Revenue and Profit Growth - Revenue for the period reached approximately RMB 4,627,203,000, a year-on-year increase of 34.24%[13] - Net profit for the period was approximately RMB 726,420,000, a year-on-year increase of 98.82%[14] - Profit attributable to owners of the parent company was approximately RMB 552,793,000, a year-on-year increase of 118.62%[16] - Revenue increased by 34.24% to RMB 4,627,203,000 compared to the same period last year, driven by higher gold sales prices and increased sales volume[21] - Net profit surged by 98.82% to RMB 726,420,000, primarily due to increased sales gross profit and reduced financial costs[22] - Revenue for the six months ended June 30, 2024, increased to RMB 4,627,203 thousand, up from RMB 3,446,912 thousand in the same period in 2023, representing a growth of 34.2%[82] - Gross profit for the six months ended June 30, 2024, was RMB 1,976,643 thousand, compared to RMB 1,344,407 thousand in the same period in 2023, an increase of 47.0%[82] - Net profit attributable to owners of the parent company for the six months ended June 30, 2024, was RMB 552,793 thousand, up from RMB 252,858 thousand in the same period in 2023, a significant increase of 118.6%[82] - Total revenue for the six months ended June 30, 2024, increased by 34.2% to RMB 4,627,203 thousand compared to the same period in 2023[101] Production and Cost Efficiency - Total gold production for the period was approximately 13,178.35 kilograms (423,693.18 ounces), a year-on-year increase of 11.98%[15] - Copper production for the period was approximately 4,082 tons, a year-on-year increase of 54.15%[15] - Total gold production reached 13,178.35 thousand kilograms (approximately 423,693.18 ounces), with mineral gold production at 8,997.03 thousand kilograms (289,261.02 ounces)[20] - Comprehensive gold production cost decreased by 2.18% to RMB 209.99 per gram, attributed to increased gold production and cost control measures[23] - Gross profit rose by 47.03% to RMB 1,976,643,000, with gross margin improving from 39.00% to 42.72%[25] - Depreciation and amortization expenses totaled RMB 592,786 thousand, with gold mining business accounting for 88.1% of the total[98] - Cost of goods sold for the first half of 2024 was RMB 2,650,560 thousand, an increase from RMB 2,102,505 thousand in the same period of 2023[107] Financial Performance and Costs - Basic and diluted earnings per share were RMB 0.12, a year-on-year increase of 200.00%[17] - Comprehensive net assets per share as of June 30, 2024, were RMB 7.21, compared to RMB 6.43 on June 30, 2023[18] - Other income and gains increased by 29.56% to RMB 383,824,000, mainly due to the rise in fair value of financial assets[26] - Financial costs decreased by 15.11% to RMB 264,207,000, driven by a lower weighted average financing interest rate[29] - The company's financial costs for the six months ended June 30, 2024, decreased to RMB 264,207 thousand from RMB 311,238 thousand in the same period in 2023, a reduction of 15.1%[82] - The company's income tax expense for the six months ended June 30, 2024, was RMB 226,659 thousand, compared to RMB 85,615 thousand in the same period in 2023, an increase of 164.7%[82] - The company's share of profits from associates for the six months ended June 30, 2024, was RMB 4,112 thousand, compared to RMB 2,374 thousand in the same period in 2023, an increase of 73.2%[82] - The company's share of losses from joint ventures for the six months ended June 30, 2024, was RMB 478 thousand, compared to no loss in the same period in 2023[82] Asset and Liability Management - Total assets increased by 12.14% to RMB 52,557,541,000 as of June 30, 2024, compared to RMB 46,867,396,000 as of December 31, 2023[34] - Net assets grew by 10.28% to RMB 24,530,094,000 as of June 30, 2024, from RMB 22,244,326,000 as of December 31, 2023[35] - Total liabilities rose by 13.83% to RMB 28,027,447,000 as of June 30, 2024, compared to RMB 24,623,070,000 as of December 31, 2023[36] - Leverage ratio increased to 42.74% as of June 30, 2024, from 40.03% as of December 31, 2023[36] - Outstanding bank loans and other borrowings totaled RMB 12,543,162,000 as of June 30, 2024, up from RMB 9,767,317,000 as of December 31, 2023[32] - Fixed-rate interest-bearing bank loans and other borrowings accounted for 54.85% of total interest-bearing borrowings as of June 30, 2024, down from 57.74% as of December 31, 2023[32] - Non-current assets increased by 14.86% to RMB 38,858,227,000 as of June 30, 2024, compared to RMB 33,830,534,000 as of December 31, 2023[34] - Current assets grew by 5.08% to RMB 13,699,314,000 as of June 30, 2024, from RMB 13,036,862,000 as of December 31, 2023[34] - Total assets increased to RMB 40,273,504 thousand as of June 30, 2024, compared to RMB 34,623,705 thousand at the end of 2023[87] - Net current liabilities rose to RMB 1,415,277 thousand from RMB 793,171 thousand at the end of 2023[87] - Non-current assets grew to RMB 38,858,227 thousand, up from RMB 33,830,534 thousand