Financial Performance - Revenue for 2023 reached RMB 8,423,618 thousand, showing an increase compared to previous years[9] - Gross profit for 2023 was RMB 3,370,285 thousand, reflecting a significant rise from RMB 2,655,912 thousand in 2022[9] - Net profit attributable to equity holders of the company for 2023 was RMB 686,430 thousand, up from RMB 401,952 thousand in 2022[9] - Earnings per share (EPS) for 2023 stood at RMB 0.14, compared to RMB 0.07 in 2022[9] - Total assets for 2023 reached RMB 46,867,396 thousand, an increase from RMB 45,887,495 thousand in 2022[10] - Cash and cash equivalents decreased to RMB 2,916,103 thousand in 2023 from RMB 3,583,213 thousand in 2022[10] - Total liabilities for 2023 were RMB 24,623,070 thousand, compared to RMB 25,840,043 thousand in 2022[10] - Net assets increased to RMB 22,244,326 thousand in 2023 from RMB 20,047,452 thousand in 2022[10] - Revenue for 2023 was RMB 8,423,618 thousand, an increase of 6.82% compared to 2022[16] - Net profit for 2023 was RMB 838,418 thousand, an increase of 49.67% compared to 2022[17] - Basic and diluted earnings per share for 2023 were RMB 0.14, an increase of 100% compared to 2022[17] - The company proposed a cash dividend of RMB 0.04 per share for 2023, the same as in 2022[17] - Sales cost decreased by 3.37% to RMB 5,053,333,000 due to reduced buyout gold sales[36] - Gross profit increased by 26.90% to RMB 3,370,285,000, driven by higher gold prices and increased self-produced gold sales[36] - Gross margin improved by 6.33% to 40.01%[36] - Other income and gains decreased by 6.88% to RMB 526,967,000 due to reduced gains from financial instrument settlements[36] - Administrative and other operating expenses increased by 11.44% to RMB 2,132,632,000, mainly due to impairment losses on property, plant, and equipment[37] - Net profit attributable to parent company owners surged by 70.77% to RMB 686,430,000, driven by higher gold prices and improved production management[39] - The company paid a final dividend of approximately RMB 130,816,000 for the fiscal year ended December 31, 2022, and proposed a final dividend of RMB 0.04 per share for 2023[65] - The company's distributable reserves as of December 31, 2023, were approximately RMB 4,379,653,000, with RMB 130,816,000 proposed as the final cash dividend for the year[67] - The company's financial statements for the year ended December 31, 2023, were prepared in accordance with applicable laws and disclosure requirements, reflecting a true and fair view of the company's financial position, performance, and cash flows[178] Gold and Copper Production - The company holds approximately 38.0986 million ounces of gold mineral resources and 15.1806 million ounces of recoverable gold reserves as of December 31, 2023[7] - Gold production in 2023 was 24,684.76 kg, a decrease of 9.75% compared to 2022[15] - Copper production in 2023 was 5,010 tons, an increase of 15.36% compared to 2022[16] - The company achieved a gold production of 24,684.76 kg and a net profit of approximately RMB 838,418,000 in 2023[21] - The company invested RMB 123 million in geological exploration, adding 33.83 tons of gold metal reserves, and completed the acquisition of 3 mining rights in Gansu Beishan, Hebei Fengye, and Sierra Leone[22] - As of the end of 2023, the company's total gold resources amounted to 1,185 tons, with recoverable reserves of 472 tons, according to JORC standards[22] - The company's Xiaodian Gold Mine has a total ore volume of 23.335 Mt and a metal content of 66.53 tons, with a grade of 2.85 g/t[23] - The Ruihai Gold Mine has a total ore volume of 51.370 Mt and a metal content of 249.66 tons, with a grade of 4.86 g/t[23] - The company's Dayingezhuang Gold Mine has a total ore volume of 41.650 Mt and a metal content of 105.50 tons, with a grade of 2.53 g/t[23] - The company's Jintingling Mining has a total ore volume of 1.241 Mt and a metal content of 3.94 tons, with a grade of 3.17 g/t[23] - The company's Zaozigou Gold Mine has a total ore volume of 4.425 Mt and a metal content of 20.49 tons, with a grade of 4.63 g/t[23] - Total gold resources for Zhaojin Mining amount to 528.46 tons (proven + controlled) and 656.55 tons (inferred), with an average grade of 3.69 g/t and 3.43 g/t respectively[25] - Total copper resources for Zhaojin Mining are 135.03 kt (proven + controlled) and 177.57 kt (inferred), with an average grade of 1.18% and 1.02% respectively[25] - The Xiaodian Gold Mine has a total gold resource of 66.53 tons (proven + controlled) and 63.56 tons (inferred), with an average grade of 2.85 g/t and 2.68 g/t respectively[26] - The Dayingezhuang Gold Mine holds 105.50 tons of gold (proven + controlled) and 99.99 tons (inferred), with an average grade of 2.53 g/t and 2.34 g/t respectively[26] - The Qinghe Mining gold resource is 21.70 tons (proven + controlled) and 5.45 tons (inferred), with an average grade of 6.59 g/t and 4.87 g/t respectively[24] - The Longxin Mining gold resource is 6.43 tons (proven + controlled) and 5.86 tons (inferred), with an average grade of 5.28 g/t and 2.75 g/t respectively[24] - The Gansu Xinrui gold resource is 7.79 tons (proven + controlled) and 13.02 tons (inferred), with an average grade of 2.62 g/t and 2.46 g/t respectively[24] - The Tonghui Mining copper resource is 40.75 kt (proven + controlled) and 15.39 kt (inferred), with an average grade of 1.65% and 1.19% respectively[24] - The Dishui Copper Mine has an inferred copper resource of 162.17 kt, with an average grade of 1.01%[25] - The Jintingling Mining gold resource is 3.94 tons (proven + controlled) and 3.82 tons (inferred), with an average grade of 3.17 g/t and 3.02 g/t respectively[26] - Daqinjia Mining's gold ore reserves total 0.234 million tonnes with an average grade of 3.93 g/t, containing 0.92 tonnes of gold[27] - Ruihai Mining's gold ore reserves amount to 51.370 million tonnes with an average grade of 4.86 g/t, containing 249.66 tonnes of gold[27] - Zhaojin Beijiang's gold ore reserves are 0.622 million tonnes with an average grade of 3.73 g/t, containing 2.32 tonnes of gold[27] - Minxian Tianhao's gold ore reserves total 2.912 million tonnes with an average grade of 2.51 g/t, containing 7.31 tonnes of gold[27] - Zhaojin Kunhe's gold ore reserves are 0.137 million tonnes with an average grade of 4.90 g/t, containing 0.67 tonnes of gold[27] - Fengning Jinlong's gold ore reserves amount to 1.727 million tonnes with an average grade of 3.02 g/t, containing 5.22 tonnes of gold[27] - Zaozigou Gold Mine's gold ore reserves total 4.425 million tonnes with an average grade of 4.63 g/t, containing 20.49 tonnes of gold[27] - Liangdang Zhaojin's gold ore reserves are 0.986 million tonnes with an average grade of 2.45 g/t, containing 2.42 tonnes of gold[27] - Zhaojin Baiyun's gold ore reserves total 2.648 million tonnes with an average grade of 3.43 g/t, containing 9.09 tonnes of gold[27] - Qinghe Mining's gold ore reserves amount to 3.293 million tonnes with an average grade of 6.59 g/t, containing 21.70 tonnes of gold[27] - Gold ore consumption in 2023 was 6,456,323 tons with an average grade of 2.37 g/t, and 368 gold exploration drill holes were completed[28] - Copper ore consumption in 2023 was 42,640 tons with an average grade of 1.19%, and 67 copper exploration drill holes were completed[29] - The average recovery rate for gold production mines is approximately 91.31%, with a dilution rate of about 4.03%[32] - The average recovery rate for the copper production mine is approximately 94.89%, with a dilution rate of about 9.52%[34] - Total gold metal reserves for the company amounted to 386.78 tons, with an average grade of 3.20 g/t[28] - Total copper metal reserves for the company amounted to 96.49 kt, with an average grade of 1.11%[28] - Exploration drilling for gold in 2023 totaled 125,396.83 meters, while copper exploration drilling totaled 22,579.20 meters[28][29] Strategic Development and Expansion - The company aims to achieve a "double H" development strategy, targeting half of its production from domestic and half from international sources[7] - The company is recognized as a national high-tech enterprise with leading production technologies and equipment in the gold industry[7] - The company operates in multiple regions across China, with a strong presence in Shandong Province, which is a major gold-producing area[7] - The company's strategic focus includes resource prioritization and scale expansion to enhance competitiveness in the global gold mining industry[7] - The company's gold resources in Zhaoyuan City account for approximately one-tenth of China's total remaining gold resources[7] - The company plans to implement a production expansion plan to enhance the profitability of its core business, focusing on converting capacity into output and output into efficiency[49] - Key projects include the 12,000 tons/day mining and processing at Ruihai Mining, the 8,000 tons/day capacity expansion at Dayingezhuang Gold Mine, and the second-phase infrastructure construction at Jintingling Caogoutou[49] - The company aims to tackle technical challenges such as deep resource mining, refractory ore processing, and tailings management to transform resource advantages into economic benefits[49] - The company will increase exploration efforts in key mining areas, including the Zhaoping Fault Zone and crisis mines, to ensure production continuity[49] - The company will focus on cost reduction in mining, mineral processing, and bulk material consumption to improve efficiency[50] - The company integrates ESG principles into all aspects of production and operations, promoting sustainable development and enhancing core competitiveness[50] - The company emphasizes safety, green practices, innovation, and low-carbon operations to build a modern mine with high efficiency and social recognition[50] Market and Price Trends - The international gold price opened at 2,062.68/oz in 2023, with a yearly average of 2,146.79/oz and a low of $1,804.50/oz[20] - The Shanghai Gold Exchange 9995 gold price opened at RMB 410.20/g, reached a high of RMB 569.40/g, and closed at RMB 480.38/g, with a yearly average of RMB 452.49/g, up 16.31% year-on-year[20] - Revenue for the year increased by 6.82% to RMB 8,423,618,000, driven by higher gold prices[35] Corporate Governance and Leadership - Jiang Guipeng, the company's Chairman, has extensive experience in the mining industry and has received multiple awards, including the first prize of the China Gold Association Science and Technology Award[51] - Duan Lei, the company's Executive Director and Executive President, has a strong background in mining engineering and has received