亚太资源2023/24 中期报告

CONTENTS目錄 2Corporate Information公司資料4CEO’s Message行政總裁致辭6Management Discussion and Analysis管理層討論及分析21Other Information其他資料26Condensed Consolidated Statement of Profit or Loss簡明綜合損益表27Condensed Consolidated Statement of Profit or Lossand Other Comprehensive Income簡明綜合損益及其他全面收益表28Condensed Consolidated Statement ofFinancial Position簡明綜合財務狀況表30Condensed Consolidated Statement ofChanges in Equity簡明綜合權益變動表31Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表34Notes to the Unaudited Interim CondensedConsolidated Financial Information未經審核中期簡明綜合財務資料附註87Report on Review of Interim CondensedConsolidated Financial Information中期簡明綜合財務資料審閱報告 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Andrew Charles Ferguson Executive Director Mr. Andrew Charles Ferguson(Chief Executive Officer) Non-Executive Directors Mr. Arthur George Dew(Chairman)(Mr. Wong Tai Chun, Mark as his alternate)Mr. Lee Seng HuiMs. Lam Lin Chu Arthur George Dew Independent Non-Executive Directors Dr. Wong Wing Kuen, AlbertMr. Wang HongqianMr. Kelvin Chau Kwok Wing EXECUTIVE COMMITTEE Andrew Charles FergusonArthur George Dew Mr. Andrew Charles Ferguson(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate) AUDIT COMMITTEE Arthur George Dew Dr. Wong Wing Kuen, Albert(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate)Mr. Wang HongqianMr. Kelvin Chau Kwok Wing REMUNERATION COMMITTEE Arthur George Dew Dr. Wong Wing Kuen, Albert(Chairman)Mr. Arthur George Dew(Mr. Wong Tai Chun, Mark as his alternate)Mr. Wang HongqianMr. Kelvin Chau Kwok Wing NOMINATION COMMITTEE Arthur George Dew Mr. Arthur George Dew(Chairman)(Mr. Wong Tai Chun, Mark as his alternate)Dr. Wong Wing Kuen, AlbertMr. Wang HongqianMr. Kelvin Chau Kwok Wing COMPANY SECRETARY Ms. Lau Tung Ni AUDITOR BDO Limited STOCK CODE 1104 1104 CORPORATE INFORMATION (CONTINUED)公司資料（續） LEGAL ADVISERS AddisonsConyers Dill & PearmanP. C. Woo & Co. AddisonsConyers Dill & Pearman PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedThe Bank of East Asia, LimitedChong Hing Bank LimitedIndustrial and Commercial Bank of China (Asia) LimitedOCBC Bank (Hong Kong) Limited HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS Room 2304, 23rd FloorAllied Kajima Building138 Gloucester RoadWanchaiHong KongTel: +852 2541 0338Fax: +852 2541 9133 138232304+852 2541 0338+852 2541 9133 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda P R I N C I P A LS H A R E R E G I S T R A R A N DTRANSFER OFFICE MUFG Fund Services (Bermuda) Limited4th floor, North Cedar House41 Cedar AvenueHamilton HM 12Bermuda MUFG Fund Services (Bermuda) Limited4th floor, North Cedar House41 Cedar AvenueHamilton HM 12Bermuda HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE Tricor Secretaries Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 WEBSITE www.apacresources.com www.apacresources.com CEO’S MESSAGE 行政總裁致辭 Dear Shareholders, The state of the global economy is generally a mixed picture.We observed increased bifurcation across regions and sectorsover the last several months, resulting in clear divergencesof performances among the commodity complex and relatedequities. Looking into 2024, falling inflation in developed markets willallow recalibration of policy stances by central banks, leadingto potential rate cuts in the latter part of the year, albeit thisprocess may be milder and take longer than recent marketexpectations, given the continued resilience of US's labour marketand consumer spending. The US Federal Reserve is expectedto cut interest rates during 2024, but the timing and pace ofthose cuts will impact expected growth rates and therefore stockmarket valuations. The markets expectations for a soft landingscenario are increasing, but we still expect growth to moderatenonetheless, shaping our views on select commodities. China, on the other hand, has seen increased economic volatilitysince the Covid-19 pandemic. However, in recent months, weare pleased to see more proactive policies to stimulate aggregatedemand, including further monetary easing, increased fiscalspending, and a slew of policies to support the housing and equitymarkets. We anticipate the intensity of stimulus measures to pickup pace, in light of continued softness in domestic consumption,deflationary pressures and challenges in the property sector.The prospect of a cyclical recovery of the Chinese economym a y b e c o m e i n c r e a s i n g l y t o p i c a l a m o n g c o m m o d i t y a n dequity investors throughout the year, and this will bode well forcommodities. 2019 CEO’S MESSAGE (CONTINUED) 行政總裁致辭（續） 2024 will also be characterised by increased geopolitical tensionsand many elections globally, most notably the US election in late2024, leading to increased risks of further dislocations of supplychains, energy supply and changes in policies. These presentopportunities and risks, and we are ready t