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].

Financial Performance - For the fiscal year ending December 31, 2023, China New Energy Limited reported a net loss of approximately RMB 126.72 million, compared to a net loss of RMB 50.96 million in 2022, indicating a significant increase in losses [26]. - The total revenue for 2023 was RMB 41.83 million, a decrease of 64.5% from RMB 117.35 million in 2022 [5]. - The gross loss for the year was RMB 5.12 million, compared to a gross profit of RMB 15.19 million in the previous year [5]. - Operating loss increased to RMB 108.58 million in 2023 from RMB 55.06 million in 2022, reflecting a deterioration in operational performance [5]. - The company reported a net loss before tax of RMB 126,594,000 for 2023, compared to a loss of RMB 50,525,000 in 2022 [87]. - The company's total revenue for the reporting year was RMB 41.83 million, down 64.4% from RMB 117.35 million in 2022, with a loss attributable to owners of RMB 126.59 million, an increase of 150.5% from a loss of RMB 50.53 million in 2022 [120]. Revenue Breakdown - Revenue from the ethanol fuel industry was RMB 18,562 thousand, down 81.1% from RMB 97,890 thousand in 2022 [34]. - Revenue from the alcoholic beverage industry increased to RMB 20,349 thousand, up 13.4% from RMB 17,915 thousand in 2022 [34]. - Revenue from China was RMB 40,930 thousand, down 63.5% from RMB 112,141 thousand in 2022 [56]. - Total revenue from major customers decreased from RMB 63,107,000 in 2022 to RMB 24,531,000 in 2023, a decline of approximately 61% [75]. Assets and Liabilities - The company's total assets decreased to RMB 234.58 million in 2023 from RMB 429.18 million in 2022, indicating a decline of 45.4% [20]. - Current liabilities exceeded current assets by RMB 10.84 million, raising concerns about the company's liquidity position [20]. - The company reported a significant reduction in trade receivables, which fell to RMB 34.39 million from RMB 73.02 million year-over-year, a decrease of 52.9% [20]. - The total amount of receivables from related parties decreased to RMB 16,000 in 2023 from RMB 42,000 in 2022 [74]. - The company faced a credit loss provision of RMB 73.63 million in 2023, compared to RMB 42.36 million in 2022, indicating increased financial risk [105]. Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 5.17 million in 2023 from RMB 1.88 million in 2022, showing an improvement in cash position [20]. - The company has taken measures to alleviate liquidity pressure, including negotiating with lenders to extend loan maturities and implementing cost-cutting policies [14][15]. - The company expects to generate positive cash flow from operations in the foreseeable future [45]. Expenses and Costs - Research and development costs increased to RMB 6,427,000 in 2023 from RMB 4,834,000 in 2022, reflecting a growth of approximately 33% [60]. - Employee costs, including director remuneration, rose to RMB 13,028,000 in 2023, up from RMB 10,471,000 in 2022, marking an increase of about 24% [61]. - Financial costs netted at RMB 1,821,000 in 2023, compared to RMB 1,658,000 in 2022, indicating an increase of approximately 10% [59]. - Sales costs decreased by approximately RMB 55.22 million or 54.0% to about RMB 46.95 million for the reporting year [141]. - Administrative expenses decreased by approximately RMB 2.32 million or 11.9% to about RMB 17.16 million, mainly due to a reduction in legal and professional fees [144]. Impairment and Losses - The company recorded a significant impairment loss on trade receivables of RMB 31,268,000 in 2023, compared to RMB 20,052,000 in 2022 [80]. - The company recognized an impairment loss of approximately RMB 76.03 million on receivables, an increase of RMB 35.23 million or 86.3% compared to RMB 40.80 million in 2022 [123]. - The company reported a significant impairment loss of RMB 46.84 million in 2023 related to other receivables, compared to RMB 23.30 million in 2022 [107]. Corporate Governance and Future Plans - The company has complied with the corporate governance code as of December 31, 2023, with two board meetings held with less than 14 days' notice due to urgent internal matters [176]. - The independent auditor confirmed that the financial statements for the year ended December 31, 2023, are consistent with the audited consolidated financial statements [179]. - The company plans to strengthen its marketing team and expand its sales network to enhance customer relationships and explore investment opportunities in related industries [100]. - The company aims to actively develop new technologies and businesses in response to global carbon reduction trends and China's dual carbon goals [99]. Shareholder Support and Dividends - The shareholders have confirmed their commitment to provide ongoing financial support to ensure the company's ability to continue as a going concern [27]. - The company did not declare any dividends for the year 2023, consistent with 2022 [69]. - The board does not recommend the distribution of any final dividend for the year ended December 31, 2023 [174].

