Financial Performance - For the year ended December 31, 2024, the total revenue was HKD 1,275,339,000, a decrease of 2.7% from HKD 1,311,246,000 in 2023[3] - The gross profit for the same period was HKD 19,956,000, down 18.0% from HKD 24,367,000 in 2023[3] - The net loss attributable to the owners of the company was HKD 22,602,000, compared to a loss of HKD 24,256,000 in 2023[3] - The operating loss for the year was HKD 9,677, compared to an operating profit of HKD 14,945 in 2023[24] - The company reported a net loss of HKD 21,862 for 2024, compared to a net profit of HKD 1,044 in 2023[24] - Basic loss per share was approximately HKD 0.51 cents (2023: HKD 0.54 cents), a reduction of about 5.56%[56] Assets and Liabilities - The total assets as of December 31, 2024, amounted to HKD 324,198,000, an increase from HKD 304,734,000 in 2023[5] - The total liabilities increased to HKD 257,186,000 in 2024 from HKD 218,940,000 in 2023[6] - The company’s equity attributable to owners decreased to HKD 59,876,000 from HKD 84,755,000 in 2023[5] - The net current assets decreased from HKD 220,110 thousand to HKD 83,889 thousand after the reclassification of convertible loan notes[17] - The total assets less current liabilities adjusted from HKD 223,009 thousand to HKD 86,788 thousand following the reclassification[17] Revenue Breakdown - Revenue from energy-related products was HKD 1,198,999, down 7.1% from HKD 1,291,246 in 2023[22] - The energy digital trade industrial park generated revenue of approximately HKD 18.90 million, compared to HKD 20.00 million in 2023[47] - Major customer A generated revenue of HKD 545,874, an increase of 83.7% from HKD 296,790 in 2023[26] Cash Flow and Financial Management - Cash and cash equivalents remained stable at HKD 25,236,000, slightly up from HKD 25,230,000 in 2023[5] - The company’s trade payables decreased significantly to HKD 13,000 in 2024 from HKD 405,000 in 2023, indicating improved cash flow management[34] - The outstanding bank borrowings remained unchanged at HKD 13,387,000 for both 2024 and 2023[35][36] Corporate Governance and Compliance - The company has maintained high standards of corporate governance and has set self-regulatory practices to protect shareholder interests[71] - The independent auditor confirmed that the consolidated financial statements for the year ended December 31, 2024, are in accordance with the Hong Kong Financial Reporting Standards[80] - The audit committee reviewed the accounting principles and practices adopted by the group and found no disagreements with the company regarding the annual performance for the year ended December 31, 2024[82] Future Outlook and Plans - The company plans to continue its operations based on the assessment of sufficient working capital for at least the next 12 months[11] - The company plans to focus on expanding its energy digital trading operations and exploring new market opportunities[22] - The company anticipates facing challenges in 2025 due to rising risks of global economic stagflation and ongoing geopolitical tensions affecting oil and petrochemical prices[49] - The group plans to operate 30 digital industry parks and attract over 2,000 enterprises, having already introduced no less than 600 enterprises into the digital industry park[51] Shareholder Information - The company did not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[30] - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2024[70] - The company expressed gratitude to business partners and shareholders for their ongoing support and commended the management team and employees for their dedication[85]

Company Overview - King Tai Energy Holdings Limited (HK2728) is listed on the main board of the Hong Kong Stock Exchange and aims to create a competitive advantage in the petrochemical industry ecosystem [3] - The company operates across six major business segments: oil and gas exploration, refining, storage, logistics, distribution, and retail, providing services and industry solutions to upstream and downstream customers in the petrochemical supply chain [3] - King Tai Energy has multiple operational qualifications, including storage for finished oil and hazardous chemicals, wholesale of finished oil, and import-export rights [3] - The company also operates a B2B service platform for petrochemical product procurement called "JuNeng Wang" and an innovative energy supply chain financial service platform named "Jineng Hui" [3] Financial Performance - As of June 30, 2024, King Tai Energy reported total revenue of 117 million HKD, representing a year-on-year increase of 822.25% [2] - The company recorded a net profit attributable to shareholders of -10.6044 million