Group 1 - The company announced the resignation of Mr. Huang Zhiqiang from his position as an independent non-executive director, effective from August 1, 2025 [1] - Mr. Huang also served as the chairman of the company's audit committee, nomination committee, and remuneration committee [1] - The reason for his resignation is attributed to work arrangements [1]

Core Viewpoint - Yuanheng Gas (00332) announced the resignation of Mr. Huang Zhiqiang as an independent non-executive director and chairman of the audit, nomination, and remuneration committees, effective from August 1, 2025 [1] Group 1 - The board received Mr. Huang Zhiqiang's resignation letter on July 29, 2025, due to work arrangements [1] - Ms. Lin Ying has been appointed as the chairman of the audit committee effective from August 1, 2025 [1] - Dr. Liang Haiming has been appointed as the chairman of the nomination committee effective from August 1, 2025 [1] - Mr. Bao Jun has been appointed as the chairman of the remuneration committee effective from August 1, 2025 [1] - Mr. Huang Shaoxiong has been appointed as a member of the remuneration committee effective from August 1, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 YUAN HENG GAS HOLDINGS LIMITED 元 亨 燃 氣 控 股 有 限 公 司 （股份代號：332） 1 (3) 執行董事保軍先生已獲委任為本公司薪酬委員會主席；及 獨立非執行董事辭任 及 董事會委員會成員變動 元亨燃氣控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會已於二零二 五年七月二十九日接獲黃之強先生（「黃先生」）的辭職函，其因工作安排而辭任本公司獨 立非執行董事、本公司審核委員會、提名委員會及薪酬委員會主席，自二零二五年八月一日 起生效。 黃先生已確認，彼與董事會及本公司之間概無意見分歧，亦無有關彼辭任之其他事宜需敦請 本公司股東垂注。 董事會謹此衷心感謝黃先生於任期內為本公司作出之貢獻。 在黃先生辭任後，董事會謹此宣佈，自二零二五年八月一日起生效： (1) 獨立非執行董事林穎女士已獲委任為本公司審核委員會主席； （於百慕達註冊成立之有限公司） (2) 獨立 ...

以7月30日收盘价计算，元亨燃气目前市净率（TTM）约-0.12倍，市销率（TTM）约0.16倍。 中证智能财讯 元亨燃气（00332）7月30日披露2024-2025年年度报告。截至3月31日的12个月内，公司实现营业收入8.08亿元，同比下降83.75%；归母净利润 亏损19.16亿元，上年同期亏损4.97亿元；经营活动产生的现金流量净额为-744.3万元，上年同期为-4.06亿元；据报告显示，元亨燃气基本每股收益为-0.2927 元，平均净资产收益率为-2341.77%。 市盈率(TTM)历史分位(%) 100 97q57 ଛି ୨୦ 86.49 8243 80 75a17 70 6142 60 50 45,42 40 30 20 10 0 2019-06-30 | 2019-12-37 ' 1-06-30 /-12-37 <- 12-37 0-12-37 2n- 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ଛି ୨୦ 80 70 60 55.1 54.69 50 (46.68 47:39 42-2 40 39:64 38.65 30 30 % 20 10 0 2019-12-37 ...

YUAN HENG GAS HOLDINGS LIMITED 元 亨 燃 氣 控 股 有 限 公 司 (Incorporated in Bermuda with limited liability) (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s) (Note 1) , Yuan Heng Gas Holdings Limited (the "Company") – Notification of publication of Annual Report 2025 and Circular dated 31 July 2025 relating to Annual General Meeting (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communi ...

（Stock Code 股份代號：332） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders. Yuan Heng Gas Holdings Limited (the "Company") – Notification of publication of Annual Report 2025, Circular dated 31 July 2025 relating to Annual General Meeting and Form of Proxy (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.yuanhenggas.com and the website of The Stock Exchange of Hong Kong Limited (the " ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 YUAN HENG GAS HOLDINGS LIMITED 元 亨 燃 氣 控 股 有 限 公 司 （ 於百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：332） 股東週年大會通告 茲通告元亨燃氣控股有限公司（「本公司」）將於二零二五年九月二十九日（星期一） 中午十二時正假座香港灣仔軒尼詩道15號溫莎公爵社會服務大廈1樓103室舉行股 東週年大會（「大會」），藉以處理下列事項： 普通事項 1 1. 省覽、考慮及採納截至二零二五年三月三十一日止年度之經審核綜合財務報表、 董事會報告書及核數師報告書； 2. (a) 重選王建清先生為本公司執行董事； (b) 重選梁海明博士為本公司獨立非執行董事； (c) 重選林穎女士為本公司獨立非執行董事；及 (d) 授權本公司董事會（「董事會」）釐定本公司董事（「董事」）酬金； 3. 委任栢淳會計師事務所有限公司為本公司核數師，並授權董事會釐定彼等之 酬 ...

