Annual Report 2024 • 二零二四年年報 1 CONTENTS 目錄 | Corporate Profile 公司概況 | 2 | | --- | --- | | Chairman's Statement 主席報告 | 3 | | Management Discussion and Analysis 管理層討論及分析 | 13 | | Directors and Senior Management 董事及高級管理層 | 24 | | Report of the Directors 董事會報告 | 28 | | Corporate Governance Report 企業管治報告 | 51 | | Independent Auditor's Report 獨立核數師報告 | 73 | | Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 綜合損益及其他全面收益表 | 80 | | Consolidated Statement of Financial Position 綜合財務狀況表 | 8 ...

| 序号 | 项目名称 | 总投资额 | 募集资金投资额 | | --- | --- | --- | --- | | | 光伏组件通用及智能接线盒扩产项目 | 30,361.39 | 30,000.00 | | 2 | 新能源汽车辅助电源电池盒建设项目 | 16,268.99 | 16,000.00 | | ਤੇ | 研发中心建设项目 | 11,137.79 | 11,000.00 | | র | 补充流动资金 | 15,000.00 | 15,000.00 | | | 合计 | 72,768.17 | 72,000.00 | 财务方面，于2021年度、2022年度、2023年度及2024年1-6月，公司实现营业收入分别约为2.97亿元、 5.22亿元、8.44亿元以及4.2亿元；公司净利润分别约为3778.39万元、8639.91万元、1.2亿元以及7533.74 万元人民币。 据招股书，泽润新能是一家专注于新能源电气连接、保护和智能化技术领域，专业提供光伏组件接线盒 产品一体化解决方案的高新技术企业及国家级专精特新"小巨人"企业。 自设立以来，公司始终紧跟全球太阳能光伏组件的技术发展路线，通过持续技术创新 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 CHINA METAL RESOURCES UTILIZATION LIMITED 中國金屬資源利用有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1636） 截 至2024年12月31日 止 年 度 之 經 審 核 全 年 業 績 公 告 經 審 核 財 務 摘 要 – 1 – • 營 業 額 較2023年 減 少44.1%至 人 民 幣468.0百 萬 元。 • 毛 損 率 為6.6%，而 去 年 毛 損 率 則 為13.4%。 • 於2024年 呆 賬 撥 備 為 人 民 幣121.8百 萬 元，而2023年 則 為 人 民 幣142.0 百 萬 元。 • 於2024年 墊 付 供 應 商 款 項 減 值 為 ...

波 China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) (根據開曼群島法律註冊成立的有限公司) Stock Code 股份代號 : 1636 INTERIM REPORT 中期報告 目錄 2 公司資料 3 財務摘要 4 管理層討論及分析 15 其他資料 24 簡明綜合損益及其他全面收益表 26 簡明綜合財務狀況表 28 簡明綜合權益變動表 29 簡明綜合現金流量表 30 簡明綜合財務資料附註 公司資料 | --- | --- | |----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------- ...

渡 China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) (根據開曼群島法律註冊成立的有限公司) Stock Code 股份代號 : 1636 ANNUAL REPORT 年報 錄 Corporate Profile 公司概況 2 Chairman's Statement 主席報告 3 目 Management Discussion and Analysis 管理層討論及分析 9 NTENTS O C Directors and Senior Management 董事及高級管理層 18 Report of the Directors 董事會報告 22 Corporate Governance Report 企業管治報告 42 Independent Auditor's Report 獨立核數師報告 63 Consolidated Statement of Profit or Loss and ...

2月 China Metal Resources Utilization Limited 中國金屬資源利用有限公司 (a company incorporated under the laws of Cayman Islands with limited liability) (根據開曼群島法律註冊成立的有限公司) Stock Code 股份代號：1636 INTERIM REPORT 中期報告 目錄 2 公司資料 3 財務摘要 4 管理層討論及分析 15 其他資料 23 簡明綜合損益及其他全面收益表 24 簡明綜合財務狀況表 26 簡明綜合權益變動表 27 簡明綜合現金流量表 28 簡明綜合財務資料附註 公司資料 | --- | --- | |--------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------- ...

