股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: MI能源控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01555 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.001 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.001 | USD | | 100,000,000 | | ...

里昂发表研究报告指，极兔速递日前宣布大幅增持附属公司Jet Global及JNT Express KSA，即负责营运 其新市场业务的实体，涉及金额高达10.56亿美元。其中，首期结算款项约3.17亿美元将于今年底前以公 司现有现金储备支付。该行认为此举对极兔的发展至关重要，因新市场业务有望成为新的增长引擎，而 股权结构更集中有助提升决策效率。是次增持亦将有助优化公司的股东结构。 该行对极兔速递的海外扩张策略保持信心，预计2025年新市场业务销售额可达7.48亿美元，经调整 EBITDA达3600万美元；重申"跑赢大市"评级，目标价11.9港元。 ...

Core Insights - The Chinese internet sector has emerged as the best-performing sector this year, with a cumulative return of 36.5% [1] - In comparison, other indices such as the Seoul Composite Index, Hang Seng Index, Nikkei Index, S&P 500, and India's Nifty 50 have shown lower cumulative returns of 64%, 29%, 26%, 15.8%, and 10.4% respectively [1] - There is a growing risk-averse sentiment in the markets of China, Japan, and the United States, attributed to year-end profit-taking and portfolio rebalancing [1] Industry Analysis - Ongoing debates regarding whether AI valuations are excessively high persist, but geopolitical risks and AI supply chain issues are expected to keep the valuations of Chinese internet companies at a discount compared to global peers [1] - The acceleration of AI adoption is anticipated to intensify competition among Chinese AI participants by 2026, covering areas such as AI cloud infrastructure, chatbots, and various application scenarios [1] Company Preferences - Citigroup's top picks for the first half of 2026 include core AI concept stocks: Tencent and Alibaba [1] - Companies with stable profit growth and anti-cyclical characteristics include Trip.com and NetEase [1] - Companies with high exposure to cross-border business include Jitu Express [1] - Potential stocks in gaming and AI applications include Century Huatong [1]

截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: MI能源控股有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01555 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.001 USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.001 USD | | 100,000,000 | 本月底法定/註冊股本總額： USD ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: MI能源控股有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01555 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.001 USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.001 USD | | 100,000,000 | 本月底法定/註冊股本總額： USD ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: MI能源控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01555 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.001 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.001 | USD | | 100,000,000 | 本 ...

Core Viewpoint - The company primarily engages in the exploration, development, production, and sales of oil and natural gas in China, with significant operations in the Daan oilfield in Northeast China [6] Revenue and Profit Growth - Historical revenue and net profit growth rates show fluctuations, with a notable increase in 2023, where revenue growth rate was 24.29% and net profit growth rate was 40.62% [8] - The company's revenue for the first half of 2025 is projected to be 83 billion, with a significant increase compared to previous years [8][10] Financial Performance - The company reported a net profit of 3.657 billion from oil sales [9] - The average revenue per employee has shown a decline, with figures of -147.12 thousand in 2023 [14] - Historical gross margin has decreased from 82.08% in 2020 to 74.18% in 2023 [15] Asset and Liability Changes - As of the first half of 2025, the company's fixed assets decreased by 13.53%, while cash and cash equivalents decreased by 27.1% [20] - Long-term borrowings increased by 2.28%, while short-term borrowings rose by 14.09% [24] - The company's current ratio is 0.48 and quick ratio is 0.4 as of the first half of 2025 [28] Turnover Ratios - The company's total asset turnover ratio has shown a decline, with figures of 0.49 in 2023 [16] - The accounts receivable turnover ratio was reported at 10.41 in 2023 [17] - Inventory turnover ratio has also decreased, with a figure of 7.28 in 2023 [17]

[Company Information](index=3&type=section&id=Company%20Information) [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors includes executive, non-executive, and independent non-executive directors; an executive director change occurred on May 1, 2025 - Executive Director Mr. Lam Wai Tong resigned on May 1, 2025, and Mr. Wong Yiu Kui was appointed on the same day[4](index=4&type=chunk)[5](index=5&type=chunk) - The Chairman of the Board is Mr. Cheung Shui Lun, a non-executive director[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Addresses](index=3&type=section&id=Company%20Addresses) The company is registered in the Cayman Islands, with its principal business in Hong Kong and an office in Beijing - The registered address is in the Cayman Islands, and the principal place of business in Hong Kong is 19th Floor, Sun Hung Kai Centre, 30 Harbour Road, Wan Chai[4](index=4&type=chunk)[5](index=5&type=chunk) - The Beijing office is located at Beichen Times Building, No. 8 Beichen East Road, Chaoyang District[7](index=7&type=chunk)[8](index=8&type=chunk) [Listing Information](index=4&type=section&id=Listing%20Information) Company shares are listed on HKEX (01555), and 2028 senior notes are listed on the Singapore Exchange - The company's shares are listed on The Stock Exchange of Hong Kong Limited, stock code: **01555**[7](index=7&type=chunk)[8](index=8&type=chunk) - The company's senior notes due 2028 are listed on the Singapore Exchange Securities Trading Limited[7](index=7&type=chunk)[8](index=8&type=chunk) [Company Secretary & Authorized Representatives](index=4&type=section&id=Company%20Secretary%20%26%20Authorized%20Representatives) Ms. Tse Fung Sum serves as Company Secretary, with Mr. Cheung Shui Lun and Mr. Zhao Jiangwei as authorized representatives - The Company Secretary is Ms. Tse Fung