6月13日，截至港股收盘，恒生指数下跌0.59%，报23892.56点。中能控股（00228.HK）收报0.05港元/ 股，上涨8.7%，成交量913.8万股，成交额44.6万港元，振幅10.87%。 最近一个月来，中能控股累计跌幅6.12%，今年来累计跌幅22.03%，跑输恒生指数19.82%的涨幅。 资料显示，中国能源开发控股有限公司是一间在香港联合交易所主板上市的公司(股份代号:228)。本集 团主要从事投资控股。现时本集团之主要业务包括于香港经营连锁中式酒楼。于二零一一年一月三日, 本集团已完成收购共创投资集团(香港)有限公司,连同其附属公司统称为'共创投资集团'之全部股本权 益。共创投资集团主要于中国从事生产石油及/或天然气业务。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 财务数据显示，截至2024年12月31日，中能控股实现营业总收入2.78亿元，同比减少9.62%；归母净利 润2532.16万元，同比减少60.67%；毛利率82.8%，资产负债率21.15%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，石油及天然气行 ...

Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of approximately HK$300,101,000, a decrease of 9.6% from HK$332,034,000 in 2023[17]. - EBITDA decreased from approximately HK$219,443,000 in 2023 to approximately HK$174,027,000 in 2024, a decline of 20.7%[19]. - Profit attributable to owners of the Company decreased by approximately HK$42,185,000 or 60.7% to approximately HK$27,344,000 for the year ended December 31, 2024, primarily due to increased impairment provisions and other operating expenses[29][33]. - The EBITDA margin decreased by 8.1% year-on-year to 58.0%, while the net profit margin decreased by 11.8% year-on-year to 8.9% for the year ended December 31, 2024[30][33]. - Revenue for the year ended 31 December 2024 decreased by approximately HK$33,593,000 or 10.6% year-on-year to approximately HK$282,777,000, primarily due to technical problems in certain gas fields, resulting in a gas production decrease of approximately 9.8% to approximately 431.0 million cubic meters[67][71]. Production and Operations - The Group produced approximately 431.0 million cubic meters of natural gas, representing a decrease of approximately 9.8% compared to the previous year[18]. - The Group's revenue from the production and distribution of natural gas decreased by approximately HK$31,933,000 year-on-year[18]. - The technical issues in certain gas fields, such as water and slurry blockage, contributed to the decrease in production[18]. - Segment profit before income tax for the Kashi Project was approximately HK$87,191,000 for the year ended December 31, 2024, down from approximately HK$114,598,000 in 2023, representing a decline of about 23.9%[51][55]. - Revenue from the Karamay Project increased by approximately HK$1,660,000 or 10.6% to approximately HK$17,324,000 for the year ended 31 December 2024[81][85]. Impairment Provisions - Provision for impairment of property, plant, and equipment increased from approximately HK$1,803,000 in 2023 to approximately HK$9,121,000 in 2024[22]. - Provision for impairment of intangible assets rose from approximately HK$3,330,000 in 2023 to approximately HK$4,554,000 in 2024[22]. - The carrying amount of the Kashi Project's cash-generating unit (CGU) as of December 31, 2024, was approximately HK$2,040,678,000, exceeding the recoverable amount of approximately HK$2,031,791,000, resulting in an impairment provision of approximately HK$4,554,000 for intangible assets and approximately HK$4,333,000 for property, plant, and equipment[23][27]. - The impairment provision for property, plant, and equipment increased from approximately HK$1,803,000 for the year ended December 31, 2023, to approximately HK$9,121,000 for the year ended December 31, 2024, including a provision of approximately HK$4,778,000 for properties in Hong Kong[26][33]. Operating Expenses - Other operating expenses increased by approximately HK$10,457,000 or 103.0% to approximately HK$20,607,000, primarily due to duty fees on the gain from the transfer of mining rights[28][33]. - Operating expenses increased by approximately HK$11,475,000 or 40.0% to approximately HK$40,166,000 for the year ended December 31, 2024, driven by higher office and administration expenses[70][74]. - Direct costs increased by approximately HK$3,393,000 or 8.8% to approximately HK$41,835,000 for the year ended December 31, 2024, attributed to higher repair and maintenance work volume compared to 2023[68][72]. Financial Position - The gearing ratio improved to approximately 24.9% as of June 30, 2024, down from approximately 34.0% as of December 31, 2023[90]. - As of December 31, 2024, the Group's outstanding secured and unsecured borrowings were approximately HK$203,700,000 and HK$58,108,000 respectively, compared to HK$353,160,000 and Nil in 2023[91]. - The Group's cash and cash equivalents decreased to approximately HK$34,346,000 in 2024 from approximately HK$45,203,000 in 2023[91]. - The current ratio was approximately 44.7% in 2024, down from 47.9% in 2023[91]. - The total liabilities to total assets ratio improved to approximately 21.1% in 2024 from 26.8% in 2023[91]. Corporate Governance - The company is committed to maintaining good corporate governance standards and has complied with the Corporate Governance Code during the reporting period, with some deviations noted[149]. - The company has established a framework for reviewing its governance structure to adapt to changing circumstances and ensure effective leadership[149]. - The company has appointed independent non-executive directors with extensive experience in accounting and corporate governance to strengthen its board[143]. - The Company has implemented a Whistleblowing Policy to allow confidential reporting of misconduct by employees and business partners[160]. - The Company has an Anti-corruption Policy that mandates strict compliance with conduct guidelines and the Prevention of Bribery Ordinance[161]. Management and Leadership Changes - Mr. Liu Dong appointed as CEO and executive Director effective April 30, 2024[128]. - Mr. Yan Danhua appointed as non-executive Director and member of the Audit Committee on July 19, 2024[131]. - Mr. Chen Jianxin appointed as non-executive Director and member of the Audit Committee on July 19, 2024[135]. - The company is focused on expanding its leadership team with experienced professionals in the