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Public company info - China Metal Resources Utilization Ltd. , 01636.HK
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China Metal Resources Utilization Ltd., 01636.HK - Company Profile
Chairman Yu Jianqiu
Share Issued (share) 2,665,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Nonferrous Metal
Corporate Profile Business Summary: The Group is principally engaged in the manufacturing, sales and trading of copper and related products. Performance for the year: Revenue increased by 16.3% to RMB24,012.7 million, as compared to 2018. Gross loss margin amounted to 1.1%, as compared to a gross loss margin of 1.1% for last year. Loss attributable to the owners of the Company for the year amounted to RMB217.3 million, as compared to the profit attributable to the owners of the Company of RMB20.1 million for last year. Loss per share for the year amounted to RMB0.08, as compared to earnings per share of RMB0.01 for last year. Business Review: In 2019, the PRC’s GDP grew at 6.1% including 6.0% for Q4 of 2019, such growth rates, though slowing, were still within a reasonable range. The PRC still recorded an increase in the demand for copper products across the country. As a result, the Group recorded an increase in sales of copper products in 2019 as compared with 2018, which translated into an increase in turnover by 16.3% as compared with the same period last year. Such increase in sales was contributed not only by the increase in the Group’s trading volume of electrolytic copper but also by the increase in production volume of its recycled copper products. Along with the increase in production and sales volume of recycled copper products, VAT refunds under the Comprehensive Utilisation of Resources Policy also recorded a corresponding increase during 2019. Furthermore, the improvement in the liquidity of our customers has resulted in an overall improvement in our trade receivable ageing and consequently the provision for bad debts ratio was adjusted downwards accordingly. Nevertheless, the outbreak of Coronavirus Disease 2019 (“COVID-19”) since January 2020 has led to a sharp slowdown in China’s economic growth, accordingly, management has taken a more conservative approach in estimating the future business development of the Group’s three acquired subsidiaries, as a result, a substantial impairment of goodwill was made in the financial statements. Management believes that in view of the effective control of the COVID-19 outbreak in China and the Chinese government has been introducing various measures to revivify the economy across the country. If the operations of these three acquired subsidiaries turn out to be better than what is currently expected, the Company does not envisage to make further goodwill impairment in the coming year. Prospects: On 15 January 2020, the PRC and the United States of America signed phase one of the trade agreement, easing a trade war which has rattled the global economy for the most of 2019. However, from January 2020, the COVID-19 outbreak began in the PRC. The Chinese government has implemented various stringent measures to fight against the spread of the virus. As a result, the PRC’s manufacturing and services sector plunged to record lows in February and the PRC’s exports fell 17.2 percent in January and February. It is widely expected that there will be a drop in the PRC’s first quarter GDP, the first contraction since the PRC began reporting quarterly data in 1992. Although the COVID-19 outbreak appears to have slowed down in the PRC and its impacts have gone global beginning in March 2020. Furthermore, the COVID-19 outbreak has brought about additional uncertainties in the Group’s operating environment in the PRC. As far as the Group’s businesses are concerned, the outbreak has so far caused operational delays. The Group has put in place contingency measures to reduce the impact from this outbreak. However, the situation remains fluid at this stage. As a result, we expect our operating environment to be challenging in the coming year. In order to further support the economic growth, the Chinese government encouraged banks to lend more to non-state-owned enterprises, launched new tax cuts and accelerated infrastructure investments. At this juncture, we are still uncertain about the extent of the fall out resulting from the COVID-19 outbreak. We will be looking to conserve our financial strength so that we will be able to cope with possible headwinds as well as being able to take advantage of future opportunities if and when they arise.

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