Core Insights - MI Energy (01555) reported a total revenue of approximately 366 million, a year-on-year decrease of 20.7% [1] - The company experienced a net loss of approximately 148 million, an increase of 34.5% year-on-year [1] - Basic loss per share was 0.04 [1] Production and Pricing - Total crude oil production decreased by 10.4% to approximately 1.52 million barrels [1] - The net share of crude oil production attributable to the group decreased by 8.5% to approximately 730,000 barrels [1] - Average daily total crude oil production fell by 9.9% to 8,409 barrels, while average daily net crude oil production decreased by 7.9% to 4,033 barrels [1] - The decline in net production was primarily due to the decrease in total production [1] - Average oil price achieved in the first half of 2025 decreased by 14.4% to 69.63 USD per barrel [1] Cost Analysis - Direct oil extraction cost at the Da'an oilfield increased by 0.13 USD per barrel, or 0.8%, to 17.34 USD per barrel for the six months ending June 30, 2025, compared to 17.21 USD per barrel for the six months ending June 30, 2024 [1] - The company did not implement drilling at the Da'an oilfield during the first half of 2025 [1]

Core Insights - MI Energy (01555) reported a mid-year performance for 2025, showing a total revenue of approximately 366 million, a year-on-year decrease of 20.7% [1] - The company experienced a net loss of about 148 million, which represents a year-on-year increase of 34.5% [1] - Basic loss per share was reported at 0.04 [1] Production and Pricing - The total crude oil production for the period decreased by 10.4% to approximately 1.52 million barrels [1] - The net share of crude oil production attributable to the group fell by 8.5% to about 730,000 barrels [1] - Daily average total crude oil production declined by 9.9% to 8,409 barrels, while daily average net crude oil production decreased by 7.9% to 4,033 barrels [1] - The reduction in net production was primarily due to the decline in total production [1] - Average oil price achieved by the group in the first half of 2025 decreased by 14.4% to 69.63 USD per barrel [1] Cost Analysis - Direct oil extraction costs at the Da'an oilfield increased from 17.21 USD per barrel for the six months ending June 30, 2024, to 17.34 USD per barrel for the six months ending June 30, 2025, marking a 0.8% increase [1] - The company did not implement any drilling activities at the Da'an oilfield during the first half of 2025 [1]

Group 1 - The core viewpoint of the article is that MI Energy (01555.HK) reported a significant decline in revenue and an increase in net loss for the six months ending June 30, 2025 [1] - The company's revenue decreased by 20.7% to RMB 365.7 million compared to the same period last year, with all revenue generated from China [1] - The net loss for the group was RMB 148 million, an increase of RMB 37.9 million from the net loss of RMB 110.1 million in the previous year, resulting in a basic loss per share of RMB 0.04 [1]

[Summary of Key Operations and Financial Performance](index=1&type=section&id=Summary%20of%20Key%20Operations%20and%20Financial%20Performance) During the reporting period, the company's key operating and financial indicators declined, with average realized crude oil prices, total crude oil production, net production, and net sales all decreasing year-over-year, leading to a significant reduction in total revenue and operating profit, and an expanded loss for the period Summary of Key Operating and Financial Performance for the Six Months Ended June 30, 2025 | Indicator | As of June 30, 2025 (USD/barrel or barrels/RMB thousands) | As of June 30, 2024 (USD/barrel or barrels/RMB thousands) | Change | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Average Realized Crude Oil Price (USD/barrel) | 69.63 | 81.31 | (11.68) | (14.4%) | | Total Crude Oil Production (barrels) | 1,522,118 | 1,698,093 | (175,975) | (10.4%) | | Net Crude Oil Production (barrels) | 729,939 | 797,321 | (67,382) | (8.5%) | | Net Crude Oil Sales (barrels) | 731,238 | 798,902 | (67,664) | (8.5%) | | Daily Average Net Crude Oil Production (barrels) | 4,033 | 4,381 | (348) | (7.9%) | | Number of Wells Drilled During the Period (Total) | – | – | – | Not applicable | | Total Revenue (RMB thousands) | 365,702 | 461,288 | (95,586) | (20.7%) | | Operating Profit (RMB thousands) | 55,171 | 113,611 | (58,440) | (51.4%) | | Loss for the Period (RMB thousands) | (148,019) | (110,090) | (37,929) | 34.5% | | Basic Loss Per Share (RMB per share) | (0.04) | (0.03) | (0.01) | 33.3% | | EBITDA (RMB thousands) | 214,001 | 286,652 | (72,651) | (25.3%) | | Adjusted EBITDA (RMB thousands) | 213,183 | 281,215 | (68,032) | (24.2%) | [Condensed Interim Consolidated Financial Statements](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the condensed interim consolidated statement of comprehensive income and statement of financial position for the six months ended June 30, 2025, reflecting the company's financial performance and position, with revenue declining, losses expanding, current liabilities exceeding current assets, and negative shareholders' equity [Condensed Interim Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue decreased by 20.7% year-over-year to **RMB 365,702 thousand**, with loss for the period expanding to **RMB 148,019 thousand** and basic loss per share at **RMB 0.04** Summary of Condensed Interim Consolidated Statement of Comprehensive Income (RMB thousands) | Indicator | As of June 30, 2025 (Unaudited) | As of June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | 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 costs | (46,337) | (46,177) | | Purchases, services and other direct costs | (110,811) | (100,640) | | Other gains/(losses), net | 2,400 | 7,300 | | 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 (after 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) | (0.04) | (0.03) | | Diluted loss per share (RMB) | (0.04) | (0.03) | [Condensed Interim Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were **RMB 1,266,126 thousand**, a decrease of approximately **8.4%** from the end of 2024, with current liabilities exceeding current assets by **RMB 203,542 thousand** and total shareholders' deficit expanding to **RMB 2,405,999 thousand**, indicating severe liquidity and solvency pressures Summary of Condensed Interim Consolidated Statement of Financial Position (RMB thousands) | Indicator | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 1,078,458 | 1,168,778 | | Total current assets | 187,668 | 213,415 | | **Total assets** | **1,266,126** | **1,382,193** | | **Equity** | | | | Equity attributable to owners of the Company (Total shareholders' deficit) | (2,405,999) | (2,269,825) | | **Liabilities** | | | | Total non-current liabilities | 3,280,915 | 3,216,406 | | Total current liabilities | 391,210 | 435,612 | | **Total liabilities** | **3,672,125** | **3,652,018** | | Net current liabilities | 203,542 | 222,197 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes to the financial statements, covering general information, accounting policies, basis of preparation, segment information, taxes, loss per share, dividend policy, receivables and payables, borrowings, and litigation, highlighting significant uncertainties regarding the going concern assumption and measures taken to address liquidity pressure [General Information](index=6&type=section&id=General%20Information) MI Energy Holdings Limited, a Cayman Islands-registered company, primarily engages in crude oil exploration, development, production, and sales in China, is indirectly controlled by Far East Energy Limited, with the Da'an Product Sharing Contract extended to February 29, 2028 - The company's principal business is crude oil exploration, development, production, and sales in China, conducted through product sharing contracts[8](index=8&type=chunk) - The expiry date of the Da'an Product Sharing Contract has been extended from December 31, 2024, to **February 29, 2028**[8](index=8&type=chunk)[37](index=37&type=chunk) - The company is indirectly controlled by Far East Energy Limited (FEEL), which holds **43.39%** of the company's share capital, with Mr. Zhang Ruilin, Mr. Zhao Jiangwei, and Ms. Zhao Jiangbo as ultimate beneficial owners[9](index=9&type=chunk) [Adoption of International Financial Reporting Standards](index=6&type=section&id=Adoption%20of%20International%20Financial%20Reporting%20Standards) The accounting policies adopted for preparing these condensed interim consolidated financial information are consistent with the previous year, incorporating only new standards effective from January 1, 2025, which have no material impact on the current period's financial information - The accounting policies adopted for preparing these condensed interim consolidated financial information are consistent with those used for the annual consolidated financial statements for the year ended December 31, 2024[11](index=11&type=chunk) - New standards effective from **January 1, 2025**, have been adopted, but these amendments will not impact the Group's condensed interim consolidated financial information[11](index=11&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) These condensed interim consolidated financial information are prepared in accordance with IAS 34 "Interim Financial Reporting" and comply with IFRS and Hong Kong Companies Ordinance disclosure requirements, despite significant going concern uncertainties, with management implementing cash flow forecasts and mitigation measures, though future outcomes remain inherently uncertain [Statement of Compliance](index=7&type=section&id=Statement%20of%20Compliance) - The condensed interim consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[13](index=13&type=chunk) - The report complies with International Financial Reporting Standards, International Accounting Standards and Interpretations, and the disclosure requirements of the Hong Kong Companies Ordinance and the Listing Rules of the Stock Exchange[14](index=14&type=chunk) [Basis of Measurement](index=7&type=section&id=Basis%20of%20Measurement) - The condensed interim consolidated financial information is prepared on a historical cost basis, except for certain financial instruments[15](index=15&type=chunk) - The preparation process requires the use of certain critical accounting estimates and