Financial Performance - The Group recorded a turnover of approximately RMB7,902 million for the year ended 31 March 2022, representing an increase of 9.9% compared to RMB7,189 million in 2021[7]. - Profit after tax for the Group was approximately RMB96 million, up from approximately RMB52 million in the previous year[7]. - Revenue from LNG sales was approximately RMB1,631 million, an increase of 39.1% compared to the previous year, contributing approximately 20.6% of the total turnover[20]. - Gross profit from LNG sales increased to approximately RMB204 million, although the gross profit margin slightly decreased from 13.9% to 12.5%[20]. - Revenue from piped gas sales increased to approximately RMB662 million, a rise of 34.3% from RMB493 million, contributing about 8.4% to total turnover[25]. - Oil and gas sales contracts gross amounts rose to approximately RMB5,528 million, an increase of 2% from RMB5,418 million, accounting for approximately 70% of total turnover[26]. - Gross profit margin for oil and gas sales improved slightly from 1.2% to 1.3%, with gross profit increasing to approximately RMB74 million from RMB68 million[26]. - Total turnover for the year ended 31 March 2022 was approximately RMB7,902 million, up from RMB7,189 million, primarily driven by LNG production and sales which generated approximately RMB1,631 million[35]. - Gross profit for the year was approximately RMB302 million, a slight decrease from RMB303 million, with gross profit margin declining from 4.2% to 3.8%[36]. Business Strategy and Market Outlook - The Group aims to optimize cost and business structures while exploring LNG distribution channels through collaborations with industry players and state-owned enterprises[9]. - The management is cautious about the ongoing uncertainties in the oil and gas market and plans to implement strategies to mitigate adverse impacts on the business[13]. - The Group is focused on developing its natural gas business and exploring new business opportunities to create value for shareholders[13]. - The increasing demand for natural gas is driven by China's "Dual Carbon" goals, which aim for carbon emission peak by 2030 and carbon neutrality by 2060[8]. - The Group anticipates steady growth in natural gas demand due to government policies promoting clean production and pollution control[29]. - The Group's performance is primarily attributed to the production and sales of LNG, which is expected to remain a dominant energy source in the market[19]. Financial Position and Capital Management - As of March 31, 2022, the Group maintained bank balances and cash of approximately RMB 123 million, an increase from approximately RMB 46 million in 2021[49]. - The net current assets of the Group were approximately RMB 796 million as of March 31, 2022, compared to approximately RMB 799 million in 2021, with a current ratio of approximately 1.43[49]. - The Group's borrowings amounted to approximately RMB 885 million due within one year and approximately RMB 57 million repayable after one year, resulting in a gearing ratio of approximately 0.74, down from 0.85 in 2021[49]. - Capital expenditure for property, plant, and equipment increased to approximately RMB33 million from RMB16 million[48]. - Finance costs decreased by approximately 19.6% to RMB78 million from RMB97 million, attributed to reduced bank borrowings[46]. - Other income decreased by approximately 74.2% to RMB3 million from RMB12 million, mainly due to a reduction in average pledged bank deposits[37]. Corporate Governance and Board Structure - The Board held six meetings during the year, with attendance rates of 5/6 for Mr. Wang Jianqing, 5/5 for Mr. Bao Jun, and 2/2 for Mr. Zhou Jian before his resignation[76]. - All independent non-executive directors confirmed their independence annually as per Rule 3.13 of the Listing Rules, and the Company considers them to be independent[80]. - The Company has a policy of re-election for all directors, including independent non-executive directors, at least once every three years[81]. - The roles of chairman and CEO are held by Mr. Wang Jianqing, who has been in these positions since January 2011 and September 2011 respectively[94]. - The Company has established sound internal control and risk management systems overseen by the Board[79]. - The Board is responsible for the strategic decisions and financial performance of the Group, delegating day-to-day management to the management team[79]. - The Company maintains detailed minutes of Board meetings, which are circulated for comments before approval[77]. - The independence of directors is assessed regularly, ensuring compliance with the independence guidelines set out in the Listing Rules[84]. - The Company has decided to maintain existing Bye-laws regarding director appointments despite inconsistencies with the Listing Rules[90]. - The Board believes Mr. Wang has essential leadership skills and extensive knowledge of the Group's business, making the current structure suitable for effective strategy formulation and implementation[101]. Remuneration and Director Development - The Remuneration Committee (RC) consists of three independent non-executive directors, ensuring proper governance and oversight of remuneration policies[100]. - The RC held one meeting during the year ended March 31, 2022, to discuss and approve the remuneration for directors and management[110]. - The RC is responsible for formulating remuneration policies considering factors such as salaries from comparable companies and individual performance[106]. - The RC has the authority to engage external professional advisors for assistance on remuneration issues if necessary[107]. - The RC aims to ensure that no director is involved in deciding their own remuneration, maintaining fairness and transparency[107]. - The RC is reviewing the remuneration policy for directors and senior management to ensure it aligns with corporate goals[108]. - Directors are required to participate