6月12日，截至港股收盘，恒生指数下跌1.36%，报24035.38点。中港石油（00632.HK）收报0.74港元/ 股，上涨12.12%，成交量1035.94万股，成交额718.72万港元，振幅15.15%。 最近一个月来，中港石油累计涨幅37.5%，今年来累计涨幅22.22%，跑赢恒生指数21.47%的涨幅。 财务数据显示，截至2024年12月31日，中港石油实现营业总收入1.42亿元，同比减少5.18%；归母净利 润-1989.32万元，同比增长31.33%；毛利率1.42%，资产负债率19.76%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，石油及天然气行业市盈率（TTM）平均值为-3.55倍，行业中值4.1倍。中港石油市盈 率-26.71倍，行业排名第28位；其他珠江钢管（01938.HK）为0.85倍、CGII HLDGS（01940.HK）为4.1 倍、交运燃气（01407.HK）为5.09倍、域高国际控股（01621.HK）为5.4倍、中信资源（01205.HK）为 5.63倍。 资料显示，中港石油有限公司於2010年收购美国犹他州天然气油田项目100%开采权益。该天 ...

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 153,126,000, a decrease of 5.6% from HKD 161,497,000 in 2023[7] - The net loss for the year was HKD 21,482,000, improved from a loss of HKD 31,284,000 in the previous year, representing a reduction of 31.5%[7] - Basic and diluted loss per share for the year was HKD 2.55, compared to HKD 3.72 in 2023, indicating a 31.5% improvement[7] - Average return on equity decreased to -9.0% from -11.6% year-on-year, showing a slight recovery in performance[7] - Total debt decreased to HKD 15,794,000 from HKD 20,296,000, a reduction of 22.1%[7] - The total debt to equity ratio improved to 24.7% from 33.2%, indicating better financial stability[7] Business Strategy and Market Outlook - The company anticipates a cautious optimism regarding the recovery of the Chinese economy and its positive impact on domestic demand[11] - The company has adjusted its trading strategies and enhanced operational efficiency in response to challenges faced in the oil trading business[10] - The geopolitical landscape remains uncertain, impacting investment considerations and operational strategies in the Utah oil fields[11] - The company is committed to providing lasting value to stakeholders through strategic foresight and resilience in navigating global market complexities[11] - The company expects improvement in trade business due to the recovery of China's heavy industry and manufacturing, with anticipated domestic demand for crude oil and related products improving by 2025[31] - The company plans to explore new business opportunities in international trade of oil and related products, while seeking quality leasing and purchasing projects in the oil industry[31] Oil and Gas Operations - The company has no longer held any rights to the Utah oil and gas leases as of December 31, 2022, and is currently managing four wells under remaining leases, with one well successfully restored to production by the end of December 2024[26] - Oil and gas sales segment recorded revenue of approximately HKD 1,000 for the year, compared to none in the previous year, indicating a resumption of operations[26] - Revenue from the oil, petroleum-related, and other products trading segment was approximately HKD 153,100,000 for the year, down from HKD 161,500,000 in the previous year, impacted by rising operating costs and reduced production from refineries[24] - The company is actively seeking legal advice regarding the implications of the termination of leases by the Bureau of Land Management, which was attributed to a lack of production since 2020[27] - The company is reviewing its pricing policy to mitigate the negative impacts of price volatility in oil and gas sales, ensuring contracts include necessary price adjustment mechanisms based on market quotations[28] - The company is exploring cost-effective alternative third-party service providers to mitigate risks associated with capital investment and operational costs in the Utah oil and gas fields[29] Environmental, Social, and Governance (ESG) Initiatives - The group is actively preparing for energy transition and exploring decarbonization pathways in response to China's carbon peak and neutrality goals[54] - The group has set environmental targets since the year ending December 31, 2021, focusing on emissions reduction, waste management, and resource conservation[54] - The group continues to monitor foreign exchange risks, primarily conducting transactions in RMB and USD, with no significant foreign exchange volatility risk identified[42] - The group has established a climate change and environmental protection policy to actively identify, analyze, and manage climate-related issues[55] - The board is responsible for overseeing environmental, social, and governance (ESG) issues and assessing their impact on the overall strategy[56] - The group aims to integrate ESG principles into its business strategy and management system to promote responsible business operations[57] Employee and Workforce Management - The number of employees decreased to approximately 20 as of December 31, 2024, down from 27 in 2023[44] - The employee turnover rate increased to 34% in 2024 from 8% in 2023[103] - The turnover rate for male employees is 22% in 2024, while for female employees it is 41%[103] - The company has not reported any work-related fatalities or lost workdays due to injuries in the past three years[106] - Employee benefits include mandatory provident fund contributions and various paid leave types, including annual and maternity leave[102] - The company has implemented health and safety management measures to create a safe working environment[106] Training and Development - 2024年85%的员工参与了相关培训，较2023年减少了15%[109] - 男性员工的培训参与率为88%，女性员工为83%[109] - 高级管理层的培训参与率为92%，中级管理层为100%，一般员工仅为33%[109] - 2024年员工的平均培训时数为4.62小时，较2023年的5.52小时减少了16.3%[109] Supply Chain and Vendor Management - 本集团在2024年有五家主要供应商，均为提供现场支持的服务供应商[115] - 本集团已制定《供应商管理规定》，以管理供应商的选择程序[115] - 本集团关注供应商的企业责任表现，包括社会责任和环保工作[116] - 本集团已实施《反舞弊及反贪污政策》，以监控采购活动[116] Corporate Governance - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, complying with listing