energy sector[134]. - The appointments of new directors are expected to enhance the company's strategic direction and operational efficiency[140]. Employee and Diversity Initiatives - As of December 31, 2024, the company had 54 employees, with a gender ratio of approximately 2:1 (Male: Female), reflecting a reasonable balance of gender diversity in the natural gas exploration and development industry[193]. - The company values diverse talents and experiences among its employees to foster innovative ideas and drive enterprise growth[193]. - All board appointments are based on meritocracy, considering objective criteria and the benefits of diversity, including gender, age, cultural background, and professional experience[192]. - The Company has adopted a Board Diversity Policy to ensure a balance of skills, experience, and diverse perspectives necessary for executing its strategic objectives[191].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 300,101 thousand, a decrease of 9.6% compared to HKD 332,034 thousand in 2023[3] - Profit before interest, tax, depreciation, and amortization (EBITDA) was HKD 174,027 thousand, down 20.7% from HKD 219,443 thousand in the previous year[3] - Net profit attributable to the company's owners was HKD 27,344 thousand, representing a significant decline of 60.7% from HKD 69,529 thousand in 2023[3] - Basic earnings per share decreased by 65.8% to HKD 0.25 from HKD 0.73 in the prior year[3] - The company reported a total loss before tax of HKD 56,399 for the year 2024, compared to a profit of HKD 90,765 in 2023, marking a significant decline[26] - The company's profit before tax decreased to HKD 27,344,000 in 2024 from HKD 69,529,000 in 2023, reflecting a decline of approximately 60.7%[33] - The net profit margin decreased by 11.8% to 8.9% for the year ended December 31, 2024, mainly due to the reasons mentioned above[54] Assets and Liabilities - Non-current assets decreased from HKD 2,220,573,000 in 2023 to HKD 2,089,660,000 in 2024, a decline of approximately 5.9%[6] - Current assets increased from HKD 145,847,000 in 2023 to HKD 180,875,000 in 2024, representing an increase of about 24%[6] - Total assets decreased from HKD 2,366,420,000 in 2023 to HKD 2,270,535,000 in 2024, a reduction of approximately 4.0%[6] - Current liabilities rose from HKD 304,698,000 in 2023 to HKD 404,871,000 in 2024, an increase of around 32.8%[6] - The company’s current liabilities net value showed a decline from HKD (158,851,000) in 2023 to HKD (223,996,000) in 2024, worsening by about 41%[6] - The company’s total liabilities decreased from HKD 329,866,000 in 2023 to HKD 75,281,000 in 2024, a significant reduction of approximately 77%[7] - The total liabilities reported as of December 31, 2024, were HKD 480,152, down from HKD 634,564 in 2023, indicating a decrease of approximately 24.2%[26][24] Cash Flow and Financing - The company incurred financing costs of HKD 36,059 thousand, down from HKD 49,176 thousand in 2023[4] - Total financing costs decreased to HKD 36,059,000 in 2024 from HKD 49,176,000 in 2023, a reduction of approximately 26.7%[29] - The company has entered into an oil contract with China National Petroleum Corporation for exploration and production in the Tarim Basin, Xinjiang, with a term of 30 years starting from June 1, 2009[60] - Other borrowings amount to approximately RMB 249,341,000 (equivalent to approximately HKD 261,808,000) due for repayment by December 31, 2025[59] Market Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - Future guidance indicates a cautious outlook due to current market conditions and operational challenges[4] - The management is seeking high-quality borrowers in the lending business to reduce the risk of defaults, adopting a cautious stance given the current financial situation[84] Segment Performance - The reported segment profit before tax for the natural gas exploration, production, and distribution segment was HKD 87,191, down from HKD 114,598 in the previous year, indicating a decrease of about 23.9%[22][26] - Revenue from major customers in the natural gas exploration, production, and distribution segment showed a decline, with Customer A contributing HKD 282,777 in 2024 compared to HKD 316,370 in 2023[27] - The natural gas distribution business in the Kashgar project generated revenue of approximately HKD 300,101,000 in 2024, compared to HKD 332,034,000 in 2023, reflecting a decrease of about 9.6%[65] Corporate Governance - The company has not declared any dividends for the current year, consistent with the previous year (2023: none) [107] - The company has adopted the securities trading standards as per the listing rules, confirming compliance throughout the review period [106] - The board of directors has appointed a new independent non-executive director, effective December 20, 2024, to enhance board diversity [105] - The company has deviated from certain corporate governance codes, believing that the previous structure did not undermine the balance of power between the board and management [103] - The board has not held regular meetings as per the governance code, conducting only semi-annual meetings instead of the required quarterly ones [104] - The company lacks an internal audit function, which will be reviewed to assess the effectiveness of risk management and internal controls [104] Management Changes - Zhao Guoqiang resigned as Executive Director, CEO, and Authorized Representative effective April 30, 2024, to focus on personal matters[85] - Liu Wenxuan appointed as Executive Director, CEO, and Authorized Representative effective April 30, 2024[85] - Feng Huiyuan joined the company as Vice President on September 16, 2024, with a background in business management and technology[88] - Zheng Zhenying resigned as Independent Non-Executive Director and various committee roles effective December 20, 2024, to focus on personal