Financial Performance - Total revenue for 2023 was RMB 1,035,983, a decrease of 27.7% compared to RMB 1,431,294 in 2022[18]. - The net finance costs for 2023 were RMB (383,500), down from RMB (596,488) in 2022, indicating improved financial management[18]. - The company reported a loss before tax of RMB (73,708) for 2023, a significant recovery from a profit of RMB 2,506,503 in 2022[18]. - The loss for the year was RMB (157,530) in 2023, compared to a profit of RMB 2,378,790 in 2022, reflecting challenging market conditions[18]. - The company expects revenue for 2024 to be approximately RMB 897,537, indicating a continued decline in performance[18]. - Total assets decreased from $2,432,164 million in 2022 to $1,726,326 million in 2023, a decline of approximately 29%[20]. - Total liabilities decreased from $4,152,388 million in 2022 to $3,628,825 million in 2023, a decline of approximately 13%[20]. - Current liabilities significantly reduced from $1,230,233 million in 2022 to $631,220 million in 2023, a decrease of about 49%[20]. Oil Production and Sales - Crude oil sales volume in 2023 was 1.86 million barrels, down from 2.27 million barrels in 2022, representing a decrease of about 18%[21]. - Average realized price for crude oil in 2023 was $78.89 per barrel, compared to $93.97 per barrel in 2022, a decrease of approximately 16%[21]. - Total proved crude oil reserves decreased from 6,297 thousand barrels in 2022 to 5,033 thousand barrels in 2023, a decline of about 20%[23]. - Lifting costs for crude oil increased from $13.16 per barrel in 2022 to $13.28 per barrel in 2023, an increase of approximately 1%[21]. - Cash net-back for crude oil in 2023 was $60.70 per barrel, down from $70.40 per barrel in 2022, a decrease of about 14%[21]. - The average daily net crude oil production in 2023 was 5,259 barrels, down from 6,279 barrels in 2022, a decrease of approximately 16%[21]. - Total proved and probable crude oil reserves decreased from 11,005 thousand barrels in 2022 to 9,024 thousand barrels in 2023, a decline of about 18%[23]. Strategic Initiatives - The company is focusing on expanding its market presence and developing new technologies to drive future growth[18]. - The management is exploring potential mergers and acquisitions to enhance competitive positioning in the market[18]. - The company plans to invest in new product development to meet evolving customer demands and market trends[18]. - The company is committed to improving oil and gas field exploration efficiency and reducing production costs through process optimization and cost management[77]. Leadership and Governance - The board of directors has undergone changes, with new appointments aimed at strengthening governance and strategic direction[5]. - The company has undergone significant leadership changes, with several directors transitioning between executive and non-executive roles in recent years[43][44][46]. - The management team is composed of individuals with diverse backgrounds in finance, corporate governance, and operational oversight, enhancing the company's strategic capabilities[40][41][43]. - The company is positioned to leverage its experienced leadership to navigate market challenges and pursue growth opportunities in the oil and gas sector[39][43]. Corporate Governance - The company has complied with the applicable Code Provisions of the Corporate Governance Code during the year ended December 31, 2024[70]. - The company will regularly review and improve its corporate governance practices to ensure compliance with the CG Code[71]. - The board has made recommendations regarding the training and continuous professional development of Directors and senior management[76]. - The company emphasizes the principle of "innovative development and value creation" to adapt to changing market conditions[80]. - The Company has established corporate governance practices based on the Code Provisions set out in the Listing Rules[70]. Risk Management - The Group's major market risks include oil price risk, which significantly impacts revenue and profit due to fluctuations in international oil prices, and currency risk, as most sales in China are in US dollars while expenses are incurred in RMB[149]. - The internal audit function assesses the effectiveness of the Group's risk management and internal control systems, reporting directly to the Chief Executive Officer and having unrestricted access to company records[143]. - The Board is responsible for evaluating risks associated with achieving the Group's strategic objectives and maintaining effective risk management systems[141]. Shareholder Communication - Effective communication with shareholders is deemed essential for strengthening investor relationships and enhancing understanding of the Company's performance and strategy[164]. - The Company aims to maintain transparency and timely disclosure of information to assist shareholders in making informed investment decisions[168]. - The Company allows extraordinary general meetings to be convened upon written requisition by shareholders holding at least one-tenth of the paid-up capital with voting rights[155]. - All resolutions presented at general meetings will be voted on according to the listing rules, and results will be published on the Company's and the Stock Exchange's websites[156].

最近一个月来，MI能源累计跌幅4%，今年来累计涨幅4.35%，跑输恒生指数16.78%的涨幅。 财务数据显示，截至2024年12月31日，MI能源实现营业总收入8.98亿元，同比减少13.36%；归母净利 润-3.29亿元，同比减少108.82%；毛利率65.8%，资产负债率264.22%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 3月31日，截至港股收盘，恒生指数下跌1.31%，报23119.58点。MI能源（01555.HK）收报0.026港元/ 股，上涨8.33%，成交量425.6万股，成交额10.22万港元，振幅8.33%。 资料显示，MI能源控股有限公司(简称MIE)是中国最主要的独立上游石油公司之一,专注于石油及天然气 的勘探和开发,公司于2010年12月在香港联合交易所主板上市,股票代号为1555.HK。MIE总部设在香 港。MIE主要从事勘探、开发、生产及销售石油、天然气和其他石油产品。MIE目前拥有大安油田产品 分成合同下外国合同方100%的参与权益及责任,并为其作业者。大安油田位于中国吉林省,为MIE于中国 的最高产油田。 （以上内容为金融界基于公开消息，由程序或算法智能生成， ...

