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7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: | 金山能源集團有限公司 | | | 呈交日期: | 2025年8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 (A). 股份期權（根據發行人的股份期權計劃） | 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) | | 00663 | 說明 | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | 本月內變動 | | 本月底結存的股份期權數 本月內因此發行的新股數 目 目 (A1) | | 本月内因此自庫存轉讓的 庫存股份數目 (A2) | ...

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of HKD 59,823,000, an increase of 20.4% compared to HKD 49,643,000 for the same period in 2022[8]. - The gross profit for the same period was HKD 9,625,000, representing a gross margin of 16.1%, up from HKD 4,512,000 in 2022[8]. - The company incurred a loss before tax of HKD 29,047,000, compared to a loss of HKD 22,363,000 in the previous year, indicating a deterioration in financial performance[8]. - The net loss for the period was HKD 29,535,000, which is a 34.5% increase from the net loss of HKD 21,920,000 in 2022[10]. - The company reported a significant increase in administrative expenses, which rose to HKD 27,623,000 from HKD 21,237,000 in the previous year, reflecting higher operational costs[8]. - The company’s total comprehensive loss for the period was HKD 35,200,000, compared to a comprehensive loss of HKD 8,647,000 in 2022, indicating a significant increase in overall losses[10]. - The company’s basic loss per share for the period was HKD 2.28, compared to HKD 0.86 in the previous year, highlighting increased losses on a per-share basis[10]. - The company incurred a loss of HKD 27,012,000 during the period, compared to a loss of HKD 9,358,000 in the previous period, indicating a worsening financial performance[17]. Assets and Liabilities - As of June 30, 2023, total assets decreased to HKD 517,799,000 from HKD 541,640,000 as of December 31, 2022, reflecting a decline of approximately 4.4%[12]. - Current assets net value decreased to HKD 107,886,000 from HKD 122,019,000, a reduction of about 11.6%[13]. - Total liabilities increased to HKD 191,237,000 from HKD 178,856,000, representing an increase of approximately 6.4%[12]. - The company’s equity attributable to owners decreased to HKD 380,721,000 from HKD 415,952,000, a decline of about 8.5%[13]. - Cash and cash equivalents at the end of the period were HKD 52,080,000, down from HKD 79,764,000, a decrease of approximately 34.9%[18]. Revenue Breakdown - The silver mining segment reported a revenue of HKD 4,120 million, while the oil and gas segment generated HKD 1,682 million, reflecting a significant contribution to overall revenue[34]. - The photovoltaic segment achieved a revenue of HKD 18,745 million, up from HKD 13,503 million in the previous year, showcasing strong growth in this area[34]. - Revenue from silver mining operations was approximately HKD 4,100,000, with a cost of sales of about HKD 1,400,000, compared to HKD 100,000 and HKD 400,000 respectively in the previous period[98]. - The photovoltaic power generation business generated revenue of approximately HKD 2,000,000, up from HKD 1,300,000, with related costs of approximately HKD 1,500,000 compared to HKD 800,000 last year[99]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 21,092,000 for the six months ended June 30, 2023, compared to HKD 76,983,000 for the same period in 2022, indicating a significant improvement[18]. - The company raised HKD 94,710,000 from a rights issue during the period, contributing to its financing activities[18]. - The company extracted approximately HKD 990,000,000 in new bank financing on June 6, 2023, with an interest rate of 3% per annum[59]. - The company raised approximately HKD 98,940,000 from a rights issue and placement, with about HKD 80,000,000 allocated for solar power business development[112]. Operational Developments - The company is in the process of renewing mining licenses for its operations, which is critical for future production capabilities[4][5]. - The company is focusing on new product development and technological advancements to improve operational efficiency and market competitiveness[33]. - The company is actively diversifying its business into renewable energy, solid waste management, and new materials, focusing on solar, wind, and energy storage technologies[128]. - The company has made strategic moves to enhance its market share in the Hong Kong solar energy market through acquisitions of solar project developers[128]. Market and Strategic Outlook - The group plans to enhance its market expansion strategies, particularly in the photovoltaic and oil and gas sectors, to drive future growth[33]. - The company aims to align its business strategy with ESG principles, promoting sustainable finance and environmental responsibility[129]. - The company is actively exploring various trading opportunities to expand its commodity trading business[96]. Legal and Compliance - The company has submitted documents to extend the mining license for the West Mine, which expired in December 2020, and is currently preparing additional documentation as requested by local government officials[71]. - A safety report is required as part of the renewal conditions for the mining licenses, and the company is actively engaging with relevant government agencies to facilitate this[77]. Shareholder Information - As of June 30, 2023, Belton Light Limited and Jade Bird Energy Fund II, L.P. collectively hold 357,531,800 shares, representing 30.11% of the company's total equity[133]. - Goldsino Investments Limited, Team Collection Limited, and Ms. Xu Mengran collectively own 262,225,000 shares, accounting for 22.09% of the company's total equity[133].

