Financial Performance - The Group recorded a gross profit increase of approximately 851% to HK$6,400,000 compared to HK$673,000 in the same period last year[4]. - Revenue decreased significantly by approximately 92% to HK$6,400,000 from HK$76,144,000 in the previous period, primarily due to a substantial drop in trading volume within the uranium trading business[4]. - The Group recorded a net loss of approximately HK$7,731,000 compared to a net profit of approximately HK$8,330,000 in the same period last year[5]. - The significant decrease in revenue was attributed to the rapid surge and volatility in spot uranium prices, leading to heightened transaction risks[4]. - Revenue for the Group was approximately HK$6,400,000, representing a significant decrease of approximately 92% compared to HK$76,144,000 in the corresponding 2023 period[9]. - Gross profit increased by approximately 851% to approximately HK$6,400,000 from HK$673,000 in the 2023 period[9]. - The Group recorded a "Share of result of an associate" of approximately HK$15,596,000, a decrease of approximately 26% compared to HK$21,161,000 in the 2023 period[13]. - The total comprehensive expense for the period was approximately HK$20,859,000, compared to approximately HK$12,685,000 in the same period of 2023, reflecting a loss of approximately HK$7,731,000 compared to a net profit of approximately HK$8,330,000 in 2023[16][19]. Expenses and Costs - Administrative expenses increased to approximately HK$17,659,000 from HK$10,301,000, mainly due to an increase in staff costs and professional fees[5]. - Finance costs rose to approximately HK$13,379,000 from HK$6,429,000, attributed to a drawdown of US$30,000,000 from a banking facility for uranium product purchases[5]. - Selling and distributing expenses rose by approximately 143% to approximately HK$1,825,000 due to increased storage expenses for natural uranium products[12]. - Other income and gains increased by approximately 56% to approximately HK$4,258,000, primarily from interest income of approximately HK$2,458,000[9]. - Income tax expense was approximately HK$1,615,000, attributed to PRC withholding tax charged and paid during the period[14]. Strategic Focus and Future Plans - The Group plans to focus on the development of uranium products trading and actively seek high-quality uranium resource projects, particularly in-production projects, to complement the parent group's development[17][20]. - The Group's strategy involved prudent risk management by avoiding spot uranium trades amid market volatility[4]. - The Group will continue to actively participate in international market bidding and explore various financing channels to complement the expansion of uranium trade[21]. - A framework agreement was established with China National Uranium Corporation for the Group to act as the exclusive supplier of natural uranium products outside Asia and Africa, and as an agent to procure uranium products for the CNUC Group[18][20]. Cash Flow and Assets - The Group recorded a net cash outflow of approximately HK$49,536,000 during the period, compared to approximately HK$53,993,000 in the previous period, primarily due to cash used in the purchase of uranium products[24]. - The Group's cash and cash equivalents decreased from approximately HK$180,434,000 as of December 31, 2023, to approximately HK$128,619,000 as of June 30, 2024[24]. - The current assets of the Group amounted to approximately HK$423,875,000, representing a decrease of approximately 25.9% compared to approximately HK$571,948,000 as of December 31, 2023[25]. - The non-current assets of the Group amounted to approximately HK$407,150,000, representing a decrease of approximately 2.8% compared to approximately HK$418,914,000 as of December 31, 2023[24]. Shareholder and Corporate Governance - The Board of Directors does not recommend the payment of an interim dividend for the period, consistent with the previous year[33]. - The company has established various committees, including the Audit Committee and Remuneration Committee, to enhance governance and oversight[35]. - The Company complied with all code provisions set out in Part 2 of Appendix C1 to the Listing Rules throughout the period[33]. Legal and Regulatory Matters - The Group is engaged in discussions with the Mongolian Authority to resolve the expiry issue of exploration licenses for its uranium resources project in Mongolia[21]. - The establishment of a joint venture for holding mining licenses in Mongolia is still pending due to delays in government processes[74]. - The Group received assistance from the Embassy of the People's Republic of China in Mongolia to expedite the application for mining licenses[74]. Employment and Human Resources - The Group employed 36 full-time employees as of June 30, 2024, an increase from 23 employees as of June 30, 2023[23]. - The total remuneration for directors and key management for the six months ended June 30, 2024, was HK$2,635,000, up from HK$1,863,000 in the same period of 2023, reflecting a year-on-year increase of approximately 41.3%[96].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 6,400,000, a significant decrease of 91.6% compared to HKD 76,144,000 for the same period in 2023[2] - Gross profit for the period was HKD 6,400,000, compared to HKD 673,000 in the previous year, indicating a substantial increase in gross margin[2] - Net loss attributable to shareholders for the period was HKD 7,731,000, compared to a profit of HKD 8,330,000 in the same period last year[2] - The basic and diluted loss per share was HKD 1.58, compared to earnings of HKD 1.70 per share in the same period last year[2] - The company reported a pre-tax loss of HKD 6,116,000 for the six months ended June 30, 2024, compared to a pre-tax profit of HKD 8,330,000 for the same period in 2023[11][18] - The company reported a net exchange loss of HKD 10,822,000 from joint ventures, compared to a loss of HKD 18,625,000 in the previous year, showing some improvement[2] - The company recorded a net loss of approximately HKD 7,731,000, compared to a net profit of HKD 8,330,000 in the same period last year[25] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,031,025,000, down from HKD 1,090,862,000 as of December 31, 2023[3] - Current liabilities decreased significantly to HKD 207,057,000 from HKD 345,304,000 at the end of 2023, reflecting improved liquidity management[3] - Non-current liabilities remained stable at HKD 184,540,000 compared to HKD 185,271,000 in the previous period[4] - Cash and cash equivalents decreased to HKD 128,619,000 from HKD 180,434,000, indicating a reduction in available liquidity[3] - The total liabilities as of June 30, 2024, were HKD 391,598,000, down from HKD 530,575,000 as of December 31, 2023[12] - The total equity of shareholders decreased to approximately HKD 439,428,000 from HKD 460,287,000 as of December 31, 2023, primarily due to the total comprehensive expenses during the review period[36] Segment Performance - For the six months ended June 30, 2024, the revenue from the mineral products trading segment was HKD 6,400,000, while the exploration and development segment reported no revenue, resulting in a total consolidated revenue of HKD 6,400,000[10] - The mineral products trading segment incurred a loss of HKD 8,282,000, and the exploration and development segment reported a loss of HKD 3,051,000, leading to a total consolidated loss of HKD 11,333,000 for the period[10] - For the six months ended June 30, 2023, the mineral products trading segment generated revenue of HKD 76,144,000, with a loss of HKD 2,203,000, while the exploration and development segment reported a loss of HKD 2,908,000, resulting in a total consolidated loss of HKD 5,111,000[11] Expenses - Administrative expenses increased to HKD 17,659,000 from HKD 10,301,000, highlighting rising operational costs[2] - Financial expenses rose to approximately HKD 13,379,000, an increase of about 108% from HKD 6,429,000 in the same period last year, due to a USD 30,000,000 drawdown for uranium product purchases[29] - The total comprehensive expenses for the review period amounted to approximately HKD 20,859,000, compared to HKD 12,685,000 in the same period last year, reflecting an increase of about 64.3%[30] Cash Flow and Liquidity - The group recorded a net cash outflow of approximately HKD 49,536,000 during the review period, slightly improved from HKD 53,993,000 in the same period last year[35] - As of June 30, 2024, the group's current assets decreased by approximately 25.9% to HKD 423,875,000 from HKD 571,948,000 