3月27日，截至港股收盘，恒生指数上涨0.41%，报23578.8点。MI能源（01555.HK）收报0.024港元/ 股，上涨9.09%，成交量244.8万股，成交额6万港元，振幅18.18%。 大事提醒 2025年3月21日，2024财年年报归属股东应占溢利-3.29亿人民币，同比下降108.82%，基本每股收益-0.1 人民币 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 最近一个月来，MI能源累计跌幅12%，今年来累计跌幅4.35%，跑输恒生指数17.07%的涨幅。 财务数据显示，截至2024年12月31日，MI能源实现营业总收入8.98亿元，同比减少13.36%；归母净利 润-3.29亿元，同比减少108.82%；毛利率65.8%，资产负债率264.22%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，石油及天然气行业市盈率（TTM）平均值为35.09倍，行业中值3.84倍。MI能源市盈 率-0.21倍，行业排名第47位；其他珠江钢管（01938.HK）为1.1倍、延长石油国际（00346.HK）为1.91 倍、海隆控股（01 ...

Financial Performance - Total revenue for the year was RMB 897,537,000, down 13.4% from RMB 1,035,983,000 in 2023[2] - The company reported a net loss of RMB 328,960,000, an increase of 108.8% from a loss of RMB 157,530,000 in 2023[2] - Basic loss per share was RMB (0.10), doubling from RMB (0.05) in the previous year[2] - The total comprehensive loss for the year was CNY 367,326,000, compared to CNY 182,275,000 for the previous year, reflecting an increase of approximately 101.5%[8] - The group reported a loss attributable to owners of the company of RMB 328,960,000 for the year ended December 31, 2024, compared to a loss of RMB 157,530,000 in 2023[35] - The net loss for FY2024 was RMB 329.0 million, compared to a net loss of RMB 157.5 million in FY2023[71] - The group recorded a loss before tax of RMB 270.8 million in FY2024, compared to a loss of RMB 73.7 million in FY2023, an increase of RMB 197.1 million[69] Production and Operations - Total crude oil production decreased by 36.2% to 3,344,308 barrels from 5,241,517 barrels in the previous year[2] - Net crude oil production fell by 17.6% to 1,582,079 barrels compared to 1,919,409 barrels in 2023[2] - Daan oilfield's total crude oil production decreased by 10.5% to approximately 3.34 million barrels in 2024 compared to the same period in 2023[50] - Net production from the Daan oilfield fell by 13.7% to approximately 1.58 million barrels in 2024 compared to the same period in 2023[50] - Average daily crude oil production is forecasted to decline by 10.6% from 10,224 barrels per day in 2023 to 9,137 barrels per day in 2024[55] - Average daily net crude oil production is expected to decrease by 14.0% from 5,027 barrels per day in 2023 to 4,323 barrels per day in 2024[55] Financial Position - Total assets decreased from 1,726,326 thousand RMB in 2023 to 1,382,193 thousand RMB in 2024, representing a decline of approximately 20%[10] - Non-current liabilities increased from 2,997,605 thousand RMB in 2023 to 3,216,406 thousand RMB in 2024, reflecting an increase of about 7.3%[11] - Current liabilities decreased from 631,220 thousand RMB in 2023 to 435,612 thousand RMB in 2024, indicating a reduction of approximately 30.9%[11] - The company's total equity decreased from 1,095,106 thousand RMB in 2023 to 946,581 thousand RMB in 2024, indicating a decrease of approximately 13.6%[11] - As of December 31, 2024, the company's current liabilities exceeded current assets by RMB 222.2 million[22] - The total borrowings of the company amounted to RMB 2,920.1 million, with only RMB 71.9 million in cash and cash equivalents[22] Costs and Expenses - Operating profit decreased by 60.0% to RMB 123,954,000 from RMB 309,792,000 in the previous year[2] - The company incurred a financial expense of CNY 394,785,000 for the year ended December 31, 2024, compared to CNY 383,667,000 for the year ended December 31, 2023, showing an increase of about 2.9%[8] - The direct oil extraction cost is projected to increase by 24.7% from $13.28 per barrel in 2023 to $16.56 per barrel in 2024[53] - Adjusted EBITDA per barrel is expected to decrease by 4.2% from $57.83 in 2023 to $55.41 in 2024, primarily due to a decline in crude oil sales volume[53] - The group recognized an impairment loss of RMB 91.2 million for oil and gas assets and RMB 2.2 million for mineral rights in FY2024, compared to no impairment losses in FY2023[66] Strategic Developments - The company completed drilling 268 new wells ahead of schedule as per the supplementary agreement with China National Petroleum Corporation[3] - The commercial production period for the Daan oilfield has been extended to February 29, 2028[3] - The company plans to seek alternative financing within the scope allowed by new financing documents to meet existing financial obligations and future operational and capital expenditures[23] - The group plans to maintain production to generate sufficient operating cash flow and improve operational efficiency to enhance liquidity[25] - The company is focusing on new product development and market expansion strategies to improve future performance[79] Governance and Compliance - The financial statements have been prepared in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[19] - The company has adhered to the corporate governance principles and rules as per the listing rules throughout the fiscal year[102] - The annual performance announcement is available on the company's website and other relevant stock exchange websites[105] - The company's annual general meeting is scheduled for June 13, 2025, in Hong Kong[106]

