Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 293,821,000, a decrease of 21.9% compared to HKD 375,822,000 for the same period in 2023[1] - Gross loss for the period was HKD 43,175,000, improved from a gross loss of HKD 91,762,000 in the previous year[1] - Operating loss decreased to HKD 61,689,000 from HKD 135,266,000 year-over-year, indicating a significant reduction in operational losses[1] - The total comprehensive loss for the period was HKD 76,480,000, down from HKD 201,181,000 in the same period last year[3] - Basic and diluted loss per share was HKD 2.58, compared to HKD 5.53 for the same period in 2023[1] - The net loss narrowed to approximately HKD 62,590,000 for the period[19] - Basic loss per share was approximately HKD 0.0258, compared to HKD 0.0553 for the same period in 2023[19] Revenue Breakdown - Revenue from the Rare Earth segment was HKD 237,721,000, down from HKD 271,214,000, while the Refractory segment generated HKD 56,100,000, down from HKD 104,608,000[7] - Revenue from the rare earth segment decreased by approximately 12% to about HKD 237,721,000, accounting for approximately 81% of total revenue[19] - Revenue from the refractory segment decreased by approximately 46% to about HKD 56,100,000, accounting for approximately 19% of total revenue[19] - The rare earth segment recorded sales of approximately HKD 271,214,000, a decrease of 12% year-on-year, with a segment loss of about HKD 37,155,000, reduced by 66% compared to the previous year[21] - The refractory materials segment sold approximately 6,200 tons, a year-on-year decline of about 40%, with sales revenue of approximately HKD 56,100,000, down about 46%[22] Asset and Liability Management - Total assets decreased to HKD 1,878,643,000 from HKD 1,932,301,000 as of December 31, 2023[4] - The net asset value decreased to HKD 1,967,676,000 from HKD 2,044,156,000[4] - Accounts receivable increased to HKD 459,999,000 as of June 30, 2024, compared to HKD 418,613,000 at the end of 2023[16] - The net value of current assets was approximately HKD 1,764,132,000, down from HKD 1,823,383,000 at the end of the previous year, with a total liabilities to total assets ratio of about 6%[27] - The group maintained a cash and bank deposit balance of approximately HKD 1,048,853,000 as of June 30, 2024, despite a decrease of HKD 250,596,000 from the end of 2023[26] - The group did not incur any borrowings during the reporting period and maintained an unused financing limit of approximately HKD 164,348,000[27] Strategic Initiatives - The company aims to enhance production efficiency and product quality in response to market challenges and opportunities[19] - The group plans to strengthen its product quality and technology upgrades while actively seeking high-quality emerging customers to enhance market competitiveness[25] - The company has established a strategic cooperation framework agreement with Northern Rare Earth (Group) High-Tech Co., Ltd. to explore substantial cooperation opportunities[25] Corporate Governance - The company has adopted its own corporate governance practices in accordance with the corporate governance code outlined in the listing rules, and has complied with these practices during the reporting period[32] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial results for the six months ended June 30, 2024, and confirmed that the financial information is prepared in accordance with applicable accounting standards[33] - All directors have confirmed compliance with the trading code for securities transactions during the six months ended June 30, 2024[34] - The interim results announcement has been published on the Hong Kong Stock Exchange website and the company's website, containing all information required by the listing rules[35] - The board of directors includes three executive directors and three independent non-executive directors as of the announcement date[36] Dividend Policy - The company did not declare or distribute any dividends for the six months ended June 30, 2024[13] - The board recommended not to declare an interim dividend for the six months ended June 30, 2024[29] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[31]
中国稀土(00769) - 2024 - 中期业绩