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的內容概不負責，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因本公告全部或任何部份 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA HUARONG ENERGY COMPANY LIMITED 中國華榮能源股份有限公司 （於開曼群島註冊成立之有限公司） （股份代號: 01101） 暫停買賣 茲提述中國華榮能源股份有限公司（「本公司」，連同其附屬公司統稱「本集團」） 日期為二零二五年三月二十六日之內幕消息公告（「該公告」），內容有關（其中包 括）可能延遲刊發本集團截至二零二四年十二月三十一日止年度之年度業績（「二零 二四年年度業績」）及寄發本公司截至二零二四年十二月三十一日止年度之年度報告 （「二零二四年年報」）。除本公告另有界定者外，本公告所用詞彙與該公告所界定 者具相同涵義。 由於該公告所述事項，本公司將延遲發佈二零二四年年度業績及寄發二零二四年年 報。應本公司之要求，本公司股份將自二零二四年四月一日上午九時正起於聯交所暫 停買賣，以待刊發二零二四年年度業績。 承董事會命 中國華榮能源股份有限公司 主席 牛建民 香港， ...

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的內容概不負責，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因本公告全部或任何部份 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA HUARONG ENERGY COMPANY LIMITED 中國華榮能源股份有限公司 （於開曼群島註冊成立之有限公司） （股份代號: 01101） 内幕消息 可能延遲刊發二零二四年年度業績； 可能延遲寄發二零二四年年報； 董事會會議延期； 及 可能暫停買賣 本公告乃由中國華榮能源股份有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）根據香港法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定義見 香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」））及上市規 則第13.09條及第 13.49(3)條而作出。 可能延遲刊發二零二四年度業績 本公司董事會（「董事會」）謹此知會本公司股東（「股東」），本公司截至二零二 四年十二月三十一日止年度之年度業績（「二零二四年年度業績」）可能會延遲刊 發，由于本公司延遲支付截至二零二三年十二月三十一日止年度的未付審計費用，導 致 ...

CHINA HUARONG ENERGY COMPANY LIMITED 中國華榮能源股份有限公司 （於開曼群島註冊成立之有限公司） （股份代號: 01101） 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的內容概不負責，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因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 香港，二零二五年三月十九日 於本公告日期，本公司董事如下： 執行董事 : 牛建民先生（主席）、洪樑先生及朱文花女士。 獨立非執行董事 : 王錦連先生、周展女士及林長茂先生。 董事會會議日期 中國華榮能源股份有限公司（「本公司」）董事會（「董事會」）謹此宣布，本公司 將於二零二五年三月三十一日（星期一）舉行董事會會議，藉以（其中包括）批准本 公司及其附屬公司截至二零二四年十二月三十一日止年度業績並予以公佈，以及考慮 派發末期股息（如有）之建議。 承董事會命 中國華榮能源股份有限公司 主席 牛建民 ...

Financial Performance - For the six months ended June 30, 2024, the Group recorded a revenue of RMB 40.8 million, a decrease from RMB 49.1 million for the same period in 2023, representing a decline of approximately 17.0%[2] - The Group generated a gross profit of RMB 16.3 million from oil exploration and storage, down from RMB 20.3 million in the comparative period, indicating a decrease of about 19.7%[2] - Loss attributable to equity holders of the Company was RMB 345.2 million for the period, an improvement from a loss of RMB 444.8 million in the comparative period, reflecting a reduction of approximately 22.5%[2] - The total comprehensive loss for the period was RMB 315.8 million, down from RMB 396.8 million in the comparative period, with a loss attributable to equity holders of RMB 328.7 million compared to RMB 394.0 million previously[31] - Revenue from the Energy Business was approximately RMB19.1 million, down 4.3% from RMB19.9 million in the Comparative Period[23] - Nantong Zhuosheng generated revenue of RMB21.7 million, reflecting a decrease of approximately 25.5% from RMB29.2 million in the Comparative Period[27] - The Group's cost of sales decreased by approximately 14.9% to RMB24.4 million from RMB28.7 million in the Comparative Period[29] - The management anticipates that oil exploration performance will continue to be restrained by a sluggish global economy, with oil prices unlikely to recover substantially in the near future[24] - The Group recorded a net foreign exchange loss of RMB 118.0 million during the period, compared to a loss of RMB 222.9 million in the comparative period, showing a decrease of about 47.0%[2] Financial Position - As of June 30, 2024, the Group had a total deficit of RMB9,336.4 million, with current liabilities exceeding current assets by RMB8,345.9 million[31] - Total borrowings amounted to RMB4,066.7 million as of June 30, 2024, compared to RMB3,934.7 million at the end of 2023[32] - The gearing ratio decreased from approximately 77.4% as of December 31, 2023, to approximately 77.2% as of June 30, 2024[32] - The Group had contingent liabilities of RMB999.9 million, an increase from RMB985.0 million as of December 31, 2023[33] - The Group's cash and cash equivalents amounted to RMB3.6 million as of June 30, 2024, up from RMB2.1 million as of December 31, 2023, with approximately 85.2% in RMB[33] - The Group's liquidity measures include refinancing operations and restructuring debts to alleviate financial pressure[31] - The Group's total liabilities reached RMB10,757,783,000, up from RMB10,425,805,000, representing an increase of approximately 3.18%[57] - The Group's cash flow forecast covers at least a 12-month period starting from June 30, 2024, indicating sufficient operating funds to meet financial obligations[97] Guarantees and Loans - As of June 30, 2024, financial guarantees of approximately RMB 