Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 157,288,000, a decrease of 83.4% compared to RMB 947,996,000 in the same period of 2023[7]. - The gross profit for the same period was RMB 12,184,000, down 83.7% from RMB 74,704,000 year-on-year[7]. - The company incurred an operating loss of RMB 12,610,000, compared to an operating profit of RMB 42,598,000 in the previous year[7]. - The company reported a net loss of RMB 16,353,000 for the period, compared to a net profit of RMB 33,138,000 in the same period last year[7]. - For the six months ended June 30, 2024, the company reported a total comprehensive loss of RMB 12,842,000 compared to a comprehensive income of RMB 31,300,000 for the same period in 2023[8]. - The basic loss per share for the period was RMB (4.68), a decrease from RMB 12.41 in the previous year[8]. - The company reported a net loss attributable to owners of RMB 16,353,000 for the six months ended June 30, 2024, compared to a profit of RMB 33,138,000 in the same period of 2023, representing a significant decline[40]. - The company recognized a total of RMB 22,896,000 in current liabilities related to mining rights payable as of June 30, 2024, compared to RMB 4,889,000 as of December 31, 2023, indicating a significant increase of 367.5%[22]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 897,676,000, an increase of 3.2% from RMB 869,297,000 at the end of 2023[6]. - The company's total equity decreased to RMB 479,039,000 from RMB 491,881,000, reflecting a decline of 2.6%[6]. - The company’s liabilities increased to RMB 418,637,000 from RMB 377,416,000, marking an increase of 10.9%[6]. - The company’s non-current assets totaled RMB 514,843,000, down 18.7% from RMB 633,515,000 at the end of 2023[4]. - The company’s accumulated losses increased to RMB (266,823,000) from RMB (244,990,000) at the beginning of the year[9]. - As of June 30, 2024, total equity attributable to the owners of the company was RMB 479,039,000, down from RMB 491,881,000 at the beginning of the year[9]. - The company’s total liabilities directly associated with non-current assets held for sale amounted to RMB 36,341,000[28]. Cash Flow - Cash used in operating activities was RMB (25,013,000), an improvement from RMB (58,277,000) in the same period last year[11]. - The company incurred a net cash outflow from investing activities of RMB (79,744,000), significantly higher than RMB (17,595,000) in the previous year[11]. - Financing activities generated a net cash inflow of RMB 32,644,000, compared to RMB 24,035,000 in the prior period[11]. - The company’s cash and cash equivalents decreased to RMB 73,858,000 from RMB 146,133,000, a decline of 49.5%[4]. - The company’s cash and cash equivalents at the end of the period were RMB 73,858,000, a decrease from RMB 72,771,000 at the end of the previous year[11]. - Cash and cash equivalents totaled RMB 75,358,000 as of June 30, 2024, compared to RMB 147,633,000 as of December 31, 2023, reflecting a decrease of 48.9%[25]. Operational Highlights - The gross profit for the mining and ore processing segment was RMB 2,584,000, while the mineral trading segment reported a gross profit of RMB 9,600,000, leading to a total gross profit of RMB 12,184,000 for the six months ended June 30, 2024[18]. - The company incurred depreciation expenses of RMB 11,062,000 for property, plant, and equipment during the six months ended June 30, 2024[19]. - The company made capital expenditures of RMB 52,574,000 during the six months ended June 30, 2024, reflecting ongoing investment in operational capacity[18]. - The company reported a foreign exchange gain of RMB 1,361,000 for the six months ended June 30, 2024[18]. - The company has entered into a coal purchase agreement with Xinjiang Jiangna, which will see the company purchase mixed coal from April 22, 2022, to December 31, 2024[45]. - The company has actively responded to government initiatives by expanding into clean energy sectors, including wind and solar power[50]. Market and Sales Performance - The processing service revenue from iron ore and other ores was RMB 10,836,000 for the six months ended June 30, 2024, down 93.3% from RMB 162,450,000 in the same period of 2023[33]. - The sales revenue from coal and coal products trading reached RMB 146.452 million in the first half of 2024[52]. - The average selling price of coarse iron powder and mixed coal increased by approximately 8.2% and 7.9%, respectively, compared to the same period last year[58]. - The sales volume from trading activities decreased significantly, with crude iron powder sales at 35.9 thousand tons compared to 189.1 thousand tons in the previous year, and mixed coal sales at 414.8 thousand tons down from 1,480.0 thousand tons[61]. - The company continues to monitor mineral market trends to maintain stable trading profit margins despite significant revenue declines[66]. Strategic Initiatives - The company has entered into an asset transfer agreement to sell certain assets for approximately RMB 314,484,000, subject to the outstanding amount of RMB 25,000,000 related to mining rights[28]. - The company plans to increase the processing volume of Brazilian coarse powder by over 800,000 tons in the second half of 2024, building on the existing processing volume[70]. - A strategic investment of approximately RMB 1.5 billion is planned for the construction of the Zhuge Shangyu mine and processing plant, focusing on mining, production line construction, and automation[71]. - The group is focusing on low-carbon environmental projects and has made significant progress in ecological enhancement projects[53]. Employee and Governance - As of June 30, 2024, the group had 131 employees, a decrease from 179 employees as of December 31, 2023, with employee benefits expenses amounting to approximately RMB 6.8 million[78]. - The audit committee reviewed the unaudited interim consolidated results for the six months ending June 30, 2024, and found them compliant with applicable accounting standards and regulations[91].
爱德新能源(02623) - 2024 - 中期财报