Revenue Performance - Revenue from the marble slags business for HY2023 was approximately RMB 14.4 million, a decrease of approximately RMB 11.1 million or 43.4% compared to RMB 25.5 million for HY2022[12] - The Group's revenue decreased by approximately RMB10.8 million or 41.7%, from approximately RMB25.8 million for HY2022 to approximately RMB15.0 million for HY2023[31] - Sales of marble slags dropped by approximately RMB11.1 million, from approximately RMB25.5 million for HY2022 to approximately RMB14.4 million for HY2023, due to decreased demand amid economic downturn[32] - Revenue for the six months ended June 30, 2023, was RMB 15,043,000, a decrease of 42.5% compared to RMB 25,813,000 for the same period in 2022[116] - Revenue from marble slags was RMB 14,439,000, down 43.3% from RMB 25,498,000 in the previous year[156] - Revenue from food sales increased to RMB 604,000, up 91.5% from RMB 315,000 in the same period last year[156] Profit and Loss - Gross profit decreased by approximately RMB2.8 million or 31.1%, from approximately RMB9.0 million for HY2022 to approximately RMB6.2 million for HY2023, with gross profit margin increasing by 6.4 percentage points to approximately 41.1%[36] - Loss before tax for the period was RMB 8,986,000, compared to a loss of RMB 22,405,000 in the previous year, indicating an improvement of 60.0%[116] - Loss attributable to owners of the company for the period was RMB 8,986,000, a reduction from RMB 22,760,000 in 2022[116] - The Group recorded a loss of approximately RMB9.0 million for HY2023, representing a decrease of approximately RMB13.8 million compared to a loss of RMB22.8 million for HY2022[40] - The Group reported a loss of approximately RMB8,986,000 for the six months ended June 30, 2023, a decrease from a loss of RMB22,760,000 in the same period of 2022, indicating an improvement of approximately 60.5%[171] Expenses and Costs - Administrative expenses decreased by approximately RMB3.2 million, from approximately RMB14.7 million for HY2022 to approximately RMB11.5 million for HY2023, primarily due to reduced legal and professional fees[38] - The Group's total expenditure for mining operations was approximately RMB8.4 million in HY2023, down from RMB16.3 million in HY2022[26] - Cost of inventories sold decreased to RMB8,862,000 for the six months ended June 30, 2023, down from RMB16,854,000 in 2022, representing a reduction of about 47.4%[169] - The Group's finance costs for the six months ended June 30, 2023, totaled RMB 955,000, slightly up from RMB 922,000 in the same period of 2022[159] Assets and Liabilities - As of June 30, 2023, total equity interests were approximately RMB 194.7 million, a decrease of approximately RMB 6.5 million or 3.2% from RMB 201.2 million as of December 31, 2022[46] - Cash and bank balances as of June 30, 2023, were approximately RMB 2.4 million, down from RMB 3.2 million as of December 31, 2022[47] - Total borrowings as of June 30, 2023, were approximately RMB 17.9 million, a decrease from RMB 19.0 million as of December 31, 2022[48] - Trade receivables as of June 30, 2023, were RMB 62,598,000, slightly down from RMB 64,305,000 at the end of 2022[117] - Trade payables increased to RMB41,961,000 as of June 30, 2023, from RMB37,249,000 as of December 31, 2022, reflecting an increase of approximately 12.5%[185] Mining Operations - The Zhangjiaba Mine contains 44.2 million cubic meters of measured and indicated marble resources, with 16.8 million cubic meters classified as proved and probable reserves[20] - The renewed mining permit for the Zhangjiaba Mine is valid from February 21, 2021, to February 21, 2026[19] - There was no geological exploration activity conducted during HY2023[20] - The initial term of the mining permit for the Zhangjiaba Mine was granted for a 10-year period, covering reserves extractable for 30 years based on approved capacity[19] Business Strategy and Future Outlook - The Group aims to find cooperation partners to develop the ground calcium carbonate (GCC) business plan, leveraging its rich marble resources[13] - The Company does not plan to set a timeline for the expansion of the GCC business due to current negative market sentiment[13] - The Group expects challenges for business growth in the coming years due to weakening domestic demand and geopolitical tensions[27] - The Group plans to consolidate production and operations while exploring new business opportunities to maximize shareholder value[27] Corporate Governance - The company has complied with all code provisions of the CG Code throughout HY2023, except for deviations from provisions C.2.1, C.1.8, and F.2.2[74] - The audit committee, consisting of three independent non-executive Directors, has reviewed and recommended the adoption of the unaudited interim results for HY2023[80] - The chairman of the Board attended the annual general meeting in HY2023, while other Board members were unable to attend due to business commitments[76] - The company confirms that all Directors have complied with the Model Code for Securities Transactions throughout HY2023[79] Share Capital and Dividends - The Board does not recommend the payment of an interim dividend for HY2023[113] - The Group did not recommend any dividend for the six months ended June 30, 2023, consistent with the decision for the same period in 2022[174] - The Group's share capital increased to RMB25,679,000 as of June 30, 2023, from RMB24,435,000 as of December 31, 2022, an increase of approximately 5.1%[186] Litigation and Legal Matters - The company is involved in ongoing litigation with claims amounting to approximately HK$23.7 million and HK$21.2 million against different defendants, related to loan agreements and alleged breaches of trust[192][196] - The High Court dismissed a summary judgment application from Zhongtai International Wealth Management Limited, which claimed the company was liable for returning approximately HK$61.4 million from an open offer bank account[196] - The company does not anticipate incurring further liabilities from ongoing litigation as of June 30, 2023, due to the early stage of the proceedings[197] - The company reported no provisions for the ongoing litigation cases, indicating a low likelihood of incurring additional liabilities[197]
中国金石(01380) - 2023 - 中期财报