2,210,636,000 had been discharged, representing 37.17% of the total financial guarantees as of the Disposal Day[6] - The Group recognized financial guarantee contracts of RMB 5,118.6 million, up from RMB 5,036.9 million as of December 31, 2023, which will be released upon the discharge of the Relevant Guarantees[13] - The Company intends to utilize a USD 250 million interest-free facility from a shareholder to repay the outstanding secured bank loan by the end of 2024[15] - The secured bank loan was bundled with Relevant Guarantees D and has been transferred to an independent financial institution[15] - The Group has drawn down USD120,387,000 (approximately RMB874,879,000) from a loan facility of up to USD250,000,000 (approximately RMB1,816,800,000) for oilfield operations[90] - The Group is negotiating with lenders regarding overdue borrowings of RMB1,734,691,000, including extensions and waivers[107] Operational Developments - The Group has drilled a total of 81 wells across five oilfields, with 76 wells currently in production as of June 30, 2024[23] - The Group has acquired approximately 50.46% equity interest in Nantong Zhuosheng Petrochemical Co., Ltd., enhancing its oil storage capabilities[26] - The acquisition of Nantong Zhuosheng Petrochemical Co., Ltd. in January 2021 is expected to enhance the Group's oil storage and logistics capabilities[111] - The Group is actively exploring and expanding into other business types to seek more stable and diversified revenue sources[35] - The Group expects to increase oil output through further development in Kyrgyzstan, aiming for steady operating cash flows[110] Employee and Governance - The Group had 155 employees as of June 30, 2024, compared to 143 employees as of December 31, 2023[33] - The Group has complied with the Corporate Governance Code during the reporting period[37] - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2024[42] - The company is committed to corporate governance and transparency in its operations[194] Market Outlook - Demand for oil is expected to grow in emerging economies, particularly in Central Asia, indicating a promising outlook for oil field development in Kyrgyzstan[34] - The Chinese economy is anticipated to recover in 2024 due to favorable monetary and real estate policies, which the Group is prepared to navigate[35] - The company expects to resume expenditures in the Energy Business by 2025 at the earliest, due to ongoing geopolitical conflicts affecting oil prices[19] Financial Management - The net finance cost decreased by approximately 28.2% to RMB261.4 million compared to RMB364.3 million in the previous period[30] - The company reported a net finance cost of RMB 261,392,000, a decrease from RMB 364,253,000 in 2023, indicating improved financial management[59] - The Group's financial risk management focuses on minimizing potential adverse effects from market unpredictability[104] - The Group's ability to continue as a going concern is contingent on achieving its plans; failure to do so may require asset value adjustments[99]

Revenue and Profitability - For the six months ending June 30, 2024, the company recorded revenue of RMB 408 million, a decrease of 16.5% compared to RMB 491 million in the comparable period[1]. - Gross profit from oil exploration and storage operations was RMB 163 million, down from RMB 203 million in the comparable period[1]. - The company reported a decrease in sales of light crude oil from 65,933 barrels to 49,114 barrels, resulting in revenue of approximately RMB 19.1 million, a decline of about 4.3%[13]. - Nantong Zhuosheng generated revenue of RMB 21.7 million, a decrease of approximately 25.5% compared to RMB 29.2 million in the comparable period[15]. - Revenue from oil sales in Kyrgyzstan for the six months ended June 30, 2024, was RMB 19,054,000, a decrease of 4.3% from RMB 19,903,000 in the same period of 2023[48]. - Revenue from oil storage services in China for the same period was RMB 21,723,000, down 25.3% from RMB 29,152,000 in 2023[48]. - Total segment revenue for the six months ended June 30, 2024, was RMB 40,777,000, a decline of 16.5% compared to RMB 49,055,000 in 2023[48]. Losses and Financial Performance - Loss attributable to equity holders was RMB 3.452 billion, an improvement from a loss of RMB 4.448 billion in the comparable period, primarily due to milder exchange rate fluctuations[1]. - The total comprehensive loss for the period was RMB 315.8 million, a reduction from RMB 396.8 million in the comparable period, mainly due to decreased foreign exchange losses[19]. - The company recorded a net loss of RMB 345,119,000 for the six months