Financial Performance - The Group recorded a revenue of RMB14.3 million for the six months ended 30 June 2020, a decrease of 48.6% compared to RMB27.8 million for the same period in 2019[7]. - Profit attributable to equity holders of the Company was RMB465.0 million for the Period, significantly up from RMB88.5 million in the Comparative Period, marking a growth of 425%[7]. - The Group recorded revenue of RMB14.3 million and gross profit of RMB3.8 million for the period, representing a decrease of approximately 48.6% and 63.8% respectively compared to the comparative period[66]. - Revenue from crude oil sales for the six months ended June 30, 2020, was RMB 14,258,000, down 48.8% from RMB 27,829,000 in the same period of 2019[177]. - Gross profit for the period was RMB 3,820,000, a decrease of 63.5% compared to RMB 10,458,000 in the prior year[177]. - Total comprehensive income for the six months ended June 30, 2020, was RMB 478,555,000, a significant increase from RMB 87,878,000 in the same period of 2019, representing a growth of 444%[182]. - The profit attributable to equity holders from continuing operations was RMB 489,283,000, compared to a loss of RMB 164,498,000 in the previous year[185]. - Earnings per share for continuing operations was RMB 0.04, up from a loss of RMB 0.01 per share in the same period of 2019[186]. Financial Position - The net deficit position improved by RMB478.6 million compared to 31 December 2019, primarily due to the discharge of Relevant Guarantees[9]. - As of 30 June 2020, the total Relevant Guarantees provided by the Company amounted to RMB5,200.5 million, down from RMB6,545.1 million as of 31 December 2019[27]. - The Group's gearing ratio increased from approximately 72.3% as at 31 December 2019 to approximately 82.4% as at 30 June 2020, influenced by accumulated losses of RMB21,788.9 million[84]. - As of June 30, 2020, the Group had a total deficit of RMB8,085.0 million, with current liabilities exceeding current assets by RMB8,922.8 million[77]. - The total equity attributable to equity holders of the company as of June 30, 2020, was RMB 8,057,240,000, reflecting a decrease from RMB 8,546,523,000 at the beginning of the year[192]. - The accumulated losses as of June 30, 2020, were RMB 21,788,851,000, indicating a continued financial challenge for the company[192]. Guarantees and Liabilities - The Company successfully discharged Relevant Guarantees amounting to approximately RMB1,468.8 million during the Period[17]. - A portion of Relevant Guarantees A has been discharged, with the remaining amount pending final approval from the relevant bank, expected to be completed by 30 September 2020[24]. - The discharging proposal for Relevant Guarantees B is currently under internal review, with an expected completion by the fourth quarter of 2020[24]. - Relevant Guarantee C was fully discharged on 30 June 2020 following an auction conducted by the relevant bank[24]. - The Group had contingent liabilities of RMB883.8 million as at 30 June 2020, up from RMB853.7 million as at 31 December 2019, due to financial guarantees provided[84]. Operational Challenges - The Group's performance has been significantly disrupted by the COVID-19 outbreak, with expectations of prolonged impacts on crude oil demand and price fluctuations[88]. - The management anticipates that expenditures in the Energy Business will only resume around the fourth quarter of 2020 due to COVID-19 restrictions and low oil prices[41]. - The Group's management has decided to postpone capital expenditures and implement cost-saving measures in response to the collapse in crude prices and demand[56]. - The management foresees that oil prices and sales volume will not return to pre-COVID-19 levels within the next 6 to 12 months[55]. Asset Management - The impairment provision for property, plant, and equipment, and intangible assets negatively impacted the financial results during the Period[8]. - An impairment assessment has been conducted due to indications of asset impairment in non-current assets associated with operations in Kyrgyzstan[58]. - The Group recognized an impairment loss on property, plant, and equipment of RMB13.8 million, compared to nil in the comparative period[69]. - An impairment loss on Co-operation Rights was recorded at RMB670 million, with the external valuation expected to be completed by the end of 2020[70]. Financing and Cash Flow - The Group repaid approximately RMB126.8 million of principal and interest on secured bank loans during the reporting period, leaving an outstanding amount of approximately RMB340.8 million[35]. - The Company intends to utilize a USD250 million interest-free facility from a shareholder to repay overdue secured bank loans by the