第二点 集中回报你实施上市五年来首次分红兑现对投资者的价值回报承诺感谢投资者对新美资源一如既往的支持和信任第三 产业地位新美资源的综合产能规模稳居全球行业第三技术专利地雷持续强化高附加值产品包括高层粉末 擬硬 并材及构总核心销售占比提升19个百分点特别值得一提的是超大材料领域取得重大的进展2024年我们供应高端擬硬高春产品结构持续优化高端应用领域市场份额显著提升 这一系列成绩的取得充分验证了我们技术引领高端突破发展战略的正确性接下来我将从五个维度系统的阐述新美资源的核心竞争优势第一点技术创新优势我们拥有行业领先的研发体系和专利技术储备第二点 我们拥有全产业链的一体化布局构建了从原材料到中端产品的完整产业链第三规模经济效益我们的产能规模位居全球前三具备显著成本优势第四现代化管理体系我们实施精英化管理运营效率行业领先 经营团队在原料保障及产品销售上经验丰富 执行得力第五 绿色发展优势这也是我们的战略的重点作为公司最具战略意义的竞争优势首先我们是已经获得了广东省绿色工厂的认证目前我们正在申报国家给绿色工厂的资质我们全面贯彻国家双含战略要求 环境友好型生产体系这五大核心竞争力相互支撑协同发展共同构筑了系内资源可持续发 ...

Financial Performance - Revenue increased by 29.9% to approximately RMB 1,822.0 million (2023: RMB 1,403.2 million) [3] - Gross profit increased by 27.8% to approximately RMB 396.8 million (2023: RMB 310.4 million) [3] - Profit before tax increased by 38.5% to approximately RMB 163.0 million (2023: RMB 117.7 million) [3] - Annual profit increased by 29.6% to approximately RMB 134.2 million (2023: RMB 103.5 million) [3] - Profit attributable to shareholders increased by 42.5% to approximately RMB 124.2 million (2023: RMB 87.1 million) [3] - Basic earnings per share increased by 45.8% to approximately RMB 0.35 (2023: RMB 0.24) [3] - Total comprehensive income for the year amounted to RMB 140.5 million (2023: RMB 107.2 million) [6] - Total revenue for the year ended December 31, 2024, was RMB 1,822,049,000, representing a 30% increase from RMB 1,403,169,000 in 2023 [22] - Revenue from customers in China reached RMB 1,452,627,000, up 23.2% from RMB 1,177,379,000 in the previous year [22] - Revenue from tantalum-niobium metal and its products increased by 39.4% to RMB 841,055 thousand in 2024 from RMB 603,963 thousand in 2023 [27] - Other income, including government subsidies, rose to RMB 24,088 thousand in 2024, compared to RMB 13,531 thousand in 2023, marking an increase of 77.8% [32] - The company's profit before tax for 2024 was RMB 124,195 thousand, up from RMB 87,142 thousand in 2023, reflecting a growth of 42.6% [43] - The annual profit for the current year was approximately RMB 134.2 million, an increase of RMB 30.6 million or 29.6% compared to the previous year [84] - Profit attributable to the company's owners increased from approximately RMB 87.1 million to RMB 124.2 million, reflecting a growth of RMB 37.1 million or 42.5% [85] Dividends - The board proposed a final dividend of HKD 0.0556 per share for the year ending December 31, 2024 (2023: nil) [3] - The company proposed a final dividend of HKD 0.0556 per share for 2024, compared to no dividend in 2023 [40] Assets and Liabilities - Non-current assets totaled RMB 550.99 million as of December 31, 2024 (2023: RMB 558.33 million) [8] - Current assets increased to RMB 1,590.97 million as of December 31, 2024 (2023: RMB 1,369.90 million) [8] - Trade receivables increased to RMB 287,210 thousand in 2024 from RMB 263,807 thousand in 2023, with a net value of RMB 282,307 thousand after impairment [11] - The impairment loss provision for trade receivables rose to RMB 4,903 thousand in 2024 from RMB 2,145 thousand in 2023 [47] - The aging analysis of trade payables showed a total of RMB 62,266 thousand in 2024, up from RMB 54,280 thousand in 2023 [48] - As of December 31, 2024, the company's property, plant, and equipment increased from approximately RMB 385.3 million to about RMB 387.0 million, primarily due to the expansion of wet and dry production facilities [87] - The total amount of right-of-use assets decreased from approximately RMB 99.0 million to about RMB 68.1 million, mainly due to increased depreciation expenses [89] - Inventory increased from approximately RMB 682.0 million to RMB 744.5 million, with average inventory rising from RMB 596.5 million to RMB 713.3 million, reflecting further downstream extension of production operations [94] - The total debt of the group as of December 31, 2024, was approximately RMB 607.3 million, down from RMB 656.7 million as of December 31, 2023 [118] - The capital debt ratio as of December 31, 2024, was approximately 26.7%, a decrease from 31.2% as of December 31, 2023 [119] Operational Highlights - The group’s performance is primarily derived from the manufacturing, sales, and trading of non-ferrous metal products [21] - The group achieved a year-on-year increase of 16% in tantalum-niobium oxide product output and a 13% increase in tantalum-niobium metal product output [58] - The group implemented a "unified and scaled" strategy, enhancing production capacity and extending the tantalum-niobium industry chain, including a project to increase high-niobium production capacity by 700 tons annually [60] - The group successfully optimized production processes and adjusted product structures to meet market demand, leading to significant growth in high-niobium oxide products [64] - The group’s sales cost increased by RMB 332.5 million or 30.4%, reaching approximately RMB 1,425.3 million, primarily due to increased sales volume and expanded production scale [70] - Raw material costs accounted for approximately 67.3% of total sales costs in the current year, compared to 72.2% in the previous year [69] Research and Development - Research and development costs increased to RMB 73,927 thousand in 2024 from RMB 66,553 thousand in 2023, representing a growth of 11.5% [35] - The company is focused on continuous optimization of R&D processes and enhancing product quality to strengthen its industry position [55] - The company aims to strengthen R&D investment and focus on technological and management innovation to open new market opportunities [134] Corporate Governance - The board of directors is committed to adhering to corporate governance principles and has implemented measures to strengthen internal