Sum[7](index=7&type=chunk)[8](index=8&type=chunk) - The authorized representatives are Mr. Cheung Shui Lun and Mr. Zhao Jiangwei[7](index=7&type=chunk)[8](index=8&type=chunk) [Committee Members](index=5&type=section&id=Committee%20Members) The company has Audit, Remuneration, and Nomination Committees, each chaired by an independent non-executive director - The Chairman of the Audit Committee is Mr. Liu Ying Shun[9](index=9&type=chunk)[10](index=10&type=chunk) - The Chairman of the Remuneration Committee is Mr. Mei Jianping[9](index=9&type=chunk)[10](index=10&type=chunk) - The Chairman of the Nomination Committee is Mr. Mei Jianping[9](index=9&type=chunk)[10](index=10&type=chunk) [Advisors](index=5&type=section&id=Advisors) The company engages Ryder Scott, BDO, and multiple law firms as independent technical, audit, and legal advisors - The independent technical advisor is Ryder Scott Company, L.P.[9](index=9&type=chunk)[10](index=10&type=chunk) - The independent auditor is BDO Limited[10](index=10&type=chunk)[11](index=11&type=chunk) - Legal advisors include Jingtian & Gongcheng (PRC law), Maples and Calder (Cayman Islands law), and Kwok Yih & Chan (Hong Kong law)[13](index=13&type=chunk)[14](index=14&type=chunk) - The principal bankers are Citibank and China Construction Bank Corporation Limited[13](index=13&type=chunk)[14](index=14&type=chunk) [Share Registrars](index=6&type=section&id=Share%20Registrars) Maples FS Limited is the Cayman Islands principal share registrar, and Tricor Investor Services Limited is the Hong Kong branch - The principal share registrar in the Cayman Islands is Maples FS Limited[13](index=13&type=chunk)[14](index=14&type=chunk) - The Hong Kong branch share registrar is Tricor Investor Services Limited[13](index=13&type=chunk)[14](index=14&type=chunk) [Financial Summary](index=7&type=section&id=Financial%20Summary) 2025 Interim Financial Summary (RMB thousands) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Revenue | 365,702 | 461,288 | | EBITDA | 214,001 | 286,652 | | Adjusted EBITDA | 213,183 | 281,215 | | Loss for the Period | (148,019) | (110,090) | | Basic Loss Per Share | (0.04) | (0.03) | | Diluted Loss Per Share | (0.04) | (0.03) | **Balance Sheet (as at period end):** | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Property, Plant and Equipment | 823,109 | 951,943 | | Cash and Cash Equivalents | 51,862 | 71,883 | | Total Assets | 1,266,126 | 1,382,193 | | Total Equity | (2,405,999) | (2,269,825) | - H1 2025 saw total revenue decrease by **20.7%** and loss for the period increase by **34.4%**, with total assets declining and equity deficit widening[15](index=15&type=chunk) - As of June 30, 2025, total assets decreased by **8.4%** compared to December 31, 2024, and the total equity deficit further widened[15](index=15&type=chunk) [Operating Summary](index=8&type=section&id=Operating%20Summary) 2025 Interim Operating Summary | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Crude Oil Sales (barrels) | 731,238 | 798,902 | | Net Crude Oil Production (barrels) | 729,939 | 797,321 | | Average Daily Net Production (barrels/day) | 4,033 | 4,381 | | Average Realized Price (USD/barrel) | 69.63 | 81.31 | | Lifting Cost (USD/barrel) | 17.34 | 17.21 | | Wells Drilled During Period (total) | – | – | - For the six months ended June 30, 2025, both net crude oil sales and net production decreased year-on-year, with average daily net production decreasing by **7.9%**[17](index=17&type=chunk) - The average realized oil price decreased by **14.4%** year-on-year to **USD 69.63/barrel**, while lifting costs slightly increased by **0.8%** to **USD 17.34/barrel**[17](index=17&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Prospects](index=9&type=section&id=BUSINESS%20REVIEW%20AND%20PROSPECTS) In H1 2025, the Group navigated declining oil prices by maintaining stable production and cost advantages, with plans for digital management and tech innovation for sustainable development - In H1 2025, the international crude oil market experienced ample supply and a year-on-year decline in crude oil prices, primarily due to the US trade war and OPEC+ production increases[18](index=18&type=chunk)[20](index=20&type=chunk) - The Group actively responded to the complex macroeconomic situation, coordinating production and operations, enhancing quality and efficiency, promoting green and low-carbon initiatives, and steadily advancing crude oil capacity building to continuously consolidate its cost advantages[18](index=18&type=chunk)[20](index=20&type=chunk) H1 2025 Crude Oil Production and Price Changes | Indicator | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Crude Oil Production | 1.52 million barrels | 1.70 million barrels | -10.4% | | Net Crude Oil Production Attributable to the Group | 0.73 million barrels | 0.80 million barrels | -8.5% | | Average Daily Total Crude Oil Production | 8,409 barrels/day | - | -9.9% | | Average Daily Net Crude Oil Production | 4,033 barrels/day | 4,381 barrels/day | -7.9% | | Average Realized Oil Price | 69.63 USD/barrel | 81.31 USD/barrel | -14.4% | | Da'an Oilfield Lifting Cost | 17.34 USD/barrel | 17.21 USD/barrel | +0.8% | - As of June 30, 2025, the Group holds **100%** foreign contractor interest in the Da'an Product Sharing Contract in China[19](index=19&type=chunk)[21](index=21&type=chunk) - The Group did not conduct any drilling activities in the Da'an Oilfield in H1 2025[22](index=22&type=chunk)[25](index=25&type=chunk) - As of the end of 2022, the Group had completed drilling 268 new wells as stipulated in the supplementary agreement to the Da'an Petroleum Contract, and the operating period of the Da'an Product Sharing Contract has been extended to February 29, 2028[28](index=28&type=chunk)[30](index=30&type=chunk) - Looking ahead to H2 2025, international crude oil prices are expected to remain under pressure amidst volatility, and the Group will continue to promote digital management and technological innovation to support high-quality sustainable