China Mining International (BHD) H2 2024 earnings summary

Executive summary

• FY2024 pomegranate sales ceased after leased farmland was reclaimed under administrative orders; agricultural operations were suspended, with no clear basis for continuing them.

• Net loss narrowed, but the auditor disclaimed an opinion amid unresolved evidence gaps and material uncertainties over going concern.

Financial highlights

• Revenue was nil in FY2024 versus RMB8.492m in FY2023; FY2024 net loss was RMB78.165m versus RMB84.532m.

• Total comprehensive loss widened to RMB98.529m from RMB92.074m, including a RMB20.364m FVOCI fair-value loss.

• FY2024 charges included RMB53.187m bearer-plant write-offs and RMB15.783m impairment of non-financial assets.

Outlook and guidance

• FY2025 priorities: shift to a light-asset model, control costs and pursue new business opportunities without significant capital commitments.

• Continuity plans depend on proposed RMB10m private placement, loan restructuring, realising value from Sino Feng, new business and controlling-shareholder support.