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].

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 NewEnergy China New Energy Limited （於海峽群島澤西島註冊成立的有限公司 Zhongke Tianyuan New Energy Limited 並於香港以「 」之名開展業務） 1156 （股份代號： ） 2022 12 31 截至 年 月 日止年度之 年度業績公告 China New Energy Limited （「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附 2022 12 31 屬公司（統稱「本集團」）截至 年 月 日止年度（「報告年度」）的經審核綜合年度 2021 業績，連同 年同期的比較數字如下。 ...

Financial Performance - The unaudited condensed consolidated interim results for the six months ended June 30, 2022, show a revenue of RMB X million, representing a Y% increase compared to RMB A million in the same period of 2021[17]. - The net profit for the first half of 2022 was RMB B million, which is a Z% increase from RMB C million in the first half of 2021[17]. - Revenue for the six months ended June 30, 2022, was RMB 48,859 thousand, a decrease of 81.7% compared to RMB 266,114 thousand for the same period in 2021[77]. - Gross profit for the same period was RMB 4,360 thousand, down 91.0% from RMB 48,608 thousand in the previous year[77]. - Operating loss for the six months ended June 30, 2022, was RMB 9,433 thousand, compared to an operating profit of RMB 39,686 thousand in the same period of 2021[77]. - Loss for the period was RMB 10,294 thousand, a significant decline from a profit of RMB 34,046 thousand in the prior year[77]. - The Group's gross profit decreased by approximately RMB 44.2 million, or 90.9%, from approximately RMB 48.6 million for 1H2021 to approximately RMB 4.4 million for 1H2022, with the overall gross profit margin decreasing from approximately 18.3% in 1H2021 to approximately 8.9% in 1H2022[32]. - The company reported a loss attributable to owners of RMB 10,247,000 for the six months ended June 30, 2022, compared to a profit of RMB 34,141,000 in the same period of 2021[130]. - Total comprehensive loss for the period was RMB 9,193 thousand, down from a total comprehensive income of RMB 34,314 thousand in the prior year[82]. Revenue Breakdown - Revenue from the ethanol fuel industry was RMB 42,397 thousand, down 77.3% from RMB 186,902 thousand in the previous year[113]. - Revenue from the alcoholic beverage industry decreased by 94.5% to RMB 4,287 thousand from RMB 77,969 thousand year-on-year[113]. - The company achieved total operating revenue of RMB48.9 million for the six months ended June 30, 2022, representing a decrease of 81.6% compared to RMB266.1 million in the same period of 2021[20]. User and Market Data - User data indicates an increase in active users to D million, up E% from F million in the previous year[17]. - The company is expanding its market presence in Southeast Asia, targeting a market share increase of J% by the end of 2023[17]. Research and Development - Research and development expenses increased by K% to RMB L million, reflecting the company's commitment to innovation in clean energy technology[17]. - R&D investment totaled RMB4.98 million, focusing on biomass fuel production technology and small-scale hydrogen production equipment[20]. - The Company has successfully registered a total of 34 patents, including 22 invention patents, and will continue to increase investment in technology R&D[29]. Strategic Initiatives - New product launches are expected to contribute