Financial Performance - Revenue for the year ended December 31, 2024, was RMB 85,428,000, a significant increase from RMB 41,826,000 in 2023, representing a growth of 104.5%[17] - Loss before income tax improved to RMB (59,466,000) in 2024 from RMB (110,400,000) in 2023, indicating a reduction in losses by 46.2%[17] - The company reported a total comprehensive loss for the year attributable to owners of the Company of RMB (59,311,000) in 2024, down from RMB (127,033,000) in 2023, a reduction of 53.3%[17] - Net loss decreased by 53.21% from a loss of approximately RMB126.72 million for the year ended 31 December 2023 to a loss of approximately RMB59.29 million for the year ended 31 December 2024[29] - The Company achieved total operating revenue of RMB85.43 million for the Reporting Year, representing a 104.2% increase compared to RMB41.83 million in 2023[66] - The loss attributable to owners of the Company decreased by 53.0% to RMB59.50 million from RMB126.59 million in 2023[66] Assets and Equity - Total assets decreased to RMB 266,564,000 in 2024 from RMB 326,400,000 in 2023, a decline of 18.4%[19] - Total equity dropped to RMB 9,655,000 in 2024 compared to RMB 68,763,000 in 2023, reflecting a decrease of 86.9%[19] - Non-current assets decreased to RMB 79,140,000 in 2024 from RMB 91,819,000 in 2023, a decline of 13.9%[19] - As of 31 December 2024, the Group had net current liabilities of approximately RMB59.36 million, an increase from RMB10.84 million in 2023, and total equity attributable to owners of approximately RMB10.10 million, down from RMB69.41 million in 2023[85] - The Group's total borrowings as of 31 December 2024 were approximately RMB32.23 million, up from RMB26.99 million in 2023, with a weighted average effective interest rate of 3.85%[87] - The Group's gearing ratio was approximately 26.60% as of 31 December 2024, significantly higher than 3.75% in 2023[85] Market and Business Development - The company aims to leverage opportunities in high-tech and green low-carbon sectors, aligning with China's projected economic growth of 4.8% in 2024[21] - The marketing team is actively seeking project opportunities through industry exhibitions and client visits to reverse the downward business trend[21] - The company is facing challenges from geopolitical tensions and trade protectionism, which have impacted global trade dynamics[23] - Potential projects in Africa and Southeast Asia have experienced slow progress, affecting the company's international expansion efforts[23] - The Company signed 20 new contracts in 2024, increasing the project value from approximately RMB68 million in 2023 to around RMB192 million in 2024, primarily driven by the anhydrous ethanol dehydration business[44][46] - The total amount of contracts for the Reporting Year increased by approximately 182.4%, driven by new business opportunities in waste alcohol processing and recycling[66] Research and Development - The company plans to enhance research and development efforts in clean energy technologies, including hydrogen energy technology development and equipment manufacturing[30] - The Company invested a total of RMB2.7 million in R&D during the reporting year, focusing on biomass fuel production technology and small-scale hydrogen production equipment[45][47] - The Company aims to enhance its technical leadership in the ethanol fuel market through advancements in cellulose ethanol and hydrogen energy production technologies[62] - The company has developed 39 patented technologies and is recognized as a National High-Tech Enterprise, enhancing its competitive edge in the market[38] - The Company aims to create an organic combination of production, learning, and research through effective collaboration with customers, universities, and research institutes[30] Corporate Governance and Management - The Company is committed to high standards of corporate governance, which is key to safeguarding shareholder interests and creating long-term value[168] - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a strong independent element for effective judgment[173] - The Company complied with all code provisions set out in Part 2 of the Corporate Governance Code during the year ended 31 December 2024, except for the disclosed deviation[169] - The Group has a strong management team with extensive experience in their respective fields, enhancing operational efficiency and strategic decision-making[140] - The Company encourages Directors to participate in continuous professional development courses and seminars[196] Industry Trends and Challenges - The fuel ethanol market in 2024 showed stable production but declining prices and weak domestic demand, with over 