香港证监会最近曾就能源及能量环球(01142)股权分布进行查讯。查讯结果显示该公司于2025年七月三 十一日，有十名股东合共持有1,174,142,723股该公司股份，相当于该公司已发行股本的17.16%。有关股 权连同由四名该公司的主要股东持有的5,600,400,000股(占已发行股本的81.83%)，相当于该公司已发行 股本的98.99%。因此，该公司只有69,114,339股(占已发行股本的1.01%)由其他股东持有。 公告指出，鉴于股权高度集中于数目不多的股东，即使少量股份成交，该公司股份价格亦可能大幅波 动，股东及有意投资者于买卖该公司股份时务请审慎行事。 值得注意的是，近日该公司也有拆股动作。7月25日，能源及能量环球发布公告，股份于联交所买卖的 每手买卖单位将由8000股股份更改为2000股股份，自2025年8月18日(星期一)上午九时正起生效。 | | | 白白致门网 | | --- | --- | --- | | | 所持股份數目 | 總額自分比 | | | (股數) | (%) | | 東源控股有限公司(附註 1.4) | 3,491,280,000 | 51.01 | | 海能國際投資 ...

能源及能量环球(01142)发布公告，证监会最近曾就该公司的股权分布进行查讯。查讯结果显示该公司 于2025年7月31日，有十名股东合共持有11.74亿股该公司股份，相当于该公司已发行股本的17.16%。有 关股权连同由四名该公司的主要股东持有的56亿股(占已发行股本的81.83%)，相当于该公司已发行股本 的98.99%。因此，该公司只有6911.43万股(占已发行股本的1.01%)由其他股东持有。 ...

智通财经APP讯，能源及能量环球(01142)发布公告，证监会最近曾就该公司的股权分布进行查讯。查讯 结果显示该公司于2025年7月31日，有十名股东合共持有11.74亿股该公司股份，相当于该公司已发行股 本的17.16%。有关股权连同由四名该公司的主要股东持有的56亿股(占已发行股本的81.83%)，相当于该 公司已发行股本的98.99%。因此，该公司只有6911.43万股(占已发行股本的1.01%)由其他股东持有。 ...

公布 二零二五年八月十二日 股權高度集中 | | | 佔已發行股份 | | --- | --- | --- | | | 所持股份數目 | 總額百分比 | | | （股數） | (%) | | 東源控股有限公司 ( 附註 1,4 ) | 3,491,280,000 | 51.01 | | 海能國際投資集團有限公司 ( 附註 ) 2,4 | 1,020,240,000 | 14.91 | | A Mark Limited ( 附註 3,4 ) | 620,880,000 | 9.07 | | 陸勇 | 468,000,000 | 6.84 | | 十名股東 | 1,174,142,723 | 17.16 | | 其他股東 | 69,114,339 | 1.01 | | 合計 | 6,843,657,062 | 100.00 | 附註 1 : 東源控股有限公司由陳瀚霖先生 ("陳先生") 實益全資擁有。 該公司股份之收市價從二零二五年五月二十九日之 0.98 港元上升 380%至二零二五年七月三十 一日之 4.70 港元。 附註 2: 海能國際投資集團有限公司由Jin Xin Resources Group Lim ...

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈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。 E&P Global Holdings Limited 1142 訴訟最新情況 - 1 - (a) Zhi Charles向本公司及其他被告提出之二零一六年HCA 584號（「HCA 584/2016」）訴 訟、二零一六年HCA 1195號（「HCA 1195/2016」）訴訟及二零一六年HCA 1618號 （「HCA 1618/2016」）訴訟； (b) Zhi Charles向Grandvest及其他被告提出之二零一六年HCA 2380號（「HCA 2380/ 2016」）訴訟； (c) Zhi Charles向前董事及其他被告提出之二零一六年HCA 2397號（「HCA 2397/2016」） 訴訟； (d) Kim Sung Ho向本公司及其他被告提出之二零一六年HCA 2633號（「HCA 2633/ 2016」）訴訟、二零一六年HCA 3148號（「HCA 3148/2016）訴訟、二零一六年 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 能源及能量環球控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01142 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | 0 | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： ...