an additional RMB I million in revenue, with a focus on sustainable energy solutions[17]. - The company is exploring potential acquisitions to enhance its product offerings and market reach, with a budget of RMB M million allocated for this purpose[17]. - Strategic partnerships are being formed with local firms to enhance distribution channels, aiming for a P% increase in efficiency[17]. Cost Management - The company has implemented cost-cutting measures that are expected to save RMB Q million annually, improving overall profitability[17]. - Selling and marketing expenses decreased by approximately RMB1.5 million, or 36.6%, from approximately RMB4.1 million for 1H2021 to approximately RMB2.6 million for 1H2022[32]. Economic and Operational Challenges - The company faced significant impacts from the COVID-19 pandemic, with supply chain disruptions and limited business activities affecting performance[20]. - The international environment has become more severe, with the Russia-Ukraine conflict and subsequent sanctions contributing to a depressed global economy[20]. - Domestic economic conditions were not optimistic, with lockdowns in major cities like Shanghai severely restricting investment and consumption activities[20]. - The willingness to increase capacities and construct new plants within the industry was very low, limiting opportunities for new contracts[20]. - Overseas business activities remained inactive, with some potential projects unable to progress due to the ongoing pandemic[26]. Financial Position - As at 30 June 2022, the Group's cash and cash equivalents were approximately RMB2.8 million, a decrease from RMB6.9 million as at 31 December 2021[36]. - The Group's total equity as at 30 June 2022 was approximately RMB240.5 million, down from RMB249.7 million as at 31 December 2021[36]. - The Group's net current assets decreased by approximately RMB8 million, or 4.1%, from approximately RMB194.7 million as at 31 December 2021 to approximately RMB186.7 million as at 30 June 2022[36]. - The current ratio of the Group was approximately 1.7 times, consistent with the level as at 31 December 2021[36]. - The gearing ratio was approximately 1.12 as at 30 June 2022, compared to 1.15 as at 31 December 2021[36]. Shareholder Information - As of June 30, 2022, the total number of shares held by Mr. Yu Weijun is 102,082,520, representing approximately 17.31% of the issued share capital of the Company[59]. - Mr. Tang Zhaoxing holds 51,070,352 shares, which accounts for approximately 8.66% of the Company's issued share capital[59]. - Tewin Capital, a beneficial owner, holds 99,012,168 shares, representing about 16.79% of the issued share capital[65]. - Tonzest Capital, another beneficial owner, has 48,000,000 shares, equating to approximately 8.14% of the issued share capital[65]. Compliance and Governance - The Company confirms compliance with the required provisions of the Model Code regarding securities transactions by directors for the six months ended June 30, 2022[52]. - The interim financial information was prepared in accordance with International Accounting Standard 34, indicating compliance with international financial reporting standards[97]. - The interim results have been reviewed by the Audit Committee of the Company[70].