development[29](index=29&type=chunk)[31](index=31&type=chunk) [Review of Financial Results](index=12&type=section&id=REVIEW%20OF%20FINANCIAL%20RESULTS) The Group's H1 2025 revenue decreased by **20.7%** to **RMB 365.7 million**, expanding net loss to **RMB 148.0 million** despite reduced operating and finance costs [Revenue](index=12&type=section&id=Revenue) - The Group's revenue, entirely from China, decreased by **20.7%** year-on-year to **RMB 365.7 million**[23](index=23&type=chunk)[25](index=25&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk) - The decline in revenue was primarily due to an **8.5%** decrease in net crude oil sales (from 0.80 million barrels to 0.73 million barrels) and a **14.4%** decrease in average realized oil price (from **USD 81.31/barrel** to **USD 69.63/barrel**)[33](index=33&type=chunk)[36](index=36&type=chunk) - For the six months ended June 30, 2025, revenue from services provided was zero, compared to **RMB 0.1 million** in the same period last year[34](index=34&type=chunk)[36](index=36&type=chunk) [Operating Expenses](index=12&type=section&id=Operating%20expenses) - Depreciation, depletion, and amortization expenses decreased by **8.2%** year-on-year to **RMB 158.8 million**, mainly due to lower net crude oil production[35](index=35&type=chunk)[37](index=37&type=chunk) Taxes (Other than Income Tax) | Tax Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Special Oil Gain Levy | 5,976 | 23,469 | -74.5% | | City Construction Tax and Education Surcharge | 1,160 | 1,458 | -20.5% | | Others | 22 | 22 | 0% | | **Total** | **7,158** | **24,949** | **-71.3%** | - Taxes (other than income tax) decreased by **71.1%** year-on-year to **RMB 7.2 million**, primarily due to a reduction in the special oil gain levy as the threshold was adjusted to **USD 65/barrel**[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - Staff compensation costs同比略增**0.2%** to **RMB 46.3 million**, remaining largely stable[41](index=41&type=chunk)[44](index=44&type=chunk) - Procurement, services, and other direct costs decreased by **9.2%** year-on-year to **RMB 100.6 million**, mainly due to reduced measures for increasing oil production in the Da'an Oilfield (approximately **RMB 8 million**) resulting from lower oil prices, and decreased administrative expenses (approximately **RMB 1.8 million**) due to strict budget management and cost control[42](index=42&type=chunk)[45](index=45&type=chunk) [Other Gains/(Losses), Net](index=14&type=section&id=Other%20gains%2F%28losses%29%2C%20net) - Other net gains decreased year-on-year to **RMB 2.4 million** (H1 2024: **RMB 7.3 million**), primarily due to a reduction of approximately **RMB 4.6 million** in net fair value changes of the derivative component of borrowings[43](index=43&type=chunk)[46](index=46&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20costs) - Finance costs decreased by **4.8%** year-on-year to **RMB 184.5 million**, mainly due to the impact of exchange rate fluctuations[47](index=47&type=chunk)[51](index=51&type=chunk) - Excluding the impact of accrued interest expenses, a net profit of **RMB 27.4 million** would have been generated for the period[47](index=47&type=chunk)[51](index=51&type=chunk) [Loss Before Income Tax](index=15&type=section&id=Loss%20before%20income%20tax) - Loss before income tax increased by **RMB 49.1 million** year-on-year to **RMB 129.3 million**, primarily due to a decrease in revenue of approximately **RMB 95.5 million**, partially offset by reduced operating and finance costs[48](index=48&type=chunk)[52](index=52&type=chunk) [Income Tax Expense](index=15&type=section&id=Income%20tax%20expense) - Income tax expense decreased by **37.5%** year-on-year to **RMB 18.7 million**[49](index=49&type=chunk)[53](index=53&type=chunk) [Loss for the Period](index=15&type=section&id=Loss%20for%20the%20period) - Loss for the period increased by **RMB 37.9 million** year-on-year to **RMB 148.0 million**, primarily due to the cumulative effect of the aforementioned factors[50](index=50&type=chunk)[54](index=54&type=chunk) [EBITDA and Adjusted EBITDA](index=16&type=section&id=EBITDA%20AND%20ADJUSTED%20EBITDA) The Group's H1 2025 EBITDA decreased by **25.3%** to **RMB 214.0 million**, and Adjusted EBITDA decreased by **24.2%** to **RMB 213.2 million**, primarily due to reduced revenue - EBITDA refers to earnings before income tax, interest income, finance costs, and depreciation, depletion, and amortization[55](index=55&type=chunk)[57](index=57&type=chunk) - Adjusted EBITDA further excludes non-cash and non-recurring items such as employee service costs under share option schemes, net impairment losses on financial assets, impairment losses on assets, fair value changes of financial instruments, and other non-cash or non-recurring income/expenses[55](index=55&type=chunk)[57](index=57&type=chunk) Reconciliation of EBITDA and Adjusted EBITDA to Loss Before Income Tax | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss Before Income Tax | (129,332) | (80,188) | | Interest Income | (17) | (85) | | Finance Costs | 184,520 | 193,884 | | Depreciation, Depletion and Amortization | 158,830 | 173,041 | | **EBITDA** | **214,001** | **286,652** | | Net Fair Value Change of New Secured Borrowings and 2024 Senior Notes Derivative Components | (818) | (5,437) | | **Adjusted EBITDA** | **213,183** | **281,215** | - The Group's EBITDA decreased by **25.3%** to **RMB 214.0 million**, and Adjusted EBITDA decreased by **24.2%** to **RMB 213.2 million** year-on-year, primarily due to a decrease in revenue of approximately **RMB 95.5 million** resulting from lower oil prices and net crude oil sales[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) In H1 2025, operating activities were the main cash source, but total cash and equivalents decreased; total borrowings and leverage ratios increased [Overview](index=20&type=section&id=Overview) - For the six months ended June 30, 2025, the primary source of cash was cash flows generated from operating