Financial Performance - For the six months ended June 30, 2025, the company reported revenue of RMB 12,935,000, a significant decrease of 91.8% compared to RMB 157,288,000 for the same period in 2024[9]. - The gross profit for the same period was RMB 3,655,000, down from RMB 12,184,000, indicating a decline in profitability[9]. - The company recorded a net loss of RMB 3,564,000 for the six months ended June 30, 2025, compared to a net loss of RMB 16,353,000 in the prior year, showing an improvement in loss[10]. - Total revenue for the six months ended June 30, 2025, was RMB 12,935,000, a decrease of 18.5% compared to RMB 15,857,000 for the same period in 2024[22]. - Net loss for the six months ended June 30, 2025, was RMB 3,564,000, compared to a net loss of RMB 16,353,000 for the same period in 2024, indicating an improvement[22]. - The company reported a total comprehensive loss of RMB 1,805,000 for the six months ended June 30, 2025, compared to a total comprehensive loss of RMB 12,842,000 for the same period in 2024[11]. - The company reported a total comprehensive loss attributable to owners of approximately RMB 1.8 million for the six months ended June 30, 2025, down from RMB 12.8 million for the same period in 2024[56]. Assets and Liabilities - Total assets as of June 30, 2025, were RMB 1,034,999,000, slightly up from RMB 1,015,981,000 at the end of 2024[8]. - The company's total equity decreased to RMB 544,038,000 from RMB 545,843,000 at the end of 2024, reflecting a marginal decline[7]. - The company’s financial liabilities increased to RMB 490,961,000 from RMB 470,138,000, indicating a rise in debt levels[8]. - As of June 30, 2025, the total borrowings of the group amounted to approximately RMB 374.3 million, an increase from RMB 267.1 million as of December 31, 2024[76]. - The debt-to-equity ratio as of June 30, 2025, was approximately 40.8%, up from 32.9% as of December 31, 2024[77]. - The current ratio decreased to approximately 0.87 times as of June 30, 2025, compared to 1.07 times as of December 31, 2024[77]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2025, is RMB 24,083,000, compared to RMB 25,013,000 for the same period in 2024, indicating a slight improvement[12]. - The net cash used in investing activities for the six months ended June 30, 2025, is RMB 92,611,000, an increase from RMB 79,774,000 in 2024[12]. - The net cash generated from financing activities for the six months ended June 30, 2025, is RMB 106,614,000, significantly higher than RMB 32,644,000 in the previous year[12]. - The company reported a cash and cash equivalents balance of RMB 69,912,000 as of June 30, 2025, a decrease of 12.9% from RMB 80,001,000 as of December 31, 2024[33]. - The group's cash and bank balances were approximately RMB 72.4 million as of June 30, 2025, down from RMB 80.0 million as of December 31, 2024[76]. Operational Highlights - The company’s operations are primarily focused on iron ore processing and the sale of iron concentrates and other minerals in China[13]. - The company processed 103,000 tons of Brazilian coarse powder in the first half of 2025, continuing its processing business[57]. - The sales revenue from coal and coal products trade reached RMB 6.171 million in the first half of 2025, leveraging logistics advantages[57]. - The company aims to increase coal and coal product trading volume by leveraging logistics advantages and existing customer relationships[73]. - The company intends to enhance production capacity at the Zhuge Shangyu processing plant in the second half of 2025, striving for better output compared to the first half[74]. Expenses and Costs - The company’s administrative expenses rose to RMB 29,811,000 from RMB 28,489,000, indicating increased operational costs[9]. - Distribution costs and administrative expenses decreased by approximately RMB 1.8 million or 5.7% to about RMB 29.8 million for the six months ended June 30, 2025[70]. - Employee benefits expenses for the six months ended June 30, 2025, were approximately RMB 7.4 million, compared to RMB 6.8 million for the same period in 2024[81]. - The total sales cost for the six months ended June 30, 2025, decreased by approximately 93.6% to about RMB 9.3 million, down from approximately RMB 145.1 million in the previous year[67]. Investments and Future Plans - The investment in the Zhugeshangyu mining and selection plant construction is approximately RMB 1.5 billion, focusing on mining, production line construction, and automation[57]. - The company plans to invest approximately RMB 1.5 billion in the construction of the Zhuge Shangyu mine and processing plant, focusing on mining operations and production line construction[73]. - The company is actively pursuing low-carbon and environmentally friendly projects, with ongoing ecological enhancement works expected to be completed by the end of the year[58]. - The group plans to focus on low-carbon and sustainable growth projects in the second half of the year[78]. Governance and Compliance - The company has adopted the corporate governance code as its own governance code and believes it has complied with all relevant provisions during the six-month period ending June 30, 2025[98]. - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited interim consolidated results for the six months ending June 30, 2025, ensuring compliance with applicable accounting standards and regulations[99].
爱德新能源(02623) - 2025 - 中期财报