control systems [142] - The company has re-complied with listing rules regarding the composition of the board and audit committee after appointing new independent non-executive directors [146] - The audit committee was established on February 19, 2020, consisting of three independent non-executive directors, with Mr. Liu Guohui as the chairman [149] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, and confirmed that the accounting treatment and financial statements comply with current accounting standards and listing rules [150] Employee and Talent Management - The group had a total of 632 employees as of December 31, 2024, down from 678 in 2023, with total employee costs approximately RMB 110.9 million compared to RMB 91.1 million in 2023 [135] - The company continues to optimize its compensation and benefits system to enhance employee satisfaction and motivation [136] Future Outlook - The company plans to enhance production organization and optimize production processes to achieve overproduction in 2025 [133] - The company anticipates significant growth in downstream demand for tantalum and niobium due to advancements in new technologies such as renewable energy and semiconductors [134] - The company will continue to adhere to its strategic positioning of "professionalization, integration, scaling, high-end, internationalization, and capitalization" to achieve its operational goals [134]

Market Position and Production Capacity - The group holds a 40% market share in the domestic market for wet-process tantalum and niobium products over the past three years[3]. - The planned annual production capacity for the high-performance tantalum and niobium oxide project in Ximei Leizhou is 3,000 tons[3]. - The planned annual production capacity for the tantalum and niobium new materials project in Zhongke Huazhong is 1,000 tons[3]. - The production base in Ximei Guizhou has a planned capacity of 1,500 tons per year for pyrometallurgical products, aiming to rank among the top three globally upon full production[3]. - The new project in Ximei Guiyang is expected to produce 1,100 tons of high-end tantalum and niobium metal products annually upon completion[3]. Financial Performance - The company reported a revenue of RMB 902.6 million for the six months ended June 30, 2024, representing a 42.7% increase compared to RMB 632.7 million in the same period last year[6]. - Gross profit for the same period was RMB 190.6 million, with a gross margin of 21.1%, down from 23.6% in the previous year[6]. - The net profit attributable to shareholders was RMB 62.3 million, reflecting a 38.9% increase from RMB 44.8 million year-on-year[6]. - Domestic market revenue grew by 35.7% year-on-year, while international market revenue surged by 75.8%[16]. - The group achieved total revenue of approximately RMB 902.6 million for the first half of 2024, representing a 42.7% increase compared to RMB 632.7 million in the same period last year[20]. Cost and Expenses - Sales costs rose to approximately RMB 712.0 million, a 47.4% increase from RMB 483.1 million in the previous year, primarily due to rising raw material prices and expanded production capacity[21]. - Administrative expenses increased by approximately RMB 19.6 million or 28.8% to RMB 87.5 million for the six months ended June 30, 2023, primarily due to increased personnel salaries and R&D costs[25]. - R&D costs for the period were approximately RMB 37.0 million, up from RMB 25.5 million, mainly for improving production processes and developing new materials[25]. - Sales and distribution expenses increased by 29.0% to approximately RMB 9.8 million, driven by higher transportation and logistics costs due to expanded sales[24]. Market Trends and Future Outlook - The company anticipates long-term growth in the tantalum and niobium markets due to increasing applications in strategic industries such as aerospace and electronics[14]. - Future projections suggest that the demand for tantalum will continue to rise, driven by advancements in AI, smart vehicles, and wireless communication technologies[14]. - The company emphasizes the increasing global demand for tantalum and niobium, driven by sectors such as 5G, high-end electronics, and new energy vehicles[43]. Innovation and Development - Ximei Resources has been recognized as a national high-tech enterprise and has received multiple accolades in Guangdong Province for innovation and manufacturing excellence[3]. - The group has accumulated 116 authorized patents as of June 30, 2024, including 23 invention patents, with 4 new invention patents granted during the reporting period[18]. - The company continues to optimize its procurement strategy, maintaining low procurement costs while ensuring stable production operations[17]. Financial Health and Ratios - The current ratio improved to 2.12 from 1.91, indicating better liquidity management[7]. - The quick ratio also increased to 1.26 from 0.96, showing enhanced short-term financial health[7]. - The capital-to-debt ratio improved to approximately 20.3% from 31.2% as of December 31, 2023, due to an increase in cash and bank balances[34]. - Cash and cash equivalents increased by approximately RMB 117.8 million, with net cash from operating activities of approximately RMB 130.0 million[32]. Corporate Governance and Shareholder Information - The board has resolved not to declare any interim dividends for the six months ending June 30, 2024[45]. - Jiawei Resources Seychelles holds a beneficial ownership of 205,000,000 shares, representing 56.94% of the company's equity[50]. - Ruan Xiaomei holds beneficial ownership of 205,000,000 shares and 60,000,000 shares through Jiangxi Ganfeng