Financial Performance - The Group recorded turnover of approximately RMB4,970 million for the year ended 31 March 2024, a decrease of 33.3% from approximately RMB7,447 million in 2023[30]. - The loss after tax for the Group was approximately RMB171 million for the year ended 31 March 2024, compared to a loss of approximately RMB28 million in 2023[30]. - The Group incurred a net loss of approximately RMB 170,882,000 and net operating cash outflows of approximately RMB 406,395,000 for the year ended 31 March 2024[169]. - As of 31 March 2024, the Group's total bank borrowings amounted to approximately RMB 1,187,720,000 and guaranteed notes of approximately RMB 169,094,000 will be due for repayment within the next twelve months[169]. - The Group's cash and cash equivalents were approximately RMB 10,688,000 as of 31 March 2024[169]. - The Group's financial statements for the year ended 31 March 2024 have not yet reflected the potential adjustments related to the ongoing uncertainties[171]. Corporate Governance - The Board is committed to maintaining good corporate governance standards to enhance shareholder value[49]. - The Company has complied with all applicable code provisions of the Corporate Governance Code for the year ended 31 March 2024[49]. - The Board will continuously review and improve corporate governance practices to ensure proper regulation of business activities and decision-making processes[49]. - The Corporate Governance Report outlines the need for independent resolutions for re-appointing any independent non-executive director serving over nine years[60]. - The Company emphasizes the importance of independence and integrity when appointing directors[103]. Risk Management - The Group has established a risk management organizational framework that includes the Board, audit committee, and risk management group[111]. - The internal audit function has been established to monitor the risk management and internal control systems[113]. - The Group's risk management systems are designed to provide reasonable assurance but not absolute assurance against material misstatements or losses[117]. - The Group's risk management team conducts annual assessments of significant risks affecting business objectives and develops mitigation plans accordingly[127]. - The board has conducted an annual review of the effectiveness of the Group's risk management and internal control systems, confirming their adequacy[116]. Strategic Initiatives - The Group is exploring potential strategic investors to increase fund reserves and liquidity for repayment of borrowings[19]. - The Group aims to control administrative costs through human resources optimization and management remuneration adjustments, while also constraining unnecessary capital expenditures[19]. - The Group is actively progressing with an action plan to resolve its financial difficulties[30]. - The management will continue to enhance efficiency and reduce costs while seeking profitable trading opportunities amidst uncertainties in international oil and gas prices[46]. - The Group expects that the demand for natural gas will maintain steady growth due to the PRC government's commitment to clean production and pollution control[46]. Compliance and Reporting - The Group is committed to ensuring the accuracy of financial reporting and compliance with relevant accounting standards[28]. - The Company emphasizes compliance with accounting and auditing standards in its financial reporting[64]. - The Company ensures that all disclosed information is accurate and not misleading, adhering to the Securities and Futures Ordinance and Listing Rules[147]. - The Company maintains a shareholders' communication policy to ensure timely and equal access to information regarding financial performance and strategic goals[152]. - The Company has recognized the importance of timely disclosure of information to enable informed investment decisions by shareholders and investors[152]. Employee and Board Diversity - The Company aims to appoint at least one female Board member by December 31, 2024, to enhance gender diversity[93]. - As of March 31, 2024, the employee gender ratio is 4:1, indicating a measurable target for gender diversity[108]. - The Nomination Committee conducted an annual review of the board diversity policy and confirmed its effective implementation[103]. - The Company is committed to ensuring that proper arrangements are in place for independent investigations of financial reporting concerns raised by employees[89]. - The remuneration policy of the Group is designed to reward employees and directors based on performance, qualifications, and market comparability, typically including salary, pension contributions, performance bonuses, and share options[77]. Legal and Regulatory Matters - The Group has made provisions for litigations and claims, actively seeking amicable solutions to outstanding litigations[19]. - The independent auditor has issued a disclaimer of opinion regarding the Company's ability to continue as a going concern[169]. - The Company has defaulted or cross-defaulted on certain bank borrowings and guaranteed notes as of 31 March 2024[169]. - There were no material breaches of applicable laws and regulations that significantly impacted the Group's business and operations during the year ended March 31, 2024[134]. - The Group is committed to complying with environmental standards set by the governments of the People's Republic of China and Hong Kong, recognizing the importance of sustainable business operations[135].

