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].