Financial Performance - For the six months ended June 30, 2023, the company's revenue was approximately HKD 12,404,000, compared to HKD 13,303,000 for the same period in 2022, representing a decrease of about 6.7%[10] - The profit for the six months ended June 30, 2023, was approximately HKD 85,042,000, significantly up from HKD 254,000 for the same period in 2022, primarily due to the reversal of financial guarantee contract income of HKD 84,222,000[10] - Revenue for the first half of 2023 was HKD 12,404,000, a decrease of 6.7% compared to HKD 13,303,000 in the same period of 2022[44] - Gross profit decreased to HKD 1,975,000, down 39.2% from HKD 3,253,000 year-on-year[44] - Operating profit from business activities significantly improved to HKD 81,027,000, compared to a loss of HKD 2,713,000 in the previous year[44] - Profit before tax surged to HKD 85,550,000, a substantial increase from HKD 1,129,000 in the same period last year[44] - Net profit for the period reached HKD 85,042,000, compared to HKD 254,000 in the first half of 2022[45] - Total comprehensive income for the period was HKD 117,052,000, up 50.5% from HKD 77,986,000 year-on-year[45] - Basic and diluted earnings per share for the period were HKD 1.93, a significant recovery from a loss of HKD 0.02 per share in the same period last year[45] - The company reported a net profit of HKD 85,042,000 for the six months ended June 30, 2023[53] Cash Flow and Liabilities - Cash and cash equivalents at the end of the period were HKD 41,377,000, a decrease from HKD 44,998,000 at the beginning of the year[52] - The company reported a net cash outflow from operating activities of HKD 3,656,000, compared to an inflow of HKD 10,576,000 in the previous year[52] - The company's total liabilities decreased to HKD 1,236,558,000 from HKD 1,371,519,000 at the end of 2022[47] - As of June 30, 2023, the company's current liabilities and total liabilities were HKD 1,157,191,000 and HKD 912,442,000, respectively[53] - The company has a payable amount to the Rocket Institute of HKD 1,191,872,000, which is due on demand[53] - The company is in discussions with the Rocket Institute for financial support to continue operations without fulfilling its guarantee obligations for the payable amount[53] - The Rocket Institute has issued a letter confirming it will not demand repayment of the guarantee obligations until November 20, 2024[57] Operational Developments - The company is actively promoting the development of new energy projects and is steadily advancing the feasibility of expanding the operational scale of these projects[14] - The Chinese government aims to achieve "carbon peak" by 2030 and "carbon neutrality" by 2060, which will drive the transition to green energy and is expected to enhance the company's market opportunities[11] - The National Energy Administration projects an increase of approximately 160 million kilowatts in wind and solar installations in 2023, which aligns with the company's strategic focus on renewable energy[13] - The company is conducting ongoing research and development on energy storage systems and exploring integrated solutions for wind, solar, hydrogen, and storage[14] Legal Matters - The company received a preliminary judgment from the Lanzhou Intermediate People's Court regarding a loan default of approximately RMB 230,000,000, requiring the project company to repay about RMB 208,000,000 in principal and interest[22] - A separate preliminary judgment was issued for a loan default of RMB 65,000,000, with the project company required to repay approximately RMB 56,000,000, and the bank holding priority rights over cash and receivables[23] - As of June 30, 2023, the company has not made any provisions for the lawsuits, as the board believes the claims are unlikely to succeed and the potential liability cannot be reliably measured[26] - The company has no significant contingent liabilities as of June 30, 2023[27] - The company has engaged professional legal advisors to assist with appeals related to the judgments received[26] - The company has no significant legal proceedings as of June 30, 2023, following the withdrawal of claims against it[29] Shareholder and Governance - The major shareholder, China Aerospace Science and Technology Corporation, holds 2,649,244,000 shares, representing 60.64% of the issued shares[35] - The company has complied with all corporate governance codes as per