80% of production concentrated in four provinces[40] - The domestic supply of ethanol fuel is concentrated in Heilongjiang, Jilin, Anhui, and Liaoning, which together account for over 80% of national production, with Heilongjiang alone contributing approximately 50% in 2023[42] - The target consumption of ethanol fuels in China may reach 12 million tons by 2025, indicating a growing demand for equipment alongside production capacity expansion[49][51] - The biofuel industry is anticipated to have significant growth potential in the long run, driven by China's carbon peak and carbon neutrality goals[57] Leadership and Team Experience - The company has a strong leadership team with diverse backgrounds in technology, engineering, and management, enhancing its strategic planning and corporate development capabilities[112][115][122] - The leadership team collectively possesses over 150 years of experience across various relevant industries, positioning the company for future success[140] - Mr. Yu Weijun has over 36 years of experience in the technology sector and has held various significant positions in listed companies[113] - Mr. Tang Zhaoxing has over 34 years of experience in engineering and technology sectors, overseeing overall operations and project management[119] - Ms. Wong Mei Ling was appointed as an independent non-executive Director in March 2023, bringing over 30 years of accounting experience[132]

Financial Performance - The company reported a revenue of RMB 85,428,000 for the year ended December 31, 2024, representing an increase of 104.5% compared to RMB 41,826,000 in 2023[4] - The gross profit for the year was RMB 16,872,000, a significant recovery from a gross loss of RMB 5,122,000 in the previous year[4] - The net loss for the year narrowed to RMB 59,292,000 from RMB 126,723,000 in 2023, indicating a 53.3% improvement[5] - Total revenue for 2024 reached RMB 85,428,000, a significant increase of 104.5% compared to RMB 41,826,000 in 2023[19] - The company reported a loss before tax of approximately RMB 59,495,000 for 2024, compared to a loss of RMB 126,594,000 in 2023, indicating a significant improvement in performance[39] - The company reported a loss attributable to owners of RMB 59.50 million, a reduction of 53.0% from a loss of RMB 126.59 million in 2023[69] - Gross profit increased to RMB 16.87 million from a loss of RMB 5.12 million in the previous year, resulting in a gross margin improvement from approximately -12.2% to about 19.7%[63] Revenue Breakdown - Revenue from the ethanol fuel industry was RMB 26,696,000 in 2024, up 43.8% from RMB 18,562,000 in 2023[19] - Revenue from the alcohol beverage industry increased to RMB 26,077,000 in 2024, compared to RMB 20,349,000 in 2023, reflecting a growth of 28.3%[19] - Revenue from other services surged to RMB 32,655,000 in 2024, a dramatic rise from RMB 2,915,000 in 2023[19] - Revenue from external customers in China amounted to RMB 79,943,000 in 2024, up 95.5% from RMB 40,930,000 in 2023[25] - Major customers contributed RMB 50,069,000 to total revenue in 2024, compared to RMB 24,531,000 in 2023, marking a growth of 103.5%[26] Assets and Liabilities - The company’s total assets decreased to RMB 266,564,000 in 2024 from RMB 326,400,000 in 2023, reflecting a decline of 18.3%[6] - Current liabilities exceeded current assets by RMB 59,364,000, highlighting a significant liquidity issue[10] - The company’s non-current assets decreased to RMB 79,140,000 in 2024 from RMB 91,819,000 in 2023, a reduction of 13.8%[6] - The company’s equity dropped to RMB 9,655,000 in 2024 from RMB 68,763,000 in 2023, a decline of 86.0%[7] - The company’s net current liabilities increased to approximately RMB 59.36 million from RMB 10.84 million in 2023[70] Cost Management and Operational Strategy - The company plans to implement cost-cutting measures and negotiate with lenders to alleviate liquidity pressure[11] - The company anticipates generating positive cash flow from operations in the foreseeable future if the proposed measures are successfully implemented[12] - Employee costs decreased from RMB 13,028,000 in 2023 to RMB 9,649,000 in 2024, reflecting a reduction of approximately 25%[1] - Research and development costs significantly decreased from RMB 6,427,000 in 2023 to RMB 2,686,000 in 2024, a decline of approximately 58%[1] - Sales costs rose by 46.0% to approximately RMB 68.56 million, driven by the increase in revenue[62] Contracts and Projects - In 2024, the company signed 20 new contracts with a total project value increasing from approximately RMB 68 million in 2023 to about RMB 192 million, primarily driven by the anhydrous ethanol dehydration business in the coal-based ethanol