activities[66](index=66&type=chunk)[69](index=69&type=chunk) - As of June 30, 2025, cash and cash equivalents decreased by **RMB 20.0 million** compared to December 31, 2024, primarily denominated in RMB, USD, or HKD[67](index=67&type=chunk)[69](index=69&type=chunk) [Cash Generated from Operating Activities](index=20&type=section&id=Cash%20generated%20from%20operating%20activities) - For the six months ended June 30, 2025, net cash generated from operating activities was **RMB 165.1 million**, a decrease from **RMB 255.8 million** in the same period of 2024[68](index=68&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[74](index=74&type=chunk) - In H1 2025, net cash from operating activities included a loss before income tax of **RMB 129.3 million**, and adjustments for depreciation, depletion, and amortization of **RMB 158.8 million**, and net interest expense of **RMB 185.8 million**[68](index=68&type=chunk)[70](index=70&type=chunk) [Cash Used in Investing Activities](index=21&type=section&id=Cash%20used%20in%20investing%20activities) - For the six months ended June 30, 2025, net cash used in investing activities was **RMB 110.4 million**, primarily for the purchase of property, plant and equipment (**RMB 72.3 million**) and an increase in restricted cash (**RMB 38.1 million**)[72](index=72&type=chunk)[75](index=75&type=chunk) - Compared to the same period in 2024, net cash used in investing activities decreased (H1 2024: **RMB 133.3 million**)[73](index=73&type=chunk)[75](index=75&type=chunk) [Cash Used in Financing Activities](index=22&type=section&id=Cash%20used%20in%20financing%20activities) - For the six months ended June 30, 2025, net cash used in financing activities was **RMB 74.5 million**, primarily for the repayment of secured borrowings (**RMB 68.0 million**) and 2024 senior notes (**RMB 3.6 million**)[76](index=76&type=chunk)[80](index=80&type=chunk) - Compared to the same period in 2024, net cash used in financing activities decreased (H1 2024: **RMB 109.6 million**)[77](index=77&type=chunk)[80](index=80&type=chunk) [Borrowings](index=22&type=section&id=Borrowings) - As of June 30, 2025, the Group's total borrowings were approximately **RMB 3.0024 billion**, an increase of approximately **RMB 82.3 million** from December 31, 2024[78](index=78&type=chunk)[81](index=81&type=chunk) - Borrowings repayable within one year were approximately **RMB 152.0 million**, an increase of **RMB 18.8 million** from December 31, 2024[78](index=78&type=chunk)[81](index=81&type=chunk) - All borrowings are denominated in USD or HKD and are fixed-rate borrowings, with no hedging activities undertaken[78](index=78&type=chunk)[81](index=81&type=chunk) - The gearing ratio (net borrowings divided by the sum of net borrowings and total equity) increased from **492.4%** as of December 31, 2024, to **541.9%** as of June 30, 2025[79](index=79&type=chunk)[81](index=81&type=chunk) - The total borrowings to adjusted EBITDA ratio increased from **5.3** as of December 31, 2024, to **7.0** as of June 30, 2025[79](index=79&type=chunk)[81](index=81&type=chunk) [Market Risk](index=23&type=section&id=Market%20risk) The Group faces significant market risks from crude oil price volatility and exchange rate fluctuations, with no current foreign exchange hedging activities [Crude Oil Price Risk](index=23&type=section&id=Oil%20price%20risk) - The Group's realized oil prices are determined with reference to international market oil prices, and the instability and high volatility of international crude oil prices significantly impact revenue and profit[83](index=83&type=chunk)[87](index=87&type=chunk) [Currency Risk](index=23&type=section&id=Currency%20risk) - Most of the Group's sales in China are denominated in USD, while production and other expenses are accounted for in RMB[84](index=84&type=chunk)[88](index=88&type=chunk) - RMB is a non-freely convertible currency and is regulated by the Chinese government, which may lead to significant exchange rate fluctuations in the future[84](index=84&type=chunk)[88](index=88&type=chunk) - The Group currently does not engage in hedging activities aimed at managing foreign exchange rate risk but will continue to monitor foreign exchange movements[85](index=85&type=chunk)[89](index=89&type=chunk) [Charges on Group Assets](index=24&type=section&id=CHARGES%20ON%20GROUP%20ASSETS) As of June 30, 2025, the Group's product sharing contract interests, bank accounts, and subsidiary shares were pledged as collateral for **RMB 1.6249 billion** in secured borrowings - As of June 30, 2025, the Group's product sharing contract interests in China, certain bank accounts, and shares of subsidiaries were pledged as collateral for secured borrowings totaling **RMB 1.6249 billion**[90](index=90&type=chunk)[93](index=93&type=chunk) [Employees](index=24&type=section&id=EMPLOYEES) As of June 30, 2025, the company had **920** employees in China, with no significant changes in compensation, policies, or development - As of June 30, 2025, the company had **920** employees, all located in China (mainland and Hong Kong)[91](index=91&type=chunk)[94](index=94&type=chunk) - There were no significant changes in employee compensation, remuneration policies, or staff development compared to the information disclosed in the 2024 annual report[91](index=91&type=chunk)[94](index=94&type=chunk) [Contingencies](index=24&type=section&id=CONTINGENCIES) As of June 30, 2025, the Board of Directors was not aware of any significant contingent liabilities - As of June 30, 2025, the company's Board of Directors was not aware of any significant contingencies[92](index=92&type=chunk)[95](index=95&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) [Directors' and Chief Executives' Interests and/or Short Positions in the Shares, Underlying Shares and Debentures of the Company or Any Associated Corporation](index=25&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20AND%2FOR%20SHORT%20POSITIONS%20IN%20THE%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY%20OR%20ANY%20ASSOCIATED%20CORPORATION) As