in continuous professional development to stay informed about their responsibilities and the Group's business activities[102]. Risk Management and Internal Controls - The Audit Committee comprises three independent non-executive directors, ensuring oversight of external auditor appointments and remuneration[111]. - The Committee is responsible for reviewing the adequacy of internal controls, risk management systems, and financial reporting integrity[113]. - Significant financial reporting judgments and compliance with accounting standards are monitored by the Committee[113]. - The Company aims to ensure effective risk management and internal control systems, including adequate resources and staff qualifications[114]. - The external auditor's independence and effectiveness are evaluated annually, including their access to necessary records and data[116]. - The Committee reviews the Group's financial and accounting policies and practices to ensure compliance and effectiveness[114]. - Arrangements are in place for employees to confidentially raise concerns about financial reporting and internal control issues[116]. - The Company is committed to timely responses to issues raised in the external auditor's management letter[114]. - The Committee discusses any significant recommendations from the external auditors to enhance financial reporting processes[116]. - The Company emphasizes the importance of maintaining independence in the audit process, including rotation of audit partners and staff[116]. - The Audit Committee (AC) held two meetings during the year ended March 31, 2022, with full attendance from all members[123]. - The AC reviewed the Company's annual report for the year ended March 31, 2022, and the interim report for the six months ended September 30, 2021[127]. - The AC assessed the external auditor's remuneration and terms of engagement, including the audit plan[125]. Board Diversity and Composition - The Nomination Committee (NC) is composed of the chairman and two independent non-executive directors[126]. - The NC is responsible for reviewing the structure, size, and composition of the Board at least annually[129]. - The Company has established a Board Diversity Policy to enhance performance quality through diverse Board composition[136]. - The NC monitors the implementation of the Board Diversity Policy and recommends revisions as necessary[137]. - The Company considers diversity in Board composition from various aspects, including gender and professional experience[136]. - The Nomination Committee held one meeting during the year ended March 31, 2022, to discuss the structure, size, and composition of the Board[138]. Shareholder Communication and Engagement - The Group maintains ongoing communication with shareholders and investors through financial reports and general meetings[159]. - The Company maintains a website for communication with shareholders and investors, providing contact details for inquiries[166]. - Independent non-executive directors are encouraged to attend general meetings to understand shareholders' views better[165]. - The Company ensures that disclosed information is accurate and not misleading, maintaining confidentiality until public disclosure is feasible[161]. - The Company has established procedures for shareholders to propose resolutions and circulate statements at general meetings[173]. - Shareholders holding at least one-tenth of the paid-up capital can requisition a special general meeting within two months[172]. Leadership and Experience - Mr. Wang Jianqing has extensive experience in the energy and trading industry, previously serving as chairman and executive director of Fresh Express Delivery Holdings Group Co., Ltd. until September 2014[181]. - Mr. Bao Jun has over 20 years of experience in project investment, construction, and operation management, contributing to various biological and chemical engineering projects[182]. - Dr. Leung Hoi Ming has extensive knowledge in risk management of financial instruments and served as Senior Vice President in the Treasury and Markets Division at DBS Bank[184]. - Mr. Wong Chi Keung holds a Master's degree in Business Administration and has over 40 years of experience in finance, accounting, and management[194][200]. - The company has a strong board of directors with diverse backgrounds in finance, engineering, and management, enhancing its strategic decision-making capabilities[190]. - The independent non-executive directors bring significant industry experience, which is crucial for corporate governance and oversight[193]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic leadership[190]. - The board's composition reflects a commitment to maintaining high standards of corporate governance and risk management practices[191]. - The directors' extensive networks and experience in their respective fields are expected to drive future growth and innovation for the company[182][184]. - The company is well-positioned to leverage its leadership team's expertise in navigating market challenges and pursuing new opportunities[190].