rules[150] - The company held eleven board meetings in the fiscal year ending December 31, 2024[157] - The company has adopted the Standard Code for Securities Trading for its directors, ensuring compliance through confirmations from all directors[149] - The roles of the chairman and CEO have been separated to provide a balance of power, with the chairman focusing on strategic planning and the CEO on operations[155] Financial Management and Reporting - The company incurred audit fees of HKD 1,260,000 for statutory audit services and HKD 170,000 for non-audit services, totaling HKD 1,430,000 for the fiscal year ending December 31, 2024[177] - The company has established a dividend policy to ensure sufficient cash reserves for operational needs when declaring dividends[193] - The board of directors has the discretion to declare and distribute dividends, subject to organizational articles and applicable laws[193] Community Engagement - The group actively seeks opportunities to support local communities through various social participation and contributions[129] - The group has a community engagement program that outlines criteria for selecting suitable donation partners[128]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 153,126,000, a decrease of 5.6% from HKD 161,497,000 in 2023[4] - The gross profit for the same period was HKD 2,171,000, representing an increase of 43.8% compared to HKD 1,509,000 in 2023[4] - The company recorded a loss before tax of HKD 13,453,000, an improvement from a loss of HKD 36,179,000 in the previous year, indicating a reduction in losses by 62.9%[5] - The total comprehensive loss for the year was HKD 24,690,000, down from HKD 34,120,000 in 2023, reflecting a 27.5% improvement[5] - The group reported a net loss attributable to shareholders of HKD 21,482,000 for the year ending December 31, 2024, with total trade and other payables amounting to approximately HKD 50,213,000 due within the next twelve months[22] - The group only has HKD 13,511,000 in bank balances and cash, indicating significant uncertainty regarding its ability to continue as a going concern[22] - The group incurred a net loss of HKD 21,482 thousand in 2024, compared to a net loss of HKD 31,284 thousand in 2023, indicating an improvement of about 31.3%[31][34] - The basic and diluted loss per share for the fiscal year ending December 31, 2024, was HKD 2.55, compared to HKD 3.72 for the previous year, indicating a reduction of 31.5%[44] Asset and Liability Management - The company's net assets decreased to HKD 228,648,000 from HKD 253,338,000 in 2023, a decline of 9.8%[7] - Trade receivables decreased significantly to HKD 4,332,000 from HKD 17,448,000, a reduction of 75.2%[6] - Non-current assets increased to HKD 175,881,000 from HKD 151,246,000, a rise of 16.3%[6] - The total assets of the group decreased to HKD 284,961 thousand in 2024 from HKD 337,122 thousand in 2023, representing a decline of approximately 15.4%[32][34] - The group’s total liabilities amounted to HKD 56,313 thousand in 2024, a decrease from HKD 83,784 thousand in 2023, indicating a reduction of approximately 32.9%[32][34] - The total assets less current liabilities will be restated to HKD 255,955,000 as of December 31, 2023, reflecting a decrease of HKD 195,920,000[15] Revenue and Sales - The group reported a total revenue of HKD 153,126 thousand from oil and gas sales and trading of related products in 2024, compared to HKD 161,497 thousand in 2023, reflecting a decrease of approximately 5.5%[31] - The trading segment of the company recorded revenue of approximately HKD 153.1 million in the current year, a decrease from HKD 161.5 million in 2023[60] - The oil and natural gas sales segment generated revenue of approximately HKD 1,000 in the current year, compared to none in 2023[63] Impairment and Adjustments - The company recognized impairment losses of HKD 26,218 thousand on intangible assets in 2024, compared to HKD 20,879 thousand in 2023, reflecting an increase of approximately 25.5%[36] - The adjustments related to the impairment of property, plant, and equipment and intangible assets will affect the overall loss reported for the fiscal year ending December 31, 2023[15] - The intangible assets were adjusted to HKD 181,912,000 as of January 1, 2023, reflecting a write-off loss of HKD 169,885,000 and an impairment loss provision of HKD 12,027,000 for the year ended December 31, 2022[21] Operational Challenges and Future Plans - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[8] - The company is facing significant risks related to the termination of leases in Utah, which may impact its operational capabilities[64] - The company is collaborating with an oilfield service company to maintain production facilities for the remaining leases[63] - The company anticipates continued volatility in natural gas and oil prices due to global economic uncertainties and geopolitical tensions[66] - The company aims to explore potential investments in clean energy, waste-to-energy technologies, and renewable energy for long-term sustainable development[74] Taxation and Compliance - The total tax expense for the fiscal year ending December 31, 2024, was HKD 8,029,000, compared to a tax credit of HKD 4,895,000 for the previous year[42] - The estimated corporate income tax provision for subsidiaries operating in China was calculated at a preferential tax rate of 15%, amounting to HKD 1,311,000 for the fiscal year ending December 31, 2024[39] - The deferred tax liabilities recognized for unremitted earnings from subsidiaries in China amounted to HKD 80,963,000 for the fiscal year ending December 31, 2024, compared to HKD 