新源万恒控股二零二三/二零二四年年报

ABBREVIATIONS簡稱 「人民幣」指人民幣，中國法定貨幣 FINANCIAL HIGHLIGHTS財務摘要 CORPORATE INFORMATION公司資料 核數師 AUDITOR 國富浩華（香港）會計師事務所有限公司股份代號 Crowe (HK) CPA LimitedSTOCK CODE 2326註冊辦事處 2326REGISTERED OFFICE Clarendon House 2Church StreetHamilton HM 11Bermuda Clarendon House 2Church StreetHamilton HM 11Bermuda 香港主要營業地點及總辦事處 PRINCIPAL PLACE OF BUSINESS AND 香港灣仔港灣道6-8號 HEAD OFFICE IN HONG KONGUnit 1102, 11/FShui On Centre 瑞安中心11樓1102室 No. 6-8 Harbour RoadWanchai, Hong Kong 主要往來銀行中國建設銀行股份有限公司招商永隆銀行有限公司 PRINCIPAL BANKERSChina Construction Bank CorporationCMB Wing Lung Bank Limited 星展銀行（香港）有限公司恒生銀行有限公司 DBS Bank (Hong Kong) LimitedHang Seng Bank Limited 南洋商業銀行有限公司主要股份過戶登記處 Nanyang Commercial Bank, LimitedPRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Conyers Corporate Services (Bermuda) LimitedClarendon House Conyers Corporate Services (Bermuda) LimitedClarendon House 2 Church StreetHamilton HM 11Bermuda香港股份過戶登記分處 2 Church StreetHamilton HM 11BermudaHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE 卓佳秘書商務有限公司香港夏慤道16號 Tricor Secretaries Limited17/F., Far East Finance Centre16 Harcourt Road 遠東金融中心17樓 Hong Kong 公司網站 COMPANY HOMEPAGE 本人謹此代表本公司董事會欣然提呈本公司連同其附屬公司（統稱「本集團」）截至二零二四年三月 On behalf of the Board of the Company, I am pleased topresent the annual report of the Company together with its 三十一日止年度（「本年度」）之年報。 subsidiaries (the “Group”) for the year ended 31 March 2024(the “Year”). 業務表現 BUSINESS PERFORMANCE 相關工業原料以及生產及銷售工業用產品業務。 the sourcing and sale of metal minerals and related industrial In 2023, due to the slowdown in the PRC’s economic recoveryand intensifying global inflationary pressure, the price ofmanganese was also dragged down. On the supply side, South 二零二三年，由於中國經濟復甦放緩和全球通脹壓力加劇，錳的價格亦受到拖累。而在供應方面，世界主要錳生產國南非正在遭受物流挑戰，包括 場 對 於 經 濟 復 甦 預 期 強 烈，鋼 廠 生 產 一 度 提 高， from logistical challenges, including reduced rail capacityand port delays. At the beginning of 2023, the market had 年 初 錳 市 場 供 需 繼 續 小 幅 調 整。綜 合 上 述，二 零二三至二零二四年國際錳價起伏波動較大，導致本集團的金屬礦物及相關工業原料採購及銷售業務 亦 受 到 影 響，而 無 法 充 分 掌 握 利 潤 的 交 易，我 steel plants once increased, and the demand for manganeseincreased accordingly. However, by the end of 2023, the steelplants lowered their production intensity, and the demand formanganese dropped significantly. At the beginning of 2024, 們選擇保守，故影響整體銷售業績。 to adjust slightly. Based on the above, the international affected the Group’s business of the sourcing and sale of metalminerals and related industrial materials. As we were unable tofully grasp profitable transactions, we chose to be conservative,which affected the overall sales performance. 另一方面，本集團位於中國寧夏回族自治區之全資附屬公司寧夏華夏環保資源綜合利用有限公司 On the other hand, the Group’s wholly-owned subsidiary寧夏華夏環保資源綜合利用有限公司(literally translated asNingxia Huaxia Integrated Waste Recycling Company Limited) 權 改 革，按 照 基 準 價 分 年 度 繳 納 用 水 權 使 用 費，以致生產成本上升。本集團管理層會繼續不時檢討其營運表現及效率，以進一步改善其為本公司股東帶來的回報。 a decrease in profits this year. This was mainly attributable toNingxia’s comprehensive promotion of water rights reform,whereby water rights usage fees are paid annually based onbenchmark prices which made the production costs increased.The management of the Group will continue to review its operating performance and efficiency from time to timeto further improve the returns it brings to the Company’sshareholders. The demand and price of raw materials are leading indicators前景原 材 料 的 需 求 及 價 格 是 所 有 景 氣 循 環 的 領 先 指 PROSPECTSof all business cycles and are relatively sensitive to future 一 年，全 球 錳 礦 石 產 量 並 未 增 長，但 在 需 求 下 降的情況下，錳市場仍處在供應過剩中。數據顯示， markets. Global manganese ore production has not grown overthe past year, but the manganese market remains in oversupply world’s manganese is used for steelmaking every year, and thesituation of the steel industry in 2023 is not optimistic. The二三年的情況並不樂觀。而與本集團長期合作的礦山擁有者也伺機作出內部調整，以更好的姿態 mine owners who have long-term cooperation with the Group As electronic devices and electric vehicles gain popularity,demand for batteries is growing. Manganese is an importantcomponent in making batteries, especially lithium-ionbatteries, which are used in everything from smartphones toelectric cars. It has a positive impact on the development ofthe Group’s business of the sourcing and sale of metal mineralsand related industrial materials, and the production and sale ofChina’s National Development and Reform Commission隨著電子設備和電動汽車的普及，對電池的需求也 在 增 長。錳 是 製 造 電 池 的 重 要 組 成 部 分，尤 其是鋰離子電池，廣泛應用於從智能手機到電動汽車的所有領域。對本集團從事採購及銷售金屬礦物及相關工業原料以及生產及銷售工業用產品的業務發展有正面的影響。中國國家發展和改革委員會曾在二零二三年中宣 to face this severe challenge with a better attitude.industrial products.announced a series of measures to stimulate consumption inmid-2023, focusing on consumer goods such as automobiles,real estate, and home appliances and electronic products.All of these measures should be conducive to the recoveryof demand for manganese. Therefore, in the face of marketchanges, although we are optimistic, we are more cautious. We ore price fluctuations, the impact of geopolitical wars on oilpri