sector[51] - The three largest ongoing projects generated revenue of RMB 50.07 million, accounting for 58.61% of the total revenue during the reporting period[53] Market and Competitive Position - The domestic fuel ethanol market is characterized by stable production but declining prices, with major production concentrated in Heilongjiang, Jilin, Anhui, and Liaoning provinces, which together account for over 80% of national output[49] - The company aims to strengthen its domestic market position by leveraging equipment renewal demand and focusing on technological innovation and diversification in the fields of hydrogen energy equipment and bio-based materials[56] - The company plans to expand into emerging overseas markets, targeting regions like Southeast Asia and Brazil, while also pursuing projects such as the Romanian fuel ethanol plant maintenance scheduled for 2024[57] - The company has developed 39 proprietary technologies and patents, enhancing its competitive edge in the ethanol production system market[48] - The company is committed to increasing its marketing efforts and expanding its sales network to maintain good relationships with existing customers and attract new clients[58] Governance and Compliance - The group has complied with the corporate governance code, with one exception regarding the notice period for a board meeting held with less than 14 days' notice[82] - The independent auditor confirmed that the consolidated financial statements fairly present the group's financial position as of December 31, 2024[88] - The audit committee, composed of three independent non-executive directors, reviewed the consolidated financial statements for the year ended December 31, 2024[85] - The annual report for the year ended December 31, 2024, will be sent to shareholders and published on the stock exchange and the company's website at an appropriate time[90] Other Financial Information - Other income for 2024 totaled RMB 1,208,000, a decrease from RMB 1,571,000 in 2023[28] - Net other losses for 2024 were RMB 5,552,000, compared to RMB 4,050,000 in 2023, indicating an increase in losses[29] - Interest expenses on bank loans decreased to RMB 1,596,000 in 2024 from RMB 1,698,000 in 2023[30] - The deferred tax expense for 2024 was a credit of RMB 174,000, compared to an expense of RMB 16,323,000 in 2023, indicating a substantial change in tax position[32] - The company has no tax provisions in Hong Kong as its income is not generated from or sourced in Hong Kong[34] - The company did not declare any dividends for 2024, consistent with 2023[38] - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[75][76] - There were no significant events occurring after December 31, 2024, up to the date of this announcement[81]

Industry Performance - The company reported a decline in the ethanol and alcoholic beverage industry, with supply growth exceeding demand growth, leading to price drops [19]. - The Company aims to actively participate in the rapidly developing domestic coal to ethanol industry, focusing on production line design and equipment installation [24]. - Revenue from the ethanol fuel industry was RMB 24,825 thousand, up from RMB 23,911 thousand, while revenue from the alcoholic beverage industry surged to RMB 9,638 thousand from RMB 3,080 thousand [160]. Research and Development - The company has developed over 40 patented technologies, enhancing its competitive edge in the ethanol production system [16]. - The company is recognized as a National High-Tech Enterprise and has a provincial standard technology center, indicating strong R&D capabilities [16]. - The company has collaborated with the Guangzhou Institute of Energy Conversion and various universities on national research projects, enhancing its innovation capabilities [16]. - R&D expenses were reduced to RMB 1.44 million in 1H2024 from RMB 5.91 million in 1H2023, focusing on biomass fuel and small-scale hydrogen production technology [30]. - The Company holds a total of 40 valid patents, including 25 invention patents, and aims to maintain technical advantages in the fuel ethanol market through R&D in advanced production technologies [42][43][44]. Financial Performance - The Company recorded total operating revenue of RMB 36.58 million for the six months ended June 30, 2024, representing a 13.9% increase from RMB 32.12 million in the same period of 2023 [25]. - Operating loss decreased to RMB 1.58 million in 1H2024 from a loss of RMB 15.46 million in 1H2023, while net loss reduced to RMB 2.54 million from RMB 16.27 million [27]. - The total comprehensive loss for the period was RMB 1,529,000, down from RMB 15,356,000 in the same period last year, highlighting a