元 亨 燃 氣 控 股 有 限 公 司 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不對因本通函全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 YUAN HENG GAS HOLDINGS LIMITED 此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下之所有元亨燃氣控股有限公司股份，應立即將本通函及隨附之代表委任表格送 交買主或承讓人，或送交經手買賣或轉讓之銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 | 預期時間表 | | 1 | | --- | --- | --- | | 釋義 | | 2 | | 董事會函件 | | | | 1. 緒言 | | 4 | | 2. 建議重選董事 | | 5 | | 3. 發行及購回股份之一般授權 | | 7 | | 4. 增加法定股本 | | 8 | | 5. 以投票方式進行表決 | | 9 | | 6. 股東週年大會 | | 9 | ...

2024/25 環 境、社 會 及 管 治 報告 願景 成為中國領先可持續發展的 清潔能源集團公司，能源界 一流的生產商、供貨商、服 務商 本報告涵蓋本集團於2024年4月1日至2025年3月31日期間有關ESG 方面的承諾、管治方針、成就和改進空間。 為增強報告可比性及前瞻性，部分內容往前後年度適度延伸。 使命 回報股東、回報員工、回報 社會 | 目錄 | | --- | | 關於本報告 | 2 | | --- | --- | | ESG管治 | 5 | | 以人為本 | 8 | | 綠色營運 | 21 | | 負責任供應鏈 | 32 | | 產品責任 | 35 | | 商業道德 | 40 | | 社區承諾 | 42 | | 法律及法規 | 43 | | 關鍵績效指標總覽 | 45 | | 聯交所ESG報告內容索引 | 48 | Chairman 關於本報告 本報告為元亨燃氣控股有限公司（「元亨燃氣」或「本公司」）及其附屬公司（「本集團」或「我們」）（股票代碼： 0332）欣然呈列第九份環境、社會及管治（「ESG」）報告（「本報告」），旨在向各持份者匯報截至2025年3月31日 止財政年度（「報告期」或「2 ...

[Chairman Statement](index=3&type=section&id=Chairman%20Statement) [Chairman Statement](index=3&type=section&id=Chairman%20Statement) The company faced a challenging fiscal year 2025 with sharply declining revenue due to increased LNG supply and is currently undergoing business and debt restructuring | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Turnover | Approx. RMB 808 million | Approx. RMB 4.97 billion | -83.7% | | Loss after tax | Approx. RMB 1.993 billion | Approx. RMB 522 million | Loss widened by 281.8% | - The performance decline was primarily caused by increased imported LNG supply, which intensified market competition and led to a significant drop in LNG selling prices[4](index=4&type=chunk) - The company is currently undergoing **business and debt restructuring** to address market challenges and internal reorganization risks[6](index=6&type=chunk) - Looking ahead, the company will continue to expand its natural gas business, believing China's "dual carbon" policy will create growth opportunities[7](index=7&type=chunk)[9](index=9&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis%20of%20the%20Group%20Financial%20Review) [BUSINESS REVIEW](index=5&type=section&id=BUSINESS%20REVIEW) The Group's performance declined severely due to substantial impairment losses on prepayments to a supplier and trade receivables from customers - The poor performance this fiscal year was mainly attributable to two significant impairment provisions: - An impairment of **approximately RMB 1.34 billion** on prepayments to a supplier[16](index=16&type=chunk) - An impairment of **approximately RMB 446 million** on trade receivables from two customers[16](index=16&type=chunk) | Business Segment | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | **LNG Production and Sales** | | | | | Production Volume | 484 million m³ | 442 million m³ | +9.5% | | Revenue | RMB 525 million | RMB 983 million | -46.6% | | Gross Profit Margin | 7.8% | 5.4% | +2.4pp | | **Oil and Gas Trading** | | | | | Revenue | RMB 231 million | RMB 3.943 billion | -94.1% | | Gross Profit Margin | 0.4% | 0.6% | -0.2pp | - The piped gas business (Huaheng Energy) was classified as a discontinued operation and deconsolidated, resulting in a loss of **approximately RMB 35 million**, due to the non-renewal of its gas operating license and a dispute with its partner Guizhou Gas[23](index=23&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Despite intense market competition and ongoing restructuring, management believes China's low-carbon goals will support the long-term stable growth of the natural gas market[38](index=38&type=chunk)[39](index=39&type=chunk) [FINANCIAL REVIEW](index=9&type=section&id=FINANCIAL%20REVIEW) The Group's financial position deteriorated sharply, marked by a significant revenue drop, soaring impairment losses, and severe liquidity pressure with substantial loan defaults | Financial Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Turnover | RMB 808 million | RMB 4.97 billion | -83.7% | | Gross Profit | RMB 44 million | RMB 82 million | -46.3% | | Gross Profit Margin | 5.5% | 1.6% | +3.9pp | | Impairment losses under ECL model | RMB 1.866 billion | RMB 508 million | +267.3% | | Liquidity Metric | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Bank Balances and Cash | RMB 10 million | RMB 11 million | | Net Current (Liabilities)/Assets | (RMB 1.634 billion) | RMB 293 million | | Current Ratio | 0.41 | 1.15 | | Gearing Ratio | -1.20 | 1.54 | - As of 31 March 2025, the Group had defaulted on bank borrowings of **approximately RMB 1.043 billion**, which triggered cross-defaults on other bank borrowings of **approximately RMB 72 million**[63](index=63&type=chunk) - To alleviate liquidity pressure, the Group is actively negotiating with lenders for renewals and extensions and seeking potential strategic investors[64](index=64&type=chunk) [Corporate Governance Report](index=13&type=section&id=Corporate%20Governance%20Report) [Board of Directors & Committees](index=14&type=section&id=Board%20of%20Directors%20%26%20Committees) The Board comprises six directors, meeting listing rule requirements, with a disclosed deviation where the Chairman and CEO roles are combined - The Board consists of 6 directors, including 2 executive directors and 4 independent non-executive directors, in compliance with the Listing Rules[90](index=90&type=chunk) - A deviation from the Corporate Governance Code was disclosed: the roles of **Chairman and Chief Executive Officer are both held by Mr. Wang Jianqing**, which the Board believes enhances efficiency[118](index=118&type=chunk)[119](index=119&type=chunk) - The Audit Committee, comprising four independent non-executive directors, held six meetings during the year to review financial reports and internal control systems[134](index=134&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) [Risk Management and Internal Controls](index=31&type=section&id=Risk%20Management%20and%20Internal%20Controls) The Group has an established risk management framework and conducted an annual review confirming the effectiveness of its internal control systems - The Board has conducted an annual review of the effectiveness of the Group's risk management and internal control systems, covering financial, operational, and compliance controls, and considers them **effective and adequate**[175](index=175&type=chunk)[176](index=176&type=chunk) - The Group has engaged an independent external professional firm to review its internal control systems periodically to provide an objective assessment[172](index=172&type=chunk) [Disclaimer of Opinion Regarding Going Concern](index=37&type=section&id=Disclaimer%20of%20Opinion%20Regarding%20Going%20Concern) The independent auditor issued a disclaimer of opinion on the Group's ability to continue as a going concern due to multiple material uncertainties - The auditor's **disclaimer of opinion** stems from multiple material uncertainties that cast significant doubt on the Group's ability to continue as a going concern[206](index=206&type=chunk) | Metric | Amount | | :--- | :--- | | Net loss from continuing operations | Approx. RMB 1.958 billion | | Bank borrowings and guaranteed notes due within 12 months | Approx. RMB 1.303 billion | | Cash and cash equivalents | Approx. RMB 10 million | | Defaulted or cross-defaulted borrowings and notes | Approx. RMB 1.30 billion | - To address going concern issues, the Group is implementing plans including: - **Debt restructuring** through a legal scheme of arrangement[217](index=217&type=chunk)[218](index=218&type=chunk) - Seeking new strategic investors and funding sources, and considering the disposal of certain pipeline assets[217](index=217&type=chunk)[218](index=218&type=chunk) - Communicating with creditors to resolve pending litigations and maintain the status quo[217](index=217&type=chunk)[218](index=218&type=chunk) - Optimizing operational strategies to improve cash generation[217](index=217&type=chunk)[218](index=218&type=chunk) - The company anticipates that the successful implementation of these measures will improve its financial position and lead to the removal of the disclaimer of opinion in the next auditor's report[219](index=219&type=chunk) [Biographical Details of Directors](index=41&type=section&id=Biographical%20Details%20of%20Directors) [Biographical Details of Directors](index=41&type=section&id=Biographical%20Details%20of%20Directors) This section provides detailed profiles of the company's