Lithium Co., Ltd., representing 56.94% and 16.67% of the equity, respectively[50]. - The board of directors is committed to maintaining high standards of corporate governance and has implemented measures to strengthen internal controls and professional training[62]. Investment and Capital Expenditures - The company has allocated 28.9% of the net proceeds for constructing new production facilities for tantalum powder and rods, with RMB 26.8 million already utilized[59]. - The company has allocated 36.0% of the net proceeds for purchasing and installing related machinery and equipment for producing tantalum powder and rods, with RMB 33.4 million already utilized[59]. - Capital expenditures for the period were approximately RMB 8.3 million, down from RMB 40.8 million in the previous period[36]. Risk Management - The company has established a foreign exchange risk management system to mitigate risks associated with currency fluctuations[37]. - The company has not made any significant acquisitions or disposals in the six months ending June 30, 2024[41]. - There are no significant events occurring after the reporting period as of the report date[66].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 902,593 thousand, representing a 42.7% increase from RMB 632,657 thousand in the same period of 2023[1] - Gross profit for the same period was RMB 190,576 thousand, with a gross margin of 21.1%, down from 23.6% in 2023[1] - Profit before tax increased by 26.2% to RMB 75,695 thousand, compared to RMB 59,965 thousand in the previous year[2] - Net profit attributable to shareholders was RMB 62,266 thousand, a 38.9% increase from RMB 44,819 thousand in 2023, with basic earnings per share rising to RMB 0.17 from RMB 0.12[2] - The company reported a total comprehensive income of RMB 66,732 thousand for the period, compared to RMB 55,486 thousand in 2023[3] - The company's net profit for the same period was approximately RMB 62.7 million, reflecting a growth of 28.5% year-on-year[27] - Shareholders' profit attributable to the company increased by approximately RMB 17.4 million or 38.9% to RMB 62.3 million for the six months ended June 30, 2023[57] Liquidity and Financial Ratios - Current ratio improved to 2.12 from 1.91, reflecting an 11.0% increase in liquidity[1] - Quick ratio increased by 31.3% to 1.26, up from 0.96 in the previous year[1] - Total assets less current liabilities amounted to RMB 1,337,069 thousand, compared to RMB 1,212,289 thousand at the end of 2023[4] - Cash and bank balances increased significantly to RMB 233,335 thousand from RMB 115,547 thousand[4] - Total debt as of June 30, 2024, was approximately RMB 670.8 million, showing minimal change from RMB 656.7 million as of December 31, 2023[61] - The capital debt ratio decreased to approximately 20.3% from 31.2% due to an increase in cash and bank balances[62] Revenue Sources and Market Performance - Revenue from the Chinese market reached RMB 708,787,000, up 35.6% from RMB 522,385,000 in the previous year[12] - Domestic market revenue grew by 35.7% year-on-year, while international market revenue surged by 75.8% year-on-year, indicating significant expansion in customer base and distribution[38] - Major customer A contributed RMB 102,303,000 to revenue, up from RMB 75,056,000 in the prior year, while customer B was not applicable this period[14] Costs and Expenses - The total cost of sales for self-produced goods was RMB 571,341,000, an increase from RMB 428,995,000 in the previous year[17] - Sales costs rose to approximately RMB 712.0 million, an increase of 47.4% from RMB 483.1 million, primarily due to rising raw material prices and expanded production capacity[45] - Administrative expenses increased by approximately RMB 19.6 million or 28.8% to RMB 87.5 million for the six months ended June 30, 2023, primarily due to increased personnel salaries and R&D costs[50] - Financing costs rose by approximately RMB 3.0 million or 27.8% to RMB 13.9 million, mainly due to increased discount costs during the reporting period[53] Research and Development - The company's R&D expenses increased to RMB 36,993,000 from RMB 25,451,000, reflecting a 45.5% year-over-year growth[17] - R&D costs for the period were approximately RMB 37.0 million, up from RMB 25.5 million, focusing on improving production processes and developing new materials[50] - Other income and net gains rose by 55.7% to approximately RMB 7.3 million, mainly due to increased government subsidies related to R&D activities[47] Asset Management and Investments - The company has acquired property, plant, and equipment at a cost of RMB 8.275 million during the reporting period[22] - The company sold property and machinery with a net book value of RMB 2.092 million, resulting in a net gain of RMB 98,000[22] - As of June 30, 2024, the total trade receivables and notes receivable amounted to RMB 384.001 million, a slight decrease from RMB 397.878 million as of December 31, 2023[23] - The trade payables as of June 30, 2024, totaled RMB 48.191 million, down from RMB 54.280 million at the end of 2023[24] Strategic Outlook - The company plans to adopt an integrated strategy of synchronized procurement and sales to adapt to market changes and enhance competitiveness[27] - The group anticipates a growing demand for tantalum and niobium due to their strategic importance in various high-tech industries, including 5G and electric vehicles[73] - The group aims to enhance its market presence through a strategy focused on specialization, integration, and internationalization[73] Corporate Governance and Compliance - The company has adhered to all applicable corporate governance codes, except for a deviation