为确保公司规范运营，增强决策效能，董事会审议通过变更公司第七届董事会提名委员会主席，由独立 非执行董事胡本源先生接替非执行董事齐新会先生担任第七届董事会提名委员会主席，任期自2025年5 月9日起至2026年10月13日(公司第七届董事会提名委员会任期届满时)止。 鉴于公司非执行董事齐新会先生因个人业务承担，于2025年5月9日辞任公司授权代表职务，根据上市规 则第3.05条的规定，结合授权代表工作职责及公司实际，董事会宣布，由执行董事陈寅先生担任公司在 香港联合交易所的授权代表，任期自2025年5月9日至2026年10月13日(第七届董事会届满之日)止。 智通财经APP讯，新疆新鑫矿业(03833)发布公告，根据《中华人民共和国公司法》、中国证券监督管理 委员会发布的《关于新〈公司法〉配套制度规则实施相关过渡期安排》、《上市公司章程指引》以及 《香港联合交易所有限公司证券上市规则》等相关法律法规的规定，为进一步完善公司治理结构，提升 公司规范运作和科学决策水准，结合公司实际情况及经营发展需要，董事会建议取消公司监事会，而监 事会的职权由董事会审核委员会行使，董事会设置一名职工代表董事，监事会相关制度(包括监 ...

Resource and Production - The company reported a total resource volume of 89,536,111 tons for its four nickel-copper mines as of December 31, 2024, with a nickel content of 439,346 tons[8]. - The estimated reserves for the Kalatongke nickel-copper mine are 16,951,168 tons, with a nickel grade of 0.63% and a total nickel content of 106,591 tons[8]. - The company holds a 51% stake in the Xianghe Street and Mujiahe vanadium mines, which have a total resource volume of 26,569,500 tons as of December 31, 2024[9]. - The company has a total estimated metal content of 445,454 tons of copper and 439,346 tons of nickel across its mining operations[8]. - The company produced 10,274 tons of electrolytic nickel in 2024, a 36.7% increase from 2023, and 8,792 tons of cathode copper, a 52.4% increase[17]. - In 2024, the company produced 85,115 tons of nickel-copper mixed concentrate and 44,222 tons of nickel concentrate, generating a total revenue of approximately RMB 2,259.8 million from main business operations[20]. Financial Performance - In 2024, the company achieved operating revenue of approximately RMB 2,281.4 million, an increase of about 11.3% compared to 2023[18]. - The net profit for 2024 was approximately RMB 173.9 million, up from RMB 162.3 million in 2023[18]. - The sales revenue from electrolytic nickel was approximately RMB 1,162.0 million, accounting for 51.4% of the total main business revenue[20]. - The gross profit margin for the main business in 2024 was approximately 24.8%, down about 6.6 percentage points from 31.4% in 2023[37]. - The company’s total assets as of 2024 were approximately RMB 7,723.2 million, a slight decrease from RMB 7,837.6 million in 2023[11]. - The total liabilities for 2024 were approximately RMB 2,138.0 million, down from RMB 2,317.1 million in 2023[11]. Sales and Pricing - The average sales price of electrolytic nickel in 2024 was approximately RMB 117,604 per ton, a decrease of about 17.5% from RMB 142,601 per ton in 2023[17]. - The average sales price of cathode copper rose to approximately RMB 67,326 per ton, an increase of about 11.6% from RMB 60,334 per ton in 2023[17]. - The sales volume of electrolytic nickel in 2024 was approximately 9,998 tons, a growth of about 29.1% compared to 7,747 tons in 2023[33]. - The sales volume of cathode copper in 2024 was approximately 8,939 tons, an increase of about 82.1% from 4,908 tons in 2023[33]. Investments and Future Plans - A total investment of approximately RMB 125.2 million was completed in 2024 for upgrading mining and refining capabilities[21]. - The company plans to invest RMB 129.5 million in 2025 for further improvements in mining and refining processes[26]. - The company plans to produce 12,000 tons of electrolytic nickel in 2025, representing an increase of approximately 9.1% compared to 2024[24]. - The company has successfully acquired several mining companies, significantly increasing its nickel and copper resource reserves and production capacity[29]. Corporate Governance - The company has a commitment to high corporate governance standards, adhering to the corporate governance code from January 1, 2024, to December 31, 2024[73]. - The company emphasizes the importance of corporate governance as a fundamental element for protecting shareholder interests[73]. - The board of directors consists of nine members, including one executive director, five non-executive directors, and three independent non-executive directors[76]. - The board has established various committees, including the audit committee, nomination committee, and remuneration and assessment committee, to assist in its duties[82]. - The company has established a robust audit and compliance framework to ensure financial integrity and transparency[66]. Risk Management - The company has implemented a risk management policy that includes a series of processes for assessing and managing risks[120]. - The board believes that the current risk management and internal control systems are effective and adequately cover the company's operational status[119]. - The company faces commodity price risks due to global supply and demand dynamics, which could significantly impact revenue and comprehensive income[45]. Shareholder Relations - The company encourages ongoing communication with shareholders and has established a policy for investor relations and shareholder communication[126]. - The company proposed a final dividend of RMB 0.05 per share for the fiscal year ending December 31, 2024, subject to shareholder approval[138]. - The company has confirmed compliance with relevant laws and regulations, with no significant violations reported during the year[193]. Employee and Board Diversity - The company has a workforce of 1,770 employees, with approximately 81.07% male and 18.93% female employees[97]. - The Nomination Committee is dedicated to maintaining a balanced diversity perspective in the board composition, considering factors such as gender, age, culture, and professional qualifications[94]. - The board's diversity policy includes measurable targets and timelines for achieving gender diversity[95]. Related Party Transactions - The independent non-executive directors have reviewed the related party transactions and confirmed that they are conducted on fair and reasonable terms[191]. - The company has confirmed that all related party transactions are conducted under normal commercial terms and do not exceed the disclosed annual caps[195].