HKD, showing a year-on-year improvement of 72.68% [2] - The gross profit margin stood at 3.44%, while the debt-to-asset ratio was 76.44% [2] Market Position and Valuation - King Tai Energy's price-to-earnings (P/E) ratio is 16.09, ranking 22nd in the industry, while the average P/E ratio for the oil and gas sector is 34.9 [2] - The company has underperformed the Hang Seng Index, with a cumulative decline of 17.24% over the past month and 7.69% year-to-date, compared to the Hang Seng Index's increase of 17.54% [2] Upcoming Events - The company is scheduled to disclose its fiscal year 2024 annual report on March 31, 2025 [4] - An expected performance update for the fiscal year 2024 indicates a projected net profit attributable to shareholders of approximately -21.90 million HKD, reflecting a year-on-year reduction in losses of 9.88% [4]

Revenue and Profitability - For the six months ended June 30, 2024, the group's revenue was approximately HKD 128.72 million, a significant increase of about 822.25% compared to HKD 13.96 million in the same period of 2023[5] - The gross profit for the same period was approximately HKD 4.42 million, a decrease of about 64.61% or HKD 8.07 million from HKD 12.50 million in the mid-2023[5] - Revenue from energy trading business was approximately HKD 122.88 million, with a gross margin of 0.49%, reflecting the resumption of this business in July 2023[6] - The energy digital trade industrial park generated revenue of approximately HKD 5.84 million, down from HKD 13.96 million in the mid-2023[7] - The group's revenue significantly increased to approximately HKD 128.72 million, representing a growth of about 822.25% compared to the same period last year[13] - Revenue for the six months ended June 30, 2024, was HKD 128,718,000, a significant increase from HKD 13,957,000 for the same period in 2023, representing a growth of approximately 820%[47] - Revenue from energy-related product trading was HKD 122,881 thousand, while the energy digital trading park operations generated HKD 5,837 thousand[74] - The company reported a total revenue of HKD 128,718 thousand for the six months ended June 30, 2024, compared to HKD 13,957 thousand for the same period in 2023, indicating a significant increase[74] Financial Performance - The net loss attributable to the company's owners was approximately HKD 11.62 million, a decrease from a net loss of about HKD 42.52 million in the previous period[14] - The company reported a net loss of HKD 12,476,000 for the six months ended June 30, 2024, compared to a net loss of HKD 13,257,000 in 2023, showing an improvement of approximately 6%[48] - The basic loss per share was approximately HKD 0.26, a decrease of about 72.68% from HKD 0.95 in the previous period[17] - The basic loss per share for the six months ended June 30, 2024, was HKD 0.26, compared to HKD 0.95 in 2023, representing a reduction of approximately 73%[47] - The company incurred a loss of HKD 1,586 thousand in total, with the energy business contributing a profit of HKD 122 thousand, while drilling services and energy digital trading park operations reported losses of HKD 221 thousand and HKD 1,487 thousand respectively[74] Costs and Expenses - Operating costs decreased to approximately HKD 15.86 million, down about 5.18% from HKD 16.72 million in the same period last year[15] - Financing costs were approximately HKD 5.48 million, a reduction of about 31.41% from HKD 7.99 million in the previous period[16] - Other income for the period was HKD 4,309,000, down from HKD 7,474,000 in 2023, reflecting a decrease of about 42%[47] - Administrative expenses decreased to HKD 13,544,000 from HKD 14,133,000 in the previous year, showing a reduction of approximately 4%[47] - Employee benefit expenses increased to HKD 9,213,000 in the first half of 2024, up from HKD 6,224,000 in the same period of 2023, reflecting a rise of approximately 48%[80] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 288,022,000, a decrease from HKD 304,734,000 as of December 31, 2023, reflecting a decline of about 5.5%[49] - The company’s total liabilities as of June 30, 2024, were HKD 220,150,000, slightly up from HKD 218,940,000 at the end of 2023, indicating a marginal increase of about 0.5%[50] - Trade receivables from third parties amounted to 2,534 thousand HKD as of June 30, 2024, a significant decrease from 144,295 thousand HKD at the end of 2023, indicating a decline of approximately 98%[89] - Total trade and other receivables reached 3,441 thousand HKD as of June 30, 2024, down from 145,136 thousand HKD at the end of 2023, representing a decrease of about 97.6%[89] - The company’s equity attributable to owners as of June 30, 2024, was HKD 