regarding the separation of the roles of Chairman and CEO as per code C.2.1[82] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial statements for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards[85] - The group has no significant contingent liabilities, legal claims, or potential lawsuits as of June 30, 2024[67] Miscellaneous - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[20] - The net proceeds from the share placement amounted to approximately RMB 92.7 million, with RMB 87.9 million utilized by June 30, 2024[80] - The group has established a foreign exchange risk management system to mitigate potential currency risks associated with its operations[66] - The group has sufficient financial resources to continue its operations for the foreseeable future, adhering to the going concern basis in preparing its financial reports[79] - There are no significant events occurring after the reporting period as of the announcement date[86] - The company will publish its interim report for the six months ending June 30, 2024, on its website and the Hong Kong Stock Exchange's website[88]

Patents and Innovation - The company has been granted a total of 107 patents as of December 31, 2023, including 19 invention patents, with an additional 69 patents pending, of which 58 are invention patents[1]. - The company emphasizes technological innovation and will increase R&D investment to open up new markets with new products, technologies, and processes[74]. - The company will focus on optimizing the R&D system and addressing prominent product and quality issues in the industry[78]. Financial Performance - Total revenue for the year ended December 31, 2023, was approximately RMB 1,403.2 million, representing a 37.5% increase from RMB 1,019.6 million in the previous year[3]. - The company's net profit attributable to owners decreased by approximately RMB 17.6 million or 16.8% to about RMB 87.1 million for the year ended December 31, 2023[20]. - The gross profit was RMB 310.4 million, with a slight increase of 1.5% compared to RMB 305.9 million in the previous year[173]. Revenue Breakdown - Sales revenue from tantalum metal products increased by approximately RMB 87.8 million or 39.9% to about RMB 308.1 million, driven by increased production from the company's projects[6]. - Revenue from other products rose by approximately RMB 56.4 million or 35.1% to about RMB 217.0 million, primarily due to increased sales of trading products[8]. - The overseas market achieved a revenue of approximately RMB 225.8 million, marking a year-on-year growth of 45.5%, both setting historical highs for the company[175]. Expenses and Costs - Gross profit margin decreased from approximately 30.0% in the previous year to about 22.1% due to changes in product sales structure and rising fixed costs[11]. - Research and development expenses increased to RMB 66.6 million, accounting for 42.5% of total administrative expenses, up from 40.1% in the previous year[15]. - Sales and distribution expenses rose by approximately RMB 6.5 million or 78.3% to about RMB 14.8 million, primarily due to increased costs associated with expanding into new product markets[14]. Inventory and Receivables - The company's inventory increased to approximately RMB 682.0 million as of December 31, 2023, compared to RMB 511.0 million in the previous year, with average inventory rising from RMB 383.4 million to RMB 596.5 million[25]. - Trade receivables and notes receivable totaled RMB 397,878,000 as of December 31, 2023, compared to RMB 236,528,000 in 2022, representing an increase of 68.1%[29]. Corporate Governance - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors, bringing valuable experience and expertise to the company[66]. - The company is committed to reviewing and enhancing corporate governance practices in line with local and international standards[65]. - Independent non-executive directors have confirmed their independence annually, ensuring compliance with listing rules[67]. Strategic Plans and Market Position - The company plans to continue adopting strategies focused on customer service and product quality improvement in 2024, aiming for sustainable growth in the strategic metals sector[49]. - The company aims to strengthen long-term stable trade relationships with suppliers and explore new supply channels, including overseas resources and strategic partnerships with upstream and downstream enterprises[77]. - The company adheres to a strategic positioning of "specialization, integration, scale, high-end, internationalization, and capitalization" with a goal to become a global leader in tantalum and niobium manufacturing[136]. Production and Capacity - The company achieved record production levels for its main products, with multiple individual indicators reaching new highs in 2023[200]. - The production of tantalum and niobium metals and their products increased by over 200% year-on-year, marking a significant production leap[200]. - The company is currently constructing a new facility in Guiyang, expected to produce 1,100 tons of high-end tantalum and niobium products annually once completed[145]. Market Trends and Demand - The tantalum market experienced significant volatility in 2023, with prices fluctuating by up to 40%, while the demand for tantalum and niobium products showed a polarized trend[154]. - The demand for high-temperature alloys and niobium products is expected to remain strong due to the rapid development of China's aerospace industry[164]. - The global semiconductor market is projected to require approximately 122.92 tons of tantalum by 2025, with a compound annual growth rate of 40.98% over three years[198].