Financial Performance - Revenue for the six-month period ended June 30, 2024, was RMB 461,288, a decrease of 9.9% compared to RMB 511,829 for the same period in 2023[8]. - EBITDA for the same period was RMB 286,652, down 19.0% from RMB 354,046 in the prior year[8]. - Adjusted EBITDA loss for the period was RMB 281,215, compared to a loss of RMB 340,270 in the previous year[8]. - Basic loss per share for the six months ended June 30, 2024, was RMB (0.03), compared to RMB (0.02) for the same period in 2023[8]. - The net loss for the period was RMB 110.1 million, an increase of RMB 49.6 million compared to a net loss of RMB 60.5 million for the six months ended June 30, 2023[17]. - The Group's loss for the period increased from RMB 60.5 million to RMB 110.1 million, an increase of RMB 49.6 million[45]. - The Group's EBITDA decreased by approximately RMB 67.3 million, from approximately RMB 354.0 million for the six months ended June 30, 2023, to approximately RMB 286.7 million for the six months ended June 30, 2024[53]. - The Group's adjusted EBITDA for the six months ended June 30, 2024, was RMB 281.2 million, compared to RMB 340.3 million for the same period in 2023[54]. Production and Sales - Total gross production of crude oil decreased by 37.2% from 2.71 million barrels in the first half of 2023 to 1.70 million barrels in the first half of 2024[14]. - Total net production of crude oil allocated to the Group decreased by 19.5% from 0.99 million barrels in the first half of 2023 to 0.80 million barrels in the first half of 2024[14]. - Average daily net production of crude oil allocated to the Group decreased by 19.9% to 4,381 barrels per day in the first half of 2024 compared to the same period in 2023[14]. - Revenue from oil product sales decreased by 9.9% to RMB 461.3 million for the six months ended June 30, 2024, compared to RMB 511.2 million for the same period in 2023[17]. - The net crude oil sales volume decreased by 16.8% to 0.80 million barrels for the six months ended June 30, 2024, from 0.96 million barrels for the same period in 2023[24]. - The average realized price of crude oil increased to US$81.31 per barrel in the first half of 2024 from US$76.72 per barrel in the first half of 2023[10]. - The lifting costs increased to US$17.21 per barrel in the first half of 2024 from US$13.65 per barrel in the first half of 2023[10]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,617,133, a decrease from RMB 1,726,326 as of December 31, 2023[8]. - Total equity as of June 30, 2024, was RMB (2,027,454), down from RMB (1,902,499) at the end of 2023[8]. - Total liabilities increased to RMB 3,644,587 as of June 30, 2024, compared to RMB 3,628,825 as of December 31, 2023, reflecting a rise of 0.4%[116]. - The Group's total borrowings were approximately RMB 2,839.7 million, an increase of RMB 77.0 million compared to December 31, 2023[65]. - The gearing ratio increased from 338.6% as of December 31, 2023, to 375.4% as of June 30, 2024, indicating a higher level of financial leverage[65]. - The debt-to-equity ratio increased from 338.6% on December 31, 2023, to 375.4% on June 30, 2024[67]. Cash Flow and Financing - For the six months ended June 30, 2024, the net cash generated from operating activities was RMB 255.8 million, compared to RMB 243.1 million for the same period in 2023, reflecting an increase of approximately 5.6%[58][61]. - Net cash used in investing activities for the six months ended June 30, 2024, amounted to RMB 133.3 million, a decrease from RMB 189.7 million in the same period of 2023, indicating a reduction of approximately 29.7%[63]. - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 109.6 million, slightly lower than RMB 120.3 million for the same period in 2023, showing a decrease of approximately 8.8%[64]. - The company incurred net cash used in investing activities of RMB 133,282,000, a decrease from RMB 189,651,000 in the same period last year[127]. Strategic Initiatives and Outlook - The company is focusing on expanding its market presence and enhancing product offerings in response to current market challenges[8]. - Future outlook includes strategic initiatives aimed at improving operational efficiency and financial performance[8]. - The Group plans to continue drilling new wells to maintain production and generate sufficient operating cash flows[154]. - The outlook for the second half of 2024 indicates that crude oil prices are expected to continue fluctuating due to geopolitical risks and OPEC+ production cuts[22]. Governance and Compliance - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal control and financial reporting matters[105]. - The company has complied with the Corporate Governance Code throughout the period from January 1, 2024, to June 30, 2024[109]. - The Board of Directors has maintained compliance with the Listing Rules regarding independent non-executive Directors[111]. - The company has adopted the Model Code for Securities Transactions and confirmed compliance by all Directors during the reporting period[110]. Shareholder Information - FEEL holds 1,566,108,234 shares in the Company, including beneficial interests in 1,469,600,000 shares held through subsidiaries[84]. - As of June 30, 2024, Ms. Zhao Jiangbo holds a long position of 1,566,108,234 shares, representing approximately 46.24% of the company's interests[89]. - The company’s major shareholders include controlled corporations with significant stakes, indicating concentrated ownership[89]. - The total number of shares held by major shareholders reflects a high level of interest in the company, with percentages exceeding 40%[91]. Financial Risks and Management - The Group is exposed to various financial risks, including market risk (foreign exchange, interest rate, and crude oil price risks), credit risk, and liquidity risk[167]. - The financial information does not include all required disclosures for financial risk management and should be read in conjunction with the annual financial statements as of December 31, 2023[167]. - The Group's financial risk management policies have not changed since the year-end[169].

