Financial Performance - Revenue reached a record high of RMB 102.818 billion, a year-on-year increase of 18.56%[10] - Net profit attributable to shareholders reached a record high of RMB 5.417 billion, a year-on-year increase of 670.43%[10] - Operating cash flow was RMB 10.779 billion, a year-on-year increase of 23.02%[10] - Total assets grew to RMB 185.880 billion, an increase of 7.46% compared to the end of 2023[10] - Revenue for the reporting period (1-6 months) reached RMB 102.82 billion, an increase of 18.56% year-on-year[31] - Net profit attributable to shareholders of the listed company surged to RMB 5.42 billion, a 670.43% increase compared to the same period last year[31] - Basic earnings per share (EPS) rose to RMB 0.25, a 733.33% increase year-on-year[32] - Weighted average return on equity (ROE) increased by 7.50 percentage points to 8.82%[32] - Revenue reached RMB 102.8 billion, a year-on-year increase of 19%, with net profit attributable to shareholders of RMB 5.4 billion, a year-on-year increase of 670%[42] - IXM achieved a net profit attributable to shareholders of RMB 664 million[42] - Revenue for the reporting period was RMB 102.82 billion, an increase of 18.56% year-over-year[64] - Operating costs increased by 1.11% to RMB 83.92 billion[64] - R&D expenses increased by 27.41% to RMB 137.21 million[64] - Investment income rose by 54.21% to RMB 340.84 million[64] - Net cash flow from operating activities increased by 23.02% to RMB 10.78 billion[64] - Total revenue for the first half of 2024 reached RMB 102.82 billion, a 18.5% increase compared to RMB 86.73 billion in the same period of 2023[194] - Net profit for the first half of 2024 was RMB 11.15 billion, a significant increase from RMB 1.63 billion in the first half of 2023[194] - Research and development expenses for the first half of 2024 were RMB 137.21 million, a 27.4% increase compared to RMB 107.69 million in the same period of 2023[194] - Net profit for the first half of 2024 reached 6,330,391,543.37 RMB, a significant increase from 615,196,557.78 RMB in the same period of 2023[195] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 5,417,259,340.41 RMB, compared to 703,144,213.69 RMB in the first half of 2023[195] - Basic and diluted earnings per share for the first half of 2024 were both 0.25 RMB, up from 0.03 RMB in the same period of 2023[195] - Operating income for the first half of 2024 was 3,192,959,014.08 RMB, a decrease from 3,957,485,958.31 RMB in the first half of 2023[196] - Operating costs for the first half of 2024 were 1,645,500,096.88 RMB, down from 1,957,997,509.46 RMB in the same period of 2023[196] - R&D expenses for the first half of 2024 increased to 115,106,483.64 RMB from 93,339,296.93 RMB in the first half of 2023[196] - Investment income for the first half of 2024 was 151,535,218.88 RMB, a significant improvement from a loss of 52,060,586.51 RMB in the same period of 2023[196] - Total comprehensive income for the first half of 2024 was 6,665,599,216.85 RMB, more than double the 3,063,546,280.19 RMB reported in the first half of 2023[195] - Foreign currency translation differences contributed 334,723,216.58 RMB to other comprehensive income in the first half of 2024, compared to 1,864,371,809.05 RMB in the same period of 2023[195] - Net profit from continuing operations in the first half of 2024 was 6,330,391,543.37 RMB, up from 517,309,623.75 RMB in the first half of 2023[195] - Operating cash flow increased to RMB 10.78 billion in H1 2024, up from RMB 8.76 billion in H1 2023, reflecting improved cash generation from core operations[197] - Sales revenue from goods and services reached RMB 96.15 billion in H1 2024, a 11.1% increase compared to RMB 86.52 billion in H1 2023[197] - Investment cash outflow decreased to RMB 13.48 billion in H1 2024 from RMB 15.45 billion in H1 2023, indicating reduced capital expenditure[197] - Net cash from financing activities rose to RMB 982.56 million in H1 2024, a significant increase from RMB 211.13 million in H1 2023[198] - Cash and cash equivalents at the end of H1 2024 stood at RMB 30.92 billion, up from RMB 26.12 billion at the beginning of the period[198] - Parent company's operating cash flow decreased to RMB 1.36 billion in H1 2024 from RMB 2.70 billion in H1 2023, showing a decline in cash generation at the parent level[199] - Parent company's investment cash inflow surged to RMB 10.20 billion in H1 2024, a 173.6% increase from RMB 3.73 billion in H1 2023[199] - Parent company's investment cash outflow increased significantly to RMB 12.72 billion in H1 2024 from RMB 3.64 billion in H1 2023, reflecting higher investment activity[199] - Cash inflows from financing activities decreased to 18.34 billion in H1 2024 from 20.72 billion in H1 2023[200] - Cash outflows from financing activities decreased to 17.90 billion in H1 2024 from 18.30 billion in H1 2023[200] - Net cash flow from financing activities dropped significantly to 441.30 million in H1 2024 from 2.41 billion in H1 2023[200] - Cash and cash equivalents decreased by 726.25 million in H1 2024 compared to an increase of 5.20 billion in H1 2023[200] - Ending cash and cash equivalents balance stood at 8.70 billion