Financial Performance - Total revenue for the year ended March 31, 2024, was RMB 4,969,879,000, a decrease of 33.3% from RMB 7,446,796,000 in the previous year[3] - Oil and gas sales contracts totaled RMB 3,942,794,000, down 28.2% from RMB 5,500,617,000 year-on-year[3] - The company reported a net loss of RMB 170,882,000 for the year, compared to a net loss of RMB 28,267,000 in the previous year, representing a significant increase in losses[4] - Basic and diluted loss per share was RMB 2.52, compared to earnings of RMB 0.42 per share in the previous year[4] - For the fiscal year ending March 31, 2024, total revenue was approximately RMB 1,051,517,000, a decrease from RMB 2,030,802,000 in the previous year, representing a decline of about 48%[35] - The revenue from wholesale liquefied natural gas was RMB 983,477, a decrease of 37% from RMB 1,551,130 in the previous year[37] - The revenue from oil and gas trading contracts was RMB 24,432, down 71% from RMB 84,623 in the previous year[37] - The segment performance for liquefied natural gas production and sales showed a loss of RMB 133,279 for the year ending March 31, 2024, compared to a profit of RMB 33,491 in the previous year[30][33] - The company reported total operating revenue of approximately RMB 4,970,000,000 for the year ended March 31, 2024, down from RMB 7,447,000,000 in 2023, representing a decrease of about 33%[49] - The net loss after tax for the year ended March 31, 2024, was approximately RMB 171,000,000, compared to a net loss of RMB 28,000,000 in 2023, indicating a significant increase in losses[49] Cash Flow and Liquidity - Cash and cash equivalents at the end of the reporting period were RMB 10,688,000, a decrease from RMB 71,662,000 in the previous year[6] - The company recorded a net cash outflow from operating activities of RMB 406,395,000 for the year[12] - The company’s cash and cash equivalents were approximately RMB 10,688,000 as of March 31, 2024, indicating a liquidity challenge given the outstanding borrowings[45] - As of March 31, 2024, the group held cash and bank balances of approximately RMB 11 million, down from RMB 72 million the previous year, with a current ratio of approximately 1.37[65] - The company is actively exploring financing options for operational capital and commitments for the foreseeable future[13] - The company is actively negotiating with existing financial institutions for the extension or deferral of bank loans and credit financing[13] - The group is actively negotiating with existing lenders to extend bank loans and seeking potential strategic investors to improve liquidity and financial conditions[66] Assets and Liabilities - Total assets decreased to RMB 2,671,186,000 from RMB 3,187,053,000 year-on-year, indicating a decline of 16.2%[6] - Current liabilities decreased to RMB 1,953,805,000 from RMB 2,160,758,000, a reduction of 9.6%[8] - The company’s total equity attributable to owners decreased to RMB 1,230,104,000 from RMB 1,393,962,000, a decline of 11.7%[8] - The company’s bank borrowings totaled approximately RMB 1,187,720,000 as of March 31, 2024, with a significant portion due within the next twelve months[45] - The company has several bank loans and guaranteed notes that have defaulted or cross-defaulted as of March 31, 2024[12] - The company has clarified the classification of liabilities as current or non-current based on the rights to defer settlement for at least twelve months[25] - The total liabilities classification will not change with the application of the revised accounting standards effective from April 1, 2024[26] Operational Challenges and Strategies - The company is reviewing and improving measures for the collection of accounts receivable to accelerate the recovery of outstanding trade receivables[15] - The company aims to control administrative costs through human resource optimization and management salary adjustments, while limiting unnecessary capital expenditures[15] - The company believes that if all assumptions and plans are successfully implemented, it will have sufficient operating funds to meet its financial obligations[14] - The company has made provisions related to ongoing litigation and claims, seeking amicable resolutions for unresolved claims and litigation costs[13] - The expected credit loss on trade receivables was approximately