鹏欣资源2024年年报：营收下滑4.48%，净利润亏损收窄，黄金业务成新亮点

Core Viewpoint - The company reported a decline in total revenue for 2024, but the growth in its gold business presents a new opportunity for future performance improvement [1][4]. Revenue Performance - In 2024, the company achieved total revenue of 5.133 billion yuan, a decrease of 4.48% compared to 5.373 billion yuan in 2023 [4]. - The revenue decline has been a trend since 2020, with revenues dropping from 8.714 billion yuan to 5.133 billion yuan over the years [4]. Gold Business Growth - The gold business has emerged as a highlight, with the South African Onikin Mine officially commencing production in December 2024, leading to a steady increase in gold output in the first quarter of 2025 [4]. - During the reporting period, the company extracted 87,586 tons of gold ore, an increase of 22,565 tons year-on-year, and produced 182.91 kg of gold, with sales reaching 181.70 kg [4]. Profitability and Cost Control - The company reported a net profit of -97 million yuan, an improvement from -108 million yuan in 2023, reflecting a year-on-year increase of 10.28% [5]. - This improvement is attributed to effective cost control measures, including a successful strategy for stable production of cathode copper, which saw production rise to 7,888 tons, an increase of 2,137 tons year-on-year [5]. Sulfuric Acid and Cobalt Hydroxide - The production and sales of sulfuric acid increased to 62,883 tons and 41,808 tons, respectively, showing year-on-year increases of 2,755 tons and 6,861 tons [5]. - The rebound in cobalt hydroxide prices contributed to some impairment reversals, further enhancing the company's financial condition [5]. Risk Management and Financial Strategies - The company continued to implement hedging and derivative trading to manage market volatility, with a maximum hedging position for self-produced cathode copper set at 12,000 tons [6]. - As of March 31, 2025, the company had margin for futures contracts amounting to 1,491,008.50 yuan, and for commodity derivatives, 71,380 yuan, all within the approved limits [6]. - The company also utilized structured deposits and asset pledges to enhance funding efficiency, conducting one related transaction with an authorized amount of 580 million yuan [6].