[Company Information](index=3&type=section&id=Company%20Information) The company's board and committee members saw several changes, including new appointments and resignations, during the reporting period - During the reporting period, the company's board of directors and various committee members underwent several changes, including the appointment of Mr. Liao Huicheng and Ms. Sun Meng as directors, Mr. Wang Weihua as an independent non-executive director and chairman of the audit committee, and Mr. Liang Youwen's resignation[3](index=3&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) This year, the Group turned from profit to loss, primarily due to a significant non-cash impairment loss on exploration and evaluation assets related to Russian coal mines, while Korean oil trading revenue declined due to geopolitical tensions | Indicator | For the year ended March 31 | | :--- | :--- | | | **2025** | **2024** | | Revenue | Approximately HKD 489 million | Approximately HKD 665 million | | (Loss) Profit Before Income Tax | Approximately (HKD 329 million) | Approximately HKD 109 million | - The annual results turned from profit to loss, primarily due to an increase of approximately **HKD 787 million** in impairment loss on exploration and evaluation assets related to the mining rights of Russian coal mine Area 2, caused by declining coal prices, ruble appreciation, and anticipated cost inflation[6](index=6&type=chunk) - Looking ahead, the Group will focus on its core businesses: (i) trading of diesel and gasoline; and (ii) coal mining, while actively seeking other types of mining development projects in other countries to achieve business diversification[8](index=8&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) During the reporting period, the Group's total revenue decreased by **26.37%** year-on-year to **HKD 489 million**, primarily due to geopolitical tensions affecting Korean diesel and gasoline sales, resulting in a pre-tax loss of **HKD 329 million** mainly driven by a non-cash impairment loss on exploration assets of **HKD 787 million**, partially offset by other non-cash gains [Financial Review](index=6&type=section&id=Financial%20Review) This year, total revenue decreased by **26.37%** to **HKD 489 million**, primarily due to reduced diesel sales, and the results turned from profit to loss, recording a pre-tax loss of **HKD 329 million** mainly dragged by a non-cash impairment loss on exploration assets of up to **HKD 787 million** | Revenue Composition | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Diesel Sales | 369,330 | 510,960 | -27.7% | | Gasoline Sales | 90,020 | 123,340 | -27.0% | | Other Related Products and Services | 21,100 | 30,400 | -30.6% | | **Total Revenue** | **489,450** | **664,700** | **-26.37%** | - The decline in revenue was primarily due to geopolitical tensions (such as the Russia-Ukraine conflict, Israel-Gaza conflict) and economic uncertainties leading to reduced purchasing appetite from major customers[13](index=13&type=chunk) - Significant changes in net other gains and losses were recorded this year, primarily including: - Impairment loss on exploration and evaluation assets of approximately **HKD 787 million** (compared to a reversal of **HKD 143 million** last year)[15](index=15&type=chunk)[19](index=19&type=chunk) - Gain from waived interest received on convertible notes of approximately **HKD 468 million**[15](index=15&type=chunk)[19](index=19&type=chunk) - Gain from write-off of interest-bearing borrowings of approximately **HKD 50 million**[15](index=15&type=chunk)[19](index=19&type=chunk) [Operations Review](index=7&type=section&id=Operations%20Review) This year, all of the Group's revenue was derived from its Korean diesel, gasoline, and related product trading business, which was maintained through strategic management despite market volatility, while Russian coal mining operations are progressing with technical designs and environmental assessments - **100%** of the Group's revenue was derived from its petroleum product trading business in Korea[23](index=23&type=chunk) - To stabilize its trading business, the Group implemented several measures, including: offering competitive prices to gas stations, maintaining stable supply, reducing transportation costs, utilizing social media for "non-contact marketing," and actively pursuing sales[20](index=20&type=chunk) - Regarding the Russian coal mining project, the Group is conducting technical design and environmental assessments for mining plans in Area 1 and Area 2, researching new methods such as mine ventilation and backfilling goafs, and evaluating the possibility of complete import substitution for equipment[21](index=21&type=chunk)[22](index=22&type=chunk) [Outlook](index=8&type=section&id=Outlook) Looking ahead, global economic conditions and geopolitical tensions will continue to pose challenges for the Group, which will focus on optimizing its core trading and coal mining businesses, actively seeking diversification opportunities, and pursuing equity financing to improve its financial position - Facing ongoing global economic volatility, high interest rates, and geopolitical risks (Russia-Ukraine conflict, US-China trade disputes, Middle East conflicts), the