RMB 156 million, significantly higher than RMB 1 million in the previous year, due to prolonged debt recovery periods[59] Corporate Governance and Compliance - The group has complied with all applicable corporate governance codes during the reporting period, with some deviations noted[74] - The audit committee reviewed the consolidated financial statements for the year ended March 31, 2024[79] - The group has adopted the standard code of conduct for securities trading by directors and has ensured compliance throughout the reporting period[81] Employee and Operational Metrics - The group has approximately 280 employees as of March 31, 2024, down from 330 in 2023[73] - The group has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[69] Other Financial Information - Interest income for the year was RMB 1,368, slightly down from RMB 1,460 in the previous year[37] - The company reported a net foreign exchange gain of RMB 29,525, down from RMB 53,599 in the previous year[37] - The company did not recommend the payment of a final dividend for the year ended March 31, 2024, consistent with the previous year[48] - The interest expense on bank loans increased to RMB 57,229,000 in 2024 from RMB 55,579,000 in 2023, reflecting a rise of about 3%[7] - The group produced approximately 442 million cubic meters of liquefied natural gas (LNG) for the year ending March 31, 2024, a decrease of about 13 million cubic meters or 2.9% compared to the previous year[50] - LNG sales revenue was approximately RMB 983 million, a decrease of about RMB 568 million or 36.6%, accounting for approximately 19.8% of the group's total revenue[50] - The total sales revenue from pipeline natural gas and related services dropped from approximately RMB 365 million to about RMB 53 thousand, a decrease of approximately RMB 364 million or 100% due to the expiration of the gas operation license[51] - The group's gross profit for the year was approximately RMB 77 million, down from about RMB 252 million, with a gross profit margin decreasing from approximately 3.4% to about 1.5%[56] - Other income increased to approximately RMB 4 million, up about 47.3% from RMB 3 million in the previous year[57] - The group wrote off its subsidiary Guizhou Yineda Energy Service Co., Ltd., resulting in a loss of RMB 2,015,000, a decrease in non-controlling interests of RMB 6,216,000, and a net cash outflow of RMB 6,748,000[69] - As of March 31, 2024, the group has pledged assets totaling approximately RMB 256,000,000 for bank financing, a decrease from RMB 600,000,000 in 2023[68] - As of March 31, 2024, the group had no significant capital commitments[70] - As of March 31, 2023, the group provided a financial guarantee for a bank loan of RMB 19,500,000 related to an associate, which was not present in 2024[71] - The group’s guarantee notes are due on April 30, 2024, with an outstanding principal amount of approximately RMB 169,000,000 and related interest payable of approximately RMB 14,000,000 as of the announcement date[82]

Financial Performance - For the six months ended September 30, 2023, the gross amounts from operations were RMB 3,188,563, a decrease of 5.7% compared to RMB 3,382,162 in the same period of 2022[3]. - The gross amounts of oil and gas sales contracts increased to RMB 2,707,034, up 25.9% from RMB 2,147,987 in the previous year[3]. - Gross profit for the period was RMB 45,951, down 63.1% from RMB 124,495 in the same period last year[3]. - Profit before tax decreased significantly to RMB 21,412, a decline of 81.2% compared to RMB 113,804 in the prior year[3]. - Profit for the period was RMB 26,431, down 74.2% from RMB 102,497 in the same period of 2022[3]. - Total comprehensive income for the period was RMB 26,312, a decrease of 74.0% compared to RMB 101,191 in the previous year[5]. - Basic earnings per share decreased to RMB 0.433, down 68.3% from RMB 1.368 in the same period last year[5]. - Total revenue for the six months ended September 30, 2023, was RMB 506,336,000, a decline of 60.3% from RMB 1,275,255,000 for the same period in 2022[40]. - Revenue from oil and gas sales contracts was RMB 24,807,000, down 39.6% from RMB 41,080,000 in the previous year[40]. - Other revenue from contracts with customers was RMB 481,529,000, a decrease of 61.0% compared to RMB 1,234,175,000 for the same period in 2022[40]. - The total