Core Insights - The company reported a revenue of 748 million RMB for the six months ending September 30, 2025, representing a year-on-year decline of 12.9% [1] - The profit attributable to the company's owners was 108 million RMB, showing a year-on-year increase of 25.9% [1] - The basic earnings per share were 0.030 RMB [1]

Group 1 - The core viewpoint of the article is that 比优集团 (Biyou Group) reported a decline in revenue while showing an increase in profit attributable to shareholders [1] Group 2 - The company reported revenue of 748 million RMB for the six months ending September 30, 2025, representing a year-on-year decrease of 12.9% [1] - Profit attributable to shareholders was 108 million RMB, reflecting a year-on-year increase of 25.9% [1] - Basic earnings per share were reported at 0.030 RMB [1]

Group 1 - The core viewpoint of the article highlights that Beiyou Group (09893.HK) reported a decrease in revenue for the six months ending September 30, 2025, amounting to approximately RMB 750 million, which is a decline of about 12.92% compared to the same period last fiscal year [1] - The group's profit attributable to owners during the interim period was approximately RMB 108 million [1] - The total comprehensive income attributable to the company's owners for the interim period was approximately RMB 120 million [1] - The basic earnings per share for the interim period were approximately RMB 0.030 [1]

Core Viewpoint - The company, Biyou Group (09893.HK), has announced that its board meeting will take place on November 28, 2025, to consider and approve the unaudited consolidated interim results for the six months ending September 30, 2025, and to discuss the potential declaration of an interim dividend, among other matters [1] Group 1 - The board meeting is scheduled for November 28, 2025 [1] - The meeting will focus on the unaudited consolidated interim results for the six months ending September 30, 2025 [1] - The board will also consider the declaration of an interim dividend, if applicable [1]

Core Insights - The market is increasingly focused on the dual-driven model of Biyou Group Holdings Limited, particularly its "civil explosives + mining" strategy, amid fluctuations in international gold and copper prices [2] - Biyou Group's indirect non-wholly owned subsidiary, Inner Mongolia Juliy Engineering Blasting Co., Ltd., has upgraded to a first-class qualification in mining engineering construction, enabling it to undertake large and complex engineering projects independently [2] - The company is recognized for its potential as the "Molybdenum-Copper Prince," leveraging its resources in the Tibet Tianren project, which has not yet been fully valued by the market [2][3] Company Overview - The Tibet Tianren project is located in the Mêdog County of Lhasa, Tibet, and is characterized by a "molybdenum-copper dual core" resource endowment, with over 400,000 tons of molybdenum metal resources and confirmed copper metal reserves [3] - The project has significant exploration potential, with advancements in deep exploration technologies suggesting the possibility of discovering additional independent molybdenum, copper, gold, silver, and lead-zinc deposits [3] - The development progress of the Tianren project is on track, with geological exploration and infrastructure planning proceeding as scheduled, supported by favorable policies for resource development in Tibet [3] Market Dynamics - Recent increases in molybdenum prices are expected to further elevate Biyou Group's value potential, driven by a strong growth in demand and constrained supply in the global molybdenum market [4] - The demand for copper, particularly in the renewable energy sector, is also on the rise, contributing to the company's growth narrative [4] - The market has not fully recognized the "molybdenum-copper logic" of Biyou Group, indicating substantial room for valuation upgrades in the future [4] Future Outlook - The Tianren project is currently in the infrastructure phase and has not yet entered the actual mining and profit release cycle, which affects its current market valuation [4] - The approval and initiation of infrastructure for the Tianren project, combined with rising molybdenum and copper prices, are expected to significantly enhance market interest [4] - In the medium to long term, the company aims to establish a sustainable development cycle through resource development and service support, bolstered by the ongoing capacity release from the Anhui Jinding project [4] Investment Opportunity - The current valuation misalignment due to the market's lack of awareness of the company's substantial resource value presents an investment opportunity [5] - As the market gains a more comprehensive understanding of the molybdenum and copper resources at the Tibet Tianren project, the core value of the company is expected to solidify [5]

Core Viewpoint - The company, Biyou Group, has successfully upgraded its indirect non-wholly-owned subsidiary, Inner Mongolia Juliy Engineering Blasting Co., Ltd. ("Juliy Blasting"), to a first-class qualification in mining engineering construction contracting, becoming a dual first-class qualification enterprise in China [1] Group 1: Company Qualifications - Juliy Blasting now holds both "First-Class Mining Engineering Construction Contracting" and "First-Class Commercial Blasting Operation Unit" qualifications, which are essential for undertaking large and complex engineering projects in the mining sector [1] - The dual first-class qualification is a certification that reflects the comprehensive service capability of the enterprise in the mining engineering field [1] Group 2: Future Strategy - Moving forward, Juliy Blasting aims to leverage its dual first-class qualification to promote a high-quality development strategy [1] - The company plans to build a full industry chain centered around its core business, with various business units developing in synergy [1]

