C LINGJIN 泉 金 Lingbao Gold Group Company Ltd. 噩 寶 黃 金 集 團 股 份 有 限 公 司 (於中華人民共和國註冊成立的股份有限公司) (股份代號：3330) 2024 中期報告 目錄 | --- | --- | |-------|------------------------------| | | | | 2 | 公司資料 | | 4 | 管理層討論及分析 | | 16 | 其他資料 | | 23 | 審閱報告 | | 24 | 簡明綜合損益表 | | 25 | 簡明綜合損益及其他全面收益表 | | 26 | 簡明綜合財務狀況表 | | 28 | 簡明綜合權益變動表 | | 29 | 簡明綜合現金流量表 | | 30 | 未經審核中期財務報告附註 | | | | 二零二四年中期報告 靈寶黃金集團股份有限公司 2 公司資料 | --- | --- | |-------------------------|-------------------------------------------------------| | 董事 * | 薪酬與考核委員會 | | ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 4,281,228, a decrease of 26.6% compared to RMB 5,838,583 for the same period in 2023[2] - Gross profit increased to RMB 407,686, representing a gross margin of 9.5%, compared to RMB 355,376 in the previous year[2] - Operating profit for the period was RMB 256,570, down from RMB 282,644 in the prior year, reflecting a decrease of 9.2%[2] - Profit before tax was RMB 182,511, a decrease of 6.3% from RMB 194,846 in the same period last year[2] - Net profit attributable to equity shareholders was RMB 152,538, an increase of 8.6% compared to RMB 140,352 in the previous year[2] - Basic and diluted earnings per share were RMB 12.54, down from RMB 16.24 in the same period last year[2] - The company reported a total comprehensive income of RMB 145,136 for the period, compared to RMB 88,567 in the previous year[3] - Reported segment revenue for the six months ended June 30, 2024, was RMB 5,074,098,000, compared to RMB 7,115,844,000 for the same period in 2023[16] - The group’s reported segment profit for the six months ended June 30, 2024, was RMB 248,894,000, down from RMB 374,983,000 in the previous year[16] - Consolidated revenue for the six months ended June 30, 2024, was RMB 4,281,228, down 26.7% from RMB 5,838,583 in the prior year[17] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 4,003,292, an increase from RMB 3,871,596 as of December 31, 2023[4] - Current liabilities amounted to RMB 4,470,488, compared to RMB 3,706,322 at the end of the previous year[4] - The net asset value increased to RMB 2,612,111 from RMB 2,436,554 as of December 31, 2023[6] - As of June 30, 2024, the group reported net current liabilities of RMB 572,314,000 and capital commitments of RMB 344,032,000[8] - The group had cash and cash equivalents of RMB 331,854,000 and pledged deposits of RMB 1,559,300,000 as of June 30, 2024[8] - The group has uncommitted and undrawn bank financing of RMB 626,970,000 available as of June 30, 2024, which management may consider utilizing[10] - Total reported segment liabilities as of June 30, 2024, were RMB 6,962,114,000, an increase from RMB 5,208,742,000 as of December 31, 2023[16] - Total liabilities from bank and other borrowings reached RMB 3,844,529 thousand as of June 30, 2024, compared to RMB 2,853,108 thousand as of December 31, 2023, reflecting a 34.7% increase[34] Production and Sales - Gold sales revenue for the six months ended June 30, 2024, was RMB 4,232,540, a decrease of 25.0% from RMB 5,639,239 in the previous year[19] - Other metal sales revenue for the six months ended June 30, 2024, was RMB 81,098, down 57.6% from RMB 191,375 in the prior year[19] - The company produced approximately 7,950 kg (about 255,580 ounces) of gold bars in the first half of 2024, a decrease of about 5,068 kg (approximately 162,935 ounces) compared to the same period last year, resulting in a revenue decline of approximately 26.67% to about RMB 4,281,228 thousand[42] - The mining segment's total revenue for the period was approximately RMB 778,098 thousand, a decrease of about 37.56% from RMB 1,246,110 thousand in the same period last year[43] - The mining segment's profit for the period was approximately RMB 273,277 thousand, down about 32.38% from RMB 404,156 thousand in the same period last year[45] Investments and Expenditures - The company acquired property, plant, and equipment amounting to RMB 10,099,000 and added RMB 207,136,000 in construction in progress for the six months ended June 30, 2024[28] - The company invested RMB 95 million in resource exploration, safety, environmental protection, and technological innovation to enhance resource development efficiency and reduce safety risks[51] - The company plans to invest approximately RMB 200 million over three years in exploration at the Lingjin Mine to increase reserves and production in the Xiaoqinling gold mining area[52] - The group’s capital expenditure for the period was approximately RMB 288,056 thousand, an increase of about 42.9% compared to RMB 201,619 thousand for the same period in 2023[69] Operational Efficiency and Digital Transformation - The company has invested RMB 21 million in the digital transformation of mining operations, implementing unmanned control and unified information management across multiple systems[53] - The company launched a transaction management system integrated with financial systems to enhance efficiency and risk control[53] - The MES system has been implemented in the Nanshan and Xingyuan companies, with plans for further rollout in other subsidiaries to improve overall digitalization[53] - The company aims to achieve full-process digitalization and smart transformation in production, enhancing operational efficiency and management upgrades in the second half of the year[54] Environmental and Safety Initiatives - The company invested nearly RMB 7 million in environmental restoration, achieving the recovery of 470 acres of vegetation and planting 7,530 trees, in line with its commitment to sustainable development[54] - The company is committed to enhancing safety and environmental protection, investing RMB 41,820 thousand in safety measures and environmental projects in the first half of the year[60] Market Risks and Future Outlook - The group faces various market risks, including fluctuations in gold prices and interest rates, which may impact financial performance[64] - The board believes that the preparation of the interim financial report on a going concern basis is appropriate, assuming the success of the plans and measures in place[10] - The company aims to leverage favorable market conditions in the second half of the year to enhance production organization and cost control[50] - The group plans to strengthen management and optimize production to enhance profitability and reduce the debt ratio[62]

