Core Viewpoint - The company reported an increase in revenue for the first half of 2025, alongside a decrease in gross profit and a reduction in losses attributable to equity shareholders [1]. Financial Performance - Revenue increased by approximately RMB 463 million to around RMB 1.14 billion [1] - Gross profit decreased by approximately RMB 2.9 million to around RMB 24.8 million [1] - Loss attributable to equity shareholders decreased by approximately RMB 600,000 to around RMB 2.7 million [1] Sales Volume - Liquefied petroleum gas sales volume increased by approximately 102.4 thousand tons to around 228.6 thousand tons [1] - Liquefied natural gas sales volume increased by approximately 1.3 thousand tons to around 2.3 thousand tons [1] - Compressed natural gas sales volume decreased by approximately 2.4 million cubic meters to around 20.2 million cubic meters [1]

Group 1 - The company reported a revenue of 1.14 billion, representing a year-on-year increase of 68.29% [1] - The loss attributable to equity holders was 2.66 million, a decrease of 19% compared to the previous year [1] - The loss per share was 0.02 [1] Group 2 - The increase in revenue was primarily due to a rise in liquefied petroleum gas sales volume during the period [1]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The Group's unaudited interim results for the six months ended June 30, 2025, show increased LPG and LNG sales and revenue, a decrease in CNG sales, a significant rise in total revenue, and a reduction in gross profit and period loss Key Operating and Financial Indicators for H1 2025 | Indicator | Six Months Ended June 30, 2025 (Approx.) | Six Months Ended June 30, 2024 (Approx.) | Change | Original Reference | |---|---|---|---|---| Changes in Key Product Sales Volume | Product | Sales Volume for Six Months Ended June 30, 2025 | Sales Volume for Six Months Ended June 30, 2024 | Change | Original Reference | |---|---|---|---|---| [Financial Statements](index=2&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, Group revenue significantly increased to RMB1,140.3 million, while gross profit slightly decreased; both loss for the period and loss attributable to equity holders narrowed, with basic and diluted loss per share remaining at RMB0.02 Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (RMB '000) | Six Months Ended June 30, 2024 (RMB '000) | Change | |---|---|---|---| - Total loss for the period expanded to **RMB5,069 thousand** from **RMB3,257 thousand** in the prior period, primarily due to exchange differences[8](index=8&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and current liabilities both increased, leading to a slight decrease in net current assets; property, plant and equipment and right-of-use assets within non-current assets grew, while interest-bearing borrowings significantly increased, impacting the capital structure Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | |---|---|---|---| - Pledged and restricted deposits increased from **RMB615,000 thousand** as of December 31, 2024, to **RMB815,000 thousand** as of June 30, 2025[10](index=10&type=chunk) - Interest-bearing borrowings increased from **RMB720,000 thousand** as of December 31, 2024, to **RMB960,000 thousand** as of June 30, 2025[10](index=10&type=chunk) [Notes to the Unaudited Interim Financial Report](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [Principal Accounting Policies](index=6&type=section&id=Principal%20Accounting%20Policies) This condensed interim financial information is prepared in accordance with HKEX Listing Rules and IAS 34, reviewed by the audit committee, with consistent accounting policies and no material impact from new/revised IFRS - The condensed interim financial information is unaudited but has been reviewed by the audit committee[14](index=14&type=chunk) - Current period accounting policies are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024, with no material impact from new/revised IFRS on current period results or financial position[15](index=15&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group operates in two main segments, retail and wholesale, with primary revenue from LPG, CNG, and LNG sales in China; as of June 30, 2025, wholesale accounted for 95.3% of total revenue, and retail for 4.7% - The Group has two reportable segments: retail, primarily selling to end-users and industrial customers via gas stations, and wholesale, primarily selling to gas wholesalers[18](index=18&type=chunk) Segment Revenue Comparison | Segment | Revenue for Six Months Ended June 30, 2025 (RMB '000) | Revenue for Six Months Ended June 30, 2024 (RMB '000) | Change | |---|---|---|---| - For the six months ended June 30, 2025, and 2024, no single external customer accounted for **10% or more** of the Group's revenue[22](index=22&type=chunk) [Net Other Income](index=10&type=section&id=Net%20Other%20Income) For the six months ended June 30, 2025, the Group's net other income increased to RMB10.0 million, primarily due to higher interest and investment income, and significant growth in operating lease rental income