Group anticipates a challenging year ahead[24](index=24&type=chunk) - Core business strategies: - **Trading Business**: Will strengthen its market position in Korea through ten measures, including offering competitive prices, ensuring stable supply, improving product quality, and operating more gas stations[25](index=25&type=chunk) - **Coal Mining Business**: Will continue to communicate with the government, experts, and local communities to advance the Russian coal mine project, and research introducing automation tools to improve efficiency and reduce costs[26](index=26&type=chunk) - To improve its financial position, the company will actively seek potential equity financing opportunities, such as issuing new shares under specific or general mandates[27](index=27&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group faced liquidity pressure with net current liabilities of approximately **HKD 87.12 million**, a significant improvement from last year, and has implemented cost controls and sought financing, including issuing new convertible notes to settle old debts | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Liabilities | Approximately HKD 87.12 million | Approximately HKD 3.705 billion | | Current Ratio | Approximately 11.63% | Approximately 0.39% | | Debt-to-Asset Ratio | Approximately 9.90% | Approximately 8.46% | - The Group improved liquidity by implementing cost controls, seeking financing from financial institutions, and pursuing equity fundraising opportunities, raising approximately **HKD 13.39 million** in loans during the year for daily operations and Russian coal mine preparatory work[30](index=30&type=chunk) - To address major liabilities, the company completed the issuance of new convertible notes with a principal amount of **USD 400 million** in March 2025, fully settling liabilities under the convertible notes issued in 2013, amounting to approximately **HKD 3.591 billion**[31](index=31&type=chunk) [Share Capital Structure and Reorganization](index=10&type=section&id=Share%20Capital%20Structure%20and%20Reorganization) As of March 31, 2025, the company's authorized share capital was **HKD 1 billion**, and during the year, it completed a capital reorganization by reducing the par value of issued shares to **HKD 0.01** and subdividing authorized but unissued shares, effective March 17, 2025, to improve its financial position - The company proposed in November 2024 and completed in March 2025 a capital reorganization, primarily involving: - Reducing the par value of each issued share from **HKD 0.50** to **HKD 0.01**[35](index=35&type=chunk) - Subdividing authorized but unissued shares into shares with a par value of **HKD 0.01** each[36](index=36&type=chunk) [Key Risks and Uncertainties](index=11&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces multiple significant risks, including reliance on major customers and suppliers, high business and geographical concentration, significant impact of international coal price fluctuations on asset valuation, mining license renewal risks, legal proceedings, debt maturity and financing difficulties, geopolitical tensions, and foreign exchange fluctuation risks - **Business and Market Risks**: - Revenue is highly dependent on a few customers and suppliers[39](index=39&type=chunk) - Trading business is concentrated in Korea, susceptible to local policies[39](index=39&type=chunk) - Revenue is entirely from petroleum product trading, overly concentrated[39](index=39&type=chunk) - Fluctuations in international coal prices pose significant accounting risks to the valuation of Russian mining assets[39](index=39&type=chunk) - **Operational and Geopolitical Risks**: - The mining license for Russian Area 1 will expire in 2029, with renewal uncertainty[39](index=39&type=chunk) - Mining rights are concentrated in Russia, susceptible to local policy and regulatory changes[42](index=42&type=chunk) - The Russia-Ukraine conflict and related sanctions continue to negatively impact the Russian economy and the Group's operations (e.g., fund remittances)[42](index=42&type=chunk) - **Financial and Legal Risks**: - The Group is involved in multiple legal proceedings with unknown outcomes[42](index=42&type=chunk) - Creditors may not extend debt maturities, and the Group may be unable to obtain additional financing, affecting liquidity[42](index=42&type=chunk) - Faces foreign exchange fluctuation risks among HKD, USD, RUB, and KRW[42](index=42&type=chunk) [Report of the Directors](index=14&type=section&id=Report%20of%20the%20Directors) This report outlines the Group's business, performance, and corporate governance status for the year ended March 31, 2025, primarily focusing on Russian coal mining rights and Korean petroleum product trading, with no dividends recommended and disclosures on customer/supplier concentration, director/shareholder changes, and compliance with listing rules [Principal Activities, Results, and Appropriations](index=14&type=section&id=Principal%20Activities%2C%20Results%2C%20and%20Appropriations) The Company is an investment holding company, with subsidiaries primarily engaged in holding coal mining and exploration rights in Russia and trading petroleum products in Korea, and the Board does