Dear Registered Shareholders, ASIA ENERGY LOGISTICS GROUP LIMITED (THE "COMPANY") – NOTICE OF PUBLICATION OF INTERIM REPORT 2025 (THE "CURRENT CORPORATE COMMUNICATION") (Stock Code: 351) NOTIFICATION LETTER 通知信函 12 September 2025 ASIA ENERGY LOGISTICS GROUP LIMITED 亞 洲 能 源 物 流 集 團 有 限 公 司 English and Chinese versions of the Current Corporate Communication are available on the Company's website at www.aelg.com.hk and the website of HKEXnews at www.hkexnews.hk. If you have elected to receive corporate communi ...

[Company Information](index=3&type=section&id=Company%20Information) [Company Information Overview](index=3&type=section&id=Company%20Information%20Overview) The report details the company's basic information, including board members, statutory representative, company secretary, committee compositions, principal bankers, auditor, share registrar, registered office, stock code, and website - Board composition includes executive directors (Mr. Peng Yue as Chairman), non-executive directors, and independent non-executive directors[4](index=4&type=chunk) - Principal bankers include CMB Wing Lung Bank Limited and OCBC Wing Hang Bank Limited[4](index=4&type=chunk) - The auditor is Fuyou Mazars CPA Limited[4](index=4&type=chunk) - The company's shares are listed on the Hong Kong Stock Exchange, stock code **351**[5](index=5&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the group's operational performance, financial position, and future outlook across its business segments [Business Review](index=5&type=section&id=Business%20Review) The group's core operations include shipping and logistics, China telecom-related business, and e-commerce trading, with a terminated operation involving a vessel sale - Continuing operations comprise shipping and logistics, China telecom-related business, and e-commerce trading business[7](index=7&type=chunk) Shipping and Logistics Business Performance | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | YoY Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 14,786 | 20,432 | (5,646) | -28% | | Gross Profit | 3,335 | 2,488 | 847 | +34% | Telecom-Related Business Performance | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | YoY Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 8,877 | 2,437 | 6,440 | +264% | | Gross Loss | 88 | 52 | 36 | +69% | - E-commerce trading business commenced in Q4 2024, recording **HK$5,952 thousand in revenue** and **HK$12 thousand in gross profit** for H1 2025[11](index=11&type=chunk) - Discontinued operations involved the sale of a vessel for **US$9,500,000** (approximately **HK$74,100,000**), completed in August 2024[12](index=12&type=chunk) [Outlook](index=7&type=section&id=Outlook) The group maintains a cautious outlook on future business development, addressing challenges in shipping, telecom, and e-commerce through strategic adjustments and innovation - Shipping and logistics business faces new US tariffs and geopolitical dynamics, leading the group to reposition vessels and reduce operating costs[13](index=13&type=chunk) - Traditional SMS business within telecom-related operations faces significant challenges due to changes in customer operating environments and recent regulatory shifts, prompting the group to cautiously advance business development and expand new customer segments[14](index=14&type=chunk) - E-commerce trading business faces increasing competition in the China market, with the group aiming to maintain competitiveness through continuous innovation and product quality, while seeking suitable investment opportunities[16](index=16&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) Continuing operations saw a 29% revenue increase and a 59% reduction in loss, driven by telecom and e-commerce growth, despite shifts in liquidity and leverage - Revenue from continuing operations was approximately **HK$29,615 thousand**, an increase of approximately **29%** compared to the same period in 2024[17](index=17&type=chunk) - Loss from continuing operations was approximately **HK$14,685 thousand**, a decrease of approximately **59%** compared to the same period in 2024[17](index=17&type=chunk) - Basic and diluted loss per share from continuing operations was **0.74 HK cents** (H1 2024: 1.77 HK cents)[17](index=17&type=chunk) Financial Position Overview | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 67,709 | 62,772 | +4,937 | | Total Equity Attributable to Owners | 147,770 | 162,229 | -14,459 | | Net Current Assets | 79,197 | 90,537 | -11,340 | | Current Ratio | 884% | 1,139% | -255% | | Gearing Ratio | 7% | 6% | +1% | - The group holds an investment portfolio of listed shares and convertible bonds at fair value through profit or loss of approximately **HK$15,268 thousand**, representing approximately **10% of total assets**[20](index=20&type=chunk) - As of June 30, 2025, the group had no pledged assets, contingent liabilities, or capital commitments[24](index=24&type=chunk)[25](index=25&type=chunk) - The directors believe the group's foreign exchange risk is very low, thus no hedging instruments are employed[26](index=26&type=chunk) [Employees](index=12&type=section&id=Employees) As of June 30, 2025, the group had 19 full-time employees, with significantly reduced employee costs and established remuneration and benefit plans - As of June 30, 2025, the group had **19 full-time employees** in Hong Kong and China, consistent with December 31, 2024[28](index=28&type=chunk) - Employee costs (including directors' emoluments) for the review period were approximately **HK$5,348 thousand**, a significant decrease from HK$14,530 thousand in the same period of 2024[28](index=28&type=chunk) - As of June 30, 2025, there were no outstanding share options granted under the 2018 Share Option Scheme[28](index=28&type=chunk) [Corporate Governance and Other Information](index=13&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's adherence to corporate governance principles, board composition, compliance, risk management, and disclosures on interests and transactions [Corporate Governance](index=13&type=section&id=Corporate%20Governance) The company maintains high corporate governance standards and complies with the code, with the CEO role currently vacant and its duties performed by other executive directors - For the six months ended June 30, 2025, the company has complied with the Corporate Governance Code[31](index=31&type=chunk) - The Chief Executive Officer position has been vacant since March 2009, with its duties performed by other executive directors of the company[31](index=31&type=chunk) [Board of Directors](index=13&type=section&id=Board%20of%20Directors) The board composition remains unchanged since the 2024 annual report, with Ms. Liu Siyuan appointed as a member of the Nomination Committee - There have been no changes in the composition of the Board of Directors since the publication of the most recent 2024 annual report[32](index=32&type=chunk) - Ms. Liu Siyuan was appointed as a member of the Nomination Committee, effective June 24, 2025[33](index=33&type=chunk) [Compliance with Model Code](index=14&type=section&id=Compliance%20with%20Model%20Code) The company adopted the Model Code for directors' securities transactions, and all directors confirmed compliance during the review period - Following specific enquiries made to all directors, all directors confirmed their compliance with the Model Code throughout the review period[34](index=34&type=chunk) [Risk Management and Internal Control](index=14&type=section&id=Risk%20Management%20and%20Internal%20Control) The group has established appropriate risk management and internal control systems, with internal audit functions outsourced for assessment - The group has complied with Code Provision D.2 of the Corporate Governance Code by establishing appropriate and effective risk management and internal control systems[35](index=35&type=chunk) - Internal audit work has been outsourced to Shinewing Risk Management Limited[35](index=35&type=chunk) [Disclosure of Interests](index=15&type=section&id=Disclosure%20of%20Interests) This section discloses the interests of directors and substantial