Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of RMB 1,373,300,000, a decrease of 27.9% compared to RMB 1,905,924,000 for the same period in 2023[1][2]. - Operating profit for the six months ended June 30, 2024, was RMB 146,200,000, down from RMB 259,300,000 in the same period of 2023[1][2]. - The profit attributable to equity holders of the company for the six months ended June 30, 2024, was RMB 43,000,000, compared to RMB 130,800,000 for the same period in 2023[1][2]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 1.62, a decrease of RMB 3.52 from RMB 5.14 in the same period of 2023[1][3]. - The company reported a net foreign exchange loss of RMB 74,013,000 for the six months ended June 30, 2024, compared to a net gain of RMB 18,072,000 in the same period of 2023[25]. - The company’s total comprehensive profit before tax for the six months ended June 30, 2024, was RMB 74,014,000, a decline of 60% from RMB 185,722,000 in the same period of 2023[24]. - Net profit after tax for the six months ended June 30, 2024, was RMB 60,800,000, a decrease of 56.6% from RMB 140,100,000 in the same period of 2023[70]. Revenue and Production - External customer revenue for the coal business was RMB 1,373,271,000 for the six months ended June 30, 2024, down from RMB 1,905,924,000 in the same period of 2023, representing a decrease of approximately 28%[19]. - The coal operating and trading volume, as well as commercial coal production, were approximately 2,400,000 tons each, representing a decrease of 10.9% and 1.2% respectively compared to the same period in 2023[1]. - The average coal selling price decreased to RMB 571 per ton in the first half of 2024 from RMB 705 per ton in the same period of 2023, reflecting market price adjustments[65]. - Total commercial coal production for the six months ended June 30, 2024, was 2,387,000 tons, a decrease of 1.16% from 2,415,000 tons in 2023[79]. - The total production of raw coal for the first half of 2024 was 4.427 million tons, compared to 3.724 million tons in the same period of 2023, reflecting a significant increase[78]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 2,514,425,000 as of June 30, 2024, compared to RMB 2,686,365,000 as of December 31, 2023[4]. - Non-current assets, including coal mining rights, were valued at RMB 1,650,902,000 as of June 30, 2024, down from RMB 1,864,159,000 as of December 31, 2023[4]. - The group’s liabilities include a total book value of RMB 2,173,246,000 in other borrowings as of June 30, 2024[10]. - Total liabilities as of June 30, 2024, were RMB 7,182,817,000, a decrease of 4.7% from RMB 7,538,655,000 as of December 31, 2023[22]. - The company’s total other payables included construction payables of approximately RMB 623,431,000 as of June 30, 2024, compared to RMB 633,861,000 as of December 31, 2023[15]. Cash Flow and Financing - The group recorded a net operating cash inflow of approximately RMB 698,780,000 for the reporting period, compared to RMB 999,866,000 for the six months ended June 30, 2023[12]. - The company has issued guarantees for loans amounting to approximately RMB 249,000,000 as of June 30, 2024, down from RMB 259,000,000 as of December 31, 2023[62]. - The company is actively seeking to improve its financial flexibility through diversified funding sources and is in discussions with financial institutions to renew and extend bank borrowings[84]. - The company has not implemented any foreign currency hedging policies despite recognizing potential exchange rate risks[87]. Legal and Regulatory Matters - The group’s ability to continue as a going concern is under significant doubt due to ongoing litigation and financial uncertainties[11]. - The company has engaged external and internal legal counsel to manage pending litigation and mitigate legal risks[12]. - A lawsuit regarding non-controlling shareholders' claims for dividends from Huamei Aoneng has been ongoing, with a claim amounting to approximately RMB 705,860,000[60]. Strategic Developments - The group has entered into a sale agreement to sell 40% of its subsidiary, Liyuan, for RMB 2,950,000,000, which is subject to adjustments[7]. - The company has established a new mining company in Indonesia, holding a 70% stake, following regulatory changes that required a reduction in foreign ownership[41]. - The SDE project officially commenced operations in Q4 2023, with ongoing high-standard and efficient construction of the second SDE mine, indicating progress in the company's international expansion[72]. - The company aims to establish the SDE project as a benchmark for overseas project cooperation among Chinese enterprises[73]. Employee and Governance - The company employed 3,340 employees as of June 30, 2024, and has implemented a performance-based reward system[95]. - The company has adhered to the corporate governance code as stipulated in the listing rules throughout the reporting period[94].
中国秦发(00866) - 2024 - 中期业绩