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HONG KONG, Mar 29, 2022 - (ACN Newswire) - Dynasty Fine Wines Group Limited ("Dynasty" or "the Group") (Stock Code: 828), a premier grape winemaker in China, today announced its audited annual results for the year ended 31 December 2021. Revenue in 2021 increased by 28% year-on-year to HK$306 million. Gross profit rose by 103% year-on-year to HK$121.9 million. Gross profit margin increased significantly from 25% in 2020 to 40% in 2021. Profit attributable to owners of the Company was HK$32.8 million in 2021, a decrease when compared with HK$116.4 million in 2020. The decline was due to a net gain (after tax) of HK$183.7 million from a disposal, which was a one-off transaction, recorded in 2020. If the net gain of the one-off disposal in 2020 was excluded, profit attributable to owners of the Company would have increased significantly in 2021 versus the preceding year.
In 2021, the revenue of wine products grew, mainly due to a marked increase in sales volume of products, especially middle to high-end wine products, after optimization of the Group's product mix, as well as the increase in market price of certain upgraded and custom-made products during the year. In the second half of 2021, the occurrences of flooding and heavy rain and sporadic COVID-19 cases in certain regions of China adversely affected consumer sentiment. Consequently, the Group's revenue growth for the full 2021 financial year slowed relative to the first half year.
The total number of bottles of wine sold in 2021 was approximately 11.9 million, an increase of 20% as compared with 9.9 million bottles in 2020. Red wines continued to be the Group's primary revenue contributor, accounting for approximately 51% of the Group's revenue for the year (2020: 65%). White wine sales became the growth driver of the Group, which surged by approximately 60% year-on-year and accounted for 40% of the Group' revenue. In 2021, the gross margin of red wine products and white wine products were 37% and 47%, respectively (2020: 24% and 31%, respectively).
The Group produced a wide range of more than 100 wine products under the "Dynasty" brand. This has enabled it to meet the demands and preferences of different consumer groups, mainly in the mass segment of the Chinese wine market. During the year, the Group launched a new premium product, Dynasty Chinese Zodiac Commemorative Dry Red Wine, for the Xin Chou Year of the Ox, integrating high quality with the Chinese zodiac culture. The Group also unveiled two new product series, namely "Sweet Heart" and "Pleasant Color", for the entry-level product segment. The product series are targeted at young consumers and will open a new chapter as part of the Group's product rejuvenation strategy.
The Group also sold foreign branded wines during the year. Imported mainly from France, Italy, Australia, Chile and the United States, the wines enter the Chinese market through the Group's existing distribution network. Having streamlined its portfolio, the Group currently sells about 50 imported grape wine products under approximately 10 brands.
During the year, the Group strengthened cooperation with distributors to operate online stores on such e-commerce platforms as JD.com, Tmall and Pinduoduo. Moreover, innovations were achieved across its brands and product categories, as well as business systems, procedures and models via new retail platforms including Weibo, RED (Xiaohongshu app), Kuai (Kuaishou app) and TikTok (Douyin app). The Group also established an e-commerce team and actively cultivated e-commerce live broadcasting talent to further expand its sales channels and build up a new customer base.
In October 2021, Dynasty held a grand opening ceremony in the new premises of its National-level Technology Center. The work station in the Center has commenced research for the first time on the selection of distinctive muscat yeast in order to create more mellow and enjoyable wines. Also, Dynasty Technology Center established a winemaking and wine tasting studio during the year.
In 2021, Dynasty continued to implement its market demand-oriented "5+4+N" product strategy, and completed the enhancement of the Group's organization structure. In the Group's strategy, "5" represents the five key series of products, comprising air dry series, seven-year reserve series, merlot series, classic series and best-selling series, and represents the goal of having full coverage of all mainstream price segments; "4" refers to the four advantageous categories, i.e. dry red wines, dry white wines, brandy and sparkling wines, and the aim of increasing the Group's vertical market share; and "N" stands for the development of "N" kinds of customized products to meet the diversified needs of Chinese consumers. In 2021, the Group achieved remarkable results from the adjustment of its products, sales channels and marketing campaigns.
