( 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ) 股份代號 : 2337 INTERIM REPORT 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 綜合損益表 | 4 | | 綜合損益及其他全面收益表 | 5 | | 綜合財務狀況表 | 6 | | 綜合權益變動表 | 8 | | 簡明綜合現金流量表 | 10 | | 未經審核中期財務報告附註 | 11 | | 獨立審閱報告 | 26 | | 管理層討論及分析 | 27 | | 其他資料 | 36 | 獨立非執行董事 蘇丹女士 張志峰先生 劉英傑先生 公司秘書 盧偉傑先生， ACCA、FCPA、CFA 授權代表 馬海東先生 盧偉傑先生 審核委員會成員 劉英傑先生 （主席） 蘇丹女士 張志峰先生 薪酬委員會成員 公司資料 董事會 執行董事 趙金岷先生 （主席兼行政總裁） 劉英武先生 馬海東先生 王志偉先生 邊曉丹女士 張志峰先生 （主席） 劉英武先生 蘇丹女士 提名委員會成員 蘇丹女士 （主席） 馬海東先生 張志峰先生 註冊辦事處 Cricket Square, Hutchins D ...

FF301 致：香港交易及結算所有限公司 公司名稱: 眾誠能源控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02337 | 說明 | 眾誠能源 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | HKD | | 0.1 HKD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 800,000,000 | HKD | | 0.1 HKD | | 80,000,000 | 本月底法定/註冊股本總額： HKD 80,000,000 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市 ...

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

Core Insights - The company, Zhongcheng Energy (02337), reported a significant decline in its mid-year performance for 2025, with revenues decreasing by approximately 20% to around 3.082 billion yuan [1] - The company experienced a loss attributable to equity shareholders of about 7.3 million yuan, marking a shift from profit to loss compared to the previous year [1] - Basic loss per share was reported at approximately 0.02 yuan [1] Revenue Analysis - The decrease in revenue was primarily attributed to a reduction in sales volume of oil products during the first half of 2025 [1] - The sales revenue from refined oil was approximately 2.975 billion yuan, reflecting a year-on-year decrease of about 19%, which accounted for 97% of total revenue during the period [1] - Refined oil sales volume was approximately 433,000 tons, representing a decrease of about 12% compared to the same period last year [1] Market Dynamics - The decline in sales volume was largely due to a shift in consumer preference, with more automotive customers transitioning to electric vehicles, leading to a decrease in market demand for oil products [1]

Core Viewpoint - Zhongcheng Energy (02337) reported a significant decline in revenue for the first half of 2025, with a year-on-year decrease of approximately 20% to around 3.082 billion yuan, resulting in a loss attributable to equity shareholders of about 7.3 million yuan, marking a shift from profit to loss [1] Revenue Performance - The decrease in revenue is primarily attributed to a reduction in sales volume of petroleum products during the first half of 2025 [1] - The sales revenue from refined oil products was approximately 2.975 billion yuan, reflecting a year-on-year decrease of about 19%, which accounted for 97% of total revenue during the period [1] Sales Volume - The total sales volume of refined oil products was approximately 433,000 tons, representing a year-on-year decrease of about 12% [1] - The decline in sales volume is mainly due to a shift in more automotive customers towards electric vehicles, leading to a decrease in market demand for petroleum products [1]

收益减少主要由于公司的石油产品于2025年上半年的销量减少所致。 格隆汇8月27日丨众诚能源(02337.HK)公告，截至2025年6月30日止6个月，收益减少约20%至约人民币 30.82亿元。公司权益股东应占亏损约为人民币730万元(截至2024年6月30日止6个月公司权益股东应占 溢利：约人民币2700万元)。每股基本亏损约为人民币0.02元(截至2024年6月30日止6个月每股基本盈 利：约人民币0.07元)。 ...