Net Other Income Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change | |---|---|---|---| - Interest income increased from **RMB6,903 thousand** in 2024 to **RMB7,181 thousand** in 2025[26](index=26&type=chunk) - New investment income of **RMB912 thousand** and net income from disposal of a subsidiary of **RMB597 thousand** were recorded[26](index=26&type=chunk) [Loss Before Tax](index=11&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax slightly narrowed to RMB3.3 million from RMB3.5 million in the prior period, with increased finance costs, staff costs, and other operating expenses, while depreciation and short-term lease expenses decreased Components of Loss Before Tax | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change | |---|---|---|---| - Finance costs increased to **RMB5,410 thousand**, primarily due to higher bank loan interest[27](index=27&type=chunk) - Staff costs increased to **RMB15,118 thousand**, mainly due to higher severance payments[28](index=28&type=chunk) - Depreciation expense decreased to **RMB5,251 thousand**, primarily because some assets were fully depreciated[30](index=30&type=chunk) - Other operating expenses increased to **RMB11,419 thousand**, mainly due to losses from disposal of property, plant and equipment[31](index=31&type=chunk) [Taxation](index=12&type=section&id=Taxation) For the six months ended June 30, 2025, the Group's income tax expense decreased to RMB0.3 million from RMB0.4 million in the prior period, mainly due to the generation of deferred tax and reversal of temporary differences Income Tax Expense Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change | |---|---|---|---| - Subsidiaries in China (excluding Hong Kong) are subject to enterprise income tax at a rate of **25%**[37](index=37&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share remained at RMB0.02, consistent with the prior period, with no potential dilutive shares issued in current or prior periods Loss Per Share Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | |---|---|---|---| - The weighted average number of ordinary shares remained unchanged at **216,000,000 shares** for both periods[33](index=33&type=chunk) - No potential dilutive shares were issued for the six months ended June 30, 2025, and 2024[34](index=34&type=chunk) [Property, Plant and Equipment and Right-of-Use Assets](index=13&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) For the six months ended June 30, 2025, there were no additions to right-of-use assets, while property, plant and equipment increased by approximately RMB0.01 million, and disposals of property, plant and equipment with a net book value of approximately RMB1.0 million resulted in a disposal loss of approximately RMB1.0 million - There were no additions to right-of-use assets in the first half of 2025[35](index=35&type=chunk) - Additions to property, plant and equipment amounted to approximately **RMB0.01 million** (2024: approximately RMB0.3 million)[36](index=36&type=chunk) - Losses from disposal of property, plant and equipment amounted to approximately **RMB1.0 million** (2024: approximately RMB0.1 million)[36](index=36&type=chunk) [Trade and Other Receivables](index=14&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables increased to RMB195.1 million from RMB158.1 million as of December 31, 2024, with growth in amounts due from third parties and joint ventures, and a significant increase in receivables over 12 months Trade and Other Receivables Details | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | |---|---|---|---| Ageing Analysis of Trade and Other Receivables | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | |---|---|---|---| - No trade and other receivables are expected to be recovered after **12 months**[38](index=38&type=chunk) [Trade and Other Payables](index=15&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to RMB8.6 million from RMB7.3 million as of December 31, 2024, primarily unsecured, interest-free, with credit terms ranging from 30 to 90 days Trade and Other Payables Details | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | |---|---|---|---| Ageing Analysis of Trade and Other Payables | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | |---|---|---|---| - Trade and other payables have credit terms ranging from **30 to 90 days**[40](index=40&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: **RMB nil**)[42](index=42&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Review](index=16&type=section&id=Industry%20Review) In H1 2025, China's GDP grew by 5.3% amid a complex global economy, with increasing clean energy share; LPG prices fluctuated, but the Group saw strong LPG sales and revenue growth, while the natural gas market faced oversupply, impacting CNG but boosting LNG - In H1 2025, China's GDP grew by **5.3%** year-on-year, with an increasing share of clean energy in the energy market[43](index=43&type=chunk) - LPG market prices showed a 'rise first, then fall' trend, with loose supply and lower-than-expected demand, yet the Group's LPG sales volume and revenue increased by **81.1%** and **81.5%** year-on-year, respectively[44](index=44&type=chunk) - The natural gas market experienced oversupply due to a warm winter, with consumption slightly down by **0.42%** year-on-year; the Group's CNG sales and revenue decreased, while LNG sales and revenue increased[45](index=45&type=chunk) [Business Review](index=17&type=section&id=Business%20Review) As a comprehensive LPG and natural gas supplier in China, operating in Guangdong, Henan, and Hebei, the Group saw significant LPG revenue growth, a decline in CNG revenue due to policy adjustments, and an increase in LNG revenue, operating 19 gas stations and 3 petrol stations as of June 30, 2025 [LPG Business](index=17&type=section&id=LPG%20Business) The Group's LPG business has a complete industry chain, including self-owned terminals and storage facilities, procurement from domestic petrochemical refineries, and third-party logistics; for the six months ended June 30, 2025, LPG sales revenue was approximately RMB1,056.3 million, an increase of approximately RMB474.1 million year-on-year, driven by higher sales volume - The Group owns **1 LPG terminal** with storage facilities and **3 LPG civil stations** in Jiangmen City, Guangdong Province[48](index=48&type=chunk) - LPG sales revenue was approximately **RMB1,056.3 million**, an increase of approximately **RMB474.1 million** compared to the same period in 2024[50](index=50&type=chunk) [CNG Business](index=18&type=section&id=CNG%20Business) The Group operates 12 CNG vehicle gas stations, 1 LNG-CNG vehicle gas station, and 3 CNG mother stations in Henan Province; for the six months ended June 30, 2025, CNG sales revenue was approximately RMB68.1 million, a decrease of approximately RMB14.4 million year-on-year, primarily due to reduced sales volume from energy policy adjustments - The Group operates **12 CNG vehicle gas stations**, **1 LNG-CNG vehicle gas station**, and **3 CNG mother stations** in Henan Province[51](index=51&type=chunk) - CNG sales revenue was approximately **RMB68.1 million**, a decrease of approximately **RMB14.4 million** compared to the same period in 2024[52](index=52&type=chunk) [LNG Business](index=18&type=section&id=LNG%20Business) The Group operates one LNG-CNG vehicle gas station in Henan Province, benefiting from rapid development in the policy-supported LNG market; for the six months ended June 30, 2025, LNG sales revenue was approximately RMB10.8 million, an increase of approximately RMB5.9 million year-on-year, primarily due to higher sales volume - The Group operates **1 LNG-CNG vehicle gas station** in Henan Province[53](index=53&type=chunk) - LNG sales revenue was approximately **RMB10.8 million**, an increase of approximately **RMB5.9 million** compared to the same period in 2024[54](index=54&type=chunk) [Overall Business](index=19&type=section&id=Overall%20Business) For the six months ended June 30, 2025, the Group's total revenue was approximately RMB1,140.3 million, an increase of approximately RMB462.7 million year-on-year, primarily driven by increased LPG sales; the Group operates a total of 22 stations, including 19 gas stations and 3 petrol stations, mainly in Guangdong and Henan provinces - Total Group revenue was approximately **RMB1,140.3 million**, an increase of approximately **RMB462.7 million** compared to the same period in 2024[55](index=55&type=chunk) Number of Operating Stations | Station Type | June 30, 2025 | December 31, 2024 | |---|---|---| Sales Volume and Revenue by Product Mix | Product | H1 2025 Sales Volume | H1 2025 Revenue (RMB '000) | H1 2024 Sales Volume | H1 2024 Revenue (RMB '000) | |---|---|---|---|---| [Outlook and Prospects](index=22&type=section&id=Outlook%20and%20Prospects) For H2 2025, the domestic LPG market is expected to remain loosely supplied with seasonal demand recovery, but overall oversupply; the natural gas market anticipates steady demand growth, especially in residential, commercial, and transportation sectors, driven by policy support, as the Group focuses on core business, customer service, safety, and innovation for sustainable development - In H2 2025, the LPG market is expected to have loose supply and demand, with seasonal demand recovery, but overall oversupply is anticipated[62](index=62&type=chunk)[63](index=63&type=chunk) - Driven by policy, the natural gas market is projected to maintain steady demand and consumption growth in Q3 and Q4 2025, particularly in residential, commercial, and transportation sectors[64](index=64&type=chunk) - The Group will continue to deepen its core LPG and natural gas businesses, enhance customer service, build a comprehensive risk management system, and drive industrial upgrading through technological innovation[65](index=65&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This section reviews the Group's H1 2025 financial performance, noting significant revenue growth from increased LPG sales, but reduced gross profit due to lower CNG sales, with increases in other income, staff costs, other operating expenses, and finance costs, offset by decreases in depreciation and