comprehensive income for the period ended 30 September 2023 was RMB 28,239,000, down from RMB 88,255,000 for the same period in 2022, representing a decline of 68.0%[20]. Assets and Liabilities - Non-current assets as of September 30, 2023, were RMB 613,538, a slight decrease from RMB 619,891 as of March 31, 2023[8]. - Current assets decreased to RMB 2,892,443 from RMB 3,187,053 as of March 31, 2023, reflecting a decline of 9.2%[8]. - Total equity attributable to owners of the Company increased to RMB 1,422,201 from RMB 1,393,962 as of March 31, 2023[10]. - As of 30 September 2023, the Group had net current assets of approximately RMB 911,910,000, down from approximately RMB 1,026,295,000 as of 31 March 2023, indicating a decrease of 11.1%[20]. - Trade receivables as of September 30, 2023, amounted to RMB 1,358,419,000, down from RMB 1,412,692,000 as of March 31, 2023[70]. - The Group's total trade payables as of September 30, 2023, were RMB 407,350,000, a decrease from RMB 544,799,000 as of March 31, 2023[76]. Cash Flow - Net cash used in operating activities for the six months ended 30 September 2023 was RMB(271,880,000), compared to RMB(78,041,000) for the same period in 2022, reflecting a significant increase in cash outflow[17]. - Net cash from financing activities for the six months ended 30 September 2023 was RMB 219,177,000, a substantial increase from RMB 19,049,000 in the previous year[17]. - Cash and cash equivalents at 30 September 2023 were RMB 17,506,000, a decrease from RMB 57,034,000 at the same time in 2022, indicating a decline of 69.3%[17]. - The Group's cash and cash equivalents at 1 April 2023 were RMB 71,662,000, down from RMB 123,337,000 at the same time in 2022, indicating a decrease of 42.0%[17]. - The Group's bank balances and cash were approximately RMB 18 million, down from RMB 72 million as of 31 March 2023[133]. Operational Highlights - The Group's operations include the sales of vehicle gas at refueling stations and LNG transportation, categorized under "other operations"[30]. - LNG production decreased by approximately 1,000,000 cubic meters or 0.44% year-on-year, totaling approximately 224,000,000 cubic meters[96]. - Turnover from LNG sales was approximately RMB 459 million, representing a decrease of approximately RMB 400 million or 46.5% compared to the same period last year[96]. - The Group will continue to monitor the situation regarding the suspension of the piped gas business and consider all available options[108]. - The management is focused on enhancing efficiency and reducing costs while seeking profitable trading opportunities in a volatile market environment[104]. - The Group expects steady growth in natural gas demand due to government policies promoting clean production and pollution control[111]. Shareholder Information - The directors and chief executives held a total of 6,545,621,131 shares, with Wang Jianqing holding 4,238,827,528 shares, representing 64.76% of total holdings[158]. - Champion Ever Limited held 3,602,323,177 shares, representing 55.03% of total holdings[165]. - China Construction Bank and Central Huijin Investment Ltd each held a security interest of 1,770,000,000 shares, representing 27.04% of total holdings[165]. Governance and Compliance - The interim results for the six months ended September 30, 2023, have been reviewed by the Audit Committee of the Company[189]. - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the six months ended September 30, 2023, except for certain deviations[180]. - Mr. Wang Jianqing has served as both Chairman and CEO since January 27, 2011, and September 15, 2011, respectively, which deviates from the CG Code recommendation[181]. - The Company did not engage in any purchases, sales, or redemptions of its listed securities during the Period[190]. - The interim report containing all required information will be published on the Hong Kong Exchange and the company's website in due course[195]. - The company expresses gratitude to management, staff, and employees for their dedication and contributions in the past[196].

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） 截至二零二三年九月三十日止六個月之 中期業績 元亨燃氣控股有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬 公司（「本集團」）截至二零二三年九月三十日止六個月（「本期間」）之未經審核綜 合中期業績，連同比較數字如下： 簡明綜合損益及其他全面收入報表 截至九月三十日止六個月 二零二三年 二零二二年 附註 人民幣千元 人民幣千元 （未經審核）（未經審核） ...