of June 30, 2025, directors and chief executives held interests in company shares, with Mr. Cheung Shui Lun and Mr. Zhao Jiangwei holding significant long and short positions via controlled corporations Directors' and Chief Executives' Interests in the Company's Shares | Name | Corporation Name | Capacity/Nature of Interest | Number of Shares (including exercisable share options) | Approximate Total Percentage of Interest in Corporation | | :--- | :--- | :--- | :--- | :--- | | Mr. Cheung Shui Lun | The Company | Interest in controlled corporation | 1,566,108,234 (L) | 46.24% | | | The Company | Interest in controlled corporation | 88,521,234 (S) | 2.61% | | | The Company | Beneficial owner | 7,987,000 (L) | 0.24% | | Mr. Zhao Jiangwei | The Company | Interest in controlled corporation | 1,566,108,234 (L) | 46.24% | | | The Company | Interest in controlled corporation | 88,521,234 (S) | 2.61% | | Mr. Mei Jianping | The Company | Beneficial owner | 1,267,933 (L) | 0.03% | | Mr. Mei Liming | The Company | Beneficial owner | 15,909,290 (L) | 0.46% | - Mr. Cheung Shui Lun, Mr. Zhao Jiangwei, and Ms. Zhao Jiangbo (Mr. Cheung Shui Lun's spouse) have entered into an acting-in-concert agreement to act in concert on all matters decided by FEEL shareholders[102](index=102&type=chunk) - The long positions of FEEL, Mr. Cheung Shui Lun, and Mr. Zhao Jiangwei in 1,566,108,234 shares of the company include shares held through subsidiaries, put options, and shares beneficially owned by Mr. Cheung Shui Lun himself[104](index=104&type=chunk) [Substantial Shareholders' Interests and/or Short Positions in the Shares and Underlying Shares of the Company](index=32&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%2FOR%20SHORT%20POSITIONS%20IN%20THE%20SHARES%20AND%20UNDERLYING%20SHARES%20OF%20THE%20COMPANY) As of June 30, 2025, substantial shareholders, including Ms. Zhao Jiangbo, FEEL, and Orient Energy Opportunity Investment Limited Partnership Fund affiliates, held significant interests or short positions in the company's shares Substantial Shareholders' Interests in the Company's Shares | Name of Interested Party | Capacity/Nature of Interest | Total Number of Shares (including exercisable share options) | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Ms. Zhao Jiangbo | Interest in controlled corporation | 1,566,108,234 (L) | 46.24% | | | Interest in controlled corporation | 88,521,234 (S) | 2.61% | | FEEL | Interest in controlled corporation | 1,566,108,234 (L) | 46.24% | | | Interest in controlled corporation | 88,521,234 (S) | 2.61% | | Mr. He Zhicheng | Interest in controlled corporation | 1,566,108,234 (L) | 46.24% | | | Interest in controlled corporation | 88,521,234 (S) | 2.61% | | Celestial Energy Limited | Interest in controlled corporation | 1,566,108,234 (L) | 46.24% | | | Interest in controlled corporation | 88,521,234 (S) | 2.61% | | Orient Energy Opportunity Investment Limited Partnership Fund | Person holding security interest in shares | 1,472,300,000 (L) | 43.47% | | OHC Opportunity Investment Limited | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | Excel Link Capital Inc. | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | Billion Capital Shine Inc. | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | China Orient Asset Management (International) Holding Limited | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | Wise Leader Assets Ltd. | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | Dongyin Development (Holdings) Co., Ltd. | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | China Orient Asset Management Co., Ltd. | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | Central Huijin Investment Ltd. | Interest in controlled corporation | 1,472,300,000 (L) | 43.47% | | Flying Investments Limited | Beneficial owner | 199,160,000 (L) | 5.88% | | Mr. Xue Hanrong | Interest in controlled corporation | 199,160,000 (L) | 5.88% | - Orient Energy Opportunity Investment Limited Partnership Fund and its affiliates (including OHC Opportunity Investment Limited, Excel Link Capital Inc., Billion Capital Shine Inc., China Orient Asset Management (International) Holding Limited, Wise Leader Assets Ltd., Dongyin Development (Holdings) Co., Ltd., China Orient Asset Management Co., Ltd., and Central Huijin Investment Ltd.) held a security interest in **1,472,300,000** shares of the company, representing **43.47%**[124](index=124&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk)[132](index=132&type=chunk) [Share Options](index=36&type=section&id=SHARE%20OPTIONS) The 2021 Share Option Scheme incentivizes contributors; as of June 30, 2025, **19,543,930** options remained unexercised with a **HKD 0.044** weighted average exercise price and **6** years remaining contractual life [2021 Share Option Scheme ("2021 Scheme")](index=36&type=section&id=2021%20Share%20Option%20Scheme%20%28%222021%20Scheme%22%29) - The 2021 Share Option Scheme was adopted by the Board on June 25, 2021, with a **10-year** validity period, aiming to grant share options to executive directors, non-executive directors, full-time employees, consultants, and advisors[134](index=134&type=chunk)[137](index=137&type=chunk) - The exercise period for share options shall not exceed **ten years** from the date of grant, and the exercise price shall be the highest of the closing price on the grant date, the average closing price for the five trading days immediately preceding the grant date, and the nominal value of the shares[135](index=135&type=chunk)[137](index=137&type=chunk) - Share options generally vest annually on the last day of the three-year period starting from the year following the grant, subject to employee status and other performance evaluation results[136](index=136&type=chunk)[138](index=138&type=chunk) Changes in 2021 Share Option Scheme (as of June 30, 2025) | Name | Held as at January 1, 2025 | Number of Options Granted During the Period | Number of Options Exercised During the Period | Number of Lapsed