shareholders in the company's shares, with Mr. Peng Yue deemed to hold 70.18% through Dongyang Group Limited Directors' Interests in Shares and Underlying Shares (Long Position) | Name of Director | Capacity | Number of Shares Held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Peng Yue | Interest of controlled corporation | 1,400,000,000 | 70.18% | Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares (Long Position) | Name | Capacity | Number of Shares and Underlying Shares Held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Dongyang Group Limited | Beneficial owner | 1,400,000,000 (L) | 70.18% | - Mr. Peng Yue holds the entire equity interest in Dongyang Group Limited, the controlling shareholder of the company, and is therefore deemed to have an interest in all shares beneficially owned by Dongyang Group Limited[41](index=41&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) The 2018 Share Option Scheme aims to incentivize talent, with limits on total shares granted (10%), unexercised options (30%), and individual grants (1%), and no outstanding options as of June 30, 2025 - The 2018 Share Option Scheme aims to incentivize or reward contributions to the group and/or enable the group to employ and retain capable employees and attract valuable talent[42](index=42&type=chunk) - Under the scheme, the total number of shares subject to options that may be granted shall not exceed **10%** of the total issued shares as of the adoption date[44](index=44&type=chunk) - The maximum number of shares that may be issued upon exercise of all outstanding options shall not exceed **30%** of the total issued shares from time to time[44](index=44&type=chunk) - The total number of shares issued and to be issued upon exercise of options granted and to be granted to any eligible participant in any 12-month period shall not exceed **1%** of the company's total issued shares[44](index=44&type=chunk) - As of June 30, 2025, there were no outstanding share options granted under the 2018 Share Option Scheme[46](index=46&type=chunk) [Related Party Transactions](index=19&type=section&id=Related%20Party%20Transactions) Details of related party transactions are in financial statement note 17, all constituting discloseable connected transactions under Listing Rules - Details of related party transactions are set out in note 17 to the condensed consolidated interim financial statements[47](index=47&type=chunk) - All related party transactions constitute connected transactions under the Listing Rules and have complied with the disclosure requirements under Chapter 14A of the Listing Rules[47](index=47&type=chunk) [Review of Interim Results](index=19&type=section&id=Review%20of%20Interim%20Results) The unaudited consolidated interim results for the six months ended June 30, 2025, were reviewed by the Audit Committee with no accounting treatment disagreements - The unaudited consolidated interim results of the group for the six months ended June 30, 2025, have been reviewed by the Audit Committee[48](index=48&type=chunk) - The review found no disagreements with the accounting treatments adopted in the preparation of the condensed consolidated interim financial statements[48](index=48&type=chunk) [Sufficiency of Public Float](index=20&type=section&id=Sufficiency%20of%20Public%20Float) The company maintained a sufficient public float throughout the six months ended June 30, 2025, and up to the interim report date - The company maintained a sufficient public float for the six months ended June 30, 2025, and up to the date of this interim report[50](index=50&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the review period - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[51](index=51&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, continuing operations reported HK$29,615 thousand in revenue, HK$3,259 thousand gross profit, and a significantly reduced loss of HK$14,685 thousand Continuing Operations Financial Performance | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | YoY Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 29,615 | 22,869 | 6,746 | +29% | | Cost of Services | (26,356) | (20,433) | (5,923) | +29% | | Gross Profit | 3,259 | 2,436 | 823 | +34% | | Other Income | 1,608 | 363 | 1,245 | +343% | | Employee Costs | (5,348) | (14,530) | 9,182 | -63% | | Depreciation | (2,062) | (3,561) | 1,499 | -42% | | Legal and Professional Fees | (1,679) | (2,262) | 583 | -26% | | Motor Vehicle Expenses | (372) | (937) | 565 | -60% | | Other Administrative and Operating Expenses | (4,415) | (6,230) | 1,815 | -29% | | Fair Value Change of Financial Assets at FVTPL | (5,557) | (4,145) | (1,412) | +34% | | Loss on Disposal of Financial Assets at FVTPL | – | (6,769) | 6,769 | -100% | | Finance Costs | (119) | (263) | 144 | -55% | | Loss Before Tax from Continuing Operations | (14,685) | (35,898) | 21,213 | -59% | | Income Tax Expense | – | – | – | – | | Loss for the Period from Continuing Operations | (14,685) | (35,898) | 21,213 | -59% | - Profit for the period from discontinued operations: **HK$0 thousand** for H1 2025 (H1 2024: HK$13,686 thousand)[54](index=54&type=chunk) - Total comprehensive loss for the period: **(HK$14,459) thousand** for H1 2025 (H1 2024: (HK$22,272) thousand)[54](index=54&type=chunk) - Basic and diluted loss per share attributable to owners of the company: **0.74 HK cents** (H1 2024: 1.08 HK cents)[56](index=56&type=chunk) [Condensed Consolidated Statement of Financial Position](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total assets less current liabilities were HK$147,770 thousand, with non-current assets primarily property, plant, and equipment, and current assets including receivables, financial assets, and cash Balance Sheet Overview | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Non-current Assets | 68,573 | 73,447 | -4,874 | | Current Assets | 89,294 | 99,248 | -9,954 | | Current Liabilities | 10,097 | 8,711 | +1,386 | | Net Current Assets | 79,197 | 90,537 | -11,340 | | Total Assets Less Current Liabilities | 147,770 | 163,984 | -16,214 | | Net Assets | 147,770 | 162,229 | -14,459 | | Total Equity | 147,770 | 162,229 | -14,459 | - Key current asset components: **Bank balances and cash HK$67,709 thousand**, **financial assets at fair value through profit or loss HK$15,268 thousand**, and **trade and other receivables HK$6,317 thousand**[57](index=57&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners decreased from HK$162,229 thousand to HK$147,770 thousand, primarily due to a HK$14,685 thousand loss, partially offset by exchange differences Total Equity Movement | Indicator | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Total Equity | 162,229 | 147,770 | -14,459 | | Loss for the Period | - | (14,685) | (14,685) | | Exchange Differences Arising from Translation of Overseas Operations | - | 226 | 226 | [Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities was HK$7,218 thousand, with net increases in cash and cash equivalents of HK$4,934 thousand Cash Flow Overview | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net Cash From Operating Activities | 7,218 | 5,987 | +1,231 | | Net Cash Used in Investing Activities | (508) | (3,199) | +2,691 | | Net Cash Used in Financing Activities | (1,776) | (1,520) | (256) | | Net Increase in Cash and Cash Equivalents | 4,934 | 1,268 | +3,666 | | Cash and Cash Equivalents at End of Period | 67,502 | 14,982 | +52,520 | [Notes to the Condensed Consolidated Interim Financial Statements](index=28&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanatory notes supporting the condensed consolidated interim financial statements, covering accounting policies, segment information, and financial instrument disclosures [1. Company Information](index=28&type=section&id=1.