[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。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部或任何部分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公司仍在落實本集團截至二零二五年六月三十日止六個月的綜合財務業績。 因 此，本 公 告 所 披 露 的 資 料 僅 為 董 事 會 經 參 考 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日止六個月的未經審核綜合管理賬目及董事會目前所得資料後作出的初步評 估，並 未 經 本 公 司 核 數 師 或 本 公 司 審 核 委 員 會 審 核 或 審 閱，而 經 進 一 步 審 閱 後 可 能 作 出 調 整。 – 1 – UNITED STRENGTH POWER HOLDINGS LIMITED 眾誠能源控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2337） 截至二零二五年六月三十日止六個月的 盈利警告 本公告由眾誠能源控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 ...

Group 1 - The company, Zhongcheng Energy (02337.HK), will hold a board meeting on August 27, 2025 [1] - The meeting will review and approve the interim results for the six months ending June 30, 2025, and discuss the proposal for an interim dividend, if any [1]

眾誠能源控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2337） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 UNITED STRENGTH POWER HOLDINGS LIMITED 於本公告日期，董事會包括五名執行董事，即趙金岷先生、劉英武先生、邊晓丹 女 士、馬 海 東 先 生 及 王 志 偉 先 生，以 及 三 名 獨 立 非 執 行 董 事，即 蘇 丹 女 士、 劉 英 傑 先 生 及 張 志 峰 先 生。 眾誠能源控股有限公司 主席兼行政總裁 趙金岷先生 香 港，二 零 二 五 年 八 月 十 二 日 董事會會議召開日期 眾誠能源控股有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零二五年八月二十七日（星 期 三）舉 行 董 事 會 會 議，以 考 慮 並 批 准（其 中 包 括）本 公司及其附屬公 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 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 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 ...

Financial Proceeds and Allocations - The net proceeds from the global offering, after deducting expenses and commissions, amounted to approximately HKD 115.6 million[2] - The board has decided to reallocate funds originally designated for establishing an industry acquisition fund to expand the oil and natural gas station network[2] - The revised allocation for expanding the oil and natural gas station network is HKD 50 million, with HKD 25.286 million already utilized as of December 31, 2024[3] - The logistics transportation fleet expansion is allocated HKD 10 million, with HKD 9.198 million already utilized as of December 31, 2024[3] - The total amount utilized as of December 31, 2024, is HKD 90.886 million out of the HKD 115.6 million net proceeds[3] - The company plans to utilize the remaining proceeds for further expansion of its operations and marketing strategies[3] Share Options - The total number of share options available under the share option scheme as of January 1, 2024, and December 31, 2024, is 23,450,200 shares each[6] - The total number of shares available for issuance under the share option scheme represents approximately 6.3% of the company's issued share capital as of the annual report date[6] Marketing and Promotions - The board has approved the allocation of funds for strengthening marketing and promotional strategies amounting to HKD 5.8 million, which has been fully utilized[3] Supplementary Information - The company maintains that the supplementary information provided does not affect the other information contained in the annual report[4]

Financial Performance - The company's revenue for 2024 was RMB 7,724,326 thousand, an increase of 5.1% compared to RMB 7,346,895 thousand in 2023[5]. - Gross profit for 2024 was RMB 439,850 thousand, with a gross margin of 6%, consistent with the previous year[5]. - Net profit attributable to equity shareholders for 2024 was RMB 67,791 thousand, up 71.8% from RMB 39,489 thousand in 2023[5]. - The total assets of the company decreased to RMB 1,877,283 thousand from RMB 1,914,596 thousand in 2023[5]. - The company recorded a revenue of RMB 7,724.3 million in 2024, an increase of RMB 377.4 million or 5% compared to RMB 7,346.9 million in 2023, driven by higher sales volumes of wholesale and retail petroleum products[27]. - The sales volume of finished oil products reached approximately 1,028,000 tons in 2024, up about 13% from 913,000 tons in 2023, with sales revenue of RMB 7,395.7 million, a year-on-year increase of about 5%[24]. - The company's natural gas sales revenue decreased by 5% to RMB 253.4 million in 2024, with compressed natural gas sales volume dropping by 31% to 47.1 million cubic meters[25]. - Transportation services revenue increased by 11% to RMB 75.2 million in 2024, compared to RMB 67.7 million in 2023[26]. - In 2024, the sales cost rose by 5% to RMB 7,284.5 million, up from RMB 6,924.6 million in 2023, due to increased procurement costs associated with higher sales volumes[28]. - Profit before tax increased by RMB 30.2 million to RMB 94.3 million in 2024, compared to RMB 64.1 million in 2023[36]. - Net profit for 2024 was RMB 70.7 million, up from RMB 43.3 million in 2023, reflecting an increase of RMB 27.4 million[38]. - Total assets remained stable at approximately RMB 1,877.3 million, while total equity increased by 7% to RMB 548.0 million[39]. - As of December 31, 2024, the debt ratio was 71%, a decrease from 73% in 2023[43]. Business