With respect to its large-scale marketing campaign, the Group forged ahead with various endeavors, including showcasing products in 20,000 shops, hosting 1,000 wine tasting events and organizing 100 plant visits, so as to continue developing its point-of-sale network.
In the coming three years, the Group will strive to deploy 100,000 points of sale, add 1,000 distributors, and vigorously develop new channels via retail platforms. This will enable the Group to seize opportunities from the growing consumption market driven by young adults, and achieve the annual sales target of over RMB1 billion.
Mr. Wan Shoupeng, Chairman of Dynasty, said, "The Group is pleased that the "5+4+N" strategy has been effective in boosting product sales in 2021, which in turn has facilitated overall revenue growth. In the future, the Group will increase its investment in brand development in order to fully vitalize its brands as well as drive development of its major products. The latter will involve steadily enhancing quality and controlling prices to boost sales volume, with the aim of bringing Dynasty's superior wines to more consumers in China. Furthermore, in line with the industry development trend, Dynasty will strengthen its presence in the mass-market and mid-range product segments as well as target young consumers. In spite of the possible impact brought by sporadic COVID-19 cases in China, the Group is confident that its annual revenue will maintain a steady growth trend in 2022."
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comDynasty Fine Wines Group Limited ("Dynasty" or "the Group") (Stock Code: 828), a premier grape winemaker in China, today announced its audited annual results for the year ended 31 December 2021. Revenue in 2021 increased by 28% year-on-year to HK$306 million.
HONG KONG, Mar 29, 2022 - (ACN Newswire) - Jinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").
Highlights of 2021 Annual Results -- Revenue amounted to US$831.9 million, up by 25.2% year-on-year. Revenue from mining segment was US$620.6 million and revenue from the trading of mineral and metal products was US$211.3 million -- Gross profit increased considerably by 188% to US$251.7 million -- Profit attributable to shareholders soared by 303% to US$120.5 million -- During the Year, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt -- Cost of sales of the mining business declined 16%, attributable to the Group's stringent control of costs
During the Year, the Group recorded revenue of US$831.9 million, a year-on-year increase of 25.2%, which was attributable to the rise in the benchmark copper and cobalt prices. Total revenue from mining operations was US$620.6 million, a year-on-year increase of 24.7%. Revenue from the trading of mineral and metal products segment amounted to US$211.3 million, a year-on-year increase of 26.6%. With costs kept under control, the Group's gross profit rose considerably by 188% to US$251.7 million. Moreover, as copper and cobalt prices surged in 2021, the Group's gross profit margin grew significantly to 30% for the Year from 13% in 2020.
Profit attributable to shareholders of the Company soared by 303% year-on-year to US$120.5 million. Earnings before interest (net finance costs), income tax, depreciation and amortization and impairment loss ("EBITDA") amounted to US$311.5 million, up by approximately 121.8%. The Group maintained strict control of costs during the Year. As a result, cost of sales of the mining operations decreased by 16% to US$314.9 million.
In 2021, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt, and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt. Sales of copper and cobalt amounted to US$514.0 million and US$106.6 million respectively. During the Year, the Group's copper production volume dropped, primarily as a result of lower ore feed grade from Ruashi Mine and Kinsenda Mine and lower copper recovery rate. Similarly, the cobalt production volume declined, mainly due to the lower grade of cobalt ore mined and lower cobalt recoveries. Nevertheless, driven by higher copper and cobalt prices, the Group recorded a significant increase in revenue, which was able to offset the impact of lower sales volume.
Continuous expansion of core businesses, progress achieved by all projects As a multinational mine developer and operator, the Group will pay close attention to local government policies and the economic environment, and continue to monitor all factors that may cause market fluctuation, so as to ensure the Group is well prepared to respond timely to any market changes.
The Group's short-term focus will be on the construction of the Musonoi copper-cobalt mine in Kolwezi, the Democratic Republic of the Congo. During the Year, construction of the mine was progressing as planned. The Group has also signed a facility agreement with China Development Bank in relation to the construction of the Musonoi project. At the same time, the Group will continue its exploration work in the sulphide zone below the oxide zone in Ruashi Mine, deeper region of the Musonoi Project, and conduct infill drilling at Kinsenda Mine. In addition, the Group successfully leased out the mining assets of Chibuluma under a finance lease. The Group recorded a royalty income of approximately US$2.4 million under the finance lease agreement.
