广东明珠(600382) - 2024 Q2 - 季度业绩预告

Key Highlights Guangdong Mingzhu expects a significant year-on-year decrease of 77% to 79% in net profit attributable to shareholders and 56% to 60% in non-recurring net profit for H1 2024, primarily due to operational factors (decreased iron concentrate sales) and non-operating gains/losses (increased financial expenses, compensation payments, stock investment losses) Key Financial Data for H1 2024 Performance Forecast | Indicator | Estimated Amount (million yuan) | YoY Change (million yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 29.2210 - 32.2969 | Decrease 111.2853 - 108.2094 | Decrease 79% - 77% | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Gains/Losses | 48.1027 - 53.1661 | Decrease 71.7504 - 66.6870 | Decrease 60% - 56% | I. Current Period Performance Forecast The company forecasts H1 2024 net profit attributable to parent company shareholders to be 29.2210 million to 32.2969 million yuan, a 77% to 79% year-on-year decrease, and non-recurring net profit to be 48.1027 million to 53.1661 million yuan, a 56% to 60% year-on-year decrease; this forecast is unaudited (I) Performance Forecast Period The performance forecast period covers January 1 to June 30, 2024 - The performance forecast period is from January 1, 2024, to June 30, 2024[18] (II) Performance Forecast Details The company provides detailed financial projections for net profit and non-recurring net profit for the first half of 2024 H1 2024 Performance Forecast | Indicator | Estimated Amount (million yuan) | YoY Change (million yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 29.2210 - 32.2969 | Decrease 111.2853 - 108.2094 | Decrease 79% - 77% | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Gains/Losses | 48.1027 - 53.1661 | Decrease 71.7504 - 66.6870 | Decrease 60% - 56% | (III) Unaudited Performance Forecast Data The performance forecast data presented has not been audited by a certified public accountant - This performance forecast data has not been audited by a certified public accountant[19] II. Performance for the Same Period Last Year For H1 2023, the company reported net profit attributable to parent company shareholders of 140.5062 million yuan, non-recurring net profit of 119.8531 million yuan, and earnings per share of 0.18 yuan H1 2023 Performance | Indicator | Amount (million yuan) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 140.5062 | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Gains/Losses | 119.8531 | | Earnings Per Share | 0.18 yuan | III. Main Reasons for Current Period Performance Decrease The performance decrease is primarily due to a combination of operational factors, including reduced iron concentrate sales from Mingzhu Mining, and non-operating factors such as decreased financing income amortization, increased securities compensation payments, and stock investment losses - The main reasons for the performance decrease include a decline in iron concentrate sales from Mingzhu Mining and the impact of non-operating gains and losses[6][21][22] (I) Operational Factors: Decline in Iron Concentrate Sales The decline in iron concentrate sales is attributed to safety rectifications at Mingzhu Mining's tailings pond, prolonged rainy season, and reduced ore reserves with increased mining difficulty - The wholly-owned subsidiary Mingzhu Mining's iron concentrate sales are expected to decrease by approximately 41.39% year-on-year for the current period[11] - The main reasons for the sales decline include production suspension due to safety rectifications at the tailings pond, a prolonged rainy season in the first half of the year, and reduced iron ore reserves with increased mining and beneficiation difficulty within the existing open-pit boundary[7][11][22] 1. Production Suspension Due to Tailings Pond Safety Rectification Mingzhu Mining halted iron concentrate production from June 7, 2024, for safety rectifications of its tailings pond, with the report awaiting provincial approval - Mingzhu Mining ceased iron concentrate production from June 7, 2024, due to safety rectifications of its tailings pond[7] - As of July 3, 2024, the rectification report has been submitted to the Provincial Emergency Management Department for approval[7] 2. Rainy Season Impact on Mining and Stripping Operations The prolonged rainy season in Guangdong during H1 2024 adversely affected mining and stripping operations - The prolonged rainy season in Guangdong during the first half of 2024 had a certain impact on mining and stripping operations[11] 3. Reduced Iron Ore Reserves and Increased Mining Difficulty Mingzhu Mining faces challenges from dwindling iron ore reserves within its existing open-pit boundary and increasing mining and beneficiation difficulty - Mingzhu Mining's existing open-pit boundary has limited iron ore reserves, leading to increased mining and beneficiation difficulty[11] (II) Impact of Non-Operating Gains and Losses Non-operating factors contributing to the performance decrease include reduced amortization of financing income, increased securities compensation payments, and losses from stock investments - The company expects to amortize 14.13 million yuan in unrecognized financing income from the equity transfer receivables from Chengyun Company, a decrease of 13.32 million yuan compared to the same period last year, leading to an increase in financial expenses for H1 2024[11] - Expenditures for investor compensation claims related to securities misrepresentation disputes are expected to increase in H1 2024 compared to the same period last year[22] - Due to fluctuations in the stock price of Guangdong Hongtu held by the company, a fair value change loss of 14.24 million yuan from stock investments is expected to be recognized in H1 2024[12] 1. Decrease in Amortization of Financing Income from Equity Transfer Receivables A reduction in the amortization of unrecognized financing income from equity transfer receivables led to increased financial expenses for H1 2024 - The company expects to amortize 14.13 million yuan in unrecognized financing income from the equity transfer receivables from Chengyun Company, a decrease of 13.32 million yuan compared to the same period last year, leading to an increase in financial expenses[11] 2. Increase in Securities Misrepresentation Liability Compensation Payments Expenditures for investor compensation claims related to securities misrepresentation disputes are projected to increase in H1 2024 - Expenditures for investor compensation claims related to securities misrepresentation disputes are expected to increase in H1 2024 compared to the same period last year[22] 3. Fair Value Change Loss from Stock Investments Fluctuations in the stock price of Guangdong Hongtu are expected to result in a fair value change loss from stock investments for H1 2024 - Due to fluctuations in the stock price of Guangdong Hongtu held by the company, a fair value change loss of 14.24 million yuan from stock investments is expected to be recognized in H1 2024[12] IV. Risk Warning This performance forecast is based on preliminary calculations and is unaudited; final financial data will be subject to the officially disclosed 2024 semi-annual report, and investors should exercise caution - This performance forecast represents preliminary calculations by the company's financial department and has not been audited by a certified public accountant[24] - The final accurate financial data will be based on the company's officially disclosed 2024 semi-annual report[24] - Investors are advised to make rational decisions and be aware of investment risks[24] V. Other Explanatory Matters The company designates specific media for information disclosure, and all official company information will be based on announcements published therein - The company's designated information disclosure media are China Securities Journal, Shanghai Securities News, Securities Times, and the Shanghai Stock Exchange website[24] - All company-related information shall be based on announcements published in the aforementioned designated media[24]