Expansion and Strategy - The company expanded its business into liquefied petroleum gas (LPG) wholesale, signing agreements with PetroChina Kunlun Gas and Songyuan Petrochemical[11]. - The company aims to diversify its business and revenue sources while focusing on opportunities in the new energy sector[13]. - The company expanded its gas station network through partnerships with smaller gas stations, allowing customers to use prepaid cards for purchasing fuel[24]. - The company is focused on maintaining financial flexibility and will continue to assess the use of funds to adapt to changing market conditions[45]. - The company aims to optimize its natural gas and oil distribution and transportation business while focusing on the operation of gas and oil stations[59]. - By 2025, the company plans to align with China's energy transition and the collaborative development of traditional and renewable energy[59]. - The company will actively seek growth opportunities in the construction of new energy vehicle gas stations and charging infrastructure to broaden revenue sources[59]. Market and Economic Outlook - In 2024, China's natural gas consumption increased by 8% to 426.05 billion cubic meters, with industrial natural gas production rising by 6.2%[10]. - The forecast for China's GDP growth in 2025 is around 5%, with expectations for continued growth in natural gas production and consumption[12]. - The global oil demand is expected to see a slight recovery in 2025, but overall supply may remain excessive, putting downward pressure on international oil prices[12]. - Global economic growth is projected at around 2.7% for 2025, indicating a slow recovery[56]. - Global oil demand is expected to rise from 8.3 million barrels per day in 2024 to slightly over 10 million barrels per day in 2025, with Asia contributing nearly 60% of this growth[57]. - Global natural gas demand is anticipated to grow by less than 2% in 2025, primarily supported by the Asian market[58]. Corporate Governance and Compliance - The company provided comprehensive training materials to all directors to ensure they are updated on legal, regulatory, and corporate governance developments[70]. - The Audit Committee held two meetings in 2024, with all members attending both sessions, ensuring effective oversight of financial reporting and compliance[74]. - The Compensation Committee met once in 2024 to review and approve performance-based compensation for executive directors and senior management[76]. - The Nomination Committee held two meetings in 2024, focusing on board composition and diversity policies, with all members present at both meetings[83]. - The company adopted a board diversity policy, considering factors such as gender, age, and professional experience to enhance board composition[81]. - The company confirmed that there are no significant uncertainties affecting its ability to continue as a going concern[74]. - The company ensures that no director participates in determining their own remuneration, maintaining transparency in the compensation process[77]. - The Audit Committee is responsible for reviewing the independence of external auditors and the effectiveness of audit procedures[74]. - The company has established a preliminary goal to appoint at least one director of a different gender to the board, which has been achieved[85]. - The company has implemented risk management and internal control objectives to identify, assess, and manage significant risks[90]. - The board has authorized the maintenance of a robust internal control system to ensure effective resource utilization and compliance with laws[89]. - The company has a policy to provide a fair and equal working environment, not considering gender, race, or religion in recruitment and promotion[85]. - The company has engaged independent professional consultants to assist in monitoring its risk management and internal control systems[91]. - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[98]. - The company’s governance practices include providing timely information to shareholders and ensuring compliance with applicable laws and regulations[103]. Environmental, Social, and Governance (ESG) Initiatives - The group emphasizes the importance of building a safe, reliable, resilient, and sustainable supply chain to support the orderly development of the natural gas industry and contribute to national "dual carbon" goals[106]. - The group aims to enhance talent recruitment and training, fostering a diverse and inclusive corporate culture for mutual growth with employees[107]. - The ESG report for the fiscal year ending December 31, 2024, will showcase the group's performance in ESG management and corporate sustainability[108]. - The report will cover the group's core business operations, including natural gas refueling stations, retail and wholesale of petroleum products, and transportation services[109]. - The group applies