Core Viewpoint - The company has successfully upgraded its indirect non-wholly-owned subsidiary, Inner Mongolia Juliy Engineering Blasting Co., Ltd. (Juliy Blasting), to a first-class qualification in mining engineering construction contracting, becoming a dual first-class qualification enterprise in China [1] Group 1: Company Developments - Juliy Blasting now holds both "First-Class Mining Engineering Construction Contracting" and "First-Class Commercial Blasting Operation Unit" qualifications, enhancing its service capability in the mining sector [1] - The dual first-class qualification allows the company to independently undertake large and complex engineering projects, including large-scale open-pit mining, precise underground mining, and tailings pond management [1] Group 2: Strategic Direction - The company plans to leverage its dual first-class qualification to advance its high-quality development strategy [1] - The focus will be on building a full industry chain centered around its core business, promoting collaborative development across various business segments [1]

Core Viewpoint - The company, Biyou Group, has successfully upgraded its indirect non-wholly-owned subsidiary, Inner Mongolia Juliy Engineering Blasting Co., Ltd. (Juliy Blasting), to a first-class qualification in mining engineering construction contracting, making it a dual first-class qualification enterprise in China [1] Group 1: Company Developments - Juliy Blasting now holds both "First-Class Mining Engineering Construction Contracting" and "First-Class Commercial Blasting Operation Unit" qualifications, enhancing its service capability in the mining sector [1] - The dual first-class qualification allows the company to independently undertake large and complex engineering projects, including large-scale open-pit mining, precise underground mining, and tailings pond management [1] - The company plans to leverage its dual qualifications to advance its high-quality development strategy and establish a full industry chain centered around its core business with collaborative development across various operations [1]

Group 1 - The core viewpoint of the news is that Biyou Group has achieved a significant upgrade in its ESG rating from BB to A by Wind, reflecting its strong performance in sustainable development [1][3][4] - The A rating from Wind indicates that Biyou Group is among the top performers in the industry regarding environmental, social, and governance dimensions, with only about 19.35% of companies in the basic chemical industry achieving this rating [3] - The upgrade is attributed to systematic sustainable development initiatives, including air pollutant reduction, greenhouse gas management, waste resource utilization, and ecological restoration [3][4] Group 2 - Biyou Group's ESG report highlights its commitment to environmental measures, social responsibility, and governance practices, including local operations along the Belt and Road Initiative [3][4] - The governance structure includes a comprehensive compliance management system and risk control processes, with a dedicated ESG working group reporting directly to the board [3][4] - Wind's ESG rating system is recognized for its authoritative and influential position in China's financial information services, integrating international standards with local disclosure policies [4]