Financial Performance - The Group recorded a 68.8% decrease in copper sales in 2022 compared to 2021, resulting in a net loss of approximately RMB 4,763.2 million[5]. - The Group recorded a significant decrease in copper product sales by 68.8% in 2022 compared to 2021, resulting in a net loss of approximately RMB 4,763.2 million, with a loss per share of RMB 1.10[11]. - Revenue for the year ended 31 December 2022 amounted to approximately RMB 2,391.7 million, representing a decrease of 69.02% from approximately RMB 7,719.5 million for the year ended 31 December 2021[29]. - Revenue from recycled copper products amounted to approximately RMB 2,383.3 million for the year ended 31 December 2022, representing a decrease of 66.4% from approximately RMB 7,089.8 million for the year ended 31 December 2021[29]. - Gross loss was approximately RMB 288.1 million for the year ended 31 December 2022, compared to a gross profit of approximately RMB 151.6 million for the year ended 31 December 2021[30]. - Loss for the year ended 31 December 2022 was RMB 4,763.2 million, compared to a loss of RMB 95.5 million for the year ended 31 December 2021[30]. - The total revenue for 2022 was RMB 2,391,709, down from RMB 7,719,448 in 2021, reflecting significant declines in various product sales[28]. - Revenue from recycled copper products in 2022 was RMB 2,383,263, a decrease from RMB 7,089,775 in 2021[28]. Bankruptcy and Restructuring - The bankruptcy reorganization applications for some subsidiaries have been approved by relevant courts, aiming to restructure and reduce their debts[7]. - The immediate priority for the Group is to successfully complete the bankruptcy reorganizations of its subsidiaries as soon as possible[8]. - The Company filed a Bankruptcy Reorganisation Application for its wholly-owned subsidiaries on June 6, 2022, to restructure existing indebtedness[12]. - The Debt Restructuring aims to reduce debts, release the intrinsic value of quality assets, and enhance revenue generation capabilities of the Relevant Subsidiaries[12]. - On May 25, 2023, the Company announced that another subsidiary, Taiyue, also intended to restructure its existing indebtedness through bankruptcy reorganization[13]. - Yinlian Xiangbei, another indirect wholly-owned subsidiary, faced a civil ruling for winding-up due to debts of approximately RMB 11.9 million but opposed the petition and applied for bankruptcy reorganization instead[14]. - The company announced the bankruptcy reorganization applications for its subsidiaries, including a debt of approximately RMB 11.9 million related to Yinlian Xiangbei[16][22]. - The court accepted the bankruptcy reorganization application for Yinlian Xiangbei after considering the situation of the company and its other subsidiaries[17][22]. - Hubei Rongsheng Copper Co., Ltd. received approval for pre-restructuring to prepare for its intended bankruptcy reorganization application[18][19]. - The company expects short-term operational and financial results to be adversely affected during the bankruptcy reorganizations, but remains confident in long-term business prospects[20][23]. Market Outlook and Demand - Despite short-term operational and financial challenges, the Group is confident in long-term business prospects, particularly in sectors like new infrastructure construction and new energy vehicles[8]. - Future demand for copper products is expected to remain strong, especially in high-tech home appliances and electronic devices[8]. - The company is well-positioned to benefit from the expected increase in demand for copper as the manufacturing industry undergoes transformation[24][25]. - The company anticipates strong demand for copper due to the strategic advancements in "carbon dioxide reaching the peak" and "carbon dioxide neutralization" initiatives[24][25]. Operational Challenges - The impact of COVID-19 and regional lockdowns has significantly disrupted industrial activities and supply chains, adversely affecting the Group's business[5]. - The sales volume of recycled copper products decreased from 131,864 metric tons for the year ended 31 December 2021 to 44,241 metric tons for the year ended 31 December 2022, a decrease of 66.4%[29]. - Sales of communication cables dropped to RMB 700 in 2022 from RMB 32,201 in 2021, highlighting challenges in the market[28]. Financial Position and Capital Structure - As at 31 December 2022, the capital structure of the