此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有弘海高新資源有限公司（「本公司」）之股份，應立即將本通 函連同隨附之代表委任表格交予買主或承讓人或送交經手買賣或轉讓之銀行、持牌證券 交易商或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本通函全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 無論 閣下能否出席股東週年大會，務請按照隨附之代表委任表格上印備之指示填妥表格， 並盡快且無論如何不遲於股東週年大會或其任何續會指定舉行時間48小時前（即二零二五 年八月二十日（星期三）上午十一時正）送達本公司之香港股份過戶登記分處卓佳證券登 記有限公司（地址為香港夏慤道16號遠東金融中心17樓）。填妥及交回代表委任表格後， 閣 下仍可依願親身出席股東週年大會或其任何續會，並於會上投票，而在此情況下，代表 委任表格將被視作撤銷論。 二零二五年七月三十日 | 釋義 ...

[Company Information](index=3&type=section&id=Company%20Information) During the reporting period, there were multiple changes in the company's Board of Directors and various committee members, including the resignation and appointment of several executive, non-executive, and independent non-executive directors - During the reporting period, there were multiple changes in the company's Board of Directors and various committee members, including the resignation and appointment of several executive, non-executive, and independent non-executive directors[5](index=5&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The company's existing coal mining business's financial performance was significantly impacted by challenges including tightening regulations, resource depletion, and increased capital investment in China's coal industry - The company's existing coal mining business's financial performance was significantly impacted by challenges including tightening regulations, resource depletion, and increased capital investment in China's coal industry[10](index=10&type=chunk) - To achieve business diversification, the Group invested in a copper mine in Laos in 2024, officially entering the Southeast Asian mining sector. Despite challenges encountered in the new business, the Board still considers diversification crucial for long-term development[10](index=10&type=chunk) - Moving forward, the Group will continue to focus on enhancing operational and capital efficiency, and actively seek new business opportunities in the energy and mining sectors to enhance shareholder value[10](index=10&type=chunk) [Financial Highlights](index=7&type=section&id=Financial%20Highlights) [Annual Financial Summary](index=7&type=section&id=Annual%20Financial%20Summary) In FY2024, the company's revenue decreased by 3.7% year-on-year to HK$181 million, while gross profit increased by 3.5% to HK$67.47 million. However, the loss attributable to owners of the company significantly expanded by 113.9% to HK$50.77 million, primarily due to impairment of non-financial assets and increased administrative expenses. Both total assets and total liabilities decreased, and cash balance declined by 23.0% Summary of FY2024 Operating Results and Financial Position | Metric | 2024 (HK$ Thousand) | 2023 (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | | **Operating Results** | | | | | Revenue | 180,934 | 187,960 | -3.7% | | Gross Profit | 67,469 | 65,211 | 3.5% | | Loss for the year attributable to owners of the Company | (50,768) | (23,734) | 113.9% | | Loss per share - Basic | (25.50) HK cents | (14.62) HK cents | 74.4% | | **Financial Position** | | | | | Total Assets | 284,673 | 307,225 | -7.3% | | Total Liabilities | 96,423 | 109,737 | -12.1% | | Bank and cash balances | 73,412 | 95,359 | -23.0% | | Equity attributable to owners of the Company | 144,163 | 138,598 | 4.0% | [Five-Year Financial Summary](index=8&type=section&id=Five-Year%20Financial%20Summary) Over the past five years, the company's revenue fluctuated between HK$130 million and HK$190 million, with 2024 revenue at HK$181 million. In terms of operating profit, the company achieved profitability in 2021 and 2022 but recorded operating losses in 2020, 2023, and 2024, with the 2024 operating loss expanding to HK$66.81 million. Net profit attributable to owners of the company also showed significant fluctuations, with a loss of HK$50.77 million recorded in 2024, marking the second-largest loss in the past five years. Net assets remained relatively stable within the HK$180 million to HK$200 million range over the five-year period Five-Year Performance Summary (As at December 31) | Metric (HK$ Thousand) | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 180,934 | 187,960 | 191,180 | 183,016 | 133,012 | | Operating (Loss) / Profit | (66,805) | (32,009) | 34,072 | 31,628 | (67,193) | | Loss / (Profit) for the year | (63,783) | (33,610) | 26,100 | 31,975 | (62,876) | | Attributable to owners of the Company | (50,768) | (23,734) | 10,237 | 14,372 | (42,505) | Five-Year Summary of Assets, Liabilities and Equity (As at December 31) | Metric (HK$ Thousand) | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 284,673 | 307,225 | 305,350 | 259,999 | 263,299 | | Total Liabilities | 96,423 | 109,737 | 111,940 | 81,224 | 78,623 | | Net Assets | 188,250 | 197,488 | 193,410 | 178,775 | 184,676 | | Equity attributable to owners of the Company | 144,163 | 138,598 | 123,125 | 119,128 | 105,497 | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=10&type=section&id=Business%20and%20Financial%20Review) In FY2024, the Group's revenue decreased by 3.7% year-on-year to HK$181 million, and the loss attributable to owners of the company expanded from HK$23.73 million to HK$50.77 million. The primary reasons for the expanded loss include: an impairment loss of approximately HK$26 million recognized on non-financial assets of the coal mining business; an increase in operating costs of approximately HK$28 million due to compliance with green mining policies; and an increase in administrative expenses of approximately HK$11 million due to the acquisition of a copper mine in Laos and exploration of other investment opportunities - The primary reasons for the expanded loss in 2024 are threefold: (i) an impairment loss of approximately **HK$26 million** on non-financial assets of the coal mining business; (ii) an increase in operating costs of approximately **HK$28 million** due to compliance with China's green mining construction policies; and (iii) an increase in administrative expenses of approximately **HK$11 million** due to the acquisition of a copper mine in Laos and exploration of potential investment opportunities[17](index=17&type=chunk) [Coal Mining Business and Impairment Assessment](index=10&type=section&id=Coal%20Mining%20Business%20and%20Impairment%20Assessment) The Group's core coal business is located in Inner Mongolia, with an annual production capacity of 1.2 million tonnes, and actual production and sales in 2024 were approximately 0.9 million tonnes, consistent with the previous year. However, as the mine has been operating for about 15 years, shallow coal resources are largely depleted, and new government policies promoting intelligent and green mine construction are expected to lead to significant increases in ongoing capital expenditure and operating costs. Based on this, the company recognized an impairment loss of approximately HK$25.96 million on the non-financial assets of its coal mining business - The Inner Mongolia coal mine has been operating for approximately 15 years, with shallow coal resources largely depleted. Deep-level mining faces geological challenges, requiring replacement of old machinery and investment in more advanced equipment, which is expected to lead to significant increases in capital expenditure and operating costs[20](index=20&type=chunk) - Based on the impairment assessment, the company recognized an impairment loss of approximately **HK$25.96 million** on the non-financial assets of the coal mining business segment for the year ended December 31, 2024[20](index=20&type=chunk) Key Assumptions for Impairment Assessment of Coal Mining Cash-Generating Unit | Key Assumption | December 31, 2024 | | :--- | :--- | | Forecast Annual Coal Output | 900,000 tonnes | | Average Unit Selling Price per Tonne of Coal | 2025: RMB 191 | | Inflation Rate | 2.5% | | Pre-tax Discount Rate | 16.58% | [Capital Market Activities](index=14&type=section&id=Capital%20Market%20Activities) To raise funds for business operations and development, the company undertook two major capital market activities in 2024. First, a placement of new shares was completed in March, with approximately 323 million shares placed at HK$0.185 per share, raising net proceeds of approximately HK$59.1 million. Second, a share consolidation was completed in October, merging every ten shares with a par value of HK$0.01 into one consolidated share with a par value of HK$0.1 - On March 4, 2024, the company completed the placement of **322,692,000 new shares** at a placement price of **HK$0.185 per share**, raising net proceeds of approximately **HK$59.1 million**, primarily for business operations and development[28](index=28&type=chunk)[29](index=29&type=chunk) - On October 25, 2024, the company completed a "ten-into-one" share consolidation, changing its issued share capital from approximately **2.046 billion shares** (par value HK$0.01) to approximately **205 million shares** (par value HK$0.1)[30](index=30&type=chunk) [Investment in Copper Mine in Laos](index=15&type=section&id=Investment%20in%20Copper%20Mine%20in%20Laos) The Group advanced its investment in a copper mine in Laos in 2024, ultimately completing the acquisition of a 52% equity stake in the target company, Taishan Jiujiu, in August. This copper mine has a mining area of approximately 24 square kilometers and copper