79,295,000 for the previous year[40] Corporate Governance - The company has adopted high standards of corporate governance and has complied with relevant rules, with no significant deviations reported[89] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024, consistent with the previous year where no dividend was declared[43]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 36,705,000, a decrease of 8.4% compared to HKD 39,952,000 in the same period of 2023[1] - The cost of sales for the same period was HKD 36,584,000, resulting in a gross profit of HKD 121,000, compared to HKD 492,000 in 2023, indicating a significant decline in profitability[1] - The pre-tax loss for the period was HKD 12,389,000, compared to a loss of HKD 7,610,000 in 2023, reflecting a worsening financial performance[1] - The total comprehensive loss for the period was HKD 14,942,000, up from HKD 12,343,000 in the same period last year, indicating increased financial strain[2] - Basic and diluted loss per share was HKD 1.47, compared to HKD 0.91 in the previous year, showing a deterioration in shareholder value[2] - The company reported a net loss attributable to shareholders of approximately HKD 12,389,000 for the first half of 2024, compared to a net loss of HKD 7,620,000 in the same period of 2023[33] - Revenue from the sale of oil and related products decreased by approximately 75% in the first half of 2024 compared to the first half of 2023[33] Expenses and Liabilities - The company incurred an administrative expense of HKD 12,458,000, which is a 53.5% increase from HKD 8,119,000 in the previous year[1] - The company recorded a total liability of HKD 85,979,000 as of June 30, 2024, compared to HKD 83,784,000 as of December 31, 2023, indicating a 2.5% increase in liabilities[18] - The company’s accrued expenses increased to HKD 7,235,000 as of June 30, 2024, compared to HKD 3,707,000 as of December 31, 2023[31] - The company’s contract liabilities rose to HKD 37,877,000 as of June 30, 2024, up from HKD 32,160,000 as of December 31, 2023[31] Assets and Equity - Non-current assets totaled HKD 150,317,000 as of June 30, 2024, slightly down from HKD 151,246,000 at the end of 2023[3] - The company's net assets decreased to HKD 238,396,000 from HKD 253,338,000, reflecting a decline in overall financial health[4] - As of December 31, 2022, the total equity attributable to the company's owners was HKD 286,443,000, a decrease from HKD 459,647,000 reported previously[9] - The company’s total reserves as of June 30, 2023, were HKD 105,724,000, a decrease from HKD 278,928,000 previously reported[9] Cash Flow and Liquidity - The company has a cash balance of HKD 40,285,000, indicating a significant liquidity risk as it faces upcoming financial obligations[11] - The group's cash and bank balances were approximately HKD 40,285,000 as of June 30, 2024, a significant increase from approximately HKD 1,252,000 as of December 31, 2023, primarily due to a reduction in prepayments[43] - The current ratio as of June 30, 2024, was 2.06, down from 2.29 as of December 31, 2023[43] Operational Strategy - The company plans to enhance operational efficiency through cost control measures to improve profitability and cash flow in the future[12] - The company is evaluating new financing arrangements to bolster its capital and support daily operations[12] - The strategic agenda includes improving cost efficiency while maintaining production growth, focusing on exploration quality management and strict cost control[41] Market and Economic Conditions - The company faces macroeconomic risks due to geopolitical instability, including the Russia-Ukraine war and US-China trade disputes, which may negatively impact oil and gas supply and downstream demand[36] - Oil prices fluctuated between $75.9 and $91.1 per barrel in the first half of 2024, while natural gas prices experienced significant volatility, impacting revenue and operational performance[39] Corporate Governance - The board of directors includes five executive directors and three non-executive directors, along with three independent non-executive directors[54] - The company is led by Chairman and CEO Yu Jiyuan[54] - The meeting emphasizes the importance of corporate governance and board oversight[54] - The focus is on maintaining transparency and accountability within the board[54]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 36,705 thousand, a decrease from HKD 39,952 thousand in the same period of 2023, representing a decline of approximately 5.7%[4] - The company reported a loss before tax of HKD 12,389 thousand for the period, compared to a loss of HKD 7,610 thousand in the prior year, indicating an increase in losses of approximately 62.5%[4] - Total comprehensive loss for the period was HKD 14,942 thousand, up from HKD 12,343 thousand in the previous year, reflecting a rise of about 21.2%[4] - Basic and diluted loss per share was HKD 1.47 cents, compared to HKD 0.91 cents in the same period last year, marking an increase of approximately 61.5%[4] - The company reported a net loss attributable to shareholders of HKD 12,389,000 for the six months ended June 30, 2024[17] - The group reported a pre-tax loss of HKD 12,389,000 for the six months ended June 30, 2024, compared to a loss of HKD 7,620,000 for the same period in 2023, indicating an increase in losses of approximately 62.5%[37] - The basic and diluted loss per share for the current period was HKD 0.0147, compared to HKD 0.0091 for the same period in 2023, indicating an increase in loss per share[48] - Gross profit for the current period was approximately HKD 121,000, a significant decrease from HKD 492,000 in the