Financial Performance - For the year ended December 31, 2023, the group's revenue was approximately RMB 383,463,000, a decrease of about 8.4% compared to RMB 418,413,000 in 2022[3]. - The group's net profit for the year was approximately RMB 94,939,000, down approximately 21.5% from RMB 120,990,000 in 2022[3]. - Basic and diluted earnings per share attributable to ordinary shareholders of the parent company were approximately RMB 0.04, a decrease of about 33.3% from RMB 0.06 (restated) in 2022[3]. - The total comprehensive income for the year was RMB 94,425,000, compared to RMB 131,126,000 in 2022, reflecting a decline[8]. - The group reported a gross profit of RMB 183,253,000 for the year, down from RMB 218,590,000 in 2022, indicating a decline in profitability[5]. - Administrative expenses rose to RMB 43,239,000 in 2023 from RMB 33,711,000 in 2022, reflecting increased operational costs[5]. - Revenue from gold bar sales decreased to RMB 383,463 thousand in 2023, down 8.3% from RMB 418,413 thousand in 2022[35]. - Total other income and gains fell to RMB 9,851 thousand in 2023, a decline of 26.5% from RMB 13,403 thousand in 2022[35]. - The group's profit before tax was impacted by a cost of sold inventory amounting to RMB 200,210 thousand in 2023, slightly up from RMB 199,823 thousand in 2022[37]. - The group incurred employee benefit expenses totaling RMB 50,125 thousand in 2023, an increase of 34.3% compared to RMB 37,270 thousand in 2022[37]. - The income tax expense for the group was RMB 51,318 thousand in 2023, down 19.8% from RMB 63,918 thousand in 2022[39]. - The total tax expense for the year was RMB 51,318,000, down from RMB 63,918,000 in 2022, reflecting a decrease of approximately 19.8%[40]. - The group's mother company owners' profit attributable was approximately RMB 65,025,000, a decrease of about 21.9% from RMB 83,214,000 in 2022, mainly due to reduced sales volume[69]. - Gross profit decreased by approximately 16.2% to about RMB 183,253,000 (2022: RMB 218,590,000), with a gross margin of approximately 47.8% (2022: 52.2%) due to increased sales costs and reduced gold production[62]. Assets and Liabilities - The group's total assets less current liabilities increased to RMB 1,039,815,000 in 2023 from RMB 739,618,000 in 2022[10]. - Non-current assets totaled RMB 581,707,000 in 2023, up from RMB 554,171,000 in 2022[10]. - Cash and cash equivalents increased significantly to RMB 586,840,000 in 2023 from RMB 282,187,000 in 2022[10]. - The company's inventory totaled RMB 21,821,000, an increase from RMB 18,652,000 in 2022, representing a growth of approximately 11.6%[43]. - Trade payables amounted to RMB 10,273,000, a decrease from RMB 12,426,000 in 2022, indicating a reduction of about 17.4%[43]. - The group had outstanding bank loans of approximately RMB 30,000,000 as of December 31, 2023, unchanged from 2022, which were fully repaid on August 25, 2023[74]. - The group’s deferred tax liabilities increased to RMB 4,555 thousand in 2023, compared to RMB 3,762 thousand in 2022[39]. Gold Production and Sales - The total gold production for the year was approximately 882.3 kg (or about 28,366.4 ounces), a decrease of approximately 18.7% compared to the previous year[45]. - The group's gold production for the year was approximately 882.3 kg (equivalent to about 28,366.4 ounces), a decrease of approximately 190.2 kg (equivalent to about 6,114.7 ounces) or 17.7% compared to last year[53]. - Revenue decreased by approximately 8.4% to about RMB 383,463,000 (2022: RMB 418,413,000), primarily due to the reduction in gold production[59]. - The average selling price increased by 14% compared to last year despite the decrease in gold production[59]. Corporate Governance and Management - The company operates as an investment holding company with subsidiaries engaged in gold mining, processing, and sales in China[1]. - The company is led by Dr. Shao, who serves as both Chairman and CEO, ensuring effective management and business development since 2019[103]. - The board believes that having the same person in both roles enhances internal leadership consistency and strategic planning efficiency[103]. - The audit committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year[108]. - The company has complied with the corporate governance code during the year ending December 31, 2023, with no significant deviations reported[101]. Future Outlook and Plans - The group anticipates that gold spot prices in China will rise in 2024, driven by recovering demand for safe-haven assets and supportive consumption policies[87]. - Global gold spot prices are projected to increase from USD 1,801.3 per ounce in 2022 to USD 2,148.4 per ounce by 2027, reflecting a compound annual growth rate of 3.6%[87]. - The company aims to expand its mining operations and increase gold reserves through the acquisition of valuable assets in China, solidifying its position in Shandong Province[89]. - On March 25, 2024, the company's wholly-owned subsidiary PRG Res Holding 2 Ltd. signed a letter of intent to acquire 70% of the issued share capital of a target company engaged in gold mining and related activities in Yantai, Shandong Province[89]. - The allocation of the net proceeds includes 20.4% (HKD 44.5 million) for optimizing mining operations, 55.0% (HKD 120.1 million) for selective acquisitions, and 12.6% (HKD 27.5 million) for repaying existing bank loans[92]. Financial Reporting and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and presented in Renminbi[4]. - The consolidated financial statements include the company and its subsidiaries as of December 31, 2023[5]. - The company maintains control over its subsidiaries through direct or indirect ownership and assesses control based on voting rights and other relevant factors[6]. - The group has adopted new and revised International Financial Reporting Standards for the current financial year[8]. - The group has adopted the revised International Financial Reporting Standards (IFRS) 1, 8, and 12, which do not significantly impact the financial statements for the years ended December 31, 2023, and 2022[22]. - The group has disclosed significant accounting policy information in the notes to the financial statements, aligning with the revised IFRS requirements[22]. - The group has not experienced any significant impact on earnings per share or comprehensive income due to the adoption of the revised IFRS standards[22]. - The group has applied the revised standards retrospectively, ensuring consistency in financial reporting practices[24].
集海资源(02489) - 2023 - 年度业绩