ended June 30, 2024, compared to a net loss of RMB 441,580,000 in the same period of 2023[41]. - The company’s total comprehensive loss for the period was RMB 315,766,000 for the six months ended June 30, 2024, compared to RMB 396,782,000 for the same period in 2023, showing an improvement of about 20.4%[36]. Financial Position and Liabilities - As of June 30, 2024, the company had total borrowings of RMB 4,066.7 million, an increase from RMB 3,934.7 million as of December 31, 2023[21]. - Total liabilities increased to RMB 10,757,783,000 as of June 30, 2024, from RMB 10,425,805,000 as of December 31, 2023, marking an increase of about 3.2%[34]. - The company has outstanding borrowings of RMB 4,066,683,000 as of June 30, 2024, with RMB 1,606,520,000 overdue[42]. - The total overdue interest payable amounted to RMB 1,037,737,000 as of June 30, 2024[42]. - The company had contingent liabilities of RMB 999.9 million as of June 30, 2024, compared to RMB 985.0 million as of December 31, 2023[25]. Financial Guarantees and Debt Restructuring - As of June 30, 2024, the company provided financial guarantees amounting to RMB 6.1185 billion, an increase from RMB 6.0218 billion as of December 31, 2023[6]. - Financial guarantee contracts confirmed by the group amounted to RMB 5.1186 billion, up from RMB 5.0369 billion as of December 31, 2023[6]. - 37.17% of the financial guarantees, amounting to RMB 2.211 billion, have been released since the sale date[2]. - The overall situation regarding debt restructuring has been improving, with borrowers expressing support for the group[7]. - The company aims to improve its overall financial condition through debt restructuring measures aligned with asset sales[9]. - The company plans to utilize a financing amounting to $250 million, which is interest-free and unsecured, to repay secured bank loans by the end of 2024[8]. Cash Flow and Financing - Operating cash outflow was RMB 1,132,000 for the six months ended June 30, 2024, an improvement from RMB 3,735,000 outflow in the same period of 2023[41]. - The company has drawn approximately $120.4 million from the financing for oilfield development and debt repayment as of June 30, 2024[10]. - The company has drawn down USD 120,387,000 (approximately RMB 874,879,000) from a loan facility controlled by Mr. Zhang Zhirong, with a total loan facility of up to USD 250,000,000 (approximately RMB 1,816,800,000) for funding oilfield operations[43]. - The group expects to generate stable operating cash flow through further development and expansion of its energy exploration and production segment[44]. Assets and Investments - The company reported a total asset value of RMB 1,421,342,000 as of June 30, 2024, compared to RMB 1,405,130,000 as of December 31, 2023, reflecting an increase of approximately 1.15%[33]. - The company’s non-current assets totaled RMB 1,390,056,000 as of June 30, 2024, slightly up from RMB 1,379,670,000 as of December 31, 2023[33]. - The group has a non-current asset total of RMB 564,605,000 as of June 30, 2024, compared to RMB 572,033,000 as of December 31, 2023[51]. - The total net book value of property, plant, and equipment is RMB 354,009,000, with a cost or valuation of RMB 732,797,000[52]. - The total net book value of right-of-use assets is RMB 200,941,000 as of December 31, 2023, with a cost or valuation of RMB 219,318,000[53]. - The total net book value of intangible assets and goodwill is RMB 807,637,000 as of December 31, 2023, with a cost of RMB 1,766,749,000[54]. Operational Management - The company is actively managing capital expenditures in response to geopolitical tensions affecting oil prices, which have shown significant volatility[11]. - The company aims to explore and expand into other business types to seek more stable and diversified revenue sources amid complex global economic conditions[28]. - The company is in preliminary discussions with a shareholder for further financial assistance to support its operations[11]. Other Financial Metrics - The company did not declare an interim dividend for the six months ending June 30, 2024, consistent with the previous period[30]. - The company incurred RMB 13,479,000 in employee benefits expenses for the six months ended June 30, 2024, an increase from RMB 11,955,000 in the same period of 2023[62]. - The company reported a financing cost of RMB 261,392,000 for the six months ended June 30, 2024, down from RMB 364,253,000 for the same period in 2023, a reduction of approximately 28.3%[35]. - The basic loss per share for the six months ended June 30, 2024, was RMB (0.03), compared to RMB (0.04) for the same period in 2023[67].

