Financial Performance - The company recorded consolidated operating revenue of RMB 1,157.1 million for the six months ended June 30, 2021, representing an increase of 83.1% compared to RMB 632.1 million for the same period last year[8]. - The net profit attributable to shareholders was RMB 230.9 million, a significant turnaround from a net loss of RMB 62.3 million in the same period last year[8]. - The company's consolidated revenue for the period was RMB 1,157.1 million, an increase of 83.1% compared to RMB 632.1 million in the same period last year[20]. - The consolidated net profit for the period was RMB 228.7 million, a significant improvement from a net loss of RMB 62.6 million in the same period last year[20]. - The basic and diluted earnings per share for the six months ended June 30, 2021, were both RMB 0.104, recovering from a loss of RMB 0.028 in the same period of 2020[105]. - The company's total profit for the six months ended June 30, 2021, was approximately RMB 272.80 million, compared to a loss of RMB 77.90 million in the same period of 2020[103]. - Operating profit for the six months ended June 30, 2021, was approximately RMB 273.40 million, a turnaround from an operating loss of RMB 74.92 million in the same period of 2020[103]. - The total comprehensive income attributable to shareholders for the six months ended June 30, 2021, was approximately RMB 230.88 million, compared to a loss of RMB 62.31 million in the same period of 2020[104]. Sales and Production - The sales volume of electrolytic nickel reached approximately 5,879 tons, an increase of about 51.9% compared to 3,870 tons in the same period last year[8]. - The average selling price of electrolytic nickel and cathode copper was approximately RMB 120,055 per ton and RMB 59,938 per ton, respectively, representing increases of about 33.5% and 57.5% compared to the same period last year[8]. - The sales volume of cathode copper was 4,331 tons, a decrease of 30.7% from 6,248 tons in the same period last year[20]. - The group’s revenue from copper concentrate increased by 322.7% year-on-year to RMB 80.6 million, with an average selling price of RMB 13,290 per ton, up 82.2% compared to the same period last year[35]. - Sales volume of copper concentrate reached 6,066 tons, representing a 132.0% increase year-on-year, driven by significant price and volume increases[35]. - The company plans to produce 5,678 tons of electrolytic nickel and 5,637 tons of cathode copper in the second half of 2021, subject to market conditions[25]. Financial Position - As of June 30, 2021, total assets amounted to RMB 7,335,757,307.09, an increase from RMB 7,263,263,840.26 as of December 31, 2020, reflecting a growth of approximately 1%[98]. - The company reported a total liability of RMB 2,670,606,883.77, a decrease from RMB 2,831,096,346.31 in the previous period, representing a reduction of approximately 6%[98]. - The company's total equity reached RMB 4,665,150,423.32, compared to RMB 4,432,167,493.95 at the end of 2020, reflecting an increase of approximately 5%[98]. - The net debt ratio (net debt to total capital) improved to 22.61% from 26.38% at the end of 2020, reflecting a decrease in net debt[44]. - The total liabilities to equity ratio improved to approximately 57.3% from 63.9%, indicating a stronger financial position[98]. Cash Flow - Cash inflow from operating activities was RMB 301.7 million, up RMB 150.3 million from RMB 151.4 million in the previous year, driven by increased sales prices and volumes of key products[41]. - The net cash flow from operating activities for the six months ended June 30, 2021, was RMB 301,680,990.41, an increase from RMB 151,383,114.42 for the same period in 2020, representing a growth of 99%[108]. - The company raised RMB 528,000,000.00 from financing activities, down from RMB 885,695,172.67 in the prior year, reflecting a decline of about 40.5%[110]. - The total cash and cash equivalents at the end of the period reached RMB 472,300,501.95, compared to RMB 232,464,294.21 at the end of June 2020, marking an increase of approximately 103.5%[110]. Expenditures - The total expenditure for mineral exploration activities during the period was approximately RMB 1.5 million[26]. - The total expenditure for mining development activities during the period was approximately RMB 12.6 million[28]. - The total expenditure for ore extraction activities during the period was approximately RMB 143.4 million[29]. - Capital expenditures for the group totaled RMB 77,622,000, with the mining and smelting operations at Karatung accounting for 55.3% of the total[59]. - The group plans to invest approximately RMB 221.2 million in mining expansion and smelting upgrades at Karatung, and RMB 58.4 million at the Fukang smelting plant[60]. Shareholder Information - The total issued share capital as of June 30, 2021, is 2,210,000,000 shares, with 65.66% being domestic shares and 34.34% being H shares[75]. - Major shareholders include Xinjiang Nonferrous Metals Group with 40.06% of the total share capital[76]. - The board does not recommend any interim dividend for 2021, consistent with 2020[78]. Governance and Compliance - The board consists of nine directors, including two executive directors, four non-executive directors, and three independent non-executive directors, with a meeting attendance rate of 90.91%[5]. - The supervisory board has five members and held two meetings during the period, achieving an attendance rate of 80%[6]. - The company has adopted a standard code for securities trading by directors, supervisors, and senior management, ensuring compliance with regulations[7]. - A non-executive director violated the trading code by selling 5,000,000 shares during the blackout period without prior notification[9]. - The company has implemented remedial measures to prevent future violations, including communication with the involved director and re-distribution of the trading code to all directors[11]. Accounting Policies - The financial statements for the six months ended June 30, 2021, are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[135]. - The company follows a continuous operation basis for preparing financial statements, ensuring compliance with relevant regulations[134]. - The group includes all subsidiaries in the consolidated financial statements, starting from the date of actual control acquisition[141]. - The company recognizes financial assets and liabilities based on their fair value at the time of initial recognition, impacting the overall financial performance[149]. - The group recognizes expected credit losses based on historical data, current conditions, and forecasts of future economic conditions[155].
新疆新鑫矿业(03833) - 2021 - 中期财报