matters[89] - Qian Yingying appointed as Independent Non-Executive Director and committee member effective December 20, 2024[89]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 300,101 thousand, a decrease of 9.6% compared to HKD 332,034 thousand in 2023[3] - Profit before interest, tax, depreciation, and amortization (EBITDA) was HKD 174,027 thousand, down 20.7% from HKD 219,443 thousand in the previous year[3] - Net profit attributable to the company's owners was HKD 27,344 thousand, reflecting a significant decline of 60.7% from HKD 69,529 thousand in 2023[3] - Basic earnings per share decreased to HKD 0.25, down 65.8% from HKD 0.73 in the prior year[3] - The company reported a loss of HKD 50,483 thousand from foreign exchange differences attributable to owners, compared to a loss of HKD 63,177 thousand in 2023[5] - Total comprehensive loss for the year was HKD 24,098 thousand, contrasting with a gain of HKD 5,238 thousand in the previous year[5] - The company incurred financing costs of HKD 36,059 thousand, down from HKD 49,176 thousand in 2023[4] - Future guidance indicates a cautious outlook due to market conditions, with a focus on cost management and efficiency improvements[4] Assets and Liabilities - Non-current assets decreased from HKD 2,220,573,000 in 2023 to HKD 2,089,660,000 in 2024, a decline of approximately 5.9%[6] - Current assets increased from HKD 145,847,000 in 2023 to HKD 180,875,000 in 2024, representing an increase of about 24%[6] - Total assets decreased from HKD 2,366,420,000 in 2023 to HKD 2,270,535,000 in 2024, a reduction of approximately 4.0%[6] - Current liabilities rose from HKD 304,698,000 in 2023 to HKD 404,871,000 in 2024, an increase of around 32.8%[6] - The company’s current liabilities net worth showed a decline from HKD (158,851,000) in 2023 to HKD (223,996,000) in 2024, worsening by about 41%[6] - The company’s total liabilities decreased from HKD 329,866,000 in 2023 to HKD 75,281,000 in 2024, a significant reduction of approximately 77%[7] - The company’s cash and bank balances decreased from HKD 45,203,000 in 2023 to HKD 34,346,000 in 2024, a decline of about 24%[6] Revenue and Segment Performance - For the fiscal year ending December 31, 2024, external customer revenue was HKD 300,101,000, a decrease from HKD 332,034,000 in 2023, representing a decline of approximately 9.6%[22][27] - The reported segment profit before tax for the natural gas exploration, production, and distribution segment was HKD 87,191,000 for 2024, down from HKD 114,598,000 in 2023, indicating a decrease of about 23.9%[22][26] - Revenue from China decreased to 300,101 thousand HKD in 2024 from 332,034 thousand HKD in 2023, representing a decline of approximately 9.4%[29] - The operating profit before tax for the same segment was approximately HKD 87,191,000 in 2024, down from HKD 114,598,000 in 2023, indicating a decline of about 23.9%[66] Employee and Operational Costs - The company's pre-tax profit before income tax was impacted by an increase in employee costs, which rose to 19,930 thousand HKD in 2024 from 18,217 thousand HKD in 2023, an increase of approximately 9.4%[30] - Other operating expenses increased by approximately HKD 10,457,000 or 103.0% to approximately HKD 20,607,000, primarily due to mining rights compensation[52] - As of December 31, 2024, the group employed 54 full-time and part-time employees, with total employee costs amounting to approximately HKD 19,930,000, an increase from HKD 18,217,000 in 2023[75] Governance and Management Changes - Zhao Guoqiang resigned as Executive Director, CEO, and Authorized Representative effective April 30, 2024, to focus on personal matters[85] - Liu Wenxuan appointed as Executive Director, CEO, and Authorized Representative effective April 30, 2024[85] - Zheng Zhenying resigned as Independent Non-Executive Director and various committee roles effective December 20, 2024, to focus on personal matters[89] - Qian Yingying appointed as Independent Non-Executive Director and committee member effective December 20, 2024[89] Corporate Governance and Compliance - The board of directors did not hold regular meetings as required, with only semi-annual meetings instead of the minimum four required annually[104] - The company lacks an internal audit function, which will be reviewed for its adequacy and effectiveness in risk management and internal controls[104] - The company has taken sufficient measures to ensure compliance with corporate governance standards[104] - The audit committee consists of five members, including three independent non-executive directors, ensuring compliance with corporate governance standards[108] Future Outlook and Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - The company has identified potential acquisition targets to enhance its market position and operational capabilities[4] - The group is exploring financing options through equity or debt to improve its financial position and address going concern issues[78]

Financial Performance - For the nine months ended September 30, 2024, the group's unaudited total revenue decreased by approximately 2.0% to about HKD 244.1 million compared to the same period in 2023[3] - The group's unaudited total costs increased by approximately 10.1% to about HKD 199.3 million compared to the same period in 2023[3] - The group's unaudited net profit attributable to owners decreased by approximately 1.3% to about HKD 55.4 million compared to the same period in 2023[3] - Other income for the group decreased by approximately 21.5% to about HKD 2.5 million compared to the same period in 2023[3] Assets and Liabilities - As of September 30, 2024, the group's unaudited total assets were approximately HKD 2,699.2 million, with cash and bank balances of about HKD 75.6 million[3] - The group's unaudited total liabilities were approximately HKD 589.5 million, including other payables and accrued liabilities of about HKD 71.6 million[3] Governance and Compliance - The company emphasizes that the financial information provided is unaudited and may require final review and audit adjustments[4] - The announcement is made in accordance with the Hong Kong Stock Exchange Listing Rules and relevant regulations[2] - The company aims to ensure that all shareholders are informed in a fair and timely manner regarding its financial information[2] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[4]