management judgments[15](index=15&type=chunk) [Going Concern Assumption](index=7&type=section&id=Going%20Concern%20Assumption) - As of June 30, 2025, the company reported a net loss of **RMB 148.0 million**, with current liabilities exceeding current assets by **RMB 203.5 million**, and accumulated shareholders' deficit of **RMB 2,406.0 million**[16](index=16&type=chunk) - The company's total borrowings amounted to **RMB 3,002.4 million**, with cash and cash equivalents of only **RMB 51.9 million**, indicating significant liquidity pressure[16](index=16&type=chunk) - Management has prepared cash flow forecasts up to **December 31, 2026**, and plans to mitigate liquidity pressure by maintaining production, improving operational efficiency, reducing discretionary expenditures, and seeking alternative financing[17](index=17&type=chunk)[19](index=19&type=chunk) - The ability to continue as a going concern depends on actual crude oil prices aligning with forecast levels and the ability to obtain additional financing[18](index=18&type=chunk)[20](index=20&type=chunk) [Segment Information](index=9&type=section&id=Segment%20Information) The company's Chief Operating Decision Maker (CODM) assesses performance geographically, identifying a single operating segment in China focused on oil exploration, development, production, and sales, with all revenue derived from China and primarily from PetroChina Company Limited [Segment Description](index=9&type=section&id=Segment%20Description) - The CODM is the company's Executive Director and President, responsible for reviewing internal reports to assess performance and allocate resources[21](index=21&type=chunk) - The Group has only one operating segment, primarily engaged in oil exploration, development, production, and sales in China[21](index=21&type=chunk) [Revenue from Contracts with Customers](index=9&type=section&id=Revenue%20from%20Contracts%20with%20Customers) Analysis of Revenue from Contracts with Customers by Category (RMB thousands) | Timing of revenue recognition | As of June 30, 2025 | As of June 30, 2024 | | :--- | :--- | :--- | | At a point in time — Sales of crude oil | 365,702 | 461,231 | | Over a period of time — Provision of services | – | 57 | | **Total** | **365,702** | **461,288** | - For the six months ended June 30, 2025, **100%** of the company's crude oil sales revenue was derived from PetroChina Company Limited[23](index=23&type=chunk) [Geographical Information](index=9&type=section&id=Geographical%20Information) - For the six months ended June 30, 2025, all of the Group's revenue was derived from China[25](index=25&type=chunk) - The Group's non-current assets (excluding financial assets measured at fair value) are primarily located in China[25](index=25&type=chunk) [Taxes (Other than Income Tax)](index=10&type=section&id=Taxes%20%28Other%20than%20Income%20Tax%29) For the six months ended June 30, 2025, the company's taxes (other than income tax) amounted to **RMB 7,158 thousand**, a significant year-over-year decrease of **71.1%**, primarily due to reduced crude oil prices leading to lower special oil gain levy Taxes (Other than Income Tax) for the Six Months Ended June 30, 2025 (RMB thousands) | Tax category | As of June 30, 2025 (Unaudited) | As of June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Special oil gain levy | 5,976 | 23,469 | | City construction tax and education surcharge | 1,160 | 1,458 | | Others | 22 | 22 | | **Total** | **7,158** | **24,949** | - The threshold for special oil gain levy is **USD 65/barrel**. The special oil gain levy for the current period was **RMB 6.0 million**, a significant decrease from **RMB 23.5 million** in the prior period, primarily due to lower crude oil prices[27](index=27&type=chunk)[50](index=50&type=chunk) [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the company's income tax expense was **RMB 18,687 thousand**, a **37.5%** year-over-year decrease, primarily influenced by changes in current and deferred income tax Income Tax Expense for the Six Months Ended June 30, 2025 (RMB thousands) | Tax category | As of June 30, 2025 (Unaudited) | As of June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Current income tax | 37,117 | 51,906 | | Deferred income tax | (18,430) | (22,004) | | **Total** | **18,687** | **29,902** | - Income tax expense decreased by **RMB 11.2 million** or **37.5%** year-over-year[56](index=56&type=chunk) [Loss Per Share](index=11&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share were **RMB 0.04**, an increase from **RMB 0.03** in the prior period, reflecting the expanded loss for the current period Basis for Loss Per Share Calculation | Indicator | As of June 30, 2025 (Unaudited) | As of June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Loss attributable to owners of the Company (RMB thousands) | (148,019) | (110,090) | | Weighted average number of ordinary shares in issue (thousands) | 3,386,526 | 3,386,526 | | Basic loss per share (RMB) | (0.04) | (0.03) | | Diluted loss per share (RMB) | (0.04) | (0.03) | - As a loss was recorded for the period, the anti-dilutive effect of share options was not considered in calculating diluted loss per share, thus