in H1 2024, down from 14.10 billion in H1 2023[200] Production and Operations - The Congo (DRC) segment achieved revenue of RMB 24.368 billion, a year-on-year increase of 444.78%, with a gross profit of RMB 12.316 billion[15] - TFM mine has an annual copper production capacity of 450,000 tons and a cobalt production capacity of 37,000 tons[15] - KFM mine has an annual copper production capacity of 150,000 tons and a cobalt production capacity of over 50,000 tons[15] - TFM and KFM achieved significant cost reduction and efficiency improvement, with copper and cobalt recovery rates significantly increased[16] - TFM became the first Chinese-operated mine in Africa to receive the Copper Mark certification[16] - In China, the company achieved revenue of RMB 3.881 billion and gross profit of RMB 1.553 billion in the first half of 2024[17] - The recovery rate of tungsten from difficult-to-process ore at Sandaozhuang and molybdenum at Shangfangou achieved breakthroughs[18] - In Brazil, CMOC Brasil achieved a record high niobium production, with revenue of RMB 3.112 billion, a year-on-year increase of 5.14%, and gross profit of RMB 826 million[19] - IXM's physical trade volume of copper increased by 29% year-on-year to 1.628 million tons in the first half of 2024[24] - IXM's physical trade volume of nickel surged by 163% year-on-year to 279,000 tons in the first half of 2024[24] - The company's Brazilian operations saw a significant decline in costs and improved operating cash flow compared to the same period last year[20] - The company's Chinese operations overcame challenges of declining ore grades and falling molybdenum prices to exceed budget targets[17] - The company's Brazilian operations were ranked as the 8th largest mining company in Brazil by the "Financial 1000" magazine[19] - The company's TFM copper-cobalt mine in the Democratic Republic of Congo became the first mine in Africa to receive the Copper Mark certification[35] - The company's KFM mine is the world's largest cobalt mine, and its Brazilian niobium mine is the world's second-largest niobium mine[37] - Copper production reached 313,788 tons, a year-on-year increase of 101%, and cobalt production reached 54,024 tons, a year-on-year increase of 178%[43] - TFM project achieved full production capacity of 450,000 tons of copper and 37,000 tons of cobalt annually, making it the world's fifth-largest copper mine and second-largest cobalt mine[44] - Niobium production exceeded 5,000 tons, a year-on-year increase of 8%, and phosphate production reached 583,300 tons, a year-on-year increase of 6%[43] - Molybdenum production was 7,349 tons, and tungsten production was 4,020 tons[43] - The company's ESG performance maintained an AA rating from MSCI, ranking in the top 19% of the global non-ferrous metals industry[47] - The company's cash and cash equivalents stood at RMB 30.9 billion, with operating cash flow of RMB 10.8 billion[42] - The company's indirect holdings in TF Holdings Limited and KFM Holding Limited, both involved in copper and cobalt mining, are 80.00% and 71.25% respectively, with revenues of 14,450,266 thousand CNY and 9,281,300 thousand CNY[91][92] - IXM, the company's trading business, reported revenues of 93,852,346 thousand CNY, with total assets of 39,470,868 thousand CNY and net assets of 8,363,279 thousand CNY[92] - The company's total number of employees in the first half of 2024 was 12,038, including 7,392 production personnel, 1,856 sales and support staff, 1,071 technical personnel, 351 financial personnel, and 1,368 administrative personnel[136] - The company's social insurance contributions in China include 16% for pension insurance, 7.5-10% for medical insurance, 0.5-0.7% for unemployment insurance, 0.16-1.43% for work injury insurance, and 12% of the monthly basic salary for housing provident fund[137] - In the Democratic Republic of Congo, the company pays 13% of social insurance for employees, covering full medical expenses for employees and their families, and offers a loyalty bonus after 5 years of service[137] - In Brazil, the company pays 37% of social insurance and seniority guarantee funds, providing double salary during annual leave, medical and dental insurance for employees and their families, and a loyalty bonus[137] - The company has implemented the L.D.P. "Backbone" and "Peak" leadership development programs to enhance the leadership capabilities of middle and senior managers, fostering strategic consensus and collaboration[138] - Training programs focus on improving employee safety awareness and operational skills, including specialized safety training for specific job roles[138] - The company has established a talent pool and introduced mentor allowances to promote efficient and structured talent development[138] - Training initiatives also cover ESG and HSE aspects, supporting the company's sustainable development goals[138] - The company has committed to a cash dividend payout ratio exceeding 40% of net profit attributable to the parent company for three consecutive years from 2024 to 2026[140] - Shareholders, including Hongshang Group and Yu Yong, have made long-term commitments to avoid同业竞争 and关联交易, ensuring