Revenue and Profit Performance - Revenue for the nine months ended December 31, 2023, was RMB 1,007,797 thousand, a decrease from RMB 1,295,419 thousand in the same period in 2022[4] - Revenue for the nine months ended December 31, 2023, was approximately RMB 1,007.8 million, a decrease of 22.2% compared to the same period last year[71] - Gross profit for the nine months ended December 31, 2023, was RMB 428,876 thousand, compared to RMB 354,521 thousand in the same period in 2022[4] - Operating profit for the nine months ended December 31, 2023, was RMB 315,211 thousand, up from RMB 264,308 thousand in the same period in 2022[4] - Net profit before tax for the nine months ended December 31, 2023, was RMB 308,439 thousand, compared to RMB 252,556 thousand in the same period in 2022[4] - Net profit for the nine months ended December 31, 2023, was RMB 280,207 thousand, compared to RMB 229,049 thousand in the same period of 2022[48] - Net profit for the three months ended December 31, 2023, was RMB 92,169 thousand, compared to RMB 49,552 thousand in the same period of 2022[48] - Net profit attributable to owners for the nine months ended December 31, 2023, was RMB 144.5 million[71] - Total comprehensive income for the nine months ended December 31, 2023, was RMB 276,822 thousand, compared to RMB 229,240 thousand in the same period of 2022[48] - Total comprehensive income for the three months ended December 31, 2023, was RMB 88,937 thousand, compared to RMB 42,640 thousand in the same period of 2022[48] Earnings Per Share - Basic and diluted earnings per share for the nine months ended December 31, 2023, were RMB 0.041, compared to RMB 0.035 in the same period of 2022[48] - Basic and diluted earnings per share for the three months ended December 31, 2023, were RMB 0.013, compared to RMB 0.008 in the same period of 2022[48] - Basic earnings per share for the nine months ended December 31, 2023, were RMB 0.041[71] Financial Position - The company's net asset value as of December 31, 2023, was approximately RMB 1,796.46 million, up from RMB 1,645.81 million as of March 31, 2023[14] - The company's cash and bank balances as of December 31, 2023, were RMB 262.11 million, down from RMB 586.63 million as of March 31, 2023[14] Business Operations and Investments - The company acquired an additional 27% equity in Tibet Tianren Mining Co., Ltd. for RMB 54,000,000, increasing its total equity to 54%[15] - The company plans to enhance the mining development business of Anhui Jinding and expand its market share in Central Asia with new production lines[20] - The company's new gold extraction project in Anhui performed as expected, significantly improving the profitability of the mining development business[64] - The company did not make any significant investments during the nine months ended December 31, 2023[80] Shareholder Information - The company's major shareholder, Ma Suocheng, holds approximately 53.45% of the company's shares[24] - Mr. Ma Qiang holds 1,902,103,222 ordinary shares, representing approximately 53.45% of the total shares[37] - Mr. Yang Tao holds 274,919,268 ordinary shares, representing approximately 7.73% of the total shares[37] - Mr. Li Man holds 272,039,268 ordinary shares, representing approximately 7.64% of the total shares[37] - Mr. Lü Wenhua holds 240,696,854 ordinary shares, representing approximately 6.76% of the total shares[37] - Ma Tianyi holds 58,980,000 shares of common stock, representing 1.66% of the company's total shares[87] - Liu Fali holds 242,415,854 shares of common stock, representing 6.81% of the company's total shares[87] - Liu Fali has an additional interest in 1,659,687,368 shares of common stock through agreements, representing 46.64% of the company's total shares[87] - Qin Chunhong holds 34,024,908 shares of common stock, representing 0.96% of the company's total shares[87] - Ma Ye holds 126,005,000 shares of common stock, representing 3.54% of the company's total shares[87] - Ma Ye has an additional interest in 1,776,098,222 shares of common stock through agreements, representing 49.91% of the company's total shares[87] Employee Information - The company employed 1,041 full-time employees as of December 31, 2023, down from 1,253 as of March 31, 2023[19] Tax and Regulatory Compliance - The company's subsidiary in Tajikistan had its corporate income tax exemption extended until November 2022, after which it will be subject to the applicable tax rate[52] - The company has complied with all the code provisions of the Corporate Governance Code as of December 31, 2023[94] - The company has adopted a higher standard of director securities trading code than the GEM Listing Rules[108] - The company's unaudited financial statements for the nine months ended December 31, 2023, have been reviewed by the audit committee[109] Dividends and Share Incentives - No dividends were recommended for the nine months ended December 31, 2023[77] - The company's share incentive plan will expire in July 2024, and no share awards were granted during the nine months ended December 31, 2023[93] Revenue by Business Segment - Sales of explosive materials remained stable at RMB 542.9 million for the nine months ended December 31, 2023, compared to RMB 545.9 million in the same period last year[75] - Revenue from blasting and mining operations decreased significantly to RMB 111.6 million for the nine months ended December 31, 2023, from RMB 453.9 million in the same period last year[75] - Revenue from non-ferrous metal mining increased by 19.6% to RMB 353.3 million for the nine months ended December 31, 2023, compared to RMB 295.6 million in the same period last year[75]

Financial Performance - The group's revenue for the six months ended September 30, 2023, was approximately RMB 639.20 million, a decrease of about 15.97% compared to the same period last year[3]. - The profit attributable to owners of the company for the same period was approximately RMB 98.76 million[9]. - The basic earnings per share for the period was approximately RMB 0.028[3]. - The total comprehensive income for the period was approximately RMB 187.89 million, compared to RMB 186.60 million in the previous year[9]. - The operating profit for the six months was approximately RMB 211.10 million, compared to RMB 206.13 million in the previous year[7]. - The group reported a gross profit of approximately RMB 259.43 million, with a gross margin of about 40.5%[7]. - Total revenue for the six months ended September 30, 2023, was RMB 639,195 thousand, a decrease from RMB 760,636 thousand in the same period of 2022, representing a decline of approximately 15.9%[30]. - The company’s total comprehensive income for the period was RMB 186,600 thousand, compared to RMB 179,497 thousand in the same period of 2022, reflecting a slight increase of about 4.1%[19]. - The company reported a pre-tax profit of RMB 206,916,000 for the six months ended September 30, 2023, slightly down from RMB 197,933,000 in the same period of 2022[34]. - The company reported a basic earnings per share of RMB 28.24 for the six months ended September 30, 2023, compared to RMB 27.34 in the same period of 2022[45]. Cash Flow and Investments - Net cash generated from operating activities for the six months was RMB 16,709 thousand, a decrease from RMB 80,156 thousand in the same period last year, representing a decline of approximately 79.2%[20]. - Net cash used in investing activities was RMB 195,142 thousand, compared to RMB 10,543 thousand in the previous year, indicating a significant increase in investment outflows[20]. - Net cash used in financing activities was RMB 112,768 thousand, slightly higher than RMB 105,420 thousand in the same period of 2022[20]. - Cash and cash equivalents at the end of the period were RMB 295,271 thousand, down from RMB 592,437 thousand at the end of the same period last year, a decrease of approximately 50.1%[20]. - The company had no significant investments during the six-month period ending September 30, 2023[65]. Assets and Liabilities - The total assets as of September 30, 2023, were approximately RMB 2,074.67 million, with total liabilities of RMB 2,007.18 million[11]. - The company’s equity attributable to owners was approximately RMB 830.77 million, an increase from RMB 779.13 million as of March 31, 2023[13]. - The company's debt-to-asset ratio was 18.45% as of September 30, 2023, down from 20.72% as of March 31, 2023[69]. - The company's total current assets were approximately RMB 119,479,000 as of September 30, 2023, down from RMB 133,221,000 as of March 31, 