diluted loss per share is the same as basic loss per share[29](index=29&type=chunk) [Dividends](index=11&type=section&id=Dividends) The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2025[30](index=30&type=chunk)[72](index=72&type=chunk) [Trade and Other Receivables](index=12&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, the company's trade and other receivables aging analysis shows most receivables are within six months, with credit terms of one to six months, maximum credit risk exposure equal to the carrying value of receivables, no collateral held, and receivables under the Da'an Product Sharing Contract pledged as security for borrowings - The company typically grants credit terms of **1 to 6 months** for trade receivables[32](index=32&type=chunk) - Receivables under the Da'an Product Sharing Contract have been pledged as security for borrowings[34](index=34&type=chunk) - No impairment losses on trade receivables were recognized, as the assessed expected credit losses were not material[33](index=33&type=chunk) [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the company's total trade and other payables were **RMB 79,158 thousand**, a decrease from **RMB 139,722 thousand** at the end of 2024, with most payables aged within six months Aging Analysis of Trade and Other Payables as of June 30, 2025 (RMB thousands) | Aging | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 6 months | 65,961 | 101,428 | | 6 months to 1 year | 944 | 17,587 | | 1 to 2 years | 133 | 7,866 | | 2 to 3 years | 1,553 | 1,241 | | More than 3 years | 10,567 | 11,600 | | **Total** | **79,158** | **139,722** | [Borrowings](index=13&type=section&id=Borrowings) As of June 30, 2025, the company's total borrowings were **RMB 3,000,273 thousand**, with **RMB 151,993 thousand** due within one year, following a debt restructuring that capitalized accrued interest on cross-defaulted borrowings and 2022 senior notes, waived penalty interest, revised new secured borrowing interest rates to **5% or 11%**, made 2024 senior notes non-interest bearing for the remaining term, and linked repayment dates to the Da'an Product Sharing Contract extension Composition of Borrowings as of June 30, 2025 (RMB thousands) | Borrowing category | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | Secured borrowings | 1,107,122 | 1,161,875 | | Senior notes | 1,376,715 | 1,305,374 | | Interest payable | 516,436 | 449,880 | | Derivative component | 2,104 | 2,933 | | **Total** | **3,002,377** | **2,919,062** | | Less: Current portion | (151,993) | (133,217) | | **Non-current portion** | **2,850,384** | **2,786,845** | - The company has completed debt restructuring, capitalizing accrued unpaid interest on cross-defaulted borrowings and 2022 senior notes, and waiving penalty interest[36](index=36&type=chunk) - The annual interest rate for new secured borrowings has been revised to **5% or 11%**, and the 2024 senior notes will not accrue interest for the remaining repayment period[36](index=36&type=chunk) - Repayment dates are linked to the extension of the Da'an Product Sharing Contract, with further deferral if the contract is extended beyond **March 1, 2028**[40](index=40&type=chunk) [Litigation](index=14&type=section&id=Litigation) The company is involved in two legal disputes with a power supplier, with total claims of approximately **RMB 20.5 million**, of which **RMB 14.1 million** was included in trade and other payables as of June 30, 2025, and management believes the likelihood of significant economic outflow is remote - The company faces two legal disputes related to a power supplier, with total claims of approximately **RMB 20.5 million**[38](index=38&type=chunk) - As of June 30, 2025, **RMB 14.1 million** has been included in trade and other payables in the condensed interim consolidated statement of financial position[38](index=38&type=chunk) - Management believes the probability of a significant outflow of economic benefits due to the litigation is remote[39](index=39&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the company's business performance, financial condition, and outlook for the first half of 2025, highlighting significant declines in revenue and profit, and expanded losses due to lower international crude oil prices and production, while the company actively addresses macroeconomic challenges through cost control and technological innovation for sustainable development, facing market risks from crude oil prices and exchange rates [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) In the first half of 2025, the international crude oil market experienced ample supply and year-over-year price declines due to macroeconomic trade disputes and OPEC+ production increases, resulting in decreased total and net crude oil production for the company and a **14.4%** drop in average realized oil prices, prompting the company to actively manage production, enhance efficiency, and promote green and low-carbon initiatives to strengthen its cost advantage - In the first half of 2025, the international crude oil market saw ample supply and year-over-year price declines, influenced by macroeconomic trade disputes and OPEC+ production increases[41](index=41&type=chunk) - The company's total crude oil production decreased by **10.4%** year-over-year to approximately **1.52 million barrels**, and net production decreased by **8.5%** to approximately **0.73 million barrels**[42](index=42&type=chunk) - The average realized oil price decreased by **14.4%** year-over-year to **USD 69.63/barrel**[42](index=42&type=chunk) - The company actively responded to the complex macroeconomic situation by advancing production and operations, improving quality and efficiency, and promoting green and low-carbon initiatives to consolidate its cost advantage[41](index=41&type=chunk) [2025 Outlook](index=17&type=section&id=2025%20Outlook) - International crude oil prices are expected to remain under pressure with volatility in the second half of **2025**, with market focus returning to supply and demand[45](index=45&type=chunk) - The company will continue to promote digital and intelligent management, empowering oilfield development through technological innovation to achieve high-quality sustainable development[45](index=45&type=chunk) [Review of Operating Results](index=17&type=section&id=Review%20of%20Operating%20Results) This section details the company's operating results for the first half of 2025, covering revenue, operating expenses, taxes, and loss for the period, noting that revenue decline was primarily due to oil prices and sales volume, with cost control measures partially offsetting the negative impact, but overall loss still expanded [Revenue](index=17&type=section&id=Revenue) - Revenue from sales of petroleum products decreased by **20.7%** year-over-year to **RMB 365.7 million**[47](index=47&type=chunk) - The average realized oil price decreased by **14.4%** to **USD 69.63/barrel**, and net crude oil sales decreased by **8.5%** to **0.73 million barrels**, which were the primary reasons for the revenue decline[47](index=47&type=chunk) - For the six months ended June 30, 2025, the company had no revenue from provision of services, compared to **RMB 0.1 million** in the prior period[48](index=48&type=chunk) [Operating Expenses](index=18&type=section&id=Operating%20Expenses) During the reporting period, the company's operating expenses generally decreased, with depreciation, depletion and amortization, taxes (other than income tax), and purchases, services and other direct costs all declining, partially offsetting the impact of reduced revenue, while staff costs remained largely flat, other net gains decreased, and finance costs fell due to exchange rate fluctuations [Depreciation, Depletion and Amortization](index=18&type=section&id=Depreciation%2C%20Depletion%20and%20Amortization) - Depreciation, depletion and amortization decreased by **8.2%** year-over-year to **RMB 158.8 million**[49](index=49&type=chunk) - The decrease was primarily due to lower net crude oil production[49](index=49&type=chunk) [Taxes (Other than Income Tax)](index=18&type=section&id=Taxes%20%28Other%20than%20Income%20Tax%29) - Taxes (other than income tax) decreased by **71.1%** year-over-year to **RMB 7.2 million**[50](index=50&type=chunk) - The special oil gain levy decreased from **RMB 23.5 million** in the prior period to **RMB 6.0 million** in the current period, which was the main reason[50](index=50&type=chunk) [Staff Costs](index=19&type=section&id=Staff%20Costs) - Staff costs were **RMB 46.3 million**, a slight increase of **0.2%** year-over-year[51](index=51&type=chunk) [Purchases, Services and Other Direct Costs](index=19&type=section&id=Purchases%2C%20Services%20and%20Other%20Direct%20Costs) - Purchases, services and other direct costs decreased by **9.2%** year-over-year to **RMB 100.6 million**[52](index=52&type=chunk) - The decrease was primarily due to a reduction of approximately **RMB 8.0 million** in operating expenses for old well stimulation measures due to lower oil prices, and a reduction of approximately **RMB 1.8 million** in administrative expenses due to strict budget management and cost control[52](index=52&type=chunk) [Other Gains/(Losses), Net](index=19&type=section&id=Other%20Gains%2F%28Losses%29%2C%20Net) - Other net gains were **RMB 2.4 million**, a year-over-year decrease[53](index=53&type=chunk) - The decrease was mainly due to a reduction of approximately **RMB 4.6 million** in net fair value gains from the derivative component of borrowings[53](index=53&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) - Finance costs decreased by **4.8%** year-over-year to **RMB 184.5 million**, primarily due to exchange rate fluctuations[54](index=54&type=chunk) - After deducting the impact of interest expenses, a net profit of **RMB 27.4 million** would have been generated for the period[54](index=54&type=chunk) [Loss Before Income Tax](index=19&type=section&id=Loss%20Before%20Income%20Tax) - Loss before income tax was **RMB 129.3 million**, an increase of **RMB 49.1 million** year-over-year[55](index=55&type=chunk) - The increased loss was primarily due to a revenue decrease of approximately **RMB 95.5 million** resulting from lower oil prices and net crude oil sales, partially offset by reductions in operating expenses and finance costs of