not recommend any dividend for the year ended March 31, 2025 - The Group's principal activities are: 1. Holding coal mining and exploration rights in Russia[52](index=52&type=chunk) - 2. Trading diesel, gasoline, and other products in Korea[52](index=52&type=chunk) - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[55](index=55&type=chunk) [Major Customers and Suppliers](index=15&type=section&id=Major%20Customers%20and%20Suppliers) This year, the Group's reliance on major customers and suppliers increased, with the top five customers contributing **42.42%** of total revenue and the top five suppliers accounting for **51.51%** of total purchases | Concentration Indicators | 2025 | 2024 | | :--- | :--- | :--- | | **Customers** | | | | Top Five Customers as % of Total Revenue | 42.42% | 39.06% | | Largest Customer as % of Total Revenue | 12.69% | 11.30% | | **Suppliers** | | | | Top Five Suppliers as % of Total Purchases | 51.51% | 48.42% | | Largest Supplier as % of Total Purchases | 13.70% | 13.34% | [Directors and Major Shareholders](index=16&type=section&id=Directors%20and%20Major%20Shareholders) During and after the reporting period, the Board of Directors underwent several changes, including new appointments, resignations, and re-designations, with the report confirming the independence of all independent non-executive directors and identifying Space Hong Kong Enterprise Limited, E-tron Co., Ltd, and Solidarity Partnership as major shareholders as of March 31, 2025 - Director changes during the year included: - Mr. Liang Youwen resigned as an independent non-executive director on October 18, 2024[65](index=65&type=chunk) - Mr. Liao Huicheng and Ms. Sun Meng were appointed as executive director and non-executive director, respectively, on November 4, 2024[66](index=66&type=chunk) - Mr. Wang Weihua was appointed as an independent non-executive director on January 17, 2025[66](index=66&type=chunk) - Ms. Sun Meng was re-designated from non-executive director to executive director on July 15, 2025[66](index=66&type=chunk) | Major Shareholder Name | Capacity | Percentage of Shareholding | | :--- | :--- | :--- | | Space Hong Kong Enterprise Limited | Beneficial Owner | 29.74% | | E-tron Co., Ltd | Beneficial Owner | 16.67% | | Solidarity Partnership | Beneficial Owner | 12.00% | | Kim Wuju | Beneficial Owner | 5.13% | [Compliance and Other Matters](index=22&type=section&id=Compliance%20and%20Other%20Matters) During the reporting period, the company temporarily failed to fully comply with listing rules regarding independent non-executive directors and audit committee composition but restored compliance on January 17, 2025, following a new appointment, and maintained sufficient public float - The company previously failed to comply with Listing Rules 3.10(1), 3.10(2), and 3.21, but compliance was restored on January 17, 2025, following the appointment of Mr. Wang Weihua as an independent non-executive director and chairman of the audit committee[93](index=93&type=chunk) - Subsequent to the reporting period, Ms. Sun Meng was re-designated from non-executive director to executive director, effective July 15, 2025[98](index=98&type=chunk) - Based on available information, the company maintained a sufficient public float of over **25%**, complying with Listing Rules[100](index=100&type=chunk) [Corporate Governance Report](index=24&type=section&id=Corporate%20Governance%20Report) This year, the company committed to maintaining a high level of corporate governance, complying with most provisions of the Corporate Governance Code, with deviations only in failing to arrange appropriate liability insurance for directors during a specific period, while detailing Board composition, committee functions, risk management, and shareholder communication policies [Board of Directors and Directors](index=24&type=section&id=Board%20of%20Directors%20and%20Directors) As of March 31, 2025, the Board of Directors comprised seven directors with a balanced structure, held seven meetings with high attendance, adopted a Board Diversity Policy with a **30%** female representation, and ensured all directors participated in continuous professional development activities - The company failed to arrange appropriate legal liability insurance for directors between February 20, 2024, and November 28, 2024, deviating from Corporate Governance Code provision C.1.8, but a new policy became effective on November 29[107](index=107&type=chunk) | Director Name | Board Meeting Attendance Rate | | :--- | :--- | | Mr. Lee Jaeseong | 7/7 | | Mr. Im Jonghak | 7/7 | | Mr. Liao Huicheng | 4/4 | | Ms. Sun Meng | 4/4 | | Ms. Chan Tai | 7/7 | | Mr. Kim Sung Rae | 7/7 | | Mr. Liang Youwen (resigned) | 1/1 | | Mr. Wang Weihua (newly appointed) | 0/0 | [Board Committees](index=28&type=section&id=Board%20Committees) The Board has three committees: Remuneration, Audit, and Nomination, all composed primarily of independent non-executive directors, which held meetings to review director and senior management remuneration, financial statements and internal controls, and the Board's structure and composition, respectively - The Remuneration Committee comprises Ms. Chan Tai (Chairperson), Mr. Kim Sung Rae, and Mr. Wang Weihua, all of