third quarter of 2020[30]. - The Group has utilized approximately USD105.4 million of a USD250 million interest-free and unsecured financing facility for oilfield development, debt repayment, and general working capital[40]. - The net finance cost increased by approximately 11.3% to RMB176.5 million, compared to RMB154.7 million in the comparative period[74]. - The Group incurred net foreign exchange losses of approximately RMB6.2 million due to fluctuations in currency exchange rates[79]. Shareholder and Corporate Governance - The Company did not declare an interim dividend for the six months ended June 30, 2020, consistent with the previous year[106]. - The Audit Committee reviewed the unaudited interim results of the Group for the Period[105]. - The Company confirmed compliance with the Model Code for Securities Transactions by Directors during the Period[101]. - The Company believes that having the same person serve as both Chairman and CEO can lead to more effective long-term strategy development[102]. - The Audit Committee comprises three independent non-executive Directors, ensuring oversight of financial reporting and internal controls[105]. Employee and Operational Changes - The number of employees decreased from 93 as at 31 December 2019 to 81 as at 30 June 2020, primarily due to the Disposal[86]. - The Company is actively negotiating with noteholders to extend the maturity dates of outstanding promissory notes, with some noteholders already agreeing to the extension[35]. - The Company is developing a plan to settle outstanding promissory notes, contingent on financial performance and refinancing discussions[38].

Financial Performance - The Group recorded a revenue of RMB27.8 million for the six months ended 30 June 2019, an increase from RMB21.8 million in the same period of 2018, primarily driven by crude oil sales[6]. - Profit attributable to equity holders was RMB91.6 million for the Period, a significant recovery from a loss of RMB1,137.6 million in the Comparative Period[6]. - The Group's total comprehensive income for the Period was RMB91.0 million, a significant improvement from a total comprehensive loss of RMB1,164.4 million in the Comparative Period[49]. - The Group recorded a profit of RMB91.8 million during the period, with a net operating cash outflow of approximately RMB16.0 million[51]. - The Group's comprehensive income for the period was RMB91.0 million, a significant improvement from a comprehensive loss of RMB1,164.4 million in the comparative period[53]. - The profit for the period ended June 30, 2019, was RMB91,630,000, marking a significant improvement from the loss of RMB1,137,604,000 reported for the same period in 2018[162]. - The Group recorded a net profit of RMB91,808,000 for the six months ended 30 June 2019, compared to a net loss of RMB1,181,098,000 in the same period of 2018[174]. Discontinued Operations - A net disposal gain of RMB399.2 million was recognized due to the disposal of loss-making discontinued operations, with a total disposal gain of RMB7,026.6 million offset by provisions for financial guarantees of RMB6,627.4 million[17]. - The Disposal Group contributed a loss of RMB142.5 million during the Period, a decrease of approximately 87.4% from the Comparative Period loss of RMB1,131.8 million[50]. - Loss from discontinued operations amounted to RMB (142,474,000), while the gain on disposal of discontinued operations was RMB 399,193,000[138]. - The company reported a significant gain on the disposal of discontinued operations, contributing positively to the overall profit[138]. Financial Position and Liabilities - The Group's net deficit position improved by RMB993.4 million compared to 31 December 2018, largely due to the disposal of discontinued operations[7]. - The total deficit of the Group as of June 30, 2019, was RMB8,636.7 million, with current liabilities exceeding current assets by RMB10,239.3 million[55]. - The Group's total current borrowings amounted to RMB2,613.4 million, of which RMB2,549.5 million were overdue or due for repayment within 12 months[55]. - The gearing ratio decreased from approximately 198.8% as of December 31, 2018, to approximately 66.9% as of June 30, 2019[58]. - Contingent liabilities decreased to RMB853.7 million as of June 30, 2019, down from RMB7,329.8 million as of December 31, 2018[58]. - The Group's financial position is under significant pressure, leading to measures aimed at refinancing operations and restructuring debts[181]. - The Group's ability to continue as a going concern is under significant doubt due to material uncertainties[181]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2019, was RMB15,977,000, compared to RMB170,552,000 in 2018[168]. - Cash and cash