Company Overview - Hejia Holdings Limited ("Hejia Holdings") was listed on the Hong Kong Stock Exchange on May 27, 1991, with stock code 0704 [2] - The company primarily engages in the production and trading of coke, conversion of coke oven gas into liquefied natural gas (LNG), and the production of fine chemical products such as synthetic ammonia and urea, adhering to high national standards for green environmental protection [2] Financial Performance - As of March 31, 2025, Hejia Holdings achieved total operating revenue of 31.5885 million yuan, representing a year-on-year increase of 1324.47% [1] - The company reported a net profit attributable to shareholders of -27.2087 million yuan, with a year-on-year growth of 17.49% [1] - The gross profit margin stood at 0.13%, and the debt-to-asset ratio was 42.5% [1] Stock Performance - On July 23, the Hang Seng Index rose by 1.62%, closing at 25,538.07 points [1] - Hejia Holdings' stock closed at 0.16 HKD per share, marking a 60.0% increase with a trading volume of 998,900 shares and a turnover of 150,200 HKD, showing a volatility of 110.0% [1] - Over the past month, Hejia Holdings has seen a cumulative increase of 0%, while year-to-date, it has risen by 14.94%, underperforming the Hang Seng Index's increase of 25.27% [1] Valuation Metrics - Currently, there are no institutional investment ratings for Hejia Holdings [1] - The average price-to-earnings (P/E) ratio for the coal industry (TTM) is 3.79 times, with a median of 2.98 times [1] - Hejia Holdings has a P/E ratio of -0.98 times, ranking 19th in the industry; for comparison, other companies in the sector have P/E ratios of 0.03 times (Green Leader Holdings), 1.82 times (Nangobi), 2.85 times (Nannan Resources), 2.93 times (Huili Resources), and 3.03 times (Jiutai Bangda Energy) [1]

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) For the year ended March 31, 2025, the company recorded a loss of HKD 29.49 million, a reduction from HKD 35.74 million in the prior year, with basic loss per share at HKD 0.10; net assets stood at HKD 1.041 billion, and net assets per share at HKD 3.59 at period-end Performance Summary | Metric | For the Year Ended March 31, 2025 | | :--- | :--- | | Annual Loss | HKD 29,487,000 | | Loss Attributable to Owners of the Company | HKD 29,484,000 | | Basic Loss Per Share | HKD 0.10 | | Net Assets (as of March 31, 2025) | HKD 1,041,190,000 | | Net Assets Per Share | HKD 3.59 | [Consolidated Financial Statements](index=2&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This fiscal year, the Group's total revenue significantly increased to HKD 34.23 million from HKD 2.40 million last year, with gross profit at HKD 45 thousand; the annual loss narrowed to HKD 29.49 million from HKD 35.74 million, primarily due to reduced administrative expenses, and basic loss per share improved from HKD 0.12 to HKD 0.10 Financial Performance | Financial Metric (HKD '000) | For the Year Ended March 31, 2025 | For the Year Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | 34,230 | 2,403 | | Gross Profit | 45 | 3 | | Compensation Income | 19,554 | 22,416 | | Administrative Expenses | (17,943) | (27,327) | | Loss Before Tax | (29,487) | (35,739) | | Loss for the Year | (29,487) | (35,739) | | Loss Attributable to Owners of the Company | (29,484) | (35,732) | - Basic loss per share was **HKD 0.10**, an improvement from **HKD 0.12** in the prior year[4](index=4&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, the Group's net assets were HKD 1.041 billion, slightly down from HKD 1.085 billion last year, with net current liabilities expanding to HKD 444.49 million from HKD 337.09 million, indicating increased short-term solvency pressure, and total assets predominantly comprised of property, plant, and equipment Balance Sheet Summary | Balance Sheet Item (HKD '000) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 1,668,142 | 1,688,844 | | Total Current Assets | 142,757 | 138,341 | | Total Current Liabilities | 587,253 | 475,432 | | **Net Current Liabilities** | **(444,496)** | **(337,091)** | | Total Non-current Liabilities | 182,456 | 266,690 | | **Net Assets** | **1,041,190** | **1,085,063** | | Total Equity | 1,041,190 | 1,085,063 | [Notes to the Consolidated Financial Statements](index=6&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Company Information, Basis of Preparation, and Going Concern](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E3%80%81%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F) The Group primarily engages in coke trading, coal-related ancillary businesses, and coke production; while financial statements are prepared on a going concern basis, significant uncertainties exist, including high net current liabilities, statutory demands and winding-up petitions from creditors, and new operating assets not yet generating revenue, with continued viability dependent on new asset commissioning, debt recovery and deferral, and petition withdrawal - The Group's businesses involve (i) coke trading; (ii) coal-related ancillary businesses; and (iii) coke production[7](index=7&type=chunk) - Significant uncertainties that may cast substantial doubt on the Group's ability to continue as a going concern include: - As of March 31, 2025, the Group had **net current liabilities of approximately HKD 444.49 million** - Statutory demands for payment have been received from major creditors, and winding-up petitions are faced - New operating assets have not yet generated revenue, significantly impacting operations[9](index=9&type=chunk) - The applicability of the going concern basis for financial reporting depends on the timely commissioning of new assets, successful debt recovery, negotiation of repayment deferrals with creditors, and successful withdrawal of winding-up petitions[9](index=9&type=chunk) [Segment Information](index=8&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's operations are categorized into coke trading, coal-related ancillary businesses, and coke production; all revenue this fiscal year, totaling HKD 34.23 million with segment results of HKD 45 thousand, originated solely from coke trading, while coal-related ancillary and coke production segments generated no revenue or results, indicating core production business stagnation Segment Performance | Operating Segment | FY2025 Revenue (HKD '000) | FY2025 Segment Results (HKD '000) | | :--- | :--- | :--- | | Coke Trading | 34,230 | 45 | | Coal-related Ancillary | – | – | | Coke Production | – | – | | **Total** | **34,230** | **45** | - All revenue was derived from external customers in Mainland China[17](index=17&type=chunk) - The vast majority of the Group's non-current assets, valued at approximately **HKD 1.665 billion**, are located in Mainland China[18](index=18&type=chunk) [Revenue, Expenses, and Other Key Items](index=12&type=section&id=%E6%94%B6%E5%85%A5%E3%80%81%E8%B2%BB%E7%94%A8%E5%8F%8A%E5%85%B6%E4%BB%96%E9%97%9C%E9%8D%B5%E9%A0%85%E7%9B%AE) This year's revenue, totaling HKD 34.23 million, was entirely from the sale of coking coal and coke; the Group also recognized HKD 19.55 million in compensation income related to trade deposits refundable by Energy Technology, while finance costs remained stable at HKD 31.14 million, and the Board recommended no dividend payment - Total revenue for the year was **HKD 34,230 thousand**, entirely from the sale of coking coal and coke[20](index=20&type=chunk) - Compensation income of **HKD 19,554 thousand** was recognized, related to trade deposits and compensation refundable by Shanxi Jinyan Energy Technology Co Ltd[20](index=20&type=chunk) - The Board did not recommend the payment of any dividend for the year ended March 31, 2025[26](index=26&type=chunk) [Notes to Assets and Liabilities](index=15&type=section&id=%E8%B3%87%E7%94%A2%E8%88%87%E8%B2%A0%E5%82%B5%E9%A0%85%E7%9B%AE%E9%99%84%E6%B3%A8) At period-end, the Group's property, plant, and equipment had a carrying value of HKD 1.667 billion, primarily construction in progress; trade receivables significantly decreased to HKD 54 thousand, all over four months old; prepayments, deposits, and other receivables net to HKD 141 million, including amounts due from Energy Technology; and other payables and accruals increased to HKD 192 million, mainly for interest and amounts due to a former subsidiary - The carrying value of property, plant, and equipment was **HKD 1,666,634 thousand**, with **HKD 1,665,374 thousand** attributed to construction in progress[27](index=27&type=chunk) - Trade receivables decreased from **HKD 1.719 million** to **HKD 54 thousand**, with all balances over four months old[28](index=28&type=chunk) - Trade deposits and other receivables due from Energy Technology amounted to **HKD 174 million**, with a net amount of **HKD 141 million** after impairment provision[29](index=29&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the coke industry faced dual pressures of weak downstream demand from real estate and infrastructure markets and upstream cost squeeze; however, the company's 7.1-meter large coke oven represents advanced industry capacity, offering a competitive edge amidst the phasing out of outdated capacity, though the core challenge remains the slow construction of supporting facilities due to partner Energy Technology's funding issues, preventing the company's coke oven assets from commencing production, with Energy Technology anticipating financing by mid-July and production support completion by February next year - The coke industry faces dual pressures from insufficient demand in the downstream steel market and inadequate price reductions in upstream coking coal, challenging profitability[32](index=32&type=chunk) - The company's **7.1-meter large coke oven** possesses advantages in scale, energy consumption, environmental protection, and quality, positioning it to increase market share amidst industry-wide elimination of outdated capacity[32](index=32&type=chunk) - Due to unfulfilled financing by partner Energy Technology, the construction of supporting facilities has been slow, preventing the company's coke oven from commencing production; Energy Technology anticipates completing supporting construction by **February next year**[34](index=34&type=chunk) - The company has made positive progress in loan settlement with China Cinda (Hong Kong), reaching an agreement on the text, pending internal adjustments by the counterparty before signing[35](index=35&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Total revenue for this reporting period was HKD 34.23 million, a significant year-on-year increase, entirely from the coke trading segment, with gross profit margin remaining at a very low 0.1%; administrative expenses decreased to HKD 17.94 million due to reduced exchange losses and professional fees, which was the primary reason for the loss before tax narrowing from HKD 35.74 million to HKD 29.49 million, while the coal-related and coke production segments generated no revenue or results Financial Performance Summary | Financial Performance | FY2025 (HKD '000) | FY2024 (HKD '000) | | :--- | :--- | :--- | | Total Revenue | 34,230 | 2,403 | | Gross Profit | 45 | 3 | | Loss After Tax | (29,487) | (35,739) | | Basic Loss Per Share | 0.10 HKD | 0.12 HKD | - Coke trading segment revenue was **HKD 34.23 million**, with segment results of **HKD 45 thousand**[37](index=37&type=chunk) - The coal-related ancillary and coke production segments have generated no revenue or results for two consecutive reporting periods[38](index=38&type=chunk)[39](index=39&type=chunk) - Administrative expenses decreased to **HKD 17.94 million** (from HKD 27.33 million last year), primarily due to reduced exchange losses and professional fees, which was the main reason for the Group's narrowed loss[40](index=40&type=chunk)[42](index=42&type=chunk) [Liquidity, Capital Structure, and Risk Management](index=23&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group's capital management objective is to ensure continued operation; at period-end, the Group's liquidity position was severe, with net current liabilities expanding to HKD 444.49 million, current ratio decreasing to 0.24, cash and bank balances at only HKD 1.675 million, and gearing ratio slightly increasing from 45% to 47%, facing primary financial risks of foreign currency, credit, and liquidity Financial Position Indicators | Financial Position Indicators | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Liabilities | Approx. HKD 444,496,000 | Approx. HKD 337,091,000 | | Current Ratio | 0.24 | 0.29 | | Cash and Bank Balances | Approx. HKD 1,675,000 | Approx. HKD 2,448,000 | | Gearing Ratio | 47% | 45% | - The Board is responsible