中国秦发(00866) - 2025 - 中期业绩

Company Information and Financial Highlights This section provides an overview of the company and its key financial highlights Company Overview China Qinfa Group Limited (00866) announced H1 2025 interim results, with no interim dividend recommended - Company Name: CHINA QINFA GROUP LIMITED, Stock Code: 00866[2] - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[3] Financial Highlights H1 2025 saw significant revenue growth from continuing operations, but overall net loss widened due to discontinued operations, while profitability of continuing operations improved with basic earnings per share turning positive Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 1,089 | 493 | Increase 596 | | Net loss/(profit) | (162.7) | 60.8 | Loss widened | | - Profit from continuing operations | 31.0 | (43.0) | Turnaround to profit | | - Loss/(profit) from discontinued operations | (193.7) | 103.8 | Loss widened | | Profit from continuing operations attributable to equity holders of the Company | 24 | (43) | Increase 67 | | Basic earnings/(loss) per share from continuing operations | RMB 0.85 cents | RMB (1.83) cents | Turnaround to profit | | EBITDA from continuing operations | 165 | 29 | Increase 136 | Condensed Consolidated Financial Statements This section presents the condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, revenue from continuing operations significantly increased, leading to higher gross profit, but overall net loss for the period was driven by losses from discontinued operations, with foreign currency translation differences also negatively impacting comprehensive income Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Revenue from continuing operations | 1,089,414 | 493,413 | | Cost of sales | (852,258) | (354,225) | | Gross profit | 237,156 | 139,188 | | Operating profit/(loss) | 76,855 | (5,195) | | Net finance (costs)/income | (34,461) | 6,011 | | Profit before tax | 42,394 | 816 | | Income tax expense | (11,412) | (43,839) | | Profit/(loss) for the period from continuing operations | 30,982 | (43,023) | | Loss/(profit) for the period from discontinued operations | (193,734) | 103,830 | | Loss/(profit) for the period | (162,752) | 60,807 | | Exchange differences arising from translation of foreign operations | (30,993) | 16,898 | | Total comprehensive loss/(income) for the period | (193,745) | 77,705 | | Loss/(profit) for the period attributable to equity holders of the Company | (126,076) | 43,022 | | Loss/(profit) for the period attributable to non-controlling interests | (36,676) | 17,785 | Basic and Diluted Earnings/(Loss) Per Share | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Basic (loss)/earnings per share (continuing and discontinued) | RMB (5.08) cents | RMB 1.62 cents | | Diluted (loss)/earnings per share (continuing and discontinued) | RMB (5.08) cents | RMB 1.62 cents | | Basic earnings/(loss) per share (continuing operations) | RMB 0.85 cents | RMB (1.83) cents | | Diluted earnings/(loss) per share (continuing operations) | RMB 0.85 cents | RMB (1.83) cents | Condensed Consolidated Statement of Financial Position As of June 30, 2025, both non-current assets and current liabilities decreased, net current assets turned positive from negative, and net assets slightly decreased, with assets and liabilities of discontinued operations separately presented Key Data from Condensed Consolidated Statement of Financial Position | Metric (RMB thousand) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current assets | 3,711,709 | 6,553,745 | | Current assets | 5,789,135 | 2,075,584 | | Assets classified as held for sale | 3,525,856 | – | | Current liabilities | (4,969,273) | (4,170,532) | | Liabilities directly associated with assets classified as held for sale | (3,612,242) | – | | Net current assets/(liabilities) | 819,862 | (2,094,948) | | Total assets less current liabilities | 4,531,571 | 4,458,797 | | Non-current liabilities | (1,286,270) | (972,552) | | Net assets | 3,245,301 | 3,486,245 | | Total equity attributable to equity holders of the Company | 1,766,218 | 1,971,799 | | Non-controlling interests | 1,479,083 | 1,514,446 | | Total equity | 3,245,301 | 3,486,245 | Notes to the Financial Statements This section provides detailed notes to the financial statements, covering accounting policies, estimates, segment reporting, and specific financial line items Company Background and Basis of Preparation China Qinfa Group Limited, incorporated in the Cayman Islands, primarily engages in coal mining and trading in China and Indonesia, with its condensed consolidated financial statements prepared under IAS 34 and Listing Rules on a going concern basis - The Company was incorporated in the Cayman Islands on March 4, 2008, and listed on the Main Board of the Hong Kong Stock Exchange on July 3, 2009[11] - The Group's principal business activities include coal mining, coal trading, coal washing, coal storage, and coal blending in China and Indonesia[11] - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 and the Listing Rules of the Stock Exchange, and on a going concern basis[13][16] Changes in Accounting Policies During this interim period, the Group first adopted the revised IAS 21 "Lack of Exchangeability," which had no significant impact on its financial position or performance - The Group first adopted the revised International Accounting Standard 21 'Lack of Exchangeability,' which became effective for annual periods beginning on or after January 1, 2025[17] - The application of the revised International Financial Reporting Standards had no significant impact on the Group's financial position