approximately **RMB 37.1 million** and **RMB 9.3 million**, respectively[55](index=55&type=chunk) [Income Tax Expense](index=19&type=section&id=Income%20Tax%20Expense) - Income tax expense was **RMB 18.7 million**, a **37.5%** year-over-year decrease[56](index=56&type=chunk) [Loss for the Period](index=20&type=section&id=Loss%20for%20the%20Period) - Loss for the period was **RMB 148.0 million**, an increase of **RMB 37.9 million** year-over-year[57](index=57&type=chunk) - The increased loss was primarily due to the cumulative impact of decreased revenue, partially offset by reduced operating and finance costs[55](index=55&type=chunk)[57](index=57&type=chunk) [EBITDA and Adjusted EBITDA](index=20&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) Reconciliation of EBITDA and Adjusted EBITDA to Loss Before Income Tax (RMB thousands) | Indicator | As of June 30, 2025 (Unaudited) | As of June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | 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 derivative component of new secured borrowings and 2024 senior notes | (818) | (5,437) | | **Adjusted EBITDA** | **213,183** | **281,215** | - **EBITDA** decreased by **25.3%** year-over-year to **RMB 214.0 million**, and **Adjusted EBITDA** decreased by **24.2%** year-over-year to **RMB 213.2 million**[60](index=60&type=chunk)[61](index=61&type=chunk) - The decrease was primarily due to a revenue reduction of approximately **RMB 95.5 million** resulting from lower oil prices and net crude oil sales[60](index=60&type=chunk)[61](index=61&type=chunk) - **EBITDA** and **Adjusted EBITDA** are common financial metrics in the oil and gas industry, used to assess operating performance, cash flow, and financing capacity[59](index=59&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company generated **RMB 165.1 million** in net cash from operating activities, but investing and financing activities resulted in net cash outflows, leading to a decrease in cash and cash equivalents, while total borrowings increased, and both net debt and adjusted EBITDA ratios rose, indicating increased liquidity pressure [Overview](index=23&type=section&id=Overview) - Net cash generated from operating activities was **RMB 165.1 million**[63](index=63&type=chunk) - Net cash used in investing activities was **RMB 110.4 million**, and net cash used in financing activities was **RMB 74.5 million**[63](index=63&type=chunk) - Cash and cash equivalents decreased by **RMB 20.0 million** compared to the end of 2024[63](index=63&type=chunk) [Borrowings](index=23&type=section&id=Borrowings) - As of June 30, 2025, the company's total borrowings were approximately **RMB 3,002.4 million**, an increase of approximately **RMB 82.3 million** from the end of 2024[64](index=64&type=chunk) - Borrowings repayable within one year were approximately **RMB 152.0 million**, an increase of **RMB 18.8 million** from the end of 2024[64](index=64&type=chunk) - All borrowings are denominated in **USD or HKD**, are fixed-rate, and the company has not engaged in hedging activities[64](index=64&type=chunk) [Adjusted EBITDA Ratio](index=23&type=section&id=Adjusted%20EBITDA%20Ratio) - The gearing ratio increased from **492.4%** at the end of 2024 to **541.9%** as of June 30, 2025[64](index=64&type=chunk) - The adjusted EBITDA ratio increased from **5.3** at the end of 2024 to **7.0** as of June 30, 2025[65](index=65&type=chunk) [Market Risks](index=23&type=section&id=Market%20Risks) The company's primary market risks include crude oil price fluctuations and currency risk, with unstable international crude oil prices significantly impacting revenue and profit, and the non-convertible nature of RMB posing exchange rate risks, while the company currently does not engage in foreign exchange hedging [Crude Oil Price Risk](index=23&type=section&id=Crude%20Oil%20Price%20Risk) - Fluctuations in international crude oil prices have a significant impact on the company's revenue and profit[67](index=67&type=chunk) [Currency Risk](index=24&type=section&id=Currency%20Risk) - Most of the company's sales are denominated in **USD**, while production and other expenses within China are recorded in **RMB**[68](index=68&type=chunk) - The non-convertible nature of RMB and Chinese government restrictions on foreign exchange transactions may lead to significant future exchange rate fluctuations[68](index=68&type=chunk) - The company currently does not engage in foreign exchange hedging activities[68](index=68&type=chunk) [Pledge of Group Assets](index=24&type=section&id=Pledge%20of%20Group%20Assets) As of June 30, 2025, the company pledged its interests in product sharing contracts, certain bank accounts, and subsidiary shares located in China as collateral to secure borrowings totaling **RMB 1,624.9 million** - As of June 30, 2025, the company pledged interests in product sharing contracts, bank accounts, and subsidiary shares as collateral to secure borrowings totaling **RMB 1,624.9 million**[69](index=69&type=chunk) [Employees](index=24&type=section&id=Employees) As of June 30, 2025, the company had **920 employees**, all located in China (mainland and Hong Kong), with no significant changes in