Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 868.2 million, representing a year-on-year increase of about 34.1% compared to RMB 647.4 million for the same period in 2023[2]. - Gross profit for the same period was approximately RMB 481.0 million, reflecting a year-on-year increase of about 52.1% from RMB 316.3 million[2]. - Total profit and comprehensive income for the period was approximately RMB 257.6 million, a year-on-year increase of about 70.8% compared to RMB 150.8 million[2]. - Basic earnings per share were approximately RMB 16.10, compared to RMB 9.42 for the same period in 2023[2]. - The Group recorded total revenue of approximately RMB868.2 million, representing an increase of approximately 34.1% from the corresponding period of last year[27]. - The net profit for the period was approximately RMB 257.6 million, reflecting a year-on-year increase of about 70.8%[39]. - Profit before taxation increased to RMB 304,443,000, a 66.5% rise compared to RMB 183,057,000 in the prior year[70]. - For the six months ended June 30, 2024, the profit attributable to owners of the Company was RMB 257,586,000, compared to RMB 150,776,000 for the same period in 2023, representing an increase of 70.8%[73]. Production and Operations - The total raw coal production for the period was 775,928 tonnes, with Hongguo Coal Mine producing 252,240 tonnes, Baogushan Coal Mine producing 347,090 tonnes, and Xiejiahegou Coal Mine producing 176,598 tonnes[18]. - The total permitted annual production capacity of the Group's coal mines is 2,250 kilotonnes, with Hongguo Coal Mine at 600 kilotonnes, Baogushan Coal Mine at 1,200 kilotonnes, and Xiejiahegou Coal Mine at 450 kilotonnes[14]. - The Group operates three underground coal mines in Guizhou Province, with significant resource and reserve data reported as of June 30, 2024[8]. - The total marketable reserves for the three mines include 9,333 kt of clean coal and 3,295 kt of middling coal[10]. - The actual production from Hongguo Coal Mine was 252,240 tonnes, which reflects a utilisation rate of 42.0%[18]. - The total production capacity of Songshan CPP is 2.4 million tonnes per annum, while Xiejiahegou CPP has a capacity of 1.8 million tonnes per annum[19]. - The Group's coal mines had a total permitted annual production capacity of 2,250,000 tonnes, with actual production of 775,928 tonnes during the six months ended June 30, 2024[15]. Market and Demand - The recovery in the steel industry has bolstered demand for coking coal, a vital raw material for steel production[5]. - The Group anticipates continued growth in coal demand driven by local industrial developments and recovery in related sectors[5]. - The implementation of various industrial projects in Guizhou has ensured a substantial and growing demand for coal within the province[5]. - The demand for coking coal is expected to remain stable in the second half of 2024, despite concerns about overall coal price declines[38]. Pricing and Sales - The average selling price of clean coal increased by approximately 4.0% YoY to approximately RMB1,989.63/tonne, while the average selling price of middling coal surged by approximately 37.2% YoY to approximately RMB393.62/tonne[23]. - The sales volume of clean coal increased by approximately 25.0% YoY to approximately 397,635 tonnes, and the sales volume of middling coal surged by approximately 75.1% YoY to approximately 160,397 tonnes[25]. - The sales revenue of clean coal increased by approximately 29.9% to approximately RMB791.1 million, while the sales revenue of middling coal increased by approximately 140.3% to approximately RMB63.1 million[29]. Financial Position and Liabilities - As of June 30, 2024, bank balances and cash amounted to approximately RMB98.0 million, an increase from approximately RMB93.7 million as of December 31, 2023[43]. - Secured bank borrowings from factoring of receivables amounted to approximately RMB460.5 million as of June 30, 2024, up from approximately RMB241.8 million as of December 31, 2023[43]. - The Group recorded net current liabilities of approximately RMB385.7 million as of June 30, 2024, but management believes there will be sufficient working capital to meet financial obligations in the foreseeable future[47]. - The Group's gearing ratio increased to approximately 0.37 as of June 30, 2024, compared to approximately 0.33 as of December 31, 2023, primarily due to an increase in bank and other borrowings[45]. - The Group's trade receivables totaled RMB 202,714,000, a decrease of 41.8% from RMB 348,479,000 as of December 31, 2023[93]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2024, totaled approximately RMB 47.1 million, an increase from approximately RMB 38.2 million for the same period in 2023[54]. - Distribution and selling expenses increased by approximately 29.7% to about RMB 46.3 million, mainly due to rising coal transportation costs[36]. - Total staff costs for the period amounted to RMB 47,124,000, compared to RMB 38,237,000 for the previous year, reflecting a year-on-year increase of approximately 23.5%[83]. Corporate Governance and Shareholding - The Group complied with all provisions of the Corporate Governance Code during the six months ended June 30, 2024[57]. - As of June 30, 2024, Mr. Yu Bangping holds 864,000,000 shares of the company, representing 54.00% of the total issued shares of 1,600,000,000[60]. - No other directors or the chief executive of the company had any interests or short positions in the shares, underlying shares, and debentures of the company or its associated corporations as of June 30, 2024[62]. Capital Commitments and Investments - Capital commitments as of June 30, 2024, include approximately RMB122.5 million for the acquisition of Panzhou Power Generation Co and RMB29.3 million for property, plant, and equipment[49]. - The Group made an additional capital injection of RMB 294,000,000 into its associate, PowerChina Panzhou Low Calorific Value Coal Power Generation, during the period[92]. - The final committed capital injection of RMB 122,500,000 to the associate is scheduled for March 31, 2025[92]. Taxation and Dividends - The taxation charge for the six months ended June 30, 2024, was RMB 46,857,000, an increase of 45% compared to RMB 32,281,000 for the same period in 2023[84]. - The final dividend declared for the interim period was HK 200,000,000 (equivalent to RMB 178,660,000) in the previous year[85].
久泰邦达能源(02798) - 2024 - 中期业绩