广东明珠: 广东明珠集团股份有限公司关于2024年年度报告信息披露监管问询函的回复公告

Core Viewpoint - Guangdong Mingzhu Group received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting concerns about performance commitments and discrepancies in financial results [1][2]. Performance Commitment - Mingzhu Mining achieved a net profit of 113 million yuan for 2024, with a completion rate of only 28.60% of its performance commitment due to limited iron ore reserves and increased mining difficulties [2][3]. - The revenue from iron concentrate was 341 million yuan with a gross margin of 62.55%, while sand and gravel revenue increased by 132.08% to 83 million yuan [2][3]. Revenue and Cost Analysis - Iron concentrate production decreased by 42.21% to 495,100 tons, with sales volume down by 45.20% to 487,200 tons, and sales revenue fell by 47.10% to 340.77 million yuan [3][4]. - The average selling price of iron concentrate dropped by 3.48% to 699.50 yuan per ton, while the unit cost increased by 22.13% to 261.98 yuan per ton [3][5]. - The cost structure of iron concentrate showed a significant increase in direct materials and manufacturing costs, with total costs decreasing by 33.07% to 127.63 million yuan [5][6]. Sand and Gravel Performance - Sand and gravel production surged by 99.03% to 2,411,200 tons, with sales volume increasing by 170.84% to 2,552,800 tons, leading to a revenue of 83.36 million yuan [8][9]. - The average selling price of sand and gravel decreased by 14.31% to 32.66 yuan per ton, while the unit cost slightly decreased by 4.38% to 26.55 yuan per ton [8][9]. Discrepancies in Performance - The total performance commitment for 2022-2024 was 1.256 billion yuan, with actual performance at 809.23 million yuan, resulting in a completion rate of 64.43% [10][12]. - The main reasons for the discrepancies included lower-than-expected sales volumes and increased management costs, with significant variances in operational expenses compared to forecasts [10][13]. Client Information and Sales Strategy - The top five clients contributed significantly to sales, with total sales amounting to 277.20 million yuan, and the company follows a pricing model linked to the Platts index for iron ore [19][21]. - The sales strategy is based on production capacity, with adjustments made based on market conditions and inventory levels [21][23].