Financial Performance - The operating revenue for the year ended December 31, 2024, was approximately RMB 2,281.4 million, an increase of about 11.3% compared to RMB 2,049.8 million in 2023[5] - The consolidated net profit attributable to shareholders was approximately RMB 185.9 million, reflecting a growth of about 14.3% from RMB 162.7 million in 2023[5] - The gross profit margin decreased to approximately 24.3%, down about 9.6 percentage points from 33.9% in 2023[5] - The basic earnings per share increased to approximately RMB 0.08, up RMB 0.01 from RMB 0.07 in 2023[5] - The company reported a net profit of RMB 173.9 million for continuing operations, compared to RMB 162.3 million in 2023[7] - The company’s consolidated profit for the year 2024 is RMB 215,259,000, an increase from RMB 209,954,000 in 2023, representing a growth of approximately 2.1%[31] - The net profit for 2024 was approximately RMB 173.9 million, up about 7.1% from RMB 162.3 million in 2023[55] - The group reported a comprehensive profit attributable to shareholders of approximately RMB 185.9 million in 2024, an increase of about 14.3% from RMB 162.7 million in 2023[55] Dividends - The board proposed a final dividend of RMB 0.05 per share, consistent with the final dividend amount for 2023[5] - The company plans to distribute a final dividend of RMB 0.05 per share for 2024, consistent with the dividend for 2023[32] - The total proposed final dividend for 2024 amounts to RMB 110,500,000, unchanged from 2023[34] - The company plans to distribute a dividend of approximately RMB 110.5 million, pending approval at the annual general meeting[83] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 7,723.2 million, a decrease from RMB 7,837.6 million in 2023[9] - Total liabilities as of December 31, 2024, were RMB 2,138.0 million, down from RMB 2,317.1 million in 2023[9] - Current assets totaled RMB 2,161.5 million, slightly down from RMB 2,164.0 million in 2023[8] - The company’s cash and cash equivalents were RMB 533.8 million, a decrease from RMB 553.8 million in 2023[8] - The company’s net current assets as of December 31, 2024, were RMB 652,507 thousand, down from RMB 979,049 thousand in 2023[48] - The total assets as of December 31, 2024, were RMB 7,723,225 thousand, a decrease from RMB 7,837,578 thousand in 2023[48] - The company’s long-term payable for mineral resource rights was RMB 331,077 thousand as of December 31, 2024, down from RMB 365,909 thousand in 2023[45] Revenue and Sales - The main business income from electrolytic nickel was RMB 1,161,909 thousand in 2024, slightly down from RMB 1,171,991 thousand in 2023, while cathode copper revenue increased significantly to RMB 601,838 thousand from RMB 296,104 thousand[15] - The total operating revenue for the year ended December 31, 2024, was RMB 2,281,399 thousand, an increase from RMB 2,049,837 thousand in 2023, representing a growth of approximately 11.3%[15] - The total revenue from the main business in 2024 was RMB 2,259.8 million, an increase of 11.5% compared to RMB 2,027.6 million in 2023[61] - The sales volume of cathode copper in 2024 was approximately 8,939 tons, an increase of about 82.1% compared to 4,908 tons in 2023[54] - The sales volume of copper concentrate in 2024 is approximately 10,001 tons, an increase of about 29.8% from 7,703 tons in 2023[64] Costs and Expenses - The total operating costs rose to RMB 1,726,646 thousand in 2024 from RMB 1,354,798 thousand in 2023, reflecting an increase of approximately 27.5%[15] - Selling expenses in 2024 increased by approximately 74.3% to RMB 17.6 million from RMB 10.1 million in 2023, mainly due to increased transportation costs for products sold to distant locations[66] - Financial expenses in 2024 decreased to RMB 38.8 million from RMB 49.7 million in 2023, a reduction of about RMB 10.9 million, primarily due to adjustments in financing scale and costs[68] - Interest expenses decreased to RMB 23,705 thousand in 2024 from RMB 37,498 thousand in 2023, a reduction of approximately 36.8%[25] - The company incurred a total of RMB 48,254 thousand in taxes for the year ended December 31, 2024, compared to RMB 43,082 thousand in 2023, representing an increase of about 11.5%[16] Production and Operations - The company produced 10,274 tons of electrolytic nickel in 2024, representing a 36.7% increase compared to 2023, and produced 8,792 tons of cathode copper, a 52.4% increase from the previous year[53] - The domestic electrolytic nickel production in 2024 was estimated at 378,000 tons, a growth of approximately 62.9% compared to 2023[52] - The company aims to maintain stable production levels for its main products, ensuring balanced operations across