Financial Performance - The Group's revenue decreased to RMB 82.6 million for the year ended December 31, 2023, down from approximately RMB 102.8 million for the year ended December 31, 2022, representing a decline of about 19.5%[20] - Gross profit from the oil exploration and storage business was RMB 31.5 million, compared to RMB 45.8 million in the previous year, indicating a decrease of approximately 31.5%[20] - Loss attributable to equity holders of the Company was approximately RMB 526.4 million for the year, an improvement from a loss of RMB 682.7 million in the comparative year, reflecting a reduction of about 22.9%[21] - The Group recorded a net foreign exchange loss of RMB 125.5 million during the year, significantly lower than the foreign exchange loss of RMB 332.4 million in the previous year, marking a decrease of approximately 62.3%[22] - The Group's total revenue for the year was approximately RMB 82.6 million, compared to RMB 102.8 million in the previous year, reflecting a decrease attributed to lower crude oil prices and a slight decline in oil storage revenue[78] - The cost of sales decreased by approximately 10.4% to RMB 51.1 million, aligning with the revenue decline[78] - The Group's net finance costs decreased by approximately 33.3% to RMB 347.8 million, down from RMB 521.6 million in the Comparative Year[81] - The total comprehensive loss for the Year was approximately RMB 510.4 million, a reduction from RMB 617.2 million in the Comparative Year, primarily due to a decrease in foreign exchange loss[88] Operational Challenges - The oil extraction segment faced challenges due to the recurrence of the COVID-19 pandemic and geopolitical tensions, impacting operations and investment[8] - The geopolitical conflicts and high inflation may pose uncertainties for the energy market in Kyrgyzstan, necessitating close monitoring of market dynamics[10] - The overall decline in local oil prices in Kyrgyzstan was greater than the decline in international oil prices, influenced by the Russia-Ukraine war and restricted Russian oil exports[63][66] - The geopolitical turmoil and concerns about oil output levels have contributed to a decline in crude oil futures by over 10% in 2023, affecting the company's outlook[52] Future Prospects - Future prospects for oilfield development in Kyrgyzstan are positive, driven by increasing global demand for fossil fuels, particularly in Central Asia[10] - The management believes that China's economy will continue to rebound, supporting steady growth in oil demand[11] - The Group aims to enhance its core competitiveness in oil storage services to capitalize on market opportunities[11] - The Group's strategic focus will be on formulating reasonable strategies to address future challenges and opportunities in the energy sector[10] Financial Guarantees and Liabilities - As of December 31, 2023, the Relevant Guarantees provided by the Company amounted to RMB6,021.8 million, an increase from RMB5,827.9 million as of December 31, 2022[38] - The Company recognized financial guarantee contracts of RMB5,036.9 million, which will be released upon the discharge of the Relevant Guarantees[38] - The discharging proposal for Relevant Guarantee B was approved by the relevant division by the end of 2020, and it is currently in the finalization stage, expected to be discharged by the end of 2024[38] - The Purchaser is negotiating a debt restructuring deal for Relevant Guarantee D, which is also expected to be discharged by the end of 2024[38] - The Company and the Purchaser are committed to fully discharging the Relevant Guarantees by 2024[33] - The Company has been actively negotiating with banks and lenders to facilitate the release of the Relevant Guarantees since 2018[32] - The inability to fully discharge the Relevant Guarantees from 2020 to 2023 was attributed to COVID-19 disruptions and the complexity of the discharging process[32] - The Company maintains relationships with banks to prevent immediate repayment demands on outstanding borrowings under the Relevant Guarantees[31] Capital Expenditures and Debt Management - The company anticipates that capital expenditures in the Energy Business will only resume by 2026 at the earliest due to current economic uncertainties[52] - The company aims to optimize its debt structure through various measures, including the disposal of certain assets and restructuring of loans[41] - The company has a plan to settle outstanding promissory