Financial Performance - The Group recorded a turnover of approximately RMB7,447 million for the year ended 31 March 2023, a decrease of 5.8% compared to RMB7,902 million in 2022[6] - The loss after tax for the year was approximately RMB28 million, compared to a profit of approximately RMB96 million in the previous year[6] - Impairment losses of approximately RMB151 million were incurred due to the suspension of operations at a non-wholly owned subsidiary, Huaheng Energy[7] - The Group produced approximately 455 million cubic meters of LNG, representing a decrease of 12.8% compared to the previous year[20] - Revenue from LNG sales was approximately RMB1,551 million, a decrease of 4.9% from the previous year, contributing approximately 20.8% of the total turnover[20] - The gross profit margin for LNG production and sales decreased from approximately 12.5% to approximately 10.9%[20] - Revenue from piped gas sales decreased to approximately RMB365 million, a decline of 45% compared to RMB662 million last year, contributing about 4.9% of total turnover[24] - Oil and gas sales contracts gross amounts decreased slightly to approximately RMB5,501 million, down 0.5% from RMB5,528 million, contributing approximately 74% of total turnover[25] - Gross profit for the year ended 31 March 2023 was approximately RMB252 million, down from RMB302 million, with a gross profit margin decreasing from 3.8% to 3.4%[34] Cost Management and Strategy - The Group aims to optimize cost structures and expand LNG distribution channels through collaborations with industry players and state-owned enterprises[12] - The management is cautious about the market environment and will implement strategies to mitigate adverse impacts on the business[13] - The Group is focused on developing its natural gas sector and exploring new business opportunities to create shareholder value[13] Financial Position and Ratios - As of 31 March 2023, the Group maintained bank balances and cash of approximately RMB72 million, down from RMB123 million[47] - The current ratio improved slightly to approximately 1.47 from 1.43 in the previous year[47] - The gearing ratio increased to approximately 0.86 from 0.74, indicating a rise in debt relative to equity[47] - The group's income tax expenses for the year ended March 31, 2023, were approximately RMB 22 million, down from RMB 26 million in 2022[51] - As of March 31, 2023, the group held cash and bank balances of approximately RMB 72 million, a decrease from RMB 123 million in 2022, while net current assets increased to approximately RMB 1,026 million from RMB 796 million[52] Corporate Governance - The Board held a total of eight meetings during the year ended March 31, 2023, with attendance rates of 100% for the Chairman and Chief Executive Officer, Mr. Wang Jianqing, and 7 out of 7 for Mr. Bao Jun[81] - All independent non-executive directors confirmed their independence annually, ensuring compliance with Rule 3.13 of the Listing Rules[93] - The Board consists of five members, including three independent non-executive directors, which meets the requirement of having at least one-third of the Board as independent[94] - The Board is responsible for overseeing the Group's operational and financial performance, ensuring sound internal control and risk management systems are in place[85] - Directors received adequate and timely information prior to meetings, ensuring they were well-informed on issues arising at Board meetings[88] Remuneration Committee - The Remuneration Committee consists of three independent non-executive directors: Dr. Leung Hoi Ming, Mr. Wong Chi Keung, and Mr. Tom Xie[120] - The remuneration policy is designed to reward employees and Directors based on performance, qualifications, and market comparables, typically including salary, pension contributions, performance bonuses, and share options[127] - The RC reviews and approves management's remuneration with reference to the Board's corporate goals and objectives[124] - The remuneration packages for individual executive directors and senior management include benefits in kind, pension rights, and compensation payments for loss or termination of office[124] Audit Committee - The Audit Committee is responsible for reviewing the adequacy of the group's internal controls, risk management systems, and financial reporting processes[134] - The Committee must meet with the external auditor at least twice a year to discuss significant financial reporting judgments and any unusual items[136] - The Company is required to ensure compliance with accounting and auditing standards, as well as Listing Rules and legal requirements related to financial reporting[137] - The AC reviewed the financial results for the year ended March 31, 2023, and the interim report for the six months ended September 30, 2022[145] Risk Management - The Group has established a risk management framework to assess and manage risks across business operations[174] - The risk management group will identify risk exposures at least once a year and formulate a risk mitigation plan[175] - The Board is responsible for ensuring the financial statements comply with statutory requirements and applicable accounting standards[165] - The Group's internal audit function helps monitor the effectiveness of risk management and internal control systems[176] Shareholder Communication - The Company maintains a website to provide shareholders and investors with timely access to financial performance, strategic goals, and other relevant information[192] - The Group's communication policy aims to ensure shareholders and investors receive unbiased and understandable information about the Company[191] - The Company has adopted a shareholder communication policy to enhance transparency and effective communication with shareholders and investors[194] - The Board maintains ongoing dialogue with shareholders primarily through financial reports and annual general meetings[195]

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） 截至二零二三年三月三十一日止年度之 業績公佈 業績 元亨燃氣控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（「本集團」）截至二零二三年三月三十一日止年度之經審核綜合業績， 連同比較數字如下： I. 綜合損益及其他全面收入報表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 ...