mining, selection, smelting, and refining processes[87] - The company plans to produce 12,000 tons of electrolytic nickel in 2025, representing an increase of approximately 9.1% compared to the production plan for 2024[88] - The company plans to maintain a stable production level of 9,900 tons of cathode copper in 2025, consistent with the production plan for 2024[88] Customer Concentration - The company’s three largest customers contributed 26%, 21%, and 12% to total revenue in 2024, compared to 36%, 14%, and 10% in 2023, indicating a shift in customer concentration[14] Governance and Compliance - The company has adhered to all corporate governance codes during the reporting period, ensuring the protection of shareholder interests[90] - The board of directors includes both executive and non-executive members, ensuring diverse governance[98] Future Outlook - The company expects an increase in domestic consumption of electrolytic nickel and cathode copper in 2025, driven by the transition to high-quality development in the Chinese economy[87] - The company plans to enhance safety production facilities and environmental protection measures in response to rising raw material prices and regulatory requirements[53]

Xinjiang Xinxin Mining Industry Co., Ltd.* 新疆 新 鑫 礦 業 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 : 3833 20 ct 赞度用 Xinjiang Xinxin Mining Industry Co., Ltd * 新 疆 新 鑫 礦 業 股 份 有 限 公 司 目錄 19 僱員及福利 公司資料 2 4 公司業績 5 資源量和儲量 7 管理層討論與分析 15 董事權益 17 股本及股息 20 企業管治 | --- | --- | |-------|----------------------------------| | | | | | | | 21 | 合併及公司資產負債表（未經審計） | | 24 | 合併及公司利潤表（未經審計） | | 26 | 合併及公司現金流量表（未經審計） | | 28 | 合併股東權益變動表（未經審計） | | 29 | 公司股東權益變動表（未經審計） | | 30 | 財務報表附註（未經審計） | | 196 | 財務報表補充資料（未經審計） | 新疆新鑫礦業股份有限公司 1 公司資料 ...

Financial Performance - The company recorded consolidated operating revenue of RMB 1,065.3 million for the six months ended June 30, 2024, representing a 39.5% increase compared to RMB 763.7 million for the same period last year[5]. - The net profit attributable to shareholders was RMB 145.9 million, a decrease of 14.4% from RMB 170.4 million in the same period last year[5]. - Basic earnings per share attributable to shareholders decreased to RMB 0.066, down from RMB 0.077 in the previous year, a decline of RMB 0.011 per share[5]. - The board does not recommend the distribution of an interim dividend for 2024[5]. - The company recorded a revenue of approximately RMB 1,065.3 million, an increase of about 39.5% compared to RMB 763.7 million in the same period last year[10]. - The net profit for the period was approximately RMB 134.0 million, a decrease of about 21.3% from RMB 170.3 million year-on-year[10]. - The total revenue from main business reached RMB 1,054,384 thousand, a significant increase from RMB 756,431 thousand in the previous year[16]. - The sales volume of electrolytic nickel was 4,378 tons, with a revenue of RMB 531,526 thousand, accounting for 50.4% of total revenue[16]. - The revenue from cathode copper increased by approximately 137.5% to RMB 209,000 thousand, with a sales volume of 3,008 tons[18]. - The gross profit margin for main business was approximately 30.2%, a decrease of about 17.1 percentage points compared to the previous year[18]. Production and Sales - The production of electrolytic nickel reached 4,757 tons, a significant increase of approximately 211.3% from 1,528 tons in the previous year[10]. - The sales of electrolytic nickel were 4,378 tons, up about 35.3% from 3,236 tons year-on-year[10]. - The average selling price of electrolytic nickel (excluding tax) was approximately RMB 124,230 per ton, a decrease of about 29.7% from RMB 176,697 per ton in the previous year[10]. - The average price of electrolytic nickel on the London Metal Exchange was USD 17,750 per ton, down approximately 26.2% from USD 24,045 per ton in the same period last year[9]. - The average price of cathode copper on the Shanghai Futures Exchange was RMB 74,539 per ton, an increase of about 9.8% from RMB 67,862 per ton year-on-year[9]. Assets and Liabilities - As of June 30, 2024, the total assets of the company amounted to RMB 7,763,389,129.03, a decrease of 0.94% from RMB 7,837,578,222.31 as of December 31, 2023[54]. - The company's current assets totaled RMB 2,201,763,304.37, an increase of 1.5% compared to RMB 2,164,018,052.13 at the end of 2023[54]. - The total liabilities decreased to RMB 2,212,520,305.88, down 4.5% from RMB 2,317,069,810.85 at the end of 2023[55]. - The company's inventory decreased to RMB 1,159,756,174.46, a decline of 9.7% from RMB 1,284,579,340.20 as of December 31, 2023[54]. - The company's long-term borrowings decreased to RMB 414,500,000.00, down from RMB 563,700,000.00 as of