万国黄金集团(03939) - 2025 - 中期业绩

Performance Highlights The company reported significant growth in revenue, gross profit, and profit attributable to owners for the six months ended June 30, 2025, alongside an increased interim dividend Performance Highlights for the Six Months Ended June 30, 2025 (Compared to 2024) | Metric | H1 2025 | Change | | :--- | :--- | :--- | | Revenue (RMB million) | Approximately 1,240.3 | ▲ 33.7% | | Gross Profit (RMB million) | Approximately 867.9 | ▲ 79.4% | | Gross Profit Margin | Approximately 70.0% | - | | Net Profit Margin | Approximately 53.6% | - | | Profit Attributable to Owners of the Company (RMB million) | Approximately 600.8 | ▲ 136.3% | | Basic Earnings Per Share (RMB cents) | Approximately 55.4 | ▲ 80.5% (vs. 30.7 cents) | | Interim Dividend (HK cents) | 20.30 | ▲ 69.2% (vs. 12.00 HK cents) | Consolidated Financial Statements The consolidated financial statements provide a comprehensive overview of the company's financial performance and position, detailing income, assets, liabilities, and equity Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the reporting period, the company's revenue increased by 33.7% to RMB 1.24 billion, with gross profit surging by 79.4% to RMB 868 million, leading to a 136.3% increase in profit attributable to owners of the Company Summary of Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Metric (RMB thousand) | 2025 (Unaudited) | 2024 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,240,284 | 927,856 | ▲ 33.7% | | Gross Profit | 867,856 | 483,879 | ▲ 79.4% | | Profit Before Tax | 753,708 | 355,541 | ▲ 112.0% | | Profit for the Period | 665,322 | 331,242 | ▲ 100.9% | | Profit Attributable to Owners of the Company | 600,760 | 254,271 | ▲ 136.3% | | Basic Earnings Per Share (RMB cents) | 55.4 | 30.7 | ▲ 80.5% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets grew to RMB 4.72 billion, total equity to RMB 3.89 billion, and net current assets increased to RMB 2.16 billion, indicating a robust financial position with reduced bank borrowings Summary of Consolidated Statement of Financial Position | Metric (RMB thousand) | As at June 30, 2025 (Unaudited) | As at December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,715,918 | 4,135,203 | ▲ 14.0% | | Total Liabilities | 826,906 | 681,882 | ▲ 21.3% | | Total Equity | 3,889,012 | 3,453,321 | ▲ 12.6% | | Net Current Assets | 2,157,290 | 1,864,471 | ▲ 15.7% | | Bank Balances and Cash | 662,582 | 516,986 | ▲ 28.2% | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial results, liquidity, and future outlook, highlighting key drivers and strategic initiatives Business Review and Operating Results The Group's core business involves mining, ore processing, and concentrate sales in China and the Solomon Islands, with significant production growth at Jinling Mine driving performance, supported by strategic investment from Zijin Mining - The Group primarily owns three mining projects: Xinzhuang Mine (copper-lead-zinc) in Jiangxi Province, China; Walage Mine (lead-silver, under development) in Tibet; and Jinling Mine (gold) in the Solomon Islands[40] Mining and Ore Processing Volumes of Major Mines (Tonnes) | Mine | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | | Xinzhuang Mine | Mining Volume | 461,405 | 522,581 | ▼ 11.7% | | | Ore Processing Volume | 450,528 | 524,522 | ▼ 14.1% | | Jinling Mine | Mining Volume | 1,975,870 | 442,443 | ▲ 346.6% | | | Ore Processing Volume | 1,272,280 | 1,137,256 | ▲ 11.9% | - The introduction of Zijin Mining as a strategic investor, through a private placement, raised approximately HKD 1.38 billion, primarily for Jinling Mine's exploration and development and to supplement working capital, also bringing overseas mining technology and operational experience support[48][49] - Technical service and expansion feasibility study contracts were signed with Zijin Mining's subsidiaries to improve Jinling Mine's ore processing recovery rate and explore the feasibility of expanding capacity to 13 million tonnes per annum[51][54][56] Financial Review During the reporting period, the Group's total revenue increased by 33.7% to RMB 1.24 billion, with gross profit up 79.4% to RMB 868 million, primarily driven by increased sales and prices of gold products from Jinling Mine and the cessation of low-margin external concentrate trading Revenue and Gross Profit by Business Segment (RMB thousand) | Business Segment | Metric | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Self-mined | Revenue | 1,240,284 | 850,686 | ▲ 45.8% | | | Gross Profit | 867,856 | 483,535 | ▲ 79.5% | | | Gross Profit Margin | 70.0% | 56.8% | ▲ 13.2pp | | External Procurement | Revenue | – | 77,170 | ▼ 100% | | | Gross Profit | – | 344 | ▼ 100% | | Total | Revenue | 1,240,284 | 927,856 | ▲ 33.7% | | | Gross