Financial Performance - The company reported a revenue of RMB 1,740.8 million for the six months ended June 30, 2022, a significant increase of 50.4% compared to RMB 1,157.1 million in the same period last year[7]. - Net profit attributable to shareholders reached RMB 609.6 million, up 164.0% from RMB 230.9 million in the previous year[7]. - The gross profit for the period was RMB 790 million, compared to RMB 380 million in the same period last year, mainly due to higher average selling prices and sales volumes of electrolytic nickel and cathode copper[34]. - The total comprehensive income for the period was RMB 609,677,399.46, compared to RMB 228,749,779.05 in the prior year, showcasing strong overall financial performance[103]. - The company's operating profit was RMB 670,489,246.61, significantly higher than RMB 273,510,814.26 reported in the same period of 2021, indicating improved operational efficiency[100]. Sales and Production - The sales volume of electrolytic nickel was 8,075 tons, an increase of approximately 37.4% compared to 5,879 tons in the same period last year[7]. - The sales volume of cathode copper was 5,014 tons, which is a 15.8% increase from 4,331 tons in the previous year[7]. - The company plans to produce 3,131 tons of electrolytic nickel and 4,559 tons of cathode copper in the second half of 2022, subject to market conditions[23]. Pricing and Market Conditions - The average selling price for electrolytic nickel was RMB 160,506 per ton, up 33.7% from RMB 120,055 per ton in the previous year[7]. - The average selling price for cathode copper was RMB 63,887 per ton, an increase of 6.6% compared to RMB 59,938 per ton in the same period last year[7]. - The average LME price for electrolytic nickel was USD 27,867 per ton, a 59.1% increase from USD 17,521 per ton in the same period last year[20]. - The average price for cathode copper on the LME was USD 9,742 per ton, a 7.5% increase from USD 9,064 per ton year-on-year[20]. Expenses and Investments - Research and development expenses amounted to RMB 63 million, a new expenditure compared to no R&D expenses in the same period last year[37]. - The company spent approximately RMB 3.4 million on mineral exploration activities during the period[24]. - Total capital expenditure for the period was RMB 480,794,000, with the largest portion (85.53%) allocated to the transfer of mining rights at the Huangshan West No. 30 mine[58]. Assets and Liabilities - As of June 30, 2022, total assets increased by 9.6% year-on-year to RMB 8,100 million, while shareholders' equity rose by 12.4% to RMB 5,561 million[42]. - The total interest-bearing debt was RMB 1,219.15 million, slightly down from RMB 1,234 million at the end of the previous year[45]. - Total liabilities were RMB 2,539,592,755.62, which is an increase from RMB 2,447,070,478.58, marking a rise of about 3.8%[98]. Shareholder Information - The company does not recommend the distribution of an interim dividend for 2022[9]. - Major shareholders include Xinjiang Nonferrous Metals Group with 885,204,000 shares (40.06% of total share capital) and Shanghai Yilian with 282,896,000 shares (12.80%)[78][79]. - As of June 30, 2022, the total issued share capital was 2,210,000,000 shares, with 1,451,000,000 domestic shares (65.66%) and 759,000,000 H-shares (34.34%)[77]. Corporate Governance - The company fully complied with the corporate governance code as per the listing rules during the reporting period[85]. - The board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors, with a meeting attendance rate of 90%[86]. - The company appointed a new chairman of the board, Mr. Guo Quan, effective June 2, 2022, following the resignation of Mr. Zhang Guohua[89]. Financial Management - Net financial expenses decreased from RMB 38 million to RMB 26 million, attributed to adjustments in financing scale and loan rates based on cash flow and market interest rate changes[38]. - Investment income increased to RMB 62 million from RMB 25 million in the previous year, primarily due to higher investment income from joint ventures[39]. - The company reduced its financial expenses, with net financial costs decreasing to RMB 26,070,827.19 from RMB 37,685,730.50 in the previous year, reflecting better cost management[100]. Cash Flow - The net cash inflow from operating activities was RMB 624.8 million, an increase of RMB 323.1 million compared to the previous year, driven by higher sales revenue from key products[42]. - The total cash inflow from operating activities was RMB 1,321,884,956.60, compared to RMB 852,987,391.90 in the previous year, indicating a year-over-year increase of about 55%[105]. - The net cash flow from investment activities was RMB 35,127,286.48, compared to a net outflow of RMB 30,806,266.06 in the previous year, indicating a significant turnaround[108].
新疆新鑫矿业(03833) - 2022 - 中期财报