中国稀土2024年报

(Incorporated in the Cayman Islands with limited liability)()Stock code: 00769 2024ANNUAL REPORT CONTENTS 2Corporate Information4Financial Highlights6Chairman’s Statement14Directors and Senior Management Profile18Corporate Governance Report40Directors’ Report52Independent Auditor’s Report65Consolidated Statement of Profit or Loss66Consolidated Statement of Profit or Lossand Other Comprehensive Income67Consolidated Statement of Financial Position69Consolidated Statement of Changes in Equity70Consolidated Statement of Cash Flows72Notes to the Consolidated Financial Statements168Financial Summary 公司 資 料CORPORATE INFORMATION DIRECTORS Executive Directors Mr. Jiang Quanlong(Joint Acting Chairman)Mr. Jiang Dawei(Chief Executive Officer)Ms. Guo Jinying(Joint Acting Chairman)(appointed on 13 January 2025) Non-executive DirectorMs. Huang Liu (appointed on 18 December 2024) Independent Non-executive DirectorsMr. Huang ChunhuaMr. Man Kong Yui (appointed on 13 January 2025)Mr. Kang Shuaijie (appointed on 17 January 2025) AUDIT COMMITTEE Mr. Huang Chunhua(Chairman)Mr. Man Kong Yui (appointed on 13 January 2025)Mr. Kang Shuaijie (appointed on 17 January 2025) REMUNERATION COMMITTEE Mr. Kang Shuaijie(Chairman)(appointed on 17 January 2025) Mr. Huang ChunhuaMr. Man Kong Yui (appointed on 13 January 2025) NOMINATION COMMITTEE Mr. Man Kong Yui(Chairman)(appointed on 13 January 2025)Mr. Huang ChunhuaMr. Kang Shuaijie (appointed on 17 January 2025) JOINT COMPANY SECRETARIES Mr. Yu Tak Shing Eric (appointed on 13 September 2024)Ms. Tsui Mei Fung (appointed on 13 January 2025) REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS Dingshu Town, Yixing CityJiangsu Province, the PRC Annual Report 2024年報 100101011 PLACE OF BUSINESS IN HONG KONG Unit 1011, 10/F., Harbour Crystal Centre100 Granville Road, Tsim Sha TsuiKowloon, Hong Kong HONG KONG LEGAL ADVISERSChiu & Partners AUDITORAscenda Cachet CPA Limited PRINCIPAL BANKERS China Construction Bank Corporation ChinaJiangsu Yixing Rural Commercial BankChina Bank of Communications Company LimitedAgricultural Bank of China LimitedBank of China Limited Hong Kong China CITIC Bank International LimitedBank of China (Hong Kong) LimitedNanyang Commercial Bank, Limited PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia Court, Camana BayGrand Cayman KY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia Court, Camana BayGrand Cayman KY1-1110Cayman Islands HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 18317 Computershare Hong Kong Investor Services Limited17th Floor, Hopewell Centre183 Queen’s Road East,Hong Kong COMPANY WEBSITEwww.creh.com.hk www.creh.com.hk STOCK CODE ON THE STOCK EXCHANGEOF HONG KONG LIMITED769 769 REVENUE To Shareholders: On behalf of the Board (the “Board”) of Directors (the “Directors”),I am pleased to present to you the annual results of China RareEar th Holdings Limited (the “Company”) and it s subsidiaries(collectively the “Group”) for the year ended 31 December 2024. In 2024, the global economy gradually demonstrated signs ofrecovery after experiencing fluctuations for a period of time, butthe process remained fraught with challenges and uncertainties.A l t h o u g h t h e r e h a v e b e e n n o l a r g e - s c a l e c o n f l i c t s i n t h einternational geopolitical situation, local tensions still fluctuatedfrom time to time, resulting in challenges to the stability of globalindustrial chain and supply chain. The rare earth industry also facedmultiple challenges. The adjustment of the global rare earth supplypattern has intensified market competition and exacerbated pricefluctuations. At the same time, environmental protection policiesbecame stricter, which imposed higher requirements on rare earthmining and processing enterprises, leading certain enterprises toface adjustments due to difficulties in achieving environmentalstandards, thereby affecting the overall supply stability of theindustry. In addition, international trade conflicts and geopoliticalfactors also disrupted the circulation of rare earth materials in theinternational market to a certain extent. I n t h e fa ce of t h e chall e nging mar ke t p ro s p e c t , t h e G ro upcontinued to optimize its operating structure and insisted on theprovision of high quality products in an effort to enhance its overallper formance. With the government ac tively safeguarding thehealthy development of the rare earth industr y and continuedbreakthroughs in the application of rare ear th materials, it isexpected that the per formance of the rare ear th industr y willgradually rebound. FINANCIAL REVIEW In 2024, consumer confidence and demand had not yet recovereddue to th