Revenue and Profitability - Revenue increased by 37.6% to approximately RMB 1,403.2 million, up from RMB 1,019.6 million in the previous year[5] - Net profit decreased by 3.7% to approximately RMB 103.5 million, down from RMB 107.5 million in the previous year[12] - Profit before tax decreased by 5.2% to approximately RMB 117.7 million, compared to RMB 124.1 million in the previous year[12] - Profit attributable to shareholders decreased by 16.8% to approximately RMB 87.1 million, compared to RMB 104.7 million in the previous year[12] - Basic earnings per share decreased by 25.0% to approximately RMB 0.24, down from RMB 0.32 in the previous year[12] - The company reported a net profit margin of approximately 7.4% for 2023, down from 10.5% in 2022[38] - The company's net profit attributable to shareholders decreased to approximately RMB 87.1 million from RMB 104.7 million, a decline of about RMB 17.6 million or 16.8%[157] Sales Performance - Sales revenue from tantalum metal products increased by 39.9% to approximately RMB 308.1 million, up from RMB 220.3 million in the previous year[7] - Sales revenue from other products increased by 35.1% to approximately RMB 217.0 million, compared to RMB 160.6 million in the previous year[9] - Revenue from the Chinese market reached RMB 1,177,379,000, up 36.3% from RMB 864,436,000 in the previous year[75] - Sales of non-ferrous metal products accounted for RMB 1,155,882,000, representing a 48.5% increase from RMB 777,554,000 in 2022[77] - Revenue from the United States increased to RMB 124,433,000, up 35% from RMB 92,275,000 in 2022[75] - Sales of fluorotantalic acid generated approximately RMB 975 million, a decrease of RMB 66 million or 6.3% from RMB 1.041 billion in 2022[129] - The sales revenue from recycled products increased from RMB 232 million in 2022 to RMB 270 million in the current year[132] Cost and Expenses - Gross profit rose by 1.5% to approximately RMB 310.4 million, compared to RMB 305.9 million in the previous year[12] - The gross profit margin decreased by 7.9% to 22.1%, down from 30.0% in the previous year[12] - Raw material costs were RMB 789.2 million, accounting for 72.2% of total sales costs, compared to RMB 495.9 million or 69.5% in the previous year[24] - The cost of sales rose by approximately RMB 379.0 million or 53.1% to about RMB 1,092.7 million, primarily due to increased sales volume and production scale[149] - Administrative expenses increased by approximately RMB 37.7 million or 31.8% to RMB 156.5 million for the year ended December 31, 2023, compared to RMB 118.8 million for the year ended December 31, 2022[15] - Research and development expenses rose to RMB 66.6 million, accounting for 42.5% of total administrative expenses, up from RMB 47.6 million or 40.1% in the previous year[15] - Employee costs increased to RMB 42.8 million, representing 27.4% of total administrative expenses, compared to RMB 30.4 million or 25.6% in the prior year[15] Assets and Liabilities - The total value of property, plant, and equipment increased by approximately RMB 81.2 million to RMB 385.3 million as of December 31, 2023, primarily due to ongoing expansions in production facilities[21] - Trade receivables and notes receivable net value increased to RMB 397.9 million as of December 31, 2023, from RMB 236.5 million in the previous year[35] - The company's current liabilities totaled RMB 715.9 million as of December 31, 2023, compared to RMB 518.0 million in 2022, indicating an increase of 38.2%[48] - The company's non-current assets increased to RMB 558.3 million in 2023 from RMB 503.8 million in 2022[48] - Trade payables totaled RMB 54.28 million at year-end, down from RMB 86.31 million in 2022, with a significant decrease in payables within one month[112] - Other payables and accrued expenses totaled approximately RMB 969.51 million in 2023, an increase from RMB 857.59 million in 2022, attributed to increased customer prepayments[180] Financing and Capital Structure - Total financing costs amounted to RMB 23.5 million for the year ended December 31, 2023, compared to RMB 21.0 million for the year ended December 31, 2022[29] - Bank borrowings rose significantly from RMB 482.5 million in 2022 to RMB 638.7 million in 2023, an increase of about 32.4%[194] - The total debt of the group increased from approximately RMB 515.4 million in 2022 to RMB 656.7 million in 2023, reflecting a growth of around 27.4%[197] - The capital debt ratio increased from 15.7% in 2022 to 31.2% in 2023, primarily due to increased financing and reduced cash on hand[198] Taxation and Government Subsidies - The income tax expense for 2023 was RMB 14,169 thousand, a decrease from RMB 16,667 thousand in 2022, indicating a reduction of approximately 15%[95] - The effective tax rate for the company remains at 25%, with certain subsidiaries benefiting from a reduced rate of 15%[116] - Government subsidies received amounted to RMB 7,872 million in the review year, compared to RMB 2,094 million in the previous year[137] Inventory and Receivables Management - The average inventory turnover days increased from approximately 196.1 days to 199.2 days for the year ended December 31, 2023[34] - Trade receivables increased from approximately RMB 236.5 million in 2022 to approximately RMB 397.9 million in 2023, primarily due to increased sales revenue[172] - The average turnover days for trade receivables and bills receivable increased from 65.6 days in 2022 to 82.5 days in 2023, indicating a longer collection period[188] Research and Development - The company has a total of 107 authorized patents, including 19 invention patents, with 69 additional patents pending[2] - Research and development costs rose to RMB 66,553 thousand in 2023, up from RMB 47,642 thousand in 2022, marking an increase of 39.6%[91] Corporate Governance and Future Outlook - The company did not report any segmented operating data as resources are integrated without separate divisions[74] - The company has no plans for market expansion or new product development disclosed in the current report[74] - There were no acquisitions or mergers reported during the financial year[74] - The company has not identified any significant risks related to the new tax regulations introduced by the OECD[71] - The company maintained sufficient working capital to meet its operational needs for at least the next 12 months[195]

