Financial Performance - Revenue from continuing operations decreased by approximately 76.0% to approximately RMB 153.6 million for the six months ended June 30, 2024, compared to approximately RMB 641.3 million for the same period in 2023[1] - Gross profit from continuing operations fell by approximately 99.3% to approximately RMB 1.5 million for the six months ended June 30, 2024, down from approximately RMB 224.3 million in the prior year[1] - Loss attributable to owners of the parent from continuing operations increased by approximately 537.0% to approximately RMB 143.4 million for the six months ended June 30, 2024, compared to approximately RMB 22.5 million for the same period in 2023[1] - Basic loss per share from continuing operations was approximately RMB 0.10 for the six months ended June 30, 2024, compared to RMB 0.02 for the same period in 2023[3] - Total loss for the period was approximately RMB 150.7 million for the six months ended June 30, 2024, compared to RMB 18.3 million for the same period in 2023[4] - The company reported a net loss of approximately RMB 150.7 million for the six months ended June 30, 2024, which includes losses from discontinued operations[2] - The company reported a gross loss attributable to equity holders of approximately RMB 143.6 million for the six months ended June 30, 2024[43] - Loss from continuing operations increased from approximately RMB 17.4 million in the first half of 2023 to about RMB 150.5 million in the reporting period[51] - Loss attributable to equity holders of the parent company rose from approximately RMB 22.5 million in the first half of 2023 to about RMB 143.4 million in the reporting period[52] Assets and Liabilities - Total assets decreased to approximately RMB 3,068.1 million as of June 30, 2024, from RMB 3,105.9 million as of December 31, 2023[5] - Current liabilities totaled approximately RMB 3,833.2 million as of June 30, 2024, compared to RMB 3,779.2 million as of December 31, 2023[6] - Non-current liabilities increased to approximately RMB 444.5 million as of June 30, 2024, from RMB 385.2 million as of December 31, 2023[6] - As of June 30, 2024, the group's net current liabilities were approximately RMB 3,647.6 million, compared to RMB 3,537.5 million as of December 31, 2023[7] - The group reported a shareholder deficit of approximately RMB 1,209.6 million as of June 30, 2024[8] - The total assets minus current liabilities were approximately RMB -765.1 million as of June 30, 2024, compared to RMB -673.3 million as of December 31, 2023[7] - The company's debt-to-equity ratio increased to 304.7% as of June 30, 2024, due to significant losses recorded during the reporting period[61] Cash Flow and Financing - The company’s cash and cash equivalents increased to approximately RMB 19.5 million as of June 30, 2024, compared to RMB 10.1 million as of December 31, 2023[5] - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB (145,000) compared to RMB (471,000) for the same period in 2023, indicating an improvement[17] - The financing activities resulted in a net cash outflow of RMB (28,000) for the six months ended June 30, 2024, compared to an inflow of RMB 614,000 in the same period of 2023[17] - The company secured a short-term bank loan of RMB 32.0 million at a fixed annual interest rate of 6.775% for coal purchases, to be repaid by August 15, 2025[69] - The company has committed financial support from Feishang Industrial Group to ensure sufficient liquidity for operations[8] Revenue and Sales - Total revenue from continuing operations for the six months ended June 30, 2024, was RMB 153,619,000, a decrease of 76% from RMB 641,344,000 in the same period of 2023[20] - Coal sales accounted for RMB 153,607,000 of the total revenue, down from RMB 641,229,000 in the previous year, reflecting a significant decline in sales volume[21] - The sales volume of self-produced anthracite coal dropped by about 68.3%, from approximately 1.32 million tons to around 0.42 million tons[44] - The average selling price of self-produced anthracite coal decreased by approximately 24.4%, from RMB 485.1 per ton to RMB 366.7 per ton[44] - The sales revenue from processed coal (including screening and/or washing) decreased from approximately RMB 398.6 million to around RMB 66.6 million, a decline of about 83.3%[45] Costs and Expenses - Labor costs decreased by approximately 58.4% to around RMB 47.0 million, down from RMB 113.0 million in the same period of 2023[47] - The total sales cost dropped by approximately 63.5% to around RMB 152.1 million, compared to RMB 417.0 million in the previous period[46] - The total depreciation expense for the reporting period was approximately RMB 43.7 million, a decrease from RMB 127.8 million for the same period in 2023[34] - Labor costs increased from RMB 85.5 per ton in 2023 to RMB 112.2 per ton in 2024, representing a 31.2% increase[49] - The total unit sales cost for coal mining rose from RMB 284.0 per ton in 2023 to RMB 334.7 per ton in 2024, an increase of 17.9%[49] Operational Challenges and Strategies - The company faced challenges due to complex geological conditions and strict safety and environmental regulations, leading to temporary production halts[43] - The group is implementing measures to improve profitability and cash flow, including expanding coal washing capacity and controlling production costs[8] - The group aims to enhance coal product competitiveness and average selling prices through quality management initiatives[8] - The company anticipates that coal supply will not increase in 2024, with production growth expected to be limited due to various regulatory and operational challenges[64] - The company expects a decline in revenue and a significant increase in consolidated losses attributable to the parent company for the year ending December 31, 2024[65] Shareholder and Corporate Governance - The average number of ordinary shares outstanding was 1,380,546,000 for both periods, indicating no change in share count[18] - The company did not declare or pay any dividends during the reporting period, consistent with the previous period where no dividends were declared[33] - The company has established an audit committee to review and monitor financial reporting procedures, risk management, and internal controls, consisting of three independent non-executive directors[71] - The mid-term report will be published in accordance with the relevant regulations and will be sent to shareholders at an appropriate time[72] - The company expresses gratitude to all employees and management for their efforts and contributions during the reporting period[72]
飞尚无烟煤(01738) - 2024 - 中期业绩