as of December 31, 2023[35] - The group's non-current assets decreased by approximately 2.8% to HKD 407,150,000 from HKD 418,914,000 as of December 31, 2023[35] Strategic Focus and Agreements - The group aims to focus on uranium product trading and actively seek quality uranium resource projects, particularly in production projects[31] - The group has entered into a framework agreement with China Uranium Corporation to act as the exclusive supplier for uranium products outside Asia and Africa, enhancing its market coverage[32] - The group plans to continue participating in international market tenders and explore various financing channels to support the expansion of its uranium trade[32] - The group has completed the sale of approximately 650,000 pounds of natural uranium products to its parent company and facilitated a transaction of about 400,000 pounds for the Rosin Uranium Mine, expected to generate commission income in the second half of 2024[32] Governance and Compliance - The audit committee has reviewed the unaudited condensed interim financial statements for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards[41] - The remuneration committee is responsible for reviewing the remuneration policies for directors and senior management[42] - The nomination committee evaluates the board's structure and diversity at least annually[43] - The board includes a mix of executive and independent non-executive directors, ensuring governance compliance[46] Dividends and Shareholder Relations - The company did not declare or pay any dividends during the review period[20] - No interim dividend is recommended for the review period, consistent with the same period in 2023[39] - The board expresses gratitude to shareholders, management, and employees for their support[45]

Financial Performance - The Group reported a net profit of approximately HK$106,315,000 for the year ended December 31, 2023, representing a 31.5% increase compared to approximately HK$80,843,000 in 2022, with a net profit margin of 18.3%[18]. - Gross profit from the trading of natural uranium was approximately HK$127,053,000, up from approximately HK$102,792,000 in 2022, reflecting a significant improvement in the uranium trading market[38]. - Profit for the year reached HK$106,315,000, representing a 31.5% increase from HK$80,843,000 in 2022[118]. - The share of results from an associate was HK$32,170,000, compared to HK$25,084,000 in the prior year, indicating a growth of 28.3%[118]. - Basic and diluted earnings per share improved to HK21.7 cents, up from HK16.5 cents in 2022, reflecting a growth of 31.5%[118]. - Total comprehensive income for the year attributable to owners of the Company was HK$68,679,000, an increase from HK$56,953,000 in 2022[118]. - For the year ended December 31, 2023, the profit before tax increased to HK$123,115,000, up from HK$88,090,000 in the previous year, representing a growth of approximately 39.8%[177]. - The net cash generated from operating activities for the year was HK$74,155,000, a significant increase from HK$7,469,000 in the prior year[177]. Revenue and Trading Activities - Revenue from uranium trading was approximately HK$567,900,000, corresponding to sales of approximately 1.16 million pounds of natural uranium, with 0.50 million pounds sold to independent third parties and 0.66 million pounds sold to the Parent Group[22]. - The Group facilitated trades of 1.40 million pounds of natural uranium for Rössing, generating commission income of approximately HK$13,058,000[22]. - The Group's strategy includes leveraging its position in the uranium supply market in the PRC while maintaining trading with independent third parties[32]. - The Group aims to create long-term benefits and greater value for shareholders by continuing to seek opportunities in the uranium products sector[36]. - The Framework Agreement with China National Uranium Co., Limited has allowed the Group to improve profit margins by engaging in physical delivery trades[18]. - The Framework Agreement with CNUC allows the Group to act as the prioritized supplier for short-term natural uranium demand and the sole regional supplier for medium-to-long-term demand[44]. Market Conditions - The uranium market experienced significant volatility in the second half of 2023 due to geopolitical events, inflation, and rising interest rates, impacting market behavior[31]. - The global natural uranium market faced significant volatility in 2023 due to geopolitical events, inflation, and rising interest rates, impacting uranium spot prices since the second half of the year[40]. - The Group's gross profit margin improved due to favorable conditions in the uranium trade market, particularly in the latter half of the year[18]. - The Group's gross profit margin improved significantly due to the recovery of the natural uranium market, particularly in the second half of the Year[42]. Financial Position and Assets - Total comprehensive income for the year was HK$68,679,000, compared to HK$56,953,000 in the previous year, indicating an increase of about 20.5%[175]. - Total non-current assets decreased to HK$418,914, down 4.0% from HK$438,617 in 2022[120]. - Current assets increased significantly to HK$571,948, a 174.5% rise from HK$208,309 in 2022[120]. - Inventories surged to HK$291,708, an increase of 282.5% compared to HK$76,233 in 2022[120]. - Total current liabilities rose to HK$345,304, up 370.5% from HK$73,318 in 2022[120]. - Net assets increased to HK$460,287, reflecting a growth of 17.5% from HK$391,608 in 2022[121]. - Cash and cash equivalents improved to HK$180,434, a 38.0% increase from HK$130,732 in 2022[120]. Governance and Compliance - The Auditor issued an unmodified opinion on the Group's consolidated financial statements for the Year, confirming compliance with relevant accounting standards[39]. - The audit was conducted in accordance with Hong Kong Standards on Auditing, ensuring independence and ethical compliance[70]. - The audit findings include significant deficiencies in internal control that were identified during the audit process[90]. - The Board confirmed compliance with legal and regulatory requirements, ensuring adherence to the Corporate Governance Code[175]. - The company maintains a dividend policy that allows for distributions in cash or shares, subject to board discretion and shareholder approval[146]. - The company is committed to continuously reviewing and improving corporate governance practices in light of evolving regulatory requirements[165]. Future Plans and Strategies - The Group has continued to seek high-quality uranium resource projects, focusing on in-production projects to complement the development of its Parent Group[20]. - The Company aims to safeguard against risk exposure in the uranium products sector while creating long-term interests and greater value for shareholders[43]. - The company aims to achieve gender diversity on the Board by adding a female director by the end of 2024[175]. - The company plans to proactively provide training to senior management to enhance gender diversity in future recruitment[175]. Cash Flow and Financing - Net cash generated from investing activities increased to HK$26,004,000 in 2023, up from HK$25,226,000 in 2022, representing a growth of 3.1%[192]. - Net cash used in financing activities significantly increased to HK$49,117,000 in 2023, up from HK$17,715,000 in 2022, reflecting a rise of 177.5%[192]. - The net increase in cash and cash equivalents for the year was HK$51,042,000, compared to HK$14,980,000 in the previous year, indicating a growth of 240.5%[192]. - Interest paid increased to HK$14,029,000 in 2023, compared to HK$7,120,000 in 2022, representing a rise of 97.5%[192]. - The company received dividends from an associate amounting to HK$23,809,000 in 2023, slightly down from HK$23,909,000 in 2022, a decrease of 0.4%[192]. Accounting Standards and Amendments - The Group plans to apply new amendments to HKFRSs effective for annual periods beginning on or after January 1, 2024[200]. - Amendments to HKFRS 10 and HKAS 28 relate to the sale or contribution of assets between an investor and its associate or joint venture[200]. - Amendments to HKAS 1 will classify liabilities as current or non-current, effective for annual periods beginning on or after January 1, 2024[200]. - Supplier finance arrangements are addressed in the amendments to HKAS 7 and HKFRS 7, effective for annual periods beginning on or after January 1, 2024[200]. - Lease liability in a sale and leaseback is covered under the amendments to HKFRS 16[200].