[Financial Highlights](index=1&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) Zhongcheng Energy Holdings Limited reported a 20% year-on-year revenue decrease and a loss attributable to equity holders of RMB 7.3 million for H1 2025 Key Financial Data Comparison for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,082.0 | 3,839.4 | -20% | | Loss/Profit Attributable to Equity Holders | (7.3) | 27.0 | From profit to loss | | Basic Loss/Earnings Per Share (RMB) | (0.02) | 0.07 | From profit to loss | [Financial Statements](index=2&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the unaudited condensed consolidated interim financial statements for H1 2025, including income, comprehensive income, and financial position statements [Consolidated Income Statement](index=2&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) Revenue declined 20% to RMB 3,082.0 million, resulting in reduced gross profit and a loss of RMB 7.3 million attributable to equity holders Key Data from Consolidated Income Statement | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 3,082,015 | 3,839,411 | | Cost of sales | (2,930,716) | (3,627,383) | | Gross profit | 151,299 | 212,028 | | Operating profit | 6,990 | 55,242 | | Loss/Profit before tax | (5,321) | 42,070 | | Loss/Profit for the period | (5,832) | 27,940 | | Loss/Profit attributable to equity holders of the Company | (7,278) | 26,970 | | Basic Loss/Earnings Per Share (RMB) | (0.02) | 0.07 | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income shifted from a RMB 28.8 million profit to a RMB 6.4 million loss, driven by period loss and foreign exchange differences Key Data from Consolidated Statement of Comprehensive Income | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss/Profit for the period | (5,832) | 27,940 | | Exchange differences on translation of financial statements denominated in foreign currencies | (531) | 893 | | Total comprehensive income for the period | (6,363) | 28,833 | | Total comprehensive income attributable to equity holders of the Company | (7,859) | 27,886 | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) Total assets increased, but net assets slightly decreased, and current liabilities significantly rose, leading to a higher debt ratio as of June 30, 2025 Key Data from Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 534,833 | 543,559 | | Current assets | 1,899,729 | 1,333,724 | | Current liabilities | 1,725,551 | 1,101,023 | | Non-current liabilities | 181,649 | 228,305 | | Net assets | 527,362 | 547,955 | | Total equity | 527,362 | 547,955 | [Notes to the Financial Statements](index=6&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section details the basis of preparation, accounting policy changes, revenue, segment reporting, income, tax, EPS, receivables, prepayments, and dividends [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=%E7%BC%96%E8%A3%BD%E5%9F%BA%E5%87%86%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%98%E5%8A%A8) Interim financial report prepared under Listing Rules and IAS 34, with HKAS 21 amendments applied but no significant impact due to no foreign currency transactions - The interim financial report is prepared under Listing Rules and IAS 34, and reviewed by KPMG[9](index=9&type=chunk)[10](index=10&type=chunk) - The Group applied amendments to HKAS 21, with no significant impact due to the absence of foreign currency transactions[13](index=13&type=chunk) Number of Gas and Petrol Stations and Oil Storage Facilities | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gas and petrol stations owned by the Group | 38 | 38 | | Oil storage facilities owned by the Group | 2 | 2 | | Gas and petrol stations operated under management agreements | 39 | 39 | | Oil storage facilities operated under management agreements | 1 | 1 | [Revenue and Segment Reporting](index=7&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E6%8A%A5%E5%91%8A) Total revenue decreased 20% year-on-year, primarily due to reduced refined oil and natural gas sales, with all business segments experiencing declines [Revenue Breakdown](index=7&type=section&id=%E6%94%B6%E7%9B%8A%E6%98%8E%E7%BB%86) Sales of refined oil and natural gas generated RMB 3,050.3 million, a 19.5% year-on-year decrease, driving the overall revenue decline Revenue Breakdown from Customer Contracts by Major Product or Service Line | Product/Service | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of refined oil and natural gas | 3,050,307 | 3,790,626 | | Transportation service revenue | 31,699 | 37,807 | | Franchise service revenue | – | 9,411 | | Revenue from trading of compressed natural gas and liquefied petroleum gas | 9 | 1,567 | | **Total Revenue** | **3,082,015** | **3,839,411** | [Segment