Financial Performance - For the fiscal year ending December 31, 2023, the group produced approximately 22,565 kg (about 725,476 ounces) of gold, a decrease of approximately 1,788 kg (about 57,478 ounces) or 7.34% compared to the previous year[17]. - The net profit for the fiscal year 2023 was approximately RMB 294,027 thousand, an increase from RMB 230,270 thousand in the fiscal year 2022[17]. - The basic earnings per share for the fiscal year 2023 was RMB 32.35, compared to RMB 27.8 in the fiscal year 2022[17]. - The total revenue for the smelting division in fiscal year 2023 was approximately RMB 10,618,737,000, an increase of about 4.87% from RMB 10,125,830,000 in the previous year[94]. - The group’s revenue was approximately RMB 10,533,681 thousand, an increase of about 4.02% compared to the previous year[113]. - The gross profit for fiscal year 2023 was RMB 969,901 thousand, up from RMB 785,101 thousand in the previous year, reflecting improved cost management and increased market prices[113]. - The mining segment's total revenue for the fiscal year 2023 was approximately RMB 2,385,419,000, an increase of about RMB 448,586,000 or 23.16% from RMB 1,936,833,000 in the previous year[75]. - The total sales quantity of gold bars for fiscal year 2023 was 22,790 kg, with a sales revenue of RMB 10,058,989,000, compared to 24,499 kg and RMB 9,565,030,000 in the previous year[97]. - The company reported a net loss of approximately RMB 63,131,000 in other losses for fiscal year 2023, an increase of about 30.0% from RMB 48,561,000 in the previous year[98]. - The company’s other income for fiscal year 2023 was approximately RMB 48,292,000, an increase of about 5.68% from RMB 45,697,000 in the previous year, mainly due to increased government subsidies[101]. Resource Management - As of December 31, 2023, the total gold reserves and resources amounted to approximately 137.40 tons (4,417,346 ounces)[17]. - The company aims to strengthen its core gold business and enhance its competitive edge through innovation and talent acquisition in 2024[9]. - The company plans to implement a "go out" strategy, targeting two to three investment projects that align with its strategic goals to increase resource reserves[10]. - Future strategies include expanding mining production scale and continuing acquisitions of potential gold resources[41]. - The total metal quantity from domestic mines is 1,846 kg, with a controlled quantity of 43,834 kg and an inferred quantity of 57,765 kg[45]. - The total metal quantity from foreign mines is 6,137 kg, with a controlled quantity of 49,971 kg and an inferred quantity of 85,581 kg[45]. - The company operates 35 mining and exploration rights across various regions, with a total exploration area of 216.51 square kilometers[60]. - The total production of gold concentrate (containing gold) and refined gold for the fiscal year 2023 was 5,478 kg, an increase of 57 kg or 1% compared to the previous year[90]. Operational Efficiency - The company is focusing on the integration of new generation information technology with mining operations to improve overall economic efficiency[9]. - The company is enhancing its governance structure and operational management systems to improve efficiency and problem-solving capabilities[11]. - The company reported a stable and healthy development trend in 2023, focusing on improving management techniques and operational efficiency[22]. - The company has implemented a problem-solving approach, categorizing issues and creating a list to ensure accountability and timely completion[22]. - The revenue from the mining division in mainland China increased by approximately 26.9% year-on-year, benefiting from improved management and production organization[90]. - The mining area revenue distribution for 2023 was approximately 78% from Henan, 14% from Xinjiang, 7% from Kyrgyzstan, and 1% from Inner Mongolia[75]. Corporate Governance - The company has established a clear corporate governance procedure to ensure transparency and protect the interests of shareholders and employees[162]. - The company has adopted the corporate governance code as per the listing rules, demonstrating a commitment to governance standards[188]. - The board of directors maintained a 100% attendance rate in all 14 meetings held during the year[170]. - The company has established various internal control systems to ensure high standards of corporate governance[170]. - The board is responsible for reviewing and supervising compliance with legal and regulatory policies[170]. - The company emphasizes the importance of independent judgment in board meetings, particularly in matters involving potential conflicts of interest[190]. - The audit committee is composed entirely of non-executive or independent non-executive directors, with a professional accountant serving as the chair[199]. - The management team regularly submits business and financial reports to the board[170]. Financial Position - In 2023, the total assets of the company amounted to RMB 6,836,150,000, a decrease from RMB 6,903,903,000 in 2022, representing a decline of approximately 1.0%[58]. - The company's cash and cash equivalents increased to RMB 256,724,000 in 2023, up from RMB 173,010,000 in 2022, reflecting a growth of approximately 48.4%[58]. - The total equity attributable to shareholders rose to RMB 2,662,151,000 in 2023, compared to RMB 2,104,393,000 in 2022, marking an increase of about 26.4%[58]. - As of December 31, 2023, the group's total equity was RMB 2,436,554 thousand, up from RMB 1,898,582 thousand a year earlier[116]. - The current ratio improved to 80.0% as of December 31, 2023, compared to 72.5% at the end of the previous year[116]. - The debt ratio decreased to 41.7% as of December 31, 2023, down from 53.2% a year earlier[135]. - The group had unutilized bank financing of RMB 291,000 thousand available to support operations as of December 31, 2023[117]. - The company aims to enhance its financing capabilities and reduce debt ratios through various measures, including obtaining additional long-term loans secured by its properties[103]. Employee Development - The company has established a technical education training center to enhance the skills of its employees and management staff[6]. - The average number of employees for the fiscal year 2023 was 4,103, with a gender distribution of 77.97% male and 22.03% female[146]. - The company has a competitive compensation and training program for its employees, emphasizing the importance of human resources[146]. - The company is committed to continuous professional development for directors and senior management[170].

