Financial Performance - Revenue for the six months ended June 30, 2023, was approximately RMB 647.4 million, a decrease of about 28.5% compared to RMB 904.9 million for the same period in 2022[2]. - Gross profit for the same period was approximately RMB 316.3 million, down approximately 44.7% from RMB 571.5 million in the prior year[2]. - Gross margin decreased to approximately 48.9%, down about 14.3 percentage points from 63.2% for the six months ended June 30, 2022[2]. - Total profit and comprehensive income for the period was approximately RMB 150.8 million, a decrease of about 62.4% compared to RMB 401.2 million for the same period in 2022[2]. - Basic earnings per share were approximately RMB 9.42 cents, down from RMB 25.07 cents for the six months ended June 30, 2022[2]. - The board of directors resolved not to declare an interim dividend for the six months ended June 30, 2023, compared to no dividend declared for the same period in 2022[2]. Market Conditions - China's GDP grew by 4.5% in Q1 2023 and 5.5% in the first half, surpassing market expectations[14]. - The steel market demand is expected to gradually increase in the second half of 2023 due to national policy measures, supporting coking coal demand and prices[15]. - The global economy showed signs of easing in Q2 2023, with major economies experiencing a continuous decline in inflation[21]. - Coking coal prices significantly declined in 2023 due to a slowdown in domestic demand, despite infrastructure demand supporting local steel needs[22]. - The overall construction steel market experienced a downward trend in the first half of 2023, impacting the coking coal market[22]. Coal Resources and Production - As of June 30, 2023, the Hongguo Coal Mine has measured resources of 16,847 kt and proved reserves of 12,377 kt[30]. - The Baogushan Coal Mine has indicated resources of 24,700 kt and probable reserves of 18,790 kt as of June 30, 2023[30]. - The Xiejiahegou Coal Mine has inferred resources of 10,360 kt and marketable reserves of 5,658 kt of clean coal[30]. - The company operates three underground coal mines in Guizhou Province, contributing to its resource and reserve base[27]. - The marketable reserves of the three coal mines were estimated using historical average recoveries from January 1, 2023, to June 30, 2023[34]. - As of June 30, 2023, the total permitted annual capacity of the Group's coal mines is 1.65 million tonnes, with actual production of 583,324 tonnes, representing a utilization rate of 35.4%[37][39]. - The production volumes for Hongguo Coal Mine and Baogushan Coal Mine decreased by approximately 11.0% and 27.3% YoY, while Xiejiahegou Coal Mine's production increased by approximately 3.3% YoY[39]. Sales and Pricing - The average selling price of clean coal decreased by approximately 25.7% YoY to approximately RMB1,913.25/tonne, while the average selling price of middling coal decreased by approximately 18.8% YoY to approximately RMB286.82/tonne[46]. - The sales volume of clean coal decreased by approximately 4.9% YoY to approximately 318,213 tonnes, and the sales volume of middling coal decreased by approximately 15.5% YoY to approximately 91,586 tonnes[48]. - The sales volume of sludge coal increased by approximately 91.2% YoY to approximately 63,394 tonnes, and the sales volume of coalbed methane gas increased by approximately 12.4% YoY to approximately 11,798,629 cubic meters[48]. - The Group processed a total of 581,140 tonnes of coal during the period, with Songshan CPP processing 386,108 tonnes and Xiejiahegou CPP processing 195,032 tonnes[41]. Financial Position and Liabilities - As of June 30, 2023, the bank balances and cash amounted to approximately RMB148.2 million, down from RMB202.1 million as of December 31, 2022[100]. - Secured bank borrowings from factoring of receivables increased to approximately RMB799.2 million as of June 30, 2023, compared to RMB435.0 million as of December 31, 2022[100]. - The Group's gearing ratio increased to approximately 0.52 as of June 30, 2023, from approximately 0.32 as of December 31, 2022, primarily due to an increase in bank and other borrowings[100]. - The Group recorded net current liabilities of approximately RMB578.6 million as of June 30, 2023, but management believes there will be sufficient working capital to meet financial obligations in the foreseeable future[106]. - Contingent liabilities amounted to approximately RMB255.2 million as of June 30, 2023, down from approximately RMB395.2 million as of December 31, 2022[109]. Shareholder Information - As of June 30, 2023, Mr. Yu Bangping holds 864,000,000 shares of the Company, representing approximately 54.00% of the total shares issued[134]. - The total number of shares issued by the Company as of June 30, 2023, is 1,600,000,000[146]. - Spring Snow Management Limited, which is controlled by Mr. Yu, holds 864,000,000 shares, also representing 54.00% of the Company[145]. - No significant events requiring disclosure occurred after June 30, 2023, up to the date of the interim report[119]. Corporate Governance - The Group has complied with all provisions of the Corporate Governance Code, except for a temporary deviation regarding the roles of Chairman and CEO[127]. - The Company’s audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023[166]. - The Group's accounting policies for the six months ended June 30, 2023, remain consistent with those presented in the annual financial statements for the year ended December 31, 2022[188].
久泰邦达能源(02798) - 2023 - 中期业绩