中国金石2025年中期报告

2025INTERIM REPORT中 期 報 告 BOARD OF DIRECTORS Executive Directors Mr. Chin Then Hin(Chief Executive Officer)Mr. Zhang, WeijunMs. Zhang, CuiweiMr. Zhang, Mian Independent Non-executive Directors Andreas Varianos Mr. Andreas VarianosMs. Zu, RuiMs. Gu, Yiran AUDIT COMMITTEE Mr. Andreas Varianos(Chairman of Audit Committee)Ms. Zu, RuiMs. Gu, Yiran Andreas Varianos REMUNERATION COMMITTEE Ms. Zu, Rui(Chairman of Remuneration Committee)Ms. Gu, YiranMs. Zhang, Cuiwei NOMINATION COMMITTEE Ms. Gu, Yiran(Chairman of Nomination Committee)Ms. Zu RuiMs. Zhang, Cuiwei AUTHORISED REPRESENTATIVES Ms. Zhang, CuiweiMr. Cheung, Wai Kee COMPANY SECRETARYMr. Cheung, Wai Kee REGISTERED OFFICE Victoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda Victoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda Corporate Information公司資料 HEADQUARTERS OF BUSINESS IN THE PRC Zhangjiaba MineZhenjiang VillageXiangshui CountyJiangyou CitySichuan ProvinceThe People’s Republic of China PRINCIPAL PLACE OF BUSINESS IN HONG KONG K11 ATELIER Victoria DocksideLevel 718 Salisbury RoadTsim Sha Tsui, Hong Kong 18K117 PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Ocorian Management (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda Ocorian Management (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda HONG KONG SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong PRINCIPAL BANKERS China Construction Bank (Asia) Corporation LimitedBank of Communications (Hong Kong) LimitedDBS (Hong Kong) Limited AUDITORSConfucius International CPA Limited LEGAL ADVISERYTL LLP (as to Hong Kong law) 1380 STOCK CODE1380 www.kingstonemining.com WEBSITE OF THE COMPANYwww.kingstonemining.com CHINA KINGSTONE MINING HOLDINGS LIMITED|INTERIM REPORT 20252 Management Discussion and Analysis管理層討論及分析 BUSINESS REVIEW China Kingstone Mining Holdings Limited (the “Company”), togetherwithits subsidiaries(the“Group”),were principally engaged inproduction and sales of marble slags in People’s Republic of China(“PRC” or “China”). The Group owns and operates a beige marbleminein China,namely the Zhangjiaba Mine,which is locatedinZhenjiang Village,Xiangshui County,Jiangyou City of SichuanProvince, China. Marble Slag Marbleslag is produced in the course of stripping overburden atZhangjiaba mine and by crushing the cracked marble stones. Marbleslag is a raw material for the production of ground calcium carbonate(the“GCC”)which is widely used in production of many dailyproducts, such as construction materials, paper, plastic, paints, etc. TheGroup primarily sells the marble slags to the GCC manufactures whichare close to the Zhangjiaba mine. 202520255%2024122025420255 In first half year of 2025, the United States (the “US”) imposed aseries of steep tariffs on nearly all goods from most of the countriesimported into the US. The tariff threats loom over the global economygrowth.However,China’s economy shows resilience amid globaluncertaintiestriggered by tariff disputes,geopolitical tension andsupplychain disruptions.Despite tariff-driven headwinds,China’sgrossdomestic product maintains a steady growth rate at around5% in the first half year of 2025. In the face of major uncertainties,the Company believes that risk diversification becomes an importantstrategy in the complex external environment. In the past few years,the Group granted an exclusive sales agreement to a GCC customerthat encouraged the GCC customer to invest in fixed asset to increaseits own productivity, in turn to achieve rapid growth in sales of theCompany. The arrangement was mutually beneficial to each of theparties thereto at the time. However, the Company considers that over-reliance on one GCC customer would pose a risk to the Company’smarble business and also limit the bargaining power and further growthof the Company. The Group decided not to renew the exclusive salesagreementand the mining agreement with the engineering teamwhen it expired in December 2024. Due to the delays resulting fromthe Chinese New Year holiday and the process of dismounting andremoving the plant and equipment belonging to the former engineeringteam,the Company obtained the approval for the resumption ofproductionin the Zhangjiaba mine in April 2025 and the miningproduction resumed at the end of May 2025. Management Discussion and Analysis管理層討論及分析 20256 3017.534.0202563020252025620246 30202427,700,00071.8%20257,800,000202426.09.2%202523.6 Asat 30 June 2025,the Company has already entered into amining contract with another engineering team for a contract termof 3 years. The Company has also entered into non-exclusive salescontractswith 5 customers to supply different marble productswith different sizes and purities of calcium carbonate contained inthe original rocks. The contracted prices of the different quality ofthemarble p