the listing rules during the six months ended June 30, 2023[39] - No purchases, sales, or redemptions of the company's listed securities occurred during the six months ended June 30, 2023[42] - The company did not recommend any interim dividend for the six months ended June 30, 2023, consistent with the same period in 2022[31] - No dividends were declared or paid for the six months ended June 30, 2023[74] Revenue Sources - Revenue from electricity sales from wind farm operations for the six months ended June 30, 2023, was HKD 12,404,000, a decrease of 6.73% from HKD 13,303,000 in the same period of 2022[62][67] - The company reported a segment profit of HKD 5,996,000 from wind farm operations, down from HKD 6,756,000 in the previous year[65][67] Other Financial Metrics - Bank interest income increased to HKD 47,000 from HKD 36,000 year-on-year[68] - Government subsidies decreased to HKD 701,000 from HKD 900,000 year-on-year, primarily related to operational subsidies and VAT exemptions[68] - The company recognized a gain of HKD 84,222,000 from the repayment of a financial guarantee contract[69] - Net foreign exchange gains improved to HKD 47,000 from a loss of HKD 142,000 year-on-year[70] - Pre-tax profit before tax decreased to HKD 5,460,000 from HKD 6,312,000 year-on-year[72] - Income tax expense decreased to HKD 383,000 from HKD 565,000 year-on-year, with a deferred tax expense of HKD 125,000[73] - Basic earnings per share showed a profit of HKD 84,435,000, with a weighted average of 4,368,995,668 shares[75] - Trade receivables amounted to HKD 25,372,000, with a provision for credit losses of HKD 22,620,000[78] - Trade payables decreased to HKD 41,486,000 from HKD 50,577,000 year-on-year[79]

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 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。 1 * CHINA ENERGINE INTERNATIONAL (HOLDINGS) LIMITED 中國航天萬源國 際（ 集 團 ）有限公 司 （在開曼群島註冊成立之有限公司） （股份代號：1185） 截至二零二三年六月三十日止六個月之中期業績 業績 中國航天萬源國際（集團）有限公司（「本公司」）董事會謹此公佈本公司及其附屬公司 （「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合業績如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 | --- | --- | --- | |-------|--------------|--------------| | | 二零二三年 | 二零二二年 | | | 一月一日至 | 一月一日至 | | | 二零二三年 | 二零二二年 | | 附註 | 六月三十日 | 六月三十日 | | | 千港元 | 千港元 | | | （未經審核） | ...

Financial Performance - The company achieved a revenue of HK$41,218,000 in 2022, a significant increase from HK$9,100,000 in 2021[11] - The net profit for 2022 was HK$608,000,000, influenced by a debt restructuring gain of HK$434,460,000 and a gain from the cancellation of consolidated accounts of HK$185,550,000[14] - The gross profit for 2022 was HK$8,945,000, compared to HK$8,020,000 in 2021[11] - The company reported a net loss attributable to owners of HK$458,373,000 for 2022, a recovery from a loss of HK$76,499,000 in 2021[11] - The annual turnover for the Group in 2022 was approximately HK$41.22 million, a significant increase from approximately HK$9.1 million in 2021[17] - The net profit in 2022 was HK$608 million, influenced by a gain on debt restructuring of HK$434.46 million and a gain on deconsolidation of subsidiaries of HK$185.55 million[17] Strategic Development - The company is actively pursuing new energy project development agreements with local governments, including several wind and photovoltaic projects in Guangdong and Sichuan[16] - The company is expanding into the integrated "wind-solar-storage-hydrogen" sector as part of its strategic development[15] - The company has signed multiple investment development agreements for renewable energy projects in 2022, reflecting its commitment to energy transition[16] - The Group has signed investment and development agreements for several wind power and photovoltaic projects, including a photovoltaic project in Guangdong and a wind power project in Sichuan[19] - The Group is actively monitoring changes in national industrial policies that could impact its business opportunities in the new energy sector[24] - The Group plans to further enhance the operational performance and quality of its wind farms in 2023, alongside exploring the feasibility of integrating wind, photovoltaic, hydrogen, and energy storage[45] Financial Health - The current ratio improved to 0.06 in 2022 from 0.04 in 2021, indicating better short-term financial health[11] - As of December 31, 2022, the Group's debt to asset ratio improved to 3.95 from 5.49 in 2021, indicating a