中国金属利用：2025年中期报告

2Corporate Information5Financial Highlights7Management Discussion and Analysis23Other Information37Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income39Condensed Consolidated Statement of Financial Position41Condensed Consolidated Statement of Changes in Equity42Condensed Consolidated Statement of Cash Flows43Notes to the Condensed Consolidated Financial Information CORPORATE INFORMATION DIRECTORSEXECUTIVE DIRECTORS Yu JianqiuKwong Wai Sun WilsonGao QiangZhu Yufen INDEPENDENT NON-EXECUTIVE DIRECTORS Li WeiFang GuanghuaYu Rengzhong REGISTERED OFFICE Cricket Square, Hutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket Square, Hutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands HEAD OFFICE IN THE PRC She Nos.1, 3 and 8Shunhe Village Xiaojiangou TownYouxian DistrictMianyangSichuan ProvinceChina 138 PLACE OF BUSINESS IN HONG KONG Unit 809-810, 8/F.Hong Kong Plaza188 Connaught Road WestHong Kong 1888809-810 COMPANY SECRETARY Cheung Ying Kwan CORPORATE INFORMATION AUDITORS ZHONGHUI ANDA CPA LimitedCertified Public Accountants LEGAL ADVISORS As to Hong Kong lawHerbert Smith Freehills AUDIT AND CORPORATE GOVERNANCECOMMITTEE Li WeiFang GuanghuaYu Rengzhong(Chairman) REMUNERATION COMMITTEE Li WeiFang Guanghua(Chairman)Yu Rengzhong NOMINATION COMMITTEE Li Wei(Chairman)Fang GuanghuaYu Rengzhong AUTHORIZED REPRESENTATIVES PURSUANTTO THE LISTING RULES Kwong Wai Sun WilsonCheung Ying Kwan PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Conyers Trust Company (Cayman) Limited ConyersTrust Company(Cayman)LimitedCricket Square, Hutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket Square, Hutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands CORPORATE INFORMATION HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE Computershare Hong Kong InvestorServices LimitedShops 1712–1716, 17th Floor,Hopewell Centre183 Queen’s Road East, WanchaiHong Kong 1831717121716 PRINCIPAL BANKERS Standard Chartered Bank (Hong Kong) Limited http://www.cmru.com.cn COMPANY WEBSITE http://www.cmru.com.cn 1636 FINANCIAL HIGHLIGHTS MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW The PRC copper market experienced notable volatilityand growth in first half of 2025, driven by strongearly-year demand, global supply constraints,and macroeconomic uncertainty. Copper priceson Shanghai Futures Exchange rose steadily fromapproximately RMB76,000 per ton at the beginningof the period, peaking in May 2025 at approximatelyRMB82,600 per ton, before easing slightly in June2025 at approximately RMB80,000 per ton. Marketfundamentals were influenced by inventory shifts,tariff speculation, and regulatory changes affectingdownstream sectors. 202576,0002025582,6002025680,000 As a result of these factors, revenue for the six monthsended 30 June 2025 decreased from approximatelyRMB454 million to around RMB341 million comparedto the corresponding period in 2024. And the loss forthe six months ended 30 June 2025 was decreasedfrom approximately RMB222 million to approximatelyRMB208 million compared to the corresponding periodof 2024. 2025630202445434120256302024222208 Furthermore, in order to weather this situation andsafeguard our businesses and assets, we have takenthe initiative to apply for bankruptcy reorganization forsome of our operating subsidiaries. These applicationshave been approved by the relevant courts. The effectof the bankruptcy reorganizations would be that thedebts of the operating subsidiaries are restructured aswell as reduced so that the intrinsic value and businesspotential of the quality assets held by the subsidiariescan be released, allowing the subsidiaries to fully utilizesuch assets to increase their revenue generation ability. Moving forward, our primary focus is to successfullycomplete the bankruptcy reorganizations of oursubsidiaries in a timely manner. While we anticipatethat our short-term operational and financial results maysuffer during this process, we remain optimistic aboutour long-term business outlook. MANAGEMENT DISCUSSION AND ANALYSIS During the six months ended 30 June 2025, the Grouphas sold 4,877 tons of recycled copper products,achieved sales revenue of recycled copper products ofRMB339 million. The communication cables businessand power transmission and distribution business ofthe Group have not yet resumed their businesses dueto lack of working capital and poor market conditionsin the real estate sector where most of the productsare being sold into. As the real estate market beginsto stabilise, the Company expects to resume these twodownstream businesses once the Group has obtainedsufficient working capital. 20256304,877339 PROSPECTS 2025 The copper market in the PRC is undergoing a periodof recalibration in 2025, shaped by shifting domesticdemand, evolving global trade dynamics, and sector-specific developments. While the first half of the yearwas marked by a surge in copper imports—largelydriv