Financial Performance - The gross amounts from operations for the six months ended September 30, 2021, were RMB 3,630,900, an increase of 6.8% compared to RMB 3,398,375 in the same period of 2020[2]. - The gross amounts of oil and gas sales contracts reached RMB 2,631,496, significantly up from RMB 622,301 in the previous year, indicating a growth of 322%[2]. - The profit for the period attributable to owners of the Company was RMB 38,829, compared to a loss of RMB 42,182 in the same period of 2020[4]. - Total comprehensive income for the period was RMB 70,957, a recovery from a total comprehensive loss of RMB 35,839 in the previous year[4]. - Earnings per share (basic) for the period was RMB 0.593, compared to a loss per share of RMB 0.644 in the same period of 2020[4]. - The Company reported a net profit before tax of RMB 82,508, compared to a loss before tax of RMB 30,386 in the same period of 2020[2]. - The Group reported a consolidated profit attributable to owners of the Company of approximately RMB 38,829,000 for the six months ended 30 September 2021, compared to a loss of RMB 42,182,000 for the same period in 2020[27]. - Profit before taxation for the six months ended September 30, 2021, was RMB 38,829,000, compared to a loss of RMB 42,182,000 for the same period in 2020[64]. - Profit after tax for the period was approximately RMB 70 million, compared to a loss of approximately RMB 36 million in the same period of 2020[90]. Assets and Liabilities - The total current assets as of September 30, 2021, were RMB 2,626,890, a decrease from RMB 2,742,989 as of March 31, 2021[7]. - As of September 30, 2021, the net current assets amounted to RMB 704,386, a decrease from RMB 799,093 as of March 31, 2021, reflecting a decline of approximately 11.9%[9]. - Total equity attributable to owners of the Company increased to RMB 1,341,255 as of September 30, 2021, compared to RMB 1,301,644 as of March 31, 2021, representing a growth of about 3%[9]. - The total liabilities decreased to RMB 1,922,504 as of September 30, 2021, from RMB 1,943,896 as of March 31, 2021, showing a reduction of approximately 1.1%[9]. - The total assets less current liabilities decreased to RMB 1,507,513 as of September 30, 2021, down from RMB 1,614,579 as of March 31, 2021, indicating a decline of approximately 6.6%[9]. - The guaranteed notes increased significantly to RMB 207,664 as of September 30, 2021, compared to RMB 33,988 as of March 31, 2021, marking an increase of over 510%[9]. - Contract liabilities rose to RMB 57,620 as of September 30, 2021, from RMB 34,392 as of March 31, 2021, reflecting a growth of approximately 67.7%[9]. - The lease liabilities due within one year decreased significantly to RMB 135 as of September 30, 2021, from RMB 718 as of March 31, 2021, indicating a decline of about 81.2%[9]. Cash Flow and Investments - Net cash from operating activities increased significantly to RMB 221,506,000 for the six months ended 30 September 2021, up from RMB 49,724,000 in 2020, representing a growth of approximately 345%[23]. - Net cash used in investing activities was RMB (91,490,000) for the six months ended 30 September 2021, compared to RMB (14,177,000) in 2020, indicating increased investment activity[23]. - Net cash used in financing activities rose to RMB (111,301,000) for the six months ended 30 September 2021, compared to RMB (13,763,000) in 2020, reflecting higher financing costs[23]. - Cash and cash equivalents at 30 September 2021 amounted to RMB 65,337,000, an increase from RMB 51,157,000 at the same time in 2020[23]. Revenue and Segment Performance - Total revenue for the Group amounted to RMB 1,038,138,000, a decrease from RMB 2,777,908,000 for the same period last year[44]. - Revenue from wholesale of LNG was RMB 681,551,000, down from RMB 2,524,768,000 in the previous year[47]. - Other revenue from contracts with customers was RMB 999,404,000, down from RMB 2,776,074,000 in the previous year[45]. - The Group's total segment revenue from external customers was RMB 3,630,900,000, a decrease from RMB 3,398,375,000 year-on-year[42]. - Revenue from LNG sales was approximately RMB 682 million, a decrease of approximately RMB 1,843 million or 73% compared to the same period last year[91]. - Revenue from piped gas sales increased to approximately RMB 274 million, representing an increase of approximately RMB 84 million or 44.4% compared to the last period[98]. - Revenue from oil and gas transactions increased to approximately RMB 2,631 million, representing an increase of approximately RMB 2,009 million or 322.9% from the six months ended 30 September 2020[104]. Operational Highlights - The Group's operations include production and sales of LNG, trading of oil and gas contracts, and sales of piped gas, indicating a diversified revenue stream[34]. - The Group's reportable segments focus on the nature of operations, with significant emphasis on wholesale LNG and piped gas sales[34]. - The Group expects steady growth in natural gas demand due to government policies promoting clean production and pollution control[101]. - The management will continue to explore new business opportunities in the natural gas sector to create value for shareholders[107]. - The average selling price of LNG has continued to rise since Q4 2020, contributing to improved gross profit margins[95]. Employee and Corporate Governance - Total staff costs (excluding directors' emoluments) increased to RMB 23,618,000 in 2021 from RMB 16,429,000 in 2020, representing a 43.3% increase[1]. - The Group had approximately 400 employees as of 30 September 2021, with remuneration packages structured based on market conditions[121]. - The Company has complied with all applicable code provisions in the Corporate Governance Practices throughout the six months ended September 30, 2021, except for certain deviations[135]. - The roles of chairman and CEO are held by Mr. Wang Jianqing, which the Board believes promotes efficient strategy formulation and implementation[136]. - The interim results for the six months ended September 30, 2021, have been reviewed by the Audit Committee[143]. Shareholder Information - As of September 30, 2021, Mr. Wang Jianqing holds a long position of 4,238,827,528 shares, representing 64.76% of the total holding[126]. - Champion Ever Limited owns 3,602,323,177 shares, accounting for 55.03% of the total holding[131]. - Galaxy King Limited holds 586,486,402 shares, which is 8.96% of the total holding[131]. - China Construction Bank Corporation has a security interest in 1,770,000,000 shares, representing 27.04% of the total holding[131]. - The total issued share capital of the Company as of September 30, 2021, is 6,545,621,131 shares[132]. - No other directors or chief executives had any interests or short positions in the shares or underlying shares of the Company as of September 30, 2021[128].