same period of 2023, reflecting a decline in trading activities[48] Cash and Liquidity - Cash and cash equivalents at the end of the period were HKD 40,285 thousand, significantly up from HKD 5,662 thousand at the end of June 2023, showing an increase of approximately 610.5%[10] - The net cash generated from operating activities was HKD 42,418 thousand, a turnaround from a cash outflow of HKD 13,658 thousand in the same period last year[10] - The company has cash and cash equivalents of HKD 40,285,000, indicating a significant liquidity concern[17] - The group's cash and bank balances were approximately HKD 40,285,000 as of June 30, 2024, a substantial increase from approximately HKD 1,252,000 as of December 31, 2023, primarily due to a reduction in prepayments[61] Assets and Liabilities - Total assets less current liabilities amounted to HKD 240,029 thousand, down from HKD 255,955 thousand at the end of 2023, indicating a decrease of approximately 6.2%[6] - Non-current assets totaled HKD 150,317 thousand, slightly down from HKD 151,246 thousand at the end of 2023, reflecting a decrease of about 0.6%[6] - The company’s equity attributable to owners was HKD 237,381 thousand, down from HKD 252,323 thousand at the end of 2023, representing a decline of approximately 5.9%[6] - Total liabilities, including trade and other payables, amounted to approximately HKD 47,059,000, with HKD 46,469,000 due within the next twelve months[17] - Total assets as of June 30, 2024, amounted to HKD 324,375,000, while total liabilities were HKD 85,979,000, reflecting a stable asset-liability structure[27] Operational Strategy and Future Outlook - The company plans to enhance cost control measures to improve profitability and cash flow generation[17] - The company is considering various financing arrangements to bolster its capital base and support ongoing operations[17] - The company has identified significant uncertainty regarding its ability to continue as a going concern due to its financial obligations[17] - The company is actively seeking legal advice regarding terminated leases and aims to recover ownership and production from related wells[59] - The company is considering potential investments in clean energy and renewable energy for long-term sustainable development[60] - The company is exploring new business opportunities in international oil trade and upstream/downstream projects within the oil industry[60] Market Conditions and Risks - The geopolitical instability, including the Russia-Ukraine conflict and US-China trade disputes, poses risks to the supply and demand of oil and natural gas, potentially impacting the company's performance[53] - The company focused on trading petrochemical products during the period, as domestic consumption levels remained low post-pandemic, influenced by the real estate market downturn[49] - Oil prices fluctuated between $75.9 and $91.1 per barrel in the first half of 2024, while natural gas prices experienced significant volatility, opening at $2.61 and reaching a high of $3.3 before dropping to $1.58[56] Corporate Governance - The company confirmed that all directors adhered to the standards of conduct regarding securities trading during the period[73] - The company has not complied with Listing Rule 3.10A, which requires independent non-executive directors to account for at least one-third of the board after the resignation of Ms. Lam Shuk Yi on September 3, 2024[78] - The board will make every effort to identify suitable candidates to fill the vacancy within three months from September 3, 2024, to ensure compliance with the listing rules[78] - The audit committee has reviewed and confirmed that the accounting principles and practices adopted by the group are in accordance with the relevant listing rules as of June 30, 2024[80] - The board consists of five executive directors, three non-executive directors, and three independent non-executive directors as of the report date[83]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 36,705,000, a decrease of 8.4% compared to HKD 39,952,000 in the same period of 2023[1] - The cost of sales for the same period was HKD 36,584,000, resulting in a gross profit of HKD 121,000, compared to a gross profit of HKD 492,000 in 2023[1] - The pre-tax loss for the period was HKD 12,389,000, compared to a pre-tax loss of HKD 7,610,000 in 2023, indicating a deterioration in financial performance[1] - The total comprehensive loss for the period amounted to HKD 14,942,000, compared to HKD 12,343,000 in the same period last year, reflecting a 20.9% increase in losses[2] - Basic and diluted loss per share was HKD 1.47, compared to HKD 0.91 in the previous year, representing an increase of 61.5%[2] - The company reported a net loss attributable to shareholders of approximately HKD 12,389,000, compared to a net loss of HKD 7,620,000 for the same period in 2023[33] - Gross profit for the period was approximately HKD 121,000, a sharp decline from HKD 492,000 in the prior year, primarily due to a 75% decrease in revenue from oil and related products[33] Assets and Liabilities - Non-current assets totaled HKD 150,317,000 as of June 30, 2024, slightly down from HKD 151,246,000 at the end of 2023[3] - Current liabilities increased to HKD 84,346,000 from HKD 81,167,000, indicating a rise in short-term financial obligations[4] - The company's net assets decreased to HKD 238,396,000 from HKD 253,338,000, reflecting a decline in overall equity[4] - Total assets as of June 30, 2024, were HKD 324,375,000, a decrease from HKD 337,122,000 as of December 31, 2023[18] - The company recorded a total liability of HKD 85,979,000 as of June 30, 