a quantitative principle to disclose environmental and social performance based on key performance indicators, including emissions and resource consumption[111]. - A comprehensive risk management system is established to embed ESG strategies into the business development blueprint, promoting low-carbon transformation and green growth[115]. - The board of directors is fully responsible for overseeing ESG-related matters and ensuring effective internal communication and collaboration[115]. - The group continuously optimizes its ESG policies and management systems to enhance transparency and accuracy of information[106]. - The board conducts two comprehensive reviews of the group's ESG performance annually, providing specific improvement recommendations based on the assessment results[116]. - The group aims to deepen collaboration with upstream and downstream partners to enhance the sustainable development management system, targeting a dual win in economic and environmental benefits[119]. - The group maintains a stable communication mechanism with stakeholders, utilizing various channels to capture market dynamics and emerging risks[121]. - The group prioritizes compliance with local laws and regulations, ensuring operational legality across all business areas[117]. - The board integrates sustainability into the long-term strategy, ensuring all employees conduct business activities under ESG principles[120]. - The group focuses on continuous optimization of management systems through regular monitoring and reviews of operational safety and service quality[119]. - The group engages with stakeholders through diverse communication channels, including regular reports and meetings, to align business operations with stakeholder concerns[121]. - The group is committed to enhancing its sustainable development system and fulfilling environmental and social responsibilities[122]. - The group identified 28 sustainability issues related to its environmental and social impacts[124]. - Six key ESG issues were determined to be of significant importance: business ethics and anti-corruption, internal complaint mechanisms, adaptability and resilience of business models to environmental, social, political, and economic risks, legal and regulatory management, emergency response capabilities, and systematic risk management[127]. Employee Management and Safety - The company has a total of 1,375 employees, with 918 males and 457 females, all of whom are full-time[179]. - Employee distribution by age shows that 37% of females and 31% of males are aged 31 to 40[180]. - The total employee turnover rate for the fiscal year 2024 is 15.1%[190]. - Male employee turnover rates by age group are 26.9% (30 or younger), 17.0% (31-40), 10.7% (41-50), and 13.6% (51 and older) with an overall male turnover rate of 15.0%[191]. - Female employee turnover rates by age group are 32.8% (30 or younger), 12.9% (31-40), 12.6% (41-50), and 8.3% (51 and older) with an overall female turnover rate of 15.3%[191]. - The highest employee turnover rate by location is in Yanji at 32.2% and Wuchang at 28.6%[191]. - The company has established a center safety committee composed of the president, vice presidents, and business unit managers to oversee safety policy implementation[197]. - Four center safety committee meetings were held in fiscal year 2024 to review safety performance and optimize safety management practices[197]. - The company conducted a safety knowledge competition on June 13 to enhance employee safety awareness and emergency response capabilities[197]. - The company emphasizes a zero-tolerance policy for discrimination and harassment, promoting a fair and respectful work environment[193]. - The company emphasizes the importance of occupational disease prevention as a key component of its health and safety management[198]. - Regular training sessions on occupational health and safety have been organized, with relevant knowledge included in the annual training plan[198]. - The company has established a comprehensive monitoring system for safety management, including daily safety checks on transportation vehicles[200]. - An emergency response plan has been implemented to address unexpected incidents, with a dedicated emergency response team in place[200]. - The company has installed monitoring systems at gas stations to ensure real-time safety oversight[200]. - A special health check event for employees was organized to enhance health management awareness and disease prevention measures[198]. - The company has committed to continuous improvement in safety management by engaging professional industrial safety consulting services since 2012[200]. - Strict safety regulations are enforced at gas stations, including prohibitions on smoking and unauthorized equipment use[199]. - The company has received high praise from experts for its emergency response drills, which tested its incident handling capabilities[200].