Financial Performance - The group achieved operating revenue of approximately RMB 2,049.8 million in 2023, a decrease of about 28.4% compared to 2022; net profit was approximately RMB 162.3 million, down from RMB 743.2 million in 2022; earnings per share were approximately RMB 0.07, compared to RMB 0.34 in 2022[24]. - The company's net profit attributable to shareholders for 2023 was RMB 162,343 thousand, with a basic and diluted earnings per share of RMB 0.07[1]. - The company reported a total profit of RMB 209,954,055.76 for 2023, down from RMB 833,461,862.72 in 2022, marking a decrease of 74.8%[131]. - The consolidated net profit for 2023 was approximately RMB 162.3 million, down about 78.2% from RMB 743.2 million in 2022[197]. - Net profit for the year 2023 was RMB 162,342,576.31, a significant decrease of 78.16% from RMB 743,236,444.48 in 2022[131]. Production and Sales - The company produced 7,513 tons of electrolytic nickel in 2023, a decrease of approximately 32.2% from 2022[22]. - The production of cathode copper was 5,768 tons, representing a decline of about 38.0% year-over-year[22]. - The group produced 66,517 tons of nickel-copper mixed concentrate and 30,338 tons of nickel concentrate in 2023[26]. - The sales volume of electrolytic nickel decreased by approximately 39.2% to 7,747 tons in 2023 from 12,752 tons in 2022[125]. - The sales volume of cathode copper decreased by approximately 49.8% to 4,908 tons in 2023 from 9,775 tons in 2022[125]. Pricing and Costs - The average price of electrolytic nickel on the London Metal Exchange was $21,550 per ton, a decrease of approximately 16.8% compared to 2022[18]. - The average price of cathode copper was $8,698 per ton, down about 1.2% from the previous year[18]. - The average selling price of electrolytic nickel was approximately RMB 142,601 per ton, a decrease of about 13.7% compared to 2022; the average selling price of cathode copper was approximately RMB 60,334 per ton, an increase of about 1.2% compared to 2022[23]. - The average sales cost for electrolytic nickel in 2023 was approximately RMB 82,113 per ton, an increase of about 10.2% compared to 2022, while the average sales cost for cathode copper rose by approximately 33.4% to RMB 69,164 per ton[50]. Resource and Reserves - The company holds 100% ownership of four nickel-copper mines, including the Karatungku mine and three others in Hami, Xinjiang[12]. - As of December 31, 2023, the total resource amount for the Karatungku nickel-copper mine was 27,830,298 tons, with a nickel grade of 0.57%[14]. - The total resource amount for the three Hami mines was 63,564,741 tons, with a nickel grade of 0.46%[14]. - The total estimated reserves as of December 31, 2023, for the Karatungku mine were 17,669,405 tons, with a nickel grade of 0.64%[14]. Investments and Future Plans - The group plans to invest RMB 178.1 million in 2024 for the automation and process optimization projects at the Karatunk mining operation[68]. - The company plans to implement more flexible and proactive marketing strategies in 2024 to adapt to market uncertainties and enhance operational efficiency[58]. - For 2024, the group plans to produce 11,000 tons of electrolytic nickel, an increase of approximately 29.4% compared to 2023, and 9,900 tons of cathode copper, an increase of approximately 45.0%[66]. - The company aims to enhance overall management and operational efficiency in 2024 to ensure stable production levels across its mining and refining processes[66]. Cash Flow and Financial Position - The total assets of the company as of 2023 amounted to RMB 7,837,578 thousand, while total liabilities were RMB 2,317,070 thousand[1]. - As of December 31, 2023, the total cash and cash equivalents of the group amounted to RMB 483.7 million, a decrease from RMB 621.5 million in 2022[98]. - The total borrowings of the group were approximately RMB 768.1 million, down from RMB 996.5 million in 2022, resulting in a net debt of RMB 284.4 million, compared to RMB 375.0 million in 2022[98]. - The current ratio decreased to 1.8 in 2023 from 2.2 in 2022[100]. Operational Efficiency and Challenges - The group maintained stable production and operations in 2023, with no significant operational difficulties reported, despite a temporary production halt due to technical upgrades[27]. - The decline in sales volume of key products was mainly due to national safety production guidance and temporary production suspension for technical upgrades[198]. - Production has resumed since June 2023 after the completion of national safety production guidance and technical upgrades[198]. Community and Environmental Initiatives - The company actively participates in community support and public welfare initiatives, focusing on education and health[152]. - The group achieved its safety production goals in 2023, adhering strictly to national environmental protection regulations[30].
新疆新鑫矿业(03833) - 2023 - 年度财报