Financial Performance - For the year ended March 31, 2021, the Group recorded turnover of approximately RMB 7,189 million, representing an increase of 11.5% compared to RMB 6,447 million in 2020[6]. - The profit after tax for the year was approximately RMB 52 million, a turnaround from a loss of approximately RMB 44 million in the previous year[6]. - The Group produced approximately 526 million cubic meters of LNG, an increase of approximately 73 million cubic meters or 16.2% compared to the last year[16]. - Revenue from LNG sales was approximately RMB 1,173 million, a decrease of approximately RMB 92 million or 7.3% compared to the previous year, contributing approximately 16.3% of total turnover[16]. - Gross profit from LNG sales increased by approximately RMB 102 million to approximately RMB 163 million, with gross profit margin rising from approximately 4.8% to approximately 13.9%[16]. - Revenue from piped gas sales and related services increased to approximately RMB 493 million from approximately RMB 404 million, representing an increase of approximately RMB 89 million or 22.1%[21]. - Gross profit from piped gas sales increased to approximately RMB 59 million from approximately RMB 57 million, but the gross profit margin decreased from approximately 14.1% to 12% due to rising raw material costs[21]. - Total gross amounts of oil and gas sales contracts increased to approximately RMB 5,418 million from approximately RMB 4,750 million, representing an increase of approximately RMB 668 million or 14.1%[22]. - Gross profit from oil and gas sales increased to approximately RMB 68 million from approximately RMB 40 million, with the gross profit margin rising from approximately 0.8% to 1.2%[22]. - Gross profit for the year ended March 31, 2021, was approximately RMB 303 million, up from approximately RMB 135 million, with the gross profit margin increasing from approximately 2.1% to 4.2%[32]. Cost Management and Financial Position - The Group aims to optimize cost and business structures while exploring LNG distribution channels through collaborations with industry players and state-owned enterprises[6]. - Finance costs decreased to approximately RMB 97 million from approximately RMB 100 million, representing a decrease of approximately 3.7% due to reduced borrowings[43]. - As of March 31, 2021, the Group maintained bank balances and cash of approximately RMB 46 million, an increase of 58.6% from approximately RMB 29 million in 2020[48]. - The net current assets of the Group as of March 31, 2021, were approximately RMB 799 million, up 25.7% from approximately RMB 636 million in 2020, with a current ratio of approximately 1.41 compared to 1.22 in 2020[48]. - The Group's borrowings as of March 31, 2021, were approximately RMB 1,000 million, with a gearing ratio of approximately 0.85, down from 1.1 in the previous year[48]. - Capital expenditure on property, plant, and equipment for the year was approximately RMB 16 million, up from RMB 10 million in 2020[51]. Governance and Board Structure - The Board held twelve meetings during the year, with Mr. Wang Jianqing attending 11 out of 12 meetings as Chairman and CEO[69]. - All independent non-executive directors, including Dr. Leung Hoi Ming, Mr. Wong Chi Keung, and Mr. Tom Xie, attended all meetings, demonstrating full engagement[69]. - The Company has received annual confirmations of independence from all independent non-executive directors, ensuring compliance with Listing Rules[72]. - The Board is responsible for overseeing the Group's business, strategic decisions, and financial performance, ensuring sound internal control and risk management systems are in place[72]. - The Company considers the current structure of having the same individual as Chairman and CEO suitable for promoting efficient strategy formulation and implementation[84]. - The independent non-executive directors have served for over nine years, and their continued appointment will require separate resolutions for shareholder approval[77]. - The Company maintains that all directors are subject to retirement by rotation and re-election at the annual general meeting[72]. - The Board has assessed the independence of its directors and confirmed that they meet the independence guidelines set out in the Listing Rules[75]. - The Company Secretary keeps detailed minutes of all meetings, which are available for inspection by directors[70]. - The Board's structure is designed to ensure a balance of power and authority, with no immediate need for changes[84]. Audit and Risk Management - The Audit Committee held two meetings during the year to discuss and approve the remuneration for directors and management, with full attendance from members[99]. - The Audit Committee is responsible for reviewing the adequacy of the group's internal controls, risk management systems, and financial reporting[101]. - The Company aims to ensure compliance with accounting and auditing standards, as well as Listing Rules and legal requirements related to financial reporting[101]. - The Audit Committee will review the Company's financial controls and risk management systems unless addressed by a separate board risk committee[104]. - The Company is committed to ensuring that management has effective systems in place, including adequate resources and staff qualifications[104]. - The Audit Committee will consider significant findings on risk management and internal control matters, as well as management's responses[104]. - The Company will ensure coordination between internal and external auditors to enhance the effectiveness of the audit process[104]. - The Audit Committee will review the external auditor's management letter and any material queries raised by the auditor[104]. - The Company has established arrangements for employees to confidentially raise concerns about financial reporting and internal control issues[104]. Strategic Development and Market Position - The Group is focused on developing its natural gas business and exploring new opportunities to create value for shareholders[10]. - The increase in LNG demand since the fourth quarter of 2020 has led to a seller's market, significantly raising average selling prices of LNG[17]. - The Group's performance improvement is attributed to effective COVID-19 control measures by the PRC government, allowing economic activities to resume in an orderly manner[15]. - The Company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[180]. - Research and development investments increased by 30%, totaling $15 million, focusing on sustainable energy technologies[180]. - The company completed a strategic acquisition of a local competitor for $100 million, enhancing its market position[180]. - A new partnership was established with a leading technology firm to develop advanced energy management systems[180]. - The company plans to enhance its operational efficiency, aiming for a 5% reduction in costs over the next year[180]. - Customer satisfaction ratings improved to 90%, reflecting the effectiveness of recent service enhancements[180]. Shareholder Communication and Compliance - The company maintains ongoing communication with shareholders through financial reports and general meetings to enhance transparency[151]. - The current company secretary was appointed via a written resolution in September 2013, following individual consultations with all Directors[150]. - The company ensures confidentiality of inside information before public disclosure, complying with the Securities and Futures Ordinance[148]. - The attendance of directors at the 2020 AGM and SGM was notably low, with key executives unable to attend due to COVID-19 travel restrictions[152]. - The company has a website for direct communication with shareholders and investors, providing contact details for inquiries[151]. - There were no significant changes in the company's constitutional documents during the year ended March 31, 2021[160]. - The company does not have a predetermined dividend payout ratio, and the Board will consider various factors, including performance and financial position, when declaring dividends[159].