reserves exceeding 100,000 tonnes. However, since early 2025, the local management and business partners have been slow to respond and uncooperative with the company's requests, preventing the Group from exercising control over the company. Consequently, the Group recognized its investment in Taishan Jiujiu as an associate and accounted for it using the equity method. The company plans to continue communication while reserving the option to take legal action to protect its shareholder rights - On August 26, 2024, the Group completed the acquisition of a **52% equity stake** in Taishan Jiujiu Mining Co., Ltd. in Laos, which owns a copper mine with estimated copper reserves exceeding **100,000 tonnes**[34](index=34&type=chunk) - Since early 2025, due to the uncooperative local management and business partners of Taishan Jiujiu, the Group believes it currently cannot exercise control over Taishan Jiujiu but retains significant influence[36](index=36&type=chunk) - Based on the current inability to exercise control, the Group recognized its investment in Taishan Jiujiu as an associate and accounted for it using the equity method, in accordance with Hong Kong Accounting Standard 28[36](index=36&type=chunk) [Use of Proceeds from Past Fundraising Activities](index=18&type=section&id=Use%20of%20Proceeds%20from%20Past%20Fundraising%20Activities) As of December 31, 2024, the net proceeds from the convertible bonds issued in 2022 and the new share placement in 2024 have been fully utilized. Approximately HK$39.8 million from the convertible bonds was primarily used to strengthen mining operations and invest in the Laos copper mine. Approximately HK$59.1 million from the new share placement was mainly allocated to the Laos copper mine and other potential mining investments, enhancement of existing mining machinery, and general working capital Summary of Use of Proceeds from Fundraising (As at December 31, 2024) | Fundraising Activity | Net Proceeds (HK$ Thousand) | Amount Used (HK$ Thousand) | Primary Use | | :--- | :--- | :--- | :--- | | 2022 Convertible Bonds | 39,800 | 39,800 | Strengthening mining operations, Laos copper mine investment, working capital | | 2024 New Share Placement | 59,101 | 59,101 | Laos copper mine and potential investments, strengthening mining machinery, working capital | [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) As of the end of 2024, the Group's financial position showed total bank and cash balances of approximately HK$73.57 million, a year-on-year decrease. The Group had no borrowings, resulting in a zero gearing ratio. The current ratio was 1.52, slightly lower than last year's 1.56, but still at a healthy level. The Board will continue to closely monitor the financial position to support future operations and new business development Key Financial Indicators as at December 31, 2024 | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Total bank and cash balances | Approx. HK$73,565,000 | HK$103,938,000 | | Borrowings | Nil | Nil | | Gearing ratio | Zero | Zero | | Current ratio | Approx. 1.52 | 1.56 | [Outlook](index=20&type=section&id=Outlook) Looking ahead, tightening policies in China's coal mining industry continue to exert working capital pressure on the Group's coal business. Therefore, the Group will continue to explore investment opportunities in the mining and mineral sectors globally to broaden its business scope. Despite challenges in the Laos copper mine investment, the Group believes diversification is crucial for long-term growth. Moving forward, the Group will implement cost control and strengthen capital management, aiming to improve its financial position and create shareholder value - Facing capital pressure from tightening policies in China's coal industry, the Group will continue to seek global investment opportunities in the mining and mineral sectors to achieve business diversification[49](index=49&type=chunk) - The Group will implement cost control measures and strengthen capital management to improve its financial position and is committed to enhancing shareholder value through business diversification[49](index=49&type=chunk) [Auditor's Qualified Opinion](index=21&type=section&id=Auditor's%20Qualified%20Opinion) The auditor issued a qualified opinion on the Group's 2024 consolidated financial statements, primarily concerning the investment in Taishan Jiujiu Company in Laos. Due to insufficient audit evidence to confirm the company's significant influence over Taishan Jiujiu, the auditor could not determine the appropriateness of classifying it as an associate and accounting for it using the equity method. Management and the Audit Committee, however, believe that despite