whom are independent non-executive directors[125](index=125&type=chunk) - The Audit Committee comprises Mr. Wang Weihua (Chairman), Ms. Chan Tai, and Mr. Kim Sung Rae, all of whom are independent non-executive directors, with Chairman Mr. Wang possessing appropriate accounting professional qualifications[129](index=129&type=chunk) - The Nomination Committee comprises Mr. Lee Jaeseong (Chairman) and three independent non-executive directors (Ms. Chan Tai, Mr. Kim Sung Rae, and Mr. Wang Weihua)[132](index=132&type=chunk) [Accountability, Risk Management, and Shareholder Rights](index=32&type=section&id=Accountability%2C%20Risk%20Management%2C%20and%20Shareholder%20Rights) The Board confirms its responsibility for preparing true and fair financial statements and overseeing the Group's risk management and internal control systems, with internal audit services provided by an external firm, and the Articles of Association safeguard shareholder rights to convene extraordinary general meetings and provide clear communication channels - The Board is fully responsible for overseeing the Group's risk management policies, risk register, and internal controls, reviewing their effectiveness annually, and during the year, the company engaged BDO Limited to provide internal audit services[135](index=135&type=chunk) - Shareholders holding not less than one-tenth of the company's paid-up share capital have the right to request the Board to convene an extraordinary general meeting[138](index=138&type=chunk) - To align with the paperless listing mechanism, the company adopted the second revised and restated Articles of Association through an amendment passed at the Annual General Meeting on September 27, 2024[141](index=141&type=chunk) [Independent Auditor's Report](index=35&type=section&id=Independent%20Auditor's%20Report) The auditor, BDO Limited, issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, but highlighted a material uncertainty related to going concern due to the Group's annual loss, net current liabilities, and net liabilities, also emphasizing the potential impact of the Russia-Ukraine war and identifying key audit matters including asset impairment and convertible note valuations [Opinion and Emphasis of Matter](index=35&type=section&id=Opinion%20and%20Emphasis%20of%20Matter) The auditor issued an unmodified opinion, deeming the financial statements true and fair, but emphasized the potential impact of the Russia-Ukraine war and a material uncertainty related to going concern, noting the Group's loss and liability position may cast significant doubt on its ability to continue as a going concern - The auditor believes the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards[144](index=144&type=chunk) - **Material Uncertainty Related to Going Concern**: As of March 31, 2025, the Group recorded a loss attributable to owners of approximately **HKD 329 million**, net current liabilities of approximately **HKD 87.12 million**, and net liabilities of approximately **HKD 1.978 billion**, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[147](index=147&type=chunk) [Key Audit Matters](index=36&type=section&id=Key%20Audit%20Matters) The auditor identified three key audit matters: the impairment assessment of exploration and evaluation assets due to their materiality and significant management judgment, the valuation of investment properties assessed by external valuers, and the valuation of convertible notes calculated by external valuers using an option pricing model - **Impairment Assessment of Exploration and Evaluation Assets**: As of March 31, 2025, the net book value of these assets was approximately **HKD 1.423 billion**, considered a key audit matter due to their materiality and the significant management judgments involved in the assessment (e.g., coal prices, reserves, discount rates)[150](index=150&type=chunk)[153](index=153&type=chunk) - **Valuation of Investment Properties**: As of March 31, 2025, the net book value of these assets was approximately **HKD 26.01 million**, constituting a key audit matter as their fair value was determined by external independent valuers using the comparative approach[152](index=152&type=chunk)[154](index=154&type=chunk) - **Valuation of Convertible Notes**: As of March 31, 2025, the net book value of this liability was approximately **HKD 3.170 billion**, considered a key audit matter as its fair value at the issuance date was calculated by external independent valuers using a binomial option pricing model, involving complex estimations[157](index=157&type=chunk)[158](index=158&type=chunk) [Consolidated Financial Statements](index=41&type=section&id=Consolidated%20Financial%20Statements) This section contains the Group's four core financial statements and their detailed notes for the year ended March 31, 2025, showing a shift from profit to loss primarily due to non-operating items, a net liability position with significantly reduced current liabilities, and net cash inflow from financing activities, with notes explaining accounting policies, key estimates, and emphasizing going concern uncertainty [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=41&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group's revenue was **HKD 489 million**, a decrease from **HKD 665 million** last year, and due to significant net other losses, the Group turned from a profit last year to a loss this year, with a loss attributable to owners of **HKD 329 million** and basic and diluted loss per share of **HKD 2.27** | Item (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 489,447 | 664,701 | | Gross Profit | 6,187 | 7,652 | | Net Other Gains and Losses | (305,504) | 129,734 | | (Loss) Profit Before Income Tax | (329,014) | 108,658 | | **(Loss) Profit for the Year** | **(329,342)** | **105,630** | | (Loss) Profit Attributable to Owners of the Company | (329,045) | 106,899 | | Basic (Loss) Earnings Per Share (HKD) | (2.27) | 0.74 | [Consolidated Statement of Financial Position](index=42&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 1.477 billion** and total liabilities were **HKD 3.455 billion**, resulting in net liabilities of **HKD 1.978 billion**, an increase from last year, with current liabilities significantly decreasing due to the restructuring of convertible notes payable into non-current liabilities, while exploration and evaluation assets remain the largest asset item despite substantial impairment | Item (HKD thousands) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 1,465,045 | 2,149,147 | | Current Assets | 11,470 | 14,448 | | **Total Assets** | **1,476,515** | **2,163,595** | | **Liabilities** | | | | Current Liabilities | 98,589 | 3,719,510 | | Non-current Liabilities | 3,356,084 | 194,887 | | **Total Liabilities** | **3,454,673** | **3,914,397** | | **Net Liabilities** | **(1,978,158)** | **(1,750,802)** | | **Equity Attributable to Owners of the Company** | **(1,941,077)** | **(1,714,719)** | [Consolidated Statement of Cash Flows](index=45&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, the Group generated a net cash outflow of **HKD 4.30 million** from operating activities and **HKD 2.50 million** from investing activities, but a net cash inflow of **HKD 9.94 million** from financing activities, resulting in a **HKD 3.14 million** increase in cash and cash equivalents at year-end, with a balance of **HKD 2.44 million** | Item (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | (4,302) | 190 | | Net Cash Used in Investing Activities | (2,498) | (7,358) | | Net Cash Generated from Financing Activities | 9,942 | 2,706 | | **Increase (Decrease) in Cash and Cash Equivalents** | **3,142** | **(4,462)** | | Cash and Cash Equivalents at Year-End | 2,443 | 228 | [Notes to the Consolidated Financial Statements](index=47&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations of the Group's financial position and performance, highlighting material uncertainty related to going concern, revenue entirely from Korean oil trading, significant asset impairment in Russian mining, restructuring of old debt via new convertible notes, resolution of major legal proceedings, and post-reporting period events including new loan financing and convertible note conversions [Note 2: Basis of Presentation of Consolidated Financial Statements](index=47&type=section&id=Note%202%3A%20Basis%20of%20Presentation%20of%20Consolidated%20Financial%20Statements) This note emphasizes that despite the Group recording an annual loss, net current liabilities, and capital deficiency, indicating a material uncertainty regarding its ability to continue as a going concern, the directors believe that through measures such as cost controls, financial support commitments, and successful issuance of new convertible notes, the Group will have sufficient funds to meet its future financial obligations, thus making the preparation of financial statements on a going concern basis appropriate - As of March 31, 2025, the Group recorded a loss attributable to owners of approximately **HKD 329 million**, current liabilities exceeding current assets by approximately **HKD 87.12 million**, and a capital deficiency of approximately **HKD 1.978 billion**, indicating a material uncertainty regarding its ability to continue as a going concern[179](index=179&type=chunk) - To improve liquidity, the Group has obtained agreements from major shareholders, a director, and an associated company to extend the repayment periods of their matured debts and secured new loan financing support[185](index=185&type=chunk) - In December 2024, the company entered into an agreement to issue new convertible notes with a principal amount of **USD 400 million** to fully settle old convertible note liabilities of approximately **HKD 3.59 billion**, aiming to improve its financial position[182](index=182&type=chunk) [Note 9: Segment Information](index=79&type=section&id=Note%209%3A%20Segment%20Information) The Group's reportable segments are "Mining" and "Trading," with all revenue this year derived from the Korean Trading segment, amounting to **HKD 489 million**, while the Mining segment recorded a **HKD 786 million** loss primarily from asset impairment, and the Trading segment recorded a **HKD 1.56 million** profit | Segment (HKD thousands) | Revenue | (Loss) Profit | | :--- | :--- | :--- | | **2025** | | | | Mining | — | (786,012) | | Trading | 489,447 | 1,560 | | **2024** | | | | Mining | — | 136,346 | | Trading | 664,701 | (10,843) | - All of