Financial Performance - Gross amounts from operations for the six months ended September 30, 2020, were RMB 3,398,375, a decrease of 12.3% from RMB 3,877,457 in 2019[2]. - The gross amounts of oil and gas sales contracts were RMB 622,301, down 68.8% from RMB 2,000,124 in the previous year[2]. - The company reported a loss for the period of RMB 35,832, compared to a profit of RMB 24,380 in the same period of 2019[2]. - Total comprehensive expense for the period was RMB 35,839, contrasting with a comprehensive income of RMB 24,051 in 2019[4]. - Basic and diluted loss per share was RMB 0.644, compared to earnings of RMB 0.369 per share in the previous year[4]. - The Group reported a consolidated loss attributable to owners of the Company of approximately RMB42,182,000 for the six months ended 30 September 2020, compared to a profit of RMB24,121,000 for the same period in 2019[24]. - The Group's total comprehensive income for the period was RMB23,792,000, after accounting for other comprehensive income of RMB(329,000)[24]. - The Group experienced a loss after tax of approximately RMB36 million, compared to a profit of approximately RMB24 million in the same period of 2019[96]. - Gross profit for the period ended 30 September 2020 was approximately RMB76 million, down from approximately RMB90 million in the same period of 2019, resulting in a gross profit margin decrease from 2.3% to 2.2%[108]. Revenue and Sales - Total revenue for the six months ended September 30, 2020, amounted to RMB3,398,375,000, a significant increase from RMB3,877,457,000 for the same period in 2019[35]. - Revenue from the production and sales of LNG reached RMB2,524,768,000, while oil and gas transactions generated RMB622,301,000 during the same period[35]. - Other revenue from contracts with customers for the six months ended September 30, 2020, was RMB2,776,074,000, up from RMB1,877,333,000 in the previous year[40]. - Revenue from LNG sales was approximately RMB2,525 million, an increase of approximately RMB842 million or 50% compared to the same period last year, contributing approximately 74.3% of the total turnover[96]. - Revenue from piped gas sales increased to approximately RMB190 million, up approximately RMB14 million or 8% from RMB176 million, contributing approximately 5.6% of total turnover[98]. - Revenue from oil and gas transactions declined to approximately RMB622 million, a decrease of approximately RMB1,378 million or 68.9% from RMB2,000 million[100]. Assets and Liabilities - Current assets totaled RMB 2,833,036, a decrease from RMB 3,589,371 as of March 31, 2020[7]. - Current liabilities amounted to RMB 2,005,670, down from RMB 2,952,998 in the previous period[9]. - Non-current assets were valued at RMB 834,689, a decrease from RMB 858,249 as of March 31, 2020[7]. - The equity attributable to owners of the company was RMB 1,256,567, down from RMB 1,298,756[9]. - The total liabilities as of 30 September 2020 were RMB 827,737, down from RMB 1,207,593 as of 31 March 2020, reflecting a decrease of about 31.4%[80]. - As of 30 September 2020, total trade payables and other liabilities amounted to RMB 1,533,534, a decrease from RMB 2,375,275 as of 31 March 2020, representing a reduction of approximately 35.5%[78]. Cash Flow - The net cash from operating activities for the six months ended 30 September 2020 was RMB49,724,000, while cash used in investing activities was RMB(14,177,000)[21]. - The net increase in cash and cash equivalents for the period was RMB21,784,000, compared to a decrease of RMB(12,841,000) in the same period of the previous year[21]. - The Group's cash and cash equivalents at 30 September 2020 amounted to RMB51,157,000, down from RMB54,491,000 at the same date in 2019[21]. - As at 30 September 2020, the Group's bank balances and cash were approximately RMB51 million, an increase from approximately RMB29 million as of 31 March 2020[117]. Operational Challenges - Loss before tax for the six months ended September 30, 2020, was RMB30,386,000, reflecting challenges in the operational environment[35]. - The management plans to enhance efficiency and reduce costs while seeking profitable trading opportunities amid the challenges posed by low oil prices and the COVID-19 pandemic[101]. Shareholder Information - As of September 30, 2020, Mr. Wang Jianqing holds a beneficial interest in 4,143,827,528 shares, representing 63.31% of the total issued share capital of 6,545,621,131 shares[134]. - Champion Ever Limited, wholly owned by Mr. Wang Jianqing, holds 3,507,323,177 shares, accounting for 53.58% of the total[140]. - Galaxy King Limited, also wholly owned by Mr. Wang Jianqing, possesses 586,486,402 shares, which is 8.96% of the total[140]. - As of September 30, 2020, no other directors or chief executives had any interests or short positions in the shares of the Company[136]. Governance and Compliance - The Company has complied with all applicable code provisions in the Corporate Governance Practices throughout the six months ended September 30, 2020, except for certain deviations[147]. - The roles of chairman and CEO are held by Mr. Wang Jianqing, which the Board believes promotes efficient strategy formulation and implementation[149]. - The interim results for the six months ended September 30, 2020, have been reviewed by the Audit Committee of the Company[157].