67,750,000, down from HKD 84,755,000 at the end of 2023, indicating a decline of about 20%[49] Cash Flow and Liquidity - Cash and cash equivalents increased to approximately HKD 282.88 million from HKD 25.23 million as of December 31, 2023[19] - Operating cash flow for the six months ended June 30, 2024, was HKD 270,174,000, a significant improvement from a cash outflow of HKD 44,965,000 in the prior year[55] - The company recorded a net increase in cash and cash equivalents of HKD 263,480,000 for the six months ended June 30, 2024, compared to an increase of HKD 208,741,000 in the same period of 2023[56] - The company maintained sufficient cash and cash equivalents to meet its operational needs and obligations for the next year[64] - The company aims to manage liquidity risk by maintaining adequate cash reserves and access to credit facilities[63] Corporate Governance and Management - The company has not proposed an interim dividend for the six months ended June 30, 2024, compared to no dividend in 2023[32] - The company’s independent non-executive director was unable to attend the annual general meeting held on June 12, 2024, due to other commitments, which deviates from corporate governance guidelines[33] - The company’s audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024[35] - The company has not disclosed any significant subsequent events requiring disclosure since June 30, 2024[30] - The company has not reported any new product developments or market expansion strategies in the provided financial data[88] Future Outlook and Strategy - The group anticipates facing challenges in the second half of 2024 due to rising risks of global economic stagnation and ongoing geopolitical tensions affecting oil prices[9] - The group aims to explore new investment opportunities in oil exploration and development to enhance competitiveness and profitability[12] - The group plans to operate 30 digital industrial parks and attract over 2,000 enterprises in the future[11] - The group is committed to identifying and evaluating various business development opportunities to create value for shareholders in the long term[12] - The group will continue to collaborate with large state-owned enterprises to mitigate risks in the energy business[10] Shareholder Information - As of June 30, 2024, Qilu International Funds SPC holds 2,649,059,881 shares, representing 59.46% of the issued shares[39] - Win Win International Strategic Investment Funds SPC owns 1,821,053,112 shares, accounting for 40.88% of the issued shares[39] - Lin Caihu and Lin Aihua collectively hold 928,284,839 shares, which is approximately 20.84% of the issued shares[39] - The new share option plan adopted on September 16, 2019, allows for the issuance of up to 806,700,000 shares, representing about 18.11% of the total issued share capital as of the announcement date[41] - As of June 30, 2024, a total of 806,700,000 share options are available under the new plan, with no options granted, exercised, or expired during the period[42]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 128,718,000, an increase from HKD 124,295,000 in the same period of 2023, representing a growth of approximately 3.2%[2] - Gross profit for the period was HKD 4,423,000, down from HKD 12,497,000 in the previous year, indicating a decline of approximately 64.7%[2] - Other income decreased to HKD 4,309,000 from HKD 7,474,000, reflecting a decline of about 42.9%[2] - The net loss for the period was HKD 12,476,000, slightly improved from a loss of HKD 13,257,000 in the same period last year, showing a reduction of approximately 5.9%[2] - The basic loss per share for the period was HKD 0.26, compared to HKD 0.95 in the same period last year, indicating an improvement in loss per share[2] - The company reported a net loss of HKD 12,476 thousand for the six months ended June 30, 2024, compared to a net loss of HKD 13,257 thousand for the same period in 2023[15] - Basic loss per share for the six months ended June 30, 2024, was HKD (0.26), an improvement from HKD (0.95) for the same period in 2023[16] - The company recorded a net loss attributable to shareholders of approximately HKD 11.62 million, an improvement from a net loss of approximately HKD 42.52 million in the same period last year[33] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 288,022,000, down from HKD 304,734,000 at the end of 2023, a decrease of about 5.5%[4] - Total liabilities increased to HKD 220,150,000 from HKD 218,940,000, reflecting a slight increase of about 0.6%[5] - The company's equity attributable to owners decreased to HKD 67,750,000 from HKD 84,755,000, a decline of approximately 20.1%[4] - Trade and other receivables as