stronger financial position[48] - The Group's cash and cash equivalents increased to HK$45 million as of December 31, 2022, up by HK$14 million from HK$31 million in the previous year[54] - Financing risks are present as the Group has a guarantee obligation of approximately HK$1.317 billion, with liquidity pressures to meet operational needs[30] Operational Risks - The Group faces operational risks due to intense market competition and the need to effectively utilize policies for project development[29] - Safety risks are associated with wind farm operations, particularly during maintenance and repair work[35] - Legal risks remain due to an ongoing lawsuit related to unpaid capital contributions from a former subsidiary, with preliminary analyses suggesting the claims may not be valid[36] Government Policies and Industry Trends - The Chinese government aims to achieve "carbon emissions peaking" by 2030 and "carbon neutrality" by 2060, emphasizing the development of renewable energy as a key path to meet these goals[42] - In the next five to ten years, wind power and photovoltaic energy are expected to become the main sources of new energy consumption, alongside advancements in hydrogen energy and energy storage technologies[44] - The state subsidies for the new energy industry have greatly improved compared to the previous year, positively impacting the Group's operations[22][23] Corporate Governance - The Group is committed to maintaining high standards of corporate governance practices throughout the year[178] - The Company has adopted a code of conduct regarding directors' securities transactions, ensuring compliance throughout the year[180] - The Board has adopted corporate governance policies and practices to ensure compliance with legal and regulatory requirements[199] - The Board is responsible for reviewing compliance with governance codes and disclosures in the corporate governance report[199] - The roles of the chairman and chief executive officer are separate to reinforce independence and accountability[181] - The Board reviews and monitors training and professional development for directors and senior management[199] Management and Leadership - Mr. Han Qingping was appointed as the CEO on December 2, 2019, and later re-designated as Chairman on April 15, 2021[71] - Mr. Li Lei has been serving in various departments of CALT since 1996 and was appointed as CEO on April 15, 2021[73] - Mr. Xu Jun has been the financial controller since November 1, 2014, and has extensive experience as Chief Accountant in CALT subsidiaries since November 2005[75] - An executive director was appointed on February 1, 2023, indicating ongoing leadership changes[200] - An executive director resigned on October 26, 2022, reflecting potential shifts in management structure[200] Shareholder Information - There were no distributions to shareholders in 2022, consistent with the previous year[50] - The Directors do not recommend the payment of a final dividend for the year ended December 31, 2022, with no dividend declared for the year[97] - Distributable reserves of the Company as of December 31, 2022, amounted to nil, consistent with the previous year[114] - The controlling shareholders, CASC and CALT, hold a significant interest of 2,649,244,000 shares, representing approximately 60.64% of the total shareholding[145] Audit and Compliance - The consolidated financial statements of the Group for the year have been audited by RSM Hong Kong, who will offer themselves for re-appointment at the forthcoming annual general meeting[171] - The Company has complied with all code provisions and adopted recommended best practices set out in the Corporate Governance Code throughout the year[179] - The Board held a total of 8 meetings and 1 annual general meeting during the year[191] - There were no significant subsequent events after 31 December 2022 up to the date of the annual report[166]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 * CHINA ENERGINE INTERNATIONAL (HOLDINGS) LIMITED 中國航天萬源國 際（ 集 團 ）有限公 司 （在開曼群島註冊成立之有限公司） （股份代號：1185） 截至二零二二年十二月三十一日止年度 全年業績 1 中國航天萬源國際（集團）有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈 本公司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度之全年 業績。 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 3 41,218 9,100 收益成本 (32,273) (1,080) 毛利 8,945 8,020 | --- | --- | --- | --- | |------------------|-------|----------|-----------| | 其他收入 ...