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$165,807,000, a decrease of 0.28% from HK$168,281,000 in the same period of 2023[6]. - Profit for the period was HK$32,911,000, down from HK$34,494,000 in the previous year, representing a decline of 4.6%[6]. - For the six months ended June 30, 2024, the profit attributable to owners of the Company was HK$33,621,000, a decrease of 4.4% compared to HK$35,141,000 in the same period of 2023[7]. - The total comprehensive loss for the period was HK$660,000, significantly improved from a loss of HK$45,831,000 in the previous year[8]. - Basic earnings per share attributable to owners of the Company was HK$0.35, slightly down from HK$0.37 in 2023, while diluted earnings per share was HK$0.29 compared to HK$0.30[8]. - The Group's total revenue for the six months ended June 30, 2024, declined by approximately HK$2,474,000 or 1.5% to approximately HK$165,807,000[86]. - Profit attributable to owners of the Company for the six months ended June 30, 2024, was approximately HK$33,621,000, a decrease of approximately 4.3% period-on-period[86]. - Total comprehensive profit attributable to owners of the Company for the same period was approximately HK$267,000, reflecting a decrease of approximately 100.6%[86]. Costs and Expenses - Direct costs increased to HK$29,766,000 from HK$21,609,000, marking a rise of 37.5%[6]. - Staff costs increased to HK$9,404,000 from HK$8,299,000, an increase of 13.3%[6]. - Finance costs decreased to HK$20,124,000 from HK$26,567,000, a reduction of 24.3%[6]. - Income tax charge for the period was HK$9,022,000, down from HK$11,560,000, reflecting a decrease of 22%[6]. - The company reported a fair value loss of financial assets at fair value through profit or loss of HK$3,496,000, compared to a loss of HK$5,995,000 in the previous year[6]. - The company recorded a provision for impairment of intangible assets amounting to HK$3,310,000 for the six months ended June 30, 2024[31]. - Direct costs increased by approximately HK$8.2 million or 37.7% due to higher costs of raw materials and production during the period[97]. Assets and Liabilities - Total assets decreased to HK$2,317,781,000 as of June 30, 2024, from HK$2,366,420,000 at the end of 2023, reflecting a decline of 2.0%[9]. - Current assets increased to HK$170,818,000, up from HK$145,847,000, marking a growth of 17.1%[9]. - Total current liabilities decreased to HK$245,215,000 from HK$304,698,000, a reduction of 19.5%[10]. - Net current liabilities improved to (HK$74,397,000) from (HK$158,851,000), indicating a positive shift in financial position[10]. - Non-current assets totaled HK$2,146,963,000, down from HK$2,220,573,000, a decrease of 3.3%[9]. - The equity attributable to owners of the Company increased to HK$1,804,756,000 from HK$1,721,865,000, reflecting a growth of 4.8%[10]. - The Group's total liabilities as of June 30, 2024, were HK$427,592,000, unchanged from the previous reporting period[31]. - Total liabilities decreased from HK$634,564,000 in December 2023 to HK$503,961,000 in June 2024, a decrease of approximately 21%[36]. Cash Flow and Financing - For the six months ended June 30, 2024, the net cash generated from operating activities was HK$67,756,000, an increase from HK$56,483,000 in the same period of 2023, representing a growth of approximately 19.8%[13]. - The company repaid bank borrowings amounting to HK$53,500,000 during the period, impacting the net cash used in financing activities, which totaled HK$69,749,000[13]. - Cash and cash equivalents at the end of the period were HK$42,770,000, down from HK$134,167,000 at the end of June 2023, a decrease of approximately 68.1%[13]. - The company’s secured borrowings are charged at an interest rate of 8.5% per annum, repayable fully within 2 years from the drawdown date[73]. - The Group's current ratio was approximately 69.7% as of June 30, 2024, compared to 47.9% as of December 31, 2023[107]. Management and Governance - New management appointments were made, including Mr. Liu Dong as CEO, effective April 30, 2024[3]. - The Company has adopted the Model Code for securities transactions by directors, and all directors confirmed compliance during the review period[159]. - The Audit Committee comprises two non-executive Directors and three independent non-executive Directors, with three members possessing recognized professional qualifications in accounting[161]. - The Company will review the adequacy and effectiveness of its risk management and internal control systems to assess their effectiveness[155]. - The Company is required to appoint at least one director of a different gender by December 31, 2024, to comply with the new board diversity requirement[157]. Projects and Operations - The Company has two key projects: the Kashi Project and the Karamay Project, both located in Xinjiang, PRC[82]. - The natural gas market demand has shown steady recovery in the first half of 2024, aligning with China's macroeconomic stability[86]. - The Kashi Project's development period commenced on 9 July 2019, following the completion of the Overall Development Program filing on 8 July 2019[88]. - The production period for the Kashi Project is set for fifteen years for oil fields and twenty years for gas fields, subject to government approval for extension[111]. - The company is seeking additional debt and/or equity funding for the further development of the Kashi Project[112]. Shareholder Information - As of June 30, 2024, the total number of issued and fully paid ordinary shares is 12,165,344,000, amounting to HK$608,267,000[79]. - Alpha Eagle Limited holds 2,660,000,000 shares, representing approximately 21.87% of the issued share capital[126]. - Xinjiang Mingxin Oil Gas Exploration Development Co., Ltd. holds 3,630,000,000 shares, accounting for 29.84% of the issued share capital[126]. - The principal amount of convertible notes converted into ordinary shares reached HK$1,046,210,000 by June 30, 2024, with HK$446,880,000 converted during the six months ended June 30, 2024[76].