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，概不對因本公告全部或任何部分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。 KING STONE ENERGY GROUP LIMITED 金山能源集團有限公司 （於香港註冊成立之有限公司） （股份代號：00663 ） 有關截至二零二二年止年度之年報之補充公告 茲提述金山能源集團有限公司（「本公司」，連同其附屬公司，「本集團」）截至二零二二年十二月 三十一日止年度之年度報告（「二零二二年年報」）。除另有界定外，本公告所用詞彙與二零二二年 年報所界定者具有相同涵義。 除二零二二年年報所披露之資料外，本公司謹此提供以下有關本集團資產融資業務之補充資料， 詳情如下： 本集團資產融資業務主要分為兩個分部，即融資租賃及保理服務。於二零二二年十二月三十一 日，本集團資產融資業務擁有9名客戶（保理業務客戶8名及融資租賃業務客戶1名）。客戶均為中國 法人實體，且均為獨立於本公司及其關連人士之第三方。於二零二二年十二月三十一日，資產融 資業務相關未償還應收貸款之總賬面值約為42,182,000港 ...

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，概不對因本公告全部或任何部分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。 KING STONE ENERGY GROUP LIMITED 金山能源集團有限公司 （於香港註冊成立之有限公司） （股份代號：00663 ） 截至二零二三年六月三十日止六個月 之中期業績公告 金山能源集團有限公司（「本公司」）及其附屬公司（合稱「本集團」）截至二零二三年六月三十日止六個 月之未經審核簡明綜合業績連同二零二二年同期之比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 | --- | --- | --- | |-------|------------------------|--------------| | | 截至六月三十日止六個月 | | | | 二零二三年 | 二零二二年 | | 附註 | 千港元 | 千港元 | | | （未經審核） | （未經審核） | 收益 4 59,823 49,643 銷售成本 (50,198) (45,131) | --- | ...

Mining Operations - The company reported a capital expenditure of approximately HKD 0 for mining development and production activities during the year, compared to HKD 200,000 in the previous year[6]. - The western mine has an estimated ore reserve of 0.62 million tons with an average silver grade of 210.4 grams per ton as of December 31, 2022[9]. - The eastern mine has an estimated ore reserve of 6.07 million tons with an average silver grade of 122.1 grams per ton as of December 31, 2022[9]. - The company’s actual production from the western mine in 2022 was 0.01 million tons, a decrease from 0.02 million tons in 2021[9]. - The company’s actual production from the eastern mine in 2022 was 0 million tons, consistent with the previous year[9]. - The company is in the process of renewing mining licenses for both the western and eastern mines, which are critical for future operations[7][8]. - The company faced production interruptions at the western mine due to local government mandates and COVID-19 measures, impacting overall output during the year[14]. - The company is focused on expanding its mining operations and enhancing production capabilities in response to market demand[12]. - The mining license for the Western Mine, issued by the Fujian Provincial Department of Natural Resources, expired in December 2020, and an application for a two-year extension has been submitted, maintaining the current status until December 9, 2022[15]. - The Eastern Mine has an inferred ore reserve estimated at approximately 6,069,000 tons with an average silver grade of 122.1 grams per ton, and the exploration permit covers an area of 4.97 square kilometers[18]. - The company is preparing to apply for a mining license for the Eastern Mine, contingent upon the issuance of geological reports and other necessary documentation[18]. - The company has completed preparatory work for exploration at the Eastern Mine, including infrastructure development, and is in discussions with the Ningde City government regarding the impact of potential mining activities[18]. Energy and Commodity Trading - The company’s operations in the United States include natural gas and oil extraction, production, and sales, contributing to its diversified revenue streams[12]. - The company is actively involved in various commodity trading activities, further diversifying its business portfolio[12]. - The group generated approximately HKD 124,200,000 from commodity trading, with related sales costs of about HKD 121,400,000, compared to HKD 33,500,000 and HKD 30,300,000 in the previous year[52]. - The group produced approximately 1,088 barrels of crude oil and 91,000,000 cubic feet of natural gas, generating revenue of HKD 5,300,000, up from HKD 2,900,000 in the previous year[52]. - The company is committed to high ethical standards in business, ensuring long-term shareholder value and community benefits[109]. Financial Performance - The group recorded total revenue of approximately HKD 147,700,000, an increase of 71.8% compared to HKD 86,000,000 in the previous year, driven by growth in mining, photovoltaic power generation, and commodity trading[47]. - Silver mining operations generated revenue of approximately HKD 100,000, with sales costs around HKD 600,000, compared to HKD 12,800,000 and HKD 5,900,000 respectively in the previous year[47]. - The photovoltaic power generation business recorded revenue of approximately HKD 4,100,000 from producing and selling about 5,100 MW of electricity, with sales costs of approximately HKD 1,400,000[48]. - Other income and net gains were approximately HKD 3,000,000, down from HKD 18,900,000 in the previous year, primarily due to a decrease in foreign exchange gains[53]. - Selling and administrative expenses increased to approximately HKD 53,900,000 from HKD 37,800,000 in the previous year[54]. - The group recorded a significant impairment loss of approximately HKD 37,600,000 for receivables, compared to HKD 4,600,000 in the previous year[55]. - The company reported a profit attributable to shareholders of approximately HKD 108.4 million, a turnaround from a loss of HKD 42.9 million in 2021[66]. - The estimated net proceeds from the rights issue and placement amount to approximately HKD 98.31 million, with around HKD 80 million allocated for solar photovoltaic