Financial Performance - For the year ended December 31, 2023, the total comprehensive income attributable to the company's owners was HKD 68,679,000, an increase of 20.6% from HKD 56,953,000 in 2022[3]. - The basic and diluted earnings per share for the year were HKD 0.217, compared to HKD 0.165 in the previous year, reflecting a growth of 31.5%[3]. - The company reported a profit attributable to owners of HKD 106,315,000 for the year ended December 31, 2023, compared to HKD 80,843,000 in 2022, representing a year-over-year increase of 31.5%[31]. - Earnings per share increased to HKD 21.7 in 2023 from HKD 16.5 in 2022, reflecting a growth of 31.5%[31]. - The net profit for the year was approximately HKD 106,315,000, representing a net profit margin of 18.3%, an increase of about 9.4% compared to the previous year[70]. - The group recorded a net cash inflow of approximately HKD 51,042,000, a significant improvement from a net cash outflow of HKD 14,980,000 in 2022[103]. Revenue and Sales - Revenue from the sale of uranium amounted to HKD 891,506,000, while total revenue for the year was HKD 580,958,000, a decrease of 35.8% from HKD 905,730,000 in 2022[19]. - The revenue from the Chinese market (including Hong Kong) was HKD 455,175,000, a substantial increase of 120.0% from HKD 206,736,000 in 2022[26]. - The company’s segment revenue from uranium trading was HKD 567,900,000 for the year ended December 31, 2023[41]. - The group's revenue from uranium trading decreased by approximately 35.9% to HKD 580,958,000, while the cost of sales decreased by approximately 43.5% to HKD 453,905,000[92]. Profitability - The segment profit from uranium trading was HKD 116,650,000, compared to HKD 93,946,000 in the previous year, indicating an increase of 24.1%[19]. - Gross profit rose to HKD 127,053,000 in 2023 from HKD 102,792,000 in 2022, marking an increase of 23.5%[34]. - The group's gross profit for the year was approximately HKD 127,053,000, an increase of about 10.5% compared to HKD 102,792,000 in 2022, with a gross profit margin of 21.9%[88]. Expenses and Liabilities - The company incurred a tax expense of HKD 16,800,000 for the year, compared to HKD 7,247,000 in the previous year, reflecting an increase of 132.5%[29]. - The total liabilities of the group increased to HKD 530,575,000 from HKD 255,318,000 in the previous year, marking a significant rise of 108.2%[23]. - The group's financial expenses increased by approximately 63.3% to HKD 14,044,000 due to rising interest rates in the financial market[96]. - Current liabilities surged to HKD 345.3 million from HKD 73.3 million, driven by a rise in trade and other payables[130]. Assets and Equity - The company's total assets reached HKD 990,862,000 in 2023, up from HKD 646,926,000 in 2022, an increase of 53.1%[46]. - The company's total assets less current liabilities increased to HKD 645,558,000 in 2023 from HKD 573,608,000 in 2022, a growth of 12.5%[36]. - The company’s net asset value increased to HKD 460,287,000 in 2023 from HKD 391,608,000 in 2022, representing a growth of 17.5%[36]. - Total shareholder equity increased from approximately HKD 391.6 million as of December 31, 2022, to approximately HKD 460.3 million as of December 31, 2023, primarily due to total comprehensive income during the year[119]. Operational Highlights - The group aims to actively participate in international market tenders to increase market exposure and explore various financing channels for uranium trade expansion[76]. - A bank has granted the group a trade financing facility of up to USD 30,000,000, enhancing financial resources for uranium trading[76]. - The group expects to continue its strategic partnership with China Uranium Corporation, acting as a preferred supplier for short-term uranium product needs[98]. - The group plans to resolve the expiration of exploration licenses for its uranium resource projects in Mongolia through discussions with local authorities[100]. Employee and Administrative Costs - The total employee costs for the year were HKD 20,511,000, an increase of 9.7% from HKD 18,691,000 in 2022[27]. - The group employed 32 full-time staff as of December 31, 2023, with total employee costs amounting to approximately HKD 20,511,000[102]. - Administrative expenses remained stable at approximately HKD 30,476,000, slightly down from HKD 31,190,000 in the previous year[72]. Inventory and Cash Management - Inventory increased significantly to HKD 291.7 million from HKD 76.2 million year-on-year[130]. - Cash and cash equivalents rose to HKD 180.4 million from HKD 130.7 million year-on-year[130]. Risk Management - The company has no foreign currency hedging policy but will monitor foreign exchange risks and consider hedging significant currency risks when necessary[107]. - Trade loans are charged at an interest rate of LIBOR + 1.60% per annum, consistent with recent financing rates obtained by the group[120]. - The group has pledged 37.2% of the equity in Somina Company to secure bank financing[123]. Governance - The company has established an audit committee to oversee financial reporting and internal controls, comprising three independent non-executive directors[111].