December 31, 2023[55]. Cash Flow - The company's net cash inflow from operating activities was approximately RMB 166.9 million, an increase of RMB 94.5 million from the previous year[22]. - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB 166,868,964.18, a significant increase from RMB 72,410,717.61 for the same period in 2023, representing a growth of 130.5%[59]. - Total cash inflow from operating activities reached RMB 849,840,024.40, compared to RMB 551,515,195.06 in the previous year, indicating a year-over-year increase of 54.1%[59]. - The company reported a total cash outflow from operating activities of RMB 682,971,060.22, up from RMB 479,104,477.45 in the prior year, reflecting a rise of 42.5%[59]. - Cash and cash equivalents at the end of the period stood at RMB 635,278,496.45, a decrease from RMB 708,669,372.28 as of June 30, 2023[60]. Investments and Expenditures - Capital expenditures for the six months ended June 30, 2024, totaled RMB 80.0 million, with 65.3% allocated to the Kalatongke mining operations[33]. - The group plans to invest approximately RMB 31.2 million to enhance mining and processing capabilities at Kalatongke, and RMB 80.0 million at the Fukang smelting plant for refining capacity improvements[34]. - The investment income for the period was approximately RMB 11.4 million, compared to an investment loss of RMB 16.4 million in the previous year[21]. Shareholder Information - As of June 30, 2024, the company's director, Zhou Chuan You, holds 480,924,000 shares, representing 15.65% of the total share capital[37]. - The major shareholder, Xinjiang Nonferrous Metals Industry (Group) Co., Ltd., holds 885,204,000 shares, representing 40.06% of the total share capital[43]. - The total issued share capital is 2,210,000,000 shares, with 1,259,420,000 domestic shares (56.99%) and 950,580,000 H-shares (43.01%)[42]. Governance and Compliance - The company is committed to complying with the corporate governance code and has adhered to all relevant provisions during the reporting period[48]. - The board consists of nine members, with an attendance rate of 85% at three meetings held during the period[49]. - The supervisory board, comprising five members, held three meetings with an attendance rate of 87%[50]. - The company has adopted a standard code for securities trading, which has been followed by all directors and senior management during the reporting period[51]. Risk Management - The group is exposed to commodity price fluctuations, which may significantly impact revenue and comprehensive income[25]. - The group faces foreign exchange risks as all transactions are conducted in RMB, which may affect operating performance[26]. - The company continues to focus on improving its internal controls and risk assessment as part of its governance strategy[52]. Accounting Policies - The financial report covers the six-month period ending June 30, 2024, with amounts presented in Renminbi (RMB)[72]. - Significant provisions for bad debts are recognized when the amount exceeds 1 million RMB and accounts for over 10% of total bad debt provisions[72]. - The accounting treatment for mergers under common control measures the net assets at book value, with adjustments made to capital reserves or retained earnings as necessary[74]. - For mergers not under common control, the acquisition cost and identifiable net assets are measured at fair value on the purchase date, with any excess recognized as goodwill[75]. - The group recognizes expected credit losses based on the probability-weighted present value of cash flow differences for financial assets measured at amortized cost and those measured at fair value through other comprehensive income[83]. Taxation - The corporate income tax rate for Xinjiang New Xin Mining Co., Ltd. is 15%[149]. - The corporate income tax rate for Xinjiang Monxi Mining Co., Ltd. is 20%[151]. - The corporate income tax rate for Beijing Xinding Shunze High-Tech Co., Ltd. is 25%[151]. - The value-added tax (VAT) rates applicable to the group's main product sales are 13% and 9%[152]. - The resource tax for Karatongke Mining is 4% on the sales amount of taxable products[153]. Inventory Management - The total inventory as of June 30, 2024, was RMB 1,187,604,378.84, with a provision for inventory impairment of RMB 27,848,204.38[197]. - The inventory breakdown included raw materials valued at RMB 105,053,831.65, work in progress at RMB 253,869,002.21, semi-finished products at RMB 389,146,789.09, and finished goods at RMB 439,534,755.89[197]. - The total provision for inventory impairment increased by RMB 10,802,597.63 during the period, with the total provision as of June 30, 2024, being RMB 27,848,204.38[198].