2023[63]. - The company's net asset value increased to approximately RMB 178,106,000 as of September 30, 2023, compared to RMB 164,581,000 as of March 31, 2023[63]. Revenue Breakdown - Sales of civil explosives amounted to RMB 359,416 thousand, compared to RMB 336,940 thousand in the previous year, reflecting an increase of about 6.4%[30]. - Revenue from blasting operations and mining engineering decreased significantly to RMB 63,623 thousand from RMB 226,416 thousand, a decline of approximately 71.9%[30]. - Revenue from the sale of concentrates increased to RMB 216,156 thousand, up from RMB 197,280 thousand, marking an increase of about 9.0%[30]. - The company reported a decrease in quarterly revenue of approximately 15.97% compared to the same period in 2022, attributed to a decline in blasting business revenue due to industry regulations[61]. Shareholder Information - As of September 30, 2023, Liu Fali holds 242,415,854 shares, representing 6.81% of the company, while Ma Ye holds 126,005,000 shares, representing 3.54%[84]. - Major shareholder Yao Yang holds 1,361,516,331 shares, representing 38.26% of the total shares[90]. - Mr. Ma Shucheng has a total of 1,902,103,222 shares, accounting for 53.45% of the company's shares[90]. - Ms. Ma Xia holds 172,166,037 shares, which is 4.84% of the total shares[90]. - The shareholding structure indicates a significant concentration of ownership among a few major shareholders[90]. Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules during the review period[104]. - The audit committee has been established in accordance with GEM Listing Rules, consisting of three independent non-executive directors[109]. - The interim report for the six months ended September 30, 2023, has been reviewed by the audit committee members[109]. - The board of directors includes five executive directors and three independent non-executive directors[110]. Operational Developments - The company completed a construction project to extract gold and iron from sulfur concentrate by the end of September 2023, which is expected to benefit shareholders[61]. - The completion of the gold extraction project at Anhui Jinding is expected to contribute significantly to revenue in the second half of the fiscal year[81]. - The group plans to commence major construction at Tibet Tianren in early 2024, with approval processes progressing as expected[82]. - The preparation for the new detonating cord production line in Tajikistan is nearly complete, and the intelligent production system project for 100,000 tons of onsite mixed explosives in Inner Mongolia is progressing smoothly[82]. - The group aims to continue improving operational management of existing businesses to deliver sustained returns to shareholders[82]. Employee Information - As of September 30, 2023, the group employed 1,257 full-time employees across China, Hong Kong, and Tajikistan, a slight increase from 1,253 employees as of March 31, 2023[76].

Financial Performance - The Group's turnover for the quarter ended 30 June 2023 was approximately RMB 333.75 million, representing a decrease of approximately 28.86% compared to the corresponding period in the previous fiscal year[9]. - The profit attributable to owners for the Quarterly Period was approximately RMB 54.88 million[9]. - The total comprehensive income attributable to owners for the Quarterly Period was approximately RMB 56.12 million[9]. - Basic and diluted earnings per share for the Group was approximately RMB 0.016 for the Quarterly Period[9]. - Gross profit for the quarter was RMB 130.16 million, with a gross profit margin reflecting a significant decrease from the previous year[12]. - The Group's profit before income tax for the period was RMB 116.39 million, compared to RMB 127.28 million in the previous year[12]. - The total comprehensive income for the period (net of tax) was RMB 108.11 million, down from RMB 141.06 million in the previous year[13]. - The Group's revenue from principal activities was RMB 333.75 million, down from RMB 469.16 million in the same quarter last year[12]. - The Group's operating profit was RMB 118.77 million, compared to RMB 131.15 million in the previous year[12]. - Revenue for the three months ended June 30, 2023, was RMB 333,746,000, a decrease of 29% compared to RMB 469,164,000 for the same period in 2022[27]. - The profit attributable to the owners of the Company for the three months ended June 30, 2023, was RMB 54,882,000, a decrease from RMB 62,670,000 in 2022, representing a decline of approximately 12.7%[55]. Dividend and Taxation - The Board does not recommend the payment of any dividend for the Quarterly Period[9]. - The company does not recommend any dividend payment for the quarterly period, consistent with the previous year[43]. - The company reported a current tax expense of RMB 9,552,000 for the quarter, compared to RMB 10,027,000 in the previous year[34]. - The effective income tax rate for certain subsidiaries in Tibet is 9% until 2025, after which it will revert to 15%[41]. - The company has three PRC subsidiaries recognized as New and Hi-tech Enterprises, entitled to a preferential EIT rate of 15% for three years[29]. Sales and Operations - Sales of explosives increased to RMB 189,141,000, up 17% from RMB 161,042,000 in the previous year[27]. - Mining operations revenue decreased to RMB 108,803,000, down 13% from RMB 125,251,000 in the same period last year[27]. - The total sales from blasting operations and mine construction were RMB 35,802,000, significantly lower than RMB 182,871,000 in the previous year[27]. - The Group's blasting operations and mine operation businesses declined significantly due to market conditions and the discontinuation of some businesses in Tibet[56]. - The newly added gold extraction project within the Anhui Jinding project has caused a lag in sales for some products, impacting financial indicators for the Quarterly Period[56]. Shareholding and Ownership - As of June 30, 2023, Ms. Qin Chunhong holds 34,024,908 shares, representing approximately 0.96% of the total shares[46]. - The beneficial owner, Ms. Ma Ye, holds 126,005,000 shares, which is about 3.54% of the total shares[46]. - Shiny Ocean is a beneficial owner of 1,361,516,331 shares, accounting for 38.26% of the total shares[52]. - Mr. Ma Suocheng has interests in 1,902,103,222 shares, representing 53.45% of the total shares[53]. - Mr. Ma Qiang holds 1,902,103,222 ordinary shares, representing approximately 53.45% of the total shareholding[70]. - Mr. Yang Tao and Mr. Li Man hold 274,919,268 shares (7.73%) and 272,039,268 shares (7.64%) respectively[70]. - The interests of Crystal Sky Development Inc. include 34,024,908 shares, equally owned by Ms. Qin and her husband[47]. - As of June 30, 2023, no other Directors or chief executives had any interests or short positions in shares that required disclosure[48]. - The percentage of shareholding is calculated based on the number of issued shares as of June 30, 2023[71]. - The entire issued share capital of Ma Family Holdings Co. Limited is owned by Equity Trustee Limited as trustee of the Ma Family Trust[71]. - The company has not been notified of any other person with a discloseable interest in the shares as of June 30, 2023[71]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the quarterly period[65]. - The audit committee consists of three independent non-executive directors[65]. - The company has adopted a code of conduct for directors' securities transactions[65]. - The company is focused on maintaining compliance with GEM Listing Rules[65]. - The unaudited financial statements for the first quarter of 2023/2024 have been reviewed by the audit committee[65]. Future Projects and Developments - The Group is progressing steadily on several new projects, including the gold extraction project in Anhui Jinding Mining and the approval of Tibet Tianren Mining[45]. - The Group is preparing a new 100,000-tonne on-site intelligent production system for mixed explosives[45]. - The Group is also preparing a detonating tube production line project in Tajikistan[45]. - The Group's borrowings are secured by mining rights valued at approximately RMB 120,900,000, an increase from RMB 107,420,000 in 2022[56]. - The Group has hoarded more than 150,000 tons of sulfur concentrate as part of a construction project to extract gold and iron components, expected to be completed by September 2023[56]. - The Group is confident in maintaining a stable business scale but faces considerable resistance in seeking further development in the industry[56].