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 461,288 thousand, a decrease of 9.9% from RMB 511,829 thousand[2] - Operating profit dropped by 33.6% to RMB 113,611 thousand from RMB 171,003 thousand[2] - The company reported a net loss of RMB 110,090 thousand, an increase of 81.9% compared to a loss of RMB 60,508 thousand[2] - Basic loss per share increased to RMB (0.03), up 50.0% from RMB (0.02)[3] - EBITDA decreased by 19.0% to RMB 286,652 thousand from RMB 354,046 thousand[2] - The group reported a loss of RMB 110.1 million for the six months ending June 30, 2024, compared to a loss of RMB 60.5 million for the same period in 2023, an increase of RMB 49.6 million[44] - EBITDA decreased by approximately RMB 67.3 million, from RMB 354.0 million for the six months ending June 30, 2023, to RMB 286.7 million for the same period in 2024[46] - The group's revenue for the six months ending June 30, 2024, decreased by approximately RMB 50.5 million compared to the same period in 2023[47] Production and Sales - Total crude oil production decreased by 1,007,297 barrels, a decline of 37.2% from 2,705,390 barrels[1] - Net crude oil production fell by 193,073 barrels, down 19.5% to 797,321 barrels[1] - The company's total crude oil production decreased by 37.2% to 1.70 million barrels compared to the same period in 2023, primarily due to the sale of a 10% foreign contractor interest in the Moriching product sharing contract[32] - Net crude oil sales volume decreased by 160,000 barrels or 16.8%, from 960,000 barrels for the six months ended June 30, 2023, to 800,000 barrels for the six months ended June 30, 2024[35] - Revenue from oil product sales decreased by RMB 51.2 million or 9.8%, from RMB 511.2 million for the six months ended June 30, 2023, to RMB 461.2 million for the six months ended June 30, 2024[35] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,617,133 thousand, down from RMB 1,726,326 thousand[4] - As of June 30, 2024, total liabilities amounted to RMB 3,644,587 thousand, a slight increase from RMB 3,628,825 thousand as of December 31, 2023, representing a 0.43% increase[5] - Non-current liabilities totaled RMB 3,102,884 thousand, up from RMB 2,997,605 thousand, indicating a 3.6% increase[5] - Current liabilities decreased to RMB 541,703 thousand from RMB 631,220 thousand, reflecting a 14.2% reduction[5] - The company's net current liabilities stood at RMB 310,634 thousand, down from RMB 421,786 thousand, showing a 26.4% decrease[5] - The total assets minus current liabilities were RMB 1,075,430 thousand, slightly down from RMB 1,095,106 thousand, indicating a 1.7% decline[5] Tax and Expenses - The special oil income tax for the six months ended June 30, 2024, was RMB 23.469 million, an increase from RMB 17.961 million in the same period of 2023[20] - Tax expenses (excluding income tax) increased by RMB 5.2 million or 26.4%, from RMB 19.7 million for the six months ended June 30, 2023, to RMB 24.9 million for the six months ended June 30, 2024[37] - Income tax expenses decreased by RMB 9.3 million or 23.7%, from RMB 39.2 million for the six months ended June 30, 2023, to RMB 29.9 million for the six months ended June 30, 2024[43] Cash Flow and Financing - As of June 30, 2024, the net cash generated from operating activities was RMB 255.8 million, while cash used in investing activities was RMB 133.3 million, and cash used in financing activities was RMB 109.6 million[49] - The total borrowings of the group amounted to RMB 2.8397 billion, an increase of approximately RMB 77 million compared to December 31, 2023[50] - The debt-to-equity ratio increased from 338.6% as of December 31, 2023, to 375.4% as of June 30, 2024[50] - The group has pledged assets amounting to RMB 1.6145 billion as collateral for its borrowings[53] Corporate Governance and Compliance - The company extended the product-sharing contract with China National Petroleum Corporation until February 29, 2028, providing a longer operational horizon[7] - The financial data is prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[8] - The company’s financial information has not been audited, which may affect the reliability of the reported figures[7] - The company anticipates that the new and revised accounting standards will not have a significant impact on the financial data presented[9] Market Risks - The group is exposed to market risks primarily related to fluctuations in oil prices and exchange rates, which can significantly impact revenue and profitability[51][52]