Financial Performance - The group achieved operating revenue of approximately RMB 2,049.8 million in 2023, a decrease of about 28.4% compared to 2022; net profit was approximately RMB 162.3 million, down from RMB 743.2 million in 2022; earnings per share were approximately RMB 0.07, compared to RMB 0.34 in 2022[24]. - The company's net profit attributable to shareholders for 2023 was RMB 162,343 thousand, with a basic and diluted earnings per share of RMB 0.07[1]. - The company reported a total profit of RMB 209,954,055.76 for 2023, down from RMB 833,461,862.72 in 2022, marking a decrease of 74.8%[131]. - The consolidated net profit for 2023 was approximately RMB 162.3 million, down about 78.2% from RMB 743.2 million in 2022[197]. - Net profit for the year 2023 was RMB 162,342,576.31, a significant decrease of 78.16% from RMB 743,236,444.48 in 2022[131]. Production and Sales - The company produced 7,513 tons of electrolytic nickel in 2023, a decrease of approximately 32.2% from 2022[22]. - The production of cathode copper was 5,768 tons, representing a decline of about 38.0% year-over-year[22]. - The group produced 66,517 tons of nickel-copper mixed concentrate and 30,338 tons of nickel concentrate in 2023[26]. - The sales volume of electrolytic nickel decreased by approximately 39.2% to 7,747 tons in 2023 from 12,752 tons in 2022[125]. - The sales volume of cathode copper decreased by approximately 49.8% to 4,908 tons in 2023 from 9,775 tons in 2022[125]. Pricing and Costs - The average price of electrolytic nickel on the London Metal Exchange was $21,550 per ton, a decrease of approximately 16.8% compared to 2022[18]. - The average price of cathode copper was $8,698 per ton, down about 1.2% from the previous year[18]. - The average selling price of electrolytic nickel was approximately RMB 142,601 per ton, a decrease of about 13.7% compared to 2022; the average selling price of cathode copper was approximately RMB 60,334 per ton, an increase of about 1.2% compared to 2022[23]. - The average sales cost for electrolytic nickel in 2023 was approximately RMB 82,113 per ton, an increase of about 10.2% compared to 2022, while the average sales cost for cathode copper rose by approximately 33.4% to RMB 69,164 per ton[50]. Resource and Reserves - The company holds 100% ownership of four nickel-copper mines, including the Karatungku mine and three others in Hami, Xinjiang[12]. - As of December 31, 2023, the total resource amount for the Karatungku nickel-copper mine was 27,830,298 tons, with a nickel grade of 0.57%[14]. - The total resource amount for the three Hami mines was 63,564,741 tons, with a nickel grade of 0.46%[14]. - The total estimated reserves as of December 31, 2023, for the Karatungku mine were 17,669,405 tons, with a nickel grade of 0.64%[14]. Investments and Future Plans - The group plans to invest RMB 178.1 million in 2024 for the automation and process optimization projects at the Karatunk mining operation[68]. - The company plans to implement more flexible and proactive marketing strategies in 2024 to adapt to market uncertainties and enhance operational efficiency[58]. - For 2024, the group plans to produce 11,000 tons of electrolytic nickel, an increase of approximately 29.4% compared to 2023, and 9,900 tons of cathode copper, an increase of approximately 45.0%[66]. - The company aims to enhance overall management and operational efficiency in 2024 to ensure stable production levels across its mining and refining processes[66]. Cash Flow and Financial Position - The total assets of the company as of 2023 amounted to RMB 7,837,578 thousand, while total liabilities were RMB 2,317,070 thousand[1]. - As of December 31, 2023, the total cash and cash equivalents of the group amounted to RMB 483.7 million, a decrease from RMB 621.5 million in 2022[98]. - The total borrowings of the group were approximately RMB 768.1 million, down from RMB 996.5 million in 2022, resulting in a net debt of RMB 284.4 million, compared to RMB 375.0 million in 2022[98]. - The current ratio decreased to 1.8 in 2023 from 2.2 in 2022[100]. Operational Efficiency and Challenges - The group maintained stable production and operations in 2023, with no significant operational difficulties reported, despite a temporary production halt due to technical upgrades[27]. - The decline in sales volume of key products was mainly due to national safety production guidance and temporary production suspension for technical upgrades[198]. - Production has resumed since June 2023 after the completion of national safety production guidance and technical upgrades[198]. Community and Environmental Initiatives - The company actively participates in community support and public welfare initiatives, focusing on education and health[152]. - The group achieved its safety production goals in 2023, adhering strictly to national environmental protection regulations[30].