directors, highlighting their professional experience and relationships - Executive Director **Mr. Wang Jianqing (aged 56)** has extensive experience in the energy and trading industries and serves as both Chairman and Chief Executive Officer[221](index=221&type=chunk) - Executive Director **Mr. Bao Jun (aged 57)** has over 20 years of experience in project investment, construction, and operational management[223](index=223&type=chunk) - Executive Directors **Mr. Wang Jianqing and Mr. Bao Jun are cousins**[227](index=227&type=chunk)[229](index=229&type=chunk) - The four independent non-executive directors possess deep professional backgrounds in finance, accounting, risk management, or commodity trading[225](index=225&type=chunk)[233](index=233&type=chunk)[238](index=238&type=chunk)[244](index=244&type=chunk) [Directors' Report](index=45&type=section&id=Directors'%20Report) [Directors' Report](index=45&type=section&id=Directors'%20Report) The report outlines the company's principal activities, discloses customer and supplier concentration, and confirms compliance with public float requirements | Concentration Metric | Percentage of Total | | :--- | :--- | | Sales to largest customer | 23% | | Sales to five largest customers | 60% | | Purchases from largest supplier | 32% | | Purchases from five largest suppliers | 67% | - The company adopted a share option scheme on 4 October 2021, but **no options have been granted** since its adoption[334](index=334&type=chunk)[348](index=348&type=chunk) - The company maintained a sufficient public float of **not less than 25%** during the fiscal year, in compliance with the Listing Rules[356](index=356&type=chunk) - There was a change of auditor, with SHINEWING (HK) CPA Limited resigning on 22 January 2025 and **Parker Randall CF (H.K.) CPA Limited** being appointed on 28 January 2025[357](index=357&type=chunk) [Independent Auditor's Report](index=62&type=section&id=Independent%20Auditor's%20Report) [Independent Auditor's Report](index=62&type=section&id=Independent%20Auditor's%20Report) The auditor issued a disclaimer of opinion on the financial statements due to material uncertainties regarding going concern and insufficient evidence on opening balances - The auditor **does not express an opinion** on the consolidated financial statements for the fiscal year[365](index=365&type=chunk) - **Basis for Disclaimer of Opinion 1: Material Uncertainty Related to Going Concern** - The Group recorded a significant loss, has substantial short-term maturing debts and defaulted loans, against minimal cash reserves, and the auditor could not obtain sufficient evidence regarding the success of the company's mitigation plans[367](index=367&type=chunk)[368](index=368&type=chunk) - **Basis for Disclaimer of Opinion 2: Opening Balances of Other Receivables** - The auditor was unable to obtain sufficient appropriate audit evidence regarding the potential impairment of prepayments of **approximately RMB 1.557 billion** to a supplier as of 31 March 2024, affecting the financial results of both FY2024 and FY2025[372](index=372&type=chunk) - The report notes that the prior year's financial statements were audited by another auditor who also issued a disclaimer of opinion due to multiple uncertainties related to going concern[373](index=373&type=chunk) [Consolidated Financial Statements](index=66&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=66&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's loss widened significantly in FY2025, driven by a sharp revenue decline and massive impairment losses under the expected credit loss model | Item | FY2025 (RMB'000) | FY2024 (RMB'000, Restated) | | :--- | :--- | :--- | | Total operating turnover | 807,820 | 4,969,826 | | Gross profit | 44,036 | 81,595 | | Impairment losses under ECL model | (1,865,601) | (507,777) | | Loss before tax | (1,965,074) | (513,877) | | Loss for the year | (1,992,981) | (522,274) | | Loss for the year attributable to owners of the Company | (1,916,096) | (497,270) | | Basic loss per share (RMB cents) | (29.27) | (7.60) | [Consolidated Statement of Financial Position](index=69&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's balance sheet shows a severe deterioration, shifting from a net asset