positive trend [122]. - Basic loss per share improved to RMB 0.005 from RMB 0.027, indicating a reduction in loss attributable to shareholders [122]. - The Group reported a loss attributable to the owners of approximately RMB 2.76 million for 1H2024, a significant decrease from a loss of RMB 16.22 million in 1H2023, mainly due to improved gross profit margin and reduced R&D expenses [55][60]. Cost Management - Selling and marketing expenses decreased by approximately RMB 70 thousand, or 3.1%, from approximately RMB 2.29 million in 1H2023 to approximately RMB 2.22 million in 1H2024 [47][51]. - Administrative expenses decreased by approximately 37.2% to approximately RMB 8.68 million in 1H2024, down from approximately RMB 13.82 million in 1H2023, primarily due to reduced R&D expenses [48][52]. - Depreciation charges for the six months ended June 30, 2024, were RMB 390 thousand, significantly lower than RMB 1,893 thousand in 2023 [169]. Cash Flow and Liquidity - As of June 30, 2024, cash and cash equivalents were approximately RMB 6.39 million, an increase from approximately RMB 5.17 million as of December 31, 2023 [56][61]. - The company reported a net cash used in operating activities of RMB (1,044) thousand for the six months ended June 30, 2024, an improvement from RMB (1,488) thousand for the same period in 2023 [132]. - Cash at bank and on hand increased to RMB 6,394,000 as of 30 June 2024, up from RMB 5,174,000 as of 31 December 2023, representing an increase of approximately 23.5% [199]. Shareholder Information - As of June 30, 2024, Mr. Yu Weijun holds 99,012,168 shares through Tewin Capital, representing approximately 16.79% of the issued share capital [109]. - The total number of shares held by substantial shareholders indicates a significant concentration of ownership within the company [108]. - No other individuals, apart from directors and chief executives, have disclosed interests or short positions in the company's shares as of June 30, 2024 [113]. Risk Management - The Group is exposed to various financial risks, including interest rate risk, credit risk, and liquidity risk [149]. - There have been no changes in the risk management policies since the year-end [150]. - The financial statements do not include all financial risk management information and disclosures required in the annual financial statements [149]. Business Model and Strategy - The company has shifted its focus from blindly pursuing market share to optimizing production efficiency due to increased competition and production losses [19]. - The company provides comprehensive customized solutions for project construction, relocation, upgrading, and installation through a well-established business model [20]. - The company has established a marketing service-led business model supported by a technical R&D center, ensuring effective project execution [20]. - The Company plans to strengthen its marketing team and expand its sales network to maintain good relationships with existing customers and attract new clients [39]. - The Company is exploring new product marketing models through various communication methods, including telephone, video conferences, and industry exhibitions [26].

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，概不就因本公告全部 或任何部分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 New Energy Limited （於海峽群島澤西島註冊成立的有限公司 並於香港以「Zhongke Tianyuan New Energy Limited」之名開展業務） （股份代號：1156） 有關截至2023年12月31日止年度年報之補充公告 茲提述 China New Energy Limited（「本公司」）截至2023年12月31日止年度之 年報（「2023年年報」）。除文義另有所指外，本文所用詞彙與2023年年報所界 定者具有相同涵義。本公司董事會謹此就2023年年報所披露的下列項目提供補 充資料。 關於2023年年報第14頁貿易及其他應收款項及合同資產的預期信貸虧損（「ECL」） 模式下的減值虧損淨額 應收賬款及其他應收款項以及合同資產合共約人民幣76,000,000元的ECL乃根據 獨立專業估值師亞克碩專業服務有限公司（「獨立估值師」）編製的估值報告釐 定。 (i) 估值 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 36,584,000, an increase of 13.3% compared to RMB 32,124,000 for the same period in 2023[2] - Gross profit for the same period was RMB 5,269,000, representing a significant increase from RMB 2,023,000, marking a gross margin improvement[2] - The net loss for the six months ended June 30, 2024, was RMB 2,542,000, a substantial reduction from a net loss of RMB 16,265,000 in the prior year[2] - The company reported a basic loss per share of RMB 0.005 for the six months ended June 30, 2024, compared to RMB 0.027 in the same period of 2023[3] - The company recorded total revenue of RMB 36.58 million for the six months ended June 30, 2024, representing a 13.9% increase from RMB 32.12 million in the same period of 2023[22] - The company reported a loss of RMB 1.58 million for the first half of 2024, an improvement from a loss of RMB 15.46 million in the same period of 2023, primarily due to an increase in gross margin