - The company completed a placement of 450,000,000 shares at a price of HKD 0.09 per share, raising approximately HKD 40.0 million (RMB 36.0 million) for operational costs and debt repayment[133].