the current inability to exercise control, the Group's 52% equity stake and related statutory rights are sufficient to constitute significant influence. The company has developed an action plan to address this issue and prevent similar situations in the future - The auditor issued a qualified opinion on the 2024 financial statements due to insufficient audit evidence to determine the appropriateness of classifying the **52% equity investment** in Taishan Jiujiu as an associate and accounting for it using the equity method[50](index=50&type=chunk)[51](index=51&type=chunk) - A divergence exists between management and the auditor regarding accounting treatment: the auditor believes that without the ability to convene a general meeting, it is uncertain whether the company can exercise significant influence; management, however, asserts that its **52% equity stake** and associated statutory rights inherently constitute significant influence[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - The Audit Committee concurs with management's position, believing that classifying the investment as an associate is consistent with accounting standards after comprehensively considering substantive voting rights and statutory interests[58](index=58&type=chunk)[59](index=59&type=chunk) [Biographies of Directors and Senior Management](index=24&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) Mr. Wu Yingji, the company's Executive Director, possesses over 20 years of experience in corporate finance and investment banking - Mr. Wu Yingji, the company's Executive Director, possesses over **20 years of experience** in corporate finance and investment banking. Ms. Kuang Peixian, a Non-Executive Director, has over **20 years of experience** in corporate mergers and acquisitions and asset management. Independent Non-Executive Directors and senior management possess extensive professional backgrounds in accounting, legal, and financial fields[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [Corporate Governance Report](index=26&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices and the Board](index=26&type=section&id=Corporate%20Governance%20Practices%20and%20the%20Board) The company is committed to maintaining high standards of corporate governance. During the reporting period, the company complied with most provisions of the Corporate Governance Code, with a deviation concerning the vacant positions of Chairman and Chief Executive Officer. The Board is responsible for the Group's strategic direction and oversight, ensuring shareholder interests. The Board's composition is diverse, covering various professional backgrounds, genders, and age groups. High attendance at Board meetings during the year demonstrated active director participation - The company deviated from Corporate Governance Code Provision C.2.1, which stipulates that the roles of Chairman and Chief Executive Officer should be separate and not held by the same individual. Both positions are currently vacant, and the company is seeking suitable candidates[69](index=69&type=chunk) Board Diversity Composition (As at December 31, 2024) | Diversity Aspect | Composition | | :--- | :--- | | **Gender** | Male 80% (4 persons), Female 20% (1 person) | | **Age Group** | 41-45 years (40%), 46-50 years (20%), 51-55 years (20%), 56-60 years (20%) | | **Educational Background** | Business Administration (40%), Accounting/Finance (20%), Engineering (20%), Law (20%) | [Board Committees](index=32&type=section&id=Board%20Committees) The Board has established a Nomination Committee, Remuneration Committee, and Audit Committee to assist in fulfilling its responsibilities. The Nomination Committee reviews the Board's structure and nominates director candidates. The Remuneration Committee is responsible for formulating remuneration policies for directors and senior management. The Audit Committee, composed of three independent non-executive directors, oversees financial reporting, risk management, and internal control systems. Each committee held multiple meetings during the year, fulfilling their respective terms of reference - The Nomination Committee comprises two independent non-executive directors and one non-executive director, responsible for reviewing the Board's structure, size, composition, and diversity, and assessing the independence of independent non-executive directors[88](index=88&type=chunk) - The Remuneration Committee consists of two independent non-executive directors and one non-executive director, responsible for advising the Board on remuneration policies for directors and senior management[92](index=92&type=chunk) - The Audit Committee is composed of three independent