智通财经APP获悉，黄金股全线走高，截至发稿，灵宝黄金(03330)涨22.82%，报2.96港元；招金矿业 (01818)涨8.87%，报10.68港元；山东黄金(01787)涨4.72%，报15.96港元；紫金矿业(02899)涨3%，报 15.8港元。 消息面上，标普称，由于商业房地产风险，将五家美国地区银行的展望从稳定调整为负面，同时芝加哥 联储主席表达支持今年三次降息观点，市场持续看好美联储6月降息的前景，关键美债收益率周三回 落，带动金价上行。此外，地缘冲突扰动也推动避险情绪，国际金价当天上涨，创收盘历史新高。截至 收盘，纽约商品交易所4月黄金期价收于每盎司2191.7美元，涨幅为0.67%。 ...

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was RMB 10,533,681,000, an increase of 4.0% from RMB 10,126,458,000 in 2022[3] - The gross profit for the year was RMB 969,901,000, representing a gross margin of approximately 9.2%[3] - Operating profit increased to RMB 581,649,000, up 31.6% from RMB 441,817,000 in the previous year[3] - The net profit attributable to equity shareholders was RMB 318,082,000, a significant increase of 32.4% compared to RMB 240,222,000 in 2022[3] - Earnings per share for the year were RMB 32.35, compared to RMB 27.80 in the previous year, reflecting a growth of 16.5%[3] - Total comprehensive income for the year 2023 was RMB 282,561,000, an increase of 88.0% compared to RMB 150,386,000 in 2022[19] - The net profit for the fiscal year 2023 was approximately RMB 294,027,000, compared to RMB 230,270,000 for the fiscal year 2022, representing an increase of about 27.7%[84] - Basic earnings per share for 2023 were RMB 32.35, up from RMB 27.80 in 2022, reflecting an increase of 16.5%[34] Revenue Segments - The revenue from gold sales was RMB 10,177,658,000, which accounted for the majority of total revenue[10] - Revenue from the domestic mining segment increased by approximately 68.3% in fiscal year 2023 compared to fiscal year 2022, driven by management reforms and enhanced production organization[87] - The mining segment's total revenue for the fiscal year 2023 was approximately RMB 2,385,419,000, an increase of about RMB 448,586,000 or 23.16% compared to the previous year[112] - The total revenue from the smelting segment for fiscal year 2023 was approximately RMB 10,618,737,000, an increase of about 4.87% compared to the previous year[115] Assets and Liabilities - The company reported a net current liability of RMB 741,768,000, with total bank and other borrowings amounting to RMB 2,853,108,000[7] - The net asset value increased to RMB 2,436,554,000 in 2023 from RMB 1,898,582,000 in 2022, representing a growth of 28.3%[21] - Non-current liabilities rose to RMB 693,274,000 in 2023, compared to RMB 507,000,000 in 2022, marking a 36.7% increase[21] - The total equity attributable to equity shareholders increased to RMB 2,662,151,000 in 2023 from RMB 2,104,393,000 in 2022, a rise of 26.4%[21] - The balance of bank and other borrowings decreased to RMB 2,853,108,000 in 2023 from RMB 3,671,749,000 in 2022, a reduction of 22.3%[45] Dividends and Shareholder Returns - A proposed final dividend of RMB 0.065 per share, amounting to approximately RMB 79,076,000, has been approved by the board[15] - The company did not declare or pay any dividends for the fiscal year 2023, consistent with 2022[59] - The board proposed a final dividend of RMB 0.065 per share (tax included) for the fiscal year ending December 31, 2023, compared to no dividend in the previous fiscal year[181] Operational Highlights - The company produced approximately 22,565 kg (about 725,476 oz) of gold bars in the fiscal year 2023, a decrease of about 1,788 kg (approximately 57,478 oz) or 7.34% compared to the previous year[84] - The company completed the production of gold concentrate and refined gold totaling 5,478 kg, an increase of 57 kg or 1% year-on-year[87] - The company recorded a total of 11,066 kg of gold bars produced through gold concentrate processing in fiscal year 2023, compared to 11,641 kg in fiscal year 2022, reflecting a decrease of about 4.9%[89] Tax and Impairment - The company reported a provision for current tax of RMB 142,176,000 for the year, compared to RMB 57,288,000 in the previous year, indicating a significant increase[28] - The company recognized an impairment loss of RMB 9,106,000 in 2022, which was not present in 2023, indicating improved asset performance[42] - The company reported a significant impairment loss of RMB 40,047,000 on intangible assets in 2023, down from RMB 48,160,000 in 2022[54] Governance and Compliance - The company has complied with the Corporate Governance Code as per the listing rules and confirmed no breaches during the fiscal year[161] - The audit committee reviewed and confirmed the annual performance without any disagreements regarding the accounting treatment adopted by the company[185] Future Outlook - The company plans to strengthen governance and accelerate the "digital intelligence" transformation to enhance operational management[117] - The group plans to enhance its core competitiveness by integrating new information technology with mining operations and focusing on exploration and resource expansion in 2024[142] - The group aims to reduce its debt ratio and enhance financing capabilities through various measures, including securing additional long-term loans at lower interest rates[149]

智通财经APP获悉，灵宝黄金(03330)续涨超8%，创阶段新高，截至发稿，涨8.87%，报2.70港元，成交额1845万港元。 国信证券指出，全球风险因素累计叠加美联储加息周期步入尾声的预期下，预计将推动金价中长期稳步上行，进一步激发居民保值性消费需求。同时企业自身不断进行渠道开拓和产品设计投入，利好市场份额提升及销售规模扩大。 中信证券认为，2月29日以来，黄金快速拉升主要是海外数据走弱、美联储官员偏鸽讲话叠加情绪面扰动引发的，当前部分技术指标已显示黄金进入超涨区间。展望后市，黄金价格或已接近年内高点，美国经济“软着陆”预期下，避险情绪难大幅抬升，黄金或难有大行情。美联储降息预期落地前，黄金或仍有小幅空间，预计下半年仍高位震荡，关注美国“二次通胀”等超预期风险对黄金的扰动。 ...