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 165,807,000, a decrease of 1.5% compared to HKD 168,281,000 in 2023[2] - EBITDA for the same period was HKD 102,569,000, down 9.1% from HKD 112,859,000 in the previous year[2] - Profit attributable to the company's owners was HKD 33,621,000, representing a decline of 4.3% from HKD 35,141,000 in 2023[2] - Basic earnings per share decreased to HKD 0.35, down 2.0% from HKD 0.37 in the prior year[4] - The company reported a total comprehensive loss of HKD 660,000 for the period, compared to a loss of HKD 45,831,000 in the previous year[4] - The reported segment profit before tax for the six months ended June 30, 2024, was HKD 54,719, down 12.3% from HKD 62,160 in the same period of 2023[16] - The company recorded an EBITDA of approximately HKD 102,569,000 for the six months ending June 30, 2024, a decrease of about 3.2% from HKD 112,859,000 for the same period in 2023[42] - The EBITDA margin decreased by 5.2% to 61.9% and the net profit margin decreased by 0.6% to 20.9% for the period ending June 30, 2024[45] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 2,317,781,000, compared to HKD 2,366,420,000 at the end of 2023[5] - Current liabilities totaled HKD 245,215,000, a decrease from HKD 304,698,000 in the previous period[5] - Non-current liabilities were HKD 258,746,000, down from HKD 329,866,000 at the end of 2023[6] - Total liabilities as of June 30, 2024, were HKD 503,961, down from HKD 634,564 as of December 31, 2023, indicating a reduction of 20.6%[15] - The company's net assets increased to HKD 1,813,820,000 from HKD 1,731,856,000 in the previous year[6] - The group's current liabilities exceeded current assets by approximately HKD 74,397,000, compared to HKD 158,851,000 as of December 31, 2023, indicating significant uncertainty regarding the group's ability to continue as a going concern[9] Cash Flow and Financing - Cash and bank balances were HKD 42,770,000, a slight decrease from HKD 45,203,000 at the end of 2023[5] - Interest income for the six months ended June 30, 2024, was HKD 194, compared to HKD 690 for the same period in 2023, showing a decrease of 71.8%[17] - The company reported a total financing cost of HKD 6,292 for the six months ended June 30, 2024, which is an increase of 7.9% from HKD 5,832 in the same period of 2023[16] - The interest expense for the convertible bonds for the six months ended June 30, 2024, was HKD 6,292,000[32] - The company had a total of HKD 293,620,000 in secured other borrowings as of June 30, 2024, down from HKD 353,160,000 as of December 31, 2023[31] Segment Performance - The group operates three reportable segments: Natural Gas Exploration, Production and Distribution; Food and Beverage Sales; and Lending Business, with performance evaluated based on profit or loss before tax[13] - For the six months ended June 30, 2024, external customer revenue from natural gas exploration, production, and distribution was HKD 165,807, a decrease from HKD 168,281 for the same period in 2023, representing a decline of 0.9%[14] - The company has not recorded any revenue from the food and beverage sales segment for the six months ending June 30, 2024, consistent with the same period in 2023[40] - The lending business segment also did not generate any revenue for the six months ending June 30, 2024, similar to the previous year[41] Management and Governance - The appointment of Liu Dong as the new Executive Director and CEO took effect on April 30, 2024, following the resignation of Zhao Guoqiang[67] - Liu Wenxuan was appointed as Chairman and Executive Director on July 19, 2024[67] - The company has maintained compliance with all corporate governance codes and applicable listing rules during the reporting period[68] - The audit committee consists of five members, including three independent non-executive directors, ensuring compliance with applicable accounting standards and regulations[73] - The company is actively seeking to appoint at least one female director by December 31, 2024, in line with new listing rules on board diversity[71] Employee and Compensation - Employee count increased to 48 as of June 30, 2024, compared to 43 as of December 31, 2023[64] - Total employee costs for the year ended June 30, 2024, were approximately HKD 9,404,000, up from HKD 8,299,000 for the year ended June 30, 2023[64] - The company’s major management personnel compensation for the six months ended June 30, 2024, was HKD 1,215,000, compared to HKD 814,000 for the same period in 2023[35] Future Outlook and Strategy - The company plans to continue monitoring the economic environment and will review future resource allocation as necessary[40] - The exploration period for the Kashgar project has been extended, with significant resources allocated for exploration and research during this time[38] - The group continues to adopt a cautious approach in managing its food and beverage segment, regularly assessing its value and performance[55] - The management is actively seeking high-quality borrowers to mitigate the risk of loan defaults due to uncertain economic outlook[56] Compliance and Reporting - The mid-term report will be published on the company's website and sent to shareholders, containing all information required by listing rules[74] - The company will disclose the reasons for lacking an internal audit function in its corporate governance report, as required by regulations[70] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, ensuring full disclosure and compliance with regulations[73]