equivalents at the end of the period on June 30, 2019, were RMB8,717,000, down from RMB39,551,000 at the end of June 30, 2018[168]. - The Group maintained cash and cash equivalents of RMB8,717,000 as of 30 June 2019[174]. - The Group is negotiating with banks and lenders regarding a borrowing of RMB2,618,331,000 to improve its financial position[181]. - The Group is actively negotiating with relevant banks to release or discharge guarantees related to its borrowings[181]. - The Group is seeking additional financing sources beyond those mentioned, including financing for its Energy Business[194]. Operational Efficiency and Cost Control - Selling and marketing expenses decreased by approximately 13.3% to RMB1.3 million, compared to RMB1.5 million in the Comparative Period[47]. - General and administrative expenses decreased by approximately 15.2% to RMB23.9 million, down from RMB28.2 million in the Comparative Period[47]. - The Group has been focusing on improving production capabilities and cost control measures in the oil production cycle and drilling development[64]. - The Group has enhanced cost control measures and improved operational efficiency in oil production cycles and drilling development, aiming to reduce development costs through a review of capital expenditure bidding processes[67]. Shareholder Information - As of June 30, 2019, Mr. Chen Qiang holds a corporate interest of 27,200,000 shares and has options for an additional 14,000,000 shares, representing a total of 41,200,000 shares, which is 0.86% of the issued share capital of 4,770,491,507 shares[87][88]. - Substantial shareholders include China Minsheng Banking Corp. Ltd. with 7,006,000,000 shares, representing 146.86% of the issued share capital[99]. - The Company had not been notified of any persons, other than Directors or chief executives, with interests in the shares as of June 30, 2019[102]. Future Outlook and Strategy - The Group is actively pursuing related opportunities within the energy industry to broaden revenue sources, including trading of energy-related products, storage, and logistics projects[70]. - The Group expects to increase oil output through further development in Kyrgyzstan, generating steady operating cash flows[186]. - The Group plans to implement a business plan for its energy and exploration and production segment to generate cash inflows[194]. - The directors believe the Group will have sufficient working capital to finance operations and meet financial obligations within the next twelve months[191].

Financial Performance - For the year ended December 31, 2018, the Company recorded a revenue of approximately RMB49.0 million, an increase from RMB45.2 million in the previous year, representing a growth of 4.2%[36] - Profit attributable to equity holders from continuing operations was approximately RMB2,213.3 million, a significant turnaround from a loss of RMB920.6 million in the comparative period[36] - The discontinued operations recorded a revenue of RMB65.3 million, down from RMB87.6 million in the previous year, indicating a decline of 25.5%[37] - Loss attributable to equity holders from discontinued operations was RMB2,351.7 million, compared to a loss of RMB964.2 million in the comparative period, reflecting a worsening situation[37] - Overall loss attributable to equity holders for the period was approximately RMB138.4 million, an improvement from a loss of RMB1,884.8 million in the previous year[38] - Revenue from the energy exploration and production segment increased by approximately 8.4% to RMB49.0 million, driven by rising crude oil prices despite a decrease in sales volume[57] - The Group recorded a revenue of approximately RMB49.0 million for the Period, representing a year-on-year increase of approximately 8.4% compared to RMB45.2 million in the Comparative Period[70] - Gross profit for the Period was approximately RMB14.9 million, compared to RMB10.7 million in the Comparative Period, mainly due to increased oil prices and cost savings from production efficiency[70] - The Continuing Group incurred a net foreign exchange gain of approximately RMB407.1 million during the Period, compared to a loss of RMB618.0 million in the Comparative Period[90] - The Group recorded a total comprehensive loss of approximately RMB195.7 million for the Period, a significant reduction from RMB2,028.2 million in the Comparative Period[75] Strategic Focus and Operations - The Group plans to focus on crude oil production and sales following the disposal of its shipbuilding and engineering segments, aiming for a more streamlined operation[22] - The Group is optimistic about crude oil prices stabilizing at a higher range due to increasing global demand, which is expected to enhance oil