income tax expense, resulting in a narrowed loss for the period [Revenue](index=23&type=section&id=Revenue) For the six months ended June 30, 2025, Group revenue was approximately RMB1,140.3 million, an increase of approximately RMB462.7 million from RMB677.6 million in the prior period, primarily due to increased LPG sales volume Revenue from Contracts with Customers by Product | Product | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | Change | |---|---|---|---| - LPG revenue increased from **RMB582,195 thousand** in 2024 to **RMB1,056,288 thousand** in 2025, representing a growth of approximately **81.4%**[67](index=67&type=chunk) [Cost of Sales and Gross Profit](index=23&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Group cost of sales increased to RMB1,115.5 million, mainly due to higher LPG procurement, while gross profit decreased by approximately RMB2.9 million to RMB24.8 million, primarily due to lower sales of higher-margin vehicle CNG - Cost of sales increased by approximately **RMB465.6 million** from approximately **RMB649.9 million** in the prior period of 2024 to approximately **RMB1,115.5 million** in the current period[68](index=68&type=chunk) - Gross profit was approximately **RMB24.8 million**, a decrease of approximately **RMB2.9 million** from approximately **RMB27.7 million** in the prior period of 2024[69](index=69&type=chunk) [Other Income](index=24&type=section&id=Other%20Income) Group other income increased to approximately RMB10.0 million, an increase of approximately RMB3.3 million from the prior period, primarily due to higher interest income - Other income was approximately **RMB10.0 million**, an increase of approximately **RMB3.3 million** compared to the same period in 2024[70](index=70&type=chunk) [Staff Costs](index=24&type=section&id=Staff%20Costs) Staff costs increased to approximately RMB15.1 million, an increase of approximately RMB0.4 million from the prior period, mainly due to higher severance payments from staff reductions - Staff costs were approximately **RMB15.1 million**, an increase of approximately **RMB0.4 million** compared to the same period in 2024[71](index=71&type=chunk) [Depreciation](index=24&type=section&id=Depreciation) Depreciation expense decreased by approximately RMB0.4 million to approximately RMB5.3 million, primarily because some assets were fully depreciated - Depreciation was approximately **RMB5.3 million**, a decrease of approximately **RMB0.4 million** compared to the same period in 2024[72](index=72&type=chunk) [Short-Term Lease Expenses](index=24&type=section&id=Short-Term%20Lease%20Expenses) Short-term lease expenses were approximately RMB0.2 million, remaining largely consistent with the prior period - Short-term lease expenses were approximately **RMB0.2 million**, largely consistent with the same period in 2024[73](index=73&type=chunk) [Other Operating Expenses](index=24&type=section&id=Other%20Operating%20Expenses) Other operating expenses increased to approximately RMB11.4 million, an increase of approximately RMB0.6 million from the prior period, primarily due to losses from disposal of property, plant and equipment - Other operating expenses were approximately **RMB11.4 million**, an increase of approximately **RMB0.6 million** compared to the same period in 2024[74](index=74&type=chunk) [Finance Costs](index=25&type=section&id=Finance%20Costs) Finance costs increased to approximately RMB5.4 million, an increase of approximately RMB0.4 million from the prior period, primarily due to higher bank loan interest rates - Finance costs were approximately **RMB5.4 million**, an increase of approximately **RMB0.4 million** compared to the same period in 2024[75](index=75&type=chunk) [Loss Before Tax](index=25&type=section&id=Loss%20Before%20Tax) Loss before tax was approximately RMB3.3 million, a slight narrowing from approximately RMB3.5 million in the prior period - Loss before tax was approximately **RMB3.3 million**, compared to approximately **RMB3.5 million** in the same period of 2024[76](index=76&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) Income tax expense was approximately RMB0.3 million, a decrease of approximately RMB0.1 million from approximately RMB0.4 million in the prior period - Income tax expense was approximately **RMB0.3 million**, a decrease of approximately **RMB0.1 million** compared to the same period in 2024[77](index=77&type=chunk) [Loss for the Period](index=25&type=section&id=Loss%20for%20the%20Period) Loss for the period was approximately RMB3.6 million, a narrowing from approximately RMB3.8 million in the prior period - Loss for the period was approximately **RMB3.6 million**, compared to approximately **RMB3.8 million** in the same period of 2024[78](index=78&type=chunk) [Financial Position](index=25&type=section&id=Financial%20Position) The Group's financial position remains stable, with significant growth in total assets and ample cash and bank balances; increased interest-bearing borrowings led to a higher gearing ratio, reflecting increased leverage [Liquidity, Financial Resources and