Revenue and Profit Performance - Revenue for the six months ended 30 September 2024 was approximately RMB859.20 million, representing a 34.42% increase compared to the same period in the previous fiscal year[7] - Total revenue grew by 34.4% to RMB 859,197 thousand in H1 2024, up from RMB 639,195 thousand in H1 2023[34] - External sales for the six months ended 30 September 2024 increased to RMB 859,197 thousand, up from RMB 639,195 thousand in the same period in 2023, representing a growth of 34.4%[36] - The Group's turnover for the Interim Period increased by approximately 34.42% compared to the same period in 2023, driven by increased demand for civilian explosives and higher production capacity[68] - Profit attributable to owners for the Interim Period was approximately RMB85.47 million[8] - Total comprehensive income attributable to owners for the Interim Period was approximately RMB87.85 million[9] - Basic earnings per share for the Interim Period was approximately RMB0.024[10] - Gross profit for the Interim Period was RMB378.30 million, compared to RMB259.43 million in the same period last year[14] - Operating profit for the Interim Period was RMB250.83 million, up from RMB211.10 million in the previous year[14] - Profit before income tax for the Interim Period was RMB242.41 million, compared to RMB206.92 million in the same period last year[14] - Segment profit for the six months ended 30 September 2024 rose to RMB 252,348 thousand, compared to RMB 203,902 thousand in the same period in 2023, an increase of 23.8%[36] - Profit before income tax for the six months ended 30 September 2024 was RMB 242,414 thousand, up from RMB 206,916 thousand in the same period in 2023, a growth of 17.2%[36] - Profit for the period attributable to owners of the Company for the six months ended 30 September 2024 was RMB 85,474 thousand, down from RMB 98,755 thousand in the same period in 2023, a decrease of 13.5%[46] - Total comprehensive income for the period was RMB 98,602,000 as of 30 September 2024[24] Tax and Expenses - Income tax expense for the Interim Period was RMB59.91 million, significantly higher than RMB18.88 million in the previous year[14] - Current tax for the period – PRC Enterprise Income Tax increased to RMB 24,065 thousand in 2024 from RMB 11,924 thousand in 2023, a significant rise of 101.7%[39] - Tajikistan Corporation Income Tax for the six months ended 30 September 2024 was RMB 8,344 thousand, up from RMB 6,954 thousand in the same period in 2023, an increase of 20.0%[39] - Depreciation of property, plant and equipment for the six months ended 30 September 2024 was RMB 49,178 thousand, compared to RMB 41,710 thousand in the same period in 2023, a rise of 17.9%[42] - Finance costs – Interest charge on bank and other borrowings for the six months ended 30 September 2024 increased to RMB 8,414 thousand from RMB 4,186 thousand in the same period in 2023, a growth of 101.0%[42] - Selling and distribution expenses increased significantly due to higher sales volume and the inclusion of approximately RMB16 million in freight charges in the cost of goods sold[68] Assets and Liabilities - Non-current assets increased to RMB 3,033,638,000 as of 30 September 2024, up from RMB 2,986,814,000 as of 31 March 2024[18] - Current assets rose to RMB 1,341,973,000 as of 30 September 2024, compared to RMB 939,687,000 as of 31 March 2024[18] - Net current liabilities improved to RMB (406,415,000) as of 30 September 2024, from RMB (952,134,000) as of 31 March 2024[18] - Total equity increased to RMB 1,826,279,000 as of 30 September 2024, up from RMB 1,691,686,000 as of 31 March 2024[20] - Equity attributable to owners of the company grew to RMB 903,897,000 as of 30 September 2024, compared to RMB 848,791,000 as of 31 March 2024[20] - Non-controlling interests increased to RMB 922,382,000 as of 30 September 2024, up from RMB 842,895,000 as of 31 March 2024[20] - Retained earnings rose to RMB 916,329,000 as of 30 September 2024, compared to RMB 881,583,000 as of 1 April 2024[24] - Net assets of the Group amounted to approximately RMB1,826.28 million as of 30 September 2024, an increase from RMB1,691.69 million as of 31 March 2024[69] - Current assets increased to approximately RMB1,341.97 million as of 30 September 2024, compared to RMB939.68 million as of 31 March 2024[69] - The Group's gearing ratio was 59.29% as of 30 September 2024, compared to 56.92% as of 31 March 2024[72] Cash Flow - Net cash generated from operating activities increased significantly to RMB 226,437 thousand in H1 2024, compared to RMB 16,709 thousand in H1 2023[27] - Cash and cash equivalents at the end of the period stood at RMB 323,698 thousand, up from RMB 295,271 thousand in H1 2023[27] - Net cash used in investing activities decreased to RMB 110,904 thousand in H1 2024, compared to RMB 195,142 thousand in H1 2023[27] - Net cash used in financing activities reduced to RMB 15,389 thousand in H1 2024, down from RMB 112,768 thousand in H1 2023[27] - Cash and cash equivalents stood at approximately RMB323.70 million as of 30 September 2024, up from RMB223.78 million as of 31 March 2024[69] Business Operations and Sales - The Group's revenue is entirely derived from contracts with customers, primarily from the sale of explosives, blasting operations, and mineral concentrates[33] - Sales of explosives increased by 24.7% to RMB 448,059 thousand in H1 2024, compared to RMB 359,416 thousand in H1 2023[34] - Sales of mineral concentrates surged by 62.5% to RMB 351,186 thousand in H1 2024, up from RMB 216,156 thousand in H1 2023[34] - Revenue from the blasting business increased due to a rise in production volume from 104,000 tons to 121,000 tons starting August 2023[68] - The Group completed construction and began trial operations of new processing facilities for iron-oxide and gold sludge extraction in October 2023, contributing to improved revenue[68] - External sales of the mining operation increased, but segment profit decreased due to a waiver income of approximately RMB32 million in the previous period[68] - The Group's sales volume of civil explosive products increased in the first half of the year, driven by higher market demand for mineral resources and coal energy in Inner Mongolia[78] - The Group's sales volume of civil explosive products in Central Asia declined slightly due to unstable operations