Financial Performance - For the six months ended June 30, 2023, the company's total expenses in China amounted to RMB 8,098,000, an increase of 40.5% compared to RMB 5,785,000 for the same period in 2022[6]. - The total tax expense for the period was RMB 11,142,000, down from RMB 15,511,000 in the previous year, reflecting a decrease of 28.9%[6]. - Gross profit decreased by approximately RMB 13.9 million or 8.5% to about RMB 149.6 million, primarily due to a decline in product gross margin[24]. - For the six months ended June 30, 2023, the group recorded a net profit of approximately RMB 48.8 million, a decrease of about RMB 13.9 million or 22.1% compared to RMB 62.7 million for the same period in 2022[56]. - Revenue for the six months ended June 30, 2023, was RMB 632,657,000, representing a 34.7% increase from RMB 469,719,000 in the same period of 2022[80]. - Profit before tax was RMB 59,965,000, a decrease of 23.3% from RMB 78,183,000 in the previous year[80]. - Net profit attributable to shareholders was RMB 44,819,000, down 27.8% from RMB 62,102,000, with basic earnings per share at RMB 0.12, a 42.9% decrease from RMB 0.21[80]. - The total comprehensive income for the period was RMB 55,486,000, down from RMB 64,168,000 in the same period of 2022, a decrease of approximately 13.2%[103]. Expenses and Costs - Administrative expenses increased by approximately RMB 16.5 million or 32.1% to about RMB 67.9 million, mainly due to new personnel costs and R&D expenses related to two new projects[26]. - Financing costs increased by approximately RMB 2.3 million or 26.7%, totaling about RMB 10.9 million for the current period compared to RMB 8.6 million in the previous year[55]. - Material costs accounted for approximately 83.5% of total sales costs during the reporting period, with sales costs increasing by 57.7% to approximately RMB 483.1 million[135]. - Sales and distribution expenses rose by 47.8% to approximately RMB 7.6 million, primarily due to increased transportation and logistics costs[137]. Assets and Liabilities - The company's total debt as of June 30, 2023, was approximately RMB 450.7 million, a decrease from RMB 482.5 million as of December 31, 2022, indicating effective cash flow improvement[31]. - The group's capital debt ratio as of June 30, 2023, was approximately 26.5%, up from 15.7% as of December 31, 2022[60]. - Non-current liabilities increased to RMB 205,317,000 as of June 30, 2023, compared to RMB 179,012,000 at the end of the previous year, indicating a rise of about 14.7%[106]. - The net asset value of the company was RMB 1,055,983,000 as of June 30, 2023, compared to RMB 1,002,106,000 in the previous year, showing an increase of approximately 5.4%[106]. Cash Flow and Capital Expenditure - The company is currently monitoring its cash flow and cash reserves to maintain an ideal level of working capital to support operational needs and future plans[29]. - The company reported a net cash outflow from operating activities of approximately RMB 43.7 million during the reporting period[194]. - Capital expenditures for the reporting period amounted to approximately RMB 40.8 million, compared to RMB 56.7 million for the same period last year[197]. - As of June 30, 2023, the company had cash and cash equivalents of approximately RMB 170.7 million, a decrease from approximately RMB 325.4 million as of December 31, 2022[193]. Market and Industry Insights - The defense budget for 2023 is approximately RMB 155.37 billion, reflecting a year-on-year increase of 7.2%, which is expected to drive demand in the tantalum and niobium industry[19]. - The company has observed a significant increase in shipbuilding metrics, with completed shipbuilding volume up 14.2% and new orders up 67.7% year-on-year in the first half of 2023[19]. - The company reported a significant increase in revenue from the Chinese market, reaching RMB 519,018,000 for the six months ended June 30, 2023, compared to RMB 395,577,000 in the previous year, representing a growth of about 31.1%[112]. Research and Development - Research and development costs increased to RMB 25,451,000 for the six months ended June 30, 2023, compared to RMB 18,840,000 in the previous year, marking a rise of about 35.0%[116]. - The company has accumulated 100 authorized patents as of June 30, 2023, with 15 new patents granted during the reporting period, indicating significant progress in high-end product development[162]. - The company aims to enhance its core competitiveness through continuous product quality control and innovation, focusing on high-purity and high-performance products[162]. Corporate Governance and Strategy - The company has adhered to all applicable corporate governance codes, with minor deviations noted[45]. - The company plans to adhere to its strategic positioning of "professionalization, integration, scaling, high-end, internationalization, and capitalization," focusing on project construction and quality enhancement[180]. - There were no significant acquisitions or disposals during the reporting period, indicating a stable operational strategy[178].

Financial Performance - Total trade receivables and notes amounted to RMB 236,528 thousand as of December 31, 2022, compared to RMB 130,122 thousand in the previous year, reflecting a significant increase[4] - Cash and cash equivalents increased by approximately RMB 155.5 million during the reviewed year, with net cash outflows from operating activities of approximately RMB 42.3 million and net cash inflows from financing activities of approximately RMB 355.7 million[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[46] - The company provided guidance for the next fiscal year, projecting revenue growth of A% and an expected EBITDA margin of B%[46] - The company has maintained a strong balance sheet, with total assets valued at J million and a debt-to-equity ratio of K[46] Operational Efficiency - Average inventory turnover days increased from approximately 171.6 days as of December 31, 2021, to 196.1 days for the reviewed year, primarily due to an increase in average inventory[1] - The average turnover days for trade payables increased from about 6.5 days as of December 31, 2021, to 25.6 days in the reviewed year, attributed to an increase in average trade payables[8] - The company is committed to continuous technological innovation and optimizing production processes to achieve efficiency and cost reduction[35] - The company is focused on safety production and optimizing existing processes and equipment to achieve breakthroughs in capacity, quality, and cost[35] - The company is focused on managing liquidity risk by monitoring cash flow and maintaining sufficient cash and cash equivalents to support operations and reduce cash flow volatility[185] Investment and Growth Strategy - The outlook for 2023 indicates a significant growth in downstream demand for tantalum and niobium due to the increasing emphasis on energy security and supply chain safety[19] - The company aims for sustainable growth and to strengthen its market position in the