Share Capital and Shareholders - The company's total share capital as of June 30, 2023, was 864,249,091 shares, consisting of 566,975,091 domestic shares (65.60%) and 297,274,000 H-shares (34.40%)[3] - Following the issuance of 319,772,164 H-shares on August 18, 2023, the company's registered share capital increased to 1,184,021,255 shares, comprising 566,975,091 domestic shares and 617,046,164 H-shares[3] - Non-executive director Mr. Wang Guanran holds 185,339,000 domestic shares (32.69% of domestic shares) and 319,772,164 H-shares (107.57% of H-shares) through controlled entities, representing 21.45% and 37.00% of total share capital respectively[6][7][8] - Daren Investment Management Group holds 185,339,000 domestic shares (32.69% of domestic shares) and 319,772,164 H-shares (107.57% of H-shares), representing 21.45% and 37.00% of total share capital respectively[10][11] - Lingbao State-owned Assets Management Co., Ltd. holds 73,540,620 domestic shares, representing 12.97% of domestic shares and 8.51% of total share capital[10] - Shanghai Zhengxi Investment Management Partnership holds 57,000,000 domestic shares, representing 10.05% of domestic shares and 6.60% of total share capital[10] - Daren Investment's shareholding increased to approximately 42.7% after the completion of the subscription on August 18, 2023[95] - The company's registered share capital increased to 1,184,021,255 shares following the completion of the subscription on August 18, 2023[119] - The net proceeds from the subscription were approximately HKD 265,600,000 (equivalent to RMB 244,328,000)[119] Financial Performance - The company did not hold any significant investments or make any significant acquisitions or disposals of subsidiaries or associates as of June 30, 2023[1] - The company has no plans for significant acquisitions, investments, or capital assets beyond those disclosed in the report[1] - No interim dividend was declared for the six months ended June 30, 2023[13] - The company's capital expenditure for the period was approximately RMB 201.619 million, an increase of 113.98% compared to RMB 94.222 million in the same period of 2022[31] - The company had a net current liability of RMB 1.111 billion and capital commitments of RMB 432 million as of June 30, 2023[30] - The company had 4,117 employees as of June 30, 2023, compared to 4,176 employees as of December 31, 2022[32] - Employee costs, including director remuneration, were approximately RMB 164 million for the period, compared to RMB 305 million as of December 31, 2022[32] - The company's external auditor, KPMG, reviewed the unaudited interim financial report for the six months ended June 30, 2023, in accordance with Hong Kong Standard on Review Engagements 2410[18] - The company maintains a prudent treasury and funding policy, with surplus funds deposited as cash in licensed banks and financial institutions[33] - The company has no significant contingent liabilities as of June 30, 2023[32] - The company's audit committee consists of four independent non-executive directors and one non-executive director[18] - The company's articles of association were revised following the completion of the H share issuance, and the new articles were uploaded to the HKEX and the company's website[20] - Revenue for the six months ended June 30, 2023, was RMB 5,838,583 thousand, an increase from RMB 3,882,803 thousand in the same period last year[126] - Gross profit for the six months ended June 30, 2023, was RMB 355,376 thousand, compared to RMB 411,512 thousand in the same period last year[126] - Net profit attributable to equity shareholders of the company for the six months ended June 30, 2023, was RMB 140,352 thousand, down from RMB 179,361 thousand in the same period last year[126] - Total liabilities as of June 30, 2023, were RMB 886,076 thousand, up from RMB 838,739 thousand as of December 31, 2022[121] - The company's total payable debts and notes as of June 30, 2023, were RMB 705,269 thousand, up from RMB 651,440 thousand as of December 31, 2022[121] - The company's total current liabilities as of June 30, 2023, were RMB 270,677 thousand, up from RMB 248,192 thousand as of December 31, 2022[121] - The company's total non-current liabilities as of June 30, 2023, were RMB 455,161 thousand, up from RMB 384,122 thousand as of December 31, 2022[121] - Net profit for the six months ended June 30, 2023, was RMB 120,467 thousand, a decrease from RMB 180,902 thousand in the same period last year[128] - Total comprehensive income for the six months ended June 30, 2023, was RMB 88,567 thousand, down from RMB 135,694 thousand in the previous year[128] - Property, plant, and equipment as of June 30, 2023, amounted to RMB 1,781,503 thousand, slightly lower than RMB 1,814,683 thousand as of December 31, 2022[129] - Inventory as of June 30, 2023, increased to RMB 1,464,755 thousand from RMB 1,280,758 thousand as of December 31, 2022[129] - Cash and cash equivalents as of June 30, 2023, stood at RMB 215,739 thousand, up from RMB 173,010 thousand as of December 31, 2022[129] - Total assets minus current liabilities as of June 30, 2023, were RMB 2,633,597 thousand, compared to RMB 2,405,582 thousand as of December 31, 2022[129] - Non-current liabilities as of June 30, 2023, increased to RMB 646,420 thousand from RMB 507,000 thousand as of December 31, 2022[131] - Equity attributable to the company's shareholders as of June 30, 2023, was RMB 2,219,946 thousand, up from RMB 2,104,393 thousand as of December 31, 2022[131] - Non-controlling interests as of June 30, 2023, were RMB (232,769) thousand, compared to RMB (205,811) thousand as of December 31, 2022[131] - Total equity increased to RMB 2,219,946 thousand as of June 30, 2023, up from RMB 2,104,393 thousand at the beginning of the year[133] - Net profit for the six months ended June 30, 2023, was