Revenue and Sales Performance - The company's operating revenue for electrolytic nickel in 2023 was approximately RMB 1,104.8 million, a decrease of about 47.6% compared to 2022, primarily due to a decline in sales prices and reduced production and sales volume [9]. - The operating revenue for cathode copper in 2023 was approximately RMB 296.1 million, a decrease of about 49.2% compared to 2022 [10]. - The operating revenue for copper concentrate in 2023 was approximately RMB 95.2 million, a decrease of about 1.4% compared to 2022 [11]. - The group's operating revenue for 2023 was approximately RMB 2,049.8 million, a decrease of about 28.4% compared to RMB 2,863.7 million in 2022 [21]. - The sales volume of electrolytic nickel in 2023 was approximately 7,747 tons, a decrease of about 39.2% from 12,752 tons in 2022 [21]. - The sales volume of cathode copper in 2023 was approximately 4,908 tons, down about 49.8% from 9,775 tons in 2022 [10]. Profitability and Margins - The company's gross profit for its main business in 2023 was approximately RMB 616.0 million, a decrease of about RMB 653.4 million from RMB 1,269.5 million in 2022 [13]. - The gross profit margin for the main business in 2023 was approximately 31.4%, down about 12.6 percentage points from 44.0% in 2022 [13]. - The consolidated net profit for 2023 was approximately RMB 162.3 million, down approximately 78.2% from RMB 743.2 million in 2022 [21]. - The net profit attributable to ordinary shareholders for 2023 was RMB 162,664 thousand, compared to RMB 744,654 thousand in 2022, reflecting a decrease of about 78.1% [105]. - Gross margin for the year was approximately 33.9%, a decrease of about 9.3 percentage points from 43.2% in 2022; net profit margin was approximately 7.9%, down about 18.1 percentage points from 26.0% in 2022 [51]. Cash Flow and Investments - The net cash inflow from operating activities for 2023 was approximately RMB 558.0 million, a decrease of about RMB 309.0 million from RMB 867.0 million in 2022 [24]. - The net cash outflow from investing activities was approximately RMB 94.1 million, primarily due to the purchase of fixed assets and other long-term assets [24]. - The net cash outflow from financing activities was approximately RMB 601.6 million, with cash inflow mainly from bank loans of about RMB 770.0 million [24]. - The company completed investments of approximately RMB 42.4 million in 2023 for capacity enhancement and quality improvement projects in Xinjiang [17]. - The group completed investments of approximately RMB 204.2 million in 2023 for the improvement of mining and production capabilities [153]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 7,837,578 thousand, slightly up from RMB 7,829,460 thousand in 2022 [60]. - Total liabilities as of December 31, 2023, were RMB 2,317,070 thousand, an increase from RMB 2,139,794 thousand in 2022 [59]. - Current assets totaled RMB 2,164,018 thousand, a decrease from RMB 2,222,608 thousand in 2022 [57]. - Non-current assets totaled RMB 5,673,560 thousand, an increase from RMB 5,606,852 thousand in 2022 [57]. - The total equity decreased from approximately RMB 5,689.7 million at the end of 2022 to approximately RMB 5,520.5 million in 2023, primarily due to dividend distribution of RMB 331.5 million and profit of RMB 162.3 million [75]. Production and Operational Challenges - The group experienced a significant decline in sales volume due to national safety production guidance and temporary production suspension for technical upgrades [22]. - The group faced production challenges in the first half of 2023 due to safety upgrades and technical renovations, but production resumed in June 2023 [169]. - The company has eliminated the impact of temporary production halts due to technical upgrades at the Kalatongke mining project, allowing for a return to normal production activities [187]. Future Outlook and Plans - In 2024, the company plans to produce 11,000 tons of electrolytic nickel, an increase of approximately 29.4% compared to the production plan for 2023 [187]. - The company also plans to produce 9,900 tons of cathode copper in 2024, which represents a 45.0% increase from the 2023 production plan [187]. - The company expects an increase in domestic consumption of electrolytic nickel and cathode copper in 2024 due to market demand [175]. - The company aims to enhance overall management levels and operational efficiency in 2024, ensuring stable production levels for key products like electrolytic nickel and cathode copper [186]. Corporate Governance and Shareholder Matters - The company emphasizes the importance of effective corporate governance to protect shareholder interests and enhance shareholder value [177]. - The audit committee held three meetings during the reporting year with a 100% attendance rate, reviewing the company's annual performance announcement and audit plans [179]. - The company will distribute dividends in RMB to domestic shareholders and in HKD to H-share holders, with the exchange rate determined one week prior to the annual general meeting [194]. - The company has suspended the handling of shareholder registration procedures [197].