Financial Performance - The group recorded a total revenue of approximately RMB 1.495 billion, representing a decrease of about 8.73% compared to the previous fiscal year[16]. - The group experienced a significant decline in revenue from blasting and mining operations due to the termination of the Tibet Huatai Long project in the third quarter[5]. - The asset-liability ratio improved to 20.72%, down from 30.39% in the previous year, indicating a healthier financial position[27]. - The group maintained stable sales figures by adjusting the pricing strategy for civil explosives, despite a decrease in sales volume[13]. - The group has not made any significant investments during the fiscal year, consistent with the previous year[24]. - The group remains confident in maintaining stable business scale despite increasing competition in the domestic civil explosives industry[13]. - The group's borrowings amounted to RMB 142,218,000, a decrease from RMB 193,778,000 in 2022[28]. - No interim dividend was declared for the year, compared to HKD 0.010 per share in 2022[31]. - The board has proposed a final dividend of HKD 0.010 per share, consistent with the previous year[52]. - The company proposed a final dividend of HKD 0.01 per share, sharing the benefits of stable development with all shareholders[136]. Mining Operations - The company has mined a total of 811,000 tons of ore during the year, including 535,000 tons of copper-gold ore with an average grade of 0.70 g/t gold and 0.40% copper[53]. - The company processed a total of 1,046,000 tons of ore with an average grade of 12.6% sulfur, 0.31% copper, 0.57 g/t gold, and 17.3% iron[53]. - As of March 31, 2023, the company reported a total of approximately 549 million tons of mineral resources, with an average grade of 0.16% copper and 0.066% molybdenum[65]. - The company has drilled 83 underground drill holes totaling approximately 8,120 meters for production exploration during the year[54]. - The controlled mineral resources in the western area are estimated at 25.2 million tons with gold at 0.09 g/t, copper at 0.07%, total iron at 10.2%, and total sulfur at 16.7%[38]. - The inferred mineral resources in the western area are estimated at 16.3 million tons with gold at 0.07 g/t, copper at 0.06%, total iron at 8.3%, and total sulfur at 15.9%[38]. - The total possible reserves across eastern and western areas are 10.7 million tons, with total sulfur at 15.8% and copper at 0.3%[45]. - The mining production schedule indicates a lifespan of 13 years, with an annual extraction rate of 1.0 million tons of ore[45]. - The company holds a mining license for the Bangpu molybdenum-copper project, valid until October 15, 2024, covering an area of 2.4189 square kilometers[48]. - The company has completed a feasibility study for the Bangpu mining area, dated October 2022[67]. - The project is expected to have an annual production capacity of approximately 6 million tons of ore, with a design capacity for processing ROM of 6 million tons per year[92][93]. - The total ore reserves reported include 29 million tons of proven reserves with a molybdenum grade of 0.068% and a copper grade of 0.19%[89]. Environmental and Sustainability Efforts - The company aims to reduce emissions and has implemented policies to monitor and manage operational emissions, ensuring compliance with national standards[173]. - The company is committed to achieving zero carbon emissions through strategic measures to reduce reliance on non-renewable energy sources[188]. - The company has established a waste management policy to minimize environmental impact, focusing on hazardous waste disposal[178]. - The company aims to reduce nitrogen oxides (NOx) emissions from 10,833.50 kg in 2022 to 5,865.06 kg in 2023, representing a reduction of approximately 46%[200]. - Sulfur dioxide (SO2) emissions decreased from 18,520.62 kg in 2022 to 14,085.17 kg in 2023, a reduction of about 24%[200]. - Particulate matter (PM) emissions were reduced from 617.28 kg in 2022 to 388.28 kg in 2023, showing a decrease of approximately 37%[200]. - The company has set a target to reduce greenhouse gas emissions by 5% by 2025[200]. - Increased power consumption due to growth in explosive production activities in China and Tajikistan has led to a rise in greenhouse gas emissions during the reporting period[200]. - The company encourages employees to use video and phone conferencing to reduce business travel and vehicle usage[199]. - Initiatives include promoting the use of electric vehicles and planting vegetation to improve air quality and absorb greenhouse gases[199]. - The board has dedicated significant time to assess environmental, social, and governance (ESG) risks and develop relevant policies to address these risks[168]. - The board's oversight includes reviewing progress on ESG-related goals and indicators[170]. Corporate Governance - The company is committed to high levels of corporate governance to protect shareholder interests, adhering to the GEM Listing Rules[96]. - The board of directors consists of eight members, including three independent non-executive directors, meeting the GEM listing rules requirement[117]. - The board held six meetings and one annual general meeting during the year, achieving an average attendance rate of 100% for board meetings and approximately 22% for the annual general meeting[107]. - The company has adopted a strict code of conduct for securities trading, ensuring compliance by all directors and relevant employees[97]. - Independent non-executive directors confirmed their independence annually, ensuring compliance with GEM listing rules[120]. - The company encourages continuous training for directors, covering business operations and regulatory changes[107]. - The board's average attendance rate for meetings was 100%, indicating strong engagement[107]. - The company has mechanisms in place to ensure independent viewpoints are considered in board decisions[105]. - The company has a structured process for the appointment and re-election of directors, ensuring compliance with its articles of association[115]. Strategic Outlook - The group aims to adapt to global economic challenges through strategic business adjustments[14]. - The group is actively seeking business expansion and investment opportunities while maintaining stable management and healthy cash flow[6]. - The company is optimistic about the mineral resource reserves at its Anhui and Tibet mining projects, and it aims to leverage its technical and management capabilities for future growth[140]. - The company anticipates greater challenges in its civil explosives business due to a downturn in the coal market, but lower raw material prices may enhance profit margins[141]. - The company plans to actively adjust strategies to maintain revenue from its civil explosives business while steadily advancing its mining development[141]. - The financial performance of Tibet Tianren has been consolidated into the group's financial statements following a control agreement, marking it as a subsidiary[26]. - The company reported further growth in its mining business during the fiscal year ending March 31, 2023, effectively compensating for the revenue decline in its original civil explosives business[135]. - The main revenue sources for the company include the trade of civil explosives and the provision of blasting services, along with sales related to its mining operations[139].