and a reduction in R&D expenses[22] Revenue Breakdown - Revenue from the ethanol production system technology services was RMB 24,825 million, while revenue from the alcohol beverage industry was RMB 9,638 million[12] - The company’s external customer revenue from China was RMB 35,812 million, an increase from RMB 30,343 million in 2023[12] - The five largest projects generated revenue of RMB 26.9 million, accounting for 73.5% of the total revenue during the reporting period[24] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 221,723,000, down from RMB 234,581,000 as of December 31, 2023[4] - Current liabilities decreased to RMB 233,160,000 from RMB 245,418,000, indicating improved liquidity management[4] - Trade receivables from third parties as of June 30, 2024, were RMB 100,524 million, a decrease from RMB 108,025 million as of December 31, 2023[18] - Trade payables as of June 30, 2024, were RMB 62,961 million, down from RMB 71,005 million as of December 31, 2023[19] - Total equity as of June 30, 2024, was approximately RMB 67.23 million, down from approximately RMB 68.76 million as of December 31, 2023[36] - The debt-to-equity ratio as of June 30, 2024, was approximately 3.66, slightly down from 3.75 as of December 31, 2023[36] Expenses and Income - Other income amounted to RMB 735,000, with a notable contribution from the share of results of associates at RMB 994,000[2] - R&D expenses for the first half of 2024 totaled RMB 1.44 million, down from RMB 5.91 million in the same period of 2023, focusing on biomass fuel projects and small hydrogen production devices[23] - Sales and marketing expenses decreased by approximately RMB 0.07 million or 3.1% to about RMB 2.22 million in the first half of 2024 from approximately RMB 2.29 million in the first half of 2023[30] - Administrative expenses decreased by approximately 37.2% to about RMB 8.68 million in the first half of 2024 from RMB 13.82 million in the first half of 2023, primarily due to a reduction in R&D expenses included in administrative costs[31] - Net financial costs increased by approximately 19% from the first half of 2023 to the first half of 2024, mainly due to interest on bank loans and lease liabilities[33] Strategic Focus and Innovation - The company has maintained its focus on ethanol fuel and alcohol beverage production systems, indicating ongoing commitment to its core business[7] - The company aims to enhance its technological R&D in fuel ethanol technology, high-grade alcohol, hydrogen production, and green bio-based chemicals[27] - The company plans to strengthen its marketing team and expand its customer base while exploring investment opportunities in related industries to increase revenue from the production of other chemicals[25] - The company holds a total of 40 valid patents, including 25 invention patents, emphasizing the importance of independent innovation for sustainable development[26] - The company will continue to leverage its leading position in clean energy technology to increase R&D investment and collaborate with customers, universities, and research institutes[27] Compliance and Reporting - The financial statements were prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[8] - The company has applied revised international financial reporting standards, which did not have a significant impact on the financial position and performance for the current and prior periods[10] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred in the first half of 2024[37]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 41,826,000, a decrease of 64.5% compared to RMB 117,354,000 in 2022[13]. - Loss before income tax for 2023 was RMB 110,400,000, compared to a loss of RMB 56,721,000 in 2022, indicating a significant increase in losses[13]. - Total comprehensive loss for the year attributable to owners of the Company was RMB 127,033,000, up from RMB 53,418,000 in the previous year, reflecting a 137.5% increase in losses[13]. - Total revenue decreased by 64.4% from approximately RMB117.4 million for the year ended 31 December 2022 to approximately RMB41.83 million for the year ended 31 December 2023[23]. - Net loss increased by 150.5% from a loss of approximately RMB50.53 million for the year ended 31 December 2022 to a loss of approximately RMB126.59 million for the year ended 31 December 2023[25]. - Gross profit decreased by 133.7% year on year, contributing to the overall decline in turnover and gross profit margin[25]. - The Company achieved total operating revenue of RMB41.83 million for the Reporting Year, a decrease of 64.4% compared to RMB117.35 million in 2022[57]. - The loss attributable to owners of the Company increased to RMB126.59 