Yulong Gold(SH:601028)2023-04-23 16:00Financial Performance - In 2022, the company achieved a net profit attributable to shareholders of RMB 291,304,545.28, a decrease of 20.04% compared to RMB 364,329,567.72 in 2021[5]. - The company's operating revenue for 2022 was RMB 10,935,858,905.17, down 3.67% from RMB 11,351,946,697.48 in 2021[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 301,415,157.83, down 17.58% from RMB 365,728,180.97 in 2021[22]. - The company reported a basic earnings per share of CNY 0.3720 in 2022, a decrease of 20.05% compared to CNY 0.4653 in 2021[24]. - The weighted average return on equity decreased to 10.83% in 2022 from 15.40% in 2021, a decline of 4.57 percentage points[24]. - The company achieved a total operating revenue of CNY 10,935,858,905.17 in the reporting period, a decrease of 3.67% compared to the previous year[51]. - The company’s main business in bulk commodity trading generated an operating income of CNY 1,079,048.35 million, with a net profit attributable to shareholders of CNY 23,758.67 million[50]. - The acquisition of 100% equity in NQM Company added CNY 14,431.11 million to the company's operating revenue and CNY 7,486.48 million to the net profit attributable to shareholders for the year 2022[50][52]. Cash Flow and Assets - The net cash flow from operating activities was negative RMB 447,663,238.78, a significant decline compared to positive RMB 49,523,630.21 in 2021[22]. - The company's total assets at the end of 2022 were RMB 2,787,026,936.84, an increase of 9.40% from RMB 2,547,496,436.60 at the end of 2021[22]. - The company's net assets attributable to shareholders increased to RMB 2,787,026,936.84 by the end of 2022, reflecting a growth of 9.40% compared to the previous year[22]. - The net cash flow from operating activities was CNY 133,277,072.55 in the first quarter of 2022, showing a significant recovery compared to previous quarters[27]. - The net cash flow from investing activities was -836,616,591.96 CNY, primarily due to the acquisition of 100% equity in NQM[67]. - Cash and cash equivalents at the end of the period amounted to 449,675,882.29 CNY, a decrease of 61.64% from the previous year[70]. - Accounts receivable increased by 118.19% to 954,683,976.97 CNY, attributed to an increase in customer payments receivable[70]. - Inventory at the end of the period was 854,101,778.16 CNY, an increase of 4,028.54% due to an increase in operational inventory[70]. Dividends and Profit Distribution - The proposed cash dividend for 2022 is RMB 0.35 per 10 shares, totaling RMB 27,405,901.60 to be distributed to shareholders[5]. - The company plans to allocate 10% of its net profit to statutory surplus reserves, amounting to RMB 22,120,920.32[5]. - The company has a cash dividend policy that stipulates a minimum distribution of 10% of the distributable profit, ensuring that the cumulative cash dividends over the last three years are at least 30% of the average annual distributable profit[138]. - The company declared a cash dividend of 77,519,550.74 CNY, which represents 26.61% of the net profit attributable to ordinary shareholders in the consolidated financial statements[143]. - Each share will receive a dividend of 10 CNY (before tax) and a stock bonus of 10 shares[143]. Acquisitions and Investments - The company successfully acquired control of the Pakingo Gold Mine in Australia, with a profit commitment of no less than AUD 36 million, AUD 39 million, and AUD 41 million for the years 2022, 2023, and 2024 respectively, totaling AUD 116 million over three years[33]. - The company completed the acquisition of 67% equity in Shaanxi Shanjin, obtaining mining rights for the Loufangou Vanadium Mine project in Shaanxi Province[35]. - The company acquired 100% equity of NQM, adding a new gold mining business, with no comparable data from the previous year[57][62]. - The company has entered into a cooperation agreement with BHP Gold for lithium resource exploration, with a total investment budget not exceeding RMB 13 million over a maximum period of 4 years[175]. - The company plans to invest AUD 5 million in Australian-listed company Syrah Resources to acquire graphite resources in Africa, with the Ancuabe Project holding approximately 46.1 million tons of graphite resources and 24.9 million tons of recoverable reserves[36]. Operational Strategies and Future Plans - The company is focusing on integrating resources in the new energy storage sector, collaborating with leading companies in the all-vanadium flow battery field[35]. - The company aims to optimize its revenue structure and enhance profitability through strategic acquisitions and partnerships in the gold and new energy sectors[33]. - The company plans to optimize the production processes at the Pakingo mining area to enhance efficiency and reduce costs, including transitioning to a fully autonomous mining operation[96]. - The company aims to increase its core competitiveness by focusing on enhancing net profit, improving operational efficiency, and expediting the resolution of historical issues[96]. - The company will prioritize the construction and production optimization of 2022 acquisition projects, targeting domestic gold mining projects that can quickly contribute profits and cash flow[98]. Governance and Compliance - The company maintains independence from its controlling shareholder, ensuring no interference in its operations and decision-making processes[104]. - The company has established a governance structure with a compensation and assessment committee to oversee remuneration policies[121]. - The company has implemented strict safety management measures in mining operations to mitigate risks associated with safety and environmental concerns[102]. - The company is committed to enhancing its environmental protection efforts, including regular inspections and promoting green mining initiatives[102]. - The company has not reported any incidents of insider trading or information leakage that could affect stock price stability during the reporting period[107]. Market and Economic Conditions - The global cobalt consumption exceeded 150,000 tons in 2022, with prices rising to USD 8,100 per ton, indicating a strong demand in the new energy materials market[41]. - The average annual price of gold in London was USD 1,800.09 per ounce in 2022, reflecting a slight increase of 0.08% compared to 2021[39]. - The company faces risks related to macroeconomic fluctuations, as its revenue is closely tied to commodity prices, which are influenced by global supply and demand dynamics[100]. - The company expects foreign trade growth to continue despite pressures from global economic downturns, supported by policies like RCEP and export tax rebates[93]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 58,044, a decrease from 65,756 at the end of the previous month[183]. - The largest shareholder, Jinan High-tech Holding Group Co., Ltd., holds 29.20% of the shares, totaling 228,637,000 shares[185]. - Hainan Houai Technology Co., Ltd. is the second-largest shareholder with 19.01%, holding 148,878,458 shares, having decreased its holdings by 15,593,400 shares during the reporting period[185]. - The company has no significant changes in the control of shareholders during the reporting period[189]. - Jinan High-tech Holding Group Co., Ltd. is the controlling shareholder and has no related party transactions with other shareholders[188].