business development[70]. - As of December 31, 2022, the current ratio improved to 1.68:1, compared to 0.72:1 in 2021[75]. - The company has approximately HKD 79.8 million in cash and cash equivalents as of December 31, 2022, down from HKD 85 million in 2021[75]. - Other loans amount to approximately HKD 110.9 million as of December 31, 2022, a decrease from HKD 362.2 million in 2021[76]. - The company’s debt-to-equity ratio as of December 31, 2022, is 0.40, a significant decrease from 1.96 in 2021[81]. Corporate Governance - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition for effective judgment[114]. - All directors confirmed compliance with the securities trading standards throughout the year, reflecting adherence to governance practices[113]. - The company has adopted the corporate governance code principles as of December 31, 2022, emphasizing integrity, internal controls, and transparency[110]. - The board regularly reviews governance policies and ensures compliance with legal and regulatory requirements[116]. - Continuous professional development is mandated for all directors to enhance their knowledge and skills, ensuring informed contributions to the board[117]. - The board held regular meetings to formulate overall strategy and monitor business performance, with attendance records indicating active participation[119]. - The roles of the chairman and CEO are distinctly separated to maintain governance standards[122]. - The board's independence assessment mechanism has been established to ensure strong independent elements and effective independent judgment, with satisfactory results reported for the year ending December 31, 2022[127]. - The audit committee held two meetings during the year to review accounting principles and compliance with corporate governance codes[134]. - The remuneration committee reviewed the existing remuneration policies and structures in one meeting during the year[138]. - The board diversity policy aims to maintain a balanced mix of skills, experience, and perspectives, with a satisfactory review conducted for the year ending December 31, 2022[129]. - The company auditor, Huaron (Hong Kong) CPA Limited, received a total fee of HKD 2,420,000 for audit and non-audit services during the year[145]. - The board is responsible for the risk management and internal control systems, ensuring they are effective and sufficient as of December 31, 2022[152]. - The company has no internal audit function but has engaged a consultant for annual reviews of its risk management and internal control systems[151]. - The company encourages shareholder participation in annual general meetings and provides various channels for shareholder inquiries[156]. - The board acknowledges its responsibility for the fair presentation of the financial statements for the year ended December 31, 2022[141]. Shareholder Relations and Communication - The company has established a shareholder communication policy to ensure timely access to information for shareholders and potential investors, including various communication channels[168]. - The company acknowledges the importance of regular communication with shareholders to enhance transparency and facilitate informed investment decisions[163]. - The company is committed to effective communication and maintaining good relationships with key stakeholders[184]. Environmental and Social Responsibility - The company emphasizes the growing importance of sustainable finance and ESG factors in investment decisions, reflecting a shift in investor focus[93]. - The company is actively diversifying its business by investing in environmental renewable energy, solid waste treatment, and new materials, focusing on solar, wind, and energy storage technologies[95]. - The implementation of renewable energy projects is expected to achieve a win-win goal for regional economic development and create better returns for shareholders and investors in the long run[95]. - The company is subject to various environmental laws and regulations in both China and the USA, which may significantly impact its financial condition and operational performance[178]. - The company has updated its anti-corruption policy, which applies to all employees and external parties, emphasizing compliance with anti-corruption laws and guidelines[164]. - The company has complied with anti-corruption and anti-money laundering laws, with no complaints or legal cases related to corruption against it during the reporting period[167]. Risks and Challenges - The company faces various business and operational risks, including commodity price fluctuations and regulatory changes in China that could significantly affect its operations[176]. - The company has established policies to assess the impact of unforeseen significant events on its share price or trading volume[151].

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，概不對因本公告全部或任何部分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。 KING STONE ENERGY GROUP LIMITED 金山能源集團有限公司 （於香港註冊成立之有限公司） （股份代號：00663 ） 截至二零二二年十二月三十一日止年度之全年業績公告 金山能源集團有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然呈報，本公司及其附屬公司 （統稱「本集團」）截至二零二二年十二月三十一日止年度之綜合業績，連同二零二一年同年之比較 數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 4 147,735 85,978 銷售成本 (136,954) (62,463) | --- | --- | --- | --- | |---------------------------------------------------|-------|----------|----------| | ...

