Financial Performance - The company recorded consolidated operating revenue of RMB 1,065.3 million for the six months ended June 30, 2024, representing a 39.5% increase compared to RMB 763.7 million for the same period last year[5]. - The net profit attributable to shareholders was RMB 145.9 million, a decrease of 14.4% from RMB 170.4 million in the same period last year[5]. - Basic earnings per share attributable to shareholders decreased to RMB 0.066, down from RMB 0.077 in the previous year, a decline of RMB 0.011 per share[5]. - The board does not recommend the distribution of an interim dividend for 2024[5]. - The company recorded a revenue of approximately RMB 1,065.3 million, an increase of about 39.5% compared to RMB 763.7 million in the same period last year[10]. - The net profit for the period was approximately RMB 134.0 million, a decrease of about 21.3% from RMB 170.3 million year-on-year[10]. - The total revenue from main business reached RMB 1,054,384 thousand, a significant increase from RMB 756,431 thousand in the previous year[16]. - The sales volume of electrolytic nickel was 4,378 tons, with a revenue of RMB 531,526 thousand, accounting for 50.4% of total revenue[16]. - The revenue from cathode copper increased by approximately 137.5% to RMB 209,000 thousand, with a sales volume of 3,008 tons[18]. - The gross profit margin for main business was approximately 30.2%, a decrease of about 17.1 percentage points compared to the previous year[18]. Production and Sales - The production of electrolytic nickel reached 4,757 tons, a significant increase of approximately 211.3% from 1,528 tons in the previous year[10]. - The sales of electrolytic nickel were 4,378 tons, up about 35.3% from 3,236 tons year-on-year[10]. - The average selling price of electrolytic nickel (excluding tax) was approximately RMB 124,230 per ton, a decrease of about 29.7% from RMB 176,697 per ton in the previous year[10]. - The average price of electrolytic nickel on the London Metal Exchange was USD 17,750 per ton, down approximately 26.2% from USD 24,045 per ton in the same period last year[9]. - The average price of cathode copper on the Shanghai Futures Exchange was RMB 74,539 per ton, an increase of about 9.8% from RMB 67,862 per ton year-on-year[9]. Assets and Liabilities - As of June 30, 2024, the total assets of the company amounted to RMB 7,763,389,129.03, a decrease of 0.94% from RMB 7,837,578,222.31 as of December 31, 2023[54]. - The company's current assets totaled RMB 2,201,763,304.37, an increase of 1.5% compared to RMB 2,164,018,052.13 at the end of 2023[54]. - The total liabilities decreased to RMB 2,212,520,305.88, down 4.5% from RMB 2,317,069,810.85 at the end of 2023[55]. - The company's inventory decreased to RMB 1,159,756,174.46, a decline of 9.7% from RMB 1,284,579,340.20 as of December 31, 2023[54]. - The company's long-term borrowings decreased to RMB 414,500,000.00, down from RMB 563,700,000.00 as of December 31, 2023[55]. Cash Flow - The company's net cash inflow from operating activities was approximately RMB 166.9 million, an increase of RMB 94.5 million from the previous year[22]. - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB 166,868,964.18, a significant increase from RMB 72,410,717.61 for the same period in 2023, representing a growth of 130.5%[59]. - Total cash inflow from operating activities reached RMB 849,840,024.40, compared to RMB 551,515,195.06 in the previous year, indicating a year-over-year increase of 54.1%[59]. - The company reported a total cash outflow from operating activities of RMB 682,971,060.22, up from RMB 479,104,477.45 in the prior year, reflecting a rise of 42.5%[59]. - Cash and cash equivalents at the end of the period stood at RMB 635,278,496.45, a decrease from RMB 708,669,372.28 as of June 30, 2023[60]. Investments and Expenditures - Capital expenditures for the six months ended June 30, 2024, totaled RMB 80.0 million, with 65.3% allocated to the Kalatongke mining operations[33]. - The group plans to invest approximately RMB 31.2 million to enhance mining and processing capabilities at Kalatongke, and RMB 80.0 million at the Fukang smelting plant for refining capacity improvements[34]. - The investment income for the period was approximately RMB 11.4 million, compared to an investment loss of RMB 16.4 million in the previous year[21]. Shareholder Information - As of June 30, 2024, the company's director, Zhou Chuan You, holds 480,924,000 shares, representing 15.65% of the total share capital[37]. - The major shareholder, Xinjiang Nonferrous Metals Industry (Group) Co., Ltd., holds 885,204,000 shares, representing 40.06% of the total share capital[43]. - The total issued share capital is 2,210,000,000 shares, with 1,259,420,000 domestic shares (56.99%) and 950,580,000 H-shares (43.01%)[42]. Governance and Compliance - The company is committed to complying with the corporate governance code and has adhered to all relevant provisions during the reporting period[48]. - The board consists of nine members, with an attendance rate of 85% at three meetings held during the period[49]. - The supervisory board, comprising five members, held three meetings with an attendance rate of 87%[50]. - The company has adopted a standard code for securities trading, which has been followed by all directors and senior management during the reporting period[51]. Risk Management - The group is exposed to commodity price fluctuations, which may significantly impact revenue and comprehensive income[25]. - The group faces foreign exchange risks as all transactions are conducted in RMB, which may affect operating performance[26]. - The company continues to focus on improving its internal controls and risk assessment as part of its governance strategy[52]. Accounting Policies - The financial report covers the six-month period ending June 30, 2024, with amounts presented in Renminbi (RMB)[72]. - Significant provisions for bad debts are recognized when the amount exceeds 1 million RMB and accounts for over 10% of total bad debt provisions[72]. - The accounting treatment for mergers under common control measures the net assets at book value, with adjustments made to capital reserves or retained earnings as necessary[74]. - For mergers not under common control, the acquisition cost and identifiable net assets are measured at fair value on the purchase date, with any excess recognized as goodwill[75]. - The group recognizes expected credit losses based on the probability-weighted present value of cash flow differences for financial assets measured at amortized cost and those measured at fair value through other comprehensive income[83]. Taxation - The corporate income tax rate for Xinjiang New Xin Mining Co., Ltd. is 15%[149]. - The corporate income tax rate for Xinjiang Monxi Mining Co., Ltd. is 20%[151]. - The corporate income tax rate for Beijing Xinding Shunze High-Tech Co., Ltd. is 25%[151]. - The value-added tax (VAT) rates applicable to the group's main product sales are 13% and 9%[152]. - The resource tax for Karatongke Mining is 4% on the sales amount of taxable products[153]. Inventory Management - The total inventory as of June 30, 2024, was RMB 1,187,604,378.84, with a provision for inventory impairment of RMB 27,848,204.38[197]. - The inventory breakdown included raw materials valued at RMB 105,053,831.65, work in progress at RMB 253,869,002.21, semi-finished products at RMB 389,146,789.09, and finished goods at RMB 439,534,755.89[197]. - The total provision for inventory impairment increased by RMB 10,802,597.63 during the period, with the total provision as of June 30, 2024, being RMB 27,848,204.38[198].
新疆新鑫矿业(03833) - 2024 - 中期业绩