Options | Number of Cancelled Options | Held as at June 30, 2025 | Exercise Price (per share) | Date of Grant | Closing Price as at June 29, 2021 (per share) | Exercisable Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Mei Jianping | 1,267,933 | – | – | – | – | 1,267,933 | HKD 0.044 | June 30, 2021 | HKD 0.044 | June 30, 2021 to June 29, 2031 | | Other Employees | 18,275,997 | – | – | – | – | 18,275,997 | HKD 0.044 | June 30, 2021 | HKD 0.044 | June 30, 2021 to June 29, 2031 | | **Total** | **19,543,930** | **–** | **–** | **–** | **–** | **19,543,930** | | | | | [Others](index=37&type=section&id=Others) - Under the 2021 Scheme, the total number of shares granted to each participant in any **12-month** period shall not exceed **1%** of the company's issued share capital[141](index=141&type=chunk)[143](index=143&type=chunk) - The total number of shares that may be issued under all schemes shall not exceed **10%** of the issued shares as of the date of the 2021 Annual General Meeting[141](index=141&type=chunk)[143](index=143&type=chunk) - As of June 30, 2025, the number of share options available for grant under the 2021 Scheme was **184,425,229** shares, representing approximately **5.45%** of the issued share capital[142](index=142&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk)[150](index=150&type=chunk) [Dividend](index=38&type=section&id=DIVIDEND) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[146](index=146&type=chunk)[151](index=151&type=chunk) [Audit Committee](index=38&type=section&id=AUDIT%20COMMITTEE) The Audit Committee reviewed the Group's accounting principles, internal controls, and financial reporting, including H1 2025 unaudited interim results and report - The Audit Committee has reviewed the Group's accounting principles and practices, and discussed internal controls and financial reporting matters, including the unaudited interim results and interim report for the six months ended June 30, 2025[147](index=147&type=chunk)[152](index=152&type=chunk) - The Audit Committee has adopted terms of reference in compliance with the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[148](index=148&type=chunk)[152](index=152&type=chunk) [Buy-back, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=BUY-BACK%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) For H1 2025, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities[149](index=149&type=chunk)[153](index=153&type=chunk) [Corporate Governance Code](index=39&type=section&id=CORPORATE%20GOVERNANCE%20CODE) The company complied with the Corporate Governance Code principles and provisions from January 1 to June 30, 2025 - The company has complied with the principles and code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules for the period from January 1, 2025, to June 30, 2025[154](index=154&type=chunk)[158](index=158&type=chunk) [Model Code for Securities Transactions](index=39&type=section&id=MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company adopted and confirmed compliance with the Model Code for Securities Transactions by Directors for H1 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[155](index=155&type=chunk)[159](index=159&type=chunk) - All directors have confirmed compliance with the Model Code for the six months ended June 30, 2025, and no non-compliance by employees was noted[156](index=156&type=chunk)[159](index=159&type=chunk) [Independent Non-Executive Directors](index=39&type=section&id=INDEPENDENT%20NON-EXECUTIVE%20DIRECTORS) The Board complied with Listing Rules requirements regarding the number, qualifications, and proportion of independent non-executive directors - The Board of Directors has at all times complied with the requirements of Listing Rule 3.10(1) (at least three independent non-executive directors), 3.10(2) (one of whom must have appropriate professional qualifications or accounting or related financial management expertise), and 3.10A (independent non-executive directors must comprise at least one-third of the Board)[157](index=157&type=chunk)[160](index=160&type=chunk) [Condensed Interim Consolidated Statement of Financial Position](index=40&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Financial%20Position) Condensed Interim Consolidated Statement of Financial Position (as of June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Property, Plant and Equipment | 823,109 | 951,943 | | Intangible Assets | 18,668 | 22,257 | | Right-of-use Assets | 8,893 | 4,521 | | Restricted Cash (Non-current) | 214,038 | 176,149 | | **Total Non-current Assets** | **1,078,458** | **1,168,778** | | Inventories | 29,320 | 27,533 | | Trade Receivables | 55,640 | 68,223 | | Cash and Cash Equivalents | 51,862 | 71,883 | | **Total Current Assets** | **187,668** | **213,415** | | **Total Assets** | **1,266,126** | **1,382,193** | | **Equity** | | | | Total Accumulated Losses Attributable to Owners | (2,405,999) | (2,269,825) | | **Liabilities** | | | | Borrowings (Non-current) | 2,850,384 | 2,786,845 | | Deferred Income Tax Liabilities | 109,877 | 128,309 | | Trade Payables (Non-current) | 623 | 16,617 | | Provisions, Accruals and Other Payables (Non-current) | 315,400 | 282,674 | | **Total Non-current Liabilities** | **3,280,915** | **3,216,406** | | Trade Payables (Current) | 78,535 | 123,105 | | Borrowings (Current) | 151,993 | 133,217 | | **Total Current Liabilities** | **391,210** | **435,612** | | **Total Liabilities** | **3,672,125** | **3,652,018** | | Net Current Liabilities | 203,542 | 222,197 | - As of June 30, 2025, total assets were **RMB 1,266,126 thousand**, a decrease of approximately **8.4%** from December 31, 2024[161](index=161&type=chunk) - Total accumulated losses attributable to owners further expanded to **RMB (2,405,999) thousand**[162](index=162&type=chunk) - Current liabilities exceeded current assets by **RMB 203,542 thousand**, indicating liquidity pressure[164](index=164&type=chunk) [Condensed Interim Consolidated Statement of Comprehensive