Share Option Scheme - As of June 30, 2023, the total number of shares available for grant under the 2013 Share Option Scheme was 48,916,830 shares, which has now been reduced to nil shares following the expiration of the scheme[20]. - The Group currently has no plans to adopt any new Share Option Scheme following the termination of the 2013 Share Option Scheme[20]. - No share options were granted under the 2013 Share Option Scheme since its adoption[21]. - The Group had no other share scheme in force at the end of the reporting period[20]. Financial Performance - For the six months ended June 30, 2023, the Group recorded revenue of approximately HKD 76,144,000, a decrease of about 87% compared to HKD 573,831,000 for the same period in 2022[58]. - Gross profit for the same period was approximately HKD 673,000, down 96% from HKD 17,624,000 in 2022[58]. - Net profit for the period was approximately HKD 8,330,000, down from HKD 18,079,000 in 2022[58]. - The Group's profit for the Period was approximately HK$8,330,000, a decrease of approximately 54% compared to HK$18,079,000 in the 2022 Period[115]. - Profit before taxation was HK$8,330,000, a decrease of 63.24% from HK$22,602,000 in the previous year[168]. - Profit attributable to owners of the Company for the period was HK$8,330,000, compared to HK$18,079,000 in 2022, indicating a decline of 54.00%[168]. - Basic and diluted earnings per share were HK1.70 cents, down from HK3.70 cents in the same period last year[168]. Sales and Production - The Group completed sales of approximately 200,000 pounds of natural uranium products, significantly lower than approximately 1,600,000 pounds in the previous year[58]. - Sales volume of natural uranium products decreased to approximately 0.2 million pounds in the current period from approximately 1.6 million pounds in the 2022 Period[82]. - The Group has contracted approximately 0.8 million pounds of natural uranium products, expected to generate approximately 2% commission income upon completion in the second half of 2023[90]. - The Group has a pending contract for approximately 800,000 pounds of natural uranium products, expected to generate about 2% commission income upon completion in the second half of 2023[122]. Financial Position - Current assets decreased by approximately 5% to HK$197,993,000, primarily due to reduced cash and cash equivalents[95]. - Non-current assets increased by approximately 1% to HK$441,172,000, attributed to the share of results from an associate[95]. - Total shareholders' funds decreased from approximately HK$391,608,000 to HK$378,923,000, with a gearing ratio increase to approximately 0.41[96]. - Current liabilities as of June 30, 2023, amounted to approximately HK$78,242,000, representing a 7% increase from approximately HK$73,318,000 as of December 31, 2022[126]. - The Group's net cash outflow was approximately HK$53,993,000 during the period, compared to HK$21,005,000 in the previous period[95]. - The Group's total comprehensive expense for the Period was approximately HK$12,685,000, compared to an income of approximately HK$9,830,000 in the 2022 Period[116]. Market Conditions - The spot price of natural uranium fluctuated between USD 48 and USD 57.75 per pound during the review period, with a closing price of approximately USD 56 per pound[59]. - Long-term natural uranium contract prices increased from USD 51 per pound to approximately USD 56 per pound by the end of the period[59]. Corporate Governance - The Company has established a Remuneration Committee to review the remuneration policy and structure for directors and senior management[165]. - The Nomination Committee has been formed to assess the structure, size, and composition of the Board, and to recommend changes as necessary[165]. - The Audit Committee consists of three independent non-executive Directors and one non-executive Director, ensuring independent communication with management and external auditors[146]. - The Company has complied with all relevant codes and standards regarding securities transactions by directors[145]. Investments and Acquisitions - The Group has not made any material acquisitions or disposals of subsidiaries during the period[97]. - The Group's significant investment in Somina, holding 37.2% of its equity, has been pledged to a bank for financing purposes[159]. - The Group has no significant investments or capital asset plans as of June 30, 2023[143]. - As of June 30, 2023, the Group did not have plans for material investments and capital assets[161]. Shareholder Matters - The Group did not recommend the payment of an interim dividend for the Period, consistent with the 2022 Period[107]. - The Board expresses appreciation to shareholders, management, and staff for their dedication and support[149].

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 76,144,000, a decrease from HKD 573,831,000 in the same period of 2022[4] - Gross profit for the period was HKD 673,000, significantly down from HKD 17,624,000 year-on-year[4] - Net profit attributable to owners for the period was HKD 8,330,000, compared to HKD 18,079,000 in the previous year, reflecting a decline of 54%[4] - The company reported a total comprehensive loss of HKD 12,685,000 for the period, compared to a comprehensive income of HKD 9,830,000 in the previous year[4] - The company's basic and diluted earnings per share for the period were HKD 1.70 cents, down from HKD 3.70 cents in the same period last year[4] - The group achieved sales of approximately 200,000 pounds of natural uranium products, a significant decrease from approximately 1,600,000 pounds in the same period of 2022[47] - Revenue from uranium trading was approximately HKD 76,144,000, down about 87% compared to HKD 573,831,000 in 2022[48][49] - The gross profit for the period was approximately HKD 673,000, a decrease of about 96% from HKD 17,624,000 in the previous year[49] - Other income and gains amounted to approximately HKD 2,738,000, up about 109% from HKD 1,306,000 in the same period of 2022, primarily due to interest income[74] - Financial expenses increased by approximately 124% to HKD 6,429,000 from HKD 2,871,000 in the same period of 2022, mainly due to rising market interest rates[76] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 560,923,000, a decrease from HKD 573,608,000 at the end of 2022[6] - Cash and cash equivalents decreased to HKD 74,362,000 from HKD 130,732,000 at the end of 2022[6] - The company’s net asset value as of June 30, 2023, was HKD 378,923,000, down from HKD 391,608,000 at the end of 2022[7] - The total liabilities as of June 30, 2023, were HKD 260,242,000, compared to HKD 255,318,000 as of December 31, 2022[36] - Current liabilities increased by approximately 7% to HKD 78,242,000 from HKD 73,318,000 at the end of 2022, primarily due to rising interest expenses[60] - Current assets decreased by about 5% to approximately HKD 197,993,000 from HKD 208,309,000 as of December 31, 2022[85] - The total shareholder equity decreased from approximately HKD 391.61 million as of December 31, 2022, to approximately HKD 378.92 million as of June 30, 2023, primarily due to total comprehensive expenses during the review period[113] - The debt-to-asset ratio increased to approximately 0.41 as of June 30, 2023, compared to approximately 0.40 as of December 31, 2022[113] Corporate Actions and Governance - The company did not declare or propose any dividends for the interim period[23] - The board of directors did not declare an interim dividend during the review period[117] - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023, and found them to be prepared in accordance with applicable accounting standards[120] - The company has established a nomination committee to review the board's structure and composition at least annually[110] Strategic Initiatives - The company is evaluating the impact of a capital injection in its associate, China Nuclear Finance Leasing Co., Ltd., which will reduce its stake from approximately 11.36% to about 7.55%[44] - CNNC Leasing's registered capital will increase from approximately RMB 3.24 billion to approximately