Financial Performance - Gross amounts from operations for the six months ended September 30, 2022, were RMB 3,382,162, a decrease of 6.8% compared to RMB 3,630,900 in 2021[3] - Gross profit for the period was RMB 124,495, down 24.4% from RMB 164,750 in the previous year[3] - Profit for the period attributable to owners of the Company was RMB 89,561, an increase of 130.7% compared to RMB 38,829 in 2021[4] - Total comprehensive income for the period was RMB 101,191, up 42.8% from RMB 70,957 in the same period last year[3] - Basic and diluted earnings per share were both 1.368 RMB cents, compared to 0.593 RMB cents in 2021, reflecting a 131.5% increase[4] - The profit for the period as of 30 September 2021 was RMB 38,829,000, while for the same period in 2022, it increased to RMB 89,561,000, representing a growth of approximately 130%[12] - The Group reported a consolidated profit attributable to owners of the Company of approximately RMB 89,561,000 for the six months ended 30 September 2022, representing a significant increase of 130.5% compared to RMB 38,829,000 for the same period in 2021[19] - Profit before tax for the Group was reported at RMB 113,804,000, reflecting strong operational performance[25] - Profit before tax for the six months ended 30 September 2022 was RMB 82,508,000, compared to RMB 129,262,000 in 2021, indicating a decrease of approximately 36.2%[34] - Profit after tax for the same period was approximately RMB102 million, an increase of approximately 45.7% from RMB70 million in the previous year[81] Revenue and Sales - Total revenue for the six months ended 30 September 2022 amounted to RMB 1,275,255,000, an increase from RMB 1,038,138,000 for the same period in 2021, representing a growth of approximately 22.8%[34] - Revenue from wholesale of LNG increased to RMB 859,314,000 in 2022 from RMB 681,551,000 in 2021, reflecting a growth of 26.1%[34] - Revenue from LNG sales increased to approximately RMB859 million, an increase of approximately 26.1% compared to RMB681 million in the same period last year[81] - Revenue from piped gas sales rose to approximately RMB352 million, an increase of approximately 28.6% from RMB274 million in the previous period[83] - Revenue from oil and gas transactions decreased to approximately RMB2,148 million, a decline of approximately 18.4% from RMB2,631 million in the same period last year[83] - The company reported other revenue from contracts with customers of RMB 1,234,175,000 for the six months ended 30 September 2022, up from RMB 999,404,000 in 2021, representing a growth of 23.5%[34] Assets and Liabilities - Current assets as of September 30, 2022, totaled RMB 2,870,978, an increase from RMB 2,640,933 as of March 31, 2022[9] - Net current assets increased to RMB 1,073,914 from RMB 795,827, indicating improved liquidity[9] - Trade payables and other liabilities rose to RMB 689,371, up from RMB 545,817, reflecting increased operational obligations[9] - Total equity attributable to owners of the Company was RMB 1,454,893, compared to RMB 1,366,638 as of March 31, 2022, showing growth in shareholder value[9] - Trade receivables increased to RMB 1,343,185,000 as of September 30, 2022, compared to RMB 1,239,683,000 as of March 31, 2022, reflecting a growth of approximately 8.4%[18] - The Group's total trade and other receivables amounted to RMB 2,682,001,000 as of September 30, 2022, compared to RMB 2,387,470,000 as of March 31, 2022, reflecting an increase of about 12.3%[18] Cash Flow and Financing - The net cash used in operating activities for the six months ended 30 September 2022 was RMB (78,041,000), a significant decline from RMB 221,506,000 in the previous year[16] - Cash and cash equivalents at 30 September 2022 amounted to RMB 57,034,000, down from RMB 65,337,000 at the same date in 2021, indicating a decrease of about 11.1%[16] - The