employee remuneration, compensation policies, or staff development information compared to the 2024 annual report - As of June 30, 2025, the company had **920 employees**, all located in China (mainland and Hong Kong)[70](index=70&type=chunk) - Information regarding employee remuneration, compensation policies, and staff development showed no material changes compared to the 2024 annual report[70](index=70&type=chunk) [Contingent Matters](index=24&type=section&id=Contingent%20Matters) As of June 30, 2025, the company's Board of Directors was not aware of any significant contingent matters - As of June 30, 2025, the company's Board of Directors was not aware of any significant contingent matters[71](index=71&type=chunk) [Dividends](index=24&type=section&id=Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[72](index=72&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers corporate governance information, including the Audit Committee's responsibilities, repurchase of listed securities, compliance with the Corporate Governance Code, and the Standard Code for Securities Transactions by Directors, confirming the company's full compliance with relevant regulations and timely publication of interim results and reports [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee has reviewed the company's accounting principles, internal controls, and financial reporting matters, including the unaudited interim results, and has adopted terms of reference compliant with Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code - The Audit Committee has reviewed the company's accounting principles, internal controls, and financial reporting matters, including the unaudited interim results[73](index=73&type=chunk) - The Audit Committee has adopted terms of reference compliant with Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code[73](index=73&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) As of June 30, 2025, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities - As of June 30, 2025, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities[74](index=74&type=chunk) [Corporate Governance Code](index=25&type=section&id=Corporate%20Governance%20Code) For the period from January 1, 2025, to June 30, 2025, the company complied with the principles and code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules - The company complied with the principles and code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules during the reporting period[75](index=75&type=chunk) [Standard Code for Securities Transactions](index=25&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, applying it to directors and employees who may possess unpublished inside information, with all directors confirming compliance during the reporting period and no instances of non-compliance by employees identified - The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules[76](index=76&type=chunk) - All directors have confirmed continuous compliance with the Standard Code during the reporting period, and the company found no instances of non-compliance by employees[76](index=76&type=chunk) [Publication of Interim Results and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The electronic version of this interim results announcement has been published on the company's, Hong Kong Stock Exchange's, and Singapore Exchange's websites, with the interim report containing all information required by Appendix D2 of the Listing Rules to be issued to shareholders and posted on the aforementioned websites in due course - The electronic version of this interim results announcement has been published on the websites of the company, the Hong Kong Stock Exchange, and the Singapore Exchange[77](index=77&type=chunk) - The interim report, containing all information required by Appendix D2 of the Listing Rules, will be issued to shareholders and posted on the aforementioned websites in due course[77](index=77&type=chunk) [Board Information](index=26&type=section&id=Board%20Information) As of the announcement date, the Board of Directors comprises **2 executive directors**, **3 non-executive directors**, and **5 independent non-executive directors** - As of the announcement date, the Board of Directors includes **2 executive directors**, **3 non-executive directors**, and **5 independent non-executive directors**[79](index=79&type=chunk)

Group 1 - MI Energy (01555.HK) announced a board meeting scheduled for August 13, 2025, to consider and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also discuss the proposed interim dividend, if any, and other matters [1]

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7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8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 10 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MIE HOLDINGS CORPORATION MI能 源 控 股 有 限 公 司 董事會會議召開日期 MI 能 源 控 股 有 限 公 司（「本 公 司」及 其 附 屬 公 司「本 集 團」）董 事 會（「董 事 會」）兹 通 告謹定於二零二五年八月十三日（ 星期三 ）舉行董事會會議，以考慮及通過本集團 截至二零二五年六月三十日止六個月的中期業績，建議之中期股息（ 如有 ），以及 處理其他事項。 承董事會命 MI能源控股有限公司 執行董事 趙江巍先生 香港，二零二五年八月一日 於本公告日期，董事會包括(1)執行董事趙江巍先生及黃耀驅先生；(2)非執行董事 張瑞霖先生、韓燁先生及閆瑞冰先生；及(3)獨立非執行董事梅建平先生、廖英順 先生、楊日泉先生、彭萍女士及艾民先生。 （於開曼群島註冊成立的有限公司） （股份代號：1555） ...

