Operating Performance - The company's operating performance significantly declined, with sales of electrolytic nickel at approximately 3,236 tons, down 59.9% from about 8,075 tons in the same period last year, and cathode copper sales at approximately 1,452 tons, down 71.0% from about 5,014 tons[4][10]. - Total revenue for the six months ended June 30, 2023, was approximately $763.74 million, a decrease of 56.2% compared to $1.74 billion for the same period in 2022[63]. - Operating profit for the same period was approximately $211.28 million, down 68.5% from $670.49 million year-over-year[63]. - Net profit for the six months ended June 30, 2023, was approximately $170.30 million, a decline of 72.0% compared to $609.68 million in the prior year[63]. - The production of electrolytic nickel decreased by 76.0% to 1,528 tons, compared to 6,369 tons in the previous year[165]. - The production of cathode copper fell by 80.4% to 917 tons, down from 4,669 tons year-on-year[165]. - The production decline was primarily due to national safety production guidance affecting normal operations since February 2023[178]. Financial Position - As of June 30, 2023, the total assets increased by 1.4% to RMB 7,938 million compared to December 31, 2022, while shareholders' equity decreased by 2.8% to RMB 5,530 million due to dividend distributions[22]. - The total cash and cash equivalents amounted to RMB 708.7 million as of June 30, 2023, compared to RMB 621.5 million on December 31, 2022, while total borrowings increased to RMB 1,037.8 million from RMB 996.5 million[23]. - The net debt (total borrowings minus cash and cash equivalents) was RMB 329.1 million, down from RMB 375 million as of December 31, 2022, with a capital debt ratio of 5.6%[23]. - The company's total liabilities as of June 30, 2023, were not explicitly stated but are implied to be managed effectively given the increase in total assets[60]. - Total liabilities as of June 30, 2023, amounted to approximately $2.41 billion, an increase of 12.5% from $2.14 billion at the end of 2022[61]. - Current liabilities totaled approximately $1.30 billion, up 27.8% from $1.02 billion at the end of 2022[61]. - Non-current liabilities decreased slightly to approximately $1.11 billion from $1.12 billion at the end of 2022[61]. - The company's total equity attributable to shareholders decreased to approximately $5.51 billion from $5.67 billion at the end of 2022, reflecting a decline of 2.8%[61]. - The company's total liabilities at the end of the reporting period were RMB 4,254,754,857.49[121]. Cash Flow and Investments - For the six months ending June 30, 2023, the company's net cash flow from operating activities was RMB 72,410,717.61, a significant decrease from RMB 624,826,237.62 for the same period in 2022[107]. - The total cash inflow from operating activities for the first half of 2023 was RMB 551,515,195.06, compared to RMB 1,355,994,568.43 in the previous year, indicating a decline of approximately 59.3%[107]. - The company reported a net cash outflow from investing activities of RMB 4,033,531.88 for the first half of 2023, contrasting with a cash inflow of RMB 35,127,286.48 in the same period of 2022[108]. - The company raised RMB 400,000,000.00 through borrowings in the first half of 2023, a decrease from RMB 450,000,000.00 in the same period of 2022[108]. - The net cash flow from financing activities for the first half of 2023 was RMB 18,821,499.68, compared to a net outflow of RMB 253,816,615.58 in the previous year[108]. - The company plans to fund its capital projects entirely through internal operating funds[47]. Revenue and Pricing - The average price of electrolytic nickel futures on the London Metal Exchange for the period was USD 24,045 per ton, a decrease of 13.7% from USD 27,867 per ton in the same period last year[163]. - The average sales price of electrolytic nickel was RMB 176,697 per ton, an increase of 10.1% year-on-year, despite a sales volume decline of 59.9% to 3,236 tons[170]. - The average spot price of electrolytic nickel in the Shanghai market was RMB 194,095 per ton, down 4.7% from RMB 203,565 per ton in the previous year[184]. - The average selling price of cathode copper was RMB 60,872 per ton, a decrease of 4.7% from RMB 63,887 per ton year-on-year[186]. Future Plans and Strategies - The group aims to achieve its full-year production targets of 8,500 tons of electrolytic nickel and 6,829 tons of cathode copper by the end of 2023, following the resumption of production from April to June 2023[5]. - The group plans to enhance its marketing strategies to achieve higher product sales prices by analyzing market trends for electrolytic nickel and cathode copper in the second half of 2023[12]. - The group plans to produce 6,972 tons of electrolytic nickel and 5,912 tons of cathode copper in 2023, although these plans may be adjusted based on market conditions[187]. - The company plans to invest approximately RMB 59.7 million in further improving the selection engineering project in Xinjiang Aksu and Hami[68]. Research and Development - Research and development expenses for the six months ended June 30, 2023, were approximately $12.53 million, significantly lower than $62.99 million in the same period last year[63]. - Research and development expenses decreased by 79.4% to RMB 13 million, mainly due to project experiments being suspended during maintenance[196]. Corporate Governance - The company has fully complied with the corporate governance code as per the listing rules during the reporting period[79]. - The company has not entered into any significant contracts that would create a direct or indirect substantial interest for its directors or supervisors during the reporting period[70].
新疆新鑫矿业(03833) - 2023 - 中期业绩