Financial Performance - For the year ended March 31, 2020, the Group recorded a turnover of approximately RMB6,447 million, a decrease of 24.6% compared to RMB8,553 million in 2019[10]. - The Group reported a loss after tax of approximately RMB44 million for the year, compared to a profit of approximately RMB46 million in 2019[10]. - The production of LNG decreased by approximately 17 million cubic meters or 3.6% year-on-year, totaling approximately 453 million cubic meters[12]. - Revenue from LNG sales increased by approximately RMB25 million or 2% year-on-year, amounting to approximately RMB1,265 million, contributing approximately 19.6% of the total turnover[12]. - Gross profit from LNG sales decreased by approximately RMB119 million to approximately RMB61 million, with the gross profit margin dropping from approximately 14.5% to approximately 4.8%[12]. - Gross amounts of oil and gas sales contracts decreased to approximately RMB 4,750 million from approximately RMB 6,976 million, representing a decrease of approximately RMB 2,226 million or 31.9%[22]. - Revenue from sales of piped gas increased to approximately RMB 404 million from approximately RMB 306 million, representing an increase of approximately RMB 98 million or 32%[19]. - Gross profit from piped gas sales increased to approximately RMB 57 million from approximately RMB 21 million, with a gross profit margin rising from approximately 7.2% to 14.5%[19]. - The Group's gross profit for the year ended March 31, 2020, was approximately RMB 135 million, down from approximately RMB 226 million in 2019[28]. Economic and Market Conditions - The Group faced significant challenges due to stiff competition in the oil and gas market and the economic slowdown caused by the COVID-19 outbreak[11]. - The overall economic environment and market conditions will lead the Group to adopt cautionary strategies to mitigate adverse impacts on business[7]. - The Group anticipates healthy and sustainable growth in the energy market as China continues to deepen natural gas market reforms[5]. Cost Management and Business Strategy - The Group aims to optimize cost and business structures while exploring LNG distribution channels through collaborations with industry players and state-owned enterprises[5]. - The management is focused on developing the natural gas sector and exploring new business opportunities to create shareholder value[7]. Financial Position and Assets - As of 31 March 2020, the Group's bank balances and cash were approximately RMB29 million, down from approximately RMB68 million in 2019[30]. - The net current assets of the Group as at 31 March 2020 were approximately RMB636 million, compared to approximately RMB908 million in 2019, with a current ratio of approximately 1.22[30]. - The Group's borrowings as of 31 March 2020 included approximately RMB1,241 million due within one year and approximately RMB37 million repayable after one year, resulting in a gearing ratio of approximately 1.1, up from 0.9 in 2019[30]. - Capital expenditure for property, plant, and equipment amounted to approximately RMB10 million for the year ended 31 March 2020, down from approximately RMB20 million in 2019[30]. - As at 31 March 2020, the Group had pledged assets totaling approximately RMB952 million to banks for banking facilities, an increase from approximately RMB798 million in 2019[30]. Corporate Governance - The Board held a total of four meetings during the year, with attendance rates of 100% for the Chairman and all independent non-executive directors[50]. - The Company plans to consider holding more regular board meetings in the coming year to comply with governance codes[48]. - All independent non-executive directors have confirmed their independence annually as per Rule 3.13 of the Listing Rules[54]. - The Company has assessed the independence of its directors and found them to meet the independence guidelines set out in the Listing Rules[61]. - The Board is responsible for overseeing the Group's business, strategic decisions, and financial performance, ensuring sound internal control and risk management systems are in place[53]. - Each director is subject to retirement by rotation and re-election at the annual general meeting, with a minimum requirement of retirement once every three years[55]. - The Company intends to maintain its existing Bye-laws regarding director appointments despite inconsistencies with the Listing Rules[64]. - The company has maintained its existing company rules despite non-compliance with listing regulations regarding the tenure of independent non-executive directors[66]. - The chairman and CEO, Mr. Wang, has been in his position since January 27, 2011, and is responsible for managing the Board and the Group's business[68]. - The Board believes that the current structure, where the chairman and CEO roles are held by the same individual, is suitable for efficient strategy formulation and implementation[70]. - Directors are required to participate in continuous professional development to ensure their contributions to the Board remain informed and relevant[71]. - The Board has established three committees to ensure proper control of the Group and maintain high standards of corporate governance practices[73]. Audit and Risk Management - The Audit Committee (AC) comprises three independent non-executive directors, ensuring oversight of external auditor appointments and remuneration[86]. - The AC is responsible for reviewing the adequacy of the group's internal controls, risk management systems, and financial reporting integrity[86]. - The AC must meet with the external auditor at least twice a year to discuss audit scope and findings[88]. - The AC reviews significant financial reporting judgments and compliance with accounting standards and Listing Rules[88]. - The company has established a risk management organizational framework, which includes the Board, the audit committee, and the risk management group[115]. - The risk management group will identify risk exposures at least once a year and formulate a risk mitigation plan[116]. - The Directors confirm that they are not aware of any material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern[112]. - The Company has adopted an enterprise risk management system to effectively identify, evaluate, and manage significant risks[116]. - The internal audit function has been established to monitor the risk management and internal control systems of the Group[117]. - The Board conducts an annual review of the effectiveness of the risk management and internal control systems, including significant risks and management's monitoring capabilities[122]. Shareholder Engagement - The Company maintains ongoing communication with shareholders through financial reports and general meetings[125]. - The Company has a website for communication with shareholders and investors, providing contact details for inquiries[126]. - Shareholders holding at least one-tenth of the paid-up capital have the right to requisition a special general meeting[132]. - The attendance of directors at the annual general meeting was recorded, with Mr. Wang Jianqing and Dr. Leung Hoi Ming attending all meetings[128]. - Shareholder engagement initiatives are being strengthened, allowing for more direct communication and feedback mechanisms with the board[138]. Environmental and Social Responsibility - The Group is committed to complying with relevant environmental standards and policies in the PRC and Hong Kong[168]. - The Environmental, Social and Governance Report will be published within three months after the annual report[168]. - The Group recognizes the importance of engaging employees, customers, and suppliers for corporate sustainability[168]. Future Outlook - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new market expansions and increased demand for natural gas[141]. - The company is investing HKD 200 million in R&D for new technologies aimed at improving energy efficiency and reducing emissions[141]. - Yuan Heng Gas Holdings Limited plans to expand its market presence by entering two new provinces in the upcoming year, targeting a 25% increase in market share[141]. - The management has set a performance guidance of achieving EBITDA margins of 30% in the next fiscal year, up from 28%[141]. - New product offerings include a range of eco-friendly gas appliances, projected to contribute an additional HKD 50 million in revenue[141].