Financial Performance - The group's consolidated revenue for the first half of 2023 was RMB 763.7 million, a significant decrease of 56.1% compared to RMB 1,740.8 million in the same period last year[4]. - Net profit attributable to shareholders for the period was RMB 170.4 million, down 72.0% from RMB 609.6 million in the previous year[4]. - Basic earnings per share attributable to shareholders decreased to RMB 0.077, compared to RMB 0.276 in the same period last year, a decline of RMB 0.199[17]. - Operating profit for the same period was approximately $211.28 million, down 68.5% from $670.49 million year-over-year[75]. - Total comprehensive income for the six months ended June 30, 2023, was RMB 170,302,841.34, a decrease of 72.0% compared to RMB 609,677,399.46 for the same period in 2022[76]. - The company reported a total comprehensive loss of RMB 90,686,939.52 for the six months ended June 30, 2023[138]. Sales and Production - The sales volume of electrolytic nickel was approximately 3,236 tons, a decrease of about 59.9% from approximately 8,075 tons in the same period last year[24]. - The sales volume of cathode copper was approximately 1,452 tons, down about 71.0% from approximately 5,014 tons in the previous year[24]. - The group aims to complete its annual production target of 8,500 tons of electrolytic nickel and 6,829 tons of cathode copper by the end of 2023[25]. - The sales volume of electrolytic nickel decreased by 59.9% compared to the same period last year, while the sales volume of cathode copper decreased by 71.0%[39]. Pricing - The average selling price of electrolytic nickel was RMB 176,697 per ton, an increase of 10.1% compared to RMB 160,506 per ton in the same period last year[40]. - The average selling price of cathode copper was RMB 60,872 per ton, a decrease of 4.7% compared to RMB 63,887 per ton in the same period last year[40]. Financial Position - The current ratio as of June 30, 2023, was 1.9, down from 2.2 as of December 31, 2022[45]. - The debt-to-capital ratio was 5.6% as of June 30, 2023, compared to 6.18% as of December 31, 2022[45]. - As of June 30, 2023, the total assets of the company amounted to approximately 7.94 billion, an increase from 7.83 billion as of December 31, 2022[72]. - The company's total liabilities as of June 30, 2023, were not disclosed but are critical for assessing financial health[72]. - The company's total liabilities increased to approximately $2.41 billion as of June 30, 2023, compared to $2.14 billion at the end of 2022, reflecting a growth of 12.5%[73]. - The company's total equity attributable to shareholders decreased to approximately $5.51 billion as of June 30, 2023, down from $5.67 billion at the end of 2022, a decrease of 2.8%[73]. Investments and Expenditures - The company plans to invest approximately RMB 87.5 million in mining expansion projects and environmental upgrades[53]. - The capital expenditure plan for exploration projects is approximately RMB 14.1 million[54]. - The company had no significant investments or acquisitions planned as of June 30, 2023[55]. - The company’s total construction in progress amounted to RMB 1,757,481,603.79, with an increase of RMB 88,832,044.32 during the current period[154]. - The company has made significant investments in environmental projects, including a desulfurization project valued at RMB 5,060,344.44, which is part of its commitment to sustainability[179]. Corporate Governance and Compliance - The company is committed to maintaining high corporate governance standards to protect shareholder interests[68]. - Employee social insurance contributions include 16% for pension, 6%-9% for medical insurance, and 12% for housing fund, reflecting compliance with local regulations[67]. Market and Operational Strategy - The company is actively participating in market expansion and new product development strategies, although specific details were not disclosed in the provided content[72]. - The company is focusing on improving operational efficiency and exploring new market opportunities to recover from the recent financial downturn[76]. Accounting and Financial Reporting - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance and reflect the financial position as of June 30, 2023[123]. - The company’s accounting policies include methods for estimating expected credit losses on receivables and inventory valuation[145]. - The company’s financial statements are based on the assumption of going concern[146].

