YCC(000878)2024-08-29 11:41Financial Performance - The company's revenue for the first half of 2024 was 852.71 billion RMB, showing a significant increase compared to previous years[18]. - The return on equity (ROE) for the first half of 2024 was reported at 7.19%[18]. - The company reported a total profit of 18.41 billion RMB for the year 2022, with a steady growth trend observed in recent years[18]. - The company's operating revenue for the reporting period was ¥85,271,287,914.73, representing a 20.45% increase compared to ¥70,793,840,554.88 in the same period last year[37]. - The net profit attributable to shareholders was ¥1,059,251,192.52, up 4.87% from ¥1,010,018,905.05 year-on-year[37]. - The company achieved a revenue of CNY 85.271 billion in the first half of 2024, representing a year-on-year growth of 20.45%[47]. - The total profit for the same period was CNY 1.841 billion, an increase of 15.48% year-on-year, while the net profit attributable to shareholders was CNY 1.059 billion, up by 4.87%[47]. - The company reported a weighted average return on equity of 7.37%, slightly up by 0.02 percentage points from 7.35% in the previous year[37]. Assets and Liabilities - As of June 2024, the total assets of the company reached 530.81 billion RMB, with a net profit attributable to shareholders of 10.59 billion RMB[18]. - Total assets at the end of the reporting period reached ¥53,081,195,683.50, marking a 34.79% increase from ¥39,380,370,960.71 at the end of the previous year[37]. - The net assets attributable to shareholders were ¥14,423,064,083.81, reflecting a 3.69% increase from ¥13,909,247,295.42[37]. - Cash and cash equivalents increased by 30.46% to ¥8,469,031,462.51, primarily due to an increase in advance payments for products[53]. - Total liabilities increased significantly, with contract liabilities rising by 559.92% to ¥3,371,730,843.61, reflecting increased advance payments[53]. - The company's total liabilities increased to ¥35.35 billion, up from ¥22.22 billion, marking an increase of 59.2%[158]. Investment and Capital Expenditure - The company invested CNY 66 million in exploration activities during the reporting period, with copper resource reserves amounting to 969 million tons and a metal content of 3.6247 million tons as of June 2024[48]. - The company’s total investment during the reporting period was ¥1,868,045,200, representing a 62.25% increase compared to ¥1,151,351,725 in the same period last year[67]. - The significant investment in the Southwest Copper Industry relocation project accounted for a major portion of the increase in investment[67]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[59]. Production and Operations - The Southwest Copper relocation project has achieved 84% overall progress, with the electrolytic production system successfully powered on and entering load testing[17]. - The Southwest Copper project is expected to produce 550,000 tons of cathode copper and 140,000 tons of sulfuric acid annually, enhancing the company's production capacity[16]. - The company aims to optimize its smelting layout and enhance competitiveness through the implementation of advanced copper smelting technology in the Southwest Copper project[16]. - The company utilizes advanced smelting technologies across its operations, enhancing production efficiency and reducing costs[45]. Environmental and Sustainability Efforts - The company adheres to various environmental protection laws and regulations, promoting a green and sustainable development model[84]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[83]. - The company has implemented a "zero discharge" policy for industrial wastewater, with some facilities achieving complete reuse of wastewater[93]. - The company has established a comprehensive pollution prevention system, including air, water, solid waste, and noise management protocols[93]. - The company is focusing on energy-saving processes and high-efficiency equipment to reduce carbon emissions during the relocation of Southwest Copper[103]. Risk Management - The company has outlined potential risks and countermeasures in its management discussion and analysis section of the report[28]. - The company faces risks from industry cycles and metal price fluctuations, particularly with copper concentrate spot TC prices declining significantly, impacting profitability[76]. - The company has established a comprehensive financial derivative management system to control various risks, including market, liquidity, credit, operational, and legal risks[73]. Shareholder and Governance - The company held its 2024 first extraordinary general meeting on January 16, 2024, with an investor participation rate of 33.74%[78]. - The company approved a cash dividend of RMB 0.3 per 10 shares, totaling RMB 60,108,849.30, based on a total share capital of 2,003,628,310 shares[81]. - The company has not reported any discrepancies between financial reports prepared under international accounting standards and those under Chinese accounting standards[36]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[128]. Research and Development - Research and development expenditure for the first half of 2024 was CNY 1.364 billion, with 130 patent applications filed and 69 patents granted[48]. - Research and development expenses rose by 23.42% to ¥182.70 million, indicating a focus on innovation and new product development[57]. Market Trends - The average domestic copper price was 74,531.75 CNY/ton, a 9.8% increase compared to the same period in 2023[41]. - The average domestic gold price in the first half of 2024 was 519.48 CNY/g, reflecting a 19.98% year-on-year increase from 432.98 CNY/g in 2023[42]. - The average domestic silver price for the first half of 2024 was 6,764.61 CNY/kg, which is a 27.76% increase compared to 5,294.58 CNY/kg in 2023[42]. Compliance and Auditing - The semi-annual financial report has not been audited[118]. - The company has no violations regarding external guarantees during the reporting period[117]. - There are no major litigation or arbitration matters during the reporting period[120].