Capital Structure](index=25&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's total assets were approximately RMB1,378.4 million, an increase of approximately RMB238.8 million from December 31, 2024; the Group held approximately RMB815.0 million in pledged and restricted deposits and approximately RMB136.6 million in cash and bank balances - Total assets were approximately **RMB1,378.4 million**, an increase of approximately **RMB238.8 million** from December 31, 2024[79](index=79&type=chunk) - Pledged and restricted deposits were approximately **RMB815.0 million**, and cash and bank balances were approximately **RMB136.6 million**[79](index=79&type=chunk) [Capital Expenditure](index=26&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's capital expenditure primarily involved payments for the acquisition of property, plant and equipment of approximately RMB nil - Capital expenditure for the period primarily involved payments for the acquisition of property, plant and equipment of approximately **RMB nil**[80](index=80&type=chunk) [Interest-Bearing Borrowings](index=26&type=section&id=Interest-Bearing%20Borrowings) As of June 30, 2025, the Group's interest-bearing borrowings significantly increased to RMB960.0 million from RMB720.0 million as of December 31, 2024 Overview of Interest-Bearing Borrowings | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change | |---|---|---|---| [Gearing Ratio](index=26&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio increased to approximately 72.2% from approximately 65.9% as of December 31, 2024, primarily due to increased interest-bearing borrowings - The gearing ratio was approximately **72.2%** (December 31, 2024: approximately 65.9%), with the increase primarily due to higher interest-bearing borrowings[83](index=83&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 399 employees, a decrease from 420 in the prior period; the remuneration policy aligns with market practices, valuing employee contributions, and includes regular safety and skills training for professional growth - As of June 30, 2025, the Group had a total of **399 employees** (including staff from joint venture Jiangmen Xinjiang Gas), a decrease from **420** as of June 30, 2024[84](index=84&type=chunk) - The remuneration policy aligns with market practices, determined by employee performance, qualifications, and experience, with an emphasis on employee training and development[84](index=84&type=chunk) [Use of Proceeds from Listing](index=27&type=section&id=Use%20of%20Proceeds%20from%20Listing) As of June 30, 2025, the Group utilized approximately HKD70.9 million (approximately 58.9% of net proceeds) for new CNG mother stations, gas stations, and general working capital; the remaining HKD49.4 million is expected to be used by end-2026 for acquiring LPG civil station operating rights, enhancing logistics and storage, and purchasing additional fleet Overview of Use of Proceeds from Listing | Intended Use of Proceeds | Original Allocation (HKD million) | Revised Allocation (HKD million) | Utilized as of June 30, 2025 (HKD million) | Remaining Balance as of June 30, 2025 (HKD million) | Expected Timeline for Full Utilization | |---|---|---|---|---|---| - As of June 30, 2025, approximately **HKD70.9 million** has been utilized, representing approximately **58.9%** of the net proceeds from listing[85](index=85&type=chunk) - The remaining proceeds of approximately **HKD49.4 million** are expected to be utilized by the end of **2026**[85](index=85&type=chunk)[88](index=88&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) [Material Investments and Future Plans for Material Investments and Capital Assets](index=29&type=section&id=Material%20Investments%20and%20Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group held approximately RMB24.3 million in unlisted equity securities, with no other definite future plans for material investments and capital assets beyond those mentioned in the use of listing proceeds - As of June 30, 2025, the Group held approximately **RMB24.3 million** in unlisted equity securities[89](index=89&type=chunk) - Other than the plans mentioned in the use of proceeds from listing, the Group has no other definite future plans for material investments and capital assets[89](index=89&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates or Joint Ventures](index=29&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20or%20Joint%20Ventures) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[90](index=90&type=chunk) [Contingent Liabilities](index=29&type=section&id=Contingent%20Liabilities) Two debt dispute claims against the Group (Claim 1: maximum risk RMB69.35 million; Claim 2: maximum risk RMB14.05 million) have been concluded, with courts ruling that the Group's subsidiary is not liable, thus no provision is required as of June 30, 2025 - Claim 1 (maximum risk approximately **RMB69,350,000**) has concluded, with the Higher People's Court rejecting the plaintiff's retrial application, and the subsidiary is not liable[91](index=91&type=chunk) - Claim 2 (maximum risk