RMB 4.88 billion through a capital injection by existing shareholders, with the company opting not to participate in this capital injection[116] - The company's equity interest in CNNC Leasing is expected to decrease from approximately 11.36% to approximately 7.55% following the capital injection[102] - The group aims to leverage its position within the China Uranium Group to expand and diversify its business, focusing on projects with reasonable returns[88] - The group continues to actively seek quality uranium resources and trade opportunities to enhance its uranium trading business[80] Operational Updates - The company reported a net exchange gain of HKD 1,239,000, up from HKD 624,000 in the prior period[4] - The company reported an increase in exploration and sales mineral properties to HKD 6,937,000 for the six months ended June 30, 2023, from HKD 4,456,000 in the same period of 2022[44] - Unallocated corporate assets decreased to HKD 58,055,000 as of June 30, 2023, from HKD 69,526,000 as of December 31, 2022[44] - The company’s unallocated corporate liabilities increased to HKD 231,322,000 as of June 30, 2023, from HKD 228,410,000 as of December 31, 2022[36] - The group will act as a preferred supplier for short-term natural uranium product needs and as the exclusive regional supplier for medium to long-term needs for China Uranium Corporation[54] - The group is in discussions with Mongolian authorities regarding the exploration license expiration for its uranium resource projects, with no severe adverse effects reported[56] - The spot price of natural uranium fluctuated between USD 48 and USD 57.75 per pound during the period, with a closing price of approximately USD 56 per pound[47] - The cash outflow for the period was approximately HKD 53,993,000, compared to HKD 21,005,000 in the same period of 2022[58] - Non-current assets as of June 30, 2023, were approximately HKD 441,172,000, an increase of about 1% from HKD 438,617,000 at the end of 2022[59] - The basic earnings per share remained consistent at 489,168,308 shares for both periods[24] - There were no significant acquisitions or disposals of subsidiaries and associates during the review period[114] - The capital structure has not undergone significant changes since December 31, 2022[104] - The company does not currently have a foreign currency hedging policy but will continue to monitor foreign exchange risks and consider hedging when necessary[103] - The group employed 23 full-time staff as of June 30, 2023, down from 26 as of June 30, 2022[88]

Environmental Performance - Total greenhouse gas emissions for 2022 were approximately 11.05 tonnes of CO2 equivalent, down from 11.78 tonnes in 2021, representing a reduction of about 6.2%[6] - Electricity consumption decreased to approximately 14,068 kWh in 2022 from 15,580 kWh in 2021, resulting in a reduction of indirect emissions from 10.94 tonnes to 9.88 tonnes of CO2 equivalent, a decrease of about 9.7%[6] - The emission intensity remained stable at approximately 0.03 tCO2e/sq.m for both 2022 and 2021, indicating consistent operational efficiency[6] - The Group's emissions were primarily from electricity and paper consumption, with no involvement in production-related air, water, and land pollution[26] - The Group is committed to environmental sustainability and aims to adopt best practices to minimize resource consumption and improve environmental performance[188] Operational Expansion - The total floor area coverage increased to 355 sq.m in 2022 from 333 sq.m in 2021, reflecting an expansion in operational space[27] - There were no significant acquisitions or disposals of subsidiaries during the year, maintaining the current capital structure[20] - The Group's operations are primarily based in Hong Kong, mainland China, and Mongolia, with no foreign currency hedging policy in place to manage exchange rate risks[19] Financial Performance - The Group generated revenue from uranium trading of approximately HK$891,506,000 for the Year, a significant increase of about 217% compared to approximately HK$280,639,000 in 2021, corresponding to sales of approximately 2.53 million pounds of natural uranium[54] - The gross profit for the Year was approximately HK$102,792,000, representing a 399% increase from approximately HK$20,610,000 in 2021[54] - The net profit for the Year was approximately HK$80,843,000, a substantial increase from approximately HK$2,389,000 in 2021, driven by improved trading operations and reduced finance costs[54] - The total comprehensive income attributable to owners of the Company increased to approximately HK$56,953,000, compared to approximately HK$25,588,000 in 2021[54] - The Group's finance costs decreased to approximately HK$8,602,000 from approximately HK$9,834,000 in 2021, contributing to the improved profit position[54] - The Group reported a revenue increase of approximately 223% to approximately HK$905,730,000 for the Year, compared to approximately HK$280,639,000 in 2021[59] - Cost of sales also increased by approximately 209% to approximately HK$802,938,000, resulting in a gross profit of approximately HK$102,792,000, up 399% from approximately HK$20,610,000 in 2021[59][79] - The Group recorded a net income of approximately HK$80,843,000, significantly up from HK$2,389,000 in 2021[126] - Total comprehensive income for the year amounted to approximately HK$56,953,000, compared to HK$25,588,000 in 2021[129] Trading Activities - The Group facilitated trades of 1.80 million pounds of natural uranium for Rössing uranium mine, generating commission income of approximately HK$14,224,000 in the four-month period after the approval of the framework agreement[54] - The uranium spot market experienced a bull market, with prices rising to historical highs of over USD 63 per pound, before settling at approximately USD 48 per pound at the end of the Year[54] - The Group plans to continue focusing on the development of uranium trading and actively seek high-quality uranium resource projects, particularly in-production projects[46] - The Group aims to enhance its strategic position as the procurement arm of CNUC Group in the international uranium market and will participate in international market bidding to expand its business scale[47] - The Group's trading volume saw substantial increases during the Year, reflecting the overall improvement in the natural uranium market performance[57] Administrative and Financial Management - Administrative expenses increased by approximately 19% to approximately HK$31,190,000 due to additional professional fees and increased staff costs[63] - The Group's cash on hand and bank balances increased from approximately HK$120,625,000 as of December 31, 2021, to approximately HK$130,732,000 as of December 31, 2022[139] - The Group's net current assets were approximately HK$134,991,000 as of December 31, 2022, compared to approximately HK$96,234,000 in 2021[139] - Total shareholders' funds increased from approximately HK$334,655,000 as at 31st December, 2021 to approximately HK$391,608,000 as at 31st December, 2022, representing an increase of about 17%[140] - The gearing ratio decreased to 0.40 as at 31st December, 2022, down from 0.44 as at 31st December, 2021, indicating improved financial stability[140] Corporate Governance - The Audit Committee held three meetings during the Year and reviewed the Group's interim and annual reports, ensuring compliance with accounting principles[159] - The Remuneration Committee is responsible for making recommendations on the remuneration policy for directors and senior management, considering market conditions and Group performance[161] - The Nomination Committee consists of three independent non-executive directors and is chaired by the Chairman of the Board[200] - The Company has continued to fulfill its disclosure obligations as per Rule 13.18 of the Listing Rules[1] Shareholder Information - As of December 31, 2022, CNNC Overseas Limited and its subsidiaries hold a corporate interest of 326,372,273 shares, representing 66.72% of the issued share capital of the Company[172] - The largest supplier and customer each accounted for approximately 38% of the Group's purchases and sales, respectively[185] - The five largest suppliers and customers collectively accounted for approximately 100% of the Group's purchases and sales[186] - As of December 31, 2022, no other person had an interest or short position in the shares of the Company that required disclosure[175] Compliance and Risk Management - The Company complies with relevant laws and regulations in the Cayman Islands, Hong Kong, Mongolia, and the PRC[189] - The Group did not hold any significant investment in equity interest in any other company during the Year[154] - The Company has taken out and maintained directors' liability insurance throughout the year[1] - The Trade Loan interest rate is set at LIBOR + 1.60% per annum, which is consistent with similar bank facilities obtained in recent years[149] - The Trade Loan is intended to support the Group's uranium trading business and is fully exempt from all disclosure and approval requirements under Chapter 14A of the Listing Rules[151]