for ensuring the company maintains robust and effective risk management and internal control systems, employing a three-tier risk management approach[50](index=50&type=chunk)[51](index=51&type=chunk) [Outlook](index=27&type=section&id=%E5%B1%95%E6%9C%9B) Looking ahead, the company will focus on three key initiatives: first, vigorously urging the partner to complete supporting construction for early coke oven commissioning and profitability once financing is secured; second, planning to invest in deep processing projects for coke by-product tail gas to open new profit growth points; and third, actively seeking investment opportunities in new and green energy sectors in response to the national 'dual carbon' strategy - Key future initiatives include: - Expediting the construction of supporting facilities to ensure early commissioning of the company's coke oven and generate stable cash flow - Actively investing in and participating in the refined deep processing of by-product tail gas from coking production to enhance product added value - Responding to the national 'dual carbon' strategy by seeking investment opportunities in new and green energy sectors[59](index=59&type=chunk) [Other Important Information](index=28&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BF%A1%E6%81%AF) [Corporate Governance](index=28&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) During the reporting period, the company complied with most provisions of the Corporate Governance Code, with a key deviation being the combined roles of Chairman and Chief Executive Officer held by Mr Zhao Xuguang; the Board believes this arrangement facilitates leadership consistency and decision-making efficiency, and will continue to review it - The company deviated from Corporate Governance Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are not segregated, both held by **Mr Zhao Xuguang**[62](index=62&type=chunk) [Events After Reporting Period](index=29&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the company reached a consensus with China Cinda (Hong Kong) regarding the content of a settlement agreement concerning the winding-up petition; however, the petitioner requested formal signing only after adjustments to preferred share terms at their and the company's controlling shareholder level are completed, thus the winding-up petition hearing has been adjourned to August 25, 2025 - The company and petitioner China Cinda (Hong Kong) have reached a consensus on the settlement agreement content, but the signing has been postponed[66](index=66&type=chunk) - The winding-up petition hearing has been adjourned to **August 25, 2025**[67](index=67&type=chunk) [Independent Auditor's Report Summary](index=30&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%91%98%E8%A6%81) The auditor issued a 'Disclaimer of Opinion' on this year's consolidated financial statements, primarily due to significant uncertainties related to going concern, including high net current liabilities, winding-up petitions, and new assets not generating revenue, preventing the auditor from obtaining sufficient evidence to assess the likelihood of management's mitigating actions succeeding; additionally, the auditor could not obtain sufficient evidence regarding the recoverability of approximately HKD 138 million in prepayments, deposits, and other receivables, and the recognition of HKD 19.55 million in compensation income - **Disclaimer of Opinion**: The auditor did not express an opinion on the Group's consolidated financial statements due to the inability to obtain sufficient appropriate audit evidence[71](index=71&type=chunk) - **Basis for Disclaimer of Opinion 1 - Going Concern**: Significant uncertainties exist (high net current liabilities, winding-up petitions, new assets not generating revenue), preventing the auditor from confirming the appropriateness of management's use of the going concern basis of accounting[72](index=72&type=chunk)[74](index=74&type=chunk) - **Basis for Disclaimer of Opinion 2 - Receivables**: The auditor could not obtain sufficient appropriate audit evidence regarding the recoverability of approximately **HKD 138 million** in prepayments, deposits, and other receivables, and the recognition of approximately **HKD 19.55 million** in compensation income[76](index=76&type=chunk)[77](index=77&type=chunk) - **Management's Stance**: Management believes that, considering the commissioning timetable for new assets and liquidity improvement measures taken, the Group will have sufficient working capital, and preparing the financial statements on a going concern basis is appropriate[79](index=79&type=chunk)[80](index=80&type=chunk)

Financial Performance - For the six months ended September 30, 2024, the company reported a revenue of HKD 34,436,000, a slight increase from HKD 34,391,000 in the same period last year[2]. - The gross profit for the same period was HKD 9,978,000, down from HKD 11,270,000, indicating a decrease of approximately 11.4% year-over-year[2]. - The company incurred a loss before tax of HKD 15,974,000, an improvement compared to a loss of HKD 21,768,000 in the previous year, representing a reduction of about 26.0%[2]. - Total comprehensive loss for the period was HKD 10,971,000, significantly better than the HKD 99,378,000 loss reported in the prior year[9]. - The net loss attributable to the company's owners was HKD 15,973,000, compared to HKD 21,763,000 in the previous period, reflecting a decrease of approximately 26.0%[25]. - The adjusted pre-tax loss for the period was HKD 15,974,000, compared to a loss of HKD 21,768,000 for the same period in 2023[36][41]. - The basic loss per share for the six months ended September 30, 2024, was HKD 5.50, an improvement from HKD 7.49 in the same period last year[53]. - The company reported a loss attributable to equity holders of HKD 15,973,000 for the six months ended September 30, 2024, compared to a loss of HKD 21,763,000 in the same period last year[53]. - The group recorded a loss of approximately HKD 15,974,000 for the reporting period, a decrease from HKD 21,768,000 in the previous period[82]. Assets and Liabilities - As of September 30, 2024, the total non-current assets amounted to HKD 1,724,211,000, an increase from HKD 1,688,844,000 as of March 31, 2024[20]. - Current liabilities totaled HKD 505,192,000, up from HKD 