Share Capital and Shareholders - The company's total share capital as of June 30, 2023, was 864,249,091 shares, consisting of 566,975,091 domestic shares (65.60%) and 297,274,000 H-shares (34.40%)[3] - Following the issuance of 319,772,164 H-shares on August 18, 2023, the company's registered share capital increased to 1,184,021,255 shares, comprising 566,975,091 domestic shares and 617,046,164 H-shares[3] - Non-executive director Mr. Wang Guanran holds 185,339,000 domestic shares (32.69% of domestic shares) and 319,772,164 H-shares (107.57% of H-shares) through controlled entities, representing 21.45% and 37.00% of total share capital respectively[6][7][8] - Daren Investment Management Group holds 185,339,000 domestic shares (32.69% of domestic shares) and 319,772,164 H-shares (107.57% of H-shares), representing 21.45% and 37.00% of total share capital respectively[10][11] - Lingbao State-owned Assets Management Co., Ltd. holds 73,540,620 domestic shares, representing 12.97% of domestic shares and 8.51% of total share capital[10] - Shanghai Zhengxi Investment Management Partnership holds 57,000,000 domestic shares, representing 10.05% of domestic shares and 6.60% of total share capital[10] - Daren Investment's shareholding increased to approximately 42.7% after the completion of the subscription on August 18, 2023[95] - The company's registered share capital increased to 1,184,021,255 shares following the completion of the subscription on August 18, 2023[119] - The net proceeds from the subscription were approximately HKD 265,600,000 (equivalent to RMB 244,328,000)[119] Financial Performance - The company did not hold any significant investments or make any significant acquisitions or disposals of subsidiaries or associates as of June 30, 2023[1] - The company has no plans for significant acquisitions, investments, or capital assets beyond those disclosed in the report[1] - No interim dividend was declared for the six months ended June 30, 2023[13] - The company's capital expenditure for the period was approximately RMB 201.619 million, an increase of 113.98% compared to RMB 94.222 million in the same period of 2022[31] - The company had a net current liability of RMB 1.111 billion and capital commitments of RMB 432 million as of June 30, 2023[30] - The company had 4,117 employees as of June 30, 2023, compared to 4,176 employees as of December 31, 2022[32] - Employee costs, including director remuneration, were approximately RMB 164 million for the period, compared to RMB 305 million as of December 31, 2022[32] - The company's external auditor, KPMG, reviewed the unaudited interim financial report for the six months ended June 30, 2023, in accordance with Hong Kong Standard on Review Engagements 2410[18] - The company maintains a prudent treasury and funding policy, with surplus funds deposited as cash in licensed banks and financial institutions[33] - The company has no significant contingent liabilities as of June 30, 2023[32] - The company's audit committee consists of four independent non-executive directors and one non-executive director[18] - The company's articles of association were revised following the completion of the H share issuance, and the new articles were uploaded to the HKEX and the company's website[20] - Revenue for the six months ended June 30, 2023, was RMB 5,838,583 thousand, an increase from RMB 3,882,803 thousand in the same period last year[126] - Gross profit for the six months ended June 30, 2023, was RMB 355,376 thousand, compared to RMB 411,512 thousand in the same period last year[126] - Net profit attributable to equity shareholders of the company for the six months ended June 30, 2023, was RMB 140,352 thousand, down from RMB 179,361 thousand in the same period last year[126] - Total liabilities as of June 30, 2023, were RMB 886,076 thousand, up from RMB 838,739 thousand as of December 31, 2022[121] - The company's total payable debts and notes as of June 30, 2023, were RMB 705,269 thousand, up from RMB 651,440 thousand as of December 31, 2022[121] - The company's total current liabilities as of June 30, 2023, were RMB 270,677 thousand, up from RMB 248,192 thousand as of December 31, 2022[121] - The company's total non-current liabilities as of June 30, 2023, were RMB 455,161 thousand, up from RMB 384,122 thousand as of December 31, 2022[121] - Net profit for the six months ended June 30, 2023, was RMB 120,467 thousand, a decrease from RMB 180,902 thousand in the same period last year[128] - Total comprehensive income for the six months ended June 30, 2023, was RMB 88,567 thousand, down from RMB 135,694 thousand in the previous year[128] - Property, plant, and equipment as of June 30, 2023, amounted to RMB 1,781,503 thousand, slightly lower than RMB 1,814,683 thousand as of December 31, 2022[129] - Inventory as of June 30, 2023, increased to RMB 1,464,755 thousand from RMB 1,280,758 thousand as of