Business Performance and Strategy - The group achieved further growth in its mining business during the year, effectively compensating for the revenue decline in its original explosives business[5] - The company completed the acquisition of Tibet Tianren Mining Co., Ltd., which is expected to impact financial performance during the development phase of the mining area[5] - The sales strategy adjustment led to an increase in the sales price of explosive products, maintaining total sales close to flat despite a decrease in volume[22] - The group's blasting and mining operations experienced a significant revenue decline due to the termination of the Huatai Long project in Tibet during the third quarter[22] - The year 2022/2023 marked a year of business expansion and transformation for the group[15] - The board will continue to pursue business expansion and investment opportunities while maintaining stable management and healthy cash flow[20] - The company plans to enter new emerging markets to increase revenue[139] - The company is focusing on improving resource efficiency and reducing operational costs through more effective production and distribution processes[139] Governance and Management Changes - The board consists of eight directors, including executive and independent non-executive members, ensuring diverse governance[2] - Mr. Xiong Ze has resigned as Chairman of the Board since February 1, 2023, and Mr. Ma Tianyi has been appointed as the new Chairman[30] - Ms. Yao Yunzhu has resigned as an independent non-executive director and member of the audit, remuneration, and nomination committees since April 20, 2023, while Mr. Li Xu has been appointed to these roles[31] Environmental and Social Responsibility - The company aims to reduce air pollutant emissions by 5% by 2025, with a significant reduction achieved through the transition to electric equipment and effective fuel-saving policies[60] - The company plans to reduce greenhouse gas emissions by 5% by 2025, with an increase in emissions noted due to expanded production activities in China and Tajikistan[60] - The total waste generated has decreased due to effective waste reduction policies, with a goal to reduce both hazardous and non-hazardous waste by 5% by 2025[63] - The company has established an Environmental, Social, and Governance (ESG) working group consisting of 21 members to enhance transparency and accountability[54] - The company has not encountered any violations of environmental laws during the year, adhering to relevant regulations[63] - The company is committed to complying with relevant environmental laws and regulations in China, with no significant non-compliance reported during the reporting period[88] - The company is actively monitoring environmental laws and regulations to mitigate compliance costs and operational risks[135] Employee Training and Safety - Employee safety training is emphasized to reduce workplace injuries, with OHSAS18001 certification achieved for major subsidiaries[124] - The percentage of trained employees in 2023 was 53%, down from 96% in 2022, with significant declines in training for both male (59% to 99%) and female (31% to 88%) employees[149] - The average training hours per employee were not specified, but the company emphasized ongoing internal and external training programs[148] - The company reported no work-related deaths or lost workdays due to injuries in both 2022 and 2023[176] - The company actively participates in safety training activities organized by government and industry authorities[172] Compliance and Ethical Standards - The company is committed to maintaining high standards of business ethics and compliance with all relevant laws and regulations[23] - The company has complied with the GEM Listing Rules regarding related party transactions and disclosures[35] - The company has established a code of conduct for suppliers, ensuring compliance with safety and environmental standards[180] - The company has implemented a confidentiality policy to protect customer personal data, requiring employees to sign confidentiality agreements[185] - The company has not reported any significant violations of child labor or forced labor laws during the reporting period[178] Financial Performance and Shareholder Returns - The board proposed a final dividend of HKD 0.01 per share, sharing the group's stable development earnings with all shareholders[8] - The company’s management has confirmed the fair value of mining rights based on discounted cash flow estimates, influenced by metal resources and long-term commodity prices[167] Resource Management and Sustainability - The company aims to reduce water consumption by 5% before 2025, with a decrease in water usage noted in 2023 due to effective water-saving policies[99] - The generation of non-hazardous waste decreased to 64.61 tons in 2023 from 76.93 tons in 2022, representing a reduction of 15.9%[64] - The density of hazardous waste per employee increased to 0.000062 tons in 2023 from 0.000051 tons in 2022, indicating a rise of 21.6%[64] - The company has implemented various energy-saving strategies, including the use of solar energy for lighting and hot water systems[65] - The company has adopted technologies to reduce emissions of nitrogen oxides, sulfur dioxide, and particulate matter from its operations[89] - The company is monitoring its carbon and energy footprint to better understand the impact of climate risks and opportunities on operations and profits[133] Stakeholder Engagement - The company emphasizes effective communication and maintaining good relationships with key stakeholders to understand risks and opportunities[48] - The company has established communication channels with key stakeholders to gather insights and feedback on its business activities[78] Product Quality and Customer Relations - The company has established a product quality incident management system to address customer feedback and ensure product safety[158] - The company reported no significant violations of customer data security and privacy laws during the reporting period[159] - There were no complaints regarding products and services in 2023, consistent with 2022[184] - The company has maintained ISO 9001 certification for its quality management system since 2010, ensuring product quality and safety[181]

