HY(SH:601020)2024-04-26 14:23Financial Performance - The net profit attributable to shareholders for 2023 is CNY 73,887,212.18, with a proposed cash dividend of CNY 0.29 per share, totaling CNY 22,831,575.01 to be distributed[6]. - The company's operating revenue for 2023 reached ¥871,075,258.86, representing a 54.38% increase compared to ¥564,223,352.33 in 2022[28]. - The net profit attributable to shareholders was ¥73,887,212.18, a decrease of 49.92% from ¥147,539,610.04 in the previous year[30]. - The basic earnings per share (EPS) for 2023 was ¥0.09, down 52.63% from ¥0.19 in 2022[32]. - The net cash flow from operating activities was ¥246,505,299.14, a decline of 10.53% compared to ¥275,527,585.25 in 2022[30]. - The weighted average return on equity (ROE) decreased to 2.56% in 2023 from 5.04% in 2022, a drop of 2.48 percentage points[32]. - The net profit after deducting non-recurring gains and losses was ¥72,590,678.33, down from ¥168,545,076.74 in 2022, marking a significant decline[30]. - The company reported a significant increase in long-term borrowings due to a rise in expected liabilities, which totaled RMB 12.22 billion, up 53.76% from the previous period[126]. - The capital reserve increased by 8.85% to RMB 47.94 billion, primarily due to a capital increase of 4 shares for every 10 shares held[126]. - The company reported a significant decline in net profit, with a loss of approximately 62.92 million yuan compared to the previous period[154]. Operational Highlights - The actual ore extraction at Zhashikang Mine was 531,000 tons, achieving 94.35% of the adjusted target of 562,800 tons, while metal production reached 32,383 tons, exceeding the target by 0.13%[41]. - The actual ore extraction at Lahu Mine was 12,000 tons, achieving only 31.58% of the target of 38,000 tons, with metal production at 464.72 tons, reaching 65.83% of the target[41]. - The Ta Aluminum project achieved an actual ore extraction of 1,384,800 tons, reaching 99.10% of the target, while the gold production was 1,001.21 kg, only 66.70% of the target[47]. - The company completed 8 research and development projects and obtained 6 software copyrights and 6 utility model patents in 2023[53]. - The company completed 7,648 meters of tunneling, exceeding the annual plan by 133.4%[47]. - The company processed 21,594.31 tons of domestic zinc concentrate, representing a 43.18% increase compared to the previous period[112]. - The company has two domestic production mines and one overseas production mine, with plans to initiate project construction for one domestic and one overseas mining rights project this year[72]. Investment and Development - The company invested a total of 189.70 million yuan in fixed assets in 2023, with 66.94 million yuan allocated to projects in Tibet[50]. - The company has made significant progress in the Tigray project in Ethiopia, with plans for further development following improved political conditions[49]. - The company aims to expand its resource reserves in non-ferrous metals and precious metals, focusing on mining, selection, and processing, with a strategic goal of becoming a benchmark enterprise in the domestic non-ferrous industry[162]. - The company plans to enhance its main business and expand into precious metals, particularly gold and silver, while conducting strategic upgrades and transformations[163]. - The company is executing multiple cooperative exploration projects to increase resource reserves in Tibet, leveraging the advantages of the Belt and Road Initiative to enhance international resource cooperation[164]. - The company plans to complete the construction of the Mudao gold mine project in the first half of 2024, following the acquisition of land use rights[173]. - The company plans to initiate the construction of the Ethiopia project in 2024, aiming for completion within one year, barring unforeseen circumstances[177]. Market and Pricing Trends - In 2023, the average gold price in London peaked at $2,077 per ounce, closing the year at $2,062, reflecting a 12% increase from the previous year[79]. - Global gold demand in 2023 was 4,448 tons, a 5% decrease from 2022, while central banks purchased a net total of 1,037 tons of gold, the second-highest on record[79]. - The average zinc price in 2023 was $2,646 per ton, a 23% decrease year-on-year, with global zinc concentrate production down by 1.1% to 8.77 million tons[85]. - The average LME three-month lead price in 2023 was $2,128 per ton, a decrease of 0.8% year-on-year, with the price fluctuating between a high of $2,285 and a low of $1,990[88]. - The company anticipates a rising trend in precious metal prices, particularly gold and silver, due to expected declines in real interest rates and strong industrial demand for silver[127]. Risk Management and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[9]. - The company has maintained compliance with regulatory requirements and has disclosed its annual report through designated media[23]. - The report emphasizes the importance of investor awareness regarding forward-looking statements and associated risks[7]. - The company faces risks related to price fluctuations of its main products, including zinc, lead, copper, and gold concentrates, which significantly impact profitability[191]. - The company will monitor exchange rate fluctuations closely and engage in hedging strategies to mitigate the impact of currency volatility on its performance[197]. - The company has established a robust governance structure to ensure compliance with legal regulations and protect shareholder rights, particularly for minority shareholders[199]. Sustainability and Corporate Responsibility - The company has implemented environmental management systems and has been recognized as a national-level green mine, demonstrating its commitment to sustainable development[101]. - The company is dedicated to environmental protection, ensuring that waste management systems are in place to prevent pollution during the production process[194]. - The company aims to reduce the cost per ton of ore by 5% and controllable management expenses by 10% compared to the annual budget for 2024[187]. - The company is committed to building a sustainable talent pipeline to meet the demands of its expanding operations and increasing number of mining sites[192]. - The company is focused on enhancing its corporate culture to support production and operations, with training and activities planned to improve employee understanding and engagement[190].