Results](index=7&type=section&id=%E5%88%86%E9%83%A8%E4%B8%9A%E7%BB%A9) All three reportable segments—refined oil, natural gas, and transportation services—saw declines in revenue and gross profit, with natural gas sales decreasing most - The Group is managed by business lines, divided into three reportable segments: sales of refined oil, sales of natural gas, and provision of transportation services[19](index=19&type=chunk) Revenue and Gross Profit by Reportable Segment | Segment | H1 2025 Revenue (RMB thousand) | H1 2024 Revenue (RMB thousand) | H1 2025 Gross Profit (RMB thousand) | H1 2024 Gross Profit (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Sales of refined oil | 2,975,427 | 3,660,728 | 100,752 | 138,908 | | Sales of natural gas | 74,889 | 140,876 | 19,272 | 30,951 | | Provision of transportation services | 31,699 | 37,807 | 31,275 | 42,169 | | **Total** | **3,082,015** | **3,839,411** | **151,299** | **212,028** | [Geographical Information](index=9&type=section&id=%E5%9C%B0%E7%90%86%E8%B5%84%E6%96%99) All of the Group's customers, non-current assets, and associates are exclusively located in China - All of the Group's customers, non-current assets (including property, plant and equipment and investment properties), and associates are located in China[24](index=24&type=chunk) [Other Income](index=9&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income, primarily rental income from operating leases, totaled RMB 3.4 million, a slight decrease from the prior period Other Income Breakdown | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Rental income from operating leases | 1,387 | 2,063 | | Net gain/(loss) on disposal of property, plant and equipment | 309 | (245) | | Interest income | 301 | 700 | | Others | 1,442 | 1,067 | | **Total** | **3,439** | **3,585** | [Details of Loss/Profit Before Tax](index=10&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%EF%BC%88%E4%B8%8B%E8%B7%8C%EF%BC%89%EF%BC%8F%E6%BA%A2%E5%88%A9%E6%98%8E%E7%BB%86) This section details key cost items impacting loss/profit before tax, including finance, staff, depreciation, lease, and inventory costs Breakdown of Costs Related to Loss/Profit Before Tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance costs | 13,066 | 13,696 | | Staff costs | 78,646 | 83,108 | | Depreciation expense | 30,372 | 32,652 | | Operating lease expenses for short-term leases and leases of low-value assets | 2,440 | 2,192 | | Cost of inventories | 2,925,154 | 3,620,297 | [Income Tax](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) Income tax decreased 96% to RMB 0.5 million due to a pre-tax loss, with varying corporate tax rates and preferential rates applied Income Tax Breakdown | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax - Provision for the period | 12,319 | 21,705 | | Deferred tax - Origination and reversal of temporary differences | (11,808) | (7,575) | | **Total Income Tax** | **511** | **14,130** | - Chinese subsidiaries (excluding Hong Kong) are subject to a **25% corporate income tax rate**, with preferential rates of **5% for small-scale operations** and **15% for high-tech enterprises**[30](index=30&type=chunk) [Loss/Earnings Per Share](index=11&type=section&id=%E6%AF%8F%E8%82%A1%EF%BC%88%E4%B8%8B%E8%B7%8C%EF%BC%89%EF%BC%8F%E7%9B%88%E5%88%A9) Basic loss per share was RMB 0.02 for H1 2025, compared to RMB 0.07 earnings per share last year, with no potential dilutive ordinary shares Loss/Earnings Per Share | Metric | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss/Earnings Per Share | (0.02) | 0.07 | | Number of ordinary shares in issue | 374,502,000 | 374,502,000 | - There were no potential dilutive ordinary shares for the six months ended June 30, 2025 and 2024[28](index=28&type=chunk) [Trade and Bills Receivables](index=11&type=section&id=%E8%B4%B8%E6%98%93%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9%E5%8F%8A%E5%BA%94%E6%94%B6%E7%A5%A8%E6%8D%AE) Total trade and bills receivables significantly increased to RMB 173.1 million as of June 30, 2025, primarily due to higher bills receivables Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 32,966 | 29,630 | | Bills receivables | 140,093 | 66,000 | | **Total** | **173,059** | **95,630** | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 25,858 | 25,115 | | 1 to 3 months | 6,490 | 3,006 | | 3 to 6 months | 618 | 1,509 | | **Total** | **32,966** | **29,630** | [Prepayments, Deposits and Other Receivables](index=12&type=section&id=%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9) Prepayments, deposits, and other receivables increased to RMB 1,121.0 million, mainly due to higher prepayments to related parties for inventory and services Breakdown of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments for purchase of inventories and services - related parties | 874,159 | 630,468 | | Prepayments for purchase of inventories and services - third parties | 222,279 | 255,985 | | Deposits made to suppliers | 3,985 | 3,817 | | Advances to employees | 729 | 717 | | Recoverable VAT | 9,817 | 8,730 | | Amounts due from non-controlling interests of subsidiaries | – | 24,054 | | Others | 10,016 | 9,453 | | Financial assets measured at amortised cost | 24,547 | 46,771 | | **Total** | **1,120,985** | **933,224** | - All prepayments, deposits, and other receivables are expected to be recovered or recognized as expenses within one year[32](index=32&type=chunk) [Trade and Bills Payables](index=13&type=section&id=%E8%B4%B8%E6%98%93%E5%BA%94%E4%BB%98%E6%AC%BE%E9%A1%B9%E5%8F%8A%E5%BA%94%E4%BB%98%E7%A5%A8%E6%8D%AE) Total trade and bills payables significantly increased to RMB 286.8 million as of June 30, 2025, primarily due to higher bills payables Trade and Bills Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables to third parties | 1,822 | 2,748 | | Bills payables | 285,000 | – | | **Total** | **286,822** | **2,748** | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 1,812 | 2,738 | | Over 3 months | 10 | 10 | | **Total** | **1,822** | **2,748** | [Dividends](index=13&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for H1 2025, and no past financial year dividends were approved, unlike 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)[35](index=35&type=chunk) Approval Status of Past Financial Year and Special Dividends | Dividend Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Final dividend for past financial year (HKD 0.04 per share) | – | 13,872 | | Special dividend approved during the period (HKD 0.08 per share) | – | 27,345 | [Management Discussion and Analysis](index=14&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews H1 2025 industry, business, and financial performance, outlining future directions amid challenges from oil price volatility and EV penetration [Business and Financial Review](index=14&type=section&id=%E4%B8%9A%E5%8A%A1%E5%8F%8A%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%B5) H1 2025 saw fluctuating oil prices, China's oil demand transformation, and natural gas market shifts, impacting sales and transport revenue, resulting in a loss despite stable finances [Industry Overview](index=14&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E8%A7%88) H1 2025 saw volatile oil prices, China's shifting oil demand, and global natural gas price declines, though China's natural gas consumption, especially for heavy trucks, is set for growth - International crude oil prices fluctuated in H1 2025, influenced by geopolitical risks and supply-demand dynamics[40](index=40&type=chunk) - China's crude oil demand structure is undergoing a historic shift: **declining fuel consumption** and **rising chemical consumption**[42](index=42&type=chunk) - Global natural gas supply increased, leading to lower prices due to weak demand, but China's market shows 'slight overall growth, structural transformation'[43](index=43&type=chunk)[44](index=44&type=chunk) - China's natural gas heavy truck production and sales grew strongly, with policy subsidies and oil-gas price differentials expected to stimulate market growth[46](index=46&type=chunk)[47](index=47&type=chunk) [Refined Oil Sales Business](index=16&type=section&id=%E6%88%90%E5%93%81%E6%B2%B9%E9%94%80%E5%94%AE%E4%B8%9A%E5%8A%A1) Refined oil sales revenue decreased by 19% to RMB 2,975.4 million, with a 12% volume drop, primarily due to declining market demand from EV adoption Refined Oil Sales Business Data | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Sales Revenue (RMB million) | 2,975.4 | 3,675.855 (Segment Revenue) | -19% | | Sales Volume (tonnes) | 433,000 | 493,000 | -12% | - Sales volume decreased primarily due to more automotive customers switching to new energy vehicles, leading to reduced market demand[48](index=48&type=chunk) [Natural Gas Sales Business](index=16&type=section&id=%E5%A4%A9%E7%84%B6%E6%B0%94%E9%94%80%E5%94%AE%E4%B8%9A%E5%8A%A1) Natural gas sales revenue decreased by 47% to RMB 74.9 million, with compressed natural gas volume down 49%, due to customers switching to EVs Natural Gas Sales Business Data | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Sales Revenue (RMB million) | 74.9 | 140.876 (Segment Revenue) | -47% | | Compressed Natural Gas Sales Volume (million cubic meters) | 13.4 | 26.2 | -49% | - Natural gas sales decreased primarily due to more natural gas vehicle customers switching to new energy vehicles, leading to reduced market demand[49](index=49&type=chunk) Gas and Petrol Station Locations and Products | Province/City | Gas Stations | Petrol