non-executive directors, with the chairman possessing professional accounting qualifications, and its primary responsibilities include reviewing financial information, overseeing the financial reporting system, risk management, and internal control systems[96](index=96&type=chunk) [Risk Management and Internal Control](index=39&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board bears overall responsibility for maintaining effective risk management and internal control systems. The company has not established an internal audit department, instead engaging external professional firms to perform this function. Given the auditor's qualified opinion on the Laos investment project, the Board has recognized deficiencies in subsidiary oversight and will implement multiple measures to strengthen management, including increasing Board representation, enhancing access to financial records, improving reporting procedures, and providing additional training - The company has not established an internal audit department, deeming it more cost-effective to engage external independent professional firms to perform internal audit functions given the current business scale[109](index=109&type=chunk) - In response to the auditor's qualified opinion, the Board will implement multiple measures to strengthen internal controls over subsidiaries and investee companies, including reviewing Board seats, enhancing access to financial records, improving reporting procedures, and providing training[111](index=111&type=chunk)[114](index=114&type=chunk) [Environmental, Social and Governance Report](index=43&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [Environmental (ESG)](index=49&type=section&id=Environmental%20(ESG)) The Group is committed to reducing the environmental impact of coal mining. In terms of emissions management, measures such as water spraying and dust control facilities are implemented to control coal dust, and exhaust gas emissions are monitored. Total greenhouse gas emissions increased in 2024 due to higher electricity consumption. Regarding resource use, electricity is the primary energy consumption, and the Group has adopted various energy-saving measures. In water resource management, water is conserved through methods like recycling mine water. Furthermore, the Group has identified and formulated measures to address climate change-related physical and transition risks Greenhouse Gas Emissions Performance | Greenhouse Gas Emission Type | Unit | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | Scope 1 (Direct Emissions) | tonnes of CO2e | 779.7 | 835.6 | | Scope 2 (Indirect Emissions) | tonnes of CO2e | 9,968.5 | 8,265.7 | | **Total** | **tonnes of CO2e** | **10,748.2** | **9,101.3** | | Intensity | tonnes of CO2e / thousand tonnes of coal production | 11.92 | 10.07 | Energy Consumption Performance | Energy Type | Unit | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | Direct Energy Consumption | MWh | 3,033.3 | 3,259.1 | | Indirect Energy Consumption (Electricity) | MWh | 14,711.5 | 13,548.1 | | **Total** | **MWh** | **17,744.8** | **16,807.2** | | Intensity | MWh / thousand tonnes of coal production | 19.67 | 18.59 | - The Group has identified physical risks (e.g., extreme weather) and transition risks (e.g., tightening climate-related legislation) posed by climate change, and has formulated corresponding response measures, including establishing early warning systems and promoting green and low-carbon transformation[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) [Social (ESG)](index=59&type=section&id=Social%20(ESG)) In terms of social responsibility, the Group strictly adheres to labor regulations and provides equal employment opportunities. As of the end of 2024, the Group had 425 full-time employees, with employee turnover decreasing from 28.1% to 21.5%. The Group highly prioritizes occupational health and safety, aiming for zero work-related fatalities, a goal achieved over the past three years. Furthermore, the Group has established supply chain management procedures, promotes fair competition, and ensures product quality and safety in terms of product responsibility. The Group has also formulated anti-corruption policies and grievance procedures, providing relevant training to employees - As of the end of 2024, the Group had **425 full-time employees**, a decrease from **466** in 2023. The overall employee turnover rate decreased from **28.1%** in FY2023 to **21.5%** in FY2024[169](index=169&type=chunk)[174](index=174&type=chunk) - The Group achieved its goal of **zero work-related fatalities** over the past three years, including the reporting period. During the reporting period, the number