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 905,730,000, a significant increase from HKD 280,639,000 in 2021, representing a growth of approximately 223%[11] - The gross profit for the same period was HKD 102,792,000, compared to HKD 20,610,000 in the previous year, indicating a substantial increase in profitability[11] - The net profit from continuing operations for the year was HKD 80,843,000, a dramatic rise from HKD 622,000 in 2021[11] - The company reported a total comprehensive income attributable to owners of the company of HKD 56,953,000, compared to HKD 25,588,000 in 2021[5] - The revenue from uranium trading of approximately HKD 891,506,000, equivalent to sales of about 2,530,000 pounds of uranium, marking a significant increase compared to the previous year's revenue of HKD 280,639,000[28] - The revenue and cost of sales from continuing operations in uranium trading were approximately HKD 905,730,000 and HKD 802,938,000 respectively, representing an increase of about 223% and 209% compared to the previous year[31] - The net income for the year was approximately HKD 80,843,000, compared to HKD 2,389,000 in the previous year, indicating a significant improvement in profitability[42] Assets and Liabilities - The total assets less current liabilities as of December 31, 2022, amounted to HKD 573,608,000, up from HKD 552,655,000 in 2021[3] - The company's cash and cash equivalents increased to HKD 130,732,000 from HKD 120,625,000 year-over-year[2] - The company's non-current liabilities decreased to HKD 182,000,000 from HKD 218,000,000, reflecting improved financial stability[3] - The group's net current assets were approximately HKD 134,991,000 as of December 31, 2022, compared to HKD 96,234,000 in 2021, while current liabilities rose to HKD 73,318,000 from HKD 40,016,000[46] - Total shareholder equity increased from approximately HKD 334,655,000 on December 31, 2021, to approximately HKD 391,608,000 on December 31, 2022, primarily due to total comprehensive income for the year[64] - The debt-to-asset ratio decreased to 0.40 as of December 31, 2022, down from 0.44 in the previous year[64] Operational Highlights - The company facilitated a transaction of 1,800,000 pounds of uranium for Rössing, generating commission income of approximately HKD 14,224,000[31] - The company suspended its supply chain business in 2021, with the last sale transaction completed at the end of 2020[108] - The company has entered into a framework agreement with China Uranium Industry Group to become its preferred supplier for short-term uranium product needs and exclusive regional distributor for long-term needs[143] - The framework agreement is expected to enhance the company's uranium trading business and expand its market coverage in China and globally[144] - The group aims to expand its business scale by actively participating in international market tenders and exploring various financing channels to support uranium trade expansion[147] - The group is exploring trade opportunities with new business partners to broaden its partnership base and strengthen its uranium trading business[147] Employee and Operational Costs - As of December 31, 2022, the group employed 23 full-time staff, an increase from 22 in 2021, with total employee costs amounting to HKD 18,691,000, up from HKD 16,260,000 in 2021[44] - The total employee costs for the year ended December 31, 2022, were HKD 18,691,000, up from HKD 16,260,000 in 2021, reflecting an increase in labor expenses[98] - Administrative expenses amounted to approximately HKD 31,190,000, a 19% increase from HKD 26,255,000 in 2021, due to additional professional fees and increased employee costs[145] Market and Trading Conditions - The spot price of uranium fluctuated between USD 45 and USD 55 per pound during the second half of the year, closing at approximately USD 48 per pound[27] - The long-term uranium contract price increased from approximately USD 40 per pound at the beginning of the year to USD 51 per pound by year-end[27] - The overall uranium trading activities increased, with sales and distribution expenses rising approximately 149% to about HKD 1,593,000 compared to HKD 639,000 in 2021[145] Taxation and Financial Management - The total tax expense for the year included HKD 4,624,000 in Hong Kong profits tax and HKD 232,000 in China corporate income tax[103] - The tax rate for the company's Chinese subsidiaries is set at 25% as per the Corporate Income Tax Law of the People's Republic of China[106] - The company incurred an income tax expense of approximately HKD 7,247,000, an increase from HKD 2,457,000 in the previous year, due to taxable profits and withholding tax on dividends received[141] - The company generated bank interest income of HKD 1,541,000 in 2022, compared to HKD 825,000 in 2021, indicating improved financial management[98] Foreign Exchange and Risks - The company faced a net foreign exchange loss of approximately HKD 2,339,000 due to the depreciation of the RMB against the HKD[32] - The company reported a net foreign exchange loss of HKD 2,339,000 in 2022, compared to no loss in 2021, highlighting potential currency risk exposure[98] Future Outlook - The group plans to continue investing resources in uranium product trading and actively seek quality uranium resource projects, focusing on production projects to leverage the parent company's strengths in the nuclear energy sector[49] - The group will continue discussions with Mongolian authorities regarding the exploration license expiration for its uranium resource projects in Mongolia, despite slow project progress due to low natural uranium market prices[50] - The group will continue to explore potential investment opportunities in uranium resources, considering its financial health and global supply-demand dynamics[148]

Financial Performance - For the six months ended June 30, 2022, the Group recorded a revenue of approximately HK$573,831,000, representing a significant increase of approximately 507% compared to HK$94,591,000 in the same period of 2021[7]. - Gross profit for the same period was approximately HK$17,624,000, reflecting a substantial increase of approximately 978% from HK$1,635,000 in the prior year[7]. - The Group achieved a net profit of approximately HK$18,079,000, compared to a net loss of approximately HK$157,000 in the same period of 2021[7]. - Profit before taxation for the six months ended June 30, 2022, was HK$22,602,000, a notable rise from HK$1,338,000 in the previous year[87]. - Total comprehensive income for the period was approximately HK$9,830,000, compared to approximately HK$7,970,000 in the same period of 2021, reflecting an increase of about 23%[33]. - Basic and diluted earnings per share for the period were HK3.70 cents, a recovery from a loss of HK(0.03) cent in the previous year[87]. Cost Management - Finance costs decreased to approximately HK$2,871,000, down from approximately HK$5,361,000 in the same period of 2021[7]. - Selling and distributing expenses decreased by approximately 36% to approximately HK$544,000, primarily