trading revenues in the coming years[23] - The Group is actively pursuing energy trading, storage, and logistics projects in the Asia Pacific region to leverage existing industry knowledge and networks[24] - The strategic decision to dispose of the shipbuilding and engineering businesses was made due to declining revenues and limited growth prospects in those sectors[39] - The completion of the Disposal is expected to enhance managerial focus and improve the Group's financial situation, allowing for greater investment in the promising energy sector[45] Debt and Financial Management - The Group is negotiating with creditors for debt restructuring arrangements, receiving positive feedback and support for its proposed measures[24] - The Group recognized a gain of approximately RMB2,067.3 million from the extinguishment of financial liabilities following the issuance of convertible preference shares to settle a bank debt of RMB3,100.0 million[45] - The Group repaid approximately RMB159.2 million of a secured bank loan during the period, reducing the outstanding balance to approximately RMB594.1 million[48] - The Group is negotiating the extension of maturity terms for promissory notes with an aggregate principal amount of approximately HK$1,782.7 million as part of its debt restructuring efforts[49] - The Group entered into a financing arrangement with a substantial shareholder for USD250.0 million, of which approximately USD50.4 million has been utilized for oilfield development and debt repayment[55] - The Group is in the process of negotiating to terminate a previously undrawn USD600.0 million loan agreement, considering alternative financing options instead[56] Cash Flow and Liquidity - As of December 31, 2018, the group incurred a net loss of RMB259.5 million and had an operating cash outflow of RMB201.0 million, compared to an inflow of RMB20.1 million in 2017[84] - The group maintained cash and cash equivalents of RMB9.3 million as of December 31, 2018, down from RMB69.9 million in the previous year[84] - The group has taken measures to mitigate liquidity pressure and improve financial position, including reducing borrowings by issuing shares to satisfy outstanding debts[84] - The group plans to enhance liquidity and financial position following the completion of the disposal of the shipbuilding and engineering business[84] - Short-term borrowings and finance lease liabilities decreased from RMB23,322.7 million as at 31 December 2017 to RMB2,885.8 million as at 31 December 2018, a reduction of RMB20,436.9 million[87] - Long-term borrowings increased from RMB208.4 million as at 31 December 2017 to RMB754.6 million as at 31 December 2018, an increase of RMB546.2 million[87] Management and Governance - The company has a strong governance structure with a finance and investment committee and a corporate governance committee[110] - The company emphasizes strategic investment and financing management as key responsibilities of its executives[108] - The company has a diverse management team with expertise in finance, law, and strategic investment[110] - Mr. Hong Liang has 20 years of experience in corporate finance and strategic investment, having held various senior positions in investment banks[108] - Mr. Wang Tao is responsible for legal affairs and has held multiple roles in Shanghai Sun Glow Investment Group Co., Ltd. from 1999 to 2008[110] Share Options and Dividends - The Group did not recommend a final dividend for the year ended December 31, 2018, consistent with the previous year (2017: nil)[130] - As of December 31, 2018, the Company had no reserves available for distribution to shareholders, compared to RMB 8,253.8 million in 2017[134] - The company has a share option scheme allowing for the issuance of up to 140,000,000 shares, equivalent to 10% of the total issued share capital on the listing date[172] - The exercise price for the share options granted under the scheme is HKD 9.70 per share[172] - No share options were granted during the reporting period[172] Legal and Regulatory Compliance - The auditors issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2018, due to uncertainties related to going concern and asset impairment[95] - The Group's business, financial condition, and results of operations may be materially and adversely affected by potential changes in PRC laws regarding the Structure Agreements[194] - The legal department collaborates with external PRC counsel to monitor the regulatory environment and reduce risks associated with the Structure Agreements[197] - The Group does not have a controlling equity interest in Rongsheng Shipbuilding, relying on contractual arrangements under the Structure Agreements for its shipbuilding operations[192]