approximately **RMB14,053,937**) has concluded, with the court ruling the subsidiary not liable, and the plaintiff's appeal period has expired[92](index=92&type=chunk) - As of June 30, 2025, no provision has been made[93](index=93&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, pledged and restricted deposits of RMB815.0 million were pledged as security for the Group's bank loans, an increase from RMB615.0 million in 2024 - As of June 30, 2025, **RMB815,000,000** in pledged and restricted deposits were pledged as security for the Group's bank loans (2024: RMB615,000,000)[94](index=94&type=chunk) [Tax Relief and Exemptions](index=30&type=section&id=Tax%20Relief%20and%20Exemptions) The Company is unaware of any tax relief or exemptions available to shareholders by virtue of holding shares in the Company - The Company is unaware of any tax relief or exemptions available to shareholders by virtue of holding shares in the Company[95](index=95&type=chunk) [Compliance with Corporate Governance Code](index=30&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Board values corporate governance and has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, believing the Company complied with its provisions for the six months ended June 30, 2025 - The Company has consistently adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[97](index=97&type=chunk) - The Board believes the Company has complied with the code provisions of the Corporate Governance Code for the six months ended June 30, 2025[97](index=97&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=30&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has established a code of conduct for directors' securities transactions, no less stringent than the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance for the six months ended June 30, 2025 - The Company has adopted a code of conduct for directors' securities transactions, with terms no less stringent than the Model Code set out in Appendix C3 of the Listing Rules[98](index=98&type=chunk) - All directors have confirmed compliance with the code for securities transactions for the six months ended June 30, 2025[98](index=98&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of 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 any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[99](index=99&type=chunk) [Dividends](index=31&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[100](index=100&type=chunk) [Public Float](index=31&type=section&id=Public%20Float) As of the date of this announcement, the Company has maintained the prescribed public float percentage under the Listing Rules - As of the date of this announcement, the Company has maintained the prescribed public float percentage under the Listing Rules[101](index=101&type=chunk) [Publication of Interim Results and Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement is published on the HKEX and Company websites; the interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders and/or published on the aforementioned websites in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.sinogasholdings.com)[102](index=102&type=chunk) - The interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders and/or published on the aforementioned websites in due course[102](index=102&type=chunk)

Core Points - On August 18, 2025, China Oil Clean Energy Holdings (01759.HK) subsidiary Guangzhou China Oil Clean Energy Logistics Co., Ltd. received a fine for failing to properly create hazardous goods waybills [1][3] - The fine amounted to 2000 RMB, and the company has a history of multiple violations including improper waybill creation and unauthorized gas sales [3][4] Company Overview - Guangzhou China Oil Clean Energy Logistics Co., Ltd. was established in 2013 with a registered capital of 10 million RMB and is wholly owned by Guangzhou China Oil Clean Energy Gas Chain Co., Ltd., which is a subsidiary of China Oil Clean Energy Holdings [4][6] - The company operates as a comprehensive supplier of liquefied petroleum gas and natural gas, engaging in sales, operation of gas stations, and wholesale activities [6]

Core Viewpoint - China National Petroleum Corporation Clean Energy Holdings (01759.HK) plans to hold a board meeting on August 29, 2025, to consider and approve its interim results for the six months ending June 30, 2025, and to discuss the distribution of an interim dividend, if any, along with other matters [1] Related Events - China National Petroleum Corporation Clean Energy Holdings (01759.HK) reported an annual revenue increase of approximately 16.2%, reaching about 1.634 billion [1]

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。 SINO GAS HOLDINGS GROUP LIMITED 姬光先生 （主席） 姬玲女士 （副主席及行政總裁） 周楓先生 獨立非執行董事： 盛宇宏先生 王忠華先生 鄭健鵬博士 中 油 潔 能 控 股 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） (股份代號：1 7 5 9 ) 董事會召開日期 中 油潔 能 控股 集團 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 二十 九 日( 星 期五 ) 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的六個月中期業績，及派發中期股 息(如有)，以及處理其他事項。 承董事會命 中油潔能控股集團有限公司 主席 姬光先生 香港，二零二五年八月十九日 於本公告日期，本公司董事為： 執行董事： ...