several industry awards[52] - Wang Ligang, the company's Executive Director and Vice President, holds an EMBA degree from Tsinghua University and has extensive experience in corporate governance and investment analysis[52] - Long Yi, aged 48, holds a Ph.D. from Northeastern University and serves as the Non-Executive Director and Vice Chairman of the company, as well as the Vice President of Zijin Mining Group[53] - Li Guanghui, aged 52, is a Non-Executive Director and holds the position of Deputy General Manager at Zhaojin Group, with extensive experience in the mining and jewelry industries[53] - Luan Wenjing, aged 50, is a Non-Executive Director and serves as a member of the Party Committee, Director, and Deputy General Manager at Zhaojin Group, with a background in economics and political work[53] - Chen Jinrong, aged 65, is an Independent Non-Executive Director with expertise in corporate financial management, capital operations, and risk control, and holds multiple academic and professional qualifications[54] - Cai Sicong, aged 65, is an Independent Non-Executive Director with a strong background in securities and business management, holding multiple advanced degrees and professional memberships[54] - Wei Junhao, aged 63, is an Independent Non-Executive Director and a professor at China University of Geosciences, with over 30 years of experience in geological research and mineral exploration[55] - Wei Junhao has led over 100 national, provincial, and enterprise-level projects, significantly contributing to mineral resource discoveries, including adding 20 tons of reserves at the Wulong Gold Mine[55] - Wei Junhao's "Metallogenic Field Theory" is well-regarded in the domestic gold industry, and he has supervised over 150 master's and doctoral students[55] - Mr. Shen Shifu, aged 58, serves as an independent non-executive director and has extensive experience in mineral processing and resource utilization technologies, holding over 20 national patents[56] - Mr. Weng Zhanbin, aged 58, resigned as executive director and chairman in March 2023, with nearly 30 years of experience in the gold production industry and multiple national awards[57] - Mr. Leng Haixiang, aged 53, serves as the chairman of the board of supervisors and has a background in law and government administration[58] - Mr. Hu Jin, aged 48, serves as a shareholder representative supervisor and has extensive experience in auditing and management within the mining industry[59] - Ms. Zhao Hua, aged 47, serves as an employee representative supervisor and has over a decade of experience in financial management[59] - The company's board of directors consists of 11 members, including 4 executive directors, 3 non-executive directors, and 4 independent non-executive directors, representing 36% of the total board members[157][158] - The board held 7 meetings, 2 shareholder meetings, and 2 class meetings during the year, with detailed attendance records provided for each director[159][160] - The board ensures independent opinions by holding annual meetings between the chairman and independent non-executive directors without other directors present[161] - Board meeting notices are sent at least 14 days in advance, and meeting documents are distributed at least 3 days prior to ensure adequate preparation time[161] - Detailed meeting minutes are recorded, including any concerns or objections raised by directors, and are reviewed and confirmed by the chairman or committee chair[161] - The company's Board of Directors consists of 3 non-executive directors and 4 independent non-executive directors, accounting for approximately 63.63% of the total board members[164] - The Nomination and Remuneration Committee held one meeting in 2023, with all members attending in person and no proxy attendance[167] - The company's nomination policy for executive directors focuses on selecting individuals with extensive experience in gold mining and management within the group[168] - The Chairman, Mr. Jiang Guipeng, is responsible for the overall corporate development direction and business strategy of the group in 2023[163] - The CEO, Mr. Duan Lei, is responsible for the daily management and execution of approved strategies of the group in 2023[163] - The Nomination and Remuneration Committee reviewed and approved the "2023 Annual Salary Assessment Measures for the President and Senior Management" in 2023[167] - The company provides directors with sufficient resources to perform their duties, including the ability to hire external consultants at the company's expense when necessary[162] - All directors have access to up-to-date information on regulations and ongoing responsibilities through the Board Secretary/Company Secretary[162] - The company has purchased directors' liability insurance for its board members[162] - The company has a three-year service contract with each non-executive and independent non-executive director[164] - The board composition includes 90.91% male and 9.09% female members, with age groups distributed as 18.18% (41-45), 27.27% (46-50), 18.18% (51-55), 9.09% (56-60), and 27.27% (61-65)[171] - Educational background of board members: 27.27% hold bachelor's degrees, 36.36% hold master's degrees, and 36.36% hold doctoral degrees[171] - Professional experience of board members: 63.
招金矿业(01818) - 2023 - 年度财报