Financial Performance - Total revenue for 2023 was RMB 1,035,983, a decrease of 27.6% compared to RMB 1,431,294 in 2022[14] - The company reported a loss for the year of RMB 157,530, compared to a profit of RMB 2,378,790 in 2022[14] - Current assets decreased to RMB 209,434 in 2023 from RMB 296,365 in 2022, a decline of 29.3%[16] - Total assets decreased to RMB 1,726,326 in 2023 from RMB 2,432,164 in 2022, a reduction of 29.0%[16] - Total liabilities decreased to RMB 3,628,825 in 2023 from RMB 4,152,388 in 2022, a decline of 12.6%[16] - Equity decreased to RMB (1,902,499) in 2023 from RMB (1,720,224) in 2022, indicating a further decline in shareholder equity[16] - Revenue from the PRC segment decreased by 27.6% to RMB 1,036.0 million in 2023 compared to 2022[29] - EBITDA from the PRC segment decreased by RMB 623.7 million to RMB 731.6 million in 2023 from RMB 1,355.3 million in 2022[29] Production and Sales - Crude oil sales volume decreased to 1.86 million barrels in 2023 from 2.27 million barrels in 2022, representing a decline of approximately 18.1%[17] - Average realized price for crude oil was $78.89 per barrel in 2023, down from $93.97 per barrel in 2022, a decrease of about 15.9%[19] - Average daily net crude oil production was 5,259 barrels in 2023, down from 6,279 barrels in 2022, reflecting a decrease of about 16.2%[19] - Total proved crude oil reserves decreased to 5,033 thousand barrels in 2023 from 6,297 thousand barrels in 2022, a decline of approximately 20.1%[22] - Total proved and probable reserves decreased to 9,024 thousand barrels in 2023 from 11,005 thousand barrels in 2022, a decline of about 18.0%[22] - The total gross production of oil and gas decreased by 2.6% to approximately 5.27 million barrels of oil equivalent (MMBOE) in 2023 compared to 2022[29] - The net production of oil and gas decreased by 16.2% to 1.92 MMBOE in 2023 compared to 2022[29] - Gas production increased to 6.75 MMscf in 2023 from 3.08 MMscf in 2022, representing a growth of approximately 119.5%[17] Cost and Efficiency - Cash net-back for China oilfields was $60.70 per barrel in 2023, compared to $70.40 per barrel in 2022, a decrease of approximately 13.7%[19] - Lifting costs for crude oil increased slightly to $13.28 per barrel in 2023 from $13.16 per barrel in 2022, an increase of approximately 0.9%[19] - The lifting cost of the Daan project was US$13.28 per barrel in 2023, with an overall production decline rate maintained at 9.3%[28] - The company is committed to improving oil and gas field exploration efficiency and reducing production costs through process optimization and cost management[85] Strategic Focus and Future Outlook - The company plans to focus on market expansion and new product development in the upcoming year[1] - The company is exploring potential mergers and acquisitions to enhance its market position[1] - Future guidance indicates a cautious outlook due to market volatility and economic conditions[1] - The Group aims to focus on its core business, enhance cost control, and improve production efficiency in 2024, supported by a favorable environment of steadily increasing crude oil prices[39][41] Governance and Management - The company has a diverse board with members possessing significant experience in finance, auditing, and asset management, enhancing its strategic oversight capabilities[54] - The management team includes professionals with backgrounds in both academia and practical financial services, contributing to informed decision-making[55] - The company is focused on maintaining strong governance through its independent directors, ensuring accountability and transparency in operations[58] - The board's composition reflects a commitment to leveraging expertise in finance and risk management to navigate market challenges[52] - The Company has established corporate governance practices based on the CG Code as set out in the Listing Rules[76] - The Company has adopted a Board Diversity Policy to enhance competitive advantage through diversity at the Board level[138] Risk Management - The company faces significant risks from volatile international oil and gas prices, which can impact revenue and profit[168] - The majority of the company's sales in China are denominated in US dollars, while production costs are incurred in RMB, exposing the company to currency risk[168] - The company does not currently engage in hedging activities to manage foreign exchange rate risk but will continue to monitor changes to preserve cash value[168] - The Board is responsible for ensuring the effectiveness of risk management and internal control systems, which are designed to manage risks rather than eliminate them[151] Shareholder Relations - Effective communication with shareholders is prioritized to strengthen relationships and enhance understanding of the company's performance[183] - The company emphasizes the importance of timely information disclosure for informed investment decisions[183] - The Company has adopted a sustainable dividend policy, balancing shareholder expectations with prudent capital management[191] - The Company held its annual general meeting on January 12, 2024, where shareholders approved amendments to the Memorandum and Articles of Association, allowing virtual meetings[192]