at the end of 2023[86] - Property, plant, and equipment increased to RMB 17,942,129 thousand from RMB 16,495,003 thousand at the end of 2023[86] - Other intangible assets surged to RMB 16,005,177 thousand, compared to RMB 12,550,869 thousand at the end of 2023[86] - Current assets totaled RMB 13,699,314 thousand, up from RMB 13,036,862 thousand at the end of 2023[86] - Total equity increased to RMB 24,530,094 thousand from RMB 22,244,326 thousand at the end of 2023[87] - Comprehensive reserves grew to RMB 9,999,703 thousand, compared to RMB 8,516,038 thousand at the end of 2023[88] - Net profit for the period was RMB 412,379 thousand[88] - Total comprehensive income for the period was RMB 632,768 thousand[88] - Total equity as of June 30, 2024, reached RMB 21,015,949,000, compared to RMB 20,047,452,000 at the beginning of the year, reflecting a growth of 4.8%[89] - Net profit for the period amounted to RMB 252,858,000, with a significant contribution from other comprehensive income of RMB 136,797,000[89] - The company issued permanent capital instruments worth RMB 999,056,000 during the period, strengthening its financial position[89] - Total comprehensive income for the period was RMB 194,770,000, driven by a profit of RMB 116,061,000 and other comprehensive income adjustments[89] - The company paid dividends of RMB 130,816,000 for the year 2022, reflecting a commitment to shareholder returns[89] - The company's reserves stood at RMB 8,229,190,000 as of June 30, 2024, slightly down from RMB 8,281,297,000 at the end of 2022[89] Cash Flow and Financing Activities - Cash and cash equivalents decreased by 23.56% to RMB 2,229,078,000, primarily due to increased cash outflows from investment activities[30] - The company plans to issue ultra-short-term financing bills not exceeding RMB 10 billion and corporate bonds not exceeding RMB 6 billion[59] - The company issued the first tranche of ultra-short-term financing bills in 2024 with a face value of RMB 1 billion, a term of 89 days, and an annual interest rate of 2.28%[61] - The company issued the second tranche of ultra-short-term financing bills in 2024 with a face value of RMB 1 billion, a term of 60 days, and an annual interest rate of 1.78%[61] - Issued RMB 1 billion in ultra-short-term financing notes with a 180-day term and an annual interest rate of 1.88% on May 11, 2024[62] - Issued RMB 1 billion in ultra-short-term financing notes with a 267-day term and an annual interest rate of 1.85% on June 5, 2024[62] - Issued RMB 1 billion in medium-term notes with a 3-year term and an annual interest rate of 2.30% on May 15, 2024[63] - Issued RMB 1 billion in medium-term notes with a 3-year term and an annual interest rate of 2.26% on June 14, 2024[63] - Approved the issuance of up to RMB 2 billion in perpetual corporate bonds and up to RMB 6 billion in medium-term notes during the 2024 first extraordinary general meeting[65][66] - Completed the placement of 132 million new H shares at HKD 13.20 per share, raising approximately HKD 1.7424 billion in gross proceeds and HKD 1.7253 billion in net proceeds[67] - As of June 30, 2024, approximately HKD 216.29 million of the placement proceeds remained unused, with no significant changes expected in the use of funds[67] - Issued the fifth tranche of ultra-short-term financing bills on July 11, 2024, with a face value of RMB 1 billion, a 90-day term, and an annual interest rate of 1.72%[71] - Issued the third tranche of medium-term notes (innovation notes) on August 21, 2024, with a face value of RMB 1 billion, a 3-year term, and an annual interest rate of 2.27%[74] - Cash flow from operating activities for the six months ended June 30, 2024, was RMB 30,440,000, a significant improvement from a negative RMB 463,336,000 in the same period last year[90] - Cash outflow from operating activities was RMB 199,078,000, primarily due to income tax payments of RMB 229,518,000[90] - Investment activities resulted in a net cash outflow of RMB 4,100,130 thousand, primarily due to the purchase of a subsidiary for RMB 2,942,238 thousand and property, plant, and equipment for RMB 881,546 thousand[91] - Financing activities generated a net cash inflow of RMB 3,614,050 thousand, driven by new bank and other borrowings of RMB 84,852,277 thousand and new corporate bonds of RMB 1,998,113 thousand[91] - Cash and cash equivalents decreased by RMB 685,158 thousand, with the ending balance at RMB 2,229,078 thousand compared to RMB 6,342,573 thousand in the same period last year[92] Strategic Investments and Acquisitions - The company completed the acquisition of 100% equity in Tietto Minerals Limited and the controlling stake in the Komahun Gold Mine, expanding its presence in the West African mining market[20] - Geological exploration investment amounted to RMB 42 million, adding 14.31 tons of gold metal reserves[20] - The company plans to focus on production organization to increase output and efficiency, particularly at key mines such as