the Group's revenue was derived from the Korean market, while non-current assets were primarily located in Russia (approximately **HKD 1.437 billion**) and Korea (approximately **HKD 27.73 million**)[327](index=327&type=chunk) [Note 23: Exploration and Evaluation Assets](index=97&type=section&id=Note%2023%3A%20Exploration%20and%20Evaluation%20Assets) As of March 31, 2025, the net book value of exploration and evaluation assets (Lapichevskaya Mine-2 in Russia) was **HKD 1.423 billion**, a significant decrease from last year, with an impairment loss of approximately **HKD 787 million** recognized this year due to factors such as delayed expected production, declining coal prices, cost inflation, and increased discount rates | Exploration and Evaluation Assets (HKD thousands) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cost | 3,636,396 | 3,634,450 | | Accumulated Impairment Loss | (2,213,231) | (1,526,844) | | **Net Book Value** | **1,423,165** | **2,107,606** | - An impairment loss of approximately **HKD 787 million** was recognized this year, primarily due to: - Change in the expected first production year[360](index=360&type=chunk) - Decline in relevant coal prices[362](index=362&type=chunk) - Changes in expected future cost inflation rates and increased production costs[362](index=362&type=chunk) - Increase in post-tax discount rate from **37.00%** to **38.00%**[362](index=362&type=chunk) [Note 36: Convertible Notes Payable](index=106&type=section&id=Note%2036%3A%20Convertible%20Notes%20Payable) This year, the Group made significant progress in addressing its substantial convertible note liabilities by entering into an agreement in December 2024 to issue new convertible notes with a principal amount of **USD 400 million** to fully settle approximately **HKD 3.591 billion** of liabilities under the original third tranche, converting a significant current liability into a five-year non-current liability and greatly improving liquidity - On December 2, 2024, the company entered into an agreement to issue new convertible notes to fully settle approximately **HKD 3.591 billion** of liabilities under the third tranche of convertible notes[398](index=398&type=chunk) | Changes in Convertible Notes Liability Component (HKD thousands) | Amount | | :--- | :--- | | As of March 31, 2024 | 3,591,498 | | Settled during the year | (3,123,042) | | Waived interest received | (468,456) | | Issuance of new convertible notes | 3,160,314 | | Estimated interest deducted during the year | 9,917 | | **As of March 31, 2025** | **3,170,231** | [Note 44: Litigation](index=116&type=section&id=Note%2044%3A%20Litigation) This note details several legal proceedings involving the Group, with a significant development being the termination by consent order on November 13, 2024, of multiple major lawsuits concerning the ownership of the third tranche of convertible notes and related matters, marking the resolution of complex legal disputes and significantly reducing legal risks and uncertainties - Multiple consolidated lawsuits (HCA 1071/2017, HCA 2501/2017, HCA 2520/2018) involving Daily Loyal, China Panda (Golden China), and Gold Ocean (Solidarity Partnership) regarding the ownership of the third tranche of convertible notes were terminated by consent order on November 13, 2024[451](index=451&type=chunk)[464](index=464&type=chunk)[470](index=470&type=chunk) - Two counterclaims (HCA 2077/2017, HCA 2079/2017) filed by Lucrezia Limited and Token Century Limited were also terminated by consent on November 13, 2024[455](index=455&type=chunk)[457](index=457&type=chunk) - A civil lawsuit (HCA 706/2010) filed by the company against three former directors was dismissed by judgment on July 18, 2023, marking the conclusion of a decade-long litigation[475](index=475&type=chunk) [Note 48: Events After the Reporting Period](index=136&type=section&id=Note%2048%3A%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the Group had two significant events: the company received conversion notices from new convertible note holders, which, if fully converted, would result in the issuance of up to approximately **6.7 billion** new shares, and it entered into a loan financing agreement with an independent party, securing a financial support commitment of up to **USD 12 million** - In March and May 2025, the company received conversion notices from convertible note holders, and upon fulfillment of conditions, up to **6,698,640,000** conversion shares will be issued[490](index=490&type=chunk) - On April 7, 2025, the company entered into a loan financing agreement with an independent party, securing a financial support commitment of up to approximately **USD 12 million** to support the company's operations[490](index=490&type=chunk) [Financial Summary](index=137&type=section&id=Financial%20Summary) This summary presents the Group's key performance and financial position over the past five fiscal years, indicating a two-year decline in revenue since 2023, significant fluctuations between profit and loss with a substantial loss in 2025, a peak in total assets in 2024 followed by a decline, and a consistent net liability position with continuously negative equity attributable to owners | Item (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 489,447 | 664,701 | 1,149,675 | 1,168,035 | 1,243,111 | | (Loss) Profit Attributable to Owners of the Company | (329,045) | 106,899 | 550,211 | (343,499) | 524,584 | | **Assets and Liabilities** | | | | | | | Total Assets | 1,476,515 | 2,163,595 | 2,045,010 | 1,469,641 | 1,843,934 | | Total Liabilities | 3,454,673 | 3,914,397 | 3,899,915 | 3,851,729 | 3,836,867 | | Equity Attributable to Owners of the Company | (1,941,077) | (1,714,719) | (1,818,656) | (2,368,641) | (1,988,443) |