%20Company%20Information) Asia Energy Logistics Group Limited is a Hong Kong-incorporated, HKEX-listed company primarily engaged in shipping and logistics, telecom-related, and e-commerce trading businesses - The company is a limited liability company incorporated in Hong Kong, with its shares listed on The Stock Exchange of Hong Kong Limited[63](index=63&type=chunk) - The group is engaged in shipping and logistics business, telecom-related business, and e-commerce trading business[63](index=63&type=chunk) [2. Basis of Preparation](index=28&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Listing Rules, to be read in conjunction with the 2024 annual financial statements - The condensed consolidated interim financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[64](index=64&type=chunk) - The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements of the company for the year ended December 31, 2024[64](index=64&type=chunk) [3. Adoption of New/Revised Hong Kong Financial Reporting Standards](index=30&type=section&id=3.%20Adoption%20of%20New%2FRevised%20Hong%20Kong%20Financial%20Reporting%20Standards) The group adopted HKAS 21 (Amendment) "Lack of Exchangeability" effective January 1, 2025, with no significant impact on the interim financial statements - The group first adopted HKAS 21 (Amendment) "Lack of Exchangeability", effective January 1, 2025[68](index=68&type=chunk) - The adoption of these amendments had no significant impact on the group's condensed consolidated interim financial statements[68](index=68&type=chunk) [4. Revenue](index=31&type=section&id=4.%20Revenue) Total continuing operations revenue was HK$29,615 thousand, comprising chartering, telecom services, and e-commerce trading, with the latter two falling under HKFRS 15 Continuing Operations Revenue Components | Revenue Source | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Chartering income | 14,786 | 20,432 | | Telecommunication services income | 8,877 | 2,437 | | E-commerce trading income | 5,952 | – | | **Total** | **29,615** | **22,869** | - Telecommunication services income and e-commerce trading income are revenue from contracts with customers within the scope of HKFRS 15[70](index=70&type=chunk) [5. Other Income](index=32&type=section&id=5.%20Other%20Income) Other income from continuing operations totaled HK$1,608 thousand, primarily from bank interest, net exchange gains, and reimbursements from charterers Other Income Components | Income Source | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank interest income | 1,207 | 56 | | Net exchange gain | 8 | 61 | | Reimbursement from charterers | 134 | 74 | | Miscellaneous income | 259 | 172 | | **Total** | **1,608** | **363** | [6. Segment Information](index=32&type=section&id=6.%20Segment%20Information) The group's reporting segments include continuing operations (shipping, telecom, e-commerce) and a terminated shipping operation, with key customer contributions detailed - The group's reporting segments include continuing operations (shipping and logistics, telecom-related business, e-commerce trading business) and discontinued operations (shipping and logistics)[72](index=72&type=chunk)[74](index=74&type=chunk) [6.1. Continuing Operations](index=34&type=section&id=6.1.%20Continuing%20Operations) In H1 2025, continuing operations saw a HK$1,140 thousand loss in telecom, HK$1,329 thousand profit in shipping, and HK$12 thousand profit in e-commerce Segment Results (H1 2025) | Segment | Revenue (HK$ thousand) | (Loss) Profit (HK$ thousand) | | :--- | :--- | :--- | | Telecommunication-related business | 8,877 | (1,140) | | Shipping and logistics | 14,786 | 1,329 | | E-commerce trading business | 5,952 | 12 | | **Total Continuing Operations** | **29,615** | **201** | [6.2. Discontinued Operations](index=33&type=section&id=6.2.%20Discontinued%20Operations) Discontinued operations relate to the sale of the M/V Clipper Panorama, with the memorandum of agreement signed in May 2024 and delivery in August 2024 - Discontinued operations refer to the disposal of a vessel (M/V Clipper Panorama), which was completed in August 2024[74](index=74&type=chunk) [6.3. Geographical Information](index=38&type=section&id=6.3.%20Geographical%20Information) As of June 30, 2025, non-current assets (excluding vessels) in Hong Kong and China were HK$4,213 thousand and HK$25 thousand, respectively, with no geographical segment data for shipping due to its transnational nature - As of June 30, 2025, non-current assets (excluding vessels) located in Hong Kong and China were approximately **HK$4,213 thousand** and **HK$25 thousand**, respectively[82](index=82&type=chunk) - Due to the transnational nature of shipping and logistics services, it is not meaningful to allocate operating results by specific geographical segments, hence no geographical segment information is presented[82](index=82&type=chunk) [6.4. Major Customers](index=39&type=section&id=6.4.%20Major%20Customers) In H1 2025, Customers A, B, and C significantly contributed to revenue across shipping, telecom, and e-commerce, while Customer D was a major contributor to shipping in H1 2024 Revenue from Major Customers (10% or more of group revenue) | Customer | Business Segment | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | :--- | | Customer A | Shipping and logistics | 14,786 | Not applicable | | Customer B | Telecommunication-related business | 6,120 | Not applicable | | Customer C | E-commerce trading business | 5,952 | Not applicable | | Customer D | Shipping and logistics | Not applicable | 20,432 | [7. Finance Costs](index=40&type=section&id=7.%20Finance%20Costs) Finance costs for continuing operations primarily consisted of lease liabilities interest, decreasing to HK$119 thousand in H1 2025 from HK$233 thousand in H1 2024 Finance Costs Components | Cost Type | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on other borrowings | – | 30 | | Interest on lease liabilities | 119 | 233 | | **Total** | **119** | **263** | [8. Loss Before Tax from Continuing Operations](index=41&type=section&id=8.%20Loss%20Before%20Tax%20from%20Continuing%20Operations) Loss before tax from continuing operations was HK$14,685 thousand, primarily impacted by depreciation, employee costs, and write-offs of other receivables and intangible assets Key Deductions | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 2,892 | 2,457 | | Depreciation of right-of-use assets | 1,488 | 2,985 | | Employee costs | 5,348 | 14,530 | | Write-off of other receivables | 1,241 | – | | Write-off of intangible assets | 1,000 | – | [9. Income Tax](index=42&type=section&id=9.%20Income%20Tax) Hong Kong profits tax is 16.5% and China corporate income tax is 25%, with no income tax provision made due to the absence of estimated taxable profits or tax losses - Hong Kong profits tax is calculated at **16.5%**, and China corporate income tax is calculated at **25%**[89](index=89&type=chunk) - No income tax provision was made as the group entities had no estimated assessable profits or incurred tax losses for the six months ended June 30, 2025, and 2024[89](index=89&type=chunk) [10. (Loss) Earnings Per Share](index=42&type=section&id=10.%20%28Loss%29%20Earnings%20Per%20Share) Basic and diluted loss per share from continuing operations was 0.74 HK cents, with no dilutive potential ordinary shares outstanding - Basic and diluted loss per share from continuing operations was **0.74 HK cents** (H1 2024: 1.77 HK cents)[93](index=93&type=chunk) - Basic and diluted earnings per share from discontinued operations was **zero HK cents** (H1 2024: 0.69 HK cents)[93](index=93&type=chunk) - Diluted loss per share for the six months ended June 30, 2025, and 2024, was the same as basic loss per share, as there were no potential dilutive ordinary shares outstanding during the period[93](index=93&type=chunk) [11. Dividends](index=43&type=section&id=11.%20Dividends) No dividends were paid, declared, or recommended by the directors for the six months ended June 30, 2025, or 2024 - The company did not pay or declare any dividends for the six months ended June 30, 2025, and 2024[94](index=94&type=chunk) - The directors do not recommend the payment of any dividends for the six months ended June 30, 2025, and 2024[94](index=94&type=chunk) [12. Trade and Other Receivables](index=44&type=section&id=12.