Group mainly consisted of shareholder's equity, note payables, interest-bearing bank and other borrowings, lease liabilities, and liability component of convertible bonds[31]. - As of December 31, 2022, total fixed rate borrowings amounted to RMB 1,595,831,000, a decrease from RMB 1,799,964,000 as of December 31, 2021[32]. - The current ratio and quick ratio both dropped to 0.3 as at 31 December 2022, down from 1.2 in 2021[47]. - The debt to equity ratio was -59.1% as at 31 December 2022, compared to 105.3% in 2021, reflecting net liabilities of RMB 2,702.0 million due to losses of RMB 4,763.2 million for the year[48]. - The Group's cash and cash equivalents amounted to approximately RMB 2.4 million, a decrease from approximately RMB 12.0 million in 2021[44]. - The Group's inventories decreased by RMB 88.6 million to approximately RMB 100.9 million, compared to approximately RMB 189.5 million in 2021[44]. - Trade and bills receivables decreased by approximately RMB 2,075 million to RMB 236.5 million as at 31 December 2022, with turnover days increasing to 176.4 days from 105.0 days in 2021 due to tight liquidity among customers caused by COVID-19[46]. - Total interest-bearing borrowings decreased by RMB 204.2 million to RMB 1,595.8 million as at 31 December 2022, mainly due to the settlement of principal and accrued interests under convertible bonds[46]. Corporate Governance - The Company was in compliance with the Corporate Governance Code for the year ended December 31, 2022[127]. - The Company has adopted a code of conduct for Directors' securities transactions that meets or exceeds the standards set out in the Model Code[135]. - The Board is responsible for overall management and control of the Company, aiming to enhance shareholder value[135]. - The Company emphasizes the importance of good corporate governance for its success and sustainability[135]. - The Company expresses gratitude to shareholders and staff for their support and contributions during the year[129]. Shareholder Information - The Company does not recommend or declare any dividends for the years ended December 31, 2022, and 2021[87]. - The Company has a significant concentration of shareholdings among a few substantial shareholders, indicating potential influence on corporate decisions[80]. - The largest customer contributed 29% of the revenue, and the five largest customers together accounted for 62% of the revenue[94]. Environmental and Social Responsibility - The Group is committed to maintaining high environmental and social standards, complying with relevant laws and regulations impacting its business[122]. - The Group operates in the environmental protection industry by recycling scrap metal, contributing to pollution reduction in the vicinity of its plants[123]. - The Group encourages employees to participate in environmental and social activities benefiting the community[126]. Management and Leadership - Mr. Yu Jianqiu is the founder and Chairman, with over 20 years of experience in corporate operations and management in petrochemical, automobile, and renewable energy sectors[58]. - The management team has a strong educational background, with Mr. Yu holding an Executive MBA from Hautes Etudes Commerciales de Paris[58]. - The leadership team has experience in various industries, which may contribute to innovative strategies and market adaptability[58]. Risk Management - The Group engaged an external consultant in 2022 to assist in developing a structured approach to risk management and perform an internal control review, with no material internal control defects identified[186]. - The Group's risk governance structure includes the Board, Audit and Corporate Governance Committee, and Management, each with defined responsibilities for risk management and internal control[189]. - Management is responsible for identifying, evaluating, and managing risks that may impact operations, and for confirming the effectiveness of risk management and internal control systems to the Board[191].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 CHINA METAL RESOURCES UTILIZATION LIMITED 中國金屬資源利用有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1636） (1) 截 至2024年6月30日 止 六 個 月 之 中 期 業 績 公 告； (2) 繼 續 暫 停 買 賣 中 國 金 屬 資 源 利 用 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 公 佈 本 公 司 及 附 屬 公 司 截 至2024年6月30日 止 六 個 月 之 未 經 審 核 業 績 如 下： – 1 – 簡 明 綜 合 損 益 及 其 他 全 面 收 益 表 截 至2024年6月30日 止 六 個 月 | --- | ...