Financial Performance - For the six months ended June 30, 2022, the company's revenue was approximately HKD 13,000,000, compared to zero for the same period in 2021, due to the acquisition of control over Longyuan Benxi Wind Power Co., Ltd. on December 28, 2021[13] - The company recorded a profit of approximately HKD 254,000 for the six months ended June 30, 2022, compared to a loss of approximately HKD 2,722,000 for the same period in 2021[13] - Revenue for the six months ended June 30, 2022, was HKD 13,303,000, compared to a loss in the same period of 2021[46] - Gross profit for the same period was HKD 3,253,000, representing a decrease of 8% from the previous year[46] - The net loss attributable to the company's owners was HKD 844,000, an improvement from a loss of HKD 2,714,000 in the prior year[48] - Total comprehensive income for the period was HKD 77,986,000, compared to a loss of HKD 22,573,000 in the same period last year[48] - Cash generated from operating activities was HKD 10,576,000, a significant recovery from cash used of HKD 7,066,000 in the previous year[58] - The group reported revenue of HKD 13,303,000 from electricity sales from wind farm operations for the six months ended June 30, 2022[69] - The group incurred a loss of HKD 4,670,000 during the same period[75] Cost Management - The company implemented cost reduction measures, including an 80% salary waiver by executive directors for the six months ended June 30, 2022[13] - The group is actively negotiating with creditors to settle outstanding balances and expects to reach further settlement agreements[63] - The group has taken measures to alleviate liquidity issues and improve its financial condition[61] Assets and Liabilities - As of June 30, 2022, the company's trade and other receivables amounted to HKD 28,939,000, with a credit loss provision of HKD 439,906,000[20] - As of June 30, 2022, the company had a payable of HKD 1,375,756,000 to the China Academy of Launch Vehicle Technology, with a commitment from the academy to provide necessary financial support until November 20, 2024[19] - The company's total assets less current liabilities amounted to HKD (1,678,056,000) as of June 30, 2022, compared to HKD (1,755,740,000) at the end of 2021[51] - The company's total liabilities amounted to HKD (1,685,908,000) as of June 30, 2022, compared to HKD (1,763,893,000) at the end of 2021[53] - The group's current liabilities and total liabilities were HKD 1,967,746,000 and HKD 1,685,908,000, respectively[61] Legal and Compliance Issues - The company has received a letter from a commercial bank indicating a potential default on loans totaling approximately RMB 358 million[23] - As of August 30, 2022, the company has outstanding loan principal of approximately RMB 260 million, with a court ruling requiring repayment of RMB 208 million[26] - The company plans to appeal the court ruling regarding the loan default, indicating significant uncertainty surrounding the legal proceedings[26] - The company has engaged legal advisors to assist in responding to a lawsuit regarding unpaid capital contributions of approximately RMB 155 million[28] - The company has maintained compliance with all corporate governance codes as per the listing rules during the reporting period[38] - The company has confirmed adherence to the standard code for securities trading by all directors during the reporting period[39] Shareholder Information - The major shareholder, China Aerospace Science and Technology Corporation, holds 2,649,244,000 shares, representing 60.64% of the issued shares[34] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2022[41] - The company's shares have been suspended from trading since April 1, 2021, and will remain suspended until compliance with resumption guidelines[42] Employment and Operations - The company had a total of 39 employees as of June 30, 2022, with a slight decrease from 38 employees as of December 31, 2021[17] - The group has two operating segments: wind farm operations and new energy development, with the latter not generating revenue during the reporting period[74] - The company continues to seek business opportunities in wind power resources and aims to collaborate with partners to develop new energy projects[15] Government Support and Grants - Government grants amounted to HKD 900,000, primarily for operational support and VAT exemptions[77] Miscellaneous - No interim dividend has been proposed for the six months ending June 30, 2022, consistent with the previous year[30] - Basic loss per share for the first half of 2022 was HKD 4,368,995,668[86] - The group acquired property, plant, and equipment for approximately HKD 52,000 during the period[89] - Trade and other receivables totaled HKD 28,939,000 as of June 30, 2022, down from HKD 38,259,000 at the end of 2021[90] - Trade payables amounted to HKD 485,440,000 as of June 30, 2022, compared to HKD 507,338,000 at the end of 2021[92]