RMB 140,352 thousand, compared to RMB 60,861 thousand for the same period in 2022[133] - Cash generated from operating activities increased to RMB 214,868 thousand for the six months ended June 30, 2023, from RMB 171,778 thousand in the same period in 2022[135] - Cash used in investing activities was RMB 167,687 thousand for the six months ended June 30, 2023, compared to RMB 98,239 thousand in the same period in 2022[135] - Cash and cash equivalents at the end of June 30, 2023, stood at RMB 230,191 thousand, slightly down from RMB 232,025 thousand at the end of June 30, 2022[135] - The company's retained earnings increased to RMB 1,048,828 thousand as of June 30, 2023, up from RMB 910,405 thousand at the end of 2022[133] - Exchange reserve decreased to RMB (71,355) thousand as of June 30, 2023, from RMB (46,528) thousand at the end of 2022[133] - The company's total comprehensive income for the six months ended June 30, 2023, was RMB 115,525 thousand, compared to RMB 32,777 thousand for the same period in 2022[133] - The company's non-controlling interests decreased to RMB (232,769) thousand as of June 30, 2023, from RMB (205,811) thousand at the end of 2022[133] - The company's share capital remained unchanged at RMB 172,850 thousand as of June 30, 2023[133] - The company has net current liabilities of RMB 1,111,000,000 and capital commitments of RMB 432,000,000 as of June 30, 2023[138] - The company's operating cash flow for the six months ended June 30, 2023 was RMB 215,000,000[139] - The company's cash and cash equivalents, bank deposits with maturity over three months, and pledged deposits amounted to RMB 216,000,000, RMB 14,000,000, and RMB 1,430,000,000 respectively as of June 30, 2023[139] - The company's major shareholder, Daren Investment Management Group, completed the subscription of 319,772,164 H shares on August 18, 2023, raising approximately HKD 266,000,000[140] - Daren Investment has committed to providing necessary financial support to ensure the company's continued operation for at least 12 months from June 30, 2023[140] - The company has uncommitted and undrawn bank facilities of RMB 273,000,000 related to unsecured bank borrowings as of June 30, 2023[140] - The company's management is actively negotiating with banks to draw down undrawn bank facilities and renew or extend existing bank facilities[140] - The company's financial statements are prepared on a going concern basis, assuming the success of the aforementioned plans and measures[141] - The company's financial statements for the six months ended June 30, 2023 are unaudited but have been reviewed by KPMG[146] - The company has four reportable segments: Mining - China, Mining - Kyrgyzstan, Smelting, and Retail[149][150][151][152] - Revenue from external customers for the six months ended June 30, 2023, was RMB 5,838,583 thousand, compared to RMB 3,882,803 thousand in the same period last year[156] - Revenue from gold sales increased to RMB 5,639,239 thousand in 2023 from RMB 3,782,195 thousand in 2022[159] - Revenue from other metal sales rose to RMB 191,375 thousand in 2023 from RMB 86,586 thousand in 2022[159] - Reported segment profit for the six months ended June 30, 2023, was RMB 374,983 thousand, down from RMB 399,701 thousand in 2022[156] - Impairment losses on right-of-use assets amounted to RMB 17,519 thousand in 2022, with no impairment in 2023[160] - Finance costs increased to RMB 86,286 thousand in 2023 from RMB 58,759 thousand in 2022[160] - Income tax expense for the six months ended June 30, 2023, was RMB 74,379 thousand, up from RMB 62,213 thousand in 2022[161] - The company's subsidiary, Huatai Gold, enjoys a preferential income tax rate of 15% as a high-tech enterprise[162] - Basic earnings per share for the six months ended June 30, 2023, were RMB 140,352,000, compared to RMB 179,361,000 for the same period in 2022[163] - The company acquired property, plant, and equipment worth RMB 35,627,000 and increased construction in progress by RMB 126,080,000 during the six months ended June 30, 2023[165] - Inventory as of June 30, 2023, totaled RMB 1,464,755,000, up from RMB 1,280,758,000 as of December 31, 2022[166] - The company added exploration and evaluation assets and mining rights worth RMB 3,507,000 and RMB 61,367,000, respectively, during the six months ended June 30, 2023[171] - The cost of inventories sold during the six months ended June 30, 2023, was RMB 5,389,049,000, compared to RMB 3,483,563,000 for the same period in 2022[173] - Accounts receivable and other receivables (net of impairment) as of June 30, 2023, amounted to RMB 123,213,000, down from RMB 172,342,000 as of December 31, 2022[175] - Cash and cash equivalents as of June 30, 2023, were RMB 215,739,000, up from RMB 173,010,000 as of December 31, 2022[180] - Short-term bank and other borrowings increased to RMB 3,606,050 thousand as of June 30, 2023, compared to RMB 3,571,749 thousand as of December 31, 2022[181] - Long-term bank and other borrowings increased to RMB 170,000 thousand as of June 30, 2023, compared to RMB 100,000 thousand as of December 31, 2022[181] - Total bank and other borrowings amounted to RMB 3,776,050 thousand as of June 30, 2023, up from RMB 3,671,749 thousand as of December 31, 2022[181] - Bank and other borrowings due within one year or on demand stood at RMB 3,606,050 thousand as of June 30, 2023, compared to RMB 3,571,749 thousand as of December 31, 2022[182] - Bank and other borrowings due after one year but within two years increased to RMB 170,000 thousand as of June 30, 2023, from RMB 100,000 thousand as of December 31, 2022[182] - Secured bank and other borrowings amounted to RMB 1,803,000 thousand as of June 30, 2023, up from RMB 1,705,390 thousand as of December 31, 2022[182] - Guaranteed bank and other borrowings stood at RMB 829,990 thousand as of June 30, 