Financial Performance - The Group's revenue for the nine months ended 31 December 2022 was approximately RMB1,295.42 million, representing an increase of approximately 4.91% compared to the same period in the previous fiscal year[3]. - Profit attributable to owners for the same period was approximately RMB123.01 million, with total comprehensive income attributable to owners amounting to approximately RMB125.09 million[4]. - Basic profit per share for the Group was approximately RMB0.035 for the period[21]. - The Group's total comprehensive income for the nine months was approximately RMB229.24 million, compared to RMB216.30 million in the previous year[24]. - The Group's profit for the period was RMB229.05 million, compared to RMB214.10 million in the previous year[24]. - The Group's current tax for the period was RMB23.51 million, a decrease from RMB28.25 million in the previous year[32]. - The Group's exchange differences from the translation of foreign operations amounted to RMB191, compared to RMB2,201 in the previous year[24]. - The Group's revenue for the nine months ended 31 December 2022 increased by 4.91% compared to the same period in 2021, reaching RMB 1,295,419,000[36]. - Sales of mineral concentrates surged by over 91.44% year-on-year, attributed to the full operation of Anhui Jinding Mining Co., Ltd. since the second quarter of the previous financial year[36]. - The blasting business revenue decreased by approximately 40.69% compared to the same period last year due to indirect shutdowns of infrastructure projects[36]. - The Group's explosive business showed significant revenue growth compared to the same period last year, although it still lagged behind the previous year's performance[75]. - For the nine-month period ended December 31, 2022, the Group's revenue from the sale of explosives increased significantly compared to the same period last year, despite the ongoing impact of rising raw material prices on gross profit[97]. Assets and Liabilities - As of 31 December 2022, the Group's net assets amounted to approximately RMB 1,818.08 million, an increase from RMB 1,436.60 million as of 31 March 2022[61]. - Current assets as of 31 December 2022 were approximately RMB 1,622.52 million, with cash and bank balances of approximately RMB 710.71 million[61]. - The Group did not have any significant investments during the nine months ended 31 December 2022[63]. - The Group's borrowings as of December 31, 2022, were secured by contract assets and trade receivables amounting to RMB 0 and RMB 5.33 million, respectively[89]. - The Group's capital expenditure contracted but not provided as of December 31, 2022, for the acquisition of property, plant, and equipment was RMB 39.02 million[69]. - The Group did not have any material contingent liabilities as of December 31, 2022[71]. Dividends - No dividend was recommended for the nine months ended 31 December 2022, consistent with the previous year[33]. - The Board does not recommend the payment of any dividend for the period[44]. - The Group did not recommend any dividend payment for the nine months ended December 31, 2022, consistent with the previous year[80]. Employment and Staff - The Group employed 1,355 full-time employees as of December 31, 2022, compared to 1,343 employees as of March 31, 2022[72]. - The Group's staff remuneration packages are aligned with prevailing market rates and include benefits such as mandatory provident fund and discretionary bonuses based on performance[107]. Corporate Governance - The quarterly report is unaudited but has been reviewed by the audit committee of the Company[13]. - The audit committee reviewed the Group's draft unaudited financial statements for the nine months ended 31 December 2022[175]. - The Company has complied with all code provisions set out in the Code on Corporate Governance Practices during the nine months ended 31 December 2022[160]. - The Company established an audit committee composed of three independent non-executive Directors to oversee financial reporting and internal control procedures[173]. - The Company has adopted a code of conduct regarding Directors' securities transactions that meets or exceeds the required standards of the GEM Listing Rules[183]. - The Company has maintained a higher standard of dealings for Directors' securities transactions than required by the GEM Listing Rules[183]. - The Company has not reported any non-compliance with the code of conduct regarding Directors' securities transactions during the nine months ended 31 December 2022[183]. Shareholding Structure - As of December 31, 2022, the Directors and chief executive held a total of 1,659,687,368 ordinary shares, representing approximately 46.64% of the shareholding[100]. - As of December 31, 2022, Shiny Ocean holds 1,361,516,331 ordinary shares, representing 38.26% of the total shareholding[137]. - The total number of ordinary shares held by Ma Family Holdings is 1,902,103,222, which includes interests of various parties[138]. - Ms. Ma Xia holds 172,166,037 ordinary shares, accounting for 4.84% of the total shares[150]. - Mr. Ma Qiang has interests in 1,902,103,222 ordinary shares, representing 53.45% of the total shareholding[144]. - Mr. Yang Tao is a beneficial owner of 274,919,268 ordinary shares, which is 7.73% of the total[146]. - The percentage of shareholding is calculated based on the number of issued shares of the Company as of December 31, 2022[153]. - The interests of Fabulous Seeker Holdings Limited in the Company amount to 80,811,927 shares[6]. - Crystal Sky Development Inc. holds 34,024,908 shares, equally owned by Ms. Qin and her husband[5]. - The total shareholding of the directors and chief executives as of December 31, 2022, shows no additional interests or short positions that need to be disclosed[135]. - The report indicates that the interests of various shareholders are interconnected through irrevocable undertakings among family members[154]. Business Strategy - The Group aims to enhance its business operations by promoting cooperation with Tibet Tianren Mining Co., Ltd., which is expected to contribute to business growth and provide a development platform[111]. - The Group's strategy includes steady promotion of its core businesses, including civil explosives production and sales, blasting operations, and mining engineering[111]. - The concentrate sales business of Anhui Jinding, a subsidiary of the Group, continues to grow, with plans to optimize management systems and improve processes to further increase revenue[98][110]. Taxation - The Group's effective tax rate for its subsidiaries in Tibet is 9%, while other subsidiaries have a tax rate of 15%[17]. - The effective income tax rate for the subsidiary in Lhasa is 9%, while the other two branches resumed a rate of 15%[78]. Other Information - The Group has not taken any foreign exchange hedging measures, as it does not perceive significant foreign exchange risk[105]. - The Group's blasting business showed some recovery in the third quarter, although it still faced a significant gap compared to the same period last year[97]. - The Group did not have any significant investments during the nine months ended 31 December 2022[63].