Financial Performance - For the six months ended June 30, 2022, the company reported revenue of HKD 49,643,000, a significant increase from HKD 16,808,000 in the same period last year, representing a growth of 195.8%[16] - The gross profit for the same period was HKD 4,512,000, down from HKD 9,391,000, indicating a decline of 52.0%[16] - The company incurred a loss before tax of HKD 22,363,000 compared to a profit of HKD 20,095,000 in the previous year, reflecting a negative swing of HKD 42,458,000[16] - The company’s total other income and gains for the period were HKD 1,103,000, a decrease from HKD 15,044,000 in the previous year[16] - For the six months ended June 30, 2022, the total comprehensive loss amounted to HKD 8,647 million, compared to a profit of HKD 19,740 million for the same period in 2021[19] - The company's basic loss per share for the period was HKD (0.86), a significant decline from HKD 3.69 in the previous year[19] - The company recorded a loss attributable to shareholders of approximately 9,000,000 HKD for the six months ended June 30, 2022[43] Revenue Breakdown - Revenue from the mainland China market was HKD 2,426,000, down from HKD 8,982,000 in the previous year, indicating a decline of 73%[53] - Revenue from Hong Kong increased to HKD 44,371,000 from HKD 7,046,000, showing a growth of 530%[53] - Major customer B contributed HKD 14,103,000 in revenue, up from HKD 5,842,000, reflecting an increase of 141%[54] - The total revenue from customer contracts amounted to HKD 48,751,000, with significant contributions from various segments including asset financing and trading[56] - The revenue from the U.S. market was HKD 2,846,000, a substantial increase from HKD 780,000 in the previous year, marking a growth of 264%[53] Expenses and Costs - The company’s administrative expenses increased to HKD 21,237,000 from HKD 16,294,000, marking a rise of 30.0%[16] - The company’s financing costs were reported as nil for the current period, compared to HKD 25,782,000 in the previous year[16] - The cost of sold inventory was HKD 34,383 million, significantly higher than HKD 6,490 million from the previous year, marking an increase of approximately 429.5%[67] - Selling and administrative expenses rose to approximately HKD 21,200,000, compared to HKD 16,300,000 in the previous period[147] Assets and Liabilities - Non-current assets increased to HKD 175,967 million as of June 30, 2022, up from HKD 168,974 million at the end of 2021[21] - Current assets rose to HKD 382,078 million, compared to HKD 304,118 million at the end of 2021, driven by an increase in trade receivables and inventories[21] - The total liabilities increased to HKD 420,921 million, reflecting a rise in trade payables and other payables[21] - The net value of current liabilities was reported at HKD (35,417) million, an improvement from HKD (116,803) million at the end of 2021[23] - The total equity attributable to shareholders was HKD 131,053 million as of June 30, 2022, compared to HKD 41,394 million at the end of 2021[23] Cash Flow - The company reported a net cash flow from operating activities of (76,983) HKD million for the period[38] - The net cash flow from investing activities was (15,164) HKD million, while the cash inflow from the sale of equity investments was 4,375 HKD million[38] - The net cash flow from financing activities was 85,352 HKD million, with significant proceeds from share placements amounting to 4,228 HKD million[38] - The cash and cash equivalents decreased by 6,795 HKD million, ending the period at 80,561 HKD million[38] Business Operations - The company operates in six segments: silver mining, oil and gas, asset financing, tourism, photovoltaic, and trading[47] - The company is in the process of renewing exploration licenses for its mining operations, which are set to maintain their status until December 9, 2022[7] - The group has resumed production at the Western Mine since the third quarter of the year, after being affected by COVID-19 measures and local government mandates[111] - The group is engaged in silver mining and sales, photovoltaic power generation, tourism agency services, and natural gas and oil exploration in the United States[107] Future Plans and Investments - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20] - The company aims to expand its market presence and enhance product offerings in the renewable energy sector, particularly in solar energy[51] - The group plans to invest in more solar photovoltaic system projects and other renewable energy opportunities in Hong Kong, China, and Japan[96] - The company is preparing to apply for mining permits for the Eastern Mine, with infrastructure construction planned upon approval[114] Corporate Governance - The board believes the company has complied with the applicable corporate governance code throughout the reporting period[190] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial statements for 2022[192] - The audit committee is responsible for overseeing the financial reporting process, internal controls, and risk management systems of the group[192]

