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SEGMENT INFORMATION | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Segment Information |  |
SEGMENT INFORMATION |
| 4. | SEGMENT INFORMATION
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group’s management and the Company’s Board of Directors for the purpose of resource allocation and performance assessment. Management assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment is consistent with that applied in these financial statements. Deferred tax assets, income tax payable and deferred tax liabilities are excluded from segment assets and segment liabilities. The Group had neither sale of products nor provisions of services between the operating segments. As of December 31, 2023 and June 30, 2024, after the disposal of PSTT in July 2023, the Group only operates in one operating segment: exploration and mining, which consists of the exploration for lead, silver, lithium and other metals. The segment results for the six months ended June 30, 2023 were retroactively restated to exclude discontinued operations (Note 3). Segment performance is evaluated based on reportable segment profit / (loss), which is a measure of adjusted profit / (loss) before tax from continuing operations. The segment analysis below is provided for the Group's continuing operations and does not include any amount from a discontinued operation, namely the wastewater treatment (see Note 3 for information on discontinued operations). For the six months ended June 30, 2023, the segment results were as follows:
Schedule of segment results |  |  |  |  |  |  |  |  |  |  |  |
|  | Exploration and mining |  |  | Corporate activities |  |  | Total |
|  |  | CNY |  |  |  | CNY |  |  |  | CNY |
Other items |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property, plant and equipment |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | )
Depreciation of right of use assets |  |  | — |  |  |  | (354 | ) |  |  | (354 | )
Other income |  |  | 500 |  |  |  | — |  |  |  | 500 |
Fair value loss on financial instruments |  |  | — |  |  |  | (86 | ) |  |  | (86 | )
Finance costs |  |  | (1 | ) |  |  | (43 | ) |  |  | (44 | )
Finance income |  |  | — |  |  |  | 3 |  |  |  | 3 |
Loss for the period from continuing operations |  |  | (73 | ) |  |  | (4,433 | ) |  |  | (4,506 | )
For the six months ended June 30, 2024, the segment results were as follows:
|  | Exploration and mining |  |  | Corporate activities |  |  | Total |
|  |  | CNY |  |  |  | CNY |  |  |  | CNY |
Other items |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property, plant and equipment |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Depreciation of right of use assets |  |  | — |  |  |  | (356 | ) |  |  | (356 | )
Fair value gain on financial instruments |  |  | — |  |  |  | 3,862 |  |  |  | 3,862 |
Finance costs |  |  | (1 | ) |  |  | (29 | ) |  |  | (30 | )
Finance income |  |  | 2 |  |  |  | 40 |  |  |  | 42 |
Loss for the period from continuing operations |  |  | (548 | ) |  |  | 426 |  |  |  | (122 | )
|  | Exploration and mining |  |  | Corporate activities |  |  | Total |
|  |  | US$ |  |  |  | US$ |  |  |  | US$ |
Other items |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property, plant and equipment |  |  | — |  |  |  | — |  |  |  | — |
Depreciation of right of use assets |  |  | — |  |  |  | (49 | ) |  |  | (49 | )
Fair value loss on financial instruments |  |  | — |  |  |  | 531 |  |  |  | 531 |
Finance costs |  |  | — |  |  |  | (4 | ) |  |  | (4 | )
Finance income |  |  | — |  |  |  | 6 |  |  |  | 6 |
Loss for the period from continuing operations |  |  | (75 | ) |  |  | 58 |  |  |  | (17 | )
The reconciliation of segment assets to total assets is as follows:
|  | December 31, |  |  | June 30, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | CNY |  |  | CNY |  |  | US$ |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Exploration and mining |  |  | 252,133 |  |  |  | 258,295 |  |  |  | 35,542 |