Stations | Hybrid Stations | Total | | :--- | :--- | :--- | :--- | :--- | | Jilin Province | 13 | 35 | 9 | 57 | | Liaoning Province | – | 19 | 1 | 20 | | **Total** | **13** | **54** | **10** | **77** | [Provision of Transportation Services](index=18&type=section&id=%E6%8F%90%E4%BE%9B%E8%BF%90%E8%BE%93%E6%9C%8D%E5%8A%A1) Transportation service revenue decreased by 16% to RMB 31.7 million in H1 2025, with the company operating over 100 dangerous goods vehicles Transportation Services Business Data | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Transportation Revenue | 31.7 | 37.8 | -16% | - The company owns and manages a fleet of **over 100 dangerous goods transportation vehicles**, including 48 tractors, 45 trailers, and 30 integrated tractor-trailers for oil, and 23 tractors, 22 trailers, and 1 integrated tractor-trailer for natural gas[51](index=51&type=chunk) [Operating Results](index=18&type=section&id=%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) Revenue decreased 20%, cost of sales fell 19%, gross margin dropped to 5%, resulting in a pre-tax loss and a net loss of RMB 5.8 million Key Operating Results Data | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,082.0 | 3,839.4 | -20% | | Cost of sales | 2,930.7 | 3,627.4 | -19% | | Gross profit | 151.3 | 212.0 | -28.6% | | Gross profit margin | 5% | 6% | -1% | | Impairment reversal/(loss) on trade receivables | 0.9 (reversal) | (1.0) (loss) | From loss to reversal | | Other income | 3.4 | 3.6 | -5.6% | | Staff costs | 78.6 | 83.1 | -5.4% | | Other operating expenses | 39.6 | 43.6 | -9.2% | | Finance costs | 13.1 | 13.7 | -4.4% | | Share of profit of an associate | 0.8 | 0.5 | +60% | | Loss/Profit before tax | (5.3) | 42.1 | From profit to loss | | Income tax | 0.5 | 14.1 | -96.5% | | Loss/Profit for the period | (5.8) | 27.9 | From profit to loss | [Financial Resources and Liquidity](index=20&type=section&id=%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90%E5%8F%8A%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91) The Group's financial position remained stable as of June 30, 2025, with total assets increasing 30% to RMB 2,434.6 million and total equity stable at RMB 527.4 million Financial Resources Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 2,434.6 | 1,877.3 | +30% | | Total equity | 527.4 | 548.0 | -3.8% | [Capital Expenditure](index=20&type=section&id=%E8%B5%84%E6%9C%AC%E5%BC%80%E6%94%AF) Capital expenditure for H1 2025 was RMB 12.1 million, mainly for property, plant, and equipment, with period-end capital commitments of RMB 15.4 million Capital Expenditure and Commitments | Metric | June 30, 2025 (RMB million) | | :--- | :--- | | Capital expenditure | 12.1 | | Capital commitments | 15.4 | - Capital expenditure and commitments are primarily for property, plant, and equipment, expected to be funded by future operating income, bank borrowings, and other financing[63](index=63&type=chunk) [Borrowings](index=21&type=section&id=%E5%80%9F%E6%AC%BE) Total borrowings reached RMB 652.6 million as of June 30, 2025, with 98% short-term, and the debt ratio increased to 78% Borrowings Overview | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Short-term borrowings | 640,100 | 445,175 | | Long-term borrowings | 12,500 | 47,840 | | **Total Borrowings** | **652,600** | **493,015** | | Debt ratio | 78% | 71% | - Borrowings are primarily RMB-denominated, with **99% secured** and **100% fixed-rate**, ranging from **2.7% to 7.2%**[64](index=64&type=chunk) [Use of Proceeds](index=21&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E7%94%A8%E9%80%94) IPO net proceeds of HKD 115.6 million were fully utilized for network expansion, marketing, working capital, acquisitions, and logistics fleet expansion Use of Proceeds from Initial Public Offering | Purpose | Revised Allocation (HKD thousand) | Utilized as of June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | | Expansion of compressed natural gas station network | 19,500 | 19,500 | | Strengthening marketing and promotion strategies | 5,800 | 5,800 | | General working capital | 5,800 | 5,800 | | Acquisition of Yinquan and transfer of shareholder loans | 34,500 | 34,500 | | Expansion of oil and gas station network | 40,000 | 40,000 | | Expansion of logistics fleet | 10,000 | 10,000 | | **Total** | **115,600** | **115,600** | [Pledge of Assets](index=22&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) Bank loans and credits are pledged against RMB 65.6 million in property, plant, and equipment, with some personally guaranteed by the controlling shareholder - The Group's bank and other loans and bank acceptance bill credits are pledged against property, plant and equipment and investment properties with a total carrying value of **RMB 65.6 million**[67](index=67&type=chunk) - Some bank loans and acceptance bill credits are personally guaranteed by the ultimate controlling shareholder, Mr. Zhao Jinmin, and his spouse[67](index=67&type=chunk) [Contingent Liabilities](index=23&type=section&id=%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) The Board is not aware of any significant contingent liabilities as of the announcement date and June 30, 2025 - The Board is not aware of any significant contingent liabilities[68](index=68&type=chunk) [Human Resources](index=23&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B5%84%E6%BA%90) As of June 30, 2025, the Group had 1,344 employees, providing benefits and performance-based remuneration, with no share options granted Human Resources Overview | Metric | June 30, 2025 | | :--- | :--- | | Total number of employees | 1,344 | - The Group participates in retirement, medical, unemployment insurance, and housing provident fund schemes for Chinese employees, and contributes to the MPF for Hong Kong employees[69](index=69&type=chunk) - No share options were granted or agreed to be granted under the share option scheme as of June 30, 2025[69](index=69&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Associates](index=23&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E5%B1%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A1%B9) The Group had no significant investments, acquisitions, or disposals for the six months ended June 30, 2025 - The Group had no significant investments, acquisitions, or disposals for the six months ended June 30, 2025[70](index=70&type=chunk) [Foreign Exchange Risk Management](index=23&type=section&id=%E5%A4%96%E6%B1%87%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) Sales and purchases are primarily RMB-denominated, subject to government control; no current hedging policy, but management monitors and considers hedging significant FX risks - The Group's sales and purchases are mostly denominated in RMB, which is not a freely convertible currency[71](index=71&type=chunk) - The Group currently has no foreign currency hedging policy, but management will monitor foreign exchange risks and consider hedging when necessary[71](index=71&type=chunk) [Business Outlook](index=24&type=section&id=%E4%B8%9A%E5%8A%A1%E5%B1%95%E6%9C%9B) H2 outlook anticipates moderate global growth, policy-supported Chinese economy, and declining oil/gas prices; the Group will focus on station operations, optimize distribution, and explore new energy opportunities [Future Outlook](index=24&type=section&id=%E6%9C%AA%E6%9D%A5%E5%B1%95%E6%9C%9B) Global economy to grow 2.8%, China's GDP targets 5% with policy support; oil prices face downward pressure, natural gas prices may decline, while the Group focuses on station operations and EV charging infrastructure - IMF and World Bank forecast **2.8% global economic growth** in 2025, with China's GDP targeting around **5%**, supported by ongoing policies[72](index=72&type=chunk) - IEA expects **20% global oil demand increase** in 2025, but significant supply growth will lead to overcapacity and downward pressure on oil prices[73](index=73&type=chunk) - Natural gas, a bridge in energy transition, expects **1.5% global demand growth**, but weak developed economy demand suggests further price decline[74](index=74&type=chunk) - The Group will deepen gas and petrol station operations, optimize distribution and transportation, seek transformation, explore oil and gas value chain opportunities, diversify revenue, and seize EV charging infrastructure growth[75](index=75&type=chunk) [Other Information](index=25&type=section&id=%E5%85%B6%E4%BB%96%E8%B5%84%E6%96%99) This section covers corporate governance, including code compliance, audit committee duties, directors' securities trading, public float, pre-emptive rights, and interim results publication [Corporate Governance](index=25&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The company complied with the Corporate Governance Code, with exceptions for independent non-executive director attendance and combined Chairman/CEO roles - Certain independent non-executive directors were unable to attend the AGM due to overseas commitments, violating Corporate Governance Code Provision C.1.6[76](index=76&type=chunk) - Mr. Zhao Jinmin holds both Chairman and CEO roles, violating Corporate Governance Code Provision C.2.1, but the Board believes this provides strong, consistent leadership and effective strategy implementation[76](index=76&type=chunk)[77](index=77&type=chunk) [Audit Committee](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%91%98%E6%9C%83) The Audit Committee, established in 2017, reviews financial reporting, risk management, and internal