Financial Performance - Total revenue for the year was approximately HKD 86,000,000, an increase of 67.7% compared to HKD 51,300,000 in the previous year, primarily driven by the photovoltaic power generation business and commodity trading[52]. - The gross profit margin for the year was 53.8%, significantly up from 16.5% in the previous year, indicating improved profitability[52]. - The company reported a loss for the year ending December 31, 2021, with no dividends recommended for shareholders[163]. - The company’s attributable loss for the year was approximately HKD 42,900,000, significantly reduced from HKD 268,900,000 in the previous year[70]. - The company has no available distributable reserves as of December 31, 2021, but has a share capital of HKD 1,724,472,000 that can be distributed as scrip dividends[169]. Mining Operations - Capital expenditure for mining development and production activities was approximately HKD 200,000, a decrease of 83.33% from HKD 1,200,000 in 2020[9]. - The confirmed reserves of natural gas as of December 31, 2021, were 11,265.86 million cubic feet, with a production of 78.41 million cubic feet for the year[16]. - The company holds mining licenses that are valid until December 9, 2022, for its silver mining operations[10]. - The company reported a total of 19,621.22 million cubic feet of probable reserves of natural gas[16]. - The actual production of natural gas for 2021 was 78.41 million cubic feet, a decrease from previous years[16]. - The company is currently updating its exploration licenses for its mining operations[11]. - The company has a design capacity of 198,000 tons per year for its mining operations[10]. - The company’s mining activities are primarily located in the People's Republic of China and the United States[18]. - The West Mine has an estimated inferred ore reserve of approximately 693,000 tons with an average silver grade of 210.4 grams per ton[20]. - The annual production capacity of the West Mine is 100,000 tons, equating to a daily output of 300 tons[20]. - The West Mine produced approximately 17,432 tons of ore during the year[20]. - The East Mine has an estimated inferred ore reserve of about 6,069,000 tons with an average silver grade of 122.1 grams per ton[23]. - The company plans to apply for a mining permit for the East Mine and is preparing necessary documentation[24]. - The West Mine's mining license has been extended until December 9, 2022, due to COVID-19 related grace periods[21]. - The group recognized an impairment loss of HKD 22,200,000 for silver mining assets during the year, a decrease from HKD 24,700,000 in the previous year[65]. Renewable Energy and Photovoltaic Projects - The company has acquired 89% of Beijing Jiezhong Technology Co., Ltd. to expand into the photovoltaic power generation business[28]. - The photovoltaic project in Chengde has a total installed capacity of 5 megawatts, with 4.085 megawatts currently operational[28]. - The company aims to explore opportunities in the photovoltaic market in China, Hong Kong, and Japan for business expansion[28]. - The company has entered into a cash transaction of HKD 8,000,000 for the acquisition of 100% equity in Hong Kong Photovoltaic Solar Investment Limited[28]. - The company has developed multiple grid-connected rooftop solar projects with a total capacity of approximately 2,700 kW and has a pipeline of solar projects with a capacity of about 20 MW[29]. - The company charges a feed-in tariff of HKD 4 per kWh for solar photovoltaic systems with operational capacities ranging from 10 kW to 200 kW, under a government scheme effective until the end of 2033[29]. - The company entered into an agreement to sell existing and ongoing projects with a total capacity of approximately 4,133 kW for a maximum consideration of HKD 75,000,000, calculated at HKD 18.0 per watt[30]. - The company will continue to operate and develop remaining solar photovoltaic systems and pipeline projects after the sale, with part of the proceeds reinvested into other solar projects in Hong Kong[32]. - The company formed a non-wholly owned subsidiary with another solar project developer in January 2022 to enhance its market share in Hong Kong's solar market[32]. - The solar power business generated approximately HKD 3,800,000 in revenue from the sale of about 4,700 MW of electricity, with a gross margin of 40.9%[54]. - The group sold solar projects generating revenue of approximately HKD 23,900,000, with a gross margin of 10.5%[54]. Asset Financing and Commodity Trading - The asset financing business operates through three wholly-owned subsidiaries in China, focusing on financing leasing and factoring services[38]. - The company has established credit risk assessment procedures for borrowers, with loan terms typically fixed at three years and interest rates based on the People's Bank of China’s published rates plus a floating rate[39]. - The company has entered into factoring agreements totaling RMB 41,000,000 (approximately HKD 47,800,000) with a client, with the agreement's maturity extended to October 2022[40]. - Asset financing services recorded revenue of approximately HKD 8,000,000, with no associated sales costs[56]. - Commodity trading revenue increased to approximately HKD 33,500,000, with a gross margin of 9.6%[56]. - The company is expanding its commodity trading business through its subsidiary, focusing on various commodities including iron ore, copper, and timber[50]. Corporate Governance - The company maintained a high level of corporate governance and adopted appropriate measures to comply with the corporate governance code[109]. - The board of directors is responsible for the consolidated financial statements and oversees the group's business, strategic direction, and financial performance[111]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition for independent judgment[111]. - The company has appointed three qualified independent non-executive directors to ensure decision-making independence and protect shareholder interests[121]. - The chairman and CEO roles are separated to maintain governance standards as per the corporate governance code[118]. - The board held regular meetings to formulate overall strategies and monitor business development and financial performance[112]. - The company has established sufficient measures to ensure that its corporate governance