Corporate activities |  |  | 1,674 |  |  |  | 5,864 |  |  |  | 807 |
Total assets |  |  | 253,807 |  |  |  | 264,159 |  |  |  | 36,349 |
The reconciliation of segment liabilities to total liabilities is as follows:
|  | December 31, |  |  | June 30, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | CNY |  |  | CNY |  |  | US$ |
Segment liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Exploration and mining |  |  | 159,285 |  |  |  | 154,240 |  |  |  | 21,224 |
Corporate activities |  |  | 18,527 |  |  |  | 13,598 |  |  |  | 1,871 |
Total liabilities |  |  | 177,812 |  |  |  | 167,838 |  |  |  | 23,095 |
The reconciliation from loss for the period from continuing operations to net loss is as follows:
Schedule of reconciliation from loss |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | CNY |  |  | CNY |  |  | US$ |
Loss for the period from continuing operations |  |  | (4,506 | ) |  |  | (122 | ) |  |  | (17 | )
Loss for the period from discontinued operations |  |  | (4,955 | ) |  |  | — |  |  |  | — |
Net loss (including non-controlling interests) |  |  | (9,461 | ) |  |  | (122 | ) |  |  | (17 | )
4. |  | SEGMENT INFORMATION
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group’s management and the Company’s Board of Directors for the purpose of resource allocation and performance assessment. Management assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment is consistent with that applied in these financial statements. Prior to July 28, 2023, the Group’s two reportable operating segments are summarized below: - Wastewater treatment segment, which consists of sales of assembled equipment, provision of construction service and participating in PPP projects as operator; - Exploration and mining segment, which consists of the exploration of lead, silver and other metals in the Inner Mongolia Autonomous Region of the PRC and the trading of copper ores products; Deferred tax assets, income tax payable and deferred tax liabilities are excluded from segment assets and segment liabilities. The Group had neither sales of products nor provisions of services between the operating segments. After the disposal of PSTT in July 2023, the Group only operates in one operating segment: exploration and mining. Segment performance is evaluated based on reportable segment profit / (loss), which is a measure of adjusted profit / (loss) before tax from continuing operations. The segment analysis below is provided for the Group's continuing operations and does not include any amount from a discontinued operation, namely the wastewater treatment (see Note 3 for information on discontinued operations). As of and for the year ended December 31, 2023, the segment results were as follows:
Schedule of segment results |  |  |  |  |  |  |  |  |
|  | CNY |
|  | Exploration and mining |  |  | Corporate activities |  |  | Total |
Depreciation and amortization |  |  | (4 | ) |  |  | (692 | ) |  |  | (696 | )
Interest income |  |  | 1 |  |  |  | 4 |  |  |  | 5 |
Finance costs |  |  | (1 | ) |  |  | (47 | ) |  |  | (48 | )
Fair value gain on financial instruments, net |  |  | — |  |  |  | 847 |  |  |  | 847 |
Profit/(loss) before income tax |  |  | 1,263 |  |  |  | (9,600 | ) |  |  | (8,337 | )
Other income* |  |  | 3,742 | * |  |  | — |  |  |  | 3,742 |
Profit/(loss) for the year from continuing operations |  |  | 1,263 |  |  |  | (9,600 | ) |  |  | (8,337 | )
Total assets |  |  | 252,133 |  |  |  | 1,674 |  |  |  | 253,807 |
Total liabilities |  |  | 159,285 |  |  |  | 18,527 |  |  |  | 177,812 |
*In 2023, the Company received RMB3,742 from government of Dengkou County, Inner Mongolia Autonomous Region as reimbursement payments for discontinuing the exploration and development activities in certain nature reserve areas. The amount is recognized in other income as the expenditure on the exploration and development have been fully expensed before 2023.