Xiadian, Dayingezhuang, and Zaozigou, aiming to improve recovery rates and expand production capacity[42] - The company will accelerate the construction of key projects, including the Ruihai Mining project and capacity expansion projects at Xiadian and Dayingezhuang mines, to ensure timely completion and operational effectiveness[42] - The company aims to enhance resource reserves by increasing geological exploration efforts and accelerating mergers and acquisitions of mining rights in key domestic and overseas areas[42] - The company will continue to implement ESG principles, focusing on safety, green development, compliance, and harmonious operations to improve overall operational quality[42] - The company successfully acquired a 90.52% stake in Tietto Minerals Limited for AUD 651,864,000 (RMB 3,081,164,000), enhancing its overseas operations and profitability[122] - Tietto Minerals contributed RMB 197,984,000 to the company's revenue and RMB 18,214,000 to its consolidated profit for the six months ending June 30, 2024[126] Shareholder and Management Information - As of June 30, 2024, the total number of shareholders is 1,271, with 2 holding domestic shares and 1,269 holding H-shares[45] - Shandong Zhaojin Group Co., Ltd. holds 18.18% of the company's registered capital, with 93.58% of the total domestic shares and 18.89% of the total H-shares[47] - Zijin Mining Group Co., Ltd. holds 19.22% of the company's registered capital, with 23.86% of the total H-shares[47] - Van Eck Associates Corporation, as the investment manager for VanEck Gold Miners ETF, holds 6.37% of the company's registered capital and 7.91% of the total H-shares[48] - State Street Bank & Trust Company holds 5.63% of the company's registered capital and 6.99% of the total H-shares, with shares available for lending[48] - Key executives, including Chairman Jiang Guipeng and Executive Director Duan Lei, hold small percentages of H-shares, with Jiang Guipeng holding 0.004% and Duan Lei holding 0.0007% of the total H-shares[51] - The company has a total of 6,801 employees as of June 30, 2024[59] - The company proposed a final dividend of RMB 0.04 per share (pre-tax) for the year ended December 31, 2023[59] - The company's directors, supervisors, and senior management hold shares and related interests as disclosed under the Securities and Futures Ordinance[52] - The company's total remuneration for key management personnel increased to RMB 6,044 thousand from RMB 4,693 thousand[139] Market and Price Trends - The average price of Au9999 gold on the Shanghai Gold Exchange was RMB 514.12 per gram, an increase of 18.98% compared to the same period last year[19] - The London spot gold price reached USD 2,330.90 per ounce at the end of June, an increase of 12.34% from the beginning of the year[19] - Revenue from gold sales accounted for 92.9% of total revenue, reaching RMB 4,299,037 thousand[102] - Mainland China contributed RMB 4,557,731 thousand to total revenue, representing 98.5% of total revenue[104] - Revenue recognized at a point in time was RMB 4,704,440 thousand, accounting for 98.5% of total revenue[104] - Total revenue for the first half of 2024 reached RMB 3,446,912 thousand, with gold mining contributing RMB 3,163,084 thousand, copper mining contributing RMB 127,866 thousand, and other segments contributing RMB 155,962 thousand[106] - Revenue from mainland China accounted for RMB 3,535,171 thousand, while overseas revenue was RMB 7,963 thousand[106] Financial Instruments and Fair Value - The fair value of financial assets and liabilities as of June 30, 2024, shows a total of RMB 2,137,759 thousand, with RMB 1,542,886 thousand classified as Level 1, RMB 326,105 thousand as Level 2, and RMB 268,768 thousand as Level 3[148] - The fair value of financial liabilities as of June 30, 2024, totals RMB 13,002,558 thousand, including RMB 4,858,398 thousand for interest-bearing bank and other borrowings and RMB 8,144,160 thousand for corporate bonds[142] - The fair value of financial assets as of June 30, 2024, includes RMB 574,291 thousand for equity investments designated at fair value through other comprehensive income and RMB 1,264,533 thousand for financial assets at fair value through profit or loss[148] - The sensitivity analysis indicates that a 1% increase/decrease in the discount rate would result in a decrease/increase in fair value by RMB 2,026,000 and RMB 2,083,000, respectively, for financial assets included in other long-term assets[147] - The fair value of non-listed equity investments is estimated using market-based valuation techniques, with adjustments made for liquidity and size differences among comparable companies[144] - The fair value of financial assets measured at fair value through other comprehensive income (FVTOCI) is RMB 656,878 thousand for equity investments[150] - The fair value of financial assets measured at fair value through profit or loss (FVTPL) is RMB 1,500,538 thousand, with RMB 1,166,842 thousand in Level 1
招金矿业(01818) - 2024 - 中期财报