Financial Performance - Revenue for 2021 was HK$9,100,000, a significant decrease from HK$27,783,000 in 2020, representing a decline of approximately 67.2%[15] - The gross loss attributable to owners for the year was HK$1,677,230,000, compared to a loss of HK$1,061,359,000 in 2020, indicating a worsening financial position[15] - The company reported a loss before interest, tax, depreciation, and amortization of HK$70,615,000 for 2021, an improvement from HK$1,104,753,000 in 2020[15] - The turnover for the year 2021 was approximately HK$9 million, a significant decrease from approximately HK$26 million in 2020[24] - The loss for the year 2021 was approximately HK$74 million from continuing operations, while the net profit from continuing operations after excluding non-recurring factors was approximately HK$4 million[24] Liquidity and Financial Ratios - The current ratio improved slightly to 0.04 in 2021 from 0.01 in 2020, reflecting a marginal enhancement in liquidity[15] - The quick ratio also increased to 0.04 in 2021 from 0.01 in 2020, suggesting a better short-term financial health[15] - The net liability attributable to owners per share was HK$0.384 in 2021, compared to HK$0.355 in 2020, reflecting an increase in financial leverage[15] - Cash and cash equivalents increased to HK$31 million as of December 31, 2021, up from HK$20 million as of December 31, 2020, representing an increase of HK$11 million[68] - The Group's debt to asset ratio improved to 5.49 as of December 31, 2021, compared to 7.76 in 2020[67] Capital Expenditure and Investments - Acquisition of property, plant, and equipment was HK$3,000 in 2021, down from HK$4,698,000 in 2020, indicating reduced capital expenditure[15] - The Group plans to expand and upgrade existing wind farm projects to fully release their economic benefits, supported by government incentive policies[57] Market Environment and Strategic Focus - The company faced a challenging market environment with significant economic fluctuations impacting operations[21] - The management is focused on pursuing excellence and leading the development of new energy solutions[5] - Future strategies may include market expansion and the development of new technologies to enhance competitiveness[5] Operational and Financial Risks - The Group's liquidity is under pressure due to guarantee obligations of approximately RMB1.15 billion, necessitating negotiations for financial support[39] - The Group faces operational risks due to a small scale of main business and a single business structure, requiring further adjustments[42] - The financing risk is heightened as the Group's debt financing capability is severely challenged following the exit from the wind turbine manufacturing business[43] - Safety risks exist in wind farm operations, particularly during maintenance of wind turbines, necessitating enhanced safety management practices[44] - The Group's financing risks have increased due to the termination of its wind turbine manufacturing business, impacting its ability to obtain financing[47] Legal and Governance Matters - The Group has engaged professional legal counsel to address a lawsuit regarding a subsidiary's unpaid capital contribution of approximately RMB155 million[49] - The Company has committed to maintaining a high level of corporate governance practices[181] - The Directors do not recommend the payment of a final dividend for the year ended December 31, 2021, with no dividend declared for the year[114] - The Company has a dividend policy adopted on December 24, 2019, with details outlined in the Corporate Governance Report[113] Shareholding and Corporate Structure - As of December 31, 2021, CASC and CALT hold a total of 2,649,244,000 shares, representing approximately 60.64% of the company's shareholding[159] - The only customer of the Group had no interests from Directors or shareholders owning more than 5% of the issued share capital[173] - The Company maintained the minimum public float of 25% as required under the Listing Rules throughout the year[178] Subsequent Events and Future Outlook - The Group has not reported any significant subsequent events after December 31, 2021[188] - By 2025, the proportion of non-fossil energy consumption in China is expected to reach about 20%, with total installed capacity of wind and solar power exceeding 1.2 billion kilowatts by 2030[54] - The Group aims to leverage CASC's resource advantages to develop new energy projects and explore business opportunities along the "Belt and Road" initiative[55] Audit and Financial Reporting - The consolidated financial statements for the year were audited by RSM, who will retire and offer themselves for re-appointment at the upcoming annual general meeting[197] - The Group's business performance, review, and financial outlook are discussed in the "Management Discussion and Analysis" section of the annual report[116]

