Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately RMB 926.4 million, a decrease of 35.2% compared to RMB 1,430.5 million in the same period of 2023[7]. - The company reported a gross loss of approximately RMB 43.3 million for the first half of 2024, compared to a gross profit of RMB 291.0 million in the same period of 2023, representing a decline of 114.9%[5]. - The EBITDA for the six months ended June 30, 2024, was a loss of RMB 93.99 million, a decrease of 132.3% from RMB 291.2 million in the previous year[7]. - The total comprehensive loss for the period was RMB 351.19 million, a significant increase compared to the previous year[7]. - The company recorded a net loss attributable to shareholders of approximately RMB 353.7 million, an increase of about RMB 342.3 million or approximately 3,002.6% compared to a profit of RMB 11.4 million in the same period last year[26]. - Basic and diluted loss per share for the period was RMB (7.7), compared to RMB (0.3) in the previous year, indicating a substantial increase in loss per share[58]. - The company reported a net loss of approximately RMB 351.2 million for the six months ended June 30, 2024, with a net operating cash inflow of approximately RMB 27.2 million[67]. Sales and Production - The sales volume of premium coal decreased from approximately 756,900 tons to 477,400 tons, a decline of about 36.9%[8]. - The production of raw coal and premium coal decreased to approximately 1,641,000 tons and 499,000 tons, respectively, down 37.3% and 33.7% compared to the previous year[12]. - Revenue from the sale of premium coal and its by-products for the six months ended June 30, 2024, was RMB 926.4 million, a decrease of 35.1% compared to RMB 1,430.5 million for the same period in 2023[72]. Costs and Expenses - The total sales cost for the review period was approximately RMB 969.7 million, a reduction of about 14.9% from RMB 1,139.4 million in the same period of 2023[12]. - The unit cost of coking coal production reached a high level of RMB 1,668 per ton, compared to RMB 1,447 per ton in the same period last year, reflecting a significant increase[17]. - The company's administrative expenses decreased by approximately RMB 44.4 million or about 25.5% to RMB 129.8 million compared to RMB 174.2 million in the same period last year[23]. - Distribution expenses decreased to RMB (55,819) thousand from RMB (134,067) thousand, showing a reduction of about 58.3%[58]. - The total employee costs for the six months ended June 30, 2024, were RMB 430,719 thousand, a decrease from RMB 483,228 thousand in the same period of 2023, reflecting a reduction of approximately 10.8%[80]. Liquidity and Financial Position - The capital debt ratio as of June 30, 2024, was 59.6%, up from 57.5% as of December 31, 2023[30]. - The company had a net current liability of approximately RMB 5,586.8 million as of June 30, 2024, compared to RMB 5,333.5 million as of December 31, 2023[30]. - The company's total equity decreased to RMB 1,396,148 thousand as of June 30, 2024, down from RMB 1,747,338 thousand, representing a decline of about 20.1%[60]. - The group’s total liabilities exceeded current assets, raising significant doubts about its ability to continue as a going concern[67]. Future Plans and Strategies - The company plans to increase production starting in the second half of 2024, which is expected to improve liquidity and overall financial health[5]. - The company plans to gradually increase production in the second half of 2024 as operations resume in Guizhou Province[14]. - The group is negotiating with banks to extend loan repayments and interest payment deadlines to improve liquidity and profitability[67]. - The group has implemented measures to control administrative and production costs to enhance cash flow[67]. Other Significant Events - The company announced the passing of its chairman and executive director on September 10, 2024, and appointed a new chairman effective September 12, 2024[37]. - The group faced foreign exchange risks primarily from foreign currency bank balances of approximately $0.4 million and HK$0.1 million[35]. - The group did not hold any significant investments or engage in major acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period[36]. - The company did not declare or recommend any dividends for the six months ended June 30, 2024, and 2023[81]. - The company has not reported any purchases, sales, or redemptions of its listed securities during the review period[56].
恒鼎实业(01393) - 2024 - 中期财报