475,432,000, indicating an increase of about 6.0%[20]. - The company's net current liabilities stood at HKD 355,257,000, compared to HKD 337,091,000 in the previous period, showing a slight increase[20]. - The total equity attributable to the company's owners was HKD 923,973,000, a marginal increase from HKD 916,613,000 as of March 31, 2024[22]. - The group’s total assets as of September 30, 2024, amounted to HKD 1,874,146,000, with liabilities of HKD 778,112,000[40]. - Trade receivables as of September 30, 2024, amounted to HKD 10,703,000, significantly up from HKD 975,000 as of March 31, 2024[59]. - As of September 30, 2024, the group's cash and bank balances were approximately HKD 704,000, down from HKD 2,448,000 as of March 31, 2024[90]. - The group's leverage ratio remained stable at 45% as of September 30, 2024, unchanged from March 31, 2024[87]. Operational Highlights - The group reported total revenue of HKD 34,436,000 for the six months ended September 30, 2024, with no sales from related subsidiaries or coke production[36]. - The group’s coal trading segment generated revenue of HKD 34,436,000, with a segment profit of HKD 45,000[36]. - The company recorded total revenue of approximately HKD 34,436,000 for the reporting period, compared to zero in the previous year, primarily from the coke processing trade business[70]. - The company is actively pursuing processing trade arrangements and expanding related business despite challenges in the steel industry due to weak demand in the Chinese economy[66]. - The company anticipates that recent government policies in China will stabilize the market for steel and other commodities, potentially revitalizing the coke market[67]. - The company plans to optimize its processing trade operations and seek new profit growth points in response to the macroeconomic environment[69]. Expenses - Interest expenses for the six months ended September 30, 2024, totaled HKD 17,653,000, compared to HKD 15,560,000 in the same period last year[46]. - The group’s employee benefits expenses totaled HKD 4,031,000 for the period, a decrease from HKD 4,649,000 in the previous year[46]. - Management expenses for the reporting period were approximately HKD 8,345,000, a decrease from HKD 17,751,000 in the previous period[80]. - Financial expenses increased to approximately HKD 17,653,000 from HKD 15,560,000 in the previous period, primarily due to compounded interest expenses[81]. - The group recorded a gross profit of approximately HKD 45,000 during the reporting period, compared to no gross profit in the previous period due to no revenue generated[71][75]. - The overall gross margin for the reporting period was 0.1%[72]. Governance and Compliance - The company has faced significant uncertainty regarding its ability to continue as a going concern due to ongoing financial obligations and creditor claims[25]. - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2024, but these did not significantly impact the financial statements[28]. - The group has not applied new financial reporting standards that have been issued but are not yet effective, and their potential impact is still under evaluation[28]. - The audit committee has reviewed the unaudited condensed interim results for the reporting period[104]. - The company has complied with the corporate governance code during the reporting period, except as disclosed[105]. - The board of directors has determined that the roles of chairman and CEO will remain combined for effective leadership and decision-making[108]. - All directors have confirmed compliance with the standard code of conduct for securities transactions during the reporting period[109]. Shareholder Engagement - The company did not recommend any interim dividend for the six months ended September 30, 2024, consistent with the previous year[50]. - The interim results announcement and the mid-term report for 2024/25 will be published on the Hong Kong Stock Exchange and the company's website[110]. - The company encourages shareholders to opt for electronic receipt of shareholder documents to promote environmental sustainability[112]. - The board expresses gratitude to shareholders, business partners, customers, suppliers, and banks for their support and contributions[113]. Legal and Settlement Matters - The company is currently in friendly negotiations with the petitioners regarding the liquidation petition and has reached a preliminary consensus on a settlement plan[102]. - The group had no significant acquisitions or disposals during the six months ending September 30, 2024[83]. - The group had no pledged assets as of September 30, 2024, consistent with the previous reporting date[85].

Financial Position - The company has reported a total amount of approximately HKD 170 million in trade receivables and prepayments as of March 31, 2024, with a provision of 20% leading to a net amount of approximately HKD 135 million, representing about 12% of the company's net assets [17]. Audit Issues - The company is currently in communication with its auditor regarding the annual audit, which has been delayed due to unresolved audit opinions on the recoverability of certain receivables and going concern issues [6]. - The auditor has suspended the audit work due to concerns over unpaid audit fees, which may affect the independence of the audit report [11]. - The expected date for the publication of the annual performance announcement is still under discussion with the auditor [7]. - The company has not disclosed any other audit-related issues that would cause further delays in the annual performance announcement [19]. Legal Matters - The company has taken legal measures to recover payments from Energy Technology, which is required to refund USD 10.7 million and RMB 78,182,985 as per a civil ruling [12]. - Energy Technology has indicated it will ensure refunds are made by July 10, 2024, which will help the company secure sufficient cash flow to cover audit costs [12]. Governance - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure [21]. Performance Announcement - The company aims to publish its annual performance announcement as soon as it can recover the receivables and pay the audit fees [18]. - The company has completed the preparation of its consolidated financial statements and provided all necessary materials for the audit [18].

