Production and Operations - In the first half of 2021, the company produced approximately 13,500 tons of copper, an increase of 39.55% year-on-year[9]. - The production of cathode copper was about 235,000 tons, a decrease of 2.46% year-on-year[9]. - The company achieved a total output of 515,000 tons of sulfuric acid, exceeding the production plan by 51,600 tons, with a daily increase of 269 tons compared to the previous year[11]. - The iron ore production reached 105,400 tons, reflecting a year-on-year increase of 46.94%[9]. - The company reported copper concentrate production of 3,931 tons and gold production of 205 kilograms from the Copper Green Mountain mine[24]. - At the Fengshan mine, 5,018 cubic meters of development work was completed during the first half of 2021[24]. - The company completed 3,160.2 meters of horizontal drilling and 678 meters of pit exploration at the Copper Green Mountain mine[24]. - The company has made significant progress on the 400,000-ton project, with procurement of related equipment completed and ongoing construction of an intelligent factory[36]. Financial Performance - The company's revenue increased by 39.55% to RMB 16,824,358,000 compared to RMB 12,055,577,000 in the same period last year[34]. - Gross profit for the six months ended June 30, 2021, was approximately RMB 604,220,000, a 117.07% increase from RMB 278,347,000 in the previous period[34]. - The net profit for the period was RMB 134,308,000, compared to a loss of RMB 50,469,000 in the previous year, indicating a turnaround in financial performance[81]. - Basic and diluted earnings per share were RMB 0.71, a recovery from a loss of RMB 0.08 per share in the prior year[81]. - The company reported a pre-tax profit of RMB 201,316 thousand, a significant increase from RMB 67,008 thousand in the previous year[81]. - The company reported a profit attributable to ordinary shareholders of RMB 126,963,000 for the six months ended June 30, 2021, compared to a loss of RMB 13,514,000 in the same period of 2020[122]. Cost Management and Expenditures - The company aims to improve cost control through refined management and has established a cost control working group to enhance budget management[17]. - Total expenditure on exploration, development, and mining activities was approximately RMB 717,896,000, up from RMB 524,751,000 in the previous year[28]. - Employee costs for the six months ended June 30, 2021, totaled approximately RMB 368,513,000, compared to RMB 295,166,000 for the same period in 2020[42]. - The total cost of sales and services provided was RMB 16,220,138,000, compared to RMB 11,777,230,000 in the prior year, reflecting an increase of 37.8%[118]. Assets and Liabilities - As of June 30, 2021, total assets amounted to RMB 8,877,050 thousand, an increase from RMB 8,523,233 thousand as of December 31, 2020, representing a growth of approximately 4.14%[84]. - The company's total equity reached RMB 3,865,106 thousand, up from RMB 3,470,798 thousand, marking an increase of around 11.36%[84]. - The group's total debt as of June 30, 2021, was approximately RMB 8,589,824,000, up from RMB 8,049,175,000 as of December 31, 2020[40]. - The current ratio remained stable at 1.01, with current assets of approximately RMB 8,054,658,000 and current liabilities of approximately RMB 7,995,079,000[39]. - The total liabilities of the company were RMB 5,011,944 thousand, slightly down from RMB 5,052,435 thousand, indicating a decrease of approximately 0.8%[84]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2021, was RMB 1,228,724,000, an increase of 28.6% compared to RMB 955,155,000 for the same period in 2020[95]. - The net cash used in investing activities for the six months ended June 30, 2021, was RMB 911,659,000, compared to a net cash inflow of RMB 251,518,000 in the same period of 2020[95]. - The group has unutilized bank financing of not less than RMB 6,785,930,000 due after June 30, 2022, indicating strong liquidity for future operations[100]. - The group’s total borrowings as of June 30, 2021, were approximately RMB 3,346,537,000, with a current portion of RMB 1,074,504,000[100]. Corporate Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal controls, enhancing corporate governance[67]. - The company has complied with the corporate governance code throughout the reporting period, ensuring adherence to regulatory standards[71]. - The group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2021[44]. - The group did not declare any interim dividends for the six months ended June 30, 2021, consistent with the previous year[49]. Market and Strategic Initiatives - The company is focused on expanding domestic raw material sources and monitoring international market conditions to ensure stable supply chains[17]. - The rare and precious metals sector is expected to become a new profit growth highlight for the company in the future[20]. - The company plans to develop a cobalt salt project with an annual target of 10,000 tons of cobalt metal production, leveraging its current production advantages[13]. - The company has plans for market expansion and new product development, although specific figures were not disclosed in the provided documents[86].
中国大冶有色金属(00661) - 2021 - 中期财报