Actively seized market opportunities amid rising copper and cobalt prices Copper price is susceptible to swings in global policies and economic uncertainty. LME copper price reached a historical high of US$10,720 per tonne in May 2021, and closed at US$9,692 per tonne at the end of 2021, representing a gain of 25.2% compared to 31 December 2020 and a gain of 109.9% compared to the lowest point in 2020. With copper price surging, the Group commenced the construction of Ruashi Mine's magnetic floatation plant aiming to treat low-grade oxide and sulphide materials. This allows the Group to better utilise Ruashi Mine's low grade stockpile while potentially extending Ruashi's life of mine. The new plant was successfully launched in December 2021.
With the availability of COVID-19 vaccines, social and economic activities have recovered. Copper, as a critical commodity used in construction and infrastructure, will benefit from the economic recovery. Moreover, countries around the world have initiated the strategic target of carbon neutral. Copper will be used more frequently in areas including solar, wind, power storage, new energy and distribution with the enhence of carbon neutral era, the demand for copper will further increase. Given its strong fundamentals, copper price is expected to stay strong after COVID-19 is contained.
With regard to the cobalt market, cobalt price gradually rebounded during the Year, and continues to rise in 2022. The price of cobalt reached US$38.7 per pound in mid-March 2022. Demand for cobalt is subject to the manufacturing of alloy and industrial chemical and for the manufacturing of batteries. As major auto makers were launching more electric vehicle ("EV") models in 2021, Ford estimates that 40% of motor vehicles sold will be EVs by 2030 and Bloomberg estimates that half of motor vehicles sold will be EVs by 2040. Analyst forecasts cobalt demand to expand at a compound annual growth rate of 7% to 2030.
The Group said, "We will seize the favorable opportunities to develop new energy and new materials and keep expanding the major business while considering to extend the industrial chain appropriately, and expand the Group's product scope. Meanwhile, we plan to further introduce strategic investors and optimize the shareholders structure, strengthen management, reduce costs and increase efficiency, and enhance the economic scale of existing projects. Furthermore, we will actively integrate the Group's overseas resources and expand our asset scale. We will also continue to develop new businesses, and in particular, look for opportunities in southern Africa to generate synergies, given its close proximity to the Group's existing mines. In the future, we will pursue continuous development and innovation, with the aim of becoming a world-class mineral corporation and creating greater value for our shareholders."
About Jinchuan Group International Resources Co. Ltd (Stock Code: 2362. HK) Jinchuan International is a Hong Kong listed company under Jinchuan Group Co., Ltd for the purposes of accelerating the establishment of the mining group's multinational operational strategy and elevating Jinchuan Group's global investing, financing and operating capabilities. By virtue of Hong Kong's advantages as an international financial and trade center, and through the Company's focus on an internationalized operating strategy, the Company has established itself as the flagship platform for Jinchuan Group to develop its overseas non-ferrous metal mining business. The Company owns large-scale mines in Africa with high-quality copper and cobalt metal resources. It engages in the production and trading of basic metal resources. The Company's main mine assets include the Ruashi and Musonoi copper-cobalt mines, high-grade Kinsenda copper mine, Chibuluma South Mine, and Lubembe project. Website: http://www.jinchuan-intl.com/tc/
About Jinchuan Group Co., Ltd* ("Jinchuan Group") Jinchuan Group Co., Ltd*, founded in 1958, is a state-owned enterprise with its majority interest held by the People's Government of Gansu Province. Jinchuan Group specializes in mining, concentrating, metallurgy, chemical engineering and further downstream processing. Jinchuan Group is widely recognized as a renowned mining corporation and is the third largest nickel producer and fourth largest cobalt producer in the world as well as the fourth largest copper producer in China. Jinchuan Group ranks no. 336 in "Fortune" Global 500 in 2021. Website: http://www.jnmc.com/
* for identification purposes only
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comJinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").
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