notes, contingent on financial performance and refinancing discussions[46] - The company expects to repay the outstanding secured loan using the USD250 million facility, with all repayments to be completed by the end of 2024[42] - The company has drilled a total of 81 wells across five oilfield zones, with 76 wells currently in production as of December 31, 2023, compared to 73 wells in 2022[56] Liquidity and Cash Management - Operating cash inflow for the Year was RMB7.0 million, down from RMB21.9 million in the Comparative Year[89] - The Group maintained cash and cash equivalents of RMB2.1 million as of December 31, 2023, a decrease from RMB14.6 million in the previous year[89] - The Group's current liabilities exceeded its current assets by RMB8,108.9 million as of December 31, 2023, compared to RMB7,532.7 million in the previous year[89] - Cash and cash equivalents decreased to approximately RMB2.1 million as of December 31, 2023, from RMB14.6 million in the previous year, with 55.1% denominated in RMB[112][116] Corporate Governance and Management - The board consists of six directors, including three executive directors and three independent non-executive directors[132] - The auditors issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2023, primarily due to uncertainties regarding going concern[119][120] - The Board and audit committee agreed with the auditors regarding the uncertainties related to going concern, with ongoing negotiations for debt restructuring arrangements[125][126] Shareholder Information - The Group did not recommend the payment of a final dividend for the year ended 31 December 2023, consistent with the previous year where no dividend was paid[161] - As of 31 December 2023, there were no reserves available for distribution to shareholders, unchanged from 2022[165] - The Company’s ability to pay dividends is contingent on its current and future operations, liquidity position, and capital requirements[162]

Financial Performance - The company's revenue for the year ended December 31, 2023, decreased to RMB 826 million, compared to RMB 1,028 million for the comparable year[3]. - Gross profit from oil exploration and storage operations was RMB 315 million, down from RMB 458 million in the comparable year[3]. - Loss attributable to equity holders for the year was approximately RMB 5,264 million, an improvement from a loss of RMB 6,827 million in the comparable year[3]. - The company recorded a total comprehensive loss of approximately RMB 5,104 million, down from RMB 6,172 million in the previous year, mainly due to a reduction in foreign exchange losses[36]. - The company reported a total loss of RMB 9,020,675,000 as of December 31, 2023, with current liabilities exceeding current assets by RMB 8,108,929,000[66]. - The group reported a total loss of RMB 9,020,675,000 and current liabilities exceeded current assets by RMB 8,108,929,000[86]. - The company reported a net loss before tax of RMB (523,512,000) for the year, compared to a loss of RMB (667,327,000) in 2022[106]. - The net loss for the year was RMB 525,120,000, an improvement from a net loss of RMB 670,884,000 in 2022[80]. - The company recorded a depreciation of RMB 1,278,000 for intangible assets in 2023, compared to RMB 1,259,000 in 2022, indicating a slight increase in depreciation expenses[122]. Debt and Financial Guarantees - As of December 31, 2023, the company provided guarantees amounting to RMB 6,021.8 million related to the sale group, an increase from RMB 5,827.9 million as of December 31, 2022[13]. - The financial guarantee contracts recognized by the group amounted to RMB 5,036.9 million, up from RMB 4,873.0 million in the previous year[13]. - The company aims to fully release related guarantees by the end of 2024[9]. - The company has been actively negotiating with banks and lenders to facilitate the release of guarantees[10]. - The overall situation regarding the company's debt structure has improved in recent years, with lenders expressing support[14]. - The company is actively negotiating with bondholders to extend the maturity of remaining debts, with discussions ongoing as of December 31, 2023[17]. - The group has overdue borrowings amounting to RMB 342,399,000 as of December 31, 2023, and is negotiating with financial institutions for repayment extensions[96]. - The total outstanding borrowings amounted to RMB 3,934,716,000, with RMB 1,569,065,000 overdue as of December 31, 2023[88]. - The