Financial Performance - The company reported no substantial progress or revenue in the first half of 2021 due to the bankruptcy liquidation of its wholly-owned subsidiary, Beijing Wanyuan Industrial Co., Ltd.[21] - For the six months ended June 30, 2021, the company reported no revenue, compared to HKD 12,905,000 for the same period in 2020[54]. - The company incurred a loss from continuing operations of HKD 2,722,000, an improvement from a loss of HKD 4,783,000 in the prior year[54]. - The company reported a loss before tax of HKD 1,915,000, compared to a loss of HKD 3,369,000 in the previous year[54]. - The total comprehensive loss for the period was HKD 22,573,000, down from HKD 53,041,000 in the same period last year[54]. - Basic loss per share from continuing and discontinued operations was HKD 0.06, compared to HKD 1.34 in the prior year[57]. - The company reported a net loss of HKD 2,722,000 from continuing operations for the six months ended June 30, 2021[71]. - The company reported a loss from continuing operations before tax of HKD 2,714,000 for the six months ended June 30, 2021, compared to a loss of HKD 4,398,000 for the same period in 2020, indicating a reduction in losses by approximately 38%[95]. - The basic loss per share attributable to the company's owners from continuing operations was HKD (0.06) for the six months ended June 30, 2021, compared to HKD (1.34) for the same period in 2020, reflecting an improvement in performance[98]. Assets and Liabilities - As of June 30, 2021, the company had a payable amount of HKD 1,016,591,000 to the China Academy of Launch Vehicle Technology, primarily due to loans from a subsidiary that were not consolidated.[27]. - The company has no major assets pledged as of June 30, 2021, maintaining a clean balance sheet in this regard.[29]. - As of June 30, 2021, the total assets minus current liabilities amounted to (HKD 1,742,356) compared to (HKD 1,719,856) as of December 31, 2020, reflecting a slight increase in liabilities[59]. - Current liabilities increased to HKD 1,999,775 as of June 30, 2021, from HKD 1,974,463 at the end of 2020, indicating rising short-term obligations[59]. - The company’s non-current liabilities, including lease liabilities and deferred tax liabilities, totaled HKD 2,225 as of June 30, 2021, compared to HKD 2,152 at the end of 2020, showing a slight increase[59]. - The company had no financial guarantee contract liabilities as of June 30, 2021, compared to HKD 496,479 at the end of 2020, reflecting a significant reduction in contingent liabilities[59]. - The maximum liability undertaken by the company under guarantees and counter-guarantees was HKD 899,559,000 as of the reporting date, compared to HKD 889,341,000 as of December 31, 2020[112]. Cash Flow and Liquidity - The net cash used in operating activities for the first half of 2021 was (HKD 7,066), an improvement from (HKD 15,112) in the same period of 2020[70]. - The cash and cash equivalents at the end of June 30, 2021, were HKD 12,347, down from HKD 19,956 at the beginning of the period, showing a decrease in liquidity[70]. - Cash and cash equivalents were only HKD 12,347,000 as of June 30, 2021, indicating a tight liquidity position[71]. - The net cash flow from financing activities was (HKD 664) for the first half of 2021, a decrease from HKD 18,751 in the same period of 2020, indicating reduced financing activities[70]. Operational Developments - The management is focused on developing wind power resources and operational opportunities, despite significant uncertainties in achieving financial targets.[22]. - The company is actively seeking to acquire a 15% stake in Longyuan Benxi to regain control, supported by its major shareholder.[25]. - The company is navigating a strategic opportunity period for renewable energy development under the "carbon peak and carbon neutrality" goals set by the Chinese government.[22]. - The company is actively negotiating with the Rocket Institute for financial support to continue operations without fulfilling its guarantee obligations for the outstanding payments[71]. - The company has been arranging settlements with creditors and expects to negotiate further settlement agreements[74]. Shareholder and Governance - The company’s major shareholder, China Aerospace Science and Technology Corporation, holds approximately 60.64% of the issued shares[41]. - The company has adopted the corporate governance code and confirmed compliance with all relevant provisions during the reporting period[46]. - The company did not declare any interim dividend for the six months ended June 30, 2021, consistent with the same period in 2020[37]. - The company did not declare or pay any dividends for the six months ended June 30, 2021, and the board does not recommend the payment of an interim dividend[94]. Legal and Compliance Issues - There are ongoing legal proceedings related to a subsidiary's unpaid capital contributions, with the company seeking legal advice to address potential liabilities.[33]. - The company terminated its wind power-related business due to bankruptcy proceedings of a subsidiary as of December 31, 2020[85].

Financial Performance - Revenue for 2020 decreased to HK$27,783,000, down from HK$38,307,000 in 2019, representing a decline of approximately 27.5%[14] - Gross profit for 2020 was HK$4,707,000, compared to a gross loss of HK$2,574,000 in 2019, indicating a significant recovery[14] - Loss attributable to owners of the Company for 2020 was HK$1,061,359,000, slightly improved from HK$1,045,306,000 in 2019[14] - The loss attributable to owners of the Company for 2020 was approximately HK$186.3 million from continuing operations and approximately HK$875.0 million from discontinued operations, compared to HK$33.9 million and HK$1,011.4 million in 2019 respectively[17] - Impairment losses on financial assets and contract assets amounted to approximately HK$333.0 million from continuing operations and approximately HK$928.9 million from discontinued operations in 2020[17] Liquidity and Financial Position - Current ratio dropped to 0.01 