Financial Performance - The Group's revenue for the six months ended September 30, 2022, was approximately RMB 760.64 million, representing a decrease of approximately 3.10% compared to the corresponding period in the previous fiscal year[7]. - Profit attributable to owners for the Interim Period was approximately RMB 96.43 million[8]. - Total comprehensive income attributable to owners of the Company for the Interim Period was approximately RMB 97.98 million[9]. - Basic earnings per share for the Interim Period was approximately RMB 0.027[10]. - The profit for the period attributable to owners of the Company was RMB 96,431,000 for the six months ended 30 September 2022, compared to RMB 85,535,000 for the same period in 2021, representing an increase of approximately 12.1%[45]. - Revenue from the sale of explosives and provision of blasting operations and mining engineering was RMB 336,940,000, compared to RMB 453,071,000 in the previous year, reflecting a decline of 25.6%[31]. - Sales of mineral concentrates increased significantly to RMB 197,280,000 from RMB 65,343,000, marking a growth of 201.5% year-on-year[31]. - Segment profit for the sale of mineral concentrates was RMB 56,189,000, while the overall profit before income tax for the six months was RMB 197,933,000[34]. - The Group's external sales for the three months ended 30 September 2022 were RMB 291,472,000, down from RMB 331,228,000 in the same quarter of 2021[31]. - The segment profit for the sale of explosives and mining engineering was RMB 149,662,000, contributing significantly to the overall performance despite a decrease in revenue[34]. Assets and Liabilities - Current assets amounted to approximately RMB 1,538.33 million as of September 30, 2022[19]. - Current liabilities totaled approximately RMB 1,213.48 million as of September 30, 2022[19]. - Net current assets increased to approximately RMB 324.85 million as of September 30, 2022[19]. - Total assets less current liabilities were approximately RMB 2,130.16 million as of September 30, 2022[19]. - Total equity attributable to owners of the Company as of 30 September 2022 was RMB 1,571,855, an increase from RMB 1,436,599 as of 31 March 2022[21]. - Non-current liabilities decreased to RMB 533,854 as of 30 September 2022 from RMB 564,854 as of 31 March 2022[21]. - The Company reported net assets of RMB 1,571,855 as of 30 September 2022, up from RMB 1,436,599 as of 31 March 2022[21]. - The Company’s total equity as of 30 September 2022 was RMB 1,571,855, reflecting a strong financial position[21]. - Trade receivables, net, were RMB 171,802,000 as of 30 September 2022, compared to RMB 151,056,000 as of 31 March 2022, indicating an increase of approximately 13.8%[51]. - Bills receivables amounted to RMB 467,849,000 as of 30 September 2022, up from RMB 415,663,000 as of 31 March 2022, reflecting a growth of about 12.5%[51]. Cash Flow - Net cash generated from operating activities for the six months ended 30 September 2022 was RMB 80,156, a decrease of 41.5% compared to RMB 137,166 for the same period in 2021[27]. - Net cash used in investing activities was RMB 10,543 for the six months ended 30 September 2022, compared to RMB 46,512 in the same period of 2021, indicating a significant reduction in investment outflows[27]. - Net cash (used in)/generated from financing activities was RMB (105,420) for the six months ended 30 September 2022, contrasting with a net inflow of RMB 109,065 in the same period of 2021[27]. - Cash and cash equivalents at the end of the period were RMB 592,437, a decrease from RMB 623,396 at the beginning of the period[27]. - The Company’s cash and cash equivalents decreased by RMB 35,807 during the period, compared to an increase of RMB 199,719 in the previous year[27]. Dividends - The Board does not recommend the payment of an interim dividend[12]. - The Company does not recommend the payment of an interim dividend for the current period, compared to HK$0.01 per share in the previous year[44]. - The Company paid dividends totaling RMB 31,312 during the six months ended 30 September 2022[27]. Shareholding Structure - As of September 30, 2022, Mr. Liu Fali holds 242,415,854 ordinary shares, representing approximately 6.81% of the total shareholding[97]. - Mr. Liu Fali also has interests in an agreement to acquire 1,659,687,368 ordinary shares, which accounts for approximately 46.64% of the total shareholding[97]. - Ms. Ma Ye is a beneficial owner of 126,005,000 ordinary shares, representing about 3.54% of the total shareholding[100]. - The total number of shares held by parties to an agreement to acquire interests in the Company is 1,776,098,222 ordinary shares, which is approximately 49.91% of the total shareholding[100]. - Mr. Xiong Zeke has interests in 80,811,927 ordinary shares through a controlled corporation, accounting for approximately 2.27% of the total shareholding[97]. - Ms. Qin Chunhong holds 34,024,908 ordinary shares, representing approximately 0.96% of the total shareholding[97]. - The percentage of shareholding is calculated based on the number of issued shares of the Company as of September 30, 2022[102]. - Mr. Ma Tianyi has interests in 5,480,000 ordinary shares, which is approximately 0.15% of the total shareholding[100]. - The Company has a significant concentration of shareholding, with major shareholders holding substantial percentages[100]. - The interests of Fabulous Seeker Holdings Limited in 80,811,927 shares are attributed to Mr. Xiong Zeke, who is deemed to be interested in these shares[102]. - As of September 30, 2022, Shiny Ocean Holdings Limited holds 1,361,516,331 ordinary shares, representing approximately 38.26% of the total shareholding[107]. - Mr. Ma Suocheng has interests in 1,902,103,222 ordinary shares, accounting for 53.45% of the total shareholding[107]. - Ms. Ma Xia is a beneficial owner of 172,166,037 ordinary shares, which is about 4.84% of the total shareholding[108]. - The total number of shares held by parties to an agreement to acquire interests in the Company is 1,729,937,185 ordinary shares, representing 48.61%[108]. - Mr. Yang Tao holds 274,919,268 ordinary shares, which is approximately 7.73% of the total shareholding[108]. - Mr. Li Man owns 272,039,268 ordinary shares, accounting for about 7.64% of the total shareholding[108]. - Mr. Lyu Wenhua has a beneficial interest in 240,696,854 ordinary shares, representing approximately 6.76% of the total shareholding[108]. - No directors or chief executives had any interests or short positions in shares as of September 30, 2022[103]. - The report indicates that no substantial changes in shareholding were disclosed apart from those mentioned[106]. Corporate Governance - The Company continues to comply with the minimum standards of dealing by directors as per the GEM Listing Rules[105]. - The Company has complied with all code provisions of the Corporate Governance Practices throughout the review period[111]. - The audit committee, composed of three independent non-executive Directors, has reviewed and commented on the interim report for the six months ended 30 September 2022[114]. - The Board of Directors includes six executive directors and three independent non-executive directors as of the report date[114][115]. Operational Highlights - The Group operates primarily in the PRC, with significant activities in the trading of non-ferrous metals and minerals in Hong Kong[33]. - The Group's overall business development was stable during the six months ended 30 September 2022, despite the rising price of raw materials[93]. - Anhui Jinding, a wholly-owned subsidiary, has entered a stable production period and achieved expected results, contributing stable income to the Group[94]. - The Group will continue to focus on the production and sales of civilian explosives and strive to overcome market uncertainties[95]. - As of 30 September 2022, the Group had 1,331 full-time employees, a slight decrease from 1,343 as of 31 March 2022[81]. - The Group did not have any material contingent liabilities as of 30 September 2022[80]. - The Group's borrowings are secured by the pledge of certain contract assets and trade receivables amounting to RMB196,330,000[72]. - The capital commitments of the Group as of 30 September 2022 are detailed in note 12 to the interim financial statements[78]. - The Group processed a total of 535,298.44 tons of dry ore, including 362,047.83 tons of pyrite, with an average grade of Cu 0.10%, S 17.64%, and Au 0.37 (g/t)[85]. - The processing plant produced 4,929.04 tons of copper concentrate with an annual average grade of 12.96% and a gold content of 11.75 (g/t)[85]. - The Group did not have any significant investments during the six months ended 30 September 2022[68].