Company Overview - MI Energy Holdings Limited (MIE) is one of China's major independent upstream oil companies, focusing on the exploration and development of oil and gas [2] - The company was listed on the Hong Kong Stock Exchange in December 2010, with the stock code 1555.HK [2] - MIE is headquartered in Hong Kong and primarily engages in the exploration, development, production, and sale of oil, gas, and other petroleum products [2] - MIE holds a 100% participating interest and responsibility under the product-sharing contract for the Da'an oilfield, which is located in Jilin Province, China, and is MIE's highest-producing oilfield in the country [2] Financial Performance - As of December 31, 2024, MI Energy reported total operating revenue of 898 million yuan, a year-on-year decrease of 13.36% [1] - The company recorded a net profit attributable to shareholders of -329 million yuan, representing a year-on-year decrease of 108.82% [1] - The gross profit margin stood at 76.21%, while the debt-to-asset ratio was 264.22% [1] Market Performance - As of July 30, the stock price of MI Energy was 0.044 HKD per share, reflecting an increase of 12.82% with a trading volume of 44.84 million shares and a turnover of 1.959 million HKD [1] - Over the past month, MI Energy has seen a cumulative increase of 11.43%, and since the beginning of the year, the stock has risen by 69.57%, outperforming the Hang Seng Index's increase of 27.24% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the oil and gas industry (TTM) is -1.18 times, with a median of 1.45 times [1] - MI Energy's P/E ratio is -0.37 times, ranking 44th in the industry [1] - Comparatively, other companies in the sector have P/E ratios such as Zhujiang Steel Pipe at 1.41 times, Energy International Investment at 1.45 times, CGII Holdings at 4.19 times, CITIC Resources at 5.76 times, and China National Offshore Oil Corporation at 6.09 times [1]

油气股午后拉升，截至发稿，山东墨龙（002490）(00568)涨16.83%，报4.72港元；MI能源(01555)涨 12.82%，报0.044港元；百勤油服(02178)涨10%，报0.077港元；吉星新能源(03395)涨5.56%，报0.475港 元。 华泰期货指出，在特朗普宣布缩短俄乌停火观察期后，油价走高，该行认为这对于特朗普又是一个两难 问题，为了俄乌停火需要制裁俄罗斯，但又将导致油价上涨通胀飙升，不排除又是一个TACO交易，当 前原油基本面虽然较为坚挺，但8月开始将逐步转为需求淡季，基本面并不支持油价走高。 消息面上，据报道，特朗普称对俄罗斯设定10-12天的新截止日期，若没有达成协议，将对俄罗斯石油 实施二级制裁。受此影响，隔夜国际油价显著走高，WTI原油期货收涨3.75%，报69.21美元/桶。布伦特 原油期货收涨3.53%，报72.51美元/桶。 ...

Core Viewpoint - Oil and gas stocks experienced a significant rise in the afternoon trading session, influenced by geopolitical developments regarding Russia and oil sanctions [1] Group 1: Stock Performance - Shandong Molong (00568) increased by 16.83%, trading at 4.72 HKD [1] - MI Energy (01555) rose by 12.82%, trading at 0.044 HKD [1] - Baikin Oilfield Services (02178) saw a 10% increase, trading at 0.077 HKD [1] - Jixing New Energy (03395) gained 5.56%, trading at 0.475 HKD [1] Group 2: Oil Price Movement - International oil prices surged significantly overnight, with WTI crude oil futures rising by 3.75% to 69.21 USD per barrel [1] - Brent crude oil futures increased by 3.53%, reaching 72.51 USD per barrel [1] Group 3: Geopolitical Context - Trump set a new deadline of 10-12 days for Russia to reach an agreement, threatening secondary sanctions on Russian oil if not met [1] - Huatai Futures noted that while the oil market fundamentals are currently strong, a shift to a demand lull is expected starting in August, which may not support higher oil prices [1]