Income](index=43&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Comprehensive%20Income) Condensed Interim Consolidated Statement of Comprehensive Income (for the six months ended June 30, 2025) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 365,702 | 461,288 | | Depreciation, Depletion and Amortization | (158,830) | (173,041) | | Taxes (Other than Income Tax) | (7,158) | (24,949) | | Staff Compensation Costs | (46,337) | (46,177) | | Procurement, Services and Other Direct Costs | (100,640) | (110,811) | | Other Gains/(Losses), Net | 2,434 | 7,301 | | Interest Income | 17 | 85 | | Finance Costs | (184,520) | (193,884) | | **Loss Before Income Tax** | **(129,332)** | **(80,188)** | | Income Tax Expense | (18,687) | (29,902) | | **Loss for the Period Attributable to Owners of the Company** | **(148,019)** | **(110,090)** | | **Other Comprehensive Income for the Period, Net of Tax** | **11,845** | **(14,865)** | | **Total Comprehensive Income for the Period Attributable to Owners of the Company** | **(136,174)** | **(124,955)** | | Basic Loss Per Share (RMB per share) | (0.04) | (0.03) | | Diluted Loss Per Share (RMB per share) | (0.04) | (0.03) | - For the six months ended June 30, 2025, revenue from contracts with customers decreased by **20.7%** year-on-year, leading to an expanded loss before income tax of **RMB 129.3 million**[166](index=166&type=chunk) - Loss for the period attributable to owners of the company was **RMB 148.0 million**, an increase from **RMB 110.1 million** in the prior year period[166](index=166&type=chunk) - Other comprehensive income after tax turned positive from negative in the prior year, mainly due to exchange differences[168](index=168&type=chunk) [Condensed Interim Consolidated Statement of Changes in Equity](index=45&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Condensed Interim Consolidated Statement of Changes in Equity (as of June 30, 2025) | Indicator | Share Capital (RMB thousands) | Share Premium (RMB thousands) | Other Reserves (RMB thousands) | Accumulated Losses (RMB thousands) | Total Equity (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | As at January 1, 2025 | 22,555 | 1,085,620 | 173,918 | (3,551,918) | (2,269,825) | | Profit for the Period | – | – | – | (148,019) | (148,019) | | Other Comprehensive Income: Exchange Differences | – | – | 11,845 | – | 11,845 | | **Total Comprehensive Income for the Period** | **–** | **–** | **11,845** | **(148,019)** | **(136,174)** | | **As at June 30, 2025 (Unaudited)** | **22,555** | **1,085,620** | **185,763** | **(3,699,937)** | **(2,405,999)** | | As at January 1, 2024 | 22,555 | 1,085,620 | 213,073 | (3,223,747) | (1,902,499) | | Loss for the Period | – | – | – | (110,090) | (110,090) | | Other Comprehensive Income: Exchange Differences | – | – | (14,865) | – | (14,865) | | **Total Comprehensive Income for the Period** | **–** | **–** | **(14,865)** | **(110,090)** | **(124,955)** | | **As at June 30, 2024 (Unaudited)** | **22,555** | **1,085,620** | **198,208** | **(3,333,837)** | **(2,027,454)** | - As of June 30, 2025, accumulated losses further increased to **RMB 3,699,937 thousand**, leading to an expanded total equity deficit of **RMB 2,405,999 thousand**[170](index=170&type=chunk) - Other reserves saw a positive change due to foreign currency translation differences, but this did not offset the negative impact of the loss for the period on equity[170](index=170&type=chunk) [Condensed Interim Consolidated Statement of Cash Flows](index=46&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Cash%20Flows) Condensed Interim Consolidated Statement of Cash Flows (for the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 165,078 | 255,766 | | Net Cash Used in Investing Activities | (110,370) | (133,282) | | Net Cash Used in Financing Activities | (74,513) | (109,643) | | Net Increase/(Decrease) in Cash and Cash Equivalents | (19,805) | 12,841 | | Cash and Cash Equivalents at Beginning of Year | 71,883 | 62,905 | | Exchange (Losses)/Gains on Cash and Cash Equivalents | (216) | 340 | | Cash and Cash Equivalents at End of Period | 51,862 | 76,086 | - For the six months ended June 30, 2025, net cash generated from operating activities decreased by **35.4%** year-on-year to **RMB 165.1 million**[172](index=172&type=chunk) - Net cash used in investing activities was **RMB 110.4 million**, primarily for the purchase of property, plant and equipment[172](index=172&type=chunk) - Net cash used in financing activities was **RMB 74.5 million**, primarily for the repayment of borrowings[172](index=172&type=chunk) - Cash and cash equivalents at the end of the period were **RMB 51,862 thousand**, a decrease from the beginning of the year, whereas the prior year period saw a net increase[173](index=173&type=chunk) [Notes to the Condensed Interim Consolidated Financial Information](index=48&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Information) [1. General Information](index=48&type=section&id=1.%20GENERAL%20INFORMATION) MI Energy Holdings Limited primarily engages in crude oil exploration, development, production, and sales in China; the Da'an Product Sharing Contract was extended to February 29, 2028, and the company is indirectly controlled by Far East Energy Limited - The Group is principally engaged in the exploration, development, production, and sale of crude oil in China under product sharing contracts[175](index=175&type=chunk)[179](index=179&type=chunk) - The expiry date of the Da'an Product Sharing Contract has been extended from December 31, 2024, to February 29, 2028[176](index=176&type=chunk)[179](index=179&type=chunk) - As of June 30, 2025, the company is indirectly controlled by Far East Energy Limited (FEEL), which owns **43.39%** of the company's share capital, and the ultimate controlling shareholder is Mr. Cheung Shui Lun[177](index=177&type=chunk)[179](index=179&type=chunk) - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since December 14, 2010[178](index=178&type=chunk)[180](index=180&type=chunk) [2. Adoption of International Financial Reporting Standards ("IFRS Accounting Standards")](index=49&type=section&id=2.%20ADOPTION%20OF%20INTERNATIONAL%20FINANCIAL%20REPORTING%20STANDARDS%20%28%22IFRS%20ACCOUNTING%20STANDARDS%22%29) The accounting policies for these interim financial statements align with 2024 annual statements, adopting new standards effective January 1, 2025, which had no significant impact - The accounting policies adopted in the preparation of these condensed interim consolidated financial information are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards effective from January 1, 2025[183](index=183&type=chunk)[186](index=186&type=chunk) - An amendment first applied in 2025 (Amendments to IAS 21: Lack of Exchangeability) had no impact on the Group's condensed interim consolidated financial information[187](index=187&type=chunk)[