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Financial Performance - For the fiscal year ending March 31, 2025, the company reported a revenue of HKD 489,447,000, a decrease of 26.3% from HKD 664,701,000 in the previous year[2] - The gross profit for the same period was HKD 6,187,000, down 19.2% from HKD 7,652,000 year-on-year[2] - The company recorded a net loss attributable to shareholders of HKD 329,045,000, compared to a profit of HKD 106,899,000 in the previous year, indicating a significant decline[2] - The total comprehensive loss for the year was HKD 227,355,000, contrasting with a comprehensive income of HKD 104,103,000 in the prior year[3] - Diesel sales contributed HKD 369,329,000, down 28.0% from HKD 510,957,000 in the prior year[19] - The mining segment reported a loss of HKD 786,012,000, while the trading segment generated a profit of HKD 1,560,000, leading to a total loss of HKD 784,452,000[25] - The company reported a net loss attributable to owners of HKD (329,045) thousand for 2025, compared to a profit of HKD 106,899 thousand in 2024[38] - The company reported a loss before tax of approximately HKD 329,010,000, a significant decline from a profit of HKD 108,660,000 in the previous year[147] Assets and Liabilities - The company's total assets decreased to HKD 1,465,045,000 from HKD 2,149,147,000, reflecting a reduction of 31.7%[4] - Current liabilities exceeded current assets by HKD 87,119,000, a significant improvement from HKD 3,705,062,000 in the previous year[4] - Non-current liabilities increased to HKD 3,356,084,000 from HKD 194,887,000, indicating a substantial rise[5] - The company’s equity attributable to shareholders showed a deficit of HKD 1,941,077,000, worsening from HKD 1,714,719,000 in the previous year[5] - The company reported total liabilities of HKD 3,454,673,000, a decrease of 11.7% from HKD 3,914,397,000 in the previous year[26] Financing and Capital Structure - The company issued convertible bonds totaling USD 400,390,000 (approximately HKD 3,123,042,000) to fully settle liabilities of about HKD 3,591,498,000[10] - The conversion price for the convertible bonds is set at HKD 0.25 per share[10] - The company has received commitments from creditors to defer repayment of certain loans until December 31, 2025, ensuring sufficient liquidity for operations[14] - The company has successfully extended the maturity date of certain convertible bonds to December 31, 2025[9] - The company believes it has adequate funding to meet its operational needs and financial obligations for at least the next 12 months[14] - The company has reported a decrease in the total amount payable to shareholders from HKD 35,839,000 in 2024 to HKD 4,926,000 in 2025[58] Legal and Regulatory Matters - Ongoing legal disputes regarding ownership of convertible bonds are still in progress, which may affect future financial reporting[11] - The company is involved in multiple legal proceedings, including case HCA 672 from 2013, where a temporary injunction was granted to restrict certain shareholders from selling their shares until further notice[87] - The company is in contact with the trustee of Zhi Charles, who conditionally agreed to terminate the legal action without any costs pending final confirmation[91] - Daily Loyal claims an outstanding amount of $297,390,000 (approximately HKD 2,319,642,000) in unexercised convertible bonds[107] - The company has been involved in multiple legal disputes concerning convertible securities and related claims, indicating ongoing legal challenges[120] Operational Focus and Strategy - The company is engaged in mining and exploration rights in Russia and trading of diesel and gasoline in South Korea, indicating ongoing operational focus in these regions[6] - The company aims to optimize its core trading and coal mining operations while exploring diversification opportunities in response to geopolitical and economic challenges[153] - The company is focused on enhancing its trade business in South Korea by providing competitive pricing and ensuring stable supply at gas stations[154] - The company is exploring new methods for mining operations to minimize environmental impact and is consulting with experts on technical designs to meet environmental standards[150][151] Corporate Governance and Compliance - The audit committee has reviewed the company's annual performance for the fiscal year ending March 31, 2025[178] - The company has complied with the corporate governance code, with the appointment of an independent non-executive director to meet regulatory requirements[179] - The company will hold its annual general meeting on August 12, 2025, with a suspension of share transfer registration from August 7 to August 12, 2025[180]