Financial Performance - Average realized crude oil price decreased to $78.89 per barrel, down 16.0% from $93.97 in 2022[2] - Total revenue decreased to RMB 1,035,983 thousand, a decline of 27.6% from RMB 1,431,294 thousand in 2022[2] - Operating profit dropped to RMB 309,792 thousand, down 45.8% from RMB 572,082 thousand in 2022[2] - The company reported a net loss of RMB 157,530 thousand, compared to a profit of RMB 2,378,790 thousand in the previous year[2] - EBITDA decreased significantly to RMB 677,550 thousand, down 80.6% from RMB 3,489,816 thousand in 2022[2] - The total comprehensive income for the year was CNY (182,275,000), down from CNY 2,247,981,000 in the previous year, reflecting a decrease of approximately 108.1%[7] - Basic earnings per share for the year were CNY (0.05), compared to CNY 0.72 in the previous year, showing a substantial drop[7] - The company reported a net loss attributable to shareholders of CNY 157,530,000 for the year, compared to a profit of CNY 2,378,790,000 in the previous year, indicating a significant decline[7] - The group reported a loss before tax of RMB 73.7 million in 2023, a decrease of RMB 2.5802 billion compared to a profit of RMB 2.5065 billion in 2022, largely due to the absence of restructuring plan benefits recognized in 2022[82] - The net loss for 2023 was RMB 157.5 million, a significant decline from a net profit of RMB 2.3788 billion in 2022[85] Production and Operations - Total crude oil production was 5,241,517 barrels, a decrease of 2.9% compared to 5,396,516 barrels in 2022[2] - Net crude oil production fell to 1,919,409 barrels, down 16.2% from 2,291,812 barrels in the previous year[2] - The average daily total production of oil and gas decreased by 2.6% to 14,428 barrels of oil equivalent per day in 2023 compared to 14,816 barrels in 2022[59] - The average daily net production of oil and gas fell by 16.2% to 5,262 barrels of oil equivalent per day in 2023 from 6,280 barrels in 2022[59] - The company successfully completed drilling 268 new wells ahead of schedule, as per the agreement with China National Petroleum Corporation[3] - The company plans to maintain a net production capacity of 4,300 to 5,300 barrels per day for the Daan project[5] - The average daily net production of natural gas increased significantly by 118.9% to 18.50 thousand cubic feet per day in 2023 from 8.45 thousand cubic feet in 2022[59] - The company drilled 22 directional wells in the Da'an project in 2023, with a total drilling footage of 45,489 meters[63] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,726,326,000, compared to RMB 2,432,164,000 in 2022, reflecting a decrease of approximately 29%[11] - Non-current assets totaled RMB 1,516,892,000 in 2023, down from RMB 1,719,910,000 in 2022, indicating a decline of about 12%[11] - Current assets decreased to RMB 209,434,000 in 2023 from RMB 712,254,000 in 2022, representing a significant drop of approximately 71%[11] - Total liabilities decreased to RMB 3,628,825,000 in 2023 from RMB 4,152,388,000 in 2022, showing a reduction of about 13%[11] - The company's equity attributable to shareholders was reported at RMB (1,902,499,000) in 2023, compared to RMB (1,720,224,000) in 2022, indicating an increase in losses[11] - Current liabilities exceeded current assets by RMB 421.8 million as of December 31, 2023[19] - Total borrowings amounted to RMB 2,762.7 million, with only RMB 62.9 million in cash and cash equivalents as of December 31, 2023[19] Cash Flow and Financial Management - The company reported cash and cash equivalents of RMB 62,905,000 in 2023, down from RMB 120,342,000 in 2022, a decrease of approximately 48%[11] - The company’s net cash flow from operating activities was RMB 421,786,000 in 2023, down from RMB 535,691,000 in 2022, a decline of approximately 21%[11] - The company has taken measures to alleviate cash flow pressure and improve its cash flow[21] - The company plans to continue exploring new wells to generate sufficient operating cash flow to maintain production[23] - The company will seek alternative financing within the limits of new financing documents to repay existing financial obligations and fund future operating and capital expenditures[23] Debt and Restructuring - The group completed a debt restructuring plan on March 30, 2022, which resulted in a recognized gain of RMB 2,530,909 thousand[33] - The group reported a loss of RMB 391.597 million from debt restructuring activities, impacting overall financial performance[96] - The company experienced a net loss of RMB 2,530,909 thousand from debt restructuring plans, impacting overall financial health[91] - The 2022 preferred notes have been canceled, and new notes (2024 preferred notes) have been issued, which can be extended to February 29, 2028, under certain conditions[47] Market and Economic Conditions - The company faced market risks primarily related to fluctuations in oil and natural gas prices, which significantly impact revenue and profitability[97] - The company highlighted the volatility of international oil and gas prices as a major risk factor affecting its financial stability[98] - The company anticipates that the application of new or revised international financial reporting standards will not have a significant impact on its performance and financial position[16] Future Outlook and Strategy - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[7] - The company aims to enhance its technology capabilities to improve operational efficiency and customer experience[91] - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[91] - Future guidance indicates a positive outlook with expectations of continued revenue growth and improved profitability[91] Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, ensuring compliance with accounting policies[107] - The company has adhered to corporate governance principles and standards as required by the listing rules[113] - The board of directors has not recommended any final dividend for the years ending December 31, 2023, and December 31, 2022[104]