of days lost due to **14 work-related accidents** was **1,320 days**, a decrease from **2,154 days** last year[177](index=177&type=chunk) - The Group prohibits the use of child or forced labor and ensures compliance through verification of identity documents and background checks[185](index=185&type=chunk) - The Group has formulated anti-corruption policies and grievance procedures, and provided anti-corruption training to all newly appointed directors and all employees[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) [Directors' Report](index=72&type=section&id=Directors'%20Report) The Board does not recommend the payment of any final dividend for the year ended December 31, 2024 - The Board does not recommend the payment of any final dividend for the year ended December 31, 2024[203](index=203&type=chunk) - As at December 31, 2024, the company's distributable reserves were approximately **HK$155 million**[206](index=206&type=chunk) Revenue Contribution from Major Customers (For the year ended December 31, 2024) | Customer | Percentage of Total Revenue | | :--- | :--- | | Largest Customer | 36.4% | | Top Five Largest Customers Total | 74.3% | - The company adopted a share option scheme in June 2023, with a validity period of **10 years**. As at December 31, 2024, no share options had been granted, exercised, lapsed, or cancelled under the scheme[226](index=226&type=chunk)[228](index=228&type=chunk) [Independent Auditor's Report](index=80&type=section&id=Independent%20Auditor's%20Report) [Qualified Opinion](index=80&type=section&id=Qualified%20Opinion) The auditor issued a qualified opinion on the 2024 consolidated financial statements. The primary reason is the auditor's inability to obtain sufficient audit evidence to determine the appropriateness of classifying the Group's 52% equity investment in Taishan Jiujiu Company in Laos as an associate and accounting for it using the equity method. This uncertainty may have corresponding implications for the Group's consolidated financial performance, cash flows, and financial position - The auditor issued a qualified opinion, stating that due to insufficient audit evidence to confirm the company's significant influence over the Laos investee, it was unable to determine the appropriateness of accounting for the **52% equity stake** as an interest in an associate[245](index=245&type=chunk) - This qualified opinion pertains to the "interest in an associate" investment with a carrying amount of approximately **HK$24.74 million** as at December 31, 2024, and the share of results of an associate of approximately **HK$1.67 million** recognized in profit or loss during the year[245](index=245&type=chunk) [Key Audit Matters](index=81&type=section&id=Key%20Audit%20Matters) Aside from the matter leading to the qualified opinion, the key audit matter identified by the auditor is the "Impairment assessment of non-financial assets of the coal mining cash-generating unit." This was designated as a key audit matter because the impairment assessment involves significant management judgments and key assumptions (such as inflation rate, discount rate) regarding future cash flows, and has a material impact on the financial statements. The auditor has evaluated, discussed, and verified this matter - The key audit matter is the impairment assessment of non-financial assets (including property, plant and equipment, intangible assets, and right-of-use assets) of the coal mining cash-generating unit[249](index=249&type=chunk) - This matter is key because the impairment assessment has a significant impact on the consolidated financial statements and involves significant management judgments and estimates regarding future cash flows, inflation rates, discount rates, etc., when using the value-in-use method[249](index=249&type=chunk) [Consolidated Financial Statements](index=85&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=85&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended December 31, 2024, the Group recorded revenue of HK$181 million, a 3.7% year-on-year decrease. Gross profit was HK$67.47 million, a 3.5% year-on-year increase. However, due to a significant increase in administrative expenses and the recognition of multiple asset impairment losses (totaling approximately HK$26 million), operating loss expanded from HK$32.01 million to HK$66.81 million. Ultimately, the loss for the year was HK$63.78 million, with the loss attributable to owners of the company being HK$50.77 million Summary of Consolidated Statement of Profit or Loss | Metric (HK$ Thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 180,934 | 187,960 | | Gross Profit | 67,469 | 65,211 | | Operating Loss | (66,805) | (32,009) | | Loss for the year | (63,783) | (33,610) | | Loss attributable to owners of the Company | (50,768) | (23,734) | [Consolidated Statement of Financial Position](index=87&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As at December 31, 2024, the Group's total assets were HK$285 million, a 7.3% decrease from HK$307 million in the prior year. Total liabilities were HK$96.42 million, a 12.1% year-on-year decrease. Net assets stood at HK$188 million. Non-current assets saw the addition of an "interest in an associate" investment of approximately HK$24.74 million. Bank and cash balances within current assets decreased to HK$73.41 million Summary of Consolidated Statement of Financial Position | Metric (HK$ Thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Total Assets | 284,673 | 307,225 | | Total Liabilities | 96,423 | 109,737 | | **Net Assets** | **188,250** | **197,488** | | Equity attributable to owners of the Company | 144,163 | 138,598 | [Consolidated Statement of Cash Flows](index=90&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2024, the Group's net cash outflow from operating activities was HK$0.62 million, compared to a net inflow of HK$6.33 million last year. Net cash outflow from investing activities surged to HK$77.8 million, primarily for acquiring an associate, providing loans to an associate, and purchasing property, plant, and equipment. Net cash inflow from financing activities was HK$58.67 million, mainly from the placement of new shares. The combined effect resulted in a net decrease in cash and cash equivalents of HK$19.76 million during the year, with an ending balance of HK$73.41 million Summary of Consolidated Statement of Cash Flows | Metric (HK$ Thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from operating activities | (620) | 6,325 | | Net cash used in investing activities | (77,804) | (26,527) | | Net cash from / (used in) financing activities | 58,666 | (945) | | **Net change in cash and cash equivalents** | **(19,758)** | **(21,147)** | | Cash and cash equivalents at December 31 | 73,412 | 95,359 | [Notes to the Consolidated Financial Statements](index=92&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations and supplementary information on the Group's accounting policies, financial risk management, segment information, details of various assets and liabilities, related party transactions, and capital commitments. Key notes include critical assumptions for impairment assessment of non-financial assets (Note 17), accounting treatment and related risks for the investment in the Laos associate (Note 18), changes in share capital (Note 31), and financial information of major subsidiaries (Note 36)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Grand Ocean Advanced Resources Company Limited 弘海高新資源有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：65） 截至二零二四年十二月三十一日止年度之 全年業績公告 及 恢復買賣 財務摘要 — 1 — (1) 截至二零二四年十二月三十一日止年度，收入為約180,934,000港元，較去年的收入 約187,960,000港元減少約7,026,000港元或約3.7%。 (2) 截至二零二四年十二月三十一日止年度，毛利為約67,469,000港元，較去年的毛利 約65,211,000港元增加約2,258,000港元或約3.5%。整體毛利率為約37.3%，而去年為 約34.7%。 (3) 截至二零二四年十二月三十一日止年度，虧損為約63,783,000港元，而去年為約 33,610,000港元。 (4) 截至二零二四年十二月三十 ...

Grand Ocean Advanced Resources Company Limited 弘海高新資源有限公司 2.1 提名委員會應每年召開至少一次定期會議。提名委員會亦可在有需要時召開更 多會議。 2.2 提名委員會的秘書應由本公司的公司秘書（「公司秘書」）出任。 1. 組成 2. 會議次數 — 1 — 1.1 提名委員會（「提名委員會」）的成員（「成員」）由本公司董事（「董事」）會（「董事會」） 不時委任，並須由不少於三名成員組成，且大多數成員須為本公司獨立非執行 董事。 1.2 提名委員會主席須由董事會委任，且須為董事會主席或本公司獨立非執行董事。 1.3 提名委員會會議的法定人數為兩名成員，其中一名必須為本公司獨立非執行董事。 1.4 提名委員會成員由最少有一名成員屬不同性別組成。 1.5 提名委員會的組成必須遵守香港聯合交易所有限公司（「聯交所」）證券上市規則 （「上市規則」）不時的要求。 3. 出席會議 4. 會議程序 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：65） （「本公司」） （於開曼群島註冊成立之有限公司） （股份代號：65） 5. 會議記錄 提名委 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Grand Ocean Advanced Resources Company Limited 弘海高新資源有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：65） 董事會會議日期 及 繼續暫停買賣 茲提述弘海高新資源有限公司（「本公司」，連同其附屬公司，統稱「本集團」）日期為二零 二五年三月三十一日、二零二五年四月七日、二零二五年四月三十日及二零二五年五月 三十日的公告（「該等公告」），內容有關（其中包括）延遲刊發二零二四年經審核全年業績、 延遲寄發二零二四年年報、延後召開董事會會議及暫停本公司股份買賣。除本公告另有 定義外，本公告中所用詞彙與該等公告中所界定者具有相同涵義。 董事會會議日期 股東及潛在投資者於買賣本公司股份時務須審慎行事。 承董事會命 弘海高新資源有限公司 執行董事 吳映吉 香港，二零二五年六月十八日 於本公告日期，董事會包括一名執行董事，為吳映吉先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Grand Ocean Advanced Resources Company Limited 弘海高新資源有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：65） 內幕消息 (1)進一步延遲刊發二零二四年經審核全年業績及 寄發二零二四年年報，以及董事會會議延期； (2)股東週年大會延期；及 (3)繼續暫停買賣 本公告乃由弘海高新資源有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香 港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09條及香港法例第 571章證券及期貨條例第XIVA部項下之內幕消息條文而作出。 股東及潛在投資者於買賣本公司股份時務須審慎行事。 在此期間，本公司竭盡全力向老撾公司索取審核所需的財務資料。經過長時間的協調， 收件人最終回應本公司，並提供了老撾公司的若干賬冊和記錄以及最新的管理賬目。因此， 本公司的核數師需要額 ...