December 31, 2022[129] - Cash and cash equivalents as of June 30, 2023, stood at RMB 215,739 thousand, up from RMB 173,010 thousand as of December 31, 2022[129] - Total assets minus current liabilities as of June 30, 2023, were RMB 2,633,597 thousand, compared to RMB 2,405,582 thousand as of December 31, 2022[129] - Non-current liabilities as of June 30, 2023, increased to RMB 646,420 thousand from RMB 507,000 thousand as of December 31, 2022[131] - Equity attributable to the company's shareholders as of June 30, 2023, was RMB 2,219,946 thousand, up from RMB 2,104,393 thousand as of December 31, 2022[131] - Non-controlling interests as of June 30, 2023, were RMB (232,769) thousand, compared to RMB (205,811) thousand as of December 31, 2022[131] - Total equity increased to RMB 2,219,946 thousand as of June 30, 2023, up from RMB 2,104,393 thousand at the beginning of the year[133] - Net profit for the six months ended June 30, 2023, was RMB 140,352 thousand, compared to RMB 60,861 thousand for the same period in 2022[133] - Cash generated from operating activities increased to RMB 214,868 thousand for the six months ended June 30, 2023, from RMB 171,778 thousand in the same period in 2022[135] - Cash used in investing activities was RMB 167,687 thousand for the six months ended June 30, 2023, compared to RMB 98,239 thousand in the same period in 2022[135] - Cash and cash equivalents at the end of June 30, 2023, stood at RMB 230,191 thousand, slightly down from RMB 232,025 thousand at the end of June 30, 2022[135] - The company's retained earnings increased to RMB 1,048,828 thousand as of June 30, 2023, up from RMB 910,405 thousand at the end of 2022[133] - Exchange reserve decreased to RMB (71,355) thousand as of June 30, 2023, from RMB (46,528) thousand at the end of 2022[133] - The company's total comprehensive income for the six months ended June 30, 2023, was RMB 115,525 thousand, compared to RMB 32,777 thousand for the same period in 2022[133] - The company's non-controlling interests decreased to RMB (232,769) thousand as of June 30, 2023, from RMB (205,811) thousand at the end of 2022[133] - The company's share capital remained unchanged at RMB 172,850 thousand as of June 30, 2023[133] - The company has net current liabilities of RMB 1,111,000,000 and capital commitments of RMB 432,000,000 as of June 30, 2023[138] - The company's operating cash flow for the six months ended June 30, 2023 was RMB 215,000,000[139] - The company's cash and cash equivalents, bank deposits with maturity over three months, and pledged deposits amounted to RMB 216,000,000, RMB 14,000,000, and RMB 1,430,000,000 respectively as of June 30, 2023[139] - The company's major shareholder, Daren Investment Management Group, completed the subscription of 319,772,164 H shares on August 18, 2023, raising approximately HKD 266,000,000[140] - Daren Investment has committed to providing necessary financial support to ensure the company's continued operation for at least 12 months from June 30, 2023[140] - The company has uncommitted and undrawn bank facilities of RMB 273,000,000 related to unsecured bank borrowings as of June 30, 2023[140] - The company's management is actively negotiating with banks to draw down undrawn bank facilities and renew or extend existing bank facilities[140] - The company's financial statements are prepared on a going concern basis, assuming the success of the aforementioned plans and measures[141] - The company's financial statements for the six months ended June 30, 2023 are unaudited but have been reviewed by KPMG[146] - The company has four reportable segments: Mining - China, Mining - Kyrgyzstan, Smelting, and Retail[149][150][151][152] - Revenue from external customers for the six months ended June 30, 2023, was RMB 5,838,583 thousand, compared to RMB 3,882,803 thousand in the same period last year[156] - Revenue from gold sales increased to RMB 5,639,239 thousand in 2023 from RMB 3,782,195 thousand in 2022[159] - Revenue from other metal sales rose to RMB 191,375 thousand in 2023 from RMB 86,586 thousand in 2022[159] - Reported segment profit for the six months ended June 30, 2023, was RMB 374,983 thousand, down from RMB 399,701 thousand in 2022[156] - Impairment losses on right-of-use assets amounted to RMB 17,519 thousand in 2022, with no impairment in 2023[160] - Finance costs increased to RMB 86,286 thousand in 2023 from RMB 58,759 thousand in 2022[160] - Income tax expense for the six months ended June 30, 2023, was RMB 74,379 thousand, up from RMB 62,213 thousand in 2022[161] - The company's subsidiary, Huatai Gold, enjoys a preferential income tax rate of 15% as a high-tech enterprise[162] - Basic earnings per share for the six months ended June 30, 2023, were RMB 140,352,000, compared to RMB 179,361,000 for the same period in 2022[163] - The company acquired property, plant, and equipment worth RMB 35,627,000 and increased construction