2023, compared to RMB 826,359 thousand as of December 31, 2022[182] - Unsecured bank and other borrowings were RMB 1,143,060 thousand as of June 30, 2023, slightly up from RMB 1,140,000 thousand as of December 31, 2022[182] - The maximum guarantee amount provided by Daren Investment was RMB 995,000 thousand as of June 30, 2023[185] - The maximum guarantee amount provided by Tongbai Xingyuan Mining Co., Ltd. was RMB 190,000 thousand as of June 30, 2023[185] Mining and Production - Total gold reserves and resources as of June 30, 2023, were approximately 138.47 tons (4,451,811 ounces)[56] - Mining segment revenue increased by 24.81% to approximately RMB 1,246,110 thousand compared to the same period in 2022[59] - Gold concentrate production increased by 99 kg to 2,556 kg, while doré gold production decreased by 8 kg to 368 kg[59] - Gold bar production increased by 3,847 kg (123,712 ounces) to 13,018 kg (418,555 ounces) compared to the same period in 2022[62] - Overall revenue increased by 50.37% to approximately RMB 5,838,583 thousand compared to the same period in 2022[62] - Net profit for the period was approximately RMB 120,467 thousand, compared to RMB 180,902 thousand in the same period in 2022[62] - Basic earnings per share were RMB 0.16, compared to RMB 0.21 in the same period in 2022[62] - Mining segment revenue from China was approximately RMB 1,177,612 thousand, and from Kyrgyzstan was approximately RMB 68,498 thousand[59] - The mining segment's overall production and sales volume increased by approximately 3.21% compared to the same period in 2022[62] - The mining division's total profit for the period was approximately RMB 404.156 million, an increase of 14.93% compared to the same period in 2022[65] - Domestic mining profit in China increased by 49.14% year-on-year, reaching approximately RMB 519.190 million, driven by improved production efficiency and increased output[65] - The Kyrgyzstan mining division recorded a loss of RMB 115.034 million due to inventory write-downs of RMB 99.721 million, compared to a profit of RMB 3.549 million in the same period last year[66] - Gold concentrate and doré production in the first half of 2023 reached 2,682 kg, an increase of 169 kg, representing a growth of 6.73% year-on-year[65] - The smelting division's total revenue increased by 50.49% to approximately RMB 5.862 billion, driven by higher production and sales of gold ingots[69] - The smelting division recorded a loss of RMB 28.707 million, compared to a profit of RMB 48.162 million in the same period last year, due to gold price fluctuations[70] - The company's overall revenue increased by 50.37% to approximately RMB 5.839 billion, primarily due to increased gold ingot production from purchased doré[71] - Gross profit margin decreased to 6.09% from 10.6% in the previous year, impacted by inventory write-downs in the Kyrgyzstan mining division and losses in the smelting division[72] - Gold ingot sales volume reached 13,018 kg, with an average selling price of RMB

Financial Performance - For the six months ended June 30, 2023, the company's revenue was RMB 5,838,583,000, an increase of 50.4% compared to RMB 3,882,803,000 for the same period in 2022[13] - The gross profit for the same period was RMB 355,376,000, down 13.6% from RMB 411,512,000 year-on-year[13] - The net profit for the period was RMB 120,467,000, a decrease of 33.4% from RMB 180,902,000 in the previous year[13] - The total comprehensive income for the period was RMB 88,567,000, compared to RMB 135,694,000 in the same period last year, reflecting a decline of 34.7%[3] - The basic and diluted earnings per share for the period were RMB 16.2, down from RMB 20.8 in the same period last year, reflecting a decrease of 22.1%[13] - The company reported a financing cost of RMB 86,286,000, which increased from RMB 58,759,000 in the previous year, indicating a rise in financial expenses[13] - The company reported a debt ratio of 52.28% as of June 30, 2023, slightly down from 53.2% on December 31, 2022[159] Cash and Liquidity - The company's cash and cash equivalents as of June 30, 2023, amounted to RMB 215,739,000, an increase from RMB 173,010,000 at the end of the previous year[15] - The company has uncommitted undrawn bank financing of RMB 273,000,000 as of June 30, 2023, and is actively negotiating with banks for access to this financing[32] - The company aims to generate sufficient cash inflows to meet liquidity needs for at least the next twelve months[21] - The company has a significant uncertainty regarding its ability to continue as a going concern due to potential difficulties in repaying bank loans and meeting other liquidity needs[8] - As of June 30, 2023, the company reported net current liabilities of RMB 1,111,044,000 and capital commitments of RMB 432,000,000[19] Inventory and Production - The company’s inventory as of June 30, 2023, was RMB 1,464,755,000, an increase from RMB 1,280,758,000 in the previous year, indicating a rise in stock levels[15] - The group produced approximately 13,018 kg (about 418,555 ounces) of gold bars in the first half of 2023, an increase of about 3,847 kg (approximately 123,712 ounces) compared to the same period last year, reflecting a production increase of approximately 42%[83] - The total production of gold concentrate and refined gold reached 2,682 kg in the first half of 2023, an increase of 169 kg or 6.73% year-on-year[140] - The company reported a decrease in gold production of approximately 8 kg to about 368 kg, while gold concentrate production increased by approximately 99 kg to about 2,556 kg during the period[61] Shareholder and Financing Activities - Major shareholder Da Ren Investment Management Group completed the subscription of 319,772,164 H-shares, raising approximately RMB 266,000,000[21] - The company issued 319,772,164 H shares at a subscription