tantalum and niobium metallurgy industry in China[34] - The company plans to invest 28.9% of the proceeds in building new production facilities for tantalum powder and rods, with RMB 26.8 million already spent[39] - 36.0% of the funds will be allocated for purchasing and installing related machinery and equipment, with RMB 33.4 million already utilized[39] - The company is actively exploring overseas resources and establishing flexible strategic partnerships with upstream and downstream enterprises[35] Corporate Governance - The board is committed to maintaining high standards of corporate governance and aims to create value for shareholders while ensuring effective internal controls[81] - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance by all directors during the review period[83] - The company has established clear divisions of responsibilities between the board and senior management to ensure effective oversight[84] - The company has established a robust internal control and risk management system to safeguard assets and manage operational risks[160] - The company is committed to ensuring compliance with corporate governance standards and regulations[105] Board Composition and Diversity - The company has established a diversity policy for the board of directors, which will be reviewed periodically to ensure its effectiveness[103] - The overall gender ratio in the company is 81.5% male and 18.5% female[103] - Senior management consists of 66.7% male and 33.3% female, while middle management has 78.0% male and 22.0% female[103] - The company plans to appoint at least one additional female director within three years to enhance gender diversity on the board[102] - The independent non-executive directors have a term of two years, automatically renewing for one year unless terminated with three months' notice[91] Employee Engagement and Development - The company has established a talent cultivation strategy to improve employee motivation and creativity, aiming to build a respected enterprise[38] - The company has a commitment to providing diverse career development opportunities and training resources for employees[125] - The company maintains a competitive compensation package to attract and motivate employees, with no significant disputes reported with staff as of December 31, 2022[181] - The company encourages and supports employees to participate in external anti-corruption training programs[136] - The company has a clear policy against unethical business practices, including bribery and fraud, as outlined in its employee handbook[135] Shareholder Relations - The company holds annual general meetings at a location determined by the board, providing communication opportunities for shareholders[139] - Shareholders have the right to submit inquiries to the board in writing, which must be sent to the company's main business address in Hong Kong[142] - The company has established a procedure for shareholders to propose resolutions at the annual general meeting or special general meeting[143] - The board of directors conducted an annual review of the investor relations policy and deemed it effectively implemented during the year[147] - The company believes that maintaining effective communication with the investment community is crucial for enhancing investor understanding of its business and development[146]

Financial Performance - Revenue increased by 33.5% to approximately RMB 1,019.6 million (2021: RMB 763.7 million) [14] - Gross profit increased by 48.9% to approximately RMB 305.9 million (2021: RMB 205.5 million) [14] - Net profit attributable to the company's owners increased by 2.5% to approximately RMB 104.7 million (2021: RMB 102.1 million) [14] - Total revenue for the year ended December 31, 2022, was approximately RMB 1,019.6 million, an increase of 33.5% from RMB 763.7 million in 2021 [42] - Profit before tax increased to RMB 124,134 thousand, up from RMB 118,550 thousand in the previous year, representing a growth of 4.3% [47] - Net profit for the year was RMB 107,467 thousand, compared to RMB 102,065 thousand in 2021, marking a 5.4% increase [48] - Total comprehensive income for the year was RMB 119,677 thousand, an increase from RMB 101,015 thousand in 2021 [49] Expenses and Costs - Administrative expenses increased by approximately RMB 35.1 million or 41.9% to approximately RMB 118.8 million [25] - Research and development expenses increased by approximately RMB 17.8 million to approximately RMB 47.6 million [25] - Financing costs increased to RMB 23,178 thousand from RMB 13,660 thousand in the previous year, primarily due to higher bank loan interest [70] - The cost of goods sold for the year 2022 was RMB 636,673 thousand, compared to RMB 492,840 thousand in 2021, indicating an increase of about 29.2% [92] - Sales cost for the year ended December 31, 2022, was approximately RMB 713.7 million, an increase from RMB 558.2 million in 2021 [160] Assets and Liabilities - Trade receivables increased to RMB 236.5 million from RMB 130.1 million [31] - Total non-current assets increased to approximately RMB 503.8 million from RMB 332.0 million [31] - Cash and cash equivalents increased to RMB 325.4 million from RMB 169.9 million [31] - Trade receivables, net of impairment losses, amounted to RMB 164,219 thousand in 2022, compared to RMB 102,536 thousand in 2021, showing an increase of about 60.2% [75] - Total debt as of December 31, 2022, was approximately RMB 515.4 million, up from approximately RMB 374.4 million as of December 31, 2021 [197] Inventory and Production - The average inventory increased from approximately RMB 262.5 million in 2021 to about RMB 383.4 million in 2022, representing a growth of 46% [44] - The company's inventory as of December 31, 2022, was approximately RMB 511.0 million, compared to RMB 255.8 million in 2021, indicating a significant increase [44] - The sales of tantalum metal products increased by 191.0% to RMB 220,296,000 in 2022, up from RMB 75,703,000 in 2021, driven by increased production from the subsidiary in Guizhou [135] - The company achieved a historical high in production, with tantalum oxide output of 371 tons and niobium oxide output of 1,610 tons, reflecting year-on-year growth of 29% and 27% respectively [124] Market and Revenue Sources - Revenue from the Chinese market reached RMB 864.4 million, up 31.7% from RMB 655.8 million in the previous year [42] - The company achieved total operating revenue of approximately RMB 1,019.6 million, with overseas market revenue reaching RMB 155 million, a year-on-year increase of 44% [101] - Customer B contributed RMB 108.9 million in revenue in 2022, while Customer A had no revenue contribution in the same period [43] - Revenue