China Daye Non-Ferrous Metals Mining (661) H1 2024 earnings summary

Executive summary

• Revenue rose 55.07% year-over-year to RMB32.83 billion, driven by resumed smelting plant production and higher non-ferrous metal prices.

• Net profit attributable to owners increased to RMB77.44 million, with total comprehensive income at RMB147.76 million for the period and basic EPS at RMB0.43 fen, up from RMB0.10 fen last year.

• Significant production increases: mined copper up 33.14%, copper cathode up 34.57%, precious metals up 65.28%, and iron concentrate up 117.10% year-over-year.

• Environmental rectification and green development initiatives completed, with all 34 measures finalized and recognized by authorities and national media.

Financial highlights

• Gross profit decreased by 1.11% to RMB821.56 million due to lower processing fees for imported raw materials.

• Finance costs increased 7.66% to RMB257.74 million, reflecting higher interest-bearing liabilities.

• Earnings per share rose to RMB0.43 fen from RMB0.10 fen year-over-year.

• Cash and bank balances stood at RMB709.87 million, with a current ratio of 1.18–1.19 and a gearing ratio of 504.91%.

• No interim dividend declared for the period.

Outlook and guidance

• Focus on safety, environmental protection, and intelligent mine/factory construction to support high-quality development.

• Plans to accelerate intelligent factory upgrades, digital management, and cost control.

• Anticipates continued pressure from low processing fees and a widening copper concentrate supply gap in 2025, with strategic planning underway.