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables significantly decreased to HK$6,317 thousand, driven by a reduction in other receivables and amounts from a regulated securities broker Total Trade and Other Receivables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 3,090 | 407 | | Other receivables | 3,470 | 4,383 | | Deposits | 1,005 | 1,005 | | Deposits for vessel operations | – | 354 | | Other receivables from a regulated securities broker | – | 9,903 | | Prepayments | 89 | 936 | | Less: Loss allowance for other receivables | (1,337) | (1,337) | | **Total** | **6,317** | **15,651** | [12.1. Trade Receivables](index=45&type=section&id=12.1.%20Trade%20Receivables) As of June 30, 2025, all trade receivables were aged between 30 and 90 days from the invoice date - As of June 30, 2025, all trade receivables were aged within **30 to 90 days** from the invoice date[97](index=97&type=chunk) [12.2. Other Receivables](index=45&type=section&id=12.2.%20Other%20Receivables) As of June 30, 2025, HK$1,337 thousand of other receivables were interest-bearing at 10% p.a., unsecured, and over 240 days overdue, with the remainder interest-free and repayable on demand - As of June 30, 2025, a balance of **HK$1,337 thousand** was interest-bearing at **10% per annum**, unsecured, and overdue for more than **240 days**[98](index=98&type=chunk) - The remaining balance is interest-free, unsecured, and repayable on demand[98](index=98&type=chunk) [13. Financial Assets at Fair Value Through Profit or Loss](index=46&type=section&id=13.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at FVTPL totaled HK$15,268 thousand, comprising HK-listed securities and convertible bonds, with the latter valued using a binomial option pricing model Financial Assets Components | Asset Type | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Listed securities in Hong Kong | 6,988 | 12,397 | | Convoy convertible bonds | 8,280 | 8,428 | | **Total** | **15,268** | **20,825** | [13.1. Listed Securities in Hong Kong](index=46&type=section&id=13.1.%20Listed%20Securities%20in%20Hong%20Kong) The fair value of listed securities in Hong Kong is measured based on quoted market prices (Level 1 input) in accordance with HKFRS 13 - The fair value of listed securities in Hong Kong is measured based on quoted market prices (Level 1 input) in accordance with HKFRS 13[100](index=100&type=chunk) [13.2. Convoy Convertible Bonds](index=47&type=section&id=13.2.%20Convoy%20Convertible%20Bonds) The Convoy convertible bonds, with a principal of HK$8,000 thousand and 2% annual interest, are valued using a binomial option pricing model (Level 3 fair value) and saw a HK$148 thousand fair value decrease in H1 2025 - The Convoy convertible bonds have a principal amount of **HK$8,000 thousand**, bear interest at **2% per annum**, mature on September 26, 2026, and have an initial conversion price of **HK$0.1 per share**[102](index=102&type=chunk) - The fair value of the Convoy convertible bonds is estimated by an independent professional valuer using a binomial option pricing model and is classified as a **Level 3 fair value measurement**[102](index=102&type=chunk) - The fair value change of Convoy convertible bonds for H1 2025 was a **decrease of HK$148 thousand**[103](index=103&type=chunk) - Sensitivity analysis indicates that changes in Convoy's share price, risk-free rate, discount rate, and expected volatility would all impact the fair value[106](index=106&type=chunk) [14. Bank Balances and Cash](index=51&type=section&id=14.%20Bank%20Balances%20and%20Cash) As of June 30, 2025, total bank balances and cash were HK$67,709 thousand, comprising bank cash, cash on hand, and fixed deposits with original maturities over three months Bank Balances and Cash Components | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Cash on hand | 1 | 445 | | Bank cash | 67,501 | 62,123 | | Accounted for in condensed consolidated statement of cash flows | 67,502 | 62,568 | | Fixed deposits with original maturity over three months | 207 | 204 | | **Total** | **67,709** | **62,772** | - All bank cash earns interest at floating rates based on daily bank deposit rates[108](index=108&type=chunk) [15. Trade and Other Payables](index=52&type=section&id=15.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to HK$6,637 thousand, primarily due to a rise in trade payables, partially offset by a decrease in accrued expenses Trade and Other Payables Components | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 3,756 | 701 | | Accrued expenses and other payables | 2,043 | 3,770 | | Receipts in advance | 838 | 878 | | **Total** | **6,637** | **5,349** | [15.1. Trade Payables](index=53&type=section&id=15.1.%20Trade%20Payables) Trade payables generally have a credit period of up to 90 days, with all balances as of June 30, 2025, aged within 30 days from the invoice date - The credit period for trade payables is generally within **90 days**[113](index=113&type=chunk) - As of June 30, 2025, all trade payables were aged within **30 days** from the invoice date[113](index=113&type=chunk) [16. Share Capital](index=53&type=section&id=16.%20Share%20Capital) As of June 30, 2025, total issued shares were 1,994,975,244, with share capital at HK$1,981,158 thousand, consistent with December 31, 2024 Share Capital | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Shares | 1,994,975,244 | 1,994,975,244 | | HK$ thousand | 1,981,158 | 1,981,158 | [17. Related Party Transactions and Balances](index=54&type=section&id=17.%20Related%20Party%20Transactions%20and%20Balances) Key management personnel (directors) remuneration decreased to HK$2,509 thousand in H1 2025, with no consulting fees paid to a former director's company, and these transactions are exempt from Listing Rule disclosure Key Management Personnel (Directors) Remuneration | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries and other benefits | 2,491 | 2,847 | | Contributions to defined contribution retirement plans | 18 | 18 | | **Total** | **2,509** | **2,865** | - Consulting fees payable to Genesis Financial Public Relations Limited (beneficially owned by Mr. Ng Kin, a former director of certain subsidiaries of the company) were **zero HK$ thousand** (H1 2024: HK$300 thousand)[116](index=116&type=chunk) - The related party transactions disclosed in note 17(b) to the condensed consolidated interim financial statements constitute connected transactions exempt from the reporting, announcement, and independent shareholders' approval requirements under the Listing Rules[116](index=116&type=chunk) [18. Fair Value Measurement of Financial Instruments](index=55&type=section&id=18.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The group categorizes financial assets measured at fair value into three levels, with HK-listed securities (Level 1) at HK$6,988 thousand and convertible bonds (Level 3) at HK$8,280 thousand as of June 30, 2025 - Fair value hierarchy definitions: **Level 1** (quoted prices in active markets for identical assets or liabilities), **Level 2** (inputs other than quoted prices that are observable, either directly or indirectly), **Level 3** (inputs for the asset or liability that are not based on observable market data)[119](index=119&type=chunk) Fair Value of Financial Assets | Level | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Level 1 (Listed securities in Hong Kong) | 6,988 | 12,397 | | Level 3 (Convoy convertible bonds) | 8,280 | 8,428 | - For the six months ended June 30, 2025, the change in Level 3 fair value was a **decrease of HK$148 thousand**[120](index=120&type=chunk) [Glossary](index=56&type=section&id=Glossary) This section defines key terms and abbreviations used throughout the report, such as "Company," "Board," "Corporate Governance Code," and "Listing Rules," to aid reader comprehension - This section aims to provide definitions for key terms and abbreviations used in the report[122](index=122&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - Glossary includes terms such as "Company," "Board," "Corporate Governance Code," and "Listing Rules"[122](index=122&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 亞洲能源物流集團有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00351 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,994,975,244 | | 0 | | 1,994,975,244 | | 增加 / 減少 (-) | | | 0 ...