from customer contracts for the year was RMB 1,019,600 thousand, with no single customer contributing more than 10% of total revenue [66][63] Compliance and Standards - The company has not reported any significant impact on its financial position or performance due to the adoption of new accounting standards in 2022 [41] - The company is committed to maintaining compliance with the Hong Kong Financial Reporting Standards and has made necessary adjustments in its financial reporting practices [40] Shareholder and Capital Information - The company did not recommend the distribution of any final dividend for the year ended December 31, 2022 [14] - Basic earnings per share for ordinary shareholders was RMB 0.32, slightly down from RMB 0.34 in the previous year [47] - The company successfully completed a placement of HKD 240 million, with Jiangxi Ganfeng Lithium Co., Ltd. becoming the second-largest shareholder, holding 16.7% of the company [107] Strategic Initiatives - The company is focusing on extending its production business downstream into tantalum and niobium metal products, which has led to an increase in both finished and intermediate products [44] - The company implemented a six-strategy positioning focusing on specialization, integration, scaling, high-end development, internationalization, and capitalization [106] - The company has optimized its production processes and completed several new product projects that have received customer certification [127] Awards and Recognition - The company has been recognized with multiple awards, including being named a "Little Giant" enterprise, which highlights its focus on innovation and core competitiveness [129]

Market Performance - The company reported a market share of over 30.0% in the tantalum and niobium wet process products for four consecutive years[8]. - The company continues to expand its production capacity to meet growing market demand for tantalum and niobium products[8]. - Revenue for the six months ended June 30, 2022, was RMB 469.7 million, an increase of 35.6% compared to RMB 346.5 million in the same period last year[22]. - Total revenue increased by approximately RMB 123.2 million or 35.6% to about RMB 469.7 million for the six months ended June 30, 2022, compared to RMB 346.5 million for the same period in 2021[31]. - Revenue from customer contracts for the six months ended June 30, 2022, was RMB 469,719,000, up from RMB 346,501,000 in the same period of 2021, representing a growth of approximately 35.4%[133]. Financial Performance - Gross profit reached RMB 163.5 million, representing a significant increase of 108.7% from RMB 78.3 million year-on-year, with a gross margin of 34.8%[22]. - Gross profit rose by approximately RMB 85.2 million or 108.7% to about RMB 163.5 million, with the gross profit margin increasing from 22.6% to 34.8%[34]. - The company achieved a net profit of approximately RMB 62.7 million, up 27.6% from RMB 49.1 million in the previous year[22]. - Net profit for the period was approximately RMB 62.7 million, an increase of about RMB 13.6 million or 27.6% compared to RMB 49.1 million for the same period in 2021[42]. - Basic earnings per share for the period was RMB 0.21, compared to RMB 0.16 in the same period last year, reflecting a 31.3% increase[101]. Research and Development - The company has maintained a strong focus on research and development, with several high-tech products recognized at the provincial level[8]. - The company introduced 21 new patents and 6 software copyrights during the reporting period, with 66 additional patents pending[25]. - Research and development expenses for the first half of 2022 were RMB 18,840,000, up from RMB 12,492,000 in the same period of 2021, indicating a growth of approximately 50.9%[138]. Strategic Initiatives - The company has successfully launched two pyrometallurgical projects in Guangdong and Guizhou, contributing to the sales of tantalum powder, bars, and ingots[8]. - The company has invested in vertical integration strategies to enhance its product offerings in the tantalum and niobium sectors[8]. - A strategic partnership was formed with Jiangxi Ganfeng Lithium Co., Ltd., resulting in a financing of HKD 240 million, making Ganfeng Lithium the second-largest shareholder with a 16.7% stake[28]. - The company plans to establish a subsidiary in Leizhou, China, to implement a new investment project with an annual production capacity of 3,000 tons of high-performance tantalum niobium oxide[95]. Financial Position - The current ratio decreased to 1.73 from 1.78, reflecting a 2.8% decline, while the quick ratio fell by 17.1% to 0.97[22][19]. - The capital debt ratio increased significantly to 47.7%, up 19.6 percentage points from 28.1%[22][20]. - The total debt of the company as of June 30, 2022, was approximately RMB 503.2 million, up from RMB 345.1 million as of December 31, 2021[48]. - The company's debt-to-equity ratio increased to approximately 47.7% as of June 30, 2022, compared to 28.1% as of December 31, 2021, primarily due to an increase in interest-bearing bank loans[49]. - The company reported a net cash outflow of approximately RMB 23.0 million during the reporting period, with net cash used in operating activities amounting to RMB 166.9 million[47]. Employee and Management - The company employed a total of 474 employees as of June 30, 2022, with total employee compensation amounting to approximately RMB 36.7 million for the reporting period[64]. - The total remuneration paid to key management personnel for the six months ended June 30, 2022, was RMB 2,455,000, an increase of 8.6% compared to RMB 2,262,000 for the same period in 2021[161]. - Ms. Wu Shan-dan resigned as an executive director and chief financial officer effective April 15, 2022, to focus on other matters[83]. Corporate Governance - The company has established a foreign exchange risk management system to mitigate potential risks associated with currency fluctuations[53]. - The company did not declare any interim dividend for the six months ended June 30, 2022, similar to the previous year[65]. - The company confirms that at least 25% of its issued shares are held by public shareholders as per the listing rules[80]. Capital Expenditures - Capital expenditures for the reporting period were approximately RMB 56.7 million, compared to RMB 25.0 million for the same period last year[52]. - The allocation of net proceeds includes 28.9% for constructing new production facilities for tantalum powder and rods, with RMB 26.8 million already used[85]. - The company invested RMB 56,660,000 in property, plant, and equipment during the six months ended June 30, 2022, compared to RMB 24,963,000 in the same period of 2021[119].