company reported a net cash inflow from financing activities of RMB 19,049,000 for the six months ended 30 September 2022, contrasting with a net outflow of RMB (111,301,000) in the prior year[16] - The Group obtained new bank and other loans amounting to approximately RMB 843,000,000 during the interim period, a significant increase from RMB 77,000,000 in the same period last year[70] - The Group repaid bank and other loans totaling approximately RMB 830,000,000 during the current interim period[70] Operational Efficiency - The total cash flow from operating activities showed a significant decrease, highlighting potential challenges in operational efficiency or market conditions[16] - The gross profit margin for LNG production declined due to increased purchase costs of natural gas, despite higher average selling prices[83] - The management plans to enhance efficiency and reduce costs while seeking profitable trading opportunities amid uncertainties in international oil and gas prices[83] - The Group recorded an unaudited consolidated turnover of approximately RMB3,382 million for the six months ended 30 September 2022, a decrease of approximately 6.9% compared to RMB3,631 million for the same period in 2021[81] - Administrative expenses increased by approximately 5.9% to RMB36 million from RMB34 million in the previous period[95] - Finance costs decreased by approximately 10.5% to RMB36 million from RMB40 million, primarily due to a reduction in the average balance of bank and other borrowings[95] Taxation - Current taxation for PRC Enterprise Income Tax decreased to RMB 11,031,000 from RMB 12,383,000 year-over-year, representing a decline of approximately 10.9%[42] - Deferred taxation remained consistent at RMB 11,031,000 compared to RMB 12,383,000 in the previous year[42] - The applicable income tax rate for the Group's companies is 25%, with certain subsidiaries benefiting from a reduced rate of 15% due to preferential tax treatment[45] - Four subsidiaries qualified as small and low profit enterprises, benefiting from a preferential income tax rate of 2.5% for taxable income less than RMB 1,000,000[47] Corporate Governance - The interim results for the six months ended September 30, 2022, have been reviewed by the Audit Committee of the Company[126] - The Company has complied with all applicable provisions of the Corporate Governance Code throughout the six months ended September 30, 2022, except for certain deviations[122] - The Company is committed to ensuring a balance of power and authority through the supervision of the Board and the audit committee[122] - The current company secretary's appointment was handled by a written resolution rather than a physical board meeting, which the Board deemed appropriate[124] Shareholder Information - Mr. Wang Jianqing holds a long position of 4,238,827,528 shares, representing 64.76% of the total holding[106] - Champion Ever Limited, wholly owned by Mr. Wang Jianqing, holds 3,602,323,177 shares, accounting for 55.03% of total shares[109] - Galaxy King Limited, also wholly owned by Mr. Wang Jianqing, holds 586,486,402 shares, which is 8.96% of total shares[109] - China Construction Bank Corporation and Central Huijin Investment Ltd each hold a security interest of 1,770,000,000 shares, representing 27.04% of total shares[109] - No share options have been granted by the Company since the Share Option Scheme was adopted on October 4, 2021[117] - As of September 30, 2022, no other individuals had registered interests or short positions in the shares of the Company[116] Employee Information - The Group had approximately 340 employees as of September 30, 2022, down from about 390 on March 31, 2022[101] - The remuneration packages for employees are reviewed annually based on performance appraisals[101]

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].