Financial Performance - The Group recorded a revenue of approximately HK$332,034,000 for the year ended December 31, 2023, representing an increase of approximately HK$9,006,000 or 2.8% year-on-year from HK$323,028,000 in 2022[13]. - EBITDA increased from approximately HK$216,958,000 in 2022 to approximately HK$219,443,000 in 2023, reflecting an increase of approximately HK$2,485,000 or 1.1%[16]. - The Group's revenue growth was driven by higher market demand during the cooler winter season in the second half of 2023 and improved gas production from the Kashi project[15]. - Profit attributable to owners of the Company decreased by approximately HK$13,736,000 or 16.5% to approximately HK$69,529,000 for the year ended 31 December 2023[28]. - Decrease in EBITDA margin by 1.1% year-on-year to 66.1% and net profit margin decreased by 4.9% year-on-year to 20.7% for the year ended 31 December 2023[29]. - Revenue for the year ended December 31, 2023, increased by approximately HK$8,103,000 or 2.6% year-on-year to approximately HK$316,370,000, driven by higher demand recovery in the domestic gas market and improved gas production from the Kashi project[70]. - Revenue from the Karamay project increased by approximately HK$903,000 or 6.1% to approximately HK$15,664,000 for the year ended December 31, 2023[88]. Impairment and Provisions - The impairment provision for property, plant, and equipment was approximately HK$1,803,000 for the year ended December 31, 2023, compared to a reversal of impairment of approximately HK$2,686,000 in 2022[21]. - The carrying amount of the cash-generating unit (CGU) of the Kashi Project as of December 31, 2023, was approximately HK$2,152,847,000, exceeding the recoverable amount of approximately HK$2,148,652,000, leading to an impairment provision of approximately HK$3,330,000 for intangible assets[22]. - The fair value of properties in Hong Kong fell below the carrying value as of December 31, 2023, resulting in a provision for impairment of approximately HK$938,000[24]. - Provision for impairment of property, plant, and equipment was approximately HK$865,000, while the provision for impairment of intangible assets was approximately HK$3,330,000, reflecting a narrowing difference between recoverable and carrying amounts[73]. Financial Position - The Group's cash and cash equivalents were approximately HK$45,203,000 as of 31 December 2023, a decrease from approximately HK$131,296,000 in 2022[99][103]. - The Group's outstanding secured other borrowings decreased to approximately HK$353,160,000 as of 31 December 2023, down from approximately HK$486,080,000 in 2022[99][103]. - As of 31 December 2023, the Group's current liabilities exceeded its current assets by approximately HK$158,851,000, indicating material uncertainty regarding its ability to continue as a going concern[114]. - The current liabilities primarily stemmed from payables related to property, plant, and equipment, totaling approximately HK$77,256,000, down from HK$142,966,000 in 2022[117]. - The Group had capital commitments of approximately HK$1,945,000 as of 31 December 2023, significantly lower than approximately HK$35,477,000 in 2022[106][110]. Management and Governance - The management is actively seeking additional debt and/or equity funding to finance further development of the Kashi Project, with announcements to be made upon significant progress[129]. - The management has adopted a cautious approach in the food and beverages segment, continuously assessing its value and performance in light of the economic environment[130]. - The management is also focusing on high-quality borrowers in the money lending business to minimize default risk, given the Group's current financial position[131]. - The audit committee concurred with management's judgments regarding the going concern basis of the financial statements after reviewing key audit matters[119]. - The Company acknowledges its responsibility for maintaining effective risk management and internal control systems to safeguard shareholder investments and company assets[160]. Board Composition and Diversity - The position of chairman is currently vacant, and the Board intends to identify a suitable candidate to fill the vacancy[153]. - The company is required to appoint at least one director of a different gender by December 31, 2024, to comply with the new diversity policy[160]. - The Company adopted a Board diversity policy to enhance sustainable development, considering various aspects such as skills, knowledge, gender, and professional experience[172]. - The board currently consists of four members, including one executive director and three independent non-executive directors, with independent directors representing not less than one-third of the board[162]. - The nomination committee is chaired by Mr. Cheng Chun Ying, with a majority of independent non-executive directors[190]. Audit and Compliance - The Company’s auditor, ZHONGHUI ANDA CPA Limited, received HK$1,000,000 for audit services provided during the financial year[194]. - The audit committee comprises three independent non-executive directors, ensuring sufficient financial management expertise[198]. - The audit committee is responsible for monitoring the integrity of the Company's financial statements and annual reports[200]. - The Company’s audit committee has the authority to recommend the appointment and removal of external auditors[200]. - The audit committee ensures the effectiveness of the audit process and the independence of external auditors[200].