due to the reallocation of costs from the discontinued supply chain business[19]. - "Sales and distribution expenses" decreased by approximately 36% to about HK$544,000, compared to approximately HK$850,000 in the same period of 2021[23]. - "Administrative expenses" increased by approximately 18% to about HK$12,883,000, up from approximately HK$10,901,000 in the same period of 2021, due to additional professional fees incurred[26]. - "Finance costs" decreased by approximately 46% to about HK$2,871,000, compared to approximately HK$5,361,000 in the same period of 2021, due to repayments of bank borrowings[28]. Business Strategy - The Group has ceased its electronic products business since March 2020 to focus on uranium trading, following the evaluation of financial and inventory risks[8]. - The Group is actively seeking high-quality uranium resource projects to complement the development of its parent group[8]. - The Group plans to focus on the development of uranium products trading and actively seek high-quality uranium resources projects to complement its parent group's development[33]. - The Group has entered into a framework agreement to act as the prioritized supplier of natural uranium products for China National Uranium Corporation, enhancing its market position[33]. Cash Flow and Assets - The Group recorded a net cash inflow of approximately HK$21,005,000 during the Period, compared to a net cash outflow of approximately HK$28,358,000 in the 2021 Period[44]. - The Group's cash on hand and bank balances increased from approximately HK$120,646,000 as at 31st December, 2021 to approximately HK$137,704,000 as at 30th June, 2022[44]. - Total shareholders' funds increased from approximately HK$311,798,000 as at 31st December, 2021 to approximately HK$345,249,000 as at 30th June, 2022[44]. - The Group's financial position remained healthy despite the challenges faced by its associate[44]. Taxation and Liabilities - "Income tax expense" increased to approximately HK$4,523,000 from approximately HK$1,495,000 in the same period of 2021, primarily due to provisions for PRC withholding tax[29]. - The income tax payable surged to HK$5,620,000 from HK$884,000, representing a significant increase of approximately 535.5%[90]. - Contract liabilities increased dramatically to HK$200,304,000 from HK$14,186,000, reflecting a growth of approximately 1,313.5%[90]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the period, despite being unable to issue audited results for 2020 and 2021[58]. - An Audit Committee has been established to oversee the financial reporting process and internal controls, comprising three Independent Non-executive Directors and one Non-executive Director[64]. - The company has established a Remuneration Committee to determine the remuneration of Directors, consisting of three Independent Non-executive Directors and one Executive Director[67]. - A Nomination Committee has been formed to review the Board structure and identify qualified individuals for Board membership[67]. Trading and Reporting - The company is in the process of resuming trading in its shares, with a review substantially completed as of July 28, 2022[70]. - The interim report for the six months ended June 30, 2022, will be published on the Stock Exchange's website and sent to shareholders[72]. - The Company plans to publish audited results and annual reports for 2020 and 2021 as soon as practicable, with the timeframe subject to further assessment by the Board[80]. - The Company will provide quarterly updates on its development in accordance with Rule 13.24A of the Listing Rules[81].

Financial Performance - The Group reported a significant impairment loss of approximately HK$52,409,000 due to defects in certain electronics components inventory in the supply chain business[14]. - The Group focused on trading mineral properties during the year and reported the discontinuation of its supply chain business, with all trade receivables received in full[16]. - The auditor issued a qualified opinion on the Group's consolidated financial statements for the year, unable to determine the accuracy of profit from discontinued operations[22]. - The Group's financial performance for the year ended December 31, 2021, was presented in the annual results, reflecting the challenges faced in the previous year[10]. - The last transactions of the discontinued supply chain business were completed in 2020, with no further operations reported in 2021[19]. - The Group recorded revenue from trading of natural uranium of approximately HK$280,639,000 for the Year, a decrease of approximately 58% compared to HK$662,994,000 in 2020[29]. - Gross profit increased by 58% to approximately HK$20,610,000, up from approximately HK$13,013,000 in 2020[37]. - The decrease in revenue was attributed to a depressed uranium market and negative impacts from share trading suspension affecting external financial resources[29]. - The share of results from associates increased to approximately HK$15,065,000, compared to a loss of approximately HK$4,140,000 in 2020[37]. - Finance costs were reduced to approximately HK$9,834,000 from approximately HK$14,896,000 in 2020[37]. - The Group reported a net profit from continuing operations of approximately HK$622,000, recovering from a net loss of approximately HK$9,591,000 in 2020[37]. - The discontinued operation of the supply chain business recorded a segment profit of HK$1,767,000, compared to a net loss of HK$36,506,000 in 2020[37]. - The Group achieved a net profit of approximately HK$2,389,000, reversing a net loss of approximately HK$46,097,000 in the previous year[48]. - The share of profit from an associate was approximately HK$15,065,000, a significant increase of approximately 464% from a loss of HK$4,140,000 in the previous year[51]. - Other income and gains increased to approximately HK$3,240,000, up from approximately HK$2,120,000 in the previous year[49]. - Selling and distribution expenses decreased by approximately 56% to approximately HK$639,000, compared to HK$1,459,000 in the previous year[50]. - Administrative expenses rose by approximately 70% to approximately HK$26,255,000, up from approximately HK$15,463,000 in the previous year[50]. - The Group's total comprehensive income for the year amounted to approximately HK$25,588,000, a significant recovery from a total expense of approximately HK$25,855,000 in the previous year, marking a turnaround of over 200%[59][63]. - Net income for the year was approximately HK$2,389,000, compared to a net loss of approximately HK$46,097,000 in the previous year, indicating a substantial improvement in financial performance[59][63]. Business Strategy and Operations - The Group's interests in CNNC Leasing were reduced from approximately 18.45% to approximately 11.36% following a merger with China Nuclear E&C Financial Leasing Co., Ltd[21]. - The Company aims to diversify its business through the merger, leveraging the public utilities projects of CNECFL[21]. - The Group plans to continue developing its natural uranium trading business and seek high-quality uranium resource projects[30]. - The Group will communicate with the Mongolian Government to establish a joint venture for mining licenses related to its Mongolian Mining Project[31]. - The uranium market showed signs of recovery in the fourth quarter of 2021, which is expected to facilitate the Group's uranium trading business[30]. - A framework agreement was established with China National Uranium Corporation, designating the Group as the prioritized supplier for short-term and exclusive regional supplier for medium-to-long-term natural uranium products[61][65]. - The Group completed a delivery of approximately 533,000 pounds of uranium products to the CNUC Group under the framework agreement on July 1, 2022[68]. - The Group is engaged in discussions with the Mongolian Authority regarding the expiry issue of exploration licenses for its uranium resources project, which has not been materially affected by slow progress due to low market prices[69]. - The Group aims to leverage the strengths of its parent company in nuclear