Financial Performance - The Group recorded a significant revenue increase of 59%, amounting to HK$3,169,836,000 for the year ended December 31, 2019, compared to approximately HK$1,992,052,000 in 2018[13]. - Gross profit increased by 44% to approximately HK$32,641,000, up from approximately HK$22,685,000 in the previous year[13]. - The Group reported a net loss of approximately HK$219,323,000, compared to a net profit of approximately HK$23,613,000 in the corresponding period last year[26]. - The total comprehensive expense for the year amounted to approximately HK$231,772,000, compared to a total comprehensive income of approximately HK$20,988,000 in 2018[46]. - The significant loss was primarily due to a full impairment loss of exploration and evaluation assets related to the Mongolian Mining Project amounting to approximately HK$210,367,000[26]. - The absence of a write-back of tax provision in the PRC this year contributed to the financial loss, with the previous year recording a write-back of approximately HK$19,360,000[26]. - The finance costs related to the Group's investment in CNNC Leasing and trading facilities amounted to approximately HK$17,365,000 this year[26]. - Other income and gains increased to approximately HK$7,656,000 from HK$2,464,000 in 2018, primarily from overdue charges and interest income[36]. Investment and Strategic Initiatives - The Group successfully completed an investment of 18.45% interest in CNNC Financial Leasing Limited in February 2019, becoming an associate and sharing 18.45% of its profit or loss after tax starting September 2019[12]. - The stable development of CNNC Leasing is expected to provide stable cash flow and substantial returns, with an annual distribution of not less than 90% of its profit[18]. - The Group completed its investment in an 18.45% interest in CNNC Leasing, which is expected to develop into a promising business[51]. - The Group plans to adjust its strategy to focus on the continued development of its natural uranium trading business and seek high-quality uranium resources projects[17]. - The Group's trading activities have diversified to include other products such as dispersed metal products[25]. Legal and Regulatory Challenges - The Group is actively seeking satisfactory solutions regarding the Mongolian court's refusal to discuss the application for a mining license[19]. - The Group remains proactive in negotiations with Mongolian government officials to resolve the ongoing legal proceedings[19]. - The Mongolian court's decision on the application was based on the expiration of exploration licenses, and the Group plans to appeal this decision[31]. - The Group filed a lawsuit regarding the Mongolian Mining Project in January 2020, and despite an unfavorable first hearing, management remains optimistic about a satisfactory resolution[57][62]. Operational and Employee Insights - As of December 31, 2019, the Group employed 22 full-time employees, with total staff costs amounting to approximately HK$11,746,000, an increase from approximately HK$8,181,000 in 2018[60][63]. - The total number of full-time employees increased to 22 in 2019 from 16 in 2018, reflecting a growth of 37.5%[96]. - The Group provides competitive remuneration and benefits to attract and retain talent, with annual salary reviews based on performance[98]. - The Group's remuneration policies are based on employee performance and industry conditions, with discretionary performance bonuses available[61][63]. - The Group emphasizes the importance of employee communication, conducting weekly meetings to exchange ideas and enhance relationships[106]. Corporate Governance - The Company has complied with the Corporate Governance Code, addressing previous deficiencies in board composition and committee requirements[110]. - The Board of Directors consists of six members, including one executive director, two non-executive directors, and three independent non-executive directors, with more than one-third being independent[114]. - The Company has implemented a sound internal control system to safeguard shareholder investments and assets[131]. - The Audit Committee reviewed the Group's interim and annual reports for the year ended December 31, 2019, and assessed the adequacy and effectiveness of the internal control system[149]. - The Company has adopted a code of conduct for securities transactions by directors, ensuring compliance with the required standards[122]. Environmental and Social Responsibility - Total greenhouse gas emissions for the Group were approximately 14.71 tonnes of CO2 equivalent in 2019, up from 12.98 tonnes in 2018, representing an increase of 13.3%[88]. - The Group encourages a paperless office environment to reduce paper usage and promote sustainability[90]. - The Group actively participated in community charity, including donations to support local communities, such as the donation made by the Mongolia office[108]. - The Group's commitment to employee health includes annual medical checks and safety equipment provision[102]. - There were no work-related casualties reported during the reporting period, indicating effective health and safety measures[103]. Financial Position and Risk Management - As of December 31, 2019, the Group had bank borrowings of approximately HK$538,774,000, compared to nil in 2018[190]. - The Group's liquidity position, operating capital requirements, and future expansion plans are considered when making dividend decisions[170]. - The risk management system of the Group covers all business segments to monitor, assess, and manage various risks[187]. - The fluctuation of lending interest rates could substantially affect the Group's finance costs[190]. - The Group's variable-rate borrowings carry interest rates ranging from 2.55% to 5.01% per annum[190].

