复兴亚洲中期报告2024

管理層之研討及分析4 企業管治及其他資料9 損益及其他全面收益表16 財務狀況表17 股東權益變動表18 現金流量表20 簡明綜合財務報表附註21 Definitions釋義45 CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORSExecutive Director:Ms. Wang Yajuan 執行董事：王雅娟女士 非執行董事：許會強先生馮晓剛博士 Non-executive Directors:Mr. Xu HuiqiangDr. Feng Xiaogang 獨立非執行董事：楊金鋼先生張振先生吳達峰先生 Independent Non-Executive Directors:Mr. Yang JingangMr. Zhang ZhenMr. Ng Tat Fung 審核委員會：吳達峰先生（主席）楊金鋼先生張振先生 AUDIT COMMITTEE: Mr. Ng Tat Fung(Chairman)Mr. Yang JingangMr. Zhang Zhen 提名委員會：王雅娟女士（主席）楊金鋼先生張振先生吳達峰先生 NOMINATION COMMITTEE: Ms. Wang Yajuan(Chairlady)Mr. Yang JingangMr. Zhang ZhenMr. Ng Tat Fung 薪酬委員會：張振先生（主席）楊金鋼先生吳達峰先生 REMUNERATION COMMITTEE: Mr. Zhang Zhen(Chairman)Mr. Yang JingangMr. Ng Tat Fung 公司秘書阮國權先生 COMPANY SECRETARYMr. Yuen Kwok Kuen AUTHORISED REPRESENTATIVESMr. Yuen Kwok KuenMs. Wang Yajuan 法定代表阮國權先生王雅娟女士 註冊辦事處Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 總辦事處及主要營業地點 HEAD OFFICE AND PRINCIPALPLACE OF BUSINESS 香港干諾道中168-200號信德中心西座20樓2010室 Room 2010, 20/F,West Tower, Shun Tak Centre168-200 Connaught Road CentralHong Kong 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 卓佳登捷時有限公司香港夏愨道16號遠東金融中心17樓 Tricor Tengis Limited17/F., Far East Finance Centre16 Harcourt RoadHong Kong 核數師天健國際會計師事務所有限公司香港灣仔莊士敦道181號大有大廈15樓1501-08室 AUDITOR Confucius International CPA LimitedRoom 1501-08, 15/F.Tai Yau Building181 Johnston RoadWanchaiHong Kong 法律顧問趙不渝馬國強律師事務所（就香港法律）康樂廣場1號怡和大廈40樓 LEGAL ADVISOR Chiu & Partners(as to Hong Kong Law)40th Floor, Jardine House,1 Connaught Place 主要往來銀行香港上海滙豐銀行有限公司 中國建設銀行股份有限公司 PRINCIPAL BANKERThe Hongkong and ShanghaiBanking Corporation LimitedChina Construction Bank Corporation 公司網站www.rasr.com.hk COMPANY’S WEBSITEwww.rasr.com.hk 股份代號274 STOCK CODE274 MANAGEMENT DISCUSSION AND ANALYSIS管理層之研討及分析 業務及財務回顧 BUSINESS AND FINANCIAL REVIEW 本集團主要從事兩個業務分部：(i)於中國從事黃金開採、勘探及買賣黃金產品；及(ii)於中國從事煤炭貿易及凍肉及大豆油批發及貿易。 The Group is principally engaged in two business segments: (i) goldmining, exploration and trading of gold products in the PRC; and (ii)trading of coal and wholesale and trading of frozen meat and soya bean oilin the PRC. 業務回顧 BUSINESS REVIEW Mining Products 採礦產品 於報告期間，湖南西澳致力於完善經營合規方面工作。由於過往年度對探礦工程方面的力度及投放受限及不足，導致已知的礦產儲量偏低、可供開採的已探明礦藏不足、以及被湖南省自然資源廳縮減探礦權面積。 During the Reporting Period, Hunan Westralian is committed to improvingits business compliance. Due to the limited and insufficient efforts andinvestments in exploration projects over the past years, resulting in lowknown mineral reserves, insufficient proven mineral for mining, and thereduction of the area of exploration right by the Department of NaturalResources of Hunan Province. 由於前述原因，故開採方式多為邊採邊探，且多為小規模人工作業，導致採礦成本居高不下。湖南西澳於截至2024年9月30日止六個月期間的收益約56,581,000港元，產生虧損28,216,000港元，而本集團於2023年7月1日購置的樺甸市新亞礦業有限公司金礦項目還在進行更深入的勘探，還未投產。採礦業務大致跟2023年上半年持平。湖南西澳期望未來探礦工程方面取得成果後，此部份能得以改善。 Due to the aforementioned reasons, the mining is mostly carried out at thesame time as exploration with small-scale manual operations, resulting inhigh mining costs. Hunan Westralian’s revenue for the six months ended30 September 2024 were approximately HK$56,581,000, incurring loss ofHK$28,216,000, where Huadian Xinya Mining Co., Ltd. gold mine projectpurchased by the Group on 1 July 2023 is still undergoing more in-depthexploration and has not yet been put into production. Mining businessare roughly the same as in the first half of 2023. Hunan Western Australiahopes that this part can be improved after the results of future explorationprojects are achieved. 於報告期間，湖南西澳已根據上海黃金交易所發佈的黃金加權平均交易價格，以現貨交付方式向從事金屬貿易業務的客戶生產及銷售黃金產品。 During the Reporting Period, Hunan Westralian has generated and soldgold products to customers that are engaged in metal trading operationson site, based on the weighted average trading price for gold published bythe Shanghai Gold Exchange and on immediate payment against deliverybasis. 基於(i)於斯羅柯於2015年5月編製的獨立技術審查更新報告中所載，截至2015年3月31日金礦的概略儲量及50%的推斷資源量的總和減去(ii)於礦山提升項目及其他工作中產生的副礦的黃金的50%及於2020年計劃生產的100%的黃金產量的總和，湖南西澳預計如現有選礦廠及（自2022年11月起）新選礦廠以負荷運營時，則剩餘的儲量和資源將支持超過14年的運營。本公司將尋求在適當的時間更新技術報告，以「提升」金礦的儲量及╱或資源。 Based on (i) the aggregate of the probable reserves and 50% of theinferred resources of the Gold Mine as of 31 March 2015 (stated inthe independent technical review updated report prepared by SRK inMay 2015) less (ii) the aggregate of 50% of gold from sub-mining oresproduced from the mine enhancement projects and other works and100% of the gold output on a planned production basis in 2020, HunanWestralian estimates that the remaining reserves and resources willsupport just over 14 years of operating at full capacity by the existingprocessing plant and (from November 2022) the new process plant.The Company will look to commission an update technical report at anappropriate time to “upgrade” the reserves and/or resources of the goldmine. MANAGEMENT DISCUSSION AND ANALYSIS管理層之研