Financial Performance - The loss for the year ended March 31, 2024, was HKD 35,528,000, with a loss attributable to shareholders of HKD 35,521,000[6]. - The basic loss per share was HKD 0.12, compared to a profit of HKD 4.35 per share in the previous year[11]. - Total comprehensive income for the year was a loss of HKD 104,408,000, compared to a total income of HKD 1,155,264,000 in the previous year[8]. - The group recorded a pre-tax loss of HKD 35,528,000 for the period[59]. - The company reported a post-tax loss of approximately HKD 35,528,000, a stark contrast to a post-tax profit of HKD 1,248,861,000 in the previous period[101]. - The company reported a net loss of 1,562,156,000 HKD from the sale of subsidiaries, highlighting challenges in divestiture strategies[70]. Assets and Liabilities - As of March 31, 2024, the net assets amounted to HKD 1,085,274,000, with a net asset value per share of HKD 3.74[6]. - Non-current assets totaled HKD 1,688,844,000, while current assets amounted to HKD 138,341,000[13][15]. - Current liabilities net amount was HKD (326,413,000), compared to HKD (226,939,000) in the previous year[17]. - Total assets decreased to 1,362,431 million HKD from 1,553,482 million HKD[32]. - Total liabilities amounted to HKD 721,104,000, with no significant changes reported[61]. - The total liabilities as of March 31, 2023, were recorded at 1,776,167,000 HKD, showing a decrease compared to the previous period[70]. Revenue and Income Sources - Total revenue for the group was HKD 2,403,000, with all sales coming from external sources[59]. - Revenue from external customers was primarily sourced from China, with significant income reported[45]. - Other income and gains netted 22,416 million HKD, while total income for the previous period was 340,605 million HKD[49]. - Revenue from coke trading for the current reporting period was approximately HKD 2,403,000, while the group had no revenue from coke trading in the previous reporting period[125]. - The group recorded a significant decrease in coal-related subsidiary revenue, which was approximately HKD 34,726,000 in the previous reporting period, resulting in a loss of approximately HKD 64,141,000[125]. Business Operations - The group engaged in businesses including coke trading, coal-related subsidiaries, and coke production[20]. - The company has not generated income from new operating assets, which has a substantial impact on operations[54]. - The company is actively pursuing new product development and technological advancements to enhance its competitive edge in the market[70]. - The company is actively exploring downstream new energy, new materials, and energy-saving environmental protection sectors to capture sustainable development opportunities arising from China's green transformation[164]. Financial Management and Strategy - The company’s capital management aims to ensure sustainable operations and maintain a healthy capital ratio to support business operations and maximize shareholder value[129]. - The company’s financial instruments primarily consist of other borrowings to raise funds necessary for its operations[130]. - The company plans to adjust its dividend policy or issue new shares to maintain an optimal capital structure[188]. - The company’s management expenses were reported at HKD (114,007,000) for the period[61]. Risk Management - The company is focused on risk management, particularly in currency and interest rate risks, and maintains a cautious financing policy[138]. - The company will continue to monitor economic conditions and foreign exchange risks, considering appropriate hedging measures as necessary[160]. - The company is committed to maintaining effective risk management and internal control systems to safeguard assets and ensure compliance with relevant regulations[197]. Employee and Operational Changes - Employee benefits expenses totaled HKD 10,261,000 for the period, a decrease from HKD 38,818,000 in the previous period[66]. - As of March 31, 2024, the group has 15 employees, with 14 based in Hong Kong, reflecting a significant reduction in workforce costs following the sale of subsidiaries[162]. - The company has not disclosed any new product or technology developments in the current reporting period[59]. Future Outlook - The company anticipates a positive outlook for the upcoming fiscal year, driven by strategic initiatives and market expansion efforts[70]. - The company anticipates that the coking assets will officially commence production in the next fiscal year, contingent on the completion of necessary infrastructure[99]. - The company acknowledges the support of shareholders, business partners, customers, suppliers, and banking institutions[183].