Operating Performance - The company's operating performance significantly declined, with sales of electrolytic nickel at approximately 3,236 tons, down 59.9% from about 8,075 tons in the same period last year, and cathode copper sales at approximately 1,452 tons, down 71.0% from about 5,014 tons[4][10]. - Total revenue for the six months ended June 30, 2023, was approximately $763.74 million, a decrease of 56.2% compared to $1.74 billion for the same period in 2022[63]. - Operating profit for the same period was approximately $211.28 million, down 68.5% from $670.49 million year-over-year[63]. - Net profit for the six months ended June 30, 2023, was approximately $170.30 million, a decline of 72.0% compared to $609.68 million in the prior year[63]. - The production of electrolytic nickel decreased by 76.0% to 1,528 tons, compared to 6,369 tons in the previous year[165]. - The production of cathode copper fell by 80.4% to 917 tons, down from 4,669 tons year-on-year[165]. - The production decline was primarily due to national safety production guidance affecting normal operations since February 2023[178]. Financial Position - As of June 30, 2023, the total assets increased by 1.4% to RMB 7,938 million compared to December 31, 2022, while shareholders' equity decreased by 2.8% to RMB 5,530 million due to dividend distributions[22]. - The total cash and cash equivalents amounted to RMB 708.7 million as of June 30, 2023, compared to RMB 621.5 million on December 31, 2022, while total borrowings increased to RMB 1,037.8 million from RMB 996.5 million[23]. - The net debt (total borrowings minus cash and cash equivalents) was RMB 329.1 million, down from RMB 375 million as of December 31, 2022, with a capital debt ratio of 5.6%[23]. - The company's total liabilities as of June 30, 2023, were not explicitly stated but are implied to be managed effectively given the increase in total assets[60]. - Total liabilities as of June 30, 2023, amounted to approximately $2.41 billion, an increase of 12.5% from $2.14 billion at the end of 2022[61]. - Current liabilities totaled approximately $1.30 billion, up 27.8% from $1.02 billion at the end of 2022[61]. - Non-current liabilities decreased slightly to approximately $1.11 billion from $1.12 billion at the end of 2022[61]. - The company's total equity attributable to shareholders decreased to approximately $5.51 billion from $5.67 billion at the end of 2022, reflecting a decline of 2.8%[61]. - The company's total liabilities at the end of the reporting period were RMB 4,254,754,857.49[121]. Cash Flow and Investments - For the six months ending June 30, 2023, the company's net cash flow from operating activities was RMB 72,410,717.61, a significant decrease from RMB 624,826,237.62 for the same period in 2022[107]. - The total cash inflow from operating activities for the first half of 2023 was RMB 551,515,195.06, compared to RMB 1,355,994,568.43 in the previous year, indicating a decline of approximately 59.3%[107]. - The company reported a net cash outflow from investing activities of RMB 4,033,531.88 for the first half of 2023, contrasting with a cash inflow of RMB 35,127,286.48 in the same period of 2022[108]. - The company raised RMB 400,000,000.00 through borrowings in the first half of 2023, a decrease from RMB 450,000,000.00 in the same period of 2022[108]. - The net cash flow from financing activities for the first half of 2023 was RMB 18,821,499.68, compared to a net outflow of RMB 253,816,615.58 in the previous year[108]. - The company plans to fund its capital projects entirely through internal operating funds[47]. Revenue and Pricing - The average price of electrolytic nickel futures on the London Metal Exchange for the period was USD 24,045 per ton, a decrease of 13.7% from USD 27,867 per ton in the same period last year[163]. - The average sales price of electrolytic nickel was RMB 176,697 per ton, an increase of 10.1% year-on-year, despite a sales volume decline of 59.9% to 3,236 tons[170]. - The average spot price of electrolytic nickel in the Shanghai market was RMB 194,095 per ton, down 4.7% from RMB 203,565 per ton in the previous year[184]. - The average selling price of cathode copper was RMB 60,872 per ton, a decrease of 4.7% from RMB 63,887 per ton year-on-year[186]. Future Plans and Strategies - The group aims to achieve its full-year production targets of 8,500 tons of electrolytic nickel and 6,829 tons of cathode copper by the end of 2023, following the resumption of production from April to June 2023[5]. - The group plans to enhance its marketing strategies to achieve higher product sales prices by analyzing market trends for electrolytic nickel and cathode copper in the second half of 2023[12]. - The group plans to produce 6,972 tons of electrolytic nickel and 5,912 tons of cathode copper in 2023, although these plans may be adjusted based on market conditions[187]. - The company plans to invest approximately RMB 59.7 million in further improving the selection engineering project in Xinjiang Aksu and Hami[68]. Research and Development - Research and development expenses for the six months ended June 30, 2023, were approximately $12.53 million, significantly lower than $62.99 million in the same period last year[63]. - Research and development expenses decreased by 79.4% to RMB 13 million, mainly due to project experiments being suspended during maintenance[196]. Corporate Governance - The company has fully complied with the corporate governance code as per the listing rules during the reporting period[79]. - The company has not entered into any significant contracts that would create a direct or indirect substantial interest for its directors or supervisors during the reporting period[70].

| --- | --- | --- | --- | --- | --- | |------------------|-------------|-------|------------|-----------------------|----------| | | 性別 \n男 | 女 | 高級管理層 | 僱員類別 \n中級管理層 | 其他僱員 | | | | | | | | | 受訓僱員的百分比 | 83% | 17% | 93% | 89.5% | 87.3% | B3.2 按性別及僱員類別劃分，每名僱員完成受訓的平均時數 2022年度，本集團按性別及僱員類別劃分每名僱員完成受訓的平均時數： | --- | --- | --- | --- | --- | --- | |--------------------|-------------|---------|------------|-----------------------|----------| | | 性別 \n男 | 女 | 高級管理層 | 僱員類別 \n中級管理層 | 其他僱員 | | 每名僱員完成受訓的 | | | | | | | 平均時數 ...