price of HKD 0.85 per share, which will represent approximately 27.0% of the enlarged share capital post-issue[55] - The company is committed to ensuring continued operations through financial support from its shareholder, Darin Investment Management Group, for the 12-month period from July 1, 2023, to June 30, 2024[196] Operational Challenges and Strategies - The company is facing challenges in refinancing due to tightening market liquidity and economic volatility[19] - The company has established a cost control team to address high cost issues and improve operational performance[86] - The company plans to reduce its debt ratio and enhance financing capabilities by obtaining additional secured long-term loans at lower interest rates[115] - The company plans to enhance management control, promote technological innovation, and ensure steady improvement in production and operations in the second half of 2023[68] Market and Risk Factors - The company faces various market risks, including fluctuations in gold prices and other commodity values, which impact revenue and profit[117] - The company emphasizes the importance of safety and environmental risk management to prevent major accidents and ensure long-term development[113] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, committing to compliance[103] - The company has adhered to the corporate governance code during the reporting period[133]

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 10,126,458 thousand, a significant increase from RMB 5,330,611 thousand in 2021, representing an increase of approximately 89.5%[3] - Gross profit for the year was RMB 785,101 thousand, compared to RMB 587,810 thousand in the previous year, reflecting a growth of about 33.5%[3] - Operating profit increased to RMB 441,817 thousand from RMB 305,326 thousand, marking an increase of approximately 44.7%[3] - Net profit for the year was RMB 230,270 thousand, up from RMB 117,639 thousand in 2021, indicating an increase of around 96.0%[3] - Basic and diluted earnings per share rose to RMB 27.8 from RMB 15.0, representing an increase of 85.3%[3] - Total comprehensive income for the year was RMB 150,386 thousand, compared to RMB 137,175 thousand in 2021, reflecting an increase of about 9.6%[9] - The total profit from the mining segment for the fiscal year 2022 was approximately RMB 511,646 thousand, an increase of about 6.1% from the fiscal year 2021[95] - The group recorded a profit attributable to equity shareholders of approximately RMB 240,222 thousand for fiscal year 2022, compared to RMB 130,026 thousand in fiscal year 2021[104] - The group’s revenue for the fiscal year 2022 was RMB 10,184,864 thousand, a significant increase from RMB 5,347,877 thousand in the previous year, reflecting a strong overall sales volume growth[125] Revenue Sources - In 2022, the company's revenue from gold sales reached RMB 9,614,599,000, a significant increase from RMB 4,977,778,000 in 2021, representing an increase of approximately 93%[32] - The mining segment's revenue contribution ratio was approximately 26.4% for fiscal year 2022, down from 32.6% in fiscal year 2021[95] - The mining revenue from domestic operations was approximately RMB 1,769,349,000, up from RMB 1,419,094,000 in FY2021, reflecting a growth of about 24.7%[116] - The smelting segment recorded total revenue of approximately RMB 10,125,830,000 in FY2022, a significant increase of about 94.1% from RMB 5,217,835,000 in the previous year[120] Assets and Liabilities - Non-current assets totaled RMB 3,644,298 thousand, slightly down from RMB 3,768,035 thousand in the previous year[5] - Current liabilities increased to RMB 4,498,321 thousand from RMB 4,760,092 thousand, showing a decrease of approximately 5.5%[5] - As of December 31, 2022, the company had net current liabilities of RMB 1,239,000,000 and total bank and other borrowings of RMB 3,672,000,000, indicating a need for careful cash flow management[29] - The total bank and other borrowings reached RMB 3,671,749,000 in 2022, a 3.6% increase from RMB 3,542,876,000 in 2021[51] - The group had total outstanding bank and other borrowings of approximately RMB 3,671,749 thousand as of December 31, 2022, with a debt ratio of 53.2%[142] Cash Flow and Liquidity - The company has a strong liquidity position, with unutilized bank financing of RMB 251,000,000 available to support ongoing operations[29] - As of December 31, 2022, the group had cash and cash equivalents of RMB 1,598,910 thousand, up from RMB 1,523,506 thousand as of December 31, 2021[128] - The group plans to enhance internal management and optimize cost reduction measures to increase gold bar production and improve cash flow[130] Dividends and Shareholder Returns - The company did not declare or pay any dividends for the year 2022, consistent with the previous year[25] - The board does not recommend the payment of any final dividend for the fiscal year 2022, consistent with the previous fiscal year[171] Operational Challenges and Risks - The company reported a net loss of RMB 48,160,000 related to impairment of property, plant, and equipment, reflecting operational challenges in its cash-generating unit[42][43] - The company faces various market risks, including fluctuations in gold prices and other commodity values, as well as interest rate and foreign exchange rate changes[149] - The company faces risks related to fluctuations in debt interest rates, which may increase financing costs if the People's Bank of China raises rates[176] - Currency fluctuations may adversely affect the company's net asset value, earnings, and any declared dividends when converted to Hong Kong dollars[177] Future Plans and Strategies - The company plans to continue expanding its market presence and product offerings in the gold and metal sectors, leveraging its certification as a standard gold bar producer by the Shanghai Gold Exchange[32] - The company plans to focus on strengthening its core gold business and promoting technological innovation in 2023[123] - The group aims to enhance resource exploration and integration efforts, accelerate key exploration projects, and improve production efficiency in the coming year[100] Employee and Governance - The average number of employees in the fiscal year 2022 was 4,176, with a focus on providing competitive compensation and training programs[180] - The audit committee has reviewed and confirmed the annual performance without any disagreements regarding the accounting treatment adopted by the company[183] - The company will issue its annual report later, which will include detailed disclosures on employee demographics and corporate governance[181]