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 332,034,000, representing a 2.8% increase from HKD 323,028,000 in 2022[59]. - Profit attributable to owners of the company decreased by 16.5% to HKD 69,529,000 from HKD 83,265,000 in the previous year[59]. - Basic earnings per share fell by 17.0% to HKD 0.73 compared to HKD 0.88 in 2022[59]. - The group reported a profit before tax of HKD 90,765,000, slightly down from HKD 91,819,000 in the prior year[70]. - Total comprehensive income for the year was HKD 5,238,000, a recovery from a loss of HKD 52,366,000 in 2022[71]. - The group reported a decrease in other income to HKD 5,414,000 from HKD 8,152,000 in the previous year[70]. - The group’s financing costs decreased to HKD 49,176,000 from HKD 54,616,000 in the prior year[70]. - The net profit attributable to the owners of the company decreased by approximately HKD 13,736,000 or 16.5% to HKD 69,529,000, primarily due to a reduction in impairment reversals and an increase in tax expenses[128]. - The net profit margin decreased by 4.9% to 20.7%, while the EBITDA margin decreased by 1.1% to 66.1% for the year ended December 31, 2023[119]. Assets and Liabilities - As of December 31, 2023, the group's current liabilities exceeded current assets by approximately HKD 158,851,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[38]. - Current liabilities primarily consisted of amounts payable for construction, plant, and equipment, totaling approximately HKD 77,256,000, down from HKD 142,966,000 as of December 31, 2022[39]. - The group’s total current liabilities amounted to HKD 304,698,000, a decrease from HKD 543,941,000 in the previous year[46]. - Non-current liabilities totaled HKD 329,866,000, compared to HKD 289,550,000 in the previous year, reflecting an increase of approximately 13.9%[48]. - The group's total assets less current liabilities stood at HKD 2,061,722,000, slightly up from HKD 2,016,168,000 in the previous year[46]. - The net asset value was reported at HKD 1,731,856,000, showing a marginal increase from HKD 1,726,618,000 year-on-year[48]. - The group’s total non-current assets were valued at HKD 2,220,573,000, down from HKD 2,367,579,000 in the previous year, indicating a decrease of approximately 6.2%[46]. - The group’s current assets totaled HKD 145,847,000, a decrease from HKD 192,530,000 in the previous year, reflecting a decline of approximately 24.2%[46]. Capital Expenditures - The group incurred capital expenditures of approximately HKD 1,945,000 for natural gas exploration, production, and distribution, with a significant portion (approximately HKD 992,000) covered by China National Petroleum Corporation[7]. - The group’s capital expenditure increased to HKD 30,829,000 for the year ended December 31, 2023[75]. - The company incurred costs of approximately HKD 30,829,000 for property, plant, and equipment in 2023, significantly higher than HKD 7,595,000 in 2022[107]. Segment Performance - The group recorded no revenue from the food and beverage segment in 2023 and 2022, with a pre-tax segment loss of approximately HKD 410,000 in 2023 (2022: approximately HKD 509,000) due to a planned reduction in reliance on this segment[2]. - For the year ended December 31, 2023, the revenue from gas exploration, production, and distribution in China was HKD 332,034,000, an increase from HKD 323,028,000 in 2022[79]. - The segment profit before tax for the year ended December 31, 2023, was HKD 113,979,000, down from HKD 117,736,000 in 2022[84]. - The reported segment profit before tax for the gas exploration, production, and distribution segment was HKD 118,413,000, while the total reported segment profit was HKD 117,736,000[77]. Governance and Compliance - The group has maintained compliance with public shareholding requirements as stipulated by listing rules during the reporting period[17]. - The audit committee consists of three independent non-executive directors, with two members holding recognized professional accounting qualifications[21]. - The consolidated financial statements for the year ending December 31, 2023, have been reviewed by the audit committee and are deemed to comply with applicable accounting standards and regulations[21]. - The audit committee has adopted a scope of authority consistent with corporate governance guidelines[21]. - The company is actively seeking to appoint a female director to comply with the new diversity requirements by December 31, 2024[33]. Risk Management - The group has not established any derivative contracts to mitigate foreign exchange risks during the year, but management will closely monitor foreign currency risks and consider hedging if necessary[6]. - The group has not established an internal audit function during the reporting period, but will review the appropriateness and effectiveness of its risk management and internal control systems[19]. - The group has no significant contingent liabilities as of December 31, 2023[168]. Future Outlook - The group will continue to evaluate the value and performance of the food and beverage segment and will review resource allocation as needed based on economic conditions[12]. - The group’s cash flow forecasts are based on several assumptions, including financial support from the largest shareholder, UK Woburn, if the company cannot meet its obligations[40]. - Management will continue to seek additional debt and/or equity financing to improve the company's financial condition and liquidity[174]. - The company anticipates sufficient operating funds to meet its financial obligations within 12 months from December 31, 2023, based on several assumptions including financial support from its largest shareholder[170]. Miscellaneous - There were no significant events affecting the group from the end of the reporting period until the date of this announcement[18]. - The company has not entered into any significant external guarantees or contracts that would generate profit or loss during the reporting period[15][16]. - The company has not disclosed any material contracts or arrangements that require reporting under the listing rules[29]. - The company did not declare any dividends for the year ended December 31, 2023, consistent with 2022[91]. - The company has not experienced any bankruptcy restructuring during the reporting period[28]. - The company has not purchased, redeemed, or sold any of its listed securities during the reporting period[184].

