Financial Performance - The group extracted 980,301 tons of ore and sold 3,839 tons of copper concentrate, 95,437 tons of iron concentrate, 7,386 tons of zinc concentrate, 193,529 tons of sulfur concentrate, 1,113 tons of lead concentrate, 23,406 tons of pyrite, 213 kg of gold, 12,068 kg of silver, and 383 kg of copper, achieving a revenue of RMB 2,014.4 million and a gross profit of RMB 316.2 million[9]. - The net profit attributable to the owners of the company was RMB 198.4 million, marking the best performance since the company went public[9]. - The company's total revenue increased by approximately 44.5% from RMB 1,394.1 million in 2020 to RMB 2,014.4 million in 2021, driven by higher sales of self-mined concentrate products and electrolytic copper[29]. - Gross profit rose by approximately 100.9% from RMB 157.4 million in 2020 to RMB 316.2 million in 2021, with the gross profit margin increasing from 11.3% to 15.7%[30]. - The company's net profit after tax increased by approximately 113.9% from RMB 84.9 million in 2020 to RMB 181.6 million in 2021, with a net profit margin rising from 6.1% to 9.0%[34]. - The basic earnings per share for 2021 was RMB 23.9, compared to RMB 12.0 in 2020, representing an increase of 99.2%[166]. Market Conditions - The copper market recorded a supply shortage of 397,000 tons in 2021, compared to a shortage of 690,000 tons in 2020, with global demand reaching 25.1 million tons, a 0.9% increase from 2020[11]. - The iron market experienced price fluctuations due to macroeconomic policies, with prices peaking in May 2021 before stabilizing[12]. - The zinc market faced a supply shortage of 26,100 tons in 2021, contrasting with a surplus of 632,000 tons in the previous year, with global demand increasing by 4.9%[12]. - The lead market recorded a shortage of 130,900 tons in 2021, compared to a shortage of 108,700 tons in 2020, with total inventory down by 55,500 tons year-over-year[13]. Strategic Developments - The new strategic investor, Hengbang Smelting, has been introduced to enhance the group's future development capabilities[9]. - The company aims to achieve new milestones and growth in 2022, leveraging collective efforts and support from stakeholders[9]. - The company completed the acquisition of a 51% stake in Tibet Changdu Mining Co., Ltd., which owns the Walege lead mine, allowing for further open-pit and underground mining[15]. - The company is applying for mining permits for the Walege mine, which has been recognized as a key mineral resource under the "Mineral Exploration Breakthrough Strategic Action" initiative[15]. Operational Highlights - The Jiangxi Xinzhang Mine achieved its best performance since its establishment, while the Solomon Islands Jinling Mine is progressing towards resuming production, although the target for production by the end of 2021 has been delayed to Q2 2022 due to COVID-19[9]. - The company is advancing the re-commissioning activities at the Jinling mine, including the initiation of heap leaching processes and installation of flotation plants[15]. - The company completed underground geological drilling of 24,631 meters and tunnel excavation of 578 meters at the Xinzhong Mine during 2021, with exploration costs amounting to approximately RMB 53 million[50]. - Development expenditures for the Xinzhong Mine totaled approximately RMB 732 million in 2021, with RMB 598 million allocated for mining structures and RMB 116 million for machinery and electronic equipment[51]. Environmental and Safety Measures - The company emphasizes the importance of occupational health and safety, implementing a series of measures to comply with regulatory requirements and ensure production safety[99]. - The company aims to create a work environment free of fatalities, injuries, or occupational diseases, reflecting its commitment to safety[97]. - The group reported a total CO2 emission of 818.4 tons from Scope 1 and 47,887.8 tons from Scope 2, with a CO2 emission per unit production of 0.05 kg/ton[107]. - The company has implemented mandatory safety training programs for all employees to enhance awareness of safety issues[99]. Corporate Governance - The company has maintained compliance with all applicable corporate governance codes throughout 2021, except for specific deviations noted in the report[69]. - The board consists of four executive directors and four independent non-executive directors, ensuring a balanced structure with diverse industry knowledge and strategic planning experience[70]. - The company has adopted a written guideline for employees regarding securities trading, which is not less stringent than the standard code for listed issuers[69]. - The independent non-executive directors have extensive experience in management and finance, contributing to the company's governance and oversight[68]. Financial Position - Total assets as of December 31, 2021, amounted to RMB 1,467,800 thousand, up from RMB 1,144,120 thousand in 2020, showing a growth of 28.3%[169]. - The company's equity attributable to owners increased to RMB 1,039,947 thousand in 2021, compared to RMB 712,589 thousand in 2020, representing a growth of 46%[169]. - Cash and cash equivalents rose to RMB 116,294 thousand in 2021, up from RMB 36,662 thousand in 2020, indicating a significant liquidity improvement[167]. - The company has committed capital obligations of approximately RMB 51,146,000 due within the next twelve months[176]. Community Engagement - The company made community contributions of approximately RMB 1.3 million to local charitable activities during the year[113]. - The company encourages shareholder participation in annual general meetings to communicate strategies and objectives directly[94]. - The company has established multiple communication channels with shareholders and investors, including reports and meetings[94].
万国国际矿业(03939) - 2021 - 年度财报