in 2020 from 0.68 in 2019, indicating a significant liquidity issue[14] - Quick ratio also fell to 0.01 in 2020 from 0.67 in 2019, further highlighting liquidity challenges[14] - Net asset attributable to owners per share decreased to HK$-0.355 in 2020 from HK$-0.090 in 2019[14] - The Company reported a significant equity deficiency of HK$1,551,312,000 as of 2020[14] - The Group's liquidity is under significant pressure with approximately RMB1.15 billion in guarantee obligations triggered[39] - The Group's debt financing ability has been severely challenged due to a high debt-to-asset ratio and the cessation of the wind turbine manufacturing business[47] - The Group's total guaranteed debt as of December 31, 2020, amounted to HKD 1,005 million, a decrease from HKD 1,754 million as of December 31, 2019, due to the exclusion of Beijing Energine from the consolidated scope[71] - The Group's debt-to-asset ratio as of December 31, 2020, was 7.76, significantly higher than 1.11 as of December 31, 2019[72] Operational Challenges - The COVID-19 outbreak severely impacted the supply chain, causing delays in the delivery and installation of wind turbines, which further delayed the collection of trade receivables[23] - Management has implemented measures including business plan adjustments, expense reductions, and cost control of wind turbine maintenance expenditures in response to the challenges faced[24] - The Group's wind turbine manufacture business was terminated due to the loss of control over Beijing Energine, resulting in the financial results being reclassified to discontinued operations[21] - The bankruptcy liquidation of Beijing Energine triggered default events on loans, impacting the Group's financial obligations[22] - The Group has accumulated 31 pending litigation cases related to its wind turbine manufacturing segment, with a total amount of RMB317.7 million[53] Strategic Focus and Future Outlook - Management is focused on leading the development of new energy solutions to contribute to society and benefit mankind[3] - The Company aims to pursue excellence and leverage talents to drive growth in the new energy sector[3] - The Group aims to promote cooperation in certain wind power development projects to achieve financial goals amid the strategic opportunities presented by the "peak carbon emissions and carbon neutrality" initiative[68] - The Group is actively seeking support from its controlling shareholder to provide supplemental liquidity for business improvement[44] - The Group is monitoring national new energy policies closely to enhance its strategic planning[45] Corporate Governance and Compliance - The Company has committed to maintaining a high level of corporate governance practices, with a detailed report provided in the annual report[174] - The Board comprises executive directors and independent non-executive directors, ensuring a balance of power and independence[194] - The Company has arranged for appropriate directors' and officers' liability insurance coverage for its directors and officers[148] - The Company is committed to maintaining high standards of corporate governance, recognizing its importance for effective operation and shareholder value enhancement[189] - The Company has complied with all code provisions and adopted best practices where appropriate[189] Employee and Shareholder Information - As of December 31, 2020, the Group had 13 employees in Hong Kong and 19 in mainland China, a significant decrease from 342 employees in mainland China as of December 31, 2019[69] - The Group did not declare any dividends to shareholders in 2020, consistent with 2019[74] - No final dividend has been declared for the year ended 31 December 2020, consistent with the previous year where no dividend was declared[127] - Distributable reserves of the Company as at 31 December 2020 amounted to nil, unchanged from 2019[132] Legal and Regulatory Matters - The Group has engaged professional legal counsel to respond to litigation disputes and protect shareholder interests[53] - The Group is currently facing a potential repayment issue of approximately RMB358 million related to loans from an associate, with ongoing legal consultations regarding the matter[87] - The Group's shares were suspended from trading on April 1, 2021, due to delays in publishing annual results for the year ended December 31, 2020[90] Market and Industry Context - The Chinese government has introduced a series of policies promoting the wind power industry towards a competitive pricing era, indicating a shift towards cost-based competition[29] - New grid-connected wind farms will not receive any policy subsidies starting from 2021, raising the requirements for project cost-effectiveness and management refinement[68] - The National Energy Administration's policies are expected to significantly impact the Group's wind power business, with onshore wind power achieving grid parity in 2020[45]