Financial Performance - The Group's turnover for the quarter ended June 30, 2022, was approximately RMB 469.16 million, representing an increase of approximately 3.39% compared to the corresponding period in the previous fiscal year[7]. - Profit attributable to owners for the quarter was approximately RMB 62.67 million, while total comprehensive income attributable to owners was approximately RMB 73.65 million[9]. - Basic and diluted earnings per share for the quarter were approximately RMB 0.018[10]. - The Group recorded a gross profit of approximately RMB 158.70 million, with a gross profit margin of approximately 33.8%[15]. - Total comprehensive income for the period (net of tax) was approximately RMB 141.06 million, an increase from RMB 110.09 million in the previous year[16]. - The Group's profit before income tax was approximately RMB 127.28 million, compared to RMB 129.67 million in the previous year[15]. - Administrative expenses for the quarter increased to approximately RMB 32.14 million from RMB 23.26 million in the previous year[15]. - The Group's other income and gains amounted to approximately RMB 3.02 million, down from RMB 3.57 million in the previous year[15]. - The interest charge on bank borrowing for the Quarterly Period was RMB 3,864,000, significantly higher than RMB 1,323,000 in 2021[24]. Dividend and Shareholder Returns - The Board does not recommend the payment of any dividend for the Quarterly Period[11]. - No dividends were recommended for the Quarterly Period, consistent with the previous year[31]. Business Operations - The Group's turnover for the Quarterly Period increased by approximately 3.39% compared to the corresponding period in 2021, attributed to the mining operation business becoming a regular business[36]. - The blasting business experienced a decrease of about 37.45% due to indirect shutdowns of infrastructure projects caused by mine owners[36]. - Selling and distribution expenses decreased by approximately 88.93% compared to the corresponding period in 2021, as shipping costs related to the sale of explosives were recognized as cost of sales[37]. - The Group's wholly-owned subsidiary, Anhui Jinding Mining Co., Ltd., has entered a stable production period, achieving expected results and providing stable income[44]. - The Group will continue to focus on the production and sales of explosives for civilian use, aiming for sustainable and stable income[45]. - The company continues to focus on the production and sale of civil explosives, aiming to create stable revenue and greater returns for shareholders[47]. - The company aims to maintain a stable revenue stream through its mining operations and blasting services[47]. Shareholding Structure - As of June 30, 2022, Mr. Liu Fali holds 242,415,854 ordinary shares, representing approximately 6.81% of the total shareholding[50]. - The total number of shares held by parties to agreements to acquire interests in the company is 1,776,098,222, accounting for 49.91% of the total shareholding[51]. - Mr. Xiong Zeke has a controlled corporation interest of 80,811,927 shares, which is about 2.27% of the total shareholding[49]. - Ms. Ma Ye holds 126,005,000 ordinary shares, representing 3.54% of the total shareholding[51]. - Ms. Qin Chunhong has a controlled corporation interest of 34,024,908 shares, which is approximately 0.96% of the total shareholding[49]. - Mr. Ma Gangling holds 36,024,908 ordinary shares, representing 1.01% of the total shareholding[51]. - The company has a significant interest in shares held by directors and major executives, indicating strong insider confidence[48]. - The percentage of shareholding is calculated based on the number of issued shares as of June 30, 2022[53]. - As of June 30, 2022, Shiny Ocean holds 1,361,516,331 ordinary shares, representing approximately 38.26% of the total shareholding[57]. - Mr. Ma Suocheng has interests in 1,902,103,222 ordinary shares, accounting for 53.45% of the total shareholding[58]. - The company reported that Ms. Ma Xia holds 172,166,037 ordinary shares, which is about 4.84% of the total[58]. - Mr. Yang Tao is a beneficial owner of 274,919,268 ordinary shares, representing 7.73% of the total[59]. - Mr. Li Man owns 272,039,268 ordinary shares, which is approximately 7.64% of the total[59]. - Mr. Lv Wenhua holds 240,696,854 ordinary shares, accounting for 6.76% of the total[59]. - The total number of shares held by substantial shareholders indicates a concentrated ownership structure within the company[55]. - The report highlights the interests of various parties in the company, reflecting significant shareholding by the Ma family[58]. - The company is subject to regulatory requirements regarding the disclosure of shareholdings and interests under the SFO[55]. Corporate Governance - The quarterly report is unaudited but has been reviewed by the audit committee of the Company[18]. - The audit committee, consisting of three independent non-executive Directors, reviewed the Group's unaudited financial statements for the Quarterly Period[65]. - The Company has complied with the Corporate Governance Code throughout the Quarterly Period[65]. - During the Quarterly Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed shares, consistent with the previous year (2021: nil)[62]. - The Company adopted a share award scheme on July 8, 2019, to reward eligible participants for their contributions, but no share awards were granted during the Quarterly Period[62]. - In July 2021, the Company awarded a total of 27,069,000 shares to 56 eligible participants[62].

Financial Performance - The group recorded a total revenue of approximately RMB 1.63744 billion, a decrease of about 3.75% compared to the previous fiscal year[14]. - The company reported a decline in gross profit due to a significant increase in the purchase prices of key raw materials, ammonium nitrate and diesel, attributed to global economic fluctuations[8]. - Sales of explosives accounted for 48.74% of total revenue, while blasting services contributed 39.04%, and sales of refined minerals made up 12.22%[14]. - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[128]. - The company's distributable reserves as of March 31, 2022, were approximately RMB 574 million, compared to RMB 503 million as of March 31, 2021, indicating a year-over-year increase of about 14.1%[156]. Mining Operations - The mining business, which commenced full operations in August 2021, has provided a continuous and stable new revenue stream for the company[8]. - The company acquired Anhui Jinding Mining Co., Ltd. in October 2020, which has contributed to the company's revenue since the second quarter of the reporting year[12]. - The Huangtun project in Anhui Province has commenced commercial production, with an annual total output of 1 million tons (Mtpa)[35]. - The total ore processed during the same period was approximately 590,000 tons, resulting in the production of about 7,000 tons of copper concentrate, 146,000 tons of sulfide concentrate, and 9,600 tons of iron concentrate[45]. - The mining expenditure for the Huangtun Sulfur Iron Mine during the year was approximately RMB 180,869,000[52]. Dividends and Shareholder Returns - The company plans to pay a final dividend of HKD 0.01 per share, sharing the group's achievements with all shareholders[9]. - The board proposed a final dividend of HKD 0.010 per share, consistent with the previous year[31]. - The interim dividend declared for the six months ended September 30, 2021, was HKD 0.01 per share, consistent with the previous year's interim dividend[149]. - The board retains discretion to declare dividends based on factors such as current and future operations, cash flow, and market conditions[106]. Corporate Governance - The company has adhered to the corporate governance standards as per the GEM Listing Rules throughout the year[54]. - The board of directors consists of nine members, including six executive directors and three independent non-executive directors, ensuring effective oversight of the company's management and operations[56]. - The company has received annual confirmations of independence from all independent non-executive directors, affirming their status as independent individuals[65]. - The company conducted training for directors on business operations and relevant legislative changes throughout the year[68]. - The board is responsible for the overall risk management and internal control systems, which aim to manage rather than eliminate risks associated with achieving business objectives[94]. Employee and Director Compensation - The total remuneration for directors in the year amounted to approximately RMB 5,280,000, compared to RMB 2,530,000 in the previous year, representing an increase of 108.8%[76]. - The company's compensation policy is determined by the remuneration committee based on employee performance, qualifications, and capabilities[197]. - The remuneration of directors and senior management is decided based on the company's operational performance and individual performance[198]. Acquisitions and Investments - The group acquired a 25% stake in Inner Mongolia Shengli Zhongcheng Mining Co., Ltd. and a 27% stake in Tibet Tianren Mining Co., Ltd. to expand its operational scale[21]. - Recent acquisitions are expected to enhance operational capabilities and drive synergies, with an estimated impact of F million on annual revenue[128]. - The company is investing G million in R&D to develop new technologies aimed at improving efficiency and reducing costs[128]. Risk Management - The group has established risk management procedures that include risk identification, assessment, mitigation, and monitoring to provide reasonable assurance against significant errors, losses, or fraud[95][96][97]. - The board has reviewed the effectiveness of the internal control system and considers it sufficient for managing identified risks[100]. Community Engagement - The total charitable donations made by the group during the year amounted to RMB 2.44 million, a decrease from RMB 4.46 million in the previous year, reflecting a reduction of approximately 45%[158].