million, up 150.5% from a loss of RMB50.53 million in 2022[61]. - The total contracted amount shrank by approximately 44.3% in the Reporting Year due to reduced capital investment in the ethanol industry[61]. - The Company's gross profit margin decreased from approximately 12.9% in 2022 to approximately -12.2% in the Reporting Year[63]. Assets and Liabilities - Non-current assets increased to RMB 91,819,000 in 2023 from RMB 54,043,000 in 2022, showing a growth of 69.8%[15]. - Current assets decreased significantly to RMB 234,581,000 in 2023 from RMB 429,177,000 in 2022, a decline of 45.5%[15]. - Total assets decreased to RMB 326,400,000 in 2023 from RMB 483,220,000 in 2022, representing a reduction of 32.5%[15]. - Total liabilities decreased slightly to RMB 257,637,000 in 2023 from RMB 287,395,000 in 2022, a decrease of 10.4%[15]. - Total equity fell to RMB 68,763,000 in 2023 from RMB 195,825,000 in 2022, indicating a decline of 65.0%[15]. - As of December 31, 2023, the Group had net current liabilities of approximately RMB10.84 million, a decrease from net current assets of approximately RMB143.13 million in 2022[80]. - The Group's total equity attributable to owners was approximately RMB69.41 million, down from approximately RMB196.44 million in 2022[80]. - The total debt of the Group, including lease liabilities, was approximately RMB257.64 million, reduced from approximately RMB287.40 million in 2022[80]. - The Group's gearing ratio increased to approximately 3.75 as of December 31, 2023, compared to approximately 1.47 in 2022[80]. - Bank borrowings as of December 31, 2023, were approximately RMB26.99 million, down from RMB28.48 million in 2022[81]. - The weighted average effective interest rate for borrowings decreased to 3.72% in 2023 from 4.83% in 2022[81]. Market Conditions and Challenges - The global economy is projected to grow by only 2.9% in 2023, impacting market conditions and business development[19]. - Increased competition and changes in market demand due to the pandemic have posed significant challenges for the Company[19]. - The rise in prices of upstream bulk commodities has negatively impacted the profit margins in the fuel ethanol industry, leading to reduced investment willingness[39]. - The Company faces increased market uncertainty due to intensified competition within the industry and slow progress on international projects due to geopolitical factors[39]. Strategic Initiatives and R&D - The company is advancing a thousand-ton scale trial of biomass hydrothermal depolymerization and carbon enhancement synthesis for automotive and aviation fuel projects[22]. - The company aims to take the lead in the development and application of green methanol technology and hydrogen production equipment manufacturing in the hydrogen energy sector[22]. - The company has over 40 patented technologies developed through collaboration with well-known universities and national research projects[33]. - The company is focusing on energy conservation and emission reduction, updating technology and equipment to support the green economy[27]. - The National Development and Reform Department's "14th Five Year Plan" provides new opportunities for the development of green and low-carbon technologies[27]. - The Company invested RMB 6.51 million in R&D and applied for 1 new patent to enhance its technology competitiveness in the industry[48]. - The Company participated in a key project focused on targeted depolymerization technology for multi-biomass alcohol raw materials, with plans to design an experimental device in 2024[49]. - Future strategies include enhancing R&D in 1.5 and 2nd generation cellulose ethanol production technologies and hydrogen energy production technologies[50]. - The Company aims to strengthen its marketing team and expand its sales network to maintain relationships with existing customers and explore new customer opportunities[50]. Contracts and Business Development - The Group signed contracts worth approximately RMB 68.58 million in 2023, a decrease of RMB 54.42 million or approximately 44.2% from RMB 123.00 million in 2022[38]. - The Company signed 27 new construction or technical renovation contracts worth RMB 52.69 million, accounting for 76.8% of the total contract amount[46]. - The marketing team is exploring project opportunities through industry exhibitions and customer visits to secure new projects[22]. Corporate Governance and Management - The company emphasizes high standards of corporate governance to protect shareholder interests and create long-term value[164]. - The company has adhered to all provisions of the corporate governance code as of December 31, 2023, with some disclosed deviations[165]. - The