2024, compared to HKD 83,784,000 as of December 31, 2023, indicating a 2.4% increase in liabilities[18] - The company has a cash balance of HKD 40,285,000, while total liabilities due within the next twelve months amount to HKD 46,469,000, indicating a liquidity concern[11] Operational Activities - The company has ongoing exploration and production activities in the oil and gas sector, with a focus on expanding its market presence and operational capabilities[5] - The company focused on trading petrochemical products during the period, with revenue from this segment being HKD 36,705,000[34] - The company is maintaining stable operations and maintenance at the Utah oil and gas fields, despite uncertainties in local service providers[35] - The company plans to continuously evaluate the situation at the Utah oil and gas fields and adjust its development strategies accordingly[35] - The company is currently assessing legal implications regarding lease terminations in Utah, which were due to a lack of production since 2020, potentially leading to fines if production requirements are not met[37] - The operational costs in Utah's oil fields are significantly influenced by third-party service providers, and any failure to comply with agreements could adversely affect operations[38] Strategic Plans and Challenges - The company plans to enhance cost control measures to improve profitability and cash flow in the future[12] - The company is evaluating new financing arrangements to support its operations and capital needs[12] - The company faces macroeconomic risks due to geopolitical instability, including the Russia-Ukraine war and U.S.-China trade disputes, which may negatively impact oil and gas supply and downstream demand[36] - Oil prices fluctuated between $75.9 and $91.1 per barrel in the first half of 2024, while natural gas prices experienced significant volatility, impacting revenue and operational performance[39] - The company is considering fundraising activities to support new drilling plans once production resumes at the remaining leases[40] - The strategic agenda includes improving cost efficiency while maintaining production growth, focusing on exploration quality management and strict cost control[41] Corporate Governance and Leadership - The board of directors includes five executive directors and three non-executive directors, along with three independent non-executive directors[54] - The company is led by Chairman and CEO Yu Jiyuan[54] - The board composition reflects a diverse leadership structure with a total of eleven members[54] - The presence of independent directors indicates a commitment to transparency and accountability[54] - The company is focused on strategic decision-making to enhance shareholder value[54] - The announcement serves as a formal communication to stakeholders regarding board composition and leadership[54]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 161,497,000, a decrease of 54.5% compared to HKD 355,277,000 in 2022[6] - The company reported a net loss of HKD 49,552,000 for 2023, compared to a loss of HKD 1,193,000 in the previous year, indicating a significant decline in profitability[6] - Basic and diluted loss per share for the year was HKD 5.89, compared to HKD 0.14 in 2022, reflecting a substantial increase in losses per share[6] - Average return on equity was -11.4% for 2023, compared to -0.3% in 2022, highlighting a deterioration in shareholder returns[6] - The gross profit for the year was approximately HKD 1,509,000, down from HKD 15,277,000 in 2022[27] - The net loss attributable to shareholders was approximately HKD 49,552,000, significantly higher than the net loss of HKD 1,193,000 in the previous fiscal year[28] - The oil and gas segment recorded a loss of HKD 48,091,000 for the fiscal year, compared to a profit of HKD 5,660,000 in 2022[30] Operational Strategy - The company has maintained basic operations in the Utah oil field amid geopolitical uncertainties, reflecting a cautious approach to investment[8] - The management expressed cautious optimism regarding the recovery of the Chinese economy and its potential positive impact on domestic demand[9] - The company is committed to enhancing operational efficiency and adjusting trading strategies in response to market challenges[8] - There has been a gradual recovery in the profitability of certain refinery clients, indicating signs of market recovery[8] - The company is actively reviewing its pricing policies to mitigate the negative impacts of price uncertainties in the oil and gas market[33] - The company plans to continue evaluating the situation in the Utah oil and gas field and adjust its development strategies as necessary[30] Leadership and Governance - The annual salary of the Chairman was adjusted from HKD 1,083,000 to HKD 2,123,000 as of April 17, 2023[11] - The company appointed Mr. Yu Zhibo as an executive director on April 17, 2023, who has over ten years of experience in the petrochemical industry[12] - Mr. Jin Ailong was appointed as an executive director on April 17, 2023, and has been managing domestic oil trading since January 2022[13] - The company reported significant leadership changes, with several directors transitioning between executive and non-executive roles in 2023[17][18] - The company has a strong focus on expanding its operations in the petrochemical sector, leveraging the experience of its board members[12][20] - The company has a diverse board with members holding various qualifications, including CPA and tax advisor certifications, enhancing its governance[21][22] - The company is committed to maintaining a strong leadership team with extensive