Group 1 - The company reported a revenue of HKD 29.615 million for the six months ending June 30, 2025, representing a year-on-year increase of 29.5% [1] - The loss attributable to shareholders narrowed to HKD 14.685 million, a decrease of 32.28% compared to the previous year [1] - The basic loss per share was HKD 0.074 [1]

Group 1 - The core viewpoint of the article highlights that Asia Energy Logistics (00351) reported a significant increase in revenue and a reduction in shareholder losses for the six months ending June 30, 2025 [1] Group 2 - The company's revenue from continuing operations reached HKD 29.615 million, representing a year-on-year increase of 29.5% [1] - Shareholder losses narrowed to HKD 14.685 million, a decrease of 32.28% compared to the previous year [1] - The basic loss per share was reported at HKD 0.074 [1]

[Announcement Information](index=1&type=section&id=Announcement%20Information) This announcement details Asia Energy Logistics Group's unaudited interim results for the six months ended June 30, 2025 [Cover and Company Information](index=1&type=section&id=Cover%20and%20Company%20Information) This section provides essential company details and confirms the nature of the interim results announcement - Company Name: **Asia Energy Logistics Group Limited** (Stock Code: **351**)[2](index=2&type=chunk) - This announcement is for the unaudited consolidated results for the six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's financial performance and position for the interim period [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Revenue from continuing operations grew 29.5%, while the loss for the period significantly narrowed by 59.1% to HKD 14,685 thousand Condensed Consolidated Statement of Comprehensive Income Key Data (HKD thousands) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 29,615 | 22,869 | +29.5% | | Gross Profit (Continuing Operations) | 3,259 | 2,436 | +33.8% | | Other Income (Continuing Operations) | 1,608 | 363 | +343.0% | | Employee Costs | (5,348) | (14,530) | -63.2% | | Loss Before Tax from Continuing Operations | (14,685) | (35,898) | -59.1% | | Loss for the Period (Continuing Operations) | (14,685) | (35,898) | -59.1% | | Profit for the Period (Discontinued Operations) | – | 13,686 | -100.0% | | Total Loss for the Period | (14,685) | (22,212) | -33.9% | | Loss for the Period Attributable to Owners of the Company | (14,685) | (21,684) | -32.3% | | Basic and Diluted Loss Per Share (Continuing Operations) | (0.74) HK cents | (1.77) HK cents | -58.2% | | Basic and Diluted Earnings Per Share (Discontinued Operations) | – | 0.69 HK cents | -100.0% | | Total Basic and Diluted Loss Per Share | (0.74) HK cents | (1.08) HK cents | -31.5% | - Revenue from continuing operations primarily derived from chartering income, telecommunication services income, and e-commerce trading income[3](index=3&type=chunk) - Employee costs significantly decreased by **63.2%**, a major reason for the narrowed loss for the period[3](index=3&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets and equity decreased, yet net current assets remained robust, indicating healthy liquidity and leverage ratios Condensed Consolidated Statement of Financial Position Key Data (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 68,573 | 73,447 | -6.7% | | Current Assets | 89,294 | 99,248 | -10.0% | | Current Liabilities | 10,097 | 8,711 | +15.9% | | Net Current Assets | 79,197 | 90,537 | -12.5% | | Total Assets Less Current Liabilities | 147,770 | 163,984 | -9.9% | | Net Assets | 147,770 | 162,229 | -8.8% | | Total Equity | 147,770 | 162,229 | -8.8% | - Trade and other receivables decreased from **HKD 15,651 thousand** to **HKD 6,317 thousand**, a **59.6%** decrease[5](index=5&type=chunk) - Bank balances and cash slightly increased from **HKD 62,772 thousand** to **HKD 67,709 thousand**[5](index=5&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated interim financial statements [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The interim financial statements adhere to HKAS 34 and Listing Rules, requiring careful judgment and estimates - Financial statements prepared in accordance with **HKAS 34 Interim Financial Reporting** and the **Listing Rules**[6](index=6&type=chunk) - Preparation requires judgments, estimates, and assumptions affecting policy application and reported amounts of assets, liabilities, income, and expenses[6](index=6&type=chunk) - The 2024 annual financial statements were filed with the Registrar of Companies in Hong Kong, and the auditor's report was unqualified[6](index=6&type=chunk) [Adoption of New/Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=Adoption%20of%20New%2FRevised%20Hong%20Kong%20Financial%20Reporting%20Standards) New/revised HKFRS standards effective January 1, 2025, were adopted with no material impact on the interim financial statements - The Group first adopted new/revised Hong Kong Financial Reporting Standards accounting standards effective **January 1, 2025**[7](index=7&type=chunk)[8](index=8&type=chunk) - The adoption of HKAS 21 (Amendment) "Lack of Exchangeability" had no significant impact on the financial statements[9](index=9&type=chunk) [Revenue](index=6&type=section&id=Revenue) Continuing operations revenue increased 29.5%, driven by telecommunication services and new e-commerce trading, despite a decline in chartering income Revenue from Continuing Operations Breakdown (HKD thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Chartering Income | 14,786 | 20,432 | -27.6% | | Telecommunication Services Income | 8,877 | 2,437 | +264.2% | | E-commerce Trading Income | 5,952 | – | New | | **Total Revenue (Continuing Operations)** | **29,615** | **22,869** | **+29.5%** | - Telecommunication services income significantly increased by **264.2%**, and e-commerce trading business is a new revenue source for the period[10](index=10&type=chunk) [Other Income](index=7&type=section&id=Other%20Income) Other income surged 343% year-on-year, primarily due to a substantial increase in bank interest income Other Income Breakdown (HKD thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Bank Interest Income | 1,207 | 56 | +2055.4% | | Net Exchange Gain | 8 | 61 | -86.9% | | Reimbursement from Charterers | 134 | 74 | +81.1% | | Miscellaneous Income | 259 | 172 | +50.6% | | **Total Other Income** | **1,608** | **363** | **+343.0%** | - Bank interest income surged from **HKD 56 thousand** to **HKD 1,207 thousand**, the main driver of other income growth[11](index=11&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group's continuing operations span shipping, telecom, and e-commerce, with telecom and e-commerce showing significant revenue growth - The Group's reportable segments include continuing operations (shipping and logistics, telecommunication-related business, e-commerce trading) and discontinued operations[12](index=12&type=chunk)[13](index=13&type=chunk) - Segment results refer to the results from each reportable segment, excluding the allocation of corporate income and expenses[14](index=14&type=chunk) [Continuing Operations](index=8&type=section&id=Continuing%20Operations) Telecom and e-commerce revenues grew substantially, while shipping and logistics revenue decreased but improved gross profit, leading to an overall segment profit Continuing Operations Segment Revenue and Profit (Six Months Ended June 30, 2025, HKD thousands) | Segment | External Customer Segment Revenue | Segment (Loss) Profit | | :--- | :--- | :--- | | Telecommunication-Related Business | 8,877 | (1,140) | | Shipping and Logistics | 14,786 | 1,329 | | E-commerce Trading Business | 5,952 | 12 | | **Total** | **29,615** | **201** | - Shipping and logistics segment revenue decreased year-on-year, but segment profit turned from loss to profit, mainly due to cost control[15](index=15&type=chunk)[16](index=16&type=chunk) - Telecommunication-related