Financial Performance - For the six months ended June 30, 2023, the total comprehensive loss was HK$45,831,000 compared to a loss of HK$13,738,000 for the same period in 2022, indicating a significant increase in losses [10]. - The profit attributable to owners of the company for the period was HK$35,141,000, down from HK$61,875,000 in the previous year, reflecting a decrease of approximately 43.4% [10]. - Basic earnings per share decreased to HK$0.37 from HK$0.65, representing a decline of 43.1% year-over-year [10]. - Revenue for the six months ended June 30, 2023, was HK$168,281,000, a decrease of 9.3% compared to HK$185,555,000 in 2022 [22]. - Profit before income tax for the period was HK$46,054,000, down 35.3% from HK$71,072,000 in the previous year [22]. - Profit for the period decreased to HK$34,494,000, representing a decline of 44.1% from HK$61,707,000 in 2022 [22]. - Other income decreased to HK$1,043,000 from HK$2,847,000, reflecting a decline of 63.4% [22]. - Staff costs were reduced to HK$8,299,000, down 13.2% from HK$9,557,000 in the previous year [22]. - Finance costs slightly decreased to HK$26,567,000 from HK$26,883,000, a reduction of 1.2% [22]. - The accumulated losses increased to HK$284,110,000 as of June 30, 2023, compared to HK$204,351,000 at the beginning of the year [25]. - The comprehensive loss was adjusted for the impact of the fall of RMB and the appreciation of HKD, amounting to approximately HK$79,759,000 for the six months ended 30 June 2023 [184]. Assets and Liabilities - Total assets as of June 30, 2023, were HK$2,476,790,000, down from HK$2,560,109,000 at the end of 2022, a decrease of about 3.3% [11]. - Non-current assets decreased to HK$2,236,096,000 from HK$2,367,579,000, reflecting a reduction of approximately 5.5% [11]. - Current liabilities decreased to HK$510,039,000 from HK$543,941,000, showing a decline of about 6.2% [13]. - Net current liabilities improved to HK$269,345,000 from HK$351,411,000, indicating a positive change in liquidity [13]. - The total equity attributable to owners of the company decreased to HK$1,670,895,000 from HK$1,715,513,000, a decline of approximately 2.6% [13]. - The total liabilities of the Group as of June 30, 2023, were HK$796,003,000, down from HK$833,491,000 as of December 31, 2022 [93]. - Reportable segment liabilities as of June 30, 2023, were HK$648,382,000, a decrease from HK$690,618,000 as of December 31, 2022 [93]. Cash Flow and Liquidity - Net cash generated from operating activities was HK$56,483,000, compared to a cash outflow of HK$39,760,000 in the same period last year [29]. - Cash and cash equivalents at the end of the period amounted to HK$134,167,000, down from HK$150,988,000 at the end of June 2022 [29]. - The company reported a foreign exchange loss of HK$79,759,000 during the period [29]. - The Group anticipates sufficient working capital to meet financial obligations within twelve months from June 30, 2023, based on several underlying assumptions [62]. - The Group's cash flow management policy aims to minimize risks associated with foreign currency exchange rates and interest rate fluctuations [73]. Segment Information - The Group is organized into three reportable operating segments: exploration, production and distribution of natural gas; sales of food and beverages; and money lending business [57]. - Revenue from external customers for the six months ended June 30, 2023, was HK$168,281,000 [60]. - Reportable segment profit before income tax was HK$62,160,000, with a profit from natural gas exploration and production of HK$62,499,000 [60]. - No revenue was generated from the food and beverage segment for the six months ended 30 June 2023, with a segment loss before tax expenses of approximately HK$246,000 [190]. - The money lending business operated by Zhong Neng Finance Limited generated no revenue for the six months ended 30 June 2023, with a segment loss before tax expenses of approximately HK$93,000 [191]. Management and Governance - The interim financial statements for the six months ended June 30, 2023, have been reviewed by the Company's Audit Committee but not audited [72]. - The Group has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, with no significant changes to accounting policies or financial statement presentation [53][54]. - The Group's financial performance reflects a cautious approach to cash management and risk monitoring [73]. - The Group faced challenges from a slower-than-expected recovery of the PRC's economy post-COVID-19 and complex market conditions [197]. - The Group will continue to monitor the economic environment and adjust resource allocation as necessary in response to market conditions [190]. Shareholder Information - No dividends were declared or proposed for the six months ended June 30, 2023, similar to the previous year [102]. - The total issued and fully paid ordinary shares as of June 30, 2023, was 9,505,344,000 shares [161]. - The weighted average number of ordinary shares in issue remained constant at 9,505,344,000 for both periods [104]. Impairment and Asset Management - The Group recognized a reversal of impairment of approximately HK$479,000 for the Kashi Project for the six months ended 30 June 2023, compared to HK$4,316,000 for the same period in 2022 [106]. - The impairment assessment for the Kashi Project was conducted by management, using the same methodology and assumptions as at December 31, 2022 [134]. - No impairment loss of intangible assets was recognized during the six months ended June 30, 2023, consistent with the same period in 2022 [132]. - The future development of the Kashi Project is discussed in the "Management Discussion and Analysis" section of the interim report [134].