energy to explore investment opportunities in uranium resources, considering the overall market dynamics[70]. - The company delivered approximately 533,000 pounds of uranium products to China National Uranium Corporation on July 1, 2022[71]. Cash Flow and Financial Position - The group recorded a net cash outflow of approximately HK$23,847,000 for the year, compared to a net cash inflow of approximately HK$41,628,000 in the previous year[79]. - As of December 31, 2021, the group's cash on hand and bank balances decreased to approximately HK$120,625,000 from approximately HK$144,333,000 as of December 31, 2020[79]. - Total shareholders' funds increased from approximately HK$309,067,000 as of December 31, 2020, to approximately HK$334,655,000 as of December 31, 2021[85]. - The gearing ratio decreased to 0.44 as of December 31, 2021, down from 0.50 in the previous year due to the repayment of bank borrowings[85]. - The group had net current assets of approximately HK$96,234,000 as of December 31, 2021, compared to net current liabilities of approximately HK$124,700,000 as of December 31, 2020[84]. - The company entered into a loan agreement for a revolving loan of up to US$50,000,000 to support its uranium trading business[86]. - The interest rate for the Trade Loan is set at LIBOR + 1.60% per annum, similar to previous bank facilities obtained by the group[87]. - The total equity increased from approximately HKD 309,067,000 as of December 31, 2020, to approximately HKD 334,655,000 as of December 31, 2021, primarily due to total comprehensive income during the year[89]. - The debt-to-asset ratio decreased to 0.44 as of December 31, 2021, compared to 0.50 as of December 31, 2020, due to the repayment of bank loans during the year[89]. - As of December 31, 2021, the group had no trade receivables and trade payables, compared to approximately HKD 29,305,000 and zero, respectively, as of December 31, 2020[88]. - The group’s net current assets were approximately HKD 96,234,000 as of December 31, 2021, compared to net current liabilities of approximately HKD 124,700,000 as of December 31, 2020[88]. Environmental and Social Responsibility - Total greenhouse gas emissions for the Group were approximately 11.78 tonnes of CO2 equivalent in 2021, an increase from 10.85 tonnes in 2020[121]. - The Group's electricity consumption was approximately 15,580 kWh in 2021, contributing to about 10.94 tonnes of CO2 equivalent emissions, up from 10.09 tonnes in 2020[126]. - Paper usage for daily operations was approximately 0.2 tonnes in 2021, resulting in about 0.84 tonnes of CO2 equivalent emissions, compared to 0.76 tonnes in 2020[130]. - The Group aims to reduce energy consumption intensity by 2% by the year 2027, with the baseline year set as 2021[135]. - The total floor area coverage for the Group was 333 sq.m in 2021, consistent with 2020[118]. - The emission intensity for the Group was approximately 0.03 tCO2e/sq.m in both 2021 and 2020[125]. - The Group's operations did not significantly impact the environment and natural resources during the reporting period[136]. - Stakeholder engagement efforts included shareholders, employees, customers, suppliers, and the community to achieve sustainable development[116]. - The Group encourages a paperless office environment and promotes double-sided printing to reduce paper usage[130]. - Climate change awareness is increasing, and the Group regularly reviews policies and market trends to identify potential climate-related risks[137]. Human Resources and Employee Engagement - The Group had a total of 22 full-time employees as of December 31, 2021, a decrease from 23 in 2020[151]. - Employee distribution: 23% in Hong Kong, 59% in Mainland China, and 18% in Mongolia[152]. - Gender distribution: 41% male and 59% female employees in 2021, compared to 48% male and 52% female in 2020[152]. - Age distribution: 41% of employees are aged 26-35, while 27% are aged 36-45 in 2021[152]. - The Group has no significant climate-related risks impacting its operations during the year[143]. - The Group adheres to local labor laws and provides competitive remuneration packages, conducting annual reviews based on market standards[146]. - The Group contributes to various social insurance schemes for employees in Mainland China and the Mandatory Provident Fund for employees in Hong Kong[152]. - The Group emphasizes equal opportunity employment, ensuring no discrimination based on nationality, gender, age, race, religion, or disability[146]. - The employee turnover rate for the year is documented, indicating the Group's focus on employee retention[152]. - The employee turnover rate for males is 33%, while for females it is not specified[153]. - The turnover rate for employees under 35 years old is 11%, for those aged 35-50 years is 25%, and for those over 50 years old it is not specified[153]. - The turnover rate in Hong Kong is 20%, while in the PRC it is 15%[153]. - 55% of employees received training during the year, with 50% of both male and female employees trained[160]. - Senior management had a training rate of 42%, middle management 25%, and general staff 33%[160]. - The average training hours completed per employee is 31 hours, with males averaging 37 hours and females 26 hours[160]. - Senior management completed an average of 73 training hours, middle management 22 hours, and general staff 16 hours[160]. - The Group reported no work-related fatalities or lost days due to work injury during the year[157]. - The Group emphasizes compliance with relevant employment laws and reported no significant fines for non-compliance[155]. - The Group implemented various health and safety measures in response to the COVID-19 pandemic, including flexible working hours and remote access to systems[157]. Corporate Governance - The Company complied with the Code on Corporate Governance Practices throughout the Year[180]. - The Board of Directors consists of six members, including one executive director, two non-executive directors, and three independent non-executive directors[182]. - The Group's day-to-day management is delegated to senior management, with periodic reviews by the Board[181]. - The Group emphasizes the importance of employee communication and motivation through weekly meetings and group functions[164]. - The Board of Directors held four regular meetings during the year to discuss strategies and financial performance[188]. - The roles of the Chairman and the Chief Executive Officer are clearly segregated to enhance independence and accountability[189]. - The Company has received annual confirmations of independence from all Independent Non-Executive Directors, confirming their status[190]. - Directors are responsible for preparing the financial statements in accordance with statutory requirements and applicable accounting standards[195]. - The Company ensures timely publication of the Group's accounts, adhering to regulatory requirements[199]. - Each newly appointed Director undergoes comprehensive induction training to understand the Group's operations and governance obligations[197]. - Continuous professional development for Directors is arranged to keep them updated on statutory and regulatory developments[198]. - The Company has adopted a code of conduct for securities transactions by directors, ensuring compliance with the Model Code[191]. - The Board is composed of six members, including one Executive Director, two Non-Executive Directors, and three Independent Non-Executive Directors[185]. - The Company has established a robust internal control and risk management system overseen by the Board[185]. Compliance and Ethics - The Group has implemented a whistle-blowing policy for employees to report suspected bribery or corruption, ensuring integrity in business operations[173]. - There were no violations of anti-corruption laws during the Reporting Period, and the Group adheres to the Anti-Unfair Competition Law of the People's Republic of China[175]. - The Group actively participates in community charity, supporting the local community of Bayandun, Mongolia through donations and visits[177].