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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 MIE HOLDINGS CORPORATION MI能 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1555） (1)中 期 業 績 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 及 (2)持 續 暫 停 買 賣 主要經營及財務業績概要 截至六月三十日止六個月 二零二三年 二零二二年 變動 變動百分比 平均實現原油價格（美元╱桶） 76.72 94.75 (18.03) (19.0%) 平均實現天然氣價格 （美元╱千標準立方英尺） 6.13 6.57 (0.44) (6.7%) ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或部分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任。 MIE HOLDINGS CORPORATION MI能 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1555） (1)截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 之 年 度 業 績 及 (2)持 續 暫 停 買 賣 主要經營及財務業績概要 截至十二月三十一日 止年度 二零二二年 二零二一年 變動 變動百分比 平均實現原油價格（美元╱桶） 93.97 64.06 29.91 46.7% 平均實現天然氣價格 6.32 6.63 (0.31) (4.7%) （美元╱千標準立方英尺） ...

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 710,700,000, a significant increase from RMB 417,643,000 in the same period of 2021, representing a growth of 70%[16] - Adjusted EBITDA for the same period was RMB 460,218,000, compared to RMB 270,031,000 in 2021, reflecting an increase of 70%[16] - The profit for the period was RMB 2,456,898,000, a turnaround from a loss of RMB 304,670,000 in the previous year[16] - Basic earnings per share for the six months ended June 30, 2022, was RMB 0.75, compared to a loss of RMB 0.09 per share in 2021[16] - The Group's profit before income tax for the six months ended June 30, 2022, was RMB2,526.5 million, an increase of RMB2,786.5 million compared to a loss of RMB260.0 million for the same period in 2021[96] - The Group's profit for the six months ended June 30, 2022, was RMB2,456.9 million, an increase of RMB2,761.6 million compared to a loss of RMB304.7 million for the same period in 2021[98] Assets and Equity - Total assets as of June 30, 2022, were RMB 2,433,309,000, up from RMB 2,264,695,000 at the end of 2021, indicating a growth of 7.4%[16] - Total equity as of June 30, 2022, was negative RMB 1,644,197,000, an improvement from negative RMB 3,972,705,000 at the end of 2021[16] Cash Flow and Expenditures - Cash and cash equivalents increased to RMB 107,929,000 from RMB 36,495,000 in the previous year, showing a growth of 195%[16] - The net cash generated from operating activities for the first half of 2022 was RMB393.5 million[120] - The net cash used in investing activities was RMB213.0 million, and net cash used in financing activities was RMB113.3 million[120] - The Group incurred development expenditures of RMB206 million and production expenditures of RMB105 million in the PRC during the six months ended June 30, 2022[71] Oil and Gas Production - The Group's oil and gas production increased by 12.2% to approximately 2.57 million barrels of oil equivalent (BOE) for the six months ended June 30, 2022, compared to the same period in 2021[68] - Net oil and gas production rose by 1.8% to about 1.16 million BOE during the same period[68] - Net sales of crude oil increased by 2.7% to approximately 1.16 million barrels compared to the first half of 2021[68] - Daily gross operated production in 1H2022 increased by 12.5% to 14,211 barrels per day compared to 1H2021[74] - Daily production attributable to the Group from Emir-Oil increased by 26.0% to 771 barrels per day in 1H2022[77] Pricing and Costs - Average realized price for crude oil was US$94.75 per barrel in 2022, up from US$57.20 in 2021[34] - Average realized price for gas was US$6.57 per Mscf in 2022, slightly down from US$6.60 in 2021[41] - Lifting costs for crude oil were US$12.94 per barrel in 2022, compared to US$12.74 in 2021[47] Debt and Financial Restructuring - The Group completed its debt restructuring on March 30, 2022, improving its financial position[68] - Gains from Debt Restructuring Plans amounted to RMB2,556.6 million for the six months ended June 30, 2022, primarily due to differences between outstanding principals and interests of Cross-Defaulted Borrowings and the fair value of new secured borrowings[96] - The financial costs for the six months ended June 30, 2022, were RMB349.9 million, while depreciation, depletion, and amortization were RMB188.1 million[107] Strategic Initiatives and Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through new technology development[19] - Future outlook includes strategic initiatives aimed at improving operational efficiency and profitability[19] - The company plans to explore potential mergers and acquisitions to accelerate growth and market expansion[19] - The Group plans to implement a drilling program for a total of 268 new wells under the Supplemental PSC[82] Shareholding Structure - As of June 30, 2022, Mr. Zhang Ruilin holds a long position of 1,573,995,234 shares, representing approximately 88.52% of the corporation[142] - Mr. Zhao Jiangwei holds a long position of 1,573,995,234 shares, representing approximately 48.14% of the corporation[143] - The Group's shareholding structure includes significant transfers of shares to subsidiaries, indicating a complex ownership arrangement[151] - The company has a significant concentration of ownership, with the top shareholders controlling over 48% of the equity[170] Employee and Operational Information - The Group has 1,034 employees, all based in Mainland China and Hong Kong, with no material changes in employee remuneration policies since the 2021 Annual Report[137] - Employee benefit expenses decreased by RMB2.7 million, or 5.3%, from RMB51.3 million for the six months ended June 30, 2021, to RMB48.6 million for the same period in 2022[90]