practices are not less stringent than the code's requirements[120]. - The independent non-executive directors are subject to a designated term and must be re-elected, ensuring accountability[120]. - The company has established an Audit Committee that meets at least twice a year to review annual and interim performance reports, ensuring compliance with governance policies[124]. - The Audit Committee held two meetings during the year to discuss accounting principles, internal controls, and financial reporting matters, including the annual results for the year ended December 31, 2020, and the interim results for the six months ended June 30, 2021[125]. - The company confirms that all independent non-executive directors have provided annual confirmations of their independence, and the board believes they maintain their independent status[122]. - The Remuneration Committee held one meeting during the year to review the existing remuneration policies and structures[127]. - The Nomination Committee conducted one meeting during the year to review the composition of the board[130]. - The company has adopted internal control and risk management procedures to safeguard shareholder interests and ensure reliable financial reporting[135]. - The board believes that the internal control and risk management systems are effective and adequate as of December 31, 2021[139]. - The company has engaged a compliance consultant to conduct an annual review of its risk management and internal control systems[138]. - The company emphasizes diversity in its board composition, considering various factors such as gender, age, and professional experience[129]. Risks and Challenges - The company’s operations are significantly influenced by commodity price fluctuations, particularly silver, oil, and natural gas[155]. - The company’s financial risks are detailed in the consolidated financial statements, indicating potential impacts on financial performance[156]. - The company has made sufficient provisions for accrued interest and penalties related to legal claims, which are not expected to have a significant adverse impact on its operations and financial condition[80]. - The company has no significant uncertainties that may cast doubt on its ability to continue as a going concern for the year ended December 31, 2021[131]. - The company has implemented procedures for identifying, assessing, and managing significant risks to its operations[136]. - The board regularly monitors risks and updates risk management strategies as necessary[138]. Employee and Stakeholder Relations - As of December 31, 2021, the group had 54 employees, with total employee costs of approximately HKD 22,600,000[89]. - The company has maintained effective communication and good relationships with key stakeholders, including employees and suppliers[162]. - The company is actively assessing credit conditions and negotiating repayment arrangements with existing customers, including potential legal actions to recover outstanding receivables[43]. Strategic Initiatives - The company is actively researching energy storage materials, technologies, and applications, focusing on the Chinese market, and is collaborating with a high-tech enterprise for the development of new liquid flow vanadium batteries[93]. - A strategic cooperation agreement was signed with Energy Star to develop a hydrogen energy industry chain in Inner Mongolia, focusing on hydrogen fuel cell systems, sales, and hydrogen station construction[95]. - The company aims to diversify into a comprehensive renewable energy company, integrating environmental energy, solid waste treatment, and new materials, which is expected to generate significant economic benefits and align with global ecological development goals[96]. - The company plans to acquire a target company in Baotou, Inner Mongolia, specializing in rare earth new power technologies, which holds multiple patents for core technologies in the rare earth new power industry[93]. - The joint venture with Energy Star will focus on the development and sales of hydrogen fuel cell heavy trucks and the construction of hydrogen stations in Ordos City[95].

Financial Performance - The company reported revenue of HKD 16,808,000 for the six months ended June 30, 2021, representing a 62.1% increase from HKD 10,375,000 in the same period of 2020[12]. - Gross profit for the same period was HKD 9,391,000, compared to HKD 8,048,000 in 2020, indicating an increase of 16.7%[12]. - The company recorded a net profit of HKD 20,042,000 for the six months ended June 30, 2021, a significant turnaround from a loss of HKD 28,945,000 in the previous year[12]. - Other income and gains increased to HKD 15,044,000 from HKD 6,344,000, marking an increase of 137.5%[12]. - The total comprehensive income for the period amounted to HKD 19,740,000, compared to a loss of HKD 30,278,000 in the previous period[15]. - The earnings attributable to the company's shareholders were HKD 32,275,000, a significant increase from a loss of HKD 22,142,000 in the prior period[15]. - Basic and diluted earnings per share for the company were HKD 0.42, compared to a loss of HKD 0.31 in the previous period[15]. - The group recorded a pre-tax profit of HKD 41,417 million for the six months ended June 30, 2021, compared to a loss in the previous year[72]. - The group reported a foreign exchange gain of HKD 5,127 million for the six months ended June 30, 2021, compared to no gain in the previous year[72]. Assets and Liabilities - Non-current assets totaled HKD 184,465,000, down from HKD 216,258,000 as of December 31, 2020[17]. - Current assets increased to HKD 315,162,000 from HKD 249,506,000 in the previous period[17]. - The net value of current liabilities improved