group has outstanding promissory notes totaling RMB 2,447,565,000, with RMB 1,179,111,000 overdue since 2020, 2021, and 2022[89]. - The group has engaged in negotiations to extend the maturity of RMB 1,144,342,000 of promissory notes to December 2025[90]. Revenue and Sales - The energy business generated revenue of approximately RMB 37.9 million, a decrease of about 28.2% compared to RMB 52.7 million in the previous year[22]. - The company recorded revenue of approximately RMB 826 million, a decrease of about 19.5% compared to the previous year’s RMB 1,028 million, primarily due to a 28.2% drop in revenue from energy exploration and production[31]. - The company sold 124,200 barrels of light crude oil in the Kyrgyz project, slightly down from 124,790 barrels in the previous year[22]. - Revenue from oil sales in Kyrgyzstan was RMB 37,874,000, down 28.2% from RMB 52,735,000 in 2022[106]. - Revenue from oil storage services was RMB 44,748,000, a slight decrease of 4.4% from RMB 46,827,000 in 2022[106]. - The group’s largest customer contributed RMB 16,855,000, accounting for 20.4% of total revenue, down from 34.5% in 2022[108]. Assets and Liabilities - The company reported total assets of RMB 1,405,130,000 as of December 31, 2023, a decrease from RMB 1,421,562,000 in 2022[75]. - Total liabilities increased to RMB 10,425,805,000 in 2023, compared to RMB 9,931,873,000 in 2022, indicating a rise of 5%[76]. - The company’s total borrowings amounted to RMB 3,934.7 million as of December 31, 2023, an increase from RMB 3,829.8 million the previous year[40]. - The company’s cash and cash equivalents decreased significantly to RMB 2,143,000 in 2023 from RMB 14,583,000 in 2022, a decline of 85.3%[75]. - The group maintained cash and cash equivalents of RMB 2,143,000 as of December 31, 2023[67]. - The total accounts payable and other payables increased to RMB 1,398,604,000 in 2023 from RMB 1,171,323,000 in 2022[135]. Operational Developments - The company has drilled a total of 81 wells in the Kyrgyz project, with 76 currently in production[22]. - The company has utilized approximately USD 120 million of the USD 250 million financing for oilfield development, debt repayment, and general working capital[19]. - The company plans to use financing to repay debts and for capital expenditures in its energy business, with a cautious approach due to geopolitical uncertainties[21]. - The company aims to improve its overall financial condition through debt restructuring measures aligned with asset sales[18]. - The company is actively seeking additional financing sources to support its energy business and debt restructuring efforts[69]. - The company has pledged its coastal rights and leased land as collateral for loans owed to financial institutions, indicating a strategic financial management approach[118]. Market Outlook - The outlook for the oilfield development in Kyrgyzstan remains positive due to increasing demand for fossil fuels in developing countries, despite geopolitical and economic uncertainties[51]. - The management believes that China's economic recovery will support the growth of oil demand, with expectations for steady increases in demand[51]. - The company anticipates that capital expenditures in the energy business will not resume until at least 2026 due to current economic uncertainties and geopolitical factors affecting oil prices[125]. - The forecasted oil prices for 2024 are projected at $45.80 per barrel, a decrease from the previous year's forecast of $54.80 per barrel[126]. Accounting and Compliance - The audit committee has reviewed and approved the consolidated financial statements for the year ending December 31, 2023, ensuring compliance with applicable accounting standards[55]. - The adoption of new and revised standards, effective from January 1, 2023, is not expected to have a significant impact on the group's financial statements[94]. - The group has reviewed its accounting policy disclosures and believes they are consistent with the revised standards, eliminating non-significant policies[97]. - The revised International Accounting Standard 12 narrows the scope of initial recognition exemptions for deferred tax liabilities and assets, but is not expected to have a significant impact on the group's financial position[98]. - The group is assessing the impact of newly issued but not yet effective International Financial Reporting Standards on its operations, expecting no significant effects[103].