Financial Performance - For the six months ended September 30, 2023, the company reported revenue of HK$3,000 (compared to HK$15,662,000 for the six months ended June 30, 2022), indicating a significant decline in revenue[10]. - The cost of sales for the reporting period was HK$131,530,000, resulting in a gross loss of HK$115,868,000[10]. - Other income and gains for the period amounted to HK$11,543,000, a decrease from HK$187,185,000 in the previous period[10]. - The company incurred a loss before tax of HK$21,768,000, an improvement compared to a loss of HK$35,103,000 for the same period last year[10]. - Total comprehensive loss for the period was HK$99,378,000, compared to HK$31,056,000 in the previous period[12]. - The loss attributable to owners of the company was HK$21,763,000, compared to HK$31,370,000 in the prior period[12]. - The company reported finance costs of HK$15,560,000, down from HK$52,534,000 in the previous period, indicating a reduction in financial expenses[10]. - Total comprehensive loss for the six months ended September 30, 2023, was HK$99,378,000, compared to HK$31,056,000 for the same period in 2022, representing an increase of 220%[14]. - Loss per share attributable to ordinary equity holders for the period was HK7.49 cents, an improvement from HK10.93 cents in the previous year[14]. - The Group incurred a loss attributable to owners of HK$21,763,000 for the six months ended 30 September 2023[30]. - The Group recorded a loss for the period of approximately HK$21,768,000, a decrease from HK$35,103,000 in the previous period[184]. Assets and Liabilities - Total non-current assets decreased to HK$1,675,728,000 as of September 30, 2023, down from HK$1,780,421,000 as of March 31, 2023, reflecting a decline of 5.9%[17]. - Current liabilities increased to HK$370,382,000 as of September 30, 2023, compared to HK$356,604,000 as of March 31, 2023, indicating a rise of 3.9%[17]. - Net assets decreased to HK$1,090,304,000 as of September 30, 2023, down from HK$1,188,982,000 as of March 31, 2023, a decline of 8.3%[19]. - The company reported a total equity of HK$1,090,304,000 as of September 30, 2023, compared to HK$1,188,982,000 as of March 31, 2023, reflecting a decrease of 8.3%[19]. - Cash and bank balances decreased to HK$487,000 as of September 30, 2023, from HK$601,000 as of March 31, 2023, a decline of 19%[17]. - Other payables, accruals, and deposits received increased to HK$78,890,000 as of September 30, 2023, compared to HK$59,199,000 as of March 31, 2023, an increase of 33.3%[17]. - As of September 30, 2023, the Group had net current liabilities of HK$240,793,000[30]. - The group reported other payables and accrued charges of HK$135,304,000 as of September 30, 2023, up from HK$117,703,000 as of March 31, 2023[130]. - The group’s unsecured other borrowings amounted to HK$218,188,000 as of September 30, 2023, unchanged from March 31, 2023[134]. Cash Flow - Net cash flows used in operating activities were HK$4,146,000, compared to a generation of HK$1,612,000 in the previous period[25]. - Net cash flows generated from investing activities were HK$271,000, while the previous period saw a cash outflow of HK$64,000[25]. - Net cash flows generated from financing activities were HK$447,000, compared to a cash outflow of HK$2,205,000 in the previous period[25]. - Cash and cash equivalents decreased by HK$3,428,000, compared to a decrease of HK$657,000 in the previous period[25]. - Cash and cash equivalents at 30 September 2023 were HK$487,000, down from HK$7,182,000 at 30 June 2022[25]. Operational Updates - The company has not provided specific guidance for future performance or new product developments in the current report[8]. - There were no significant updates on market expansion or mergers and acquisitions mentioned during the conference call[8]. - The company is expected to resume coke production once the construction of supporting facilities is completed, which is being expedited by Energy Technology[157]. - The company anticipates that government economic stimulus measures will improve the macroeconomic environment, potentially boosting coke demand in the second half of the year[158]. - The company is exploring transitional operating arrangements to meet short-term customer demand until the coking furnace assets are operational[159]. - The Coke Trading Segment did not generate any revenue during the Reporting Period, continuing a trend of no segment results since the suspension of coke trading business in 2021[170]. - The Coal-related Ancillary Segment also reported no external sales during the Reporting Period, compared to HK$15,662,000 in the Previous Period, due to the disposal of GRG Huscoke[172]. - The company is focused on resuming its coke production business to generate sustainable operating income and cash flow in the future[159]. Cost Management - The company reported finance costs of HK$15,560,000, down from HK$52,534,000 in the previous period, indicating a reduction in financial expenses[10]. - Total employee benefit expenses decreased to HK$4,649,000 for the six months ended 30 September 2023, down from HK$12,407,000 in the same period last year, indicating a reduction of 62.5%[78]. - The Group's loss before tax was impacted by a significant reduction in finance costs and employee benefit expenses, indicating a strategic focus on cost management[77]. - Administrative expenses decreased to approximately HK$17,751,000 from HK$53,231,000 in the previous period, aligning with the decrease in revenue[182]. Shareholder Information - The company did not recommend any interim dividend for the six months ended 30 September 2023, consistent with the previous period[83]. - The weighted average number of ordinary shares in issue increased to 290,373,235 for the six months ended 30 September 2023, up from 287,071,349 in the previous period[89]. - As of September 30, 2023, the company issued and fully paid 290,373,235 ordinary shares, an increase from 287,071,349 shares as of March 31, 2023, representing a growth of approximately 1%[137]. - The company issued 3,301,886 ordinary shares at an issue price of HK$0.212 per share to settle part of the professional fees of the financial adviser[138]. - The company has no outstanding share options as the Share Option Scheme expired on March 28, 2023, prior to the reporting period[146]. Strategic Developments - The company intends to acquire a controlling shareholding stake of more than 50% in Energy Technology as per the New Framework Agreement[100]. - The M&A Framework Agreement allows the company to hold more than 50% of the enlarged share capital in Energy Technology upon completion of the transactions[106]. - A cooperation agreement was signed for the construction of a new coking furnace with an annual production capacity of at least 600,000 tons, with a total investment of approximately RMB 600,000,000[110]. - Energy Technology will transfer not less than 90% of the equity interests of a target company, which owns two coking furnaces with a combined annual production capacity of not less than 1,200,000 tons, as compensation for an incident[114].

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的任何損 失承擔任何責任。 HUSCOKE HOLDINGS LIMITED 和嘉控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：704） 中 期 業 績 公 告 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 和嘉控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年九月三十日止六個月（「本報告期間」） 之未經審核簡明綜合中期業績連同截至二零二二年六月三十日止六個月 之比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至 截至 二零二三年 二零二二年 九月三十日 六月三十日 止六個月 止六個月 （未經審核） （未經審核） ...