of its major customers[78] Exploration and Development - Anhui Jinding mined a total of 457,387 tons of ore with average grades of sulfur 8.43%, copper 0.36%, and gold 0.62g/t for the six months ended 30 September 2024[74] - Anhui Jinding completed 1,470 meters of surface drilling and 6,394.6 meters of in-pit drilling for production exploration during the six months ended 30 September 2024[74] - Exploration expenditures for Anhui Jinding were RMB2,572 thousand, development expenditures were RMB949 thousand, and mining expenditures were RMB23,897 thousand for the six months ended 30 September 2024[76] - Exploration expenditures for Tibet Tianren were RMB1,877 thousand for the six months ended 30 September 2024[76] - The construction of the detonator production line in Tajikistan is progressing steadily, with the project launch ceremony hosted by the President of Tajikistan[78] - The Tibet Tianren project approval process was mostly completed and is currently in the pre-construction preparation stage[78] - Additions to property, plant and equipment during the six months ended 30 September 2024 amounted to RMB 119 million[49] - Capital commitments for the acquisition of property, plant, and equipment amounted to RMB23,844 thousand[63] Shareholder and Management Information - Mr. Liu Fali holds a 6.81% stake in the company with 242,415,854 ordinary shares[84] - Ms. Qin Chunhong holds 34,024,908 ordinary shares (L), representing 0.96% of the company's shares[85] - Ms. Ma Ye holds 126,005,000 ordinary shares (L), representing 3.54% of the company's shares[85] - Interests of parties to an agreement under sections 317(1)(a) and 318 of the SFO include 1,776,098,222 ordinary shares (L), representing 49.91% of the company's shares[85] - Mr. Ma Suocheng is deemed to be interested in 1,902,103,222 ordinary shares (L), representing 53.45% of the company's shares[96] - Shiny Ocean holds 1,361,516,331 ordinary shares (L), representing 38.26% of the company's shares[92] - Ma Family Holdings Co. Limited holds 1,361,516,331 ordinary shares (L), representing 38.26% of the company's shares[93] - Equity Trustee Limited holds 1,361,516,331 ordinary shares (L), representing 38.26% of the company's shares[95] - Pin On Everest Asset Holdings Ltd holds 58,980,000 shares of the company, with Mr. Ma Tianyi deemed to be interested in these shares[87] - Crystal Sky Development Inc. holds 34,024,908 shares of the company, with Ms. Qin Chunhong deemed to be interested in these shares[87] - As of 30 September 2024, no other directors or chief executives have disclosed interests or short positions in the company's shares[88] - Ms. Ma Xia holds 172,166,037 ordinary shares, representing 4.84% of the company's issued shares[98] - Interests of parties under an agreement to acquire shares total 1,729,937,185 ordinary shares, representing 48.61% of the company's issued shares[98] - Mr. Ma Qiang, founder of a discretionary trust, holds 1,902,103,222 ordinary shares, representing 53.45% of the company's issued shares[98] - Mr. Yang Tao holds 255,599,268 ordinary shares, representing 7.18% of the company's issued shares[98] - Mr. Li Man holds 252,959,268 ordinary shares, representing 7.10% of the company's issued shares[98] - Mr. Lv Wenhua holds 220,696,854 ordinary shares, representing 6.20% of the company's issued shares[98] - The Share Award Scheme allows for a maximum of 200,000,000 shares to be awarded, representing approximately 5.62% of the company's issued share capital[102] - No shares were awarded under the Share Award Scheme during the six months ended 30 September 2024[104] - The Share Award Scheme expired in July 2024 after a five-year term[104] - The company has not been notified of any other persons with discloseable interests or short positions in the shares as of 30 September 2024[100] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the six months ended 30 September 2024[106] - No significant competition interests were reported by directors or controlling shareholders during the six months ended 30 September 2024[106] - The company has complied with the Code on Corporate Governance Practices as per the GEM Listing Rules[106] - No changes in the Board or Directors' information since the annual report for the year ended 31 March 2024[110][111] - The company adopted a code of conduct for Directors' securities transactions, with no reported non-compliance during the six months ended 30 September 2024[112][113] - The audit committee, composed of three independent non-executive directors, reviewed and commented on the interim report for the six months ended 30 September 2024[114][115][116] - Remuneration paid/payable to key management personnel for the period amounted to RMB1,525,500, compared to RMB1,408,680 in the same period last year[65] Dividends and Other Financial Information - The Board does not recommend the payment of an interim dividend[11] - Dividends paid to non-controlling interests amounted to RMB (18,343,000) for the period[24] - Contribution from non-controlling interests was RMB 4,000 for the period[24] - Other income decreased by approximately RMB32 million due to the recognition of a loan waiver in the previous period[68] - Contract assets and net trade receivables totaled RMB383,533 thousand as of 30 September 2024, with an aging analysis showing 86,665 thousand within 0-30 days and 164,380 thousand over 1 year[56] - Bills receivables generally have credit terms ranging from 6 to 12 months, with a total of RMB468,001 thousand as of 30 September 2024[53] Future Plans and Outlook - The Group will continue to strengthen the technical and management capabilities of its domestic and foreign subsidiaries to respond to market changes[80] - The Group plans to optimize the long-term production and operational management of the Anhui Jinding Project while accelerating the development of the Tibet Tianren Project[80] - The Group's blasting services and mining construction engineering teams will focus on supporting the civil explosive production and mining segments, aiming to undertake related projects in China and Central Asia[80] - The Group is confident in maintaining the current pace of project development, which aligns with management's expectations[80] - The Group's financial indicators remain stable with sufficient cash flow to support various construction investments[78]