Financial Performance - Revenue for the six-month period ended June 30, 2023, was RMB 511,829,000, a decrease of 28% compared to RMB 710,700,000 in the same period of 2022[13]. - EBITDA for the same period was RMB 354,046,000, down 88% from RMB 3,064,393,000 year-on-year[13]. - The company reported a loss of RMB 60,508,000 for the period, compared to a profit of RMB 2,456,898,000 in the previous year[13]. - Revenue for the Group decreased by 28.0% to RMB511.8 million in 1H2023, entirely derived from China[24]. - The Group recorded a net loss of RMB60.5 million in 1H2023, a decrease of RMB2,517.4 million compared to a net profit of RMB2,456.9 million in 1H2022[24]. - EBITDA decreased by RMB2,710.3 million to RMB354.0 million in 1H2023 from RMB3,064.4 million in 1H2022[28]. - The Group's loss for the six months ended June 30, 2023, was RMB60.5 million, compared to a profit of RMB2,456.9 million for the same period in 2022, representing a decrease of RMB2,517.4 million[74][76]. Production and Sales - Crude oil sales volume decreased to 960,760 barrels, a decline of 17% from 1,157,572 barrels in the same period of 2022[16]. - Average daily net production of crude oil was 5,472 barrels, down from 6,416 barrels year-on-year, reflecting a decrease of approximately 15%[16]. - The Group's total oil and gas production increased by 5.8% to approximately 2.72 million barrels of oil equivalent (BOE) in 1H2023[23]. - Net oil and gas production decreased by 14.7% to about 0.99 million BOE in 1H2023 compared to 1H2022[23]. - Net sales of crude oil fell by 17.2% to approximately 0.96 million barrels in 1H2023[23]. - The average realized crude oil price decreased by 19.0% to US$76.72 per barrel compared to the same period in 2022[24]. - Daily production of crude oil attributable to the Group in Kazakhstan increased by 22.4% to 944 BOPD in 1H2023 from 771 BOPD in 1H2022[40]. Assets and Equity - Total assets as of June 30, 2023, were RMB 2,286,916,000, down from RMB 2,432,164,000 as of December 31, 2022[13]. - Total equity as of June 30, 2023, was negative at RMB (1,859,233,000), compared to RMB (1,720,224,000) at the end of 2022[13]. - Cash and cash equivalents decreased to RMB 55,609,000 from RMB 120,342,000, indicating a decline of 54%[13]. Costs and Expenditures - Development expenditures in China amounted to RMB79 million, while production expenditures were RMB97 million during the six months ended June 30, 2023[30]. - Lifting costs for Kazakhstan (Emir-Oil) decreased to US$6.95 per barrel in 1H2023 from US$7.22 in 1H2022[21]. - Lifting costs for Daan increased by 5.5% to US$13.65 per barrel in 1H2023 from US$12.94 per barrel in 1H2022[34]. - Employee benefit expenses decreased by RMB 1.3 million or 2.7%, from RMB 48.6 million for the six months ended June 30, 2022, to RMB 47.3 million for the six months ended June 30, 2023[59]. - Purchases, services, and other direct costs decreased by RMB 25.0 million or 19.0%, from RMB 131.3 million for the six months ended June 30, 2022, to RMB 106.3 million for the six months ended June 30, 2023[60]. Financing and Cash Flow - The Group generated net cash from operating activities of RMB 243.1 million in 1H2023, compared to RMB 393.5 million in 1H2022, representing a decrease of 38.2%[95][100]. - Cash used in investing activities for the six months ended June 30, 2023, was RMB 189.7 million, a decrease from RMB 213.0 million in the same period of 2022[101][102]. - The Group's net cash used in financing activities was RMB 120.3 million in 1H2023, compared to RMB 30.6 million in 1H2022, indicating an increase in financing outflows[95][100]. - As of June 30, 2023, the Group's borrowings amounted to approximately RMB3,199.9 million, an increase of approximately RMB145.7 million compared to December 31, 2022[108][111]. - The gearing ratio increased from 241.7% as of December 31, 2022 to 244.7% as of June 30, 2023[109][111]. Shareholder Information - Mr. Zhang Ruilin holds 1,566,108,234 ordinary shares, representing a 46.24% interest in the company[130]. - Mr. Zhao Jiangwei also holds 1,566,108,234 ordinary shares, indicating a 46.24% interest in the company[131]. - The company has entered into an Acting-in-Concert Agreement among its controlling shareholders to ensure unified decision-making[134]. - The substantial shareholders' interests reflect a concentrated ownership structure, which may impact corporate governance and decision-making[158]. - Billion Capital Shine Inc. has a security interest in 1,472,300,000 shares, accounting for 43.47% of the company's interests[158]. Strategic Initiatives - The company is focusing on enhancing operational efficiency and exploring new market opportunities to improve future performance[15]. - New product and technology developments are underway, aimed at expanding the company's market presence and competitiveness[15]. - The outlook for the second half of 2023 indicates potential volatility in global crude oil prices due to various economic factors[47].