尽管上述问题存在不确定性，公司仍将继续竭尽全力获取必要的审核资料，并与相关各方及其核数师紧 密合作，以及时解决所有未决问题及制定时间表以便于实际可行情况下尽快落实及刊发2024年经审核全 年业绩，公司争取于2025年5月底前完成。由于进一步延迟刊发2024年经审核全年业绩，董事会会议亦 将相应推迟。 智通财经APP讯，弘海高新资源(00065)发布公告，如先前公告所披露，集团与老挝公司的当地管理层及 业务伙伴在集团财务报告及审核要求方面存在沟通障碍，及公司于2025年3月透过其香港法律顾问向老 挝泰山久久投资贸易有限公司(泰山久久投资)的法定代表人及业务伙伴(收件人)发出催促函。 于2025年4月14日，公司透过其老挝法律顾问于老挝境内向收件人发出进一步催促函，要求(其中包括) 提供所要求的财务资料及文件，并与公司核数师充分合作。截至本公告日期，公司仍在等待老挝公司及 收件人的回应。 公司现正积极寻求老挝法律顾问有关可于老挝强制执行的任何适用法律行动的进一步法律意见，以行使 其作为老挝公司主要股东的权利，包括但不限于变更及替换当地管理层以接管老挝公司的所有相关账册 及记录，提出调解，向地方当局上报问题及╱或向 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Grand Ocean Advanced Resources Company Limited 弘海高新資源有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：65） 內幕消息 — 1 — 於二零二五年四月十四日，本公司透過其老撾法律顧問於老撾境內向收件人發出進一步 催促函，要求（其中包括）提供所要求的財務資料及文件，並與本公司核數師充分合作。 截至本公告日期，本公司仍在等待老撾公司及收件人的回應。 本公司現正積極尋求老撾法律顧問有關可於老撾強制執行的任何適用法律行動的進一步 法律意見，以行使其作為老撾公司主要股東的權利，包括但不限於變更及替換當地管理 層以接管老撾公司的所有相關賬冊及記錄，提出調解，向地方當局上報問題及╱或向收 件人提起訴訟，以（其中包括）就所蒙受的任何損失索償及╱或尋求禁令救濟。 儘管泰山久久投資52%股權的法定擁有權已於二零二四年八月轉讓予本集團，但 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Grand Ocean Advanced Resources Company Limited 弘海高新資源有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：65） 補充公告 內幕消息 (1)延遲刊發二零二四年經審核全年業績； 及 (2)繼續暫停買賣 本公告乃由弘海高新資源有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香 港聯合交易所有限公司（「聯交所」）證券上市規則第13.09條及香港法例第571章證券及期 貨條例第XIVA部項下之內幕消息條文而作出。 茲提述本公司日期為二零二五年三月三十一日的公告（「該公告」），內容有關（其中包括） 延遲刊發二零二四年經審核全年業績、延後召開董事會會議及暫停本公司股份買賣。除 本公告另有定義外，本公告中所用詞彙與該公告中所界定者具有相同涵義。 有關延遲刊發二零二四年經審核全年業績的補充資料 董事會謹此向其股東及潛在投資者 ...

（ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：65） 內幕消息 (1)延遲刊發二零二四年經審核全年業績； 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Grand Ocean Advanced Resources Company Limited 弘海高新資源有限公司 於本公告日期，香港總部及本集團位於中華人民共和國內蒙古的煤炭開採業務分部的審 核經已完成。儘管如此，本公司仍在收集及整理本公司核數師要求的若干資料，以完成 對最近收購的於老撾人民民主共和國（「老撾」）註冊成立的公司集團（「老撾公司」）的審核 程序，其中主要包括老撾公司尚未完成的審計確認函、財務證明資料及文件。 此次是本集團首次進入老撾市場，在審核期間，當地管理層及業務夥伴曾就本集團財務 報告及審核要求（包括提供相關財務資料及遵守審核程序）出現溝通障礙的情況，致使本 公司需要額外的時間及精力以取得所需的審核資料及文件，以便本公司的核數師完成審 核程序。因此，本 ...