Board of Directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a strong independent element for effective judgment[174][175]. - The Company complied with all code provisions of the Corporate Governance Code during the year ended December 31, 2023, except for a disclosed deviation[169]. - The Board is responsible for overseeing the Group's overall business plans and strategies, ensuring effective implementation and control[181]. - The Company has mechanisms in place to ensure independent views are available to the Board, including access to external professional advice[185]. - The Board has reviewed corporate governance practices and is satisfied with their effectiveness, including resources and training related to environmental, social, and governance performance[182]. - The Company confirmed that all directors complied with the Model Code for Securities Transactions throughout the year ended December 31, 2023[171]. - The Board meets regularly to discuss and formulate the Group's overall strategy, operational performance, and financial performance[187]. - The Company has established a positive corporate culture that aligns with its mission and values, promoting accountability and business ethics[170]. - The appointment of Ms. Wong Mei Ling as an independent non-executive director on March 15, 2023, restored compliance with Listing Rules regarding independent directors[176]. - The Company has a strong commitment to corporate governance, which is viewed as essential for safeguarding shareholder interests and sustaining long-term value[168]. Leadership and Experience - The company has a strong leadership team with extensive experience across various sectors, enhancing its operational capabilities and strategic direction[135]. - Mr. Richard Antony Bennett has over 30 years of experience in the technology sector, having held various significant positions in companies listed on the London Stock Exchange[127]. - Mr. Chan Shing Fat Heron has over 20 years of experience in marketing and sales management, currently serving as the managing director of IC Strategy Company Limited since May 2007[129]. - Ms. Wong Mei Ling, appointed in March 2023, has over 20 years of experience in accounting and is the chairman of the audit committee[133]. - Mr. Pan Jinfeng, the general manager, has over 30 years of experience in the engineering and technology sector, overseeing daily operations since March 2022[137]. - Mr. Zhou Hongcai, the deputy general manager, has over 30 years of experience in the engineering sector, responsible for technical design and project management since August 2016[143]. - The management team is committed to driving business development and operational efficiency in both domestic and international markets[129]. - The company aims to leverage its leadership's extensive experience to navigate market challenges and capitalize on growth opportunities[135]. Employee Development - The Group's employee count decreased to 85 as of December 31, 2023, down from 94 in 2022, primarily due to turnover in the project management and support department[105]. - The Group emphasizes ongoing employee development through tailored training programs to enhance skills and prepare for career advancement[105].

| --- | --- | --- | |-------|-------|--------------------------| | | | | | | | 承董事會命 | | | | China New Energy Limited | | | | 主席 | | | | 余偉俊 | 33 附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，概不就因本公告全部或 任何部分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 New Energy Limited （股份代 號：1156） （於海峽群島澤西島註冊成立的有限公司 並於香港以「 Zhongke Tianyuan New Energy Limited」之名開展業務） China New Energy Limited（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附 屬公司（統稱「本集團」）截至2023年12月31日止年度（「報告年度」）的經審核綜合年度 業績，連同2022年同期的比較數字如下。 綜合損益表 截至2023年12月31日止年度 | --- | ...

O / 中科天元 China New Energy (Incorporated in Jersey, Channel Islands with limited liability and carrying on business in Hong Kong as "Zhongke Tianyuan New Energy Limited") (於海峽群島澤西島註冊成立的有限公司並於 香港以「Zhongke Tianyuan New Energy Limited」之名開展業務） INTERIM REPORT 中期報告 目錄 Contents 管理層討論與分析 5 Management Discussion and Analysis 簡明綜合中期利潤表 19 Condensed Consolidated Interim Income Statement 簡明綜合中期資產負債表 21 Condensed Consolidated Interim Balance Sheet 簡明綜合中期現金流量表 24 Condensed Consolidated Interim Statement of Cash Flows 簡明綜合 ...

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，概不就因本公告全部或任何部分 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 New Energy Limited （於海峽群島澤西島註冊成立的有限公司 並於香港以「ZhongkeTianyuanNewEnergyLimited」之名開展業務） （股份代號：1156） 截至2023年6月30日止六個月之 中期業績公告 China New Energy Limited（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公 司（統稱「本集團」）截至2023年6月30日止六個月之未經審核簡明綜合中期業績，連同 上一期間之比較數字如下： ...