position to a significant capital deficiency of RMB 1.08 billion | Item | 31 March 2025 (RMB'000) | 31 March 2024 (RMB'000, Restated) | | :--- | :--- | :--- | | Total assets | 1,697,994 | 2,861,776 | | Total liabilities | 2,780,570 | 1,975,441 | | Net current (liabilities)/assets | (1,633,984) | 292,837 | | Total (capital deficiency)/equity | (1,082,576) | 886,335 | [Consolidated Statement of Cash Flows](index=73&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group's net cash used in operating activities improved significantly, but its overall cash position remains extremely tight with only RMB 10.5 million at year-end | Item | FY2025 (RMB'000) | FY2024 (RMB'000, Restated) | | :--- | :--- | :--- | | Net cash used in operating activities | (7,443) | (406,395) | | Net cash (used in)/from investing activities | (330) | 308,508 | | Net cash from financing activities | 5,322 | 35,861 | | Net decrease in cash and cash equivalents | (2,451) | (62,026) | | Cash and cash equivalents at end of year | 10,498 | 10,688 | [Notes to the Consolidated Financial Statements](index=75&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes highlight material uncertainties regarding going concern, prior year restatements, and massive impairments on receivables that drove the annual loss - **Material Uncertainty Related to Going Concern (Note 2.1)**: The Group's ability to continue as a going concern is in significant doubt due to substantial losses, large short-term maturing debts, and loan defaults, with management outlining various mitigating measures[404](index=404&type=chunk)[405](index=405&type=chunk) - **Prior Year Restatement (Note 2.2)**: Due to a change in the ECL assessment method for two major customers, the **impairment loss for FY2024 was increased by RMB 351 million**, restating the FY2024 loss from RMB 171 million to RMB 522 million[422](index=422&type=chunk)[428](index=428&type=chunk) - **Discontinued Operation (Note 12)**: The piped gas business (Huaheng Energy) was deconsolidated due to a loss of control following a dispute with partner Guizhou Gas, resulting in a confirmed loss of **approximately RMB 34.74 million**[761](index=761&type=chunk)[767](index=767&type=chunk) - **Impairment of Trade and Other Receivables (Note 26)**: An impairment loss of **RMB 1.34 billion** was recognized on prepayments to a supplier, while the credit loss allowance for trade receivables increased sharply from RMB 594 million to **RMB 1.09 billion**[863](index=863&type=chunk)[870](index=870&type=chunk) - **Default on Bank Borrowings and Guaranteed Notes (Notes 34, 36)**: As of 31 March 2025, the Group had defaulted on bank borrowings of **approximately RMB 1.043 billion**, triggering cross-defaults of **approximately RMB 72 million**, and guaranteed notes of **RMB 185 million** were overdue[889](index=889&type=chunk)[908](index=908&type=chunk) [Financial Information of Five Years](index=208&type=section&id=Financial%20Information%20of%20Five%20Years) [Financial Information of Five Years](index=208&type=section&id=Financial%20Information%20of%20Five%20Years) The five-year summary shows a trend of declining turnover after a 2022 peak and a sharp deterioration in financial health in the last two years | Item (RMB'000) | 2021 | 2022 | 2023 | 2024 (Restated) | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total operating turnover | 7,188,589 | 7,902,036 | 7,446,796 | 4,969,879 | 807,820 | | Profit (loss) for the year | 52,472 | 95,705 | (28,267) | (510,942) | (1,958,240) | | Total assets | 3,558,475 | 3,434,555 | 3,733,792 | 2,861,776 | 1,697,994 | | Total liabilities | (2,137,333) | (1,917,105) | (2,319,612) | (1,975,441) | (2,780,570) | | Net assets (liabilities) | 1,421,142 | 1,517,450 | 1,414,180 | 886,335 | (1,082,576) | [Corporate Information](index=209&type=section&id=Corporate%20Information) [Corporate Information](index=209&type=section&id=Corporate%20Information) This section provides the company's basic registration details, a list of directors, and key professional advisors - The company's auditor is **Parker Randall CF (H.K.) CPA Limited**[1034](index=1034&type=chunk) - The company is incorporated in Bermuda, with its principal place of business in Hong Kong located in North Point[1035](index=1035&type=chunk)