controls, and has approved the H1 2025 unaudited interim financial statements - The Audit Committee's primary responsibilities include reviewing the Group's financial reporting, risk management, and internal control systems[78](index=78&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements for H1 2025 and found them compliant with applicable accounting standards and requirements[79](index=79&type=chunk) [Review of Interim Financial Information](index=26&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The H1 2025 interim financial report is unaudited but has been reviewed by KPMG in accordance with HK Standard on Review Engagements 2410 - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[79](index=79&type=chunk) [Standard Code for Directors' Securities Transactions](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted and confirmed compliance with the Listing Rules' Standard Code for directors' securities transactions during the reporting period - The company adopted the Standard Code in Listing Rules Appendix C3 and confirms directors' compliance during the reporting period[80](index=80&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities for H1 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[81](index=81&type=chunk) [Sufficiency of Public Float](index=26&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F%E7%9A%84%E5%85%85%E8%B6%B3%E6%80%A7) The company has consistently maintained a sufficient public float since its initial public offering date up to this announcement - The company has maintained a sufficient public float since its initial public offering date up to this announcement[82](index=82&type=chunk) [Pre-emptive Rights](index=26&type=section&id=%E5%84%AA%E5%85%88%E8%B3%BC%E8%B2%B7%E6%AC%8A) Neither the company's articles nor Cayman Islands law contain pre-emptive rights provisions for proportional new share offerings - Neither the company's memorandum and articles of association nor Cayman Islands law contain pre-emptive rights provisions[83](index=83&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=27&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E5%A0%B1) This interim results announcement is published on HKEX and company websites; the interim report will follow for shareholders - This interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company[84](index=84&type=chunk) [Acknowledgement](index=27&type=section&id=%E9%B8%A3%E8%B0%A2) The Board extends gratitude to management, employees, shareholders, business partners, and banks for their support - The Board expresses gratitude to management, all employees, shareholders, business partners, and banks for their support[85](index=85&type=chunk) [Board Composition](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E7%B5%84%E6%88%90) As of this announcement date, the Board comprises five executive directors and three independent non-executive directors - The Board comprises five executive directors (Mr. Zhao Jinmin, Mr. Liu Yingwu, Ms. Bian Xiaodan, Mr. Ma Haidong, and Mr. Wang Zhiwei) and three independent non-executive directors (Ms. Su Dan, Mr. Liu Yingjie, and Mr. Zhang Zhifeng)[87](index=87&type=chunk)

Core Viewpoint - The company anticipates a net loss of RMB 5 million to RMB 7 million for the six months ending June 30, 2025, compared to a net profit of RMB 27.9 million for the same period in 2024 [1] Summary by Relevant Categories Financial Performance - The expected loss for the upcoming period is significantly lower than the previous year's profit, indicating a potential downturn in financial health [1] Market Dynamics - The anticipated loss is primarily attributed to two factors: 1. A shift of automotive customers towards electric vehicles, leading to a decrease in market demand and a reduction in oil product sales [1] 2. A decline in the average selling price of oil products in the first half of 2025, resulting in a decrease in gross profit margin [1]

Core Viewpoint - The company anticipates a net loss of approximately RMB 5 million to RMB 7 million for the six months ending June 30, 2025, compared to a net profit of RMB 27.9 million for the same period in 2024 [1] Group 1: Financial Performance - The expected loss for the upcoming period is attributed to a decline in market demand due to more automotive customers switching to electric vehicles, resulting in decreased sales of petroleum products [1] - Additionally, the average selling price of petroleum products is projected to drop in the first half of 2025, leading to a decrease in gross profit margin [1]

众诚能源(02337)发布公告，公司预期集团将于截至2025年6月30日止6个月录得亏损净额约人民币500万 元至人民币700万元，而截至2024年6月30日止6个月的纯利为人民币2790万元。根据董事会目前所得资 料，董事会认为，预期亏损主要由于(其中包括)(i)更多汽车客户转用新能源汽车，导致市场需求下降， 令石油产品销量减少及(ii)2025年上半年石油产品平均售价下跌，导致毛利率下降。 ...