Revenue and Profitability - The Group recorded a substantial increase in revenue from trading of natural uranium and supply chain business of approximately HK$1,187,537,000, up approximately 65% from HK$717,899,000 in the 2018 Period[15]. - Gross profit increased approximately 143% to HK$15,072,000 from HK$6,205,000 in the 2018 Period, driven by significant revenue growth from trading of electronics products and other products[15]. - Total comprehensive income for the Period was approximately HK$19,949,000, significantly up from HK$5,894,000 in the 2018 Period, including fair value gain on investment in CNNC Leasing[20]. - Profit before taxation increased to HK$2,320,000 from HK$268,000, marking a substantial rise of 765.7%[71]. - Profit attributable to owners of the Company for the period was HK$2,283,000, down from HK$5,246,000 in the prior year, reflecting a decrease of 56.5%[71]. - Total comprehensive income for the period attributable to owners of the Company was HK$19,949,000, compared to HK$5,894,000 in the same period last year, an increase of 238.5%[71]. Expenses and Costs - Net profit for the Period was approximately HK$2,283,000, a decrease from HK$5,246,000 in the 2018 Period, attributed to finance costs incurred for the investment in CNNC Financial Leasing Company Limited and the absence of write-back of tax provision[15]. - Administrative expenses increased approximately 23% to HK$8,144,000 from HK$6,623,000 in the 2018 Period, due to expansion of the administrative office[18]. - Finance costs incurred during the Period were approximately HK$4,574,000, primarily related to the investment in CNNC Leasing[19]. - Selling and distributing expenses slightly decreased to approximately HK$1,141,000 from HK$1,224,000 in the 2018 Period[18]. - "Other income and exchange gains, net" decreased approximately 42% to HK$1,107,000 from HK$1,910,000 in the 2018 Period due to reduced available funds for interest income generation[17]. Investments and Financing - The Group completed its investment of approximately 18.45% of the registered capital of CNNC Leasing during the Period[15]. - The Group successfully obtained bank loans to support its business expansion despite uncertainties from the Sino-US trade war[15]. - The company has entered into a term loan facility of up to HK$300,000,000, repayable over 36 months, with a possible extension to 72 months[35]. - The company raised bank borrowings of HK$396,497,000 during the financing activities, while interest paid was HK$4,574,000[98]. - The proceeds from the new bank borrowings were used to finance investments in equity instruments at FVTOCI and daily operations of the Group[179]. Cash Flow and Liquidity - The Group's net cash outflow was approximately HK$118,598,000 during the Period, mainly due to investments in CNNC Leasing and inventory payments[32]. - The Group's bank balances and cash decreased to approximately HK$59,382,000 as of June 30, 2019, down from HK$177,917,000 at the end of 2018[32]. - Cash and cash equivalents decreased to HK$67,942,000 from HK$103,710,000, a decline of 34.5%[74]. - For the six months ended June 30, 2019, net cash used in operating activities was HK$67,790,000, a decrease from HK$164,112,000 in the same period of 2018[98]. - Net cash used in investing activities amounted to HK$442,731,000, compared to a net cash inflow of HK$1,345,000 in the prior year[98]. Segment Performance - For the six months ended June 30, 2019, the total revenue was HK$1,187,537,000, with segment revenues from trading of mineral property at HK$175,977,000 and supply chain at HK$1,011,560,000[120]. - The segment profit for trading of mineral property was HK$3,093,000, while exploration and selling of mineral properties incurred a loss of HK$2,860,000, and the supply chain segment generated a profit of HK$8,085,000[120]. - Segment revenue for the six months ended June 30, 2019, was HK$717,899,000, compared to HK$486,625,000 for the same period in 2018, representing a 47.5% increase[125]. - Segment profit for the same period was HK$490,000, a significant improvement from a loss of HK$3,327,000 in 2018[125]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the review period[52]. - The Audit Committee, comprising three Independent Non-executive Directors and one Non-executive Director, has reviewed the Group's interim results and accounting practices[57]. - A Remuneration Committee has been established to consider the remuneration of Directors, comprising three Independent Non-executive Directors and two other Directors[62]. - A Nomination Committee has been formed to review the Board structure and identify qualified individuals for Board membership[63]. Foreign Exchange and Risk Management - The group’s income and expenses are mainly denominated in USD, HKD, Mongolian Tugrik, and RMB, with fluctuations in exchange rates potentially affecting operating costs[41]. - The company will consider hedging significant foreign currency exposure should the need arise, as it currently does not have a foreign currency hedging policy[41]. - The company is committed to monitoring foreign exchange exposure to minimize currency translation risk[41]. Other Information - The company does not recommend the payment of an interim dividend for the period, consistent with the previous year[44]. - There were no material acquisitions or disposals of subsidiaries and associated companies during the period, apart from the investment in CNNC Leasing[40]. - The Group's exploration and evaluation assets primarily arose from the acquisition of Western Prospector Group Ltd. in 2009[151]. - The Group is in the process of applying for mining licenses for resources identified in the areas covered by exploration licenses, with no legal obstacles anticipated for the application[157].