Financial Performance - The consolidated comprehensive income for the year ended December 31, 2021, is reported in thousands of RMB[16] - The company experienced a year-on-year revenue growth of X% from 2020 to 2021, reflecting strong market demand[15] - Total revenue for 2021 was $1,017,835 million, a decrease from $1,351,313 million in 2020, representing a decline of approximately 25%[18] - The company reported a loss for the year of $1,351,313 million in 2021, compared to a loss of $1,128,949 million in 2020, indicating a worsening financial position[18] - The management has set a performance guidance of RMB X million in revenue for the next fiscal year, representing a growth target of Y%[15] - The company reported a loss before income tax of $810,611 million in 2021, compared to a loss of $563,285 million in 2020, indicating increased operational challenges[18] Assets and Liabilities - The total assets of the company as of December 31, 2021, amounted to RMB X million, indicating a Y% increase compared to the previous year[15] - Total assets as of December 31, 2021, were $2,264,695 million, a decrease from $5,463,463 million in 2020, reflecting a reduction in asset base[19] - Total liabilities for 2021 were $6,237,400 million, up from $5,167,047 million in 2020, indicating an increase in financial obligations[19] Production and Reserves - The average daily net crude oil production in 2021 was 5,944 barrels, down from 8,306 barrels in 2020, showing a decline in production volume[22] - The company drilled 154 wells in 2021, a significant increase from 29 wells in 2020, indicating an aggressive expansion strategy in exploration[25] - Total proved oil reserves in China oilfields - Daan decreased from 9,817 thousand barrels in 2020 to 8,911 thousand barrels in 2021, representing a decline of approximately 9.2%[28] - Total proved gas reserves in Canada oilfields increased to 1,210,712 MMscf in 2021, compared to 1,036,569 MMscf in 2020, reflecting an increase of about 16.7%[31] - Total proved and probable oil reserves in Kazakhstan oilfields reached 113,099 thousand barrels in 2021, up from 55,030 thousand barrels in 2020, indicating a significant increase of approximately 105.7%[31] - Total proved oil reserves across all fields amounted to 1,258,701 thousand barrels in 2021, compared to 1,048,199 thousand barrels in 2020, marking an increase of about 20%[31] Strategic Initiatives - The company plans to expand its market presence in Asia, targeting a Z% increase in market share by 2023[15] - New product development initiatives are expected to contribute an additional RMB X million in revenue by the end of 2022[15] - The company is exploring potential mergers and acquisitions to enhance its operational capabilities and market reach[15] - The company has allocated RMB X million for research and development in new technologies for the upcoming fiscal year[15] - The company has implemented new strategies to improve operational efficiency, aiming for a cost reduction of Y% in the next fiscal year[15] Corporate Governance - The Company has a strong commitment to corporate governance, ensuring successful operations and stakeholder relationships[96] - The Board of Directors emphasizes the importance of good corporate governance standards to safeguard shareholders' interests and enhance corporate value[99] - The Company has complied with the Corporate Governance Code as set out in the Listing Rules for the year ended December 31, 2021[101] - The Company will regularly review and improve its corporate governance practices to ensure compliance with the CG Code[102] - The Company adopted the Model Code for Securities transactions by Directors, confirming compliance by all Directors throughout the year[105] Board Composition and Experience - The company has seen a transition in its board with the appointment and resignation of several directors, indicating a strategic shift in management[68] - The management team includes professionals with degrees from prestigious universities, enhancing the company's leadership capabilities[59][64][65][71][72] - The company is focused on strengthening its investment strategies and governance through experienced directors and management[64][71] - The presence of directors with diverse backgrounds in finance, law, and engineering supports a well-rounded approach to corporate governance[65][72] Director Responsibilities and Committees - The Board is collectively responsible for leading and supervising the Company's businesses, strategic policies, and performance[136] - The Company has established three Board Committees: Audit Committee, Remuneration Committee, and Nomination Committee, all composed of Independent Non-executive Directors[158] - The Audit Committee reviews the adequacy of the company's financial reporting and internal control systems[170] - The Remuneration Committee assesses the performance of executive directors and makes recommendations on their remuneration[172] - The Nomination Committee evaluates board composition based on diversity aspects such as gender, age, and professional qualifications[186]