Financial Performance - Total revenue for 2022 reached RMB 1,431,294 thousand, a significant increase of 40.6% compared to RMB 1,017,835 thousand in 2021[14] - The company reported a profit before tax of RMB 2,506,503 thousand for 2022, a turnaround from a loss of RMB 238,425 thousand in 2021[14] - The net profit for the year was RMB 2,378,790 thousand, compared to a loss of RMB 338,361 thousand in the previous year, indicating a strong recovery[14] - Finance costs decreased to RMB 596,488 thousand in 2022, down from RMB 785,114 thousand in 2021, reflecting improved financial management[14] - Total assets increased to $2,432,164 in 2022, up from $2,264,695 in 2021, representing a growth of approximately 7.4%[16] - Total liabilities decreased to $4,152,388 in 2022 from $6,237,400 in 2021, a reduction of approximately 33.4%[16] - The equity position improved slightly to $(1,720,224) in 2022 from $(3,972,705) in 2021, showing a positive trend in financial health[16] Oil Production and Sales - Crude oil sales volume for 2022 was 2.27 million barrels, a decrease of 7.4% from 2.45 million barrels in 2021[17] - Average realized price for crude oil rose to $93.97 per barrel in 2022, a significant increase of 46.5% compared to $64.06 in 2021[19] - Cash net-back for China oilfields improved to $70.40 per barrel in 2022, up from $49.59 in 2021, reflecting a 41.9% increase[19] - Lifting costs for crude oil increased to $13.16 per barrel in 2022, up from $12.27 in 2021, indicating a rise of 7.2%[19] - Average daily net crude oil production was 6,279 barrels in 2022, a slight decrease from 6,799 barrels in 2021[19] - The net annual production volume of crude oil for 2022 was 2.29 million barrels, down from 2.48 million barrels in 2021, a decline of 7.7%[17] - The company drilled 85 wells in 2022, a decrease from 154 wells in 2021, indicating a reduction of 44.8%[19] Reserves and Exploration - As of December 31, 2022, total proved crude oil reserves decreased to 6,297 thousand barrels from 8,980 thousand barrels in 2021, representing a decline of 29.8%[22] - The total proved and probable crude oil reserves also decreased to 11,005 thousand barrels from 14,917 thousand barrels in 2021, a decline of 26.0%[22] - Total proved natural gas reserves in Kazakhstan increased to 11,780 MMscf in 2022 from 9,230 MMscf in 2021[24] - Total proved NGL reserves in Kazakhstan increased to 480 thousand barrels in 2022 from 320 thousand barrels in 2021[26] Strategic Initiatives and Future Outlook - The company has expanded its market presence, with a focus on enhancing user data analytics and customer engagement strategies[13] - Future outlook includes plans for new product development and technological advancements to drive growth in the upcoming fiscal year[13] - The company is exploring potential mergers and acquisitions to further enhance its market position and operational capabilities[13] - The management has set a performance guidance for 2023, aiming for continued revenue growth and profitability improvements[13] - New product launches are anticipated to contribute an additional $DD million in revenue, with a focus on innovative technology solutions[49] - Recent acquisitions are expected to enhance operational efficiency and are projected to add $FF million in annual revenue[49] - The company is investing $GG million in research and development to drive future growth and innovation in its product offerings[49] Corporate Governance and Management - The board of directors has undergone changes, with new appointments aimed at strengthening governance and strategic direction[3] - The company is committed to maintaining high standards of corporate governance through the expertise of its independent directors[59][60] - The management team has a diverse background in finance, audit, and investment management, which supports the company's strategic initiatives[62][63] - The Company has established three Board Committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the Company[138] - All members of the Board Committees are Independent Non-executive Directors, ensuring independence in oversight functions[139] - The Company aims to maintain a diverse range of candidates in recruitment practices at all levels, although no measurable objectives have been set for Board diversity[149] Risk Management and Compliance - The Company aims to establish a comprehensive risk management system that aligns with its strategies and business features[165] - The Board is responsible for maintaining an adequate internal control system to safeguard shareholders' investments and the Company's assets[166] - The risk management system is designed to manage potential risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[166] - The Audit Committee supervises the effectiveness of the risk management and internal control systems on behalf of the Board[171] - The Company has implemented a Whistleblowing Policy to encourage reporting of misconduct or fraud without fear of persecution[183] - The Company ensures that Board Committees have sufficient resources to perform their duties and can seek independent professional advice when necessary[139] Sustainability and Social Responsibility - The company is committed to sustainable practices, as evidenced by its use of environmentally friendly materials in its annual report[2] - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by II% over the next five years[49]