Financial Performance - The Group reported a revenue of approximately HK$1,992,052,000 for the year, representing an increase of approximately 206% compared to HK$652,060,000 in 2017[20] - Gross profit for the year was approximately HK$22,685,000, up from approximately HK$14,230,000 in 2017[20] - Net profit for the year increased significantly to approximately HK$23,613,000, compared to approximately HK$257,000 in 2017, due to a tax provision write-back and increased gross profit[20] - Total comprehensive income attributable to owners of the Company rose to approximately HK$20,988,000, compared to approximately HK$3,823,000 in 2017[20] - The Group recorded revenue of approximately HK$1,992,052,000 for the year ended December 31, 2018, representing a substantial increase of approximately 206% compared to HK$652,060,000 in 2017[30] - The net profit for the year was approximately HK$23,613,000, a significant increase from HK$257,000 in the previous year, primarily due to a tax provision write-back and gross profit from trading activities[30] - The Group's gross profit for the year was approximately HK$22,685,000, an increase of approximately 59.4% from HK$14,230,000 in 2017[32] - The total comprehensive income for the year amounted to approximately HK$20,988,000, a substantial increase from HK$3,823,000 in 2017[41] Business Development - The Group commenced trading in electronics products, including liquid crystal displays, flash drives, and memory cards, diversifying its revenue sources[15] - The Group plans to continue developing its trading business in electronics and natural uranium products while considering trading in other products[21] - The Group is negotiating with the Mongolian Government to establish a joint venture for a mining project and is working on obtaining mining licenses[21] - The Group expects satisfactory returns from CNNC Leasing, which has promising business development prospects[21] - The Supply Chain segment was established in July 2018, diversifying trading activities to include electronics products and other goods, contributing to the revenue growth[30] - The Group's income is primarily derived from natural uranium and electronics products trade, with the Somina uranium mine currently suspended and the Mongolian uranium project at the mining license application stage, resulting in no products available in the near future[183] Investment Activities - The Group completed an investment in CNNC Financial Leasing Company Limited, holding approximately 18.45% of the enlarged registered capital[15] - The Group completed its investment in CNNC leasing on February 26, 2019, with management believing it will generate satisfactory returns[183] Operational Efficiency - Selling and distribution expenses increased by approximately 133% to approximately HK$1,982,000, reflecting the substantial increase in business activities[39] - The Group did not record any interest expenses for the year and had no interest-bearing debt as of December 31, 2018[40] - The Group's net current assets increased to approximately HK$337,934,000 as of December 31, 2018, compared to approximately HK$319,282,000 in 2017, while current liabilities decreased to approximately HK$44,073,000 from approximately HK$182,684,000[58][62] - The Group did not have any bank borrowings as of December 31, 2018, maintaining a gearing ratio of approximately 0.07, down from approximately 0.25 in 2017[58][60] - The Group's trade receivables decreased to approximately HK$21,611,000 as of December 31, 2018, from HK$70,005,000 in 2017, with no trade payables reported[58][62] Environmental Impact - Total greenhouse gas emissions for 2018 were approximately 12.98 tonnes, a decrease from 51.60 tonnes in 2017, representing a reduction of 74.83%[77] - The annual emission intensity in 2018 was approximately 0.04 tCO2e/sq.m, down from 0.22 tCO2e/sq.m in 2017, indicating a reduction of 81.82%[80] - Electricity consumption decreased to approximately 17,247 kWh in 2018 from 70,320 kWh in 2017, a reduction of 75.48%[80] - The Group did not use any gasoline for motor vehicles in 2018, compared to 1,050 litres in 2017, indicating a complete elimination of gasoline usage[80] Employee Development - The total number of full-time employees increased to 16 in 2018 from 12 in 2017, representing a growth of 33.33%[87] - Total training hours increased significantly from 182 hours in 2017 to 496 hours in 2018, with an average of 31 hours per employee[99] - The Group provided annual medical checks and safety equipment to employees, ensuring no work-related casualties during the reporting period[96] - The Group's commitment to a safe and healthy working environment includes regular reviews of health and safety procedures[95] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2018[107] - The Board consists of six members, including one executive director, two non-executive directors, and three independent non-executive directors, ensuring diverse professional backgrounds[109] - The internal control and risk management system is designed to provide reasonable assurance against material misstatement in financial statements[129] - The Company has adopted a code of conduct for securities transactions by directors, ensuring compliance with the required standards[118] - The Company emphasizes board diversity, considering factors such as gender, age, and professional experience in board member appointments[158] Risk Management - The Group has established a risk management system covering all business segments to monitor, assess, and manage various risks in its business activities[175] - The Audit Committee and Internal Audit develop a risk-based internal audit plan each year based on the risk profile of each business unit[177] - The Group conducts regular reviews of operational and financial risks reported by each business unit[176] Community Engagement - The Group actively participates in community charity, including donations of tents and furniture to local communities in Mongolia[104] - The Group emphasizes equal opportunities for job advancement and benefits, treating all employees fairly without discrimination[91]