Financial Performance - For the six months ended June 30, 2020, the group's revenue was HKD 13.82 million, a decrease of 35.3% from HKD 21.35 million in the same period of 2019[42] - The group reported a loss attributable to owners of the company from continuing operations of HKD 58.56 million, primarily due to an operating loss of HKD 29.26 million and financial costs of HKD 40.55 million[42] - For the six months ended June 30, 2020, the company's revenue from continuing operations was HKD 13,824,000, a decrease of 35.3% compared to HKD 21,350,000 for the same period in 2019[74] - The gross profit for the same period was HKD 3,266,000, down 28.4% from HKD 4,561,000 in 2019[74] - The company reported a loss from continuing operations of HKD 58,942,000, compared to a loss of HKD 160,331,000 in the prior year, indicating an improvement[76] - Total comprehensive loss for the period was HKD 53,041,000, significantly reduced from HKD 208,024,000 in the previous year[74] - The company reported a net loss of approximately HKD 58,942,000 for the six months ended June 30, 2020[93] - The group reported a consolidated loss before tax of HKD 57,797,000 for the period[108] - The company recorded a pre-tax loss of HKD 158,819,000 for the period, compared to a loss of HKD 73,038,000 in the previous year[113] Revenue Breakdown - Revenue from the sale of wind power-related products was HKD 919,000, down 86.7% from HKD 6,906,000 in the previous year[105] - Revenue from electricity sales from wind farm operations was HKD 12,905,000, a decline of 10.6% from HKD 14,444,000 in the prior year[105] Debt and Liabilities - As of June 30, 2020, the total loans of the group amounted to HKD 1,781,891,000, an increase from HKD 1,754,002,000 as of December 31, 2019[52] - The group reported a debt ratio of -441% as of June 30, 2020, compared to -500% as of December 31, 2019[52] - Total liabilities amounted to approximately HKD 1,447,970,000 in current liabilities and HKD 403,828,000 in total liabilities as of June 30, 2020[93] - The total borrowings of the company were approximately HKD 1,781,891,000, with HKD 1,508,200,000 due within the next twelve months[93] - The group is facing significant challenges in debt repayment due to uncertainties arising from the pandemic, with a total of RMB 1,192,200,000 (approximately HKD 1,305,176,000) in loans requiring successful negotiation for extension[97] Assets and Equity - Non-current assets as of June 30, 2020, totaled HKD 1,364,702,000, down from HKD 1,532,696,000 at the end of 2019[79] - Current assets increased to HKD 1,685,273,000 from HKD 1,599,271,000, reflecting a growth in inventory and receivables[79] - The total equity attributable to the owners of the company was HKD (444,634,000), compared to HKD (391,978,000) at the end of 2019, reflecting a worsening in equity position[83] Operational Performance - The wind power business faced significant challenges due to industry competition and policy changes, with a notable decline in installed capacity and stable pricing for wind turbines[43] - The operational wind farms contributed stable revenue, with the total capacity of the group's operational wind farms being 246.5 MW[46] - The group continues to provide wind turbine operation and maintenance services and is exploring new business cooperation opportunities[49] - The group has identified unresolved quality technical defects in a specific wind turbine product, which may impact future business orders and requires financial resources for resolution[49] - The group’s operational performance in the wind power sector has been adversely affected, leading to a classification of losses in the wind power-related products segment[108] Legal and Compliance Issues - The group faced 18 new unresolved litigation/arbitration cases related to contract payment disputes, with a total claim amount of approximately RMB 128.76 million[58] Staff and Management - The group employed 13 staff at its Hong Kong headquarters and 293 staff at its mainland China office as of June 30, 2020, down from 12 and 342 respectively as of December 31, 2019[51] - The total remuneration for key management personnel was HKD 2,516,000 for the first half of 2020, down from HKD 2,891,000 in the same period of 2019[185] Cash Flow - The net cash used in operating activities was HKD (15,112,000) for the six months ended June 30, 2020, compared to HKD (79,245,000) in the same period of 2019[91] - The net cash generated from investing activities was HKD 10,997,000 for the six months ended June 30, 2020, compared to HKD 179,347,000 in the same period of 2019[91] - The net cash from financing activities was HKD 18,751,000 for the six months ended June 30, 2020, compared to HKD (43,033,000) in the same period of 2019[91] - The company reported an increase in cash and cash equivalents of HKD 14,636,000 for the six months ended June 30, 2020[91] Dividends - The group has not declared any interim dividend for the six months ended June 30, 2020, consistent with the same period in 2019[62] - The company did not declare or pay any dividends for the six months ended June 30, 2020, and no interim dividend was recommended[138]

ENERGINE From Engine to New Energy CHINA ENERGINE INTERNATIONAL (HOLDINGS) LIMITED 中國航天萬源國際(集團)有限公司* Stock Code 股份代號：1185 Annual Report 年報 2019 * For identification purpose only 值供猫剧 企業文化 Contributing to Society | --- | --- | --- | |-----------------------|-----------|----------| | | | | | 使命 MISSION | | 企業文化 | | 投身新能源 | CORPORATE | | | Devoted to new energy | | CULTURE | | | | | 貢獻社會 造福人類 Benefiting mankind 目標 TARGET 追求卓越 Pursuing excellence 引領新能源 Leading the development of new energy 價值觀 VALUE 人盡其才 Levera ...