中广核矿业(01164) - 2024 - 中期业绩

Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately HKD 4,072.65 million, representing an increase of about 39% compared to the same period in 2023[2]. - The profit attributable to the company's owners for the same period was approximately HKD 113.12 million, a decrease of about 37% compared to HKD 179.69 million in 2023[3]. - Basic and diluted earnings per share for the period were approximately HKD 1.49, down from HKD 2.36 in the same period last year, reflecting a decline of about 37%[2]. - The total comprehensive income attributable to the company's owners for the period was HKD 62.36 million, down from HKD 201.55 million in the same period last year[4]. - The company reported a gross loss of HKD 56.43 million for the period, contrasting with a gross profit of HKD 186.66 million in the same period last year[3]. - The company reported significant revenue contributions from major customers, with Customer B1 generating HKD 1,590,838 thousand in the first half of 2024, while Customer C1 contributed HKD 892,345 thousand[20]. - The company incurred a total tax expense of HKD 210,756 thousand for the first half of 2024, compared to HKD 55,795 thousand in the same period of 2023, reflecting a significant increase[22]. - The company reported a profit of HKD 113,122,000 for the six months ended June 30, 2024, compared to HKD 179,692,000 for the same period in 2023, representing a decrease of approximately 37%[32]. - The company’s net profit for the period was HKD 113,000,000, a decrease of approximately 37% compared to the previous year, mainly due to higher income tax expenses[74]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to HKD 7,679.10 million, compared to HKD 6,750.36 million as of December 31, 2023[5]. - Total liabilities increased to HKD 3,733,288 thousand as of June 30, 2024, compared to HKD 2,870,172 thousand as of December 31, 2023, reflecting a rise of approximately 30%[16]. - Non-current assets as of June 30, 2024, were valued at HKD 4,321,487 thousand, slightly down from HKD 4,536,296 thousand as of December 31, 2023[19]. - Current liabilities increased by approximately 59% to HKD 2,210 million from HKD 1,391 million as of December 31, 2023, mainly due to bank borrowings for business expansion[79]. - The company's capital debt ratio (total liabilities/equity) rose to approximately 95% from 74% as of December 31, 2023[81]. Inventory and Cash Management - The company's inventory increased significantly to HKD 1,302.79 million from HKD 697.25 million in the previous year, indicating a rise of approximately 87%[5]. - The company’s cash and bank balances stood at HKD 1,140.32 million, an increase from HKD 1,017.24 million as of December 31, 2023[5]. - Accounts receivable increased to HKD 830,738,000 as of June 30, 2024, from HKD 450,750,000 as of December 31, 2023, reflecting an increase of approximately 84%[34]. - Cash and cash equivalents amounted to HKD 1,140,323,000 as of June 30, 2024, compared to HKD 1,017,239,000 as of December 31, 2023, showing an increase of about 12%[38]. - The group has USD 1,604 million in unutilized credit facilities as of June 30, 2024, providing sufficient cash support for operations[84]. Operational Highlights - The company’s operations are primarily located in China, Kazakhstan, Canada, and the UK, with significant revenue generated from these regions[18]. - The company completed the procurement and sales of 564 tU of uranium products, generating trade revenue of approximately HKD 893 million, with an average sales price of $78.47 per lb U3O8[57]. - The group signed new contracts for the sale of 3,665 tU of natural uranium, with 90% of sales volume coming from European customers[57]. - The group’s share of profits from the Shiyou Company increased by 195% year-on-year to HKD 208 million, attributed to rising uranium prices and increased sales volume[59]. - The group’s share of profits from the Ao Company rose by 481% year-on-year to HKD 234 million, driven by higher uranium prices[60]. Market and Industry Trends - The company anticipates stable growth in natural uranium market demand due to increasing global emphasis on energy security and independence[51]. - In the first half of 2024, the average spot price of natural uranium was $84.38 per lb U3O8, a decrease of 7.3% from the beginning of 2024, while the highest spot price reached $106 per lb U3O8[52]. - The long-term contract price increased by 16.9% to an average of $79.50 per lb U3O8 as of June 2024, driven by supply-side production growth not meeting expectations[52]. - Global uranium production in 2023 was approximately 54,390 tU, an increase of 6.3% compared to 2022[52]. Corporate Governance and Compliance - The unaudited interim financial statements for the six months ending June 30, 2024, have been reviewed by the audit committee and external auditors, confirming compliance with applicable accounting standards and regulations[92]. - The audit committee held one meeting during the reporting period to review financial reporting and internal controls[92]. - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance during the reporting period[93]. - The roles of the chairman and CEO are separated, with Mr. Wang Xianfeng assuming both roles from July 5, 2024, to ensure leadership consistency[94]. - The company has adhered to all applicable corporate governance code provisions during the reporting period[94].