industry experience to navigate market challenges[20] - The board's composition reflects a strategic approach to governance, with independent directors contributing to oversight and decision-making[21] Environmental and Social Responsibility - The company is actively responding to climate change and preparing for energy transition, aiming to transform into an integrated energy enterprise[65] - The company has set environmental targets since the year ended December 31, 2021, focusing on emissions reduction, waste management, and resource conservation[65] - The board has authorized a working group to track and review the company's performance in achieving environmental goals[65] - The company emphasizes the importance of enhancing employee education and environmental awareness to balance economic growth and environmental responsibilities[66] - The company is exploring various decarbonization pathways and potential investments in renewable and low-carbon alternative energy[65] - The company has developed a climate change and environmental protection policy to identify, analyze, and manage climate-related issues[66] - The company has established a governance framework to effectively manage environmental, social, and governance (ESG) issues, integrating them into its business operations and decision-making processes[69] - The board is responsible for overseeing ESG matters and has a diverse composition to ensure a range of skills and experiences in managing these issues[69] - A working group has been formed to systematically manage ESG issues, consisting of an executive director and senior management with expertise in ESG[70] - The company conducts annual materiality assessments to understand stakeholder expectations and prioritize significant ESG issues[74] - Stakeholder engagement is deemed crucial for sustainable growth, with various communication channels established to incorporate stakeholder expectations into the company's operations[71] - The company aims to promote responsible business practices and sustainable development, creating value for shareholders[68] Employee and Workplace Practices - The company has 27 full-time employees as of December 31, 2023, an increase from 25 employees in 2022[103] - Employee gender distribution is 63% male and 37% female as of December 31, 2023[104] - Employee turnover rate decreased significantly from 52% in 2022 to 8% in 2023[111] - Male employee turnover rate dropped from 65% in 2022 to 18% in 2023[111] - The company adheres to fair and transparent performance evaluation systems for determining employee compensation and promotion opportunities[110] - The company provides competitive compensation and benefits, including mandatory social insurance contributions in mainland China[110] - The percentage of trained employees increased from 92% in 2022 to 100% in 2023, with an average training hours of 5.52 hours in 2023 compared to 6.45 hours in 2022[120] - The percentage of trained female employees rose from 85% in 2022 to 100% in 2023, with average training hours increasing from 7.98 hours to 7.12 hours[120] - The company is committed to maintaining a safe and pleasant working environment for employees, including regular air quality assessments[96] Financial Position and Liquidity - Total liabilities increased to HKD 20,296,000 in 2023 from HKD 4,634,000 in 2022, resulting in a total debt to total capital ratio of 5.0%[6] - The company's cash and bank balances were approximately HKD 1,252,000 as of December 31, 2023, a decrease from approximately HKD 15,147,000 the previous year, primarily due to reduced cash outflow from operations[41] - The current ratio as of December 31, 2023, was 2.29, down from 4.16 the previous year, indicating a decrease in liquidity[41] - The company's capital debt ratio was approximately 23.41% as of December 31, 2023, compared to 16.77% the previous year, reflecting an increase in leverage[51] - The company only had HKD 1,252,000 in bank balances and cash, raising significant doubts about its ability to continue as a going concern[54] - The board believes that the company will be able to continue as a going concern after considering plans and measures[54] Shareholder Information - The company reported no final dividend for the year ended December 31, 2023, consistent with the previous year[160] - The company has a total of 841,879,482 shares issued as of December 31, 2023[170] - Major shareholder Xinhua Petroleum (Hong Kong) Limited holds 580,172,014 shares, representing approximately 68.91% of the issued share capital[173] - Directors Yu Zhibo and Chen Junyan each hold 580,172,014 shares in a controlled corporation, accounting for 68.91%[170] - The company has established a major shareholder register in compliance with the Securities and Futures Ordinance[173] - The total number of shares available for issuance under the share option plan is 61,227,598 shares, accounting for approximately 7.27% of the issued shares as of the report date[177] Compliance and Risk Management - The group has established strict policies and procedures for the production and sales activities to ensure high-quality products and services[130] - The group emphasizes the importance of understanding customer needs as a foundation for continuous business improvement[133] - The group has a robust anti-corruption policy in place, with no concluded legal cases related to corruption against the group or its employees during the reporting period[138] - The company has not reported any significant violations of environmental laws during the reporting period[79] - The group maintained compliance with all relevant environmental regulations and standards during the reporting period[158] - The company has not reported any significant violations of labor laws related to forced labor and child labor during the reporting period[122]

Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 161,497,000, a decrease of 54.5% compared to HKD 355,277,000 in 2022[4] - The gross profit for the year was HKD 1,509,000, down from HKD 15,277,000 in the previous year, indicating a significant decline in profitability[4] - The net loss for the year was HKD 49,552,000, compared to a loss of HKD 1,193,000 in 2022, reflecting a substantial increase in losses[5] - The total comprehensive loss for the year amounted to HKD 52,388,000, compared to HKD 11,243,000 in the prior year, highlighting worsening financial performance[5] - The group reported a net loss attributable to shareholders of HKD 49,552,000 for the year ending December 31, 2023[11] - The group incurred a loss before tax of HKD 59,279,000 in 2023, compared to a profit before tax of HKD 9,454,000 in 2022, reflecting a substantial decrease in financial performance[23][32] - The group reported a loss for the year of HKD 49,552,000 in 2023, compared to a loss of HKD 1,193,000 in 2022, indicating a worsening financial situation[23][27] - The oil and gas segment reported a loss of HKD 48,091,000 for the fiscal year 2023, compared to a profit of HKD 5,660,000 in the previous year[66] Assets and Liabilities - The company's total assets decreased to HKD 533,042,000 from HKD 553,498,000 in 2022, indicating a reduction in asset base[7] - The net asset value as of December 31, 2023, was HKD 408,274,000, down from HKD 460,662,000 in the previous year[8] - Non-current assets decreased to HKD 347,166,000 from HKD 394,941,000 in the previous year, indicating a decline in long-term asset investments[7] - The group's total liabilities increased to HKD 124,768,000 in 2023 from HKD 92,836,000 in 2022, marking an increase of approximately 34.4%[25][29] - The group has only HKD 1,252,000 in bank balances and cash, indicating significant uncertainty regarding its ability to continue as a going concern[11] - Total trade and other payables amounted to approximately HKD 50,581,000, with HKD 49,007,000 due within the next twelve months[11] Earnings Per Share - The basic and diluted loss per share for the year was HKD 5.89, compared to HKD 0.14 in 2022, showing a significant deterioration in earnings per share[5] - The basic and diluted loss per share for the year was HKD 0.0589, compared to a loss of HKD 0.0014 in the previous year[62] Cost Management - The company's administrative expenses were HKD 19,086,000, slightly reduced from HKD 20,465,000 in 2022, showing some cost control efforts[4] - The group plans to enhance cost control measures to improve profitability and cash flow from operations[15] Impairment and Valuation - The group recognized an impairment loss provision of HKD 39,870,000 for intangible assets in 2023, compared to HKD 6,645,000 in 2022, indicating increased risk in asset valuation[25][29] - Management must make estimates and judgments regarding potential impairment of oil and gas assets based on future price expectations and production conditions[19] Market Conditions - Brent crude oil prices fluctuated between USD 71.8 and USD 96.6 per barrel during 2023, closing at USD 77.0 per barrel in December[67] - Natural gas prices declined from USD 4.4 at the beginning of 2023 to USD 2.5 by December, and further to USD 1.8 by early March 2024[67] - The Henry Hub natural gas price decreased by approximately 57% from USD 4.4 per million British thermal units at the beginning of 2023 to USD 2.5 by the end of December[72] Future Outlook - The company anticipates ongoing evaluation and adjustment of its strategies in response to market conditions and geopolitical factors affecting its operations[66] - Future outlook includes potential market expansion and new product development initiatives[102] Governance and Compliance - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the standards set out in the listing rules[89] - The audit committee has reviewed and confirmed the accounting policies and practices adopted by the group, ensuring appropriate disclosures in the financial statements[95] - The board of directors includes five executive directors and three non-executive directors, indicating a diverse leadership structure[102]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 368,222,000, a significant increase from HKD 39,952,000 in the same period of 2022, representing a growth of 820%[3] - Gross profit for the same period was HKD 25,788,000, compared to HKD 492,000 in 2022, indicating a substantial increase in profitability[3] - The net loss attributable to the company's owners for the period was HKD 10,982,000, a recovery from a loss of HKD 7,620,000 in the previous year[3] - Total comprehensive loss for the period was HKD 4,567,000, compared to a loss of HKD 12,343,000 in the same period last year, showing an improvement[3] - The basic and diluted loss per share improved from HKD 0.91 to HKD 1.30, indicating a recovery in earnings per share[3] - The company reported a loss before tax of HKD 7,610,000 for the six months ended June 30, 2023, compared to a profit before tax of HKD 15,955,000 in the same period of 2022, indicating a shift of approximately 147.7%[23] - Basic and diluted loss per share for the six months ended June 30, 2023, was HKD (0.91), compared to earnings per share of HKD 1.30 for the same period in 2022[29] - The company incurred financing costs of HKD 6,879,000 for the six months ended June 30, 2023, compared to HKD 48,000 in the same period of 2022, reflecting a significant