Production Capacity and Operations - The company shut down two coking furnaces with an annual production capacity of 600,000 tons of coke due to national environmental policy requirements, resulting in no coke production during the reporting period[13]. - The company has engaged Shanxi Jinyan Energy Technology Company Limited to construct a new coking furnace with a capacity of 600,000 tons, leading to an overall annual production capacity of 1,200,000 tons after the completion of new assets[20]. - The new coking furnace assets will enhance the company's competitive advantages in output, quality, and pricing, significantly improving overall productivity and operating performance[21]. - The company has increased its annual coke production capacity to 1,200,000 tons, more than doubling the original production scale[21]. - The Group's new coking furnace assets have a designed annual capacity of at least 1,200,000 tons of coke, 65,000 tons of coal tar, 15,000 tons of crude benzene, and 15,000 tons of ammonium sulfate[117]. - The company aims for full operation of new coking furnace assets with an annual capacity of at least 1,200,000 tons of coke, 65,000 tons of coal tar, 15,000 tons of crude benzene, and 15,000 tons of ammonium sulfate[162]. Financial Performance - The Group's total revenue for the fifteen months ended March 31, 2023, was approximately HK$34,726,000, a significant decrease from approximately HK$866,602,000 in the previous reporting period[26]. - The gross loss for this reporting period amounted to approximately HK$90,912,000, resulting in a gross loss margin of approximately 261.8%, compared to a gross profit margin of approximately 13.00% in the previous reporting period[26]. - Profit after tax for this reporting period was approximately HK$1,248,861,000, a turnaround from a loss after tax of approximately HK$31,182,000 in the previous reporting period[26]. - The Group's profit before tax for this reporting period was approximately HK$1,636,678,000, a significant improvement from a loss before tax of approximately HK$21,513,000 in the previous reporting period[42]. - The Group reported a profit before tax of approximately HK$1,636,678,000 for the reporting period, compared to a loss of approximately HK$21,513,000 in the previous period, primarily due to significant transactions and asset disposals[45]. Share Trading and Corporate Actions - Trading of the company's shares resumed on April 14, 2023, after satisfying all resumption guidance from the Stock Exchange[22]. - The company completed the VST and VSD processes on January 18, 2023, and March 30, 2023, respectively, marking a significant step in resuming operations[21]. - The company entered into a Disposal Agreement on July 26, 2022, to dispose of entities involved in the Incident, streamlining its operations[20]. - The Group completed a very substantial transaction involving the transfer of 90% equity interests in Energy Jiarun, which holds target assets with an expected annual production capacity of 1,200,000 tons of coke, to Shanxi Huscoke International Energy Co., Ltd[48]. - The Group disposed of Joy Wisdom International Limited and its subsidiaries for a cash consideration of HK$1, with the loan owed by the Disposal Company amounting to HK$643,185,000 as of June 30, 2022[51]. Liquidity and Financial Position - As of 31 March 2023, the Group's equity attributable to owners amounted to approximately HK$1,011,367,000, a significant recovery from a deficit of approximately HK$144,233,000 as of 31 December 2021[66]. - The net assets per share as of 31 March 2023 was HK$4.14, compared to net liabilities per share of HK$0.55 as of 31 December 2021[70]. - The Group's gearing ratio improved to 42% as of 31 March 2023, down from 107% as of 31 December 2021[65]. - As of 31 March 2023, the Group's net current liabilities were approximately HK$226,939,000, significantly reduced from approximately HK$1,699,654,000 as of 31 December 2021[67]. - The current ratio improved to 0.36 as of 31 March 2023, compared to 0.28 as of 31 December 2021[67]. Management and Governance - The board of directors includes Mr. Zhao Xu Guang as Chairman and CEO, and Mr. Wang Yijun as an Executive Director[197]. - The board of directors will retire by rotation at the forthcoming AGM, with eligible members offering themselves for re-election[197]. - The Audit Committee supports Management's action plans to address the disclaimer of opinion and the Group's ability to continue as a going concern[80]. - Management has made provisions for bad debts based on the degree of default of the receivables[79]. Market Conditions and Future Outlook - The Chinese government is expected to introduce various growth stabilizing measures in 2023, which may support economic recovery[112]. - Domestic coke inventory is currently low, and market demand is expected to rebound, indicating a potential recovery in the coke market[112]. - The past few years' supply-side reforms have effectively controlled the supply of the coke market, improving coke price stability[112]. - Significant increases in domestic production and import of coking coal are expected to enhance the bargaining power of coke enterprises, maintaining stable profitability[112]. - The Group expects stable income and profit generation from its coke production business in the future[117]. Environmental and Safety Considerations - The management prioritizes environmental protection and may invest in upgrading equipment to meet domestic environmental standards[156]. - The Group's operations involve handling hazardous materials, which poses safety risks including potential fires and explosions[157]. - Stringent safety management policies and training programs are being implemented to enhance safety awareness among employees[158]. - The group is committed to improving production equipment and auxiliary facilities to meet higher environmental standards in response to government policies[163]. Employee Relations and Corporate Social Responsibility - The company is focused on enhancing employee satisfaction through competitive remuneration and career development opportunities[171]. - The group maintains harmonious relationships with stakeholders, including customers, suppliers, and employees[168]. Dividend Policy and Shareholder Returns - The company does not recommend the payment of a final dividend for the fifteen months ended March 31, 2023, consistent with the previous year[191]. - The company has not declared any dividends since 2021, indicating a focus on retaining earnings for growth[194]. - The company’s dividend policy aims to maintain an equitable balance between returns to shareholders and sustaining growth investments[192].

