Production and Mining - The total copper concentrate production increased by 25.8% to 2,275 tons compared to 1,809 tons in the same period last year[7]. - Zinc concentrate production decreased by 47.4% to 1,765 tons from 3,357 tons year-on-year[7]. - Iron concentrate production slightly decreased by 4.5% to 48,615 tons from 50,922 tons[7]. - Sulfur concentrate production increased by 29.3% to 117,182 tons compared to 90,636 tons in the previous year[7]. - Lead concentrate production decreased by 42.9% to 323 tons from 566 tons year-on-year[7]. - Mining volume increased by 3.2% to 506,320 tons from 490,401 tons in the same period last year[8]. - The company is currently undergoing a reconstruction and expansion plan for the lead-zinc processing plant, which is expected to reach a capacity of 900,000 tons per year[9]. - The company has received approval for the 900,000 tons per year expansion plan for the Xinzhang Mine from the Jiangxi Provincial Development and Reform Commission[9]. - The company is preparing geological environmental protection and land reclamation plans for the Walege Mine[10]. - The company anticipates trial production at the Jinling Mine in the second half of the year following successful operational tests[10]. Financial Performance - The company's total revenue decreased by approximately 59.8% from RMB 822.8 million for the six months ended June 30, 2021, to RMB 330.5 million for the six months ended June 30, 2022[11]. - Gross profit increased by approximately 7.6% from RMB 148.2 million for the six months ended June 30, 2021, to RMB 159.5 million for the six months ended June 30, 2022[12]. - Revenue from the sale of self-extracted concentrate products increased by approximately 10.0% from RMB 267.2 million to RMB 294.0 million during the same period[13]. - The company's net profit attributable to owners increased by 7.3% from RMB 88.2 million to RMB 94.6 million[20]. - The overall gross margin improved from 18.0% to 48.2% due to the gradual termination of low-margin trading activities[12]. - Revenue from electrolytic copper and lead trading decreased by approximately 93.4% from RMB 555.6 million to RMB 36.5 million[15]. - Administrative expenses increased by approximately 52.2% from RMB 31.4 million to RMB 47.8 million, mainly due to the resumption of operations at the Jinling Mine[17]. - The net cash used in operating activities for the six months ended June 30, 2022, was approximately RMB 2.4 million, a decrease from RMB 78.1 million for the same period in 2021[21]. - The company's equity attributable to owners was RMB 1,051,497 thousand, up from RMB 1,039,947 thousand, reflecting a growth of about 1.4%[51]. - The company reported a net profit of RMB 94,551 thousand for the period, compared to a loss of RMB 1,565 thousand in the previous period, indicating a significant turnaround[53]. Cash Flow and Liquidity - As of June 30, 2022, the group's bank balances and cash amounted to approximately RMB 125.2 million, up from RMB 116.3 million as of December 31, 2021[21]. - The total bank borrowings as of June 30, 2022, included secured bank borrowings of approximately RMB 156.6 million and unsecured bank borrowings of approximately RMB 39.8 million, with an effective interest rate of about 5.20%[21]. - The debt-to-asset ratio increased to approximately 12.6% as of June 30, 2022, compared to 10.3% as of December 31, 2021, primarily due to an increase in bank borrowings of approximately RMB 68.4 million[21]. - The company’s cash and cash equivalents were reported at RMB 125,154 thousand, up from RMB 116,294 thousand, indicating a growth of approximately 7.9%[50]. - The group has a current liability exceeding current assets by approximately RMB 64,603,000, indicating potential liquidity challenges[57]. Shareholder Information - As of June 30, 2022, major shareholders included Jiesheng Investment Limited, holding 281,400,000 shares, representing 33.99% of the company[45]. - Shandong Hengbang Mining Development Co., Ltd. held 172,814,000 shares, accounting for 20.87% of the total issued share capital[45]. - The company had no stock options granted, exercised, expired, or lapsed as of June 30, 2022, as the stock option plan expired on July 10, 2022[40]. Expenses and Costs - The total mining and processing expenses for the six months ended June 30, 2022, were approximately RMB 76.9 million, compared to RMB 62.8 million for the same period in 2021[29]. - The unit cost of mining activities increased to approximately RMB 151.9 per ton for the six months ended June 30, 2022, from RMB 128.0 per ton for the same period in 2021[29]. - The total employee costs for the period amounted to RMB 33,938,000, an increase from RMB 27,362,000 in the previous year, which is a rise of about 24.2%[65]. - The company incurred research and development expenses of RMB 11,099,000 for the period, compared to RMB 7,703,000 in the previous year, representing an increase of about 44.5%[65]. Development and Expansion Plans - The company plans to expand mining capacity from 600,000 tons per year to 900,000 tons per year by outsourcing underground mining operations to third-party contractors[34]. - The company aims to enhance its mineral resources and ore reserves through the acquisition of new mines, with a focus on careful evaluation and prudent acquisitions[35]. - The company plans to continue its business expansion strategies to become a leading non-ferrous metal mining company in China and the South Pacific region[33]. Compliance and Governance - The company has adhered to corporate governance standards and has not encountered any incidents of non-compliance among employees regarding insider trading guidelines[38]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2022[39].
万国国际矿业(03939) - 2022 - 中期财报