increase[23] Cash Flow and Assets - For the six months ended June 30, 2023, the net cash generated from operating activities was HKD 18,521,000, compared to a net cash outflow of HKD 13,658,000 in the same period of 2022[8] - The net cash generated from investing activities was HKD 110,000, a significant improvement from a net cash outflow of HKD 69,000 in the previous year[8] - The net cash outflow from financing activities decreased to HKD 1,092,000 from HKD 2,774,000 year-over-year[8] - The cash and cash equivalents at the end of the period increased to HKD 24,708,000 from HKD 5,662,000 at the end of June 2022[8] - Current assets increased from HKD 138,284,000 as of December 31, 2022, to HKD 158,557,000 as of June 30, 2023, reflecting a growth of 14.6%[4] - The company's total assets decreased slightly from HKD 515,397,000 to HKD 502,138,000, a decline of 2.5%[4] - The net asset value attributable to the owners of the company was HKD 459,647,000 as of June 30, 2023, compared to HKD 447,304,000 at the end of 2022, an increase of 2.7%[4] - The company reported cash and bank balances of approximately HKD 5,662,000 as of June 30, 2023, down from HKD 15,147,000 at the end of 2022[55] Liabilities and Equity - Current liabilities increased from HKD 30,140,000 to HKD 38,101,000, representing a rise of 26.2%[4] - The company reported a total liability of HKD 83,959,000 as of June 30, 2023, down from HKD 92,836,000 as of December 31, 2022[22] - The company’s total liabilities included deferred tax liabilities of HKD 51,754,000 as of June 30, 2023, unchanged from the previous year[22] - The debt-to-asset ratio was approximately 15.77% as of June 30, 2023, a slight decrease from 16.77% at the end of 2022[55] Operational Highlights - The company maintained stable operations and maintenance at the Utah oil and gas field, despite uncertainties affecting the local service providers[42] - The company plans to continuously evaluate the situation at the Utah oil and gas field and adjust its development direction and strategy as necessary[42] - The company has reviewed its pricing policy to mitigate the impact of price volatility on its operations[47] - The company is exploring new business opportunities in international oil trade and considering investments in clean and renewable energy for long-term sustainability[52] Market Conditions - The company faces price risks that could negatively impact its revenue and performance due to fluctuations in natural gas and oil prices[45] - Future oil and gas price volatility is expected due to global economic growth uncertainties and geopolitical tensions[47] - Brent crude oil prices fluctuated between $72 and $89 per barrel in the first half of 2023, with a peak of $89.9 in January and a drop to $75.41 by June[46] - WTI crude oil prices experienced a range of approximately 24% during the same period, starting at $80.5 per barrel and falling to $70.6 by June[50] - Henry Hub natural gas prices decreased by about 123%, from $4.4 per million British thermal units at the beginning of 2023 to $2.8 by June[50] Corporate Governance - The company has adhered to the corporate governance code as per the listing rules during the reporting period[80] - The board of directors has adopted a set of standards for securities trading that comply with the listing rules[76] - As of June 30, 2023, the company has complied with the listing rules regarding the composition of the board, with four independent non-executive directors, meeting the requirement of one-third[83] - The audit committee has confirmed that the financial statements for the six months ending June 30, 2023, have sufficient disclosure as per listing rules[84] - The board of directors consists of five executive directors and four independent non-executive directors as of the report date[89] Shareholder Information - As of June 30, 2023, the company has 841,879,482 issued shares[65] - New China Oil (Hong Kong) Limited holds 580,172,014 shares, representing approximately 68.91% of the issued share capital[69] - The ownership of New China Oil (Hong Kong) Limited is distributed among Yu Zhibo (46.28%), Chen Junyan (34.92%), and Chen Yaxin (18.80%)[65] Other Information - The company did not recommend the payment of an interim dividend for the current period, consistent with the previous year[28] - The company has not purchased, sold, or redeemed any listed securities during the reporting period[78] - No significant events occurred after June 30, 2023, up to the report date[88] - The company has no significant contingent liabilities or major acquisitions during the reporting period[57][59] - The company incurred approximately HKD 1,010,000 in costs related to the Utah oil and gas field during the reporting period[75] - No further exploration or development activities were conducted in the Utah oil and gas field during the reporting period[75] - The group has maintained a competitive employee compensation structure, with approximately 25 employees as of June 30, 2023[74] - The company is currently evaluating the potential impact of new accounting standards on its financial performance and position[14] - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[11]

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告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部 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。 * （於百慕達註冊成立之有限公司） （股份代號：632） 二零二三年中期業績公告 中港石油有限公司*（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「本期間」）之未 經審核簡明綜合業績，與二零二二年同期的比較數字如下： 簡明綜合中期損益及其他全面收益表 截至六月三十日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 千港元 千港元 收益 4 39,952 368,222 銷售成本 (39,460) (342,434) 毛利 492 25,788 其他收入 137 93 ...