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，並明確表示概不會就本公告全部或任何 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。 HUSCOKE HOLDINGS LIMITED 和嘉控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：704） 業績公告 截至二零二三年三月三十一日止十五個月 業績摘要 • 截至二零二三年三月三十一日止十五個月的溢利為1,248,861千港元。 • 本公司擁有人應佔溢利為1,250,165千港元。 • 每股基本盈利為4.35港元。 • 於二零二三年三月三十一日，資產淨額達1,188,982千港元。 • 每股淨資產為4.14港元。 ...

Financial Performance - Total revenue for the year ended December 31, 2021, was HKD 866,602,000, a decrease of 26.4% from HKD 1,176,982,000 in 2020[3]. - Gross profit for the year was HKD 112,734,000, down 11.2% from HKD 126,890,000 in the previous year[3]. - The company reported a loss before tax of HKD 21,513,000, significantly improved from a loss of HKD 527,533,000 in 2020[3]. - Net loss for the year was HKD 31,182,000, compared to a net loss of HKD 532,532,000 in the prior year, indicating a reduction in losses[3]. - Basic and diluted loss per share was HKD 0.109, an improvement from HKD 1.688 in 2020[5]. - The group reported a loss attributable to shareholders of HKD 31,259,000 for the year ended December 31, 2021, compared to a loss of HKD 484,675,000 for the previous year[13]. - The group recorded a net cash outflow from operating activities of approximately HKD 8,753,000 as of December 31, 2021[13]. - The company reported a total comprehensive loss of HKD 33,191,000 for the year, compared to HKD 537,999,000 in 2020, reflecting a substantial reduction in overall losses[5]. Assets and Liabilities - Total assets as of December 31, 2021, amounted to HKD 1,560,835,000, an increase from HKD 1,504,567,000 in 2020[7]. - Current liabilities totaled HKD 2,360,223,000, up from HKD 2,076,901,000 in the previous year[7]. - Non-current liabilities decreased significantly to HKD 19,273,000 from HKD 112,344,000 in 2020[8]. - The company’s total liabilities as of December 31, 2021, were HKD 2,379,496,000, compared to HKD 2,189,245,000 in 2020, reflecting an increase of approximately 8.7%[21][23]. - Current liabilities and total liabilities as of December 31, 2021, were HKD 1,699,654,000 and HKD 158,092,000, respectively[13]. - As of December 31, 2021, the company's asset-liability ratio was 107%, compared to 106% on December 31, 2020[77]. Cash Flow and Financial Position - The company’s cash and bank balances decreased to HKD 7,903,000 from HKD 21,119,000 in 2020[7]. - The company incurred financial expenses of HKD 113,936,000 in 2021, up from HKD 73,351,000 in 2020, representing an increase of approximately 55.5%[31]. - The net cash outflow from operations for the year ended December 31, 2021, was approximately HKD 8,753,000[108]. - The company had no significant investments or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2021[73]. Business Segments - The group operates in three business segments: coke trading, coal-related ancillary business, and coke production[20]. - Revenue from the coking trade segment was zero, down from HKD 3,042,000 in the previous year, due to the cessation of coking trade operations[64]. - Revenue from coal-related subsidiaries was approximately HKD 81,517,000, an increase from HKD 65,600,000 in the previous year, reflecting an improvement in performance[65]. - Revenue from the coking production segment was approximately HKD 785,085,000, down from HKD 1,108,340,000 in the previous year, primarily due to reduced production capacity[66]. Employee and Operational Costs - The total employee benefits expenses decreased to HKD 53,882,000 in 2021 from HKD 64,152,000 in 2020, reflecting a reduction of about 16%[36]. - The group’s selling and distribution costs were approximately HKD 1,417,000, a significant decrease from HKD 10,953,000 in the previous year, mainly due to changes in transportation models[68]. - Management expenses for the year were approximately HKD 99,920,000, slightly higher than HKD 93,595,000 in the previous year, with differences attributed to exchange rates[69]. Governance and Compliance - The company is committed to complying with corporate governance codes and has acknowledged deviations in its governance structure, which it plans to review[96]. - The independent auditor's report indicated a significant uncertainty regarding the company's ability to continue as a going concern due to substantial losses and cash flow issues[107]. - The audit committee consists of three independent non-executive directors and one non-executive director, overseeing the financial performance for the year ended December 31, 2021[105]. Future Plans and Investments - The company intends to acquire and subscribe to the equity of Energy Technology, aiming to hold over 50% of the expanded share capital[45]. - A new coke oven with an annual capacity of at least 600,000 tons is to be constructed with a total investment of approximately RMB 600,000,000[48]. - The company plans to submit a resumption proposal to the stock exchange within 2022, aiming to restore trading of its shares[93]. - The company is considering the sale of certain assets and the issuance of convertible bonds to strengthen its financial position and reduce debt levels[93]. Shareholder Information - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2021, compared to no dividend in 2020[116]. - The company’s shares have been suspended from trading since March 29, 2021, and will continue to be suspended until further notice[126]. - Shareholders and potential investors are advised to exercise caution when trading the company's securities[127].