and performance during the current and prior periods[17] Estimates The preparation of condensed consolidated financial statements involves management judgments, estimates, and assumptions, which are consistent with those used in the consolidated financial statements for the year ended December 31, 2024 - The preparation of condensed consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of accounting policies, assets and liabilities, and income and expenses[18] - The significant judgments made by management in applying accounting policies and the key sources of estimation uncertainty are the same as those applied to the consolidated financial statements for the year ended December 31, 2024[18] Segment Reporting The Group has only one reportable segment, the coal business, operating primarily in China and Indonesia, with a coal mining business segment in mainland China classified as a discontinued operation in H1 2025 - The Group has only one reportable segment (coal business), primarily operating in China and Indonesia, and derives the vast majority of its revenue from external customers in China and Indonesia[19] - During the period, a coal mining business segment operating in mainland China was classified as a discontinued operation[21] Segment Results, Assets and Liabilities The coal business segment saw significant growth in external customer revenue and profit before tax in H1 2025, but segment assets and liabilities decreased Coal Business Segment Performance | Metric (RMB thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue from external customers | 1,089,414 | 493,413 | | Reportable segment profit before tax | 87,751 | 389 | Coal Business Segment Assets and Liabilities | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Reportable segment assets | 5,948,704 | 8,531,314 | | Reportable segment liabilities | (5,665,088) | (7,332,228) | Reconciliation of Reportable Segment Revenue, Profit Before Tax, Assets and Liabilities The reconciliation shows that unallocated head office and corporate expenses and net finance costs significantly impacted consolidated profit before tax, while the classification of assets and liabilities related to discontinued operations also affected consolidated totals Reconciliation of Profit Before Tax | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Reportable segment profit before tax | 87,751 | 389 | | Unallocated head office and corporate expenses | (10,896) | (5,584) | | Net finance (costs)/income | (34,461) | 6,011 | | Consolidated profit before tax | 42,394 | 816 | Reconciliation of Assets | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total reportable segment assets | 5,948,704 | 8,531,314 | | Assets related to discontinued operations | 3,525,856 | – | | Total consolidated assets | 9,500,844 | 8,629,329 | Reconciliation of Liabilities | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total reportable segment liabilities | 5,665,088 | 7,332,228 | | Liabilities related to discontinued operations | 3,612,242 | – | | Total consolidated liabilities | 6,255,543 | 5,143,084 | Geographical Information All of the Group's external customer revenue is derived from China and Indonesia, with the geographical location of non-current assets showing a significant increase in Indonesia and a notable decrease in China (including Hong Kong) - All of the Group's external customer revenue is derived from the countries where the Group's entities are located (i.e., China and Indonesia)[28] Geographical Location of Non-current Assets | Region (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China (including Hong Kong) | 190,800 | 4,241,743 | | Indonesia | 3,520,909 | 2,312,002 | | Consolidated non-current assets | 3,711,709 | 6,553,745 | Revenue Revenue from the sale of goods for continuing operations is recognized when control of the goods is transferred upon delivery, completing the performance obligation - Revenue from the sale of goods for continuing operations is recognized when control of the goods is transferred at a point in time, and the performance obligation is satisfied upon delivery of the goods[31] Other Income, Gains and Losses Other income, gains, and losses from continuing operations primarily consist of net exchange losses and government grants, with net exchange losses decreasing in H1 2025 Other Income, Gains and Losses from Continuing Operations | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Net exchange losses | 70,821 | 74,013 | | Government grants | (1,502) | (1,579) | | Others | (3,651) | (72) | | Total | 65,668 | 72,345 | - Government grants are primarily financial subsidies received under government grant programs for business development, conditional on the entity maintaining its principal place of business within a designated area for ten years[32] Profit Before Tax Profit before tax from continuing operations is stated after deducting depreciation and amortization expenses, with a significant increase in depreciation of property, plant, and equipment Deductions from Profit Before Tax | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 83,024 | 29,644 | | Depreciation of right-of-use assets | 3,473 | 3,030 | | Amortization of coal mining rights | 1,242 | – | Income Tax Expense Income tax expense from continuing operations primarily includes China corporate income tax, Indonesia withholding income tax, and Indonesia final income tax, with a significant decrease in H1 2025 Income Tax Expense from Continuing Operations | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | China corporate income tax | 555 | 51,688 | | Indonesia withholding income tax | 8,994 | – | | Indonesia final income