business revenue significantly increased but still recorded a segment loss of **HKD 1,140 thousand**[15](index=15&type=chunk) [Discontinued Operations](index=9&type=section&id=Discontinued%20Operations) Discontinued operations in H1 2024 primarily reflect revenue and profit from the sale of a vessel in the shipping and logistics segment Discontinued Operations Segment Revenue and Profit (Six Months Ended June 30, 2024, HKD thousands) | Segment | External Customer Segment Revenue | Segment Profit | | :--- | :--- | :--- | | Shipping and Logistics (Discontinued) | 24,779 | 13,686 | - On May 23, 2024, the company agreed to sell a vessel (M/V Clipper Panorama), which constituted discontinued operations[13](index=13&type=chunk) [Geographical Information](index=10&type=section&id=Geographical%20Information) Non-current assets are concentrated in Hong Kong and China, with all telecom and e-commerce revenue originating from China Geographical Distribution of Non-Current Assets (HKD thousands) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Hong Kong | 4,213 | 7,207 | | China | 25 | 50 | - Revenue from telecommunication-related business and e-commerce trading business is entirely from China[19](index=19&type=chunk) - Shipping and logistics services, due to their multinational operations, do not present geographical segment revenue[18](index=18&type=chunk) [Major Customers](index=10&type=section&id=Major%20Customers) In H1 2025, three customers each contributed over 10% of group revenue across shipping, telecom, and e-commerce segments Major Customers Contributing 10% or More of Group Revenue (HKD thousands) | Customer | Segment | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | | Customer A | Shipping and Logistics | 14,786 | Not Applicable | | Customer B | Telecommunication-Related Business | 6,120 | Not Applicable | | Customer C | E-commerce Trading Business | 5,952 | Not Applicable | | Customer D | Shipping and Logistics (Continuing Operations) | Not Applicable | 20,432 | | Customer D | Shipping and Logistics (Discontinued Operations) | Not Applicable | 24,779 | - In H1 2025, Customers A, B, and C became major customers, while major customer D's revenue share in H1 2024 was below **10%** in H1 2025[20](index=20&type=chunk)[21](index=21&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) Finance costs from continuing operations decreased by 54.4% year-on-year, mainly due to reduced interest on lease liabilities Finance Costs Breakdown (HKD thousands) | Cost Type | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Other Borrowings | – | 30 | -100.0% | | Interest on Lease Liabilities | 119 | 233 | -48.9% | | **Total Finance Costs** | **119** | **263** | **-54.7%** | - Interest on lease liabilities decreased from **HKD 233 thousand** to **HKD 119 thousand**, the main reason for the decline in finance costs[22](index=22&type=chunk) [Loss Before Tax from Continuing Operations](index=12&type=section&id=Loss%20Before%20Tax%20from%20Continuing%20Operations) Loss before tax significantly narrowed, primarily due to reduced employee costs, depreciation, and asset write-offs Major Deductions for Loss Before Tax from Continuing Operations (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 2,892 | 2,457 | +17.7% | | Depreciation of Right-of-Use Assets | 1,488 | 2,985 | -50.1% | | Employee Costs | 5,348 | 14,530 | -63.2% | | Write-off of Other Receivables | 1,241 | – | New | | Write-off of Intangible Assets | 1,000 | – | New | - Employee costs significantly decreased by **63.2%**, a key factor in narrowing the loss[23](index=23&type=chunk) - This period saw new write-offs of other receivables of **HKD 1,241 thousand** and intangible assets of **HKD 1,000 thousand**[23](index=23&type=chunk) [Income Tax](index=13&type=section&id=Income%20Tax) No income tax provision was made due to the absence of estimated taxable profit for the Group entities during the reporting period - Hong Kong profits tax rate is **16.5%**, and China corporate income tax rate is **25%**[24](index=24&type=chunk) - No income tax provision was made as the Group entities had no estimated taxable profit or incurred tax losses during the reporting period[24](index=24&type=chunk) [(Loss) Earnings Per Share](index=13&type=section&id=(Loss)%20Earnings%20Per%20Share) Basic and diluted loss per share from continuing operations significantly narrowed by 58.2%, with no earnings from discontinued operations (Loss) Earnings Per Share (HK cents) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Continuing Operations | (0.74) | (1.77) | -58.2% | | Discontinued Operations | – | 0.69 | -100.0% | | **Total** | **(0.74)** | **(1.08)** | **-31.5%** | - Basic and diluted loss per share were consistent for the six months ended June 30, 2025, and 2024, as there were no potential dilutive ordinary shares[25](index=25&type=chunk) [Dividends](index=14&type=section&id=Dividends) The company neither paid nor declared any dividends during the reporting period, and the Board does not recommend any - The company neither paid nor declared dividends for the six months ended June 30, 2025, and 2024[26](index=26&type=chunk) - The directors do not recommend the payment of any dividends for the six months ended June 30, 2025, and 2024[27](index=27&type=chunk) [Trade and Other Receivables](index=14&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables decreased 59.6%, mainly due to a substantial reduction in other receivables from a regulated securities broker Trade and Other Receivables Breakdown (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Receivables from Services Income | 3,090 | 407 | +659.2% | | Other Receivables | 3,470 | 4,383 | -20.8% | | Deposits for Vessel Operations | – | 354 | -100.0% | | Other Receivables from a Regulated Securities Broker | – | 9,903 | -100.0% | | Prepayments | 89 | 936 | -90.5% | | Less: Loss Allowance for Other Receivables | (1,337) | (1,337) | 0.0% | | **Total** | **6,317** | **15,651** | **-59.6%** | - Other receivables from a regulated securities broker decreased from **HKD 9,903 thousand** to zero, the main reason for the decline in total receivables[28](index=28&type=chunk) - All trade receivables have an aging within **30 to 90 days**[29](index=29&type=chunk) - Other receivables of **HKD 1,337 thousand** were overdue for more than **240 days** and bear interest at **10% per annum**[30](index=30&type=chunk) [Trade and Other Payables](index=15&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables increased by 24.1% year-on-year, primarily driven by a significant rise in trade payables Trade and Other Payables Breakdown (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 3,756 | 701 | +435.8% | | Accrued Expenses and Other Payables | 2,043 | 3,770 | -45.8% | | Receipts in Advance | 838 | 878 | -4.5% | | **Total** | **6,637** | **5,349** | **+24.1%** | - Trade payables significantly increased from **HKD 701 thousand** to **HKD 3,756 thousand**[31](index=31&type=chunk) - The credit period for trade payables is generally within **90 days**, with all aging within **30 days**[32](index=32&type=chunk) [Share Capital](index=16&type=section&id=Share%20Capital) The total number of issued shares remained unchanged at 1,994,975,244 shares as of June 30, 2025 - As of June 30, 2025, the total number of issued shares was **1,994,975,244**, the same as December 31, 2024[33](index=33&type=chunk)[34](index=34&type=chunk) [Related Party Transactions and Balances](index=16&type=section&id=Related%20Party%20Transactions%20and%20Balances) Remuneration for key management personnel decreased, and consulting fees payable to a related entity were reduced to zero Key Management Personnel Remuneration (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and Other Benefits | 2,491 | 2,847 | -12.5% | | Contributions to Defined Contribution Retirement Plans | 