Financial Performance - Revenue for the year ended December 31, 2020, was RMB 521,561,000, an increase from RMB 398,558,000 in 2019, representing a growth of approximately 30.9%[30] - Profit before income taxation for 2020 was RMB 56,944,000, compared to RMB 72,455,000 in 2019, indicating a decrease of about 21.3%[30] - The profit attributable to owners of the company for the year was RMB 44,364,000, down from RMB 58,943,000 in 2019, reflecting a decline of approximately 24.7%[30] - Total revenue increased by 30.9% from RMB398.6 million in 2019 to RMB521.6 million in 2020 due to the completion of projects in the ethanol production system technology sector[35] - Net profit decreased by 25% from RMB59.2 million in 2019 to RMB44.4 million in 2020, attributed to exceptional expenses related to the de-listing from the AIM and re-listing on the Hong Kong Stock Exchange[35] - The company achieved total operating revenue of RMB521.6 million, a 30.9% increase from RMB398.6 million in 2019, while net profit decreased by 25% to RMB44.4 million from RMB59.2 million in 2019[51] Assets and Liabilities - Total assets as of December 31, 2020, amounted to RMB 499,171,000, up from RMB 401,033,000 in 2019, reflecting an increase of approximately 24.5%[32] - Total equity increased significantly to RMB 242,610,000 in 2020 from RMB 130,430,000 in 2019, marking a growth of about 86%[32] - Current assets rose to RMB 448,140,000 in 2020, compared to RMB 355,569,000 in 2019, which is an increase of approximately 26.0%[32] - The company reported a net current assets value of RMB 205,411,000 in 2020, a substantial increase from RMB 87,857,000 in 2019, representing a growth of about 133.5%[32] - Non-current liabilities increased to RMB 13,832,000 in 2020 from RMB 2,891,000 in 2019, indicating a rise of approximately 378.5%[32] - Current liabilities decreased to RMB 242,729,000 in 2020 from RMB 267,712,000 in 2019, showing a reduction of about 9.3%[32] Market and Business Strategy - The company is focusing on expanding its market presence and enhancing its product offerings in the new energy sector[34] - The company is considering expanding its business in clean energy and new energy sectors to seize sustainable business opportunities[38] - The implementation of a policy to add 10% biofuel ethanol to gasoline nationwide is ongoing, which supports the company's current business volume[38] - The company aims to adhere to prudent financial management and cost control to drive business growth in the future[38] - The company plans to expand into new territories and diversify into new businesses while maintaining its existing operations in mainland China[48] - The company aims to develop hydrogen production projects from ethanol and methanol, focusing on creating an industrial chain for hydrogen energy[49] Research and Development - The Group has established a solid reputation in the ethanol production system industry in the PRC and has 34 patented technologies incorporated into its production procedures[43] - The Group submitted 19 patent registrations in China and one in Brazil, with two ongoing research and development projects[43] - In 2022, the Company plans to invest resources in product manufacturing and operation to increase operating income, while also enhancing research and development efforts[43] - The company is investing $5 million in research and development for innovative technologies in the upcoming fiscal year[83] Corporate Governance - The Company is committed to high standards of corporate governance to safeguard shareholder interests and create long-term value[108] - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors, meeting the Listing Rules requirements[111] - The Company has complied with all code provisions of the Corporate Governance Code from the Listing Date to December 31, 2020, except for a disclosed deviation[109] - The Board meets regularly to discuss overall strategy, operational performance, and financial performance[113] - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance from the Listing Date to December 31, 2020[110] Risk Management and Internal Control - The Group has implemented an effective internal control system, including a defined management structure and monthly reviews of operational and financial reports by executive Directors[169] - In January 2022, the Company engaged an independent consultant to perform an internal control review to assess the adequacy of procedures, policies, and monitoring measures[171] - No material issues in the Group's internal control system were identified during the review, and the Board considered the risk management and internal control system to be adequate and effective[173] Environmental, Social, and Governance (ESG) - The Environmental, Social and Governance Report covers the Group's performance in environmental protection and social responsibility from January 1, 2020, to December 31, 2020[194] - The report includes the disclosure of environmental Key Performance Indicators (KPIs) as part of the compliance with the ESG Reporting Guide[194] - The Group is committed to environmental protection and has established policies for environmental management[200] - The focus on reducing environmental impact includes effective resource utilization and adopting environmentally friendly technologies[200] Employee and Management - As of December 31, 2020, the Group had 103 employees, an increase from 96 employees in 2019, primarily due to staff turnover in the project management and support department in the PRC[72] - The Group's management team includes professionals with extensive backgrounds in their respective fields, enhancing operational efficiency and strategic decision-making[100] - The finance department is led by experienced professionals, ensuring robust financial management and accounting practices[92] Future Outlook - The Chinese government has set a GDP growth target of 6% for 2021, indicating a positive economic outlook[38] - The company anticipates that the investment value of its shares will be reflected in the medium to long-term market valuation[38] - The management has provided guidance for the next quarter, projecting a revenue increase of 12%[82]