Financial Performance - The revenue for the nine months ended December 31, 2021, was approximately RMB 1,234.82 million, representing a decrease of approximately 8.19% compared to the same period in the previous fiscal year[7]. - The profit attributable to owners for the same period was approximately RMB 117.92 million[9]. - The total comprehensive income attributable to owners for the period was approximately RMB 121.07 million[9]. - The basic profit per share for the period was approximately RMB 0.033[10]. - The Group recorded a gross profit of RMB 382.94 million, down from RMB 477.51 million in the previous year[16]. - Operating profit for the period was RMB 253.05 million, a decrease from RMB 386.21 million in the previous year[16]. - The Group's profit before income tax was RMB 243.32 million, compared to RMB 381.55 million in the previous year[16]. - Profit attributable to owners of the Company for the nine months ended December 31, 2021, was RMB 117,917, down 37.4% from RMB 188,623 in 2020[38]. - The Group's gross profit decreased by 19.81% due to the rise in raw material prices, which outpaced the increase in sales price[52]. Revenue Breakdown - Revenue from the sale of explosives was RMB 315,080 for the nine months ended December 31, 2021, down from RMB 475,512 in 2020, representing a decline of 33.7%[25]. - Total revenue for the nine months ended December 31, 2021, was RMB 1,234,819, a decrease of 8.2% compared to RMB 1,344,939 for the same period in 2020[25]. - The total turnover for the three months ended December 31, 2021, was RMB 449,829, compared to RMB 606,217 for the same period in 2020, indicating a decrease of 25.9%[25]. Expenses and Taxation - The Group's operating expenses increased to RMB 111.94 million from RMB 82.90 million in the previous year[16]. - Selling and distribution expenses increased by 55.40% for the nine months ended December 31, 2021, mainly due to the growth in the mining business and rising diesel prices[39]. - The effective income tax rate for the Group's PRC subsidiaries with New and Hi-tech Enterprise recognition is 15%[28]. - The current tax for the period for Tajikistan corporate income tax was RMB 28,254 for the nine months ended December 31, 2021[32]. - The Group has no assessable profit in the Cayman Islands, BVI, or Hong Kong, resulting in no provision for profits tax in these jurisdictions[26]. - The Group's subsidiaries in the Tibet Autonomous Region of the PRC are entitled to preferential tax rates of 15% and 9% respectively[31]. Assets and Liabilities - As of 31 December 2021, the Group's net assets amounted to approximately RMB1,290.80 million, an increase from RMB1,167.27 million as of 31 March 2021[39]. - Current assets were approximately RMB1,261.24 million as of 31 December 2021, with cash and bank balances of approximately RMB397.32 million[39]. - The Group's current liabilities amounted to approximately RMB1,140.32 million as of 31 December 2021, compared to RMB1,028.37 million as of 31 March 2021[40]. - There were no significant investments or material acquisitions during the nine months ended 31 December 2021[42]. - As of 31 December 2021, certain property, plant, and equipment valued at RMB15,133,000 and mining rights valued at approximately RMB108,625,000 were pledged to secure bank loans[44]. Employment and Shareholding - The Group had 1,312 full-time employees as of 31 December 2021, an increase from 901 employees as of 31 March 2021[50]. - The Group awarded a total of 27,069,000 shares to 56 eligible participants under the Share Award Scheme to recognize contributions to the Group's operations[50]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Practices throughout the review period[75]. - The audit committee reviewed the draft unaudited financial statements for the nine months ended December 31, 2021[85]. - The Board of Directors includes six executive directors and three independent non-executive directors as of the report date[86]. Shareholding Structure - As of December 31, 2021, Shiny Ocean holds 1,361,516,331 ordinary shares, representing 38.26% of the total shares[68]. - Mr. Ma Suocheng has interests in 1,902,103,222 ordinary shares, accounting for 53.45% of the total shares[69]. - Ms. Ma Xia owns 172,166,037 ordinary shares, which is 4.84% of the total shares[69]. - The total number of shares held by Ma Family Holdings Co. Limited is 1,361,516,331 ordinary shares, equivalent to 38.26%[68]. - The interests of any parties to an agreement to acquire shares in the company total 1,729,937,185 ordinary shares, representing 48.61%[69]. - Mr. Yang Tao holds 274,919,268 ordinary shares, which is 7.73% of the total shares[69]. - Mr. Li Man owns 272,039,268 ordinary shares, accounting for 7.64% of the total shares[69]. - The total equity interests of Fabulous Seeker Holdings Limited amount to 80,811,927 shares[63]. - Crystal Sky Development Inc. holds 34,024,908 shares, with equal ownership by Ms. Qin and her husband[64]. - Pin On Everest Asset Holdings Ltd. has an interest in 3,660,000 shares, fully owned by Mr. Ma Tianyi[64]. - As of December 31, 2021, Mr. Lyu Wenhua holds 240,696,854 ordinary shares, representing approximately 6.76% of the total issued shares[71]. - During the nine months ended December 31, 2021, the Company did not purchase, sell, or redeem any of its listed shares[73]. - For the nine months ended December 31, 2021, there were no significant competing interests reported among Directors or management shareholders[74]. Acquisitions and Investments - The acquisition of Anhui Jinding Mining Co., Ltd. has started to provide stable income to the Group since its acquisition in October 2020[52]. - On December 30, 2021, the Group completed the acquisition of a 27% equity interest in a mining company, expanding its industrial chain and mineral resources[52]. - The target company's business includes the mining of molybdenum and copper ore, flotation processing, and sales of non-ferrous metal products[52]. - The Group aims to create stable revenue streams by integrating the new mining operations with its existing business of selling civilian explosives and providing blasting operations[52].