18 | 18 | 0.0% | | **Total** | **2,509** | **2,865** | **-12.5%** | - Consulting fees payable to Ascent Financial Public Relations Limited decreased from **HKD 300 thousand** in the prior year to zero[36](index=36&type=chunk) - Disclosed related party transactions constitute connected transactions exempt from reporting, announcement, and independent shareholders' approval requirements under the Listing Rules[36](index=36&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance, financial position, and future outlook across its operating segments [Business Review](index=17&type=section&id=Business%20Review) The Group's core businesses are shipping, telecom, and e-commerce, with significant growth in telecom and e-commerce, and a completed vessel sale - The Group's main businesses include shipping and logistics, telecommunication-related business in China, and e-commerce trading business[37](index=37&type=chunk) [Continuing Operations](index=17&type=section&id=Continuing%20Operations%20(Business%20Review)) Shipping and logistics revenue declined but gross profit improved, while telecom and e-commerce businesses saw substantial revenue growth [Shipping and Logistics](index=17&type=section&id=Shipping%20and%20Logistics) Revenue decreased by 28%, but gross profit increased by 34% due to higher vessel utilization and cost control measures - Shipping and logistics business revenue was approximately **HKD 14,786 thousand**, a year-on-year decrease of approximately **28%**[39](index=39&type=chunk) - Gross profit was approximately **HKD 3,335 thousand**, a year-on-year increase of approximately **34%**, mainly due to higher vessel utilization, reduced dry-docking losses in 2024, and decreased repair and maintenance[39](index=39&type=chunk) - The Group currently operates one dry bulk vessel with a total capacity of approximately **32,000 DWT**, fully utilized during the reporting period[38](index=38&type=chunk)[39](index=39&type=chunk) [Telecommunication-Related Business](index=17&type=section&id=Telecommunication-Related%20Business) Revenue surged by 264% from new client acquisition, though gross loss increased due to lower profit margins - Telecommunication-related business revenue was approximately **HKD 8,877 thousand**, a year-on-year increase of approximately **264%**, mainly due to new client development in H1 2025[40](index=40&type=chunk) - Gross loss was approximately **HKD 88 thousand**, a year-on-year increase of approximately **69%**, mainly due to lower profit margins for certain customers[40](index=40&type=chunk) [E-commerce Trading Business](index=18&type=section&id=E-commerce%20Trading%20Business) This new business, launched in Q4 2024, generated HKD 5,952 thousand in revenue and HKD 12 thousand in gross profit - The Group commenced e-commerce trading business in China in **Q4 2024**[41](index=41&type=chunk) - Revenue of approximately **HKD 5,952 thousand** and gross profit of approximately **HKD 12 thousand** were recorded during the reporting period[41](index=41&type=chunk) [Discontinued Operations](index=18&type=section&id=Discontinued%20Operations%20(Business%20Review)) This section details the sale of a vessel in May 2024, with related results accounted for as discontinued operations - The Group agreed to sell a vessel on May 23, 2024, for a consideration of **USD 9,500,000** (approximately **HKD 74,100,000**)[42](index=42&type=chunk) - The sale was completed in August 2024, and the related results were accounted for as discontinued operations[42](index=42&type=chunk) [Prospects](index=18&type=section&id=Prospects) The Group navigates market challenges in shipping and telecom, while aiming for competitiveness in e-commerce and seeking synergistic investments - The Group will continue to seek suitable investment opportunities that generate synergy with existing businesses and contribute positively[45](index=45&type=chunk) [Shipping and Logistics](index=18&type=section&id=Shipping%20and%20Logistics%20(Prospects)) The dry bulk market faces geopolitical and tariff challenges, prompting vessel repositioning and cost reduction efforts - The dry bulk shipping market faces challenges and opportunities from new US tariffs and geopolitical dynamics[43](index=43&type=chunk) - The Group has repositioned its vessel to the East Coast of the Atlantic and implemented measures to reduce operating costs[43](index=43&type=chunk) [Telecommunication-Related Business](index=19&type=section&id=Telecommunication-Related%20Business%20(Prospects)) Traditional SMS services face challenges from market shifts and regulatory changes, necessitating cautious expansion and new client acquisition - Traditional SMS business faces significant challenges due to changes in customer operating environment and recent regulatory changes[44](index=44&type=chunk) - The Group will cautiously promote business development and cooperation while expanding new customer segments[44](index=44&type=chunk) [E-commerce Trading Business](index=19&type=section&id=E-commerce%20Trading%20Business%20(Prospects)) Facing intense competition in China, the company plans to maintain competitiveness through innovation, product quality, and strategic investments - The Chinese e-commerce market is increasingly competitive, with evolving marketing models[45](index=45&type=chunk) - The company believes it can maintain market competitiveness through continuous innovation and maintaining product quality[45](index=45&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) Continuing operations revenue increased 29%, and the loss significantly narrowed by 59% due to reduced costs and absence of financial asset sale losses - Revenue from continuing operations was approximately **HKD 29,615 thousand**, a year-on-year increase of approximately **29%**[46](index=46&type=chunk) - Loss from continuing operations was approximately **HKD 14,685 thousand**, a year-on-year decrease of approximately **59%**[46](index=46&type=chunk) - The reduction in loss was mainly attributable to decreased employee costs and other operating expenses, and no loss from the sale of financial assets at fair value through profit or loss this period[46](index=46&type=chunk) - Basic and diluted loss per share from continuing operations was **0.74 HK cents**, and zero for discontinued operations[47](index=47&type=chunk) [Financial Resources, Liquidity, and Gearing Ratio](index=20&type=section&id=Financial%20Resources%2C%20Liquidity%2C%20and%20Gearing%20Ratio) Cash and bank balances increased, while total equity and net current assets decreased, maintaining healthy liquidity and gearing ratios Key Financial Resources Indicators (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 67,709 | 62,772 | +7.9% | | Total Equity Attributable to Owners of the Company | 147,770 | 162,229 | -8.9% | | Net Current Assets | 79,197 | 90,537 | -12.5% | | Current Ratio | 884% | 1,139% | -22.4% | | Gearing Ratio | 7% | 6% | +16.7% | - Total number of issued shares was **1,994,975,244**[48](index=48&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, and Future Plans for Material Investments or Capital Assets](index=20&type=section&id=Significant%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group holds a portfolio of listed investments, completed a vessel sale, and has no current plans for other material investments - Financial assets at fair value through profit or loss include a portfolio of listed equity and convertible bond investments with a fair value of approximately **HKD 15,268 thousand**, representing approximately **10%** of total assets[49](index=49&type=chunk) - The Group will closely monitor capital market performance and adopt the most appropriate strategy[49](index=49&type=chunk) - The vessel sale was completed in **August 2024**[51](index=51&type=chunk) - As of the date of this announcement, the Board has not approved any plans for material