Profit | 867,856 | 483,879 | ▲ 79.4% | Jinling Mine Performance (RMB thousand) | Metric | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 963,243 | 561,023 | ▲ 71.7% | | Gross Profit | 724,229 | 341,342 | ▲ 112.2% | | Gross Profit Margin | 75.2% | 60.8% | ▲ 14.4pp | - Administrative expenses increased by 42.8% year-on-year to RMB 88.8 million, primarily due to increased staff costs, depreciation, guarantee fees, and property insurance at Jinling Mine[71] - Income tax expense increased from RMB 24.3 million to RMB 88.4 million, mainly due to increased operating profit at Jinling Mine and the full utilization of past tax losses[73] Liquidity and Financial Resources As of the end of the reporting period, the Group maintained a healthy financial position with ample liquidity, marked by a significant increase in net cash from operating activities and a substantial reduction in the gearing ratio - Net cash generated from operating activities was approximately RMB 438 million, a significant increase from RMB 210 million in the same period last year[76] - As at June 30, 2025, bank balances and cash were approximately RMB 659 million, an increase from RMB 514 million at the end of 2024[76] - The gearing ratio (total borrowings and payables/total assets) decreased from 7.7% at the end of 2024 to 4.2%[79] - Capital expenditure was approximately RMB 174 million, a substantial year-on-year increase, primarily for construction, equipment acquisition, and exploration and evaluation at Jinling Mine[80] Details of Exploration, Development and Mining Operations During the reporting period, the Group's exploration, development, and mining activities focused on Xinzhuang and Jinling Mines, with significant drilling and capacity expansion at Jinling Mine, while Xinzhuang Mine experienced reduced output due to technical upgrades Development Expenditure by Mine (H1 2025) | Mine | Development Expenditure (RMB million) | Primary Use | | :--- | :--- | :--- | | Xinzhuang Mine | 126.1 | Mining structures, ore processing plant machinery and equipment | | Walage Mine | 0.9 | Exploration license maintenance and conversion | | Jinling Mine | 26.8 | Tailings dry stacking facility, gold vault renovation, flotation plant upgrade | - Xinzhuang Mine: Due to reduced mining and ore processing volumes and unchanged fixed costs, unit mining cost increased from RMB 141.0/tonne to RMB 155.2/tonne, and unit ore processing cost increased from RMB 105.3/tonne to RMB 111.7/tonne[95] - Jinling Mine: In the first half, 42,555.7 meters of drilling were completed, with exploration expenditure of approximately RMB 15.1 million; daily processing capacity has increased to 12,000-13,000 tonnes with the installation of new flotation units[100][107] Prospects and Outlook The company aims to become a leading non-ferrous metals mining company in China and the South Pacific, planning to expand Xinzhuang Mine's capacity and acquire new mines, while anticipating strong gold prices driven by market trends - Company Strategy: Plans to increase Xinzhuang Mine's capacity to 1 million tonnes per annum and continue outsourcing mining operations to control costs, while seeking to acquire new mines to expand resource reserves[109][110] - Market Outlook: Citing a Morgan Stanley report, central bank gold purchases and investment demand are expected to continue supporting gold prices, with the Q4 2025 gold price target raised to USD 3,800 per ounce, and the 2026 average price forecast at USD 3,313 per ounce[111] Other Significant Matters This section covers key corporate matters including the interim dividend declaration and adherence to corporate governance principles, highlighting any deviations and compliance efforts Interim Dividend The Board declared an interim dividend of 20.30 HK cents per share for the six months ended June 30, 2025, representing a 69.2% increase year-on-year and a payout ratio of approximately 33.4% of profit attributable to owners Interim Dividend Details | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Dividend Per Share (HK cents) | 20.30 | 12.00 | | Equivalent to (RMB cents) | 18.51 | - | | Payout Ratio | Approximately 33.4% | Approximately 35.6% | | Total Dividend (RMB million) | Approximately 200.6 | - | Corporate Governance and Compliance During the reporting period, the company generally complied with the Corporate Governance Code, noting a deviation where the Chairman and CEO roles are held by the same individual, which the Board believes benefits the Group - The company has a deviation from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Gao Mingqing[114] - The Audit Committee has reviewed the unaudited interim results for the period and believes they have been prepared in accordance with relevant accounting standards and adequately disclosed[117]