Financial Performance - Revenue for the six months ended September 30, 2019, was RMB 3,877,457, an increase from RMB 3,816,393 in the same period of 2018, representing a growth of approximately 1.6%[2] - Gross profit for the period was RMB 89,943, down from RMB 101,174 in 2018, indicating a decrease of about 11.1%[2] - Profit for the period increased to RMB 24,380, compared to RMB 23,194 in the previous year, reflecting a growth of approximately 5.1%[2] - Total comprehensive income for the period was RMB 24,051, significantly higher than RMB 9,469 in 2018, representing an increase of approximately 153.5%[2] - The Group reported a consolidated profit attributable to owners of the Company of approximately RMB24,121,000 for the six months ended 30 September 2019, compared to RMB16,000,000 for the same period in 2018, representing a year-over-year increase of 50%[24] - Profit before taxation for the six months ended 30 September 2019 was RMB 1,362,029,000, an increase from RMB 1,208,489,000 in 2018, representing a growth of approximately 12.7%[136] - Profit after tax for the period was approximately RMB24 million, a slight increase from approximately RMB23 million in the same period of 2018[176] Revenue Breakdown - Revenue from oil and gas contracts for the six months ended September 30, 2019, was RMB 2,000,124, a decrease of 20.4% from RMB 2,512,882 in 2018[107] - Revenue from LNG sales increased by 44.2% to RMB 1,682,961 in 2019, compared to RMB 1,166,640 in 2018[107] - Total revenue for the six months ended September 30, 2019, was RMB 3,869,289, slightly up from RMB 3,808,383 in 2018, reflecting a growth of 1.6%[107] - The total sales from vehicle gas refuelling stations were RMB 10,544, and piped gas sales amounted to RMB 175,660[122] - For the period ended 30 September 2019, the Group's revenue was approximately RMB3,877 million, an increase from RMB3,816 million for the same period in 2018, primarily due to increased sales of liquefied natural gas, which generated approximately RMB1,683 million in revenue compared to RMB1,167 million in 2018[189] Expenses and Costs - Cost of inventories recognised as an expense was RMB 1,362,029,000 for the six months ended 30 September 2019, compared to RMB 1,208,489,000 in 2018, marking an increase of approximately 12.7%[136] - Administrative expenses increased to approximately RMB46 million from RMB43 million in 2018, mainly due to higher labor costs[188] - Finance costs rose by approximately 21% to RMB51 million from RMB42 million in the previous year, attributed to increased bank and other borrowings[192] - The amortisation of intangible assets increased to RMB 231,000 in 2019 from RMB 197,000 in 2018, indicating a rise of approximately 17.3%[136] - Depreciation of property, plant, and equipment was RMB 29,682,000 for the six months ended 30 September 2019, down from RMB 32,126,000 in 2018, a decrease of about 7.6%[136] Assets and Liabilities - Current assets amounted to RMB 3,312,436, a decrease from RMB 3,666,546 as of March 31, 2019[7] - Current liabilities totaled RMB 2,660,383, down from RMB 2,758,314 as of March 31, 2019, indicating a reduction of approximately 3.6%[9] - Net current assets were RMB 652,053, a decrease from RMB 908,232 as of March 31, 2019[9] - Total equity attributable to owners of the Company was RMB 1,375,909, an increase from RMB 1,352,117 as of March 31, 2019[9] - Trade receivables as of September 30, 2019, amounted to RMB 1,786,308,000, a decrease from RMB 2,247,080,000 as of March 31, 2019[11][144] Cash Flow - The net cash used in operating activities for the six months ended 30 September 2019 was RMB(251,888,000), an improvement compared to RMB(648,016,000) for the same period in 2018[21] - The net cash from investing activities was RMB252,720,000 for the six months ended 30 September 2019, significantly higher than RMB59,139,000 in the previous year[21] - The Group's cash and cash equivalents at 30 September 2019 amounted to RMB54,491,000, an increase from RMB31,429,000 at the same time in 2018[21] - As of 30 September 2019, the Group's bank balances and cash were approximately RMB55 million, down from RMB68 million as of 31 March 2019[195] Accounting Policies and Changes - The Group has applied HKFRS 16 for the first time in the current interim period, superseding HKAS 17 "Leases" and related interpretations[33] - The application of HKFRS 16 has resulted in key changes in accounting policies for the Group[33] - Right-of-use assets are recognized at the commencement date of the lease, measured at cost, less any accumulated depreciation and impairment losses[38] - Lease liabilities are measured at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate if the implicit interest rate is not determinable[52] - The Group's accounting policy changes are primarily due to the application of HKFRS 16 "Leases"[79] Future Outlook - The management anticipates steady growth in the natural gas industry and demand due to ongoing adjustments in energy consumption structure and promotion of clean energy[182] - The Group plans to continue developing its natural gas business and explore new business opportunities to create value for shareholders[183]

Financial Performance - For the year ended March 31, 2019, the Group recorded consolidated turnover of approximately RMB 8,553 million, representing a year-on-year increase of 4.9% from RMB 8,150 million in 2018[4]. - The profit after tax for the year was approximately RMB 46 million, a significant decrease of 73.5% compared to RMB 173 million in 2018[4]. - The Group produced approximately 470 million cubic meters of LNG, an increase of approximately 23 million cubic meters or 5.1% compared to the previous year[13]. - Turnover from LNG sales was approximately RMB 1,240 million, representing an increase of approximately RMB 216 million or 21.1% compared to the last year, contributing approximately 14.5% of the total turnover[13]. - Revenue from oil and gas transactions increased to approximately RMB 6,976 million, a rise of approximately RMB 70 million or 1% compared to the previous year, contributing approximately 81.6% of the total turnover[14]. - Gross profit from LNG sales decreased by approximately RMB 27 million to approximately RMB 180 million, with gross profit margin decreasing from approximately 20.2% to approximately 14.5%[13]. - Gross profit from