致：香港交易及結算所有限公司 公司名稱: 中油潔能控股集團有限公司 呈交日期: 2025年8月6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) | 01759 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 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 本月底法定/註冊股本總額： HKD 20,0 ...

Summary of Key Points Core Viewpoint - As of June 19, a total of 42 stocks reached their 52-week highs, with notable performances from Zhongyou Clean Energy Holdings (01759), Jixing New Energy (03395), and Chuanglian Holdings (02371) [1] 52-Week Highs - Zhongyou Clean Energy Holdings (01759) achieved a closing price of 2.650, with a peak price of 3.000, marking a high rate of 130.77% - Jixing New Energy (03395) closed at 1.050, reaching a maximum of 1.680, reflecting an 88.76% increase - Chuanglian Holdings (02371) closed at 0.035, with a high of 0.049, indicating a 25.64% rise [1] 52-Week Lows - XI Er Nan CO (07311) recorded a closing price of 16.960, with a low of 16.310, showing a decrease of 26.66% - Zhengli Holdings (03728) closed at 0.027, reaching a low of 0.022, reflecting a decline of 15.38% - Dimi Life Holdings (01667) maintained a closing price of 0.117, with a low of 0.117, indicating an 8.59% drop [2]

Core Viewpoint - The recent surge in oil and gas stocks is primarily driven by escalating tensions in the Middle East, particularly the conflict between Israel and Iran, which has raised concerns about potential disruptions in oil supply [2][5]. Group 1: Market Reactions - On June 19, A-share oil and gas stocks experienced significant gains, with companies like Shouhua Gas, Tongyuan Petroleum, and Blue Flame Holdings hitting the daily limit or rising over 10% [1][4]. - In the Hong Kong market, low-priced oil and gas stocks also saw a resurgence, with China Oilfield Services rising over 125% at one point [5]. Group 2: Geopolitical Factors - The ongoing conflict between Israel and Iran has led to fears of oil supply interruptions, contributing to a sharp increase in international crude oil prices [2][5]. - On June 19, Iran launched a new wave of missile attacks against Israel, using over 20 missiles, which has further escalated tensions in the region [2][12]. Group 3: Oil Supply and Market Outlook - According to the International Energy Agency (IEA), Iran's current production of crude oil, condensate, and natural gas liquids is approximately 4.8 million barrels per day, with exports averaging around 1.7 million barrels per day this year [5]. - Concerns about potential sanctions on Iranian oil and the possibility of the Strait of Hormuz being closed, which accounts for about 25% of global oil shipping traffic, are expected to keep oil prices volatile and on an upward trend [5].

Group 1 - The core viewpoint is that low-priced oil and gas stocks in the Hong Kong market are experiencing significant activity, with notable price increases for several companies [1] Group 2 - CNOOC Energy Holdings has seen its stock price rise over 125% [1] - Jixing New Energy has experienced a stock price increase of over 80% [1] - Baikin Oil Services has recorded an 18% rise in its stock price [1]