to HKD (42,788,000) from HKD (143,316,000) in the previous period[19]. - Total assets minus current liabilities stood at HKD 141,677,000, up from HKD 72,942,000[19]. - The company's total equity increased to HKD 138,528,000 from HKD 69,795,000 in the previous period[19]. - The total amount of trade receivables as of June 30, 2021, was HKD 957,000, down from HKD 9,494,000 as of December 31, 2020, indicating a significant reduction in outstanding receivables[89]. - The company’s net receivables from factoring services amounted to HKD 206,507,000 as of June 30, 2021, compared to HKD 253,514,000 as of December 31, 2020[82]. - The group’s capital debt ratio was 1.22 as of June 30, 2021, down from 1.89 at the end of the previous year[173]. Cash Flow - For the six months ended June 30, 2021, the net cash flow from operating activities was a negative HKD 2,396,000, compared to a negative HKD 31,311,000 for the same period in 2020[26]. - The net cash flow from financing activities was HKD 3,424,000, an increase from HKD 2,093,000 in the previous year[26]. - The group reported a net cash inflow from operating activities of approximately HKD 4,400,000, a significant improvement compared to a cash outflow of HKD 31,300,000 in the same period last year[167]. - As of June 30, 2021, the group had cash and cash equivalents of approximately HKD 88,900,000, up from HKD 57,400,000 at the end of the previous year[167]. Operational Highlights - The company operates in various sectors including silver mining in China, oil and gas exploration in the USA, and asset financing services in China[28]. - The company operates six reportable segments: Silver Mining, Oil and Gas, Asset Financing, Travel, Photovoltaic, and Trading[37]. - The company is in the process of renewing exploration permits for its mining operations, which are crucial for future production capacity[6]. - The company plans to continue expanding its market presence and developing new products to enhance revenue streams[48]. - The group produced approximately 275 barrels of crude oil, 32,000,000 cubic feet of natural gas, and 1,599 barrels of liquefied natural gas, with revenue of HKD 800,000 from oil and gas exploration and production[155]. Acquisitions and Investments - The company completed the sale of its entire 19.5% equity interest in Hainan Deep Cultivation Marine Development Co., Ltd. for RMB 21,000,000, with the transaction finalized on June 20, 2021[80]. - The company acquired 89% of Beijing Jiezhong Technology Co., which operates a 5 MW rooftop solar power project, contributing stable revenue[138]. - The company completed the acquisition of 100% of Hong Kong Photovoltaic Solar Investment Co. for HKD 8,000,000, expanding its solar power business[139]. - The company has made a deposit of HKD 102,800,000 for a potential acquisition, which will be refunded if the acquisition does not proceed, along with interest at an annual rate of 3.0%[94]. Market and Future Outlook - The company is diversifying its business into environmental renewable energy, solid waste treatment, and new materials, focusing on solar, wind, and energy storage technologies[183]. - The company is exploring mergers and acquisitions in Japan's renewable energy sector, particularly in wind power, which is expected to generate stable cash flow[185]. - The company is in discussions to increase its market share in the Hong Kong solar market through potential collaborations with property owners[142]. Governance and Compliance - The financial data for the six months ended June 30, 2021, is unaudited but has been reviewed by the company's audit committee[29]. - The audit committee, composed of three independent non-executive directors, reviewed the interim financial statements, which were not audited but were overseen for compliance and risk management[196].

Financial Performance - The group recorded total revenue of approximately HKD 51,300,000, an increase of 183% compared to HKD 18,100,000 in the previous year, primarily due to increased revenue from silver mining and commodity trading[48]. - The silver mining business generated revenue of approximately HKD 14,500,000 with a gross profit margin of 16.5%, while the tourism business recorded revenue of approximately HKD 1,500,000 with a gross profit margin of 61%[48]. - The group produced and sold approximately 5,325 MWh of electricity from photovoltaic power generation, generating revenue of approximately HKD 6,400,000 and a gross profit margin of 77.3%[51]. - The oil and gas exploration and production business generated revenue of approximately HKD 1,700,000, with a gross loss margin of 71.1%[51]. - The group recorded commodity trading revenue of approximately HKD 20,200,000 with a gross profit margin of 2.3%[52]. - Other income and net gains amounted to approximately HKD 20,700,000, primarily from foreign exchange gains of HKD 11,200,000[53]. - Administrative expenses decreased to approximately HKD 38,300,000 from HKD 50,200,000 in the previous year, mainly due to reduced business activities during the COVID-19 pandemic[54]. - The loss attributable to shareholders for the year was approximately HKD 268,900,000, an increase from HKD 88,400,000 in the previous year, primarily due to increased impairment of financial assets[69]. - The company reported a loss for the year ending December 31, 2020, with no dividends recommended for the same period[158]. Capital Expenditure and Assets - The group reported a capital expenditure of approximately HKD 1,200,000 for development and mining activities in 2020, a decrease of 52% from HKD 2,500,000 in 2019[10]. - The total carrying amount of silver mining assets is HKD 83,000,000, while the carrying amount of oil and gas assets is HKD 9,000,000[196]. - The