investments or additional capital assets[51](index=51&type=chunk) [Pledges of Assets and Contingent Liabilities](index=21&type=section&id=Pledges%20of%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group reported no pledges of assets or contingent liabilities - As of June 30, 2025, the Group had no pledges of assets[52](index=52&type=chunk) - As of June 30, 2025, the Group had no contingent liabilities[52](index=52&type=chunk) [Capital Commitments](index=21&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, the Group had no capital commitments[53](index=53&type=chunk) [Exchange Rate Fluctuation Risk](index=21&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The Group considers its foreign exchange risk to be very low and therefore does not use hedging instruments - The Group's assets, liabilities, and transactions are primarily denominated in the functional currencies of its business operations, facing very low risk of foreign exchange rate fluctuations[54](index=54&type=chunk) - Therefore, the Group does not use hedging instruments or other hedging methods[54](index=54&type=chunk) [Employees and Remuneration Policies](index=22&type=section&id=Employees%20and%20Remuneration%20Policies) The Group had 19 full-time employees, with significantly reduced employee costs, and remuneration is based on market practice and duties - As of June 30, 2025, the Group had **19** full-time employees, the same as December 31, 2024[55](index=55&type=chunk) - Employee costs for the reporting period were approximately **HKD 5,348 thousand**, a significant year-on-year decrease of **63.2%**[55](index=55&type=chunk) - Remuneration is determined based on duties, work experience, and market practice, with share option and retirement benefit schemes in place[55](index=55&type=chunk) - As of June 30, 2025, there were no outstanding share options granted under the 2018 Share Option Scheme[55](index=55&type=chunk) [Corporate Governance](index=22&type=section&id=Corporate%20Governance) The company upholds high corporate governance standards, complying with the code despite a long-vacant CEO position [Compliance with Corporate Governance Code](index=22&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company adheres to the Corporate Governance Code, with the CEO's duties handled by other executive directors since 2009 - The company has consistently complied with the Corporate Governance Code, except for the CEO position being vacant since **March 2009**[56](index=56&type=chunk) - The CEO's duties are performed by other executive directors, and the Board believes this has no significant impact on the Group's operations[56](index=56&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=23&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period - All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the review period[57](index=57&type=chunk) [Sufficient Public Float](index=23&type=section&id=Sufficient%20Public%20Float) The company maintained a sufficient public float as of June 30, 2025, and up to the announcement date - The company maintained a sufficient public float[58](index=58&type=chunk) [Review of Interim Results](index=23&type=section&id=Review%20of%20Interim%20Results) The Audit Committee reviewed the Group's unaudited consolidated interim results for H1 2025 without expressing any disagreements - The Group's unaudited consolidated interim results for the six months ended June 30, 2025, have been reviewed by the Audit Committee with no disagreements expressed[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries engaged in purchasing, selling, or redeeming any listed securities during the review period - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[60](index=60&type=chunk) [Publication of Interim Results and Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement is available on HKEXnews and the company website, with the interim report to follow for shareholders - This announcement has been published on the HKEXnews website (http://www.hkexnews.hk) and the company's website (https://www.aelg.com.hk)[61](index=61&type=chunk) - The interim report will be dispatched to the company's shareholders and uploaded to the aforementioned websites in due course[61](index=61&type=chunk) [Glossary](index=24&type=section&id=Glossary) This section defines key terms used throughout the report, including company specifics and regulatory references [Glossary](index=24&type=section&id=Glossary%20(sub-section)) This sub-section provides definitions for key terms, company names, and relevant financial and regulatory standards used in the report - Provides definitions for key terms used in the report, such as "2018 Share Option Scheme", "Audit Committee", "Corporate Governance Code"[62](index=62&type=chunk)[63](index=63&type=chunk) - Clarifies that "the Company" refers to Asia Energy Logistics Group Limited, and "the Group" refers to the Company and its subsidiaries[62](index=62&type=chunk) - The report date is **August 22, 2025**, and lists the Board of Directors[64](index=64&type=chunk)

Core Viewpoint - Asia Energy Logistics (00351.HK) expects a significant reduction in losses from continuing operations, projecting a loss of approximately HKD 15 million for the six months ending June 30, 2025, compared to a loss of about HKD 36 million for the same period in 2024 [1] Financial Performance - The improvement in financial performance is attributed to a decrease in employee costs and other operating expenses [1] - Unlike the same period in 2024, the company did not record any losses from the sale of financial assets measured at fair value through profit or loss for the six months ending June 30, 2025 [1]

Core Viewpoint - Asian Energy Logistics (00351.HK) expects a loss of approximately HKD 15 million from continuing operations for the six months ending June 30, 2025, an improvement compared to a loss of about HKD 36 million for the same period ending June 30, 2024 [1] Summary by Relevant Categories Financial Performance - The anticipated loss for the six months ending June 30, 2025, is projected to be HKD 15 million, which shows a significant improvement from the loss of HKD 36 million recorded for the same period in 2024 [1] - The improvement in financial performance is attributed to a reduction in employee costs and other operating expenses [1] Operational Changes - The company did not record any losses from the sale of financial assets measured at fair value through profit or loss for the six months ending June 30, 2025, in contrast to the previous year [1]

Core Viewpoint - Asia Energy Logistics (00351) expects a significant reduction in losses from continuing operations for the six months ending June 30, 2025, projecting a loss of approximately HKD 15 million compared to a loss of about HKD 36 million for the same period in 2024 [1] Financial Performance - The anticipated improvement in financial performance is primarily attributed to a decrease in employee costs and other operating expenses [1] - Additionally, the company will not record losses from the sale of financial assets measured at fair value through profit or loss for the six months ending June 30, 2025, unlike the losses recorded in the same period of 2024 [1]

Core Viewpoint - Asian Energy Logistics (00351) expects a significant reduction in losses from continuing operations, projecting a loss of approximately HKD 15 million for the six months ending June 30, 2025, compared to a loss of about HKD 36 million for the same period ending June 30, 2024 [1] Summary by Relevant Categories Financial Performance - The company anticipates a loss reduction due to decreased employee costs and other operating expenses [1] - There will be no recorded losses from the sale of financial assets measured at fair value through profit or loss for the six months ending June 30, 2025, in comparison to the same period in 2024 [1]