oil and gas transactions decreased to approximately RMB 17 million from approximately RMB 29 million, with gross profit margin decreasing from approximately 0.4% to approximately 0.2% due to international oil price volatility[14]. - Other income decreased to approximately RMB 48 million in 2019 from RMB 92 million in 2018, mainly due to the absence of non-recurring income from an arbitral award received in the previous year[23][27]. - Administrative expenses increased by approximately 4.6% to RMB 91 million in 2019 from RMB 87 million in 2018[29]. - Finance costs surged by approximately 273.1% to RMB 88 million in 2019 from RMB 23 million in 2018, primarily due to increased bank borrowings[29]. - Income tax expenses decreased to approximately RMB 25 million in 2019 from RMB 39 million in 2018, attributed to a reduction in taxable income[29]. - The net current assets as of 31 March 2019 were approximately RMB 908 million, compared to net current liabilities of approximately RMB 19 million in 2018, resulting in a current ratio improvement from 0.99 to 1.33[29]. - The Group's borrowings amounted to approximately RMB 1,038 million due within one year and RMB 78 million repayable after one year, with a gearing ratio of approximately 0.9 as of 31 March 2019, up from 0.4 in 2018[29]. - Pledged assets to banks for banking facilities increased to approximately RMB 877 million in 2019 from RMB 765 million in 2018[31][36]. Corporate Governance - The Company has complied with all applicable code provisions of the Code on Corporate Governance Practices for the year ended March 31, 2019[42]. - The Board is composed of six directors, including three executive directors and three independent non-executive directors[44]. - The Company received annual confirmations of independence from all independent non-executive directors, ensuring their independence[49]. - The Company is committed to maintaining good corporate governance standards to enhance shareholder value[42]. - The Board oversees the Group's business, strategic decisions, and financial performance, ensuring sound internal control and risk management systems[49]. - The Company has a policy for directors' securities transactions, confirming compliance with the Model Code throughout the year[42]. - The Company conducts regular reviews and improvements of its corporate governance practices to ensure prudent decision-making processes[42]. - The Board has established three committees with clearly defined written terms of reference to ensure proper control and high standards of corporate governance practices[63][67]. - The Remuneration Committee currently comprises three independent non-executive directors: Dr. Leung Hoi Ming, Mr. Wong Chi Keung, and Mr. Tom Xie[64][68]. - The audit committee comprises three independent non-executive directors, responsible for making recommendations on the appointment and remuneration of the external auditor[77]. - The Company aims to ensure that no director is involved in deciding their own remuneration[73]. - The Company is committed to developing and implementing policies for engaging external auditors for non-audit services, ensuring compliance with relevant regulations[79]. - The Company emphasizes the importance of maintaining the independence of external auditors and has policies in place to monitor compliance[86]. Risk Management - The Board is responsible for assessing and determining the nature and extent of risks acceptable for the Group in fulfilling its strategic goals[103]. - The Group has established a risk management organizational framework, including the Board, audit committee, and risk management group[103]. - The risk management group will identify risk exposures at least once a year and formulate a risk mitigation plan[104]. - The Board has conducted an annual review of the effectiveness of the risk management and internal control systems[106]. - The internal audit function helps monitor the risk management and internal control systems and identify defects[105]. - The Group's risk management report and internal audit report are submitted to the audit committee for review at least annually[108]. - The Group's risk management and internal control systems are designed to manage risks but do not eliminate them entirely[110]. Shareholder Engagement - The Company maintains a website for communication with shareholders and investors, providing contact details for inquiries[115]. - The attendance of directors at the annual general meeting and special general meeting was recorded, with some directors attending all meetings[114]. - The Group recognizes the importance of engaging employees, providing quality products and services to customers, and collaborating with business partners for corporate sustainability[159]. - The Company engages in ongoing dialogue with shareholders through financial reports and annual general meetings to enhance transparency[115]. Future Outlook - The management is focused on developing the natural gas sector and exploring new business opportunities to create value for shareholders[6]. - According to the "13th 5-Year Plan on Natural Gas Development," natural gas consumption is expected to rise to 10% by 2020, indicating a growing market for the Group[4]. - The Company has set an annual cap for connected transactions at RMB 300,000,000 for the period from April 1, 2019, to March 31, 2020[185]. - The Company has developed a dividend policy that does not have a pre-determined payout ratio, with decisions based on performance, financial position, and cash levels[117]. - The Board has the discretion to declare and distribute dividends while maintaining adequate cash reserves for working capital and future growth[117]. Employee and Management - As of March 31, 2019, the group had approximately 420 employees, a decrease from about 450 employees in 2018[40]. - The company has a strong management team with members holding advanced degrees in economics and business administration, enhancing its strategic decision-making capabilities[139][140]. - The management team has a diverse background in project investment, construction, and operational management, which supports the company's growth strategy[137]. - The independent non-executive directors bring a wealth of experience from various industries, contributing to robust governance and strategic direction[142].