Financial Performance - The company's net profit decreased by 753.71%, turning from a profit of approximately RMB 7.8 million in 2021 to a loss of approximately RMB 51.0 million in 2022, primarily due to a decline in turnover and a 66.49% decrease in gross profit year on year [15]. - Total revenue fell by 69.66% from approximately RMB 386.8 million for the year ended December 31, 2021, to approximately RMB 117.4 million for the year ended December 31, 2022, due to a significant reduction in newly signed contracts [16]. - The impairment loss of contract assets and receivables increased by 67.13%, contributing to the substantial loss reported [15]. - The Company reported total revenue of RMB 117.4 million for the year, a decrease of 69.7% compared to RMB 386.8 million in 2021 [43]. - The Company experienced a loss attributable to owners of RMB 50.5 million, a decline of 700% from a profit of RMB 8.4 million in 2021 [43]. - The total contract amount decreased by approximately 39% due to reduced investment activity in the ethanol industry during the COVID-19 pandemic [43]. - The Company's gross profit decreased by approximately RMB 30.1 million, or 66.5%, from RMB 45.3 million in 2021 to RMB 15.2 million in the Reporting Year [47]. - The overall gross profit margin increased slightly from approximately 11.7% in 2021 to approximately 12.9% in the Reporting Year [47]. Research and Development - The company aims to stabilize its operational performance and control the extent of decline amid a shrinking business volume, focusing on technology and R&D collaboration with renowned universities [13]. - The company is increasing investment in cellulose ethanol production technology, anticipating more market opportunities in this area as encouraged by national policies [13]. - In 2023, the company plans to continue optimizing cellulose ethanol process technology and establish demonstration projects as market conditions mature [20]. - The company is considering enhancing research and development in clean energy and new energy fields, such as hydrogen energy technology, to expand business opportunities and ensure sustainable development [20]. - The Company invested RMB 4.8 million in research and development during the Reporting Year and applied for 1 new patent [40]. - The company is focusing on optimizing its cellulosic ethanol technology and developing hydrogen energy technology for future business expansion [27]. - The company has developed over 30 patented technologies through collaboration with the Guangzhou Institute of Energy Conversion and various universities, enabling it to provide proprietary production processes for alcohol and ethanol fuel [25]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, which is essential for safeguarding shareholder interests and creating long-term value [112]. - The company has applied the principles of the Corporate Governance Code as set out in the Listing Rules, ensuring effective governance practices [112]. - The company’s management team includes experienced professionals with over 30 years of experience in engineering and technology sectors, enhancing operational oversight [96]. - The company’s independent non-executive directors are crucial for effective independent judgment within the board [114]. - The company has a strong independent element in the board, which can effectively exercise independent judgment, as required by the Listing Rules [114]. - The company’s governance practices are aligned with the requirements of the Stock Exchange, ensuring compliance and transparency [112]. - The Company has mechanisms in place to ensure independent views and input are available to the Board, including access to external professional advice [122]. - The Company has adopted a nomination policy to outline the procedures for nominating Director candidates [152]. - The Company failed to comply with certain Listing Rules until the appointment of a new independent non-executive Director on March 15, 2023 [148]. Risk Management - The Board has overall responsibility for maintaining effective risk management and internal control systems, which are designed to provide reasonable assurance against material misstatement or loss [174]. - The Group has implemented an effective internal control system, including a defined management structure, monthly reviews of management reports, and periodic financial results reviews by the Board [174]. - The Risk Management Committee held one meeting during the year to review the effectiveness and adequacy of the risk management system of the Group [162]. - The Risk Management Committee will hold meetings at least twice a year to comply with its terms of reference going forward [170]. - The Board conducted an annual review of the Group's internal control system, including risk management, and found no material issues identified during the review period from January 1, 2022, to December 31, 2022 [176]. - An independent internal control consultancy was engaged in February 2023 to assist the Board in evaluating the adequacy of procedures, policies, and monitoring measures [176]. Shareholder Communication - The Board has reviewed the effectiveness of the shareholders' communication policy and deemed it properly implemented during the year [183]. - The Company allows shareholders to send written inquiries to the joint company secretary at its principal place of business in Hong Kong [196]. - The Company acknowledges its responsibility for presenting a clear and balanced assessment of the Group's performance and prospects [166]. Future Outlook - The company reported a significant increase in revenue for Q1 2023, reaching $500 million, representing a 20% year-over-year growth [199]. - User data showed an increase in active users to 2 million, up from 1.5 million in the previous quarter, indicating a 33% growth [199]. - The company provided guidance for Q2 2023, expecting revenue to be between $520 million and $550 million, which would reflect a growth rate of 4% to 10% [199]. - New product launches are anticipated to contribute an additional $50 million in revenue by the end of Q2 2023 [199]. - The company is investing $10 million in R&D for new technologies aimed at enhancing user experience and operational efficiency [199]. - Market expansion efforts are underway in Southeast Asia, targeting a 15% market share by the end of 2023 [199]. - The company is exploring potential acquisitions to bolster its market position, with a budget of $30 million allocated for this purpose [199]. - Environmental, Social, and Governance (ESG) initiatives are being prioritized, with a commitment to reduce carbon emissions by 25% by 2025 [200]. - The company reported a net profit margin of 15% for Q1 2023, an improvement from 12% in Q1 2022 [199]. - Customer satisfaction ratings improved to 90%, up from 85% in the previous quarter, reflecting enhanced service delivery [199].