Production and Revenue - The company produced approximately 9,172 kg (about 294,880 ounces) of gold bars in the first half of 2022, an increase of approximately 3,703 kg (about 119,051 ounces) compared to the same period last year, representing a production increase of about 67%[5] - Revenue for the first half of 2022 was approximately RMB 3,882,803 thousand, a year-on-year increase of about 75.3%[5] - The mining segment's total revenue for the first half of 2022 was approximately RMB 998,374 thousand, an increase of about 77.4% compared to RMB 562,671 thousand in the same period last year[9] - The smelting segment achieved total revenue of approximately RMB 3,895,751 thousand, a 79.6% increase from RMB 2,168,913 thousand in the previous year[13] - Total revenue for the group was approximately RMB 3,882,803 thousand, representing a 75.3% increase compared to RMB 2,214,430 thousand in the same period last year[15] - The revenue from gold sales amounted to RMB 3,782,195,000, compared to RMB 2,067,842,000 in the previous year, reflecting a growth of approximately 82.9%[72] Profitability - Net profit for the first half of 2022 was approximately RMB 180,902 thousand, compared to RMB 40,874 thousand for the same period in 2021, indicating a significant increase in profitability[5] - Basic earnings per share for the first half of 2022 were RMB 0.21, up from RMB 0.06 in the same period last year[5] - The mining segment reported a total profit of approximately RMB 351,667 thousand, an increase of about 137.2% compared to RMB 148,245 thousand in the same period last year[10] - Profit from domestic mining in China was approximately RMB 348,118 thousand, up 80.4% year-on-year, driven by improved management and production optimization[10] - The total comprehensive income for the first half of 2022 was RMB 180,902,000, up from RMB 40,874,000 in the same period of 2021, marking an increase of around 341.5%[70] Financial Position - As of June 30, 2022, the group's cash and cash equivalents amounted to RMB 232,025 thousand, an increase from RMB 160,145 thousand as of December 31, 2021[25] - The total equity attributable to shareholders reached RMB 2,071,673 thousand as of June 30, 2022, compared to RMB 1,929,031 thousand at the end of 2021[25] - The group's current assets were RMB 4,040,025 thousand, while current liabilities stood at RMB 5,343,208 thousand, resulting in a current ratio of 75.6%[25] - The debt ratio increased to 53.7% as of June 30, 2022, up from 50.6% at the end of 2021, calculated as total borrowings divided by total assets[26] - The company reported a total of RMB 331,996,000 in accounts payable due within three months as of June 30, 2022, which is an increase from RMB 281,980,000 as of December 31, 2021, representing a growth of 17.7%[96] Operational Efficiency - The company has strengthened internal control management, leading to improved sales across its mining units, particularly in the Nanshan and Tongbai Xingyuan mining companies[9] - The company aims to enhance internal management and optimize cost reduction measures to increase gold bar production and generate operational cash flow[26] - The company plans to enhance gold production and expand its mining operations, focusing on sustainable development and efficiency improvements[17][19] Market Risks and Management - The group faces various market risks, including fluctuations in gold prices and other commodity values, as well as interest rate and currency exchange rate changes[28] - The group does not engage in speculative trading with commodity derivatives or futures, using such instruments solely to hedge against price fluctuations[29] Capital Expenditure and Commitments - The group's capital expenditure for the period was approximately RMB 94,222 thousand, a decrease of about 72.6% compared to RMB 343,369 thousand in the same period of 2021[33] - As of June 30, 2022, the total capital commitments for construction costs amounted to approximately RMB 154,026 thousand, an increase of about RMB 51,494 thousand compared to December 31, 2021[32] - The company has authorized but not contracted commitments of RMB 370,058,000 for property, plant, and equipment and intangible assets as of June 30, 2022[108] Shareholder Information - Major shareholder Da Ren Investment holds 185,339,000 domestic shares and 319,772,164 H shares, representing approximately 32.69% and 107.57% of the respective share classes[41] - The board of directors did not recommend the distribution of an interim dividend for the six months ended June 30, 2022[44] - No interim dividend has been recommended for the six months ended June 30, 2022, consistent with the previous year[101] Employee and Management - The average number of employees as of June 30, 2022, was 3,888, with a focus on providing competitive compensation and training programs[35] - The short-term employee benefits for key management personnel increased to RMB 8,396 thousand for the six months ended June 30, 2022, compared to RMB 2,392 thousand for the same period in 2021[115]