|  | US$ |
|  | Exploration and mining |  |  | Corporate activities |  |  | Total |
Depreciation and amortization |  |  | — |  |  |  | (99 | ) |  |  | (99 | )
Interest income |  |  | — |  |  |  | 1 |  |  |  | 1 |
Finance costs |  |  | — |  |  |  | (7 | ) |  |  | (7 | )
Fair value gain on financial instruments, net |  |  | — |  |  |  | 120 |  |  |  | 120 |
Profit/(loss) before income tax |  |  | 178 |  |  |  | (1,355 | ) |  |  | (1,177 | )
Other income |  |  | 529 |  |  |  | — |  |  |  | 529 |
Profit/(loss) for the year from continuing operations |  |  | 178 |  |  |  | (1,355 | ) |  |  | (1,177 | )
Total assets |  |  | 35,619 |  |  |  | 236 |  |  |  | 35,855 |
Total liabilities |  |  | 22,502 |  |  |  | 2,616 |  |  |  | 25,118 |
As of and for the year ended December 31, 2022, the segment results were as follows:
|  | CNY |
|  | Exploration and mining |  |  | Corporate activities |  |  | Total |
Depreciation and amortization |  |  | (28 | ) |  |  | (701 | ) |  |  | (729 | )
Interest income |  |  | — |  |  |  | 13 |  |  |  | 13 |
Finance costs |  |  | (1 | ) |  |  | 192 |  |  |  | 191 |
Fair value gain on financial instruments, net |  |  | — |  |  |  | 1,007 |  |  |  | 1,007 |
Loss before income tax |  |  | (39 | ) |  |  | (23,299 | ) |  |  | (23,338 | )
Other income |  |  | 698 |  |  |  | 1 |  |  |  | 699 |
Loss for the year from continuing operations |  |  | (39 | ) |  |  | (23,299 | ) |  |  | (23,338 | )
Total assets |  |  | 36,015 |  |  |  | 213,891 |  |  |  | 249,906 |
Total liabilities |  |  | 38,306 |  |  |  | 59,296 |  |  |  | 97,602 |
As of and for the year ended December 31, 2021, the segment results were as follows:
|  | CNY |
|  | Exploration and mining |  |  | Corporate activities |  |  | Total |
Depreciation and amortization |  |  | (64 | ) |  |  | (717 | ) |  |  | (781 | )
Interest income |  |  | 1 |  |  |  | 12 |  |  |  | 13 |
Finance costs |  |  | (1 | ) |  |  | (165 | ) |  |  | (166 | )
Fair value loss on financial instruments, net |  |  | — |  |  |  | (38,349 | ) |  |  | (38,349 | )
Loss before income tax |  |  | (161 | ) |  |  | (48,818 | ) |  |  | (48,979 | )
Other income/(losses) |  |  | 600 |  |  |  | (1 | ) |  |  | 599 |
Income tax benefit |  |  | — |  |  |  | 5,095 |  |  |  | 5,095 |
Loss for the year from continuing operations |  |  | (161 | ) |  |  | (43,723 | ) |  |  | (43,884 | )
Total assets |  |  | 39,018 |  |  |  | 179,024 |  |  |  | 218,042 |
Total liabilities |  |  | 41,251 |  |  |  | 60,417 |  |  |  | 101,668 |
The reconciliation of segment assets to total assets is as follows:
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  |  | CNY |  |  |  | CNY |  |  |  | US$ |
Segment assets |  |  | 249,906 |  |  |  | 253,807 |  |  |  | 35,855 |
Assets of segment – Wastewater treatment |  |  | 315,000 |  |  |  | — |  |  |  | — |
Net off |  |  | (244,915 | ) |  |  | — |  |  |  | — |
Total assets |  |  | 319,991 |  |  |  | 253,807 |  |  |  | 35,855 |
The reconciliation of segment liabilities to total liabilities is as follows:
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  |  | CNY |  |  |  | CNY |  |  |  | US$ |
Segment liabilities |  |  | 97,602 |  |  |  | 177,812 |  |  |  | 25,118 |
Liabilities of segment - Wastewater treatment |  |  | 254,396 |  |  |  | — |  |  |  | — |
Net off |  |  | (209,456 | ) |  |  | — |  |  |  | — |
Total liabilities |  |  | 142,542 |  |  |  | 177,812 |  |  |  | 25,118 |
The reconciliation from loss for the year from continuing operations to net loss is as follows:
Schedule of reconciliation from loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2023 |
|  |  | CNY |  |  |  | CNY |  |  |  | CNY |  |  |  | US$ |
Loss for the year from continuing operations |  |  | (43,884 | ) |  |  | (23,338 | ) |  |  | (8,337 | ) |  |  | (1,177 | )
Loss for the year from discontinued operations |  |  | (11,087 | ) |  |  | 1,042 |  |  |  | (4,106 | ) |  |  | (580 | )
Net loss (including non-controlling interests) |  |  | (54,971 | ) |  |  | (22,296 | ) |  |  | (12,443 | ) |  |  | (1,757 | )
Geographical information
(a) |  | Non-current assets
Schedule of non-current assets |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  | CNY |  |  | CNY |  |  | US$ |
Mainland China |  |  | 122,023 |  |  |  | 162 |  |  |  | 23 |
Hong Kong |  |  | 1,012 |  |  |  | 247,767 |  |  |  | 35,002 |
Total |  |  | 123,035 |  |  |  | 247,929 |  |  |  | 35,025 |
The non-current assets information above is based on the locations of the assets and excludes financial instruments and deferred tax assets.

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