business independence[139][140] - Ningde Times and its subsidiary Sichuan Times have pledged not to seek controlling rights or further increase their shareholding in the company within the next 36 months[140] - The company was ordered to pay CNY 2 million in damages to Chengling Molybdenum for various losses, as per the final judgment by the Henan High Court in 2020[141] - Chengling Molybdenum's application for retrial was rejected by the Supreme People's Court in 2021[141] - The Henan Provincial People's Procuratorate decided not to support Chengling Molybdenum's supervision application in 2024[141] - The company's total guarantee amount for non-subsidiary entities is CNY 2,379,074.08[144] - The company's total guarantee balance at the end of the reporting period is CNY 2,040,116.51[144] - The company's total guarantee amount for subsidiaries is CNY 9,790,830.60[144] - The company's total guarantee amount, including subsidiaries, is CNY 28,324,590.43, accounting for 45.69% of the company's net assets[144] - The company's entrusted wealth management amount is CNY 1,126,704.17, with no fixed maturity date[146] - The company's total number of ordinary shareholders at the end of the reporting period was 199,699[149] - The top shareholder, Hongshang Industrial Holding Group Co., Ltd., holds 533,322,000 shares, accounting for 24.69% of the total shares[150] - The second-largest shareholder, Luoyang Mining Group Co., Ltd., holds 532,978,040 shares, representing 24.68% of the total shares[150] - HKSCC NOMINEES LIMITED holds 359,904,770 shares, making up 16.66% of the total shares[150] - The company's repurchase account held 204,930,407 shares at the end of the reporting period[151] - The total amount of entrusted wealth management and structured deposits as of the reporting date was 4,716,704.17 thousand RMB[148] - The company's structured deposits with Guangfa Bank amounted to 1,000,000.00 RMB with floating returns of 1.6% or 2.53%[147] - The company's structured deposits with SPD Bank amounted to 750,000.00 RMB with floating returns of 1.2%, 2.5%, or 2.7%[147] - The company's structured deposits with an unnamed bank amounted to 600,000.00 RMB with floating returns of 1.8% or 2.2%[147] - The company's total entrusted wealth management and structured deposits principal and returns have been recovered as of the reporting date[147] - Luoyang Mining Group holds 5,329,780,425 A shares, representing 30.17% of the total A shares[154] - Sichuan Times New Energy Technology holds 5,329,780,425 A shares, representing 30.17% of the total A shares[154] - Hongshang Industrial Holdings Group holds 5,030,220,000 A shares, representing 28.47% of the total A shares[154] - BlackRock, Inc. holds 271,782,169 H shares in long positions, representing 6.91% of the total H shares[154] - The company holds 204,930,407 A shares in its repurchase account, intended for employee stock ownership or equity incentive plans[161] - The company issued a corporate bond "22 Luoshe Y1" with a total amount of 1,000,000,000 yuan, maturing on December 16, 2025, with an annual interest rate of 5.62%[162] - The company issued a green medium-term note (MTN001) with a balance of 1.5 billion yuan, used for energy-saving projects such as motor and air compressor upgrades, and the purchase of associated ore[171] - The green projects funded by the issuance achieved energy savings of 4.8098 million kWh, reduced 1,450.15 tons of standard coal, and cut CO2 emissions by 3,063.34 tons in the first half of 2024[173] - The company utilized 230.03 million tons of associated ore in the first half of 2024, reducing mineral resource waste by 50,100 tons compared to the minimum requirement set by the Henan Provincial Department of Natural Resources[173] - The company's 2021 green medium-term note (G-1) was maintained at G-1 level by China Chengxin Green Finance Technology, confirming compliance with national green industry guidelines[174] - The company's bond (22 Luoyi Y1) has a balance of 10 billion yuan and is classified as equity under accounting standards[174] - The company achieved a sustainable development performance target for the Sandaozhuang mining area in 2023, with a unit energy consumption of 0.19 kgce/t, significantly lower than the target of 0.23 kgce/t[176] - In 2023, the Sandaozhuang mining area processed 19.9042 million tons of ore, consumed 13.5852 million kWh of electricity, 1,484.30 tons of diesel, and 10.94 tons of gasoline[176] - The company saved 1,280.28 tons of standard coal and reduced CO2 emissions by 1,756.86 tons in 2023 compared to the 2020 baseline[176] - The company's non-operating receivables and fund borrowings decreased from RMB 2.763 billion at the beginning of the reporting period to RMB 2.223 billion at the end of the reporting period[178] - The company's interest-bearing debt decreased by 10.34% from RMB 11.716 billion at the beginning of the reporting period to RMB 10.505 billion at the end of the reporting period[180] - The company's consolidated interest-bearing debt increased by 7.68% from RMB 48.394 billion at the beginning of the reporting period to RMB 52.111 billion at the end of the reporting period
洛阳钼业(03993) - 2024 - 中期财报