[Supplemental Announcement Regarding the 2024 Annual Report](index=1&type=section&id=Supplemental%20Announcement%20Regarding%20the%202024%20Annual%20Report) This section provides supplementary information to the 2024 annual report, detailing asset impairment losses and share option plan specifics [Asset Impairment Loss](index=1&type=section&id=(I)%20Asset%20Impairment%20Loss) MI Energy Holdings Limited recognized an asset impairment loss of approximately **RMB 93.4 million** for its Daan oilfield cash-generating unit due to a shortened forecast period and reduced crude oil production forecasts as the product sharing contract nears expiration [Reasons for Asset Impairment](index=1&type=section&id=Reasons%20for%20Asset%20Impairment) This section outlines the factors leading to the asset impairment assessment for the Daan oilfield cash-generating unit - The Group primarily engages in exploration, development, production, and sale of crude oil and other petroleum products in the Daan oilfield in China, which is its single cash-generating unit[3](index=3&type=chunk) - The product sharing contract for the Daan oilfield will expire on February 29, 2028, with oil and gas assets and mineral rights exclusively tied to this cash-generating unit and no alternative use after contract expiration[3](index=3&type=chunk) - Management has assessed the cash-generating unit by comparing its carrying amount with its recoverable amount to determine if impairment exists[3](index=3&type=chunk) [Valuation Methodology](index=2&type=section&id=Valuation%20Methodology) This section describes the valuation approach used to assess the recoverable amount of the cash-generating unit for impairment testing - The company uses a discounted cash flow model (income approach) to estimate the present value of expected future cash flows, calculating Value in Use (VIU) for impairment assessment[4](index=4&type=chunk) - The market approach was not used for valuation as oil and gas assets and mineral rights are exclusively for operations under the product sharing contract, with no comparable market transactions[4](index=4&type=chunk) - The 2023 and 2024 valuations employed the same assessment methodology, with annual reviews by the company's auditors[4](index=4&type=chunk) [Key Bases and Assumptions for 2023 and 2024 Valuations](index=2&type=section&id=Key%20Bases%20and%20Assumptions%20for%202023%20and%202024%20Valuations) This section details the critical inputs and assumptions underlying the 2023 and 2024 impairment valuations Comparison of Key Assumptions for 2024 and 2023 Valuations | Indicator | 2024 Valuation | 2023 Valuation | | :--- | :--- | :--- | | Forecast Period | – 2025 | – 2028 | | Crude Oil Price (USD/barrel) | 71.0 – 74.0 | 70.0 – 77.0 | | Production during remaining concession period (thousand barrels) | 8,889 | 13,217 | | Inflation Rate (per annum) | 2.18 % | 2.20 % | | Exchange Rate (USD/RMB) | 7.2000 | 7.0997 | | Pre-tax Discount Rate | 22.12 % | 23.17 % | - Based on the 2024 valuation, the cash-generating unit's value in use is approximately **RMB 969.0 million**, with an asset impairment loss of approximately **RMB 93.4 million** recognized, comprising **RMB 91.2 million** for oil and gas assets and **RMB 2.2 million** for mineral rights[6](index=6&type=chunk) - The forecast period for the 2024 valuation is shortened by one year compared to the 2023 valuation due to the product sharing contract expiring on February 29, 2028[7](index=7&type=chunk) - Forecast crude oil production decreased by approximately **32.7%** from **13,217 thousand barrels** in the 2023 valuation to **8,889 thousand barrels** in the 2024 valuation, primarily due to 2024 forecast production, natural decline, and no new well drilling[9](index=9&type=chunk) [Major Changes Between 2023 and 2024 Valuations](index=3&type=section&id=Major%20Changes%20Between%202023%20and%202024%20Valuations) This section highlights the primary differences between the 2023 and 2024 valuations, driven by the impending contract expiration - The main changes between the 2023 and 2024 valuations are the shortened forecast period and decreased crude oil production forecasts, both influenced by the approaching expiration of the product sharing contract concession period[12](index=12&type=chunk) - Other key input data and assumptions remained largely unchanged, apart from the forecast period and crude oil production[12](index=12&type=chunk) [Share Option Scheme](index=4&type=section&id=(II)%20Share%20Option%20Scheme) This section provides supplementary details on the company's 2021 Share Option Scheme, including the absence of service provider sub-limits and its remaining term - There are no service provider sub-limits under the 2021 Share Option Scheme[13](index=13&type=chunk) - As of December 31, 2024, the 2021 Share Option Scheme has a remaining term of **6.5 years**[13](index=13&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: MI能源控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01555 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.001 USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.001 USD | | 100,000,000 | 本月底法定/註冊股本總額： USD 100,000,000 第 1 頁 共 1 ...