Financial Performance - The company recorded revenue of approximately $108.7 million for the reporting period, a decrease of about 38% compared to $174.8 million in the same period last year[13] - Gross profit decreased to approximately $2.2 million, down from $5.0 million year-on-year[13] - The company reported a net loss of approximately $0.4 million, compared to a net profit of approximately $1.4 million in the same period last year[13] - Revenue for the six months ended June 30, 2025, was $108,681,000, a decrease of 37.8% compared to $174,757,000 for the same period in 2024[39] - Gross profit for the same period was $2,184,000, down 56.1% from $4,980,000 in 2024[39] - The company reported a loss before tax of $415,000 for the six months ended June 30, 2025, compared to a profit of $1,736,000 in 2024[39] - Net loss for the period was $437,000, a significant decline from a profit of $1,407,000 in the previous year[39] - The cost of sales for the six months ended June 30, 2025, was $98,556,000, down from $137,895,000 in 2024, reflecting a reduction of approximately 28.5%[55] - Operating cash flow for the six months ended June 30, 2025, was $66,000, significantly lower than $2,850,000 in 2024[46] Assets and Liabilities - The total assets as of June 30, 2025, were approximately $57.4 million, down from $71.4 million as of December 31, 2024[16] - The total liabilities decreased to approximately $27.8 million from $41.4 million as of December 31, 2024, a reduction of about $13.6 million[16] - Current assets decreased to $51,572,000 from $64,067,000, reflecting a reduction of 19.5%[41] - Current liabilities were $27,578,000, down from $41,108,000, indicating a decrease of 32.8%[41] - The company's equity totaled $29,595,000 as of June 30, 2025, compared to $29,982,000 at the end of 2024[42] - The group had unutilized committed borrowing and trade financing of approximately $302.3 million as of June 30, 2025, an increase from $288.0 million on December 31, 2024[23] Cash and Cash Equivalents - The company’s cash and cash equivalents as of June 30, 2025, were approximately $15.2 million, slightly down from $15.5 million as of December 31, 2024[9] - The group's cash and cash equivalents were approximately $15.6 million as of June 30, 2025, representing about 27% of total assets, up from 22% on December 31, 2024[20] - The group recorded a net cash position of approximately $15.2 million as of June 30, 2025, compared to $15.5 million on December 31, 2024, indicating no net capital debt[23] - The company’s cash and cash equivalents at the end of the period were $15,590,000, compared to $12,872,000 at the end of June 30, 2024, representing an increase of approximately 21%[47] Trade Receivables and Payables - The company experienced a decrease in trade receivables of $12,403,000 for the six months ended June 30, 2025, compared to a decrease of $30,362,000 in 2024[46] - Trade receivables increased significantly to $16,909,000 as of June 30, 2025, from $2,422,000 as of December 31, 2024, representing a growth of approximately 600%[62] - The total trade receivables and notes receivable amounted to $23,914,000 as of June 30, 2025, down from $36,317,000 as of December 31, 2024, indicating a decrease of about 34%[65] - The company's trade payables decreased to $22,114,000 as of June 30, 2025, from $36,779,000 as of December 31, 2024, reflecting a reduction of approximately 40%[69] Corporate Governance and Management - The board did not recommend the distribution of an interim dividend for the reporting period[17] - The board of directors approved the interim financial information on August 26, 2025[79] - The company has adopted all applicable code provisions from the Corporate Governance Code during the reporting period[81] - There was no CEO position during the reporting period, with the role being performed by an executive director other than the chairman[82] - The audit committee reviewed the unaudited interim financial results and reports without objection to the accounting treatments adopted[87] - The company has complied with the Standard Code regarding securities transactions by directors during the reporting period[83] - There were no significant deviations from the Corporate Governance Code during the reporting period[81] Future Plans and Strategies - The company plans to explore new sources of iron ore and other commodities to diversify product supply and will seek acquisition opportunities to enhance sustainable development[6] - The group plans to continue exploring and evaluating potential projects and investment opportunities to create long-term value for shareholders[28] - The group aims to diversify its product supply and seek mergers, investment opportunities, or other collaborations to support sustainable development[33] - The group will closely monitor macroeconomic developments and significant changes in the supply and demand fundamentals of the iron ore and steel markets[33] Shareholder Information - As of June 30, 2025, Mr. Zhuang Tianlong holds 1,149,744,000 shares, representing approximately 28.74% of the issued share capital[88] - Major shareholders include Ding Pei Investment holding 1,149,744,000 shares (28.74%) and Fast Fortune holding 360,000,000 shares (9.00%) as of June 30, 2025[92] - The company has not issued any stock options under the 2020 stock option plan as of June 30, 2025, with a total of 400,000,000 options available for grant[72] Financial Instruments and Fair Value - The fair value of financial assets as of June 30, 2025, was $20,250,000, significantly higher than $4,234,000 as of December 31, 2024[75] - The fair value of financial liabilities increased to $19,236,000 as of June 30, 2025, compared to $7,596,000 as of December 31, 2024[75] - The company held a total of 595,000 tons of outstanding iron ore futures or swap contracts with a negative book value of $412,000 as of June 30, 2025[76] - The fair value of trade receivables and notes was $16,909,000 as of June 30, 2025, compared to $2,422,000 as of December 31, 2024[77] - The company reported a total of $2,747,000 in other payables measured at fair value as of June 30, 2025, up from $2,190,000 as of December 31, 2024[78] - The company’s total liabilities measured at fair value included $412,000 in other current financial liabilities as of June 30, 2025[78]
新矿资源(01231) - 2025 - 中期财报