company had cash and cash equivalents of approximately HKD 57,400,000 as of December 31, 2020, compared to HKD 139,500,000 in the previous year[72]. - Other loans amounted to approximately HKD 286,600,000 as of December 31, 2020, compared to HKD 255,700,000 in the previous year[73]. - The company issued convertible bonds totaling HKD 50,000,000 with a conversion price of HKD 0.08 per share and an annual interest rate of 7%[70]. Mining and Exploration Activities - The total ore reserves as of December 31, 2020, were approximately 0.65 million tons for the western silver mine and 6.07 million tons for the eastern silver mine[10]. - The design capacity of the Fujian Leixin Silver Mine is 198,000 tons per year, with a mining license valid until December 9, 2022[11]. - The group is in the process of updating exploration permits for the eastern silver mine, which covers an area of 4.97 square kilometers[12]. - The western mine has an estimated inferred ore reserve of approximately 693,000 tons with an average silver grade of 210.4 grams per ton, and an annual production capacity of 100,000 tons[26]. - The eastern mine has an estimated inferred ore reserve of about 6,069,000 tons with an average silver grade of 122.1 grams per ton, but construction plans have been delayed due to COVID-19 uncertainties[30]. - The group has submitted a two-year extension application for the mining permit of the western mine, which has been approved, allowing operations to continue until December 9, 2022[27]. Impact of COVID-19 - COVID-19 significantly impacted the group's operations, particularly in China, leading to adjustments in business planning and a focus on silver mining and tourism sectors[21]. - Silver mining operations at the western and eastern mines were temporarily suspended due to government-imposed lockdowns, affecting both production and the silver market[22]. - The tourism business was severely affected by travel restrictions, leading to the postponement of expansion plans and a focus on cost-cutting measures by clients[23]. - The company reported significant operational impacts due to COVID-19, particularly in China, leading to adjustments in business planning[149]. Business Diversification and Expansion - The group engaged in various activities including silver ore mining and sales, tourism agency services, photovoltaic power generation, and natural gas and oil exploration in the United States[20]. - The group plans to continue expanding its operations in China and the United States, focusing on resource extraction and energy production[20]. - The group has acquired 60% of Beijing Haiyun to diversify its business into local tourism, focusing on corporate travel support services[35]. - The group has acquired 89% of Beijing Jiezhong Technology to initiate its photovoltaic power generation business, with a 5 MW rooftop project generating 4.038 MW of power[37]. - The group is exploring opportunities to expand its photovoltaic power generation business in China, Hong Kong, and Japan[38]. - The company plans to diversify its business into environmental renewable energy, solid waste treatment, and new materials, focusing on solar, wind, and energy storage technologies[91]. Governance and Compliance - The board of directors confirmed compliance with the securities trading standards throughout the year[107]. - The board held regular meetings to formulate overall strategies and monitor financial performance, with attendance rates for executive directors averaging 89%[111]. - The audit committee conducted two meetings to review accounting principles and compliance with regulations, ensuring effective risk management[118]. - The company has adopted policies to ensure all business transactions comply with relevant laws and regulations[109]. - Independent non-executive directors confirmed their independence status, ensuring no significant relationships that could affect their judgment[109]. - The company has established a clear separation of roles between the chairman and the CEO to enhance governance[114]. Environmental and Regulatory Compliance - The company is subject to various environmental laws and regulations in China and the US, which may significantly impact financial conditions and operational performance[154]. - The company has complied with all relevant environmental protection laws and regulations without facing any environmental claims or penalties during the year[154]. - The company acknowledges the importance of compliance with regulatory requirements across its operations in China, the US, and Hong Kong[155]. Impairment and Financial Health - The net impairment of financial assets was approximately HKD 147,800,000, significantly higher than HKD 100,000 in the previous year, reflecting the deteriorating credit environment[56]. - The company reported a total impairment loss of HKD 24,700,000 for the year, a decrease from HKD 49,600,000 in the previous year[63]. - The complexity and judgment involved in the impairment testing have been identified as a key audit matter[199]. - The recoverable amount of the silver and oil & gas assets was estimated using the discounted cash flow method, which involves subjective management assumptions regarding production plans, sales volumes, and pricing[199]. Shareholder Relations - The company has established a website to facilitate effective communication with shareholders, providing comprehensive information about its operations[144]. - The company has no predetermined dividend payout ratio, and dividend declarations are at the discretion of the board based on various financial factors[142]. - The company will present a resolution for the reappointment of its auditor, Ernst & Young, at the upcoming annual general meeting[187].