Financial Performance - For the six months ended June 30, 2023, the Group recorded revenue of RMB 49.1 million, a decrease of 3.5% compared to RMB 50.9 million for the same period in 2022[7]. - The Group generated a gross profit of RMB 20.3 million from oil exploration and storage, down from RMB 25.2 million in the comparative period, reflecting a decline of 19.4%[7]. - Loss attributable to equity holders of the Company was RMB 444.8 million, compared to RMB 381.0 million in the comparative period, indicating an increase in loss of 16.7%[8]. - The Group recorded a total comprehensive loss of RMB 396.8 million for the Period, compared to RMB 355.8 million in the Comparative Period, primarily due to currency exchange fluctuations[73][78]. - The Group recorded a net loss of RMB 441,580,000 for the six months ended June 30, 2023, compared to a net loss of RMB 374,145,000 in the same period of 2022[163]. Financial Position - As of June 30, 2023, total assets amounted to RMB 1,463,271,000, an increase from RMB 1,421,562,000 as of December 31, 2022, reflecting a growth of approximately 2.93%[132]. - Non-current liabilities increased to RMB 2,497,755,000 as of June 30, 2023, from RMB 2,353,292,000 at the end of 2022, marking a rise of approximately 6.14%[133]. - Current liabilities totaled RMB 7,872,609,000, up from RMB 7,578,581,000, reflecting an increase of about 3.87%[133]. - The Group's total current borrowings amounted to RMB 1,598.6 million, which were either overdue or due for repayment within 12 months[74][79]. - As of June 30, 2023, total borrowings increased to RMB 4,045.5 million from RMB 3,829.8 million as of December 31, 2022, with RMB120.1 million (approximately 3.0%) in RMB and RMB3,925.4 million (approximately 97.0%) in other currencies[81][85]. Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 5.4 million as of June 30, 2023, from RMB 14.6 million as of December 31, 2022, with RMB2.6 million (approximately 48.7%) in RMB and RMB2.8 million (approximately 51.3%) in other currencies[91][95]. - Net cash used in operating activities for the six months ended June 30, 2023, was RMB (3,735,000), a decrease from RMB 18,190,000 generated in the same period of 2022[148]. - The Group's cash flow projections indicate sufficient working capital to meet financial obligations for the next twelve months, although uncertainties remain regarding the achievement of these plans[188][189]. Debt and Financing - The Group has outstanding promissory notes totaling RMB 2,485,170,000, which require negotiation for further arrangements, including maturity extensions[190]. - The Group is negotiating with lenders regarding overdue borrowings of RMB1,997,029,000, including RMB48,584,000 and RMB349,803,000 that are overdue[181]. - The Group has drawn down USD120,006,000 (approximately RMB870,197,000) from a loan facility for oilfield operations, with a total facility of up to USD250,000,000 (approximately RMB1,812,825,000)[183]. Operational Highlights - The Kyrgyzstan Project recorded sales of 65,933 barrels of light crude oil, a 13.4% increase from 57,996 barrels in the comparative period[51]. - The Group's production increased by approximately 13.7% to 65,933 barrels, compared to 57,996 barrels in the Comparative Period[65][69]. - The Group aims to increase oil extraction efficiency and maintain sustainable oil storage business while seeking new synergistic business opportunities in response to the volatile global economic environment[97][98]. Corporate Governance - The Company has complied with the corporate governance code as per the listing rules[109]. - The Audit Committee has reviewed the accounting principles and practices adopted by the Company and discussed internal control and financial reporting matters[107]. Shareholder Information - As of June 30, 2023, substantial shareholders include China Minsheng Banking Corp. Ltd. with 7,006,000,000 shares (146.86% of issued share capital) and Ms. Yu Gelin with 1,420,120,000 shares (29.77%)[118]. - The interests of Mr. Zhang Zhi Rong and Fine Profit Enterprises Limited are recorded at 388,301,031 shares (8.14% of issued share capital)[120].

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的內容概不負責，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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA HUARONG ENERGY COMPANY LIMITED (cid:1117)(cid:1117)(cid:3387)(cid:3387)(cid:14879)(cid:14879)(cid:8158)(cid:8158)(cid:14125)(cid:14125)(cid:9408)(cid:9408)(cid:14033)(cid:14033)(cid:1325)(cid:1325)(cid:7481)(cid:7481)(cid:19584)(cid:19584)(cid:1948)(cid:1948)(cid:2600)(cid:2600) (於開曼群島註冊成立之有限公司) (股份代號 ：01101) 截至二零二三年六月三十日止六個月之 中期業績公告 中國華榮能源股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年六月三十日止 ...