Financial Performance - Revenue decreased by 65.0% to RMB 837.7 million for the year ended December 31, 2023, compared to RMB 2,391.7 million in 2022[1] - Loss attributable to equity holders of the company was RMB 805.8 million in 2023, compared to RMB 4,763.2 million in 2022[1] - The company reported a net loss of approximately RMB 805.78 million for 2023, compared to a net loss of RMB 4.76 billion in 2022, indicating a significant reduction in losses[6] - The company recorded a gross loss of approximately RMB 111.9 million for the fiscal year ending December 31, 2023, compared to a gross loss of approximately RMB 288.1 million for the fiscal year ending December 31, 2022[50] - The company’s net loss attributable to shareholders was RMB (805,780,000) in 2023, a notable decrease from RMB (4,763,152,000) in 2022, indicating improved financial performance[27] Debt and Liabilities - Current ratio as of December 31, 2023, was 0.2, down from 0.35 in 2022[1] - Debt to equity ratio as of December 31, 2023, was -47.1%, improved from -59.1% in 2022[1] - As of December 31, 2023, the company's net current liabilities were approximately RMB 4.09 billion, while net debt stood at approximately RMB 3.51 billion[6] - The company is currently undergoing debt restructuring to reduce its debt levels, but has not yet received sufficient evidence to confirm the timing and scope of this restructuring[77] - The company faced overdue debts totaling approximately RMB 1.55 billion and RMB 23.92 million, which may impact its ability to continue as a going concern[76] Cash Flow and Liquidity - The company has cash and cash equivalents of approximately RMB 18.33 million as of December 31, 2023[6] - The company incurred a loss of approximately RMB 805.8 million, leading to net debt of approximately RMB 3,507.2 million, compared to RMB 2,702.0 million in 2022[62] - Cash and cash equivalents (excluding pledged deposits) as of December 31, 2023, were approximately RMB 18.3 million, compared to RMB 2.4 million in 2022[58] - The company has communicated with creditors regarding overdue debts but has not yet received any agreements for extensions or refinancing[77] Operational Performance - The company is actively seeking alternative financing arrangements to secure new funds, including issuing convertible bonds amounting to RMB 400 million, subject to certain conditions[9] - The group is working to improve operational performance and cash flow through cost control measures and effective working capital management[9] - The company has implemented various financial plans and measures to alleviate liquidity pressure and improve its financial condition[7] - The company has successfully completed the restructuring of related subsidiaries and is negotiating with overseas lenders for debt extensions[11] Segment Performance - The revenue from recycled copper products in 2023 was RMB 811,094 thousand, down from RMB 2,383,263 thousand in 2022, indicating a decrease of about 66.0%[18] - The company reported a total segment loss of RMB (516,859) thousand for 2023, compared to a loss of RMB (4,550,704) thousand in 2022[14] - The group operates three reportable segments: recycled copper products, power cables, and communication cables, each requiring different technologies and market strategies[12] Legal and Regulatory Issues - The company is facing significant uncertainties that may impact its ability to continue as a going concern due to ongoing litigation and frozen bank accounts[6] - Legal issues have led to the freezing of multiple bank accounts and the seizure of assets, which the company is currently addressing[78] - The company is addressing litigation issues to lift bank account freezes and release seized properties and inventory[9] Governance and Compliance - The audit committee has reviewed the financial situation and discussed measures with management to address the uncertainties related to going concern[84] - The audit committee consists of three independent non-executive directors and is responsible for communication with external auditors and reviewing the group's financial reporting procedures[85] - The company has adhered to the corporate governance code as of December 31, 2023, with clear separation of roles between the Chairman and CEO[87] Market Outlook - The company is optimistic about the copper industry's prospects, driven by demand growth related to electric vehicles and renewable energy systems, aligning with the government's carbon neutrality goals by 2060[40] - The company believes that the demand for its products, particularly copper, will remain strong in the future, supporting its growth strategy[41] - The company anticipates that the policies announced by financial authorities will provide support to the stagnant economy and benefit from the expected growth in copper demand[41]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 CHINA METAL RESOURCES UTILIZATION LIMITED 中國金屬資源利用有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1636） (1)截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告； (2)繼 續 暫 停 買 賣 中 國 金 屬 資 源 利 用 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司 截 至2023年6月30日 止 六 個 月 之 未 經 審 核 業 績 如 下： – 1 – 簡 明 綜 合 損 益 及 其 他 全 面 收 益 表 截 至2023年6月30日 止 六 個 月 | --- | ...