Financial Performance - Revenue from continuing operations increased by approximately 56.0% to RMB 698.8 million for the six months ended June 30, 2022, compared to RMB 447.9 million for the same period in 2021[37]. - Gross profit from continuing operations rose by approximately 117.8% to RMB 270.7 million for the six months ended June 30, 2022, up from RMB 124.3 million in the prior year[37]. - Loss attributable to owners of the parent from continuing operations decreased by approximately 82.5% to RMB 15.8 million for the six months ended June 30, 2022, compared to RMB 90.1 million for the same period in 2021[37]. - The company recorded a turnaround from a loss of approximately RMB 92.2 million to a profit of approximately RMB 11.7 million for the six months ended June 30, 2022, due to strong coal market conditions[40]. - The company reported a net profit of RMB 28.8 million for the period, a turnaround from a net loss of RMB 94.0 million in the same period last year[111]. - The company’s total comprehensive income for the period was RMB 28.3 million, compared to a loss of RMB 93.9 million in the same period last year[111]. - The company reported a net loss of RMB 92,224 thousand for the six months ended June 30, 2022, compared to a loss of RMB 93,910 thousand in the same period of the previous year[120]. - The company’s total comprehensive loss for the period was RMB 92,175 thousand, compared to RMB 93,910 thousand in the previous year, indicating a slight improvement[120]. Production and Sales - Total production for the reporting period was approximately 1.14 million tons, with confirmed and inferred total reserves of approximately 167.55 million tons as of June 30, 2022[42]. - Sales volume of self-produced anthracite coal rose by about 17.1% to approximately 1.37 million tons, compared to about 1.17 million tons in the previous period[45]. - Average selling price of self-produced anthracite coal increased by approximately 32.1% to RMB 509.6 per ton, up from RMB 385.9 per ton[45]. - Revenue from coal processing sales accounted for 54.5% of total revenue during the reporting period, increasing from 49.0% in the previous period[47]. - The coal supply remained constrained due to supply-side reforms and strict safety and environmental inspections, despite policies aimed at expanding production capacity[39]. Costs and Expenses - Total sales cost increased by approximately 32.3% to about RMB 428.2 million, up from approximately RMB 323.6 million[48]. - Labor costs rose by approximately 21.7% to about RMB 128.4 million, compared to approximately RMB 105.5 million in the previous period[49]. - Administrative expenses increased by approximately RMB 19.3 million due to business expansion, impacting employee costs and travel expenses[58]. - The company incurred a total cost of sales of RMB 428,180,000, which increased from RMB 323,566,000 in the previous year, indicating a rise in operational costs[180]. - The company’s employee benefit expenses increased to RMB 180,949,000 from RMB 152,186,000 in the previous year, reflecting higher labor costs[180]. Financial Position - The group had cash and cash equivalents of approximately RMB 28.7 million as of June 30, 2022[64]. - The total outstanding short-term and long-term bank borrowings amounted to approximately RMB 1,533.8 million as of June 30, 2022[65]. - The asset-liability ratio was 144.1% and 145.3% as of December 31, 2021, and June 30, 2022, respectively, indicating no significant fluctuations during the reporting period[73]. - The group had a net current liability of RMB 2,971.5 million and shareholders' deficit of RMB 619.8 million as of June 30, 2022, raising concerns about the company's ability to continue as a going concern[105]. - The company’s equity attributable to owners of the parent decreased to RMB (838,036) thousand from RMB (849,205) thousand, indicating a slight improvement in the negative equity position[117]. Market Conditions and Outlook - The coal industry faced challenges from external risks, including the Russia-Ukraine conflict and high inflation, impacting China's economic recovery[39]. - The company anticipates continued strong market conditions for coal, which may positively influence future performance[40]. - The coal industry is expected to see moderate production capacity expansion due to strict safety and environmental regulations, with coal prices anticipated to remain relatively high in the second half of 2022[80]. - The company plans to focus on high-quality capacity expansion and coal quality management to enhance competitiveness and average selling prices[82]. Shareholder Information - Major shareholders include Li Feili with a total stake of 53.53% and Laitan Investments Limited holding 52.44%[86]. - The board members collectively own 34,096,300 shares, accounting for approximately 2.47% of the issued shares[89]. - The company has adopted a share option scheme allowing for the grant of options to purchase up to 138,054,580 shares, which is 10% of the issued shares as of the approval date[99]. Discontinued Operations - The group completed the sale of Guizhou Dayuan, recognizing a gain of approximately RMB 25.9 million from discontinued operations[63]. - The revenue from discontinued operations for the period from January 1 to March 28, 2022, was RMB 8.14 million, with a profit from discontinued operations of RMB 27.82 million recognized[158]. - The Dogchang Coal Mine has ceased operations since March 2013, and its performance has been reclassified as discontinued operations, having no significant impact on the interim financial results[148]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2022, was RMB 322,788,000, a significant increase from RMB 32,976,000 in the same period of 2021, representing a growth of 877%[123]. - The net cash used in investing activities was RMB 149,818,000, compared to RMB 69,006,000 in the previous year, indicating an increase of 117%[123]. - Financing activities resulted in a net cash outflow of RMB 167,678,000, a decrease from a net inflow of RMB 36,765,000 in the prior year[123]. Regulatory and Compliance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO[92]. - The company has confirmed that all directors have complied with the standards of the securities trading code during the reporting period[94]. - The company has proactively applied amendments to accounting standards effective from January 1, 2022, with no significant impact on its financial position or performance[1].
飞尚无烟煤(01738) - 2022 - 中期财报