雅高控股(03313) - 2025 - 年度业绩

Announcement Overview and Background Disclaimer HKEX disclaims responsibility for this announcement's content and makes no representation as to its accuracy or completeness - The Hong Kong Stock Exchange assumes no responsibility for the content of this announcement, nor does it guarantee its accuracy or completeness[1] Purpose and Scope of the Announcement This announcement clarifies the renewal status of the Dejiang Mine's mining permit in past annual reports of ArtGo Holdings Limited - This announcement aims to clarify and supplement the renewal status of the Dejiang Mine's mining permit in the company's past annual reports[2] - The clarification pertains to the annual reports from 2018 to 2023 and the 2024 annual report[2] Clarification and Supplement on the Dejiang Mine Mining Permit Renewal Clarification on Past Disclosures and Current Status The company clarifies the discrepancy between past disclosures of "approved, pending issuance" and the recent "rejected" status for its mining permit renewal - Past annual reports disclosed that the renewal application for the Dejiang Mine's mining permit was approved in 2019, with the renewed permit pending issuance[3] - The 2024 annual report disclosed that the company received a notice from the Guizhou Provincial Department of Natural Resources and Planning on December 29, 2024, rejecting the renewal application[3] - The company clarified that the application submitted in December 2018 was approved for "lodging the application" in February 2019, but formal issuance was subject to review and fulfillment of certain conditions, which were ultimately not met[3][4] Background and Conditions of the Renewal Application The permit renewal, applied for in December 2018, required a comprehensive environmental plan and a security deposit, both necessitating financial resources - The mining permit was originally set to expire in January 2019; the company submitted its application in December 2018 and it was approved for "lodging the application"[5] - Necessary conditions for issuance included submitting a comprehensive plan for geological environmental protection and restoration and paying a related security deposit[5] - Fulfilling these two conditions required the Group's financial resources[5] Reasons for Adjusting Resource Allocation Priority The company shelved the Dejiang Mine plan due to market decline, financial constraints, operational difficulties, and the strategic priority of the Yongfeng Mine - The Group ultimately decided to shelve the submission of the plan, believing it was in the company's best interest to deprioritize its resource allocation[5] Market Environment and Financial Impact The COVID-19 pandemic led to a significant drop in marble demand from China's real estate sector, adversely affecting the Group's financial performance - Due to the COVID-19 pandemic, challenges in China's real estate development industry led to a sharp decline in market demand for marble blocks and slabs[5] - The reduced demand for the Group's marble products had a significant adverse impact on its overall business, financial position, and operating results[5] - The Group's available cash resources were limited and had to be prioritized for debt repayment, maintaining sufficient working capital, and investing in businesses with high cash-flow potential[7] Operational Constraints and Cash Flow Considerations Pandemic-related lockdowns hindered necessary site inspections, while limited cash was prioritized for debt and operations over the Dejiang Mine's requirements - Strict lockdown measures in Mainland China during the COVID-19 pandemic made it difficult for the Group to schedule necessary on-site surveys and inspections for preparing the plan[7] - The Group's limited cash resources were prioritized for debt repayment, maintaining sufficient working capital, and investing in businesses with higher cash-flow potential during that period[7] Strategic Priority of the Yongfeng Mine Resources were prioritized for the Yongfeng Mine due to its significantly larger reserves, higher permitted extraction volume, and better market acceptance - The Group decided to prioritize resources for the renewal of the Yongfeng Mine's mining permit in Jiangxi Province, which has been renewed until June 5, 2030[7] Comparison between Dejiang Mine and Yongfeng Mine | Metric | Dejiang Mine | Yongfeng Mine | | :--- | :--- | :--- | | Reserves | Indicated & Inferred resources approx. 2,100,000 m³ | Proven & Probable reserves approx. 44,000,000 m³ | | Annual Permitted Extraction Volume | Lower (unspecified) | 1,100,000 m³ | | Market Acceptance | Relatively unknown, requires extra marketing | Higher | | Location | Guizhou | Jiangxi | | Processing Facilities | Not mentioned | New marble processing facilities also located in Jiangxi | - Investing in the Yongfeng Mine was expected to yield better returns for the Group and allow for more effective use of cash resources[7] Current Progress and Outlook on the Dejiang Mine Renewal Application The Group has resubmitted the renewal application, which has not been denied, but approval remains conditional on submitting the plan and deposit - Since receiving the rejection notice, the Group has resubmitted the renewal application for the Dejiang Mine's mining permit, which has not been vetoed by the authorities[6] - Submission of the plan and payment of the security deposit remain conditions for the approval and issuance of the renewed mining permit[6] - The company will continue to monitor the business environment and its resource situation to assess if meeting these conditions is in its best interests[6] Other Information Impact on Past Annual Reports This clarification does not alter any other information contained in past annual reports or the 2024 annual report - The aforementioned clarifications and supplementary information do not affect other information contained in past annual reports and the 2024 annual report[6] - Except as disclosed above, the contents of the past annual reports and the 2024 annual report remain unchanged[6] Board of Directors Information The announcement provides a list of the company's executive, non-executive, and independent non-executive directors as of the announcement date - The executive Directors are Ms. Wu Jing, Mr. Cai Youshen, Mr. Wan Jian, and Mr. Qiu Yuyuan[9] - The non-executive Director is Mr. Gu Zengcai[9] - The independent non-executive Directors are Ms. Long Yuequn, Mr. Xu Yi'an, and Mr. Zhai Feiquan[9]