in progress by RMB 126,080,000 during the six months ended June 30, 2023[165] - Inventory as of June 30, 2023, totaled RMB 1,464,755,000, up from RMB 1,280,758,000 as of December 31, 2022[166] - The company added exploration and evaluation assets and mining rights worth RMB 3,507,000 and RMB 61,367,000, respectively, during the six months ended June 30, 2023[171] - The cost of inventories sold during the six months ended June 30, 2023, was RMB 5,389,049,000, compared to RMB 3,483,563,000 for the same period in 2022[173] - Accounts receivable and other receivables (net of impairment) as of June 30, 2023, amounted to RMB 123,213,000, down from RMB 172,342,000 as of December 31, 2022[175] - Cash and cash equivalents as of June 30, 2023, were RMB 215,739,000, up from RMB 173,010,000 as of December 31, 2022[180] - Short-term bank and other borrowings increased to RMB 3,606,050 thousand as of June 30, 2023, compared to RMB 3,571,749 thousand as of December 31, 2022[181] - Long-term bank and other borrowings increased to RMB 170,000 thousand as of June 30, 2023, compared to RMB 100,000 thousand as of December 31, 2022[181] - Total bank and other borrowings amounted to RMB 3,776,050 thousand as of June 30, 2023, up from RMB 3,671,749 thousand as of December 31, 2022[181] - Bank and other borrowings due within one year or on demand stood at RMB 3,606,050 thousand as of June 30, 2023, compared to RMB 3,571,749 thousand as of December 31, 2022[182] - Bank and other borrowings due after one year but within two years increased to RMB 170,000 thousand as of June 30, 2023, from RMB 100,000 thousand as of December 31, 2022[182] - Secured bank and other borrowings amounted to RMB 1,803,000 thousand as of June 30, 2023, up from RMB 1,705,390 thousand as of December 31, 2022[182] - Guaranteed bank and other borrowings stood at RMB 829,990 thousand as of June 30, 2023, compared to RMB 826,359 thousand as of December 31, 2022[182] - Unsecured bank and other borrowings were RMB 1,143,060 thousand as of June 30, 2023, slightly up from RMB 1,140,000 thousand as of December 31, 2022[182] - The maximum guarantee amount provided by Daren Investment was RMB 995,000 thousand as of June 30, 2023[185] - The maximum guarantee amount provided by Tongbai Xingyuan Mining Co., Ltd. was RMB 190,000 thousand as of June 30, 2023[185] Mining and Production - Total gold reserves and resources as of June 30, 2023, were approximately 138.47 tons (4,451,811 ounces)[56] - Mining segment revenue increased by 24.81% to approximately RMB 1,246,110 thousand compared to the same period in 2022[59] - Gold concentrate production increased by 99 kg to 2,556 kg, while doré gold production decreased by 8 kg to 368 kg[59] - Gold bar production increased by 3,847 kg (123,712 ounces) to 13,018 kg (418,555 ounces) compared to the same period in 2022[62] - Overall revenue increased by 50.37% to approximately RMB 5,838,583 thousand compared to the same period in 2022[62] - Net profit for the period was approximately RMB 120,467 thousand, compared to RMB 180,902 thousand in the same period in 2022[62] - Basic earnings per share were RMB 0.16, compared to RMB 0.21 in the same period in 2022[62] - Mining segment revenue from China was approximately RMB 1,177,612 thousand, and from Kyrgyzstan was approximately RMB 68,498 thousand[59] - The mining segment's overall production and sales volume increased by approximately 3.21% compared to the same period in 2022[62] - The mining division's total profit for the period was approximately RMB 404.156 million, an increase of 14.93% compared to the same period in 2022[65] - Domestic mining profit in China increased by 49.14% year-on-year, reaching approximately RMB 519.190 million, driven by improved production efficiency and increased output[65] - The Kyrgyzstan mining division recorded a loss of RMB 115.034 million due to inventory write-downs of RMB 99.721 million, compared to a profit of RMB 3.549 million in the same period last year[66] - Gold concentrate and doré production in the first half of 2023 reached 2,682 kg, an increase of 169 kg, representing a growth of 6.73% year-on-year[65] - The smelting division's total revenue increased by 50.49% to approximately RMB 5.862 billion, driven by higher production and sales of gold ingots[69] - The smelting division recorded a loss of RMB 28.707 million, compared to a profit of RMB 48.162 million in the same period last year, due to gold price fluctuations[70] - The company's overall revenue increased by 50.37% to approximately RMB 5.839 billion, primarily due to increased gold ingot production from purchased doré[71] - Gross profit margin decreased to 6.09% from 10.6% in the previous year, impacted by inventory write-downs in the Kyrgyzstan mining division and losses in the smelting division[72] - Gold ingot sales volume reached 13,018 kg, with an average selling price of RMB
灵宝黄金(03330) - 2023 - 中期财报