中国金属利用-新2024年报

Corporate Profile2Chairman’s Statement3Management Discussion and Analysis13Directors and Senior Management24Report of the Directors28Corporate Governance Report51Independent Auditor’s Report73Consolidated Statement of Profit or Loss and Other Comprehensive Income80Consolidated Statement of Financial Position81Consolidated Statement of Changes in Equity83Consolidated Statement of Cash Flows84Notes to the Consolidated Financial Statements86Five Year Financial Summary178Corporate Information179 CORPORATE PROFILE 20132222014221 China Metal Resources Utilization Limited (“CMRU” or the “Company”)was incorporated in the Cayman Islands as an exempted companywith limited liability on 22 February 2013. The Company and itssubsidiaries (the “Group”) are a fast-growing manufacturer of recycledcopper products, also known as copper semis, in Southwest China. Theshares of the Company (the “Shares”) were listed on the Main Board ofThe Stock Exchange of Hong Kong Limited (the “Stock Exchange”) since21 February 2014 (the “Listing Date”). The Group is a manufacturer of recycled copper products (also knownas copper semis), communication cables and power transmission anddistribution cables. The Group processes recycled scrap copper and,to a lesser extent, electrolytic copper, to manufacture a range of copperproducts, including copper wire rods, copper wires, copper plates,copper granules, communication cables and power transmission anddistribution cables. http://www.cmru.com.cn This annual report, in both English and Chinese versions, is available onthe Company’s website athttp://www.cmru.com.cn/. Shareholders of the Company (“Shareholders”) may at any time changetheir choice of language(s) (either English only or Chinese only or bothlanguages) of Corporate Communications. 18317M Shareholders may send their request to change their choice oflanguage(s) of Corporate Communications by notice in writing to theHong Kong Branch Share Registrar of the Company with ComputershareHong Kong Investor Services Ltd. at 17M Floor Hopewell Centre, 183Queen’s Road East, Wan Chai, Hong Kong. CHAIRMAN’S STATEMENT Dear Shareholders, 20241231 On behalf of the Board of Directors (the “Board”) of the Company, Ihereby present the audited consolidated annual results of the Companyand its subsidiaries (collectively the “Group”) for the year ended 31December 2024. REVIEW ON COPPER MARKET 20245.6% In 2024, China’s copper market witnessed a sustained upwardtrajectory, underpinned by the country’s unwavering commitment toeconomic recovery and its ambitious sustainability goals. The overalleconomy grew by a resilient 5.6%, providing a solid foundation for thecopper industry’s performance. 69,00074,00087,000 The copper market benefited from a resurgence in demand, drivenby robust industrial activity across sectors such as renewable energy,electric vehicles, and infrastructure development. Prices on the ShanghaiFutures Exchange rose from around RMB69,000 per ton at the start ofthe year to approximately RMB74,000 per ton by year-end, peakingat an impressive RMB87,000 per ton during the year. This upwardtrajectory in prices reflected a tightening supply outlook amid theongoing recovery efforts in infrastructure and manufacturing, as wellas the country’s unwavering commitment to sustainable developmentinitiatives. Despite the positive momentum, the copper market continued tonavigate challenges stemming from a sluggish real estate sector andgeopolitical tensions that impacted trade dynamics. However, theChinese government’s proactive measures to stimulate economicgrowth, coupled with its resolute focus on transitioning towards a moresustainable and technologically advanced future, provided a buoyantenvironment for the copper industry’s growth. 5G The surge in copper prices during the year underscored the increasingdemand for this versatile metal, driven by its indispensable role insupporting China’s ambitious goals, including the development ofrenewable energy infrastructure, the proliferation of electric vehicles,and the rollout of cutting-edge technologies such as 5G networks andsmart cities. CHAIRMAN’S STATEMENT As China continues to prioritize sustainable development andtechnological advancement, the copper industry is poised to play apivotal role in shaping the nation’s future. The government’s commitmentto infrastructure investment, coupled with its emphasis on promotinga circular economy and resource efficiency, presents significantopportunities for the copper market to thrive and contribute to the country’slong-term growth objectives. BUSINESS REVIEW 20242019 The year 2024 proved to be a challenging yet transformative periodfor our Group. While we continued to navigate the lingering effectsof the COVID-19 pandemic and the downturn in the real estate andengineering infrastructure sectors, our primary focus remained onsuccessfully completing the bankruptcy reorganizations and debtrestructuring of our operating subsidiaries. 837.7202