Financial Performance - The Group's revenue decreased to RMB102.8 million for the year, down from approximately RMB316.8 million for the previous year, representing a decline of about 67.6%[21]. - The loss attributable to equity holders of the Company was approximately RMB682.7 million, compared to a loss of RMB185.1 million for the previous year, indicating a significant increase in losses[22]. - The Group recorded a net foreign exchange loss of RMB332.4 million, primarily due to the appreciation of borrowings in USD and Hong Kong dollars, contrasting with a foreign exchange gain of RMB101.0 million in the previous year[23]. - The Group generated a gross profit of RMB45.8 million from its oil exploration, storage, and trading businesses, down from RMB53.1 million in the previous year[21]. - Total comprehensive loss for the Year was approximately RMB617.2 million, compared to RMB194.0 million in the Comparative Year, primarily due to currency exchange fluctuations[88]. - The Group recorded a net loss of RMB670.9 million for the Year, an increase from RMB177.2 million in the Comparative Year[89]. - Estimated interest income from interest-free loans was RMB27.0 million, down from RMB74.0 million in the comparable year[26]. - The Group's cost of sales decreased by approximately 78.3% to RMB57.1 million, aligning with the decrease in trading revenue[79]. Business Strategy and Outlook - The management remains optimistic about the prospects of the oil storage business, which primarily serves domestic customers, despite external economic challenges[14]. - The Group is focusing on business diversification to sustain long-term development and minimize overall business risk, particularly through synergies from Nantong Zhuosheng[10]. - The management anticipates a systematic restoration of the economy in the coming year, which is expected to positively impact the Group's primary business operations[15]. - The Group's strategy includes expanding its core businesses and reinforcing its market position in the oil storage industry[8]. - The management remains positive about the long-term business model despite current market challenges[66]. - The Group plans to postpone capital expenditures and implement cost-saving measures to maintain financial stability in a volatile market[66]. Debt and Financial Management - The Group has engaged in active discussions with lenders regarding debt restructuring to improve its liability structure and maintain a healthy financial position[8]. - The overall financial situation of the Group has improved over the years due to supportive lenders and debt restructuring measures[43]. - The Company plans to utilize a USD250 million interest-free facility from a shareholder to repay outstanding secured loans by the end of 2023[44]. - The Company is actively negotiating with remaining noteholders to extend the maturity dates of outstanding promissory notes[48]. - The Group has implemented plans to mitigate liquidity pressure, including restructuring operations and refinancing debts[91]. - The Group incurred a net foreign exchange loss of approximately RMB332.4 million for the year, compared to a gain of RMB101.0 million in the previous year, due to fluctuations in RMB against USD and HKD[103][108]. Operational Highlights - The Kyrgyzstan Project recorded sales of 124,790 barrels of light crude oil in 2022, a decrease from 134,210 barrels in 2021[64]. - Revenue from the Energy Business was approximately RMB52.7 million for the year, representing an increase of about 53.2% from RMB34.4 million in the previous year[64]. - The increase in revenue was primarily driven by rising oil prices, influenced by the Russia-Ukraine conflict and strained Sino-US relations[65]. - As of December 31, 2022, the Group had drilled a total of 81 wells across five oilfields, with 73 wells in production, up from 69 wells in 2021[59]. - The Group acquired approximately 50.46% of Nantong Zhuosheng Petrochemical Co., Ltd., which generated revenue of RMB46.8 million and a net profit of RMB5.1 million for the year[72]. - The Group's oil storage facility has a total volume of 242,000 cubic meters across 37 storage tanks[68]. Corporate Governance and Compliance - The auditors issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2022, primarily due to uncertainties regarding going concern[121][122]. - The board and management are committed to resolving the issues related to the disclaimer of opinion in the coming years[129]. - The company complied with the applicable requirements regarding related party transactions as per Chapter 14A of the Listing Rules[198]. - The financial assistance provided was exempt from reporting, announcement, and independent shareholders' approval requirements[197]. - The Group's management team includes experienced professionals with extensive backgrounds in finance and auditing[145][146][147][148]. Shareholder Information - The Directors did not recommend the payment of a final dividend for the year ended December 31, 2022, consistent with the previous year[160]. - As of December 31, 2022, the Company had no distributable reserves available for distribution to shareholders, consistent with the previous year[171][175]. - The Share Option Scheme allows for the issuance of up to 140,000,000 shares, representing 10% of the total issued share capital on the Listing Date, but there were no outstanding options as of December 31, 2022[180]. - The Company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2022[179][184].