of June 30, 2024, totaled HKD 4,574,000, a significant decrease from HKD 276,605,000 as of December 31, 2023[19] - Trade payables increased to HKD 2,584,000 as of June 30, 2024, compared to HKD 405,000 as of December 31, 2023[21] - The company's current assets net value was approximately HKD 208.79 million, slightly down from HKD 220.11 million as of December 31, 2023, with a current ratio of approximately 3.65[39] - The capital debt ratio increased to approximately 228% as of June 30, 2024, compared to approximately 212% as of December 31, 2023, calculated based on total borrowings of approximately HKD 154.78 million[40] Cash Flow and Financing - Cash and cash equivalents increased significantly to HKD 282,879,000 from HKD 25,230,000, indicating a substantial growth of approximately 1,021.5%[4] - The company incurred financing costs of HKD 5,482 thousand for the six months ended June 30, 2024, compared to HKD 7,992 thousand for the same period in 2023[13] - Financing costs decreased to approximately HKD 5.48 million, down about 31.41% from HKD 7.99 million in the same period last year, as there were no accrued interest on convertible bonds during this period[35] - The company has issued convertible loan notes with a total face value of HKD 110,952,907, which are set to be redeemed on July 17, 2025, with an annual interest rate of 8%[22] - The convertible bonds' carrying value as of June 30, 2024, is approximately HKD 141.40 million, compared to approximately HKD 136.22 million as of December 31, 2023[47] Business Operations - Revenue from external customers reached HKD 128,718 thousand for the six months ended June 30, 2024, compared to HKD 13,957 thousand for the same period in 2023, representing a significant increase[10] - The energy business reported a profit of HKD 122 thousand, while the drilling services and energy digital trading operations incurred losses of HKD 221 thousand and HKD 1,487 thousand respectively, leading to a total loss of HKD 1,586 thousand[10] - The energy digital trading operations reported a loss of HKD 1,487 thousand, a significant decline from a profit of HKD 8,974 thousand in the previous year[10] - Revenue from energy trading was approximately HKD 122.88 million, with a gross margin of 0.49%, as the company resumed this business in July 2023 after a suspension since October 2021[24] - The company has suspended most of its energy business since October 2021 due to market volatility and resumed operations in July 2023 as conditions stabilized[24] - The company plans to operate 30 digital trading parks and aims to attract over 2,000 enterprises to join, having already introduced at least 600 enterprises[30] - The energy digital trading industrial park has successfully attracted at least 600 enterprises, with ongoing expansion in cooperation agreements with multiple entities across 16 cities/regions in China[25] Corporate Governance and Compliance - The company has not adopted any new accounting standards that would significantly impact the financial statements for the period[8] - The company has not recognized any impairment provisions for trade receivables as of June 30, 2024, indicating a potential improvement in credit quality[19] - The company remains committed to corporate governance and has complied with the Corporate Governance Code[59] - The company has adopted the Standard Code for Securities Transactions by Directors as its code of conduct for securities transactions[62] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2024[63] Dividends and Share Capital - The company has not recommended any interim dividend for the six months ended June 30, 2024, consistent with the previous year[18] - No interim dividend has been proposed for the six months ending June 30, 2024, consistent with the previous year[59] - The total number of issued shares is 4,455,020,888, unchanged from December 31, 2023[40] - The total number of share options granted, exercised, forfeited, lapsed, and unexercised during the period amounts to 806,700,000 shares, representing approximately 18.11% of the weighted average issued shares of 4,455,020,888 as of June 30, 2024[54][1] - The new share option plan allows for the issuance of up to 806,700,000 shares, representing approximately 18.11% of the total issued share capital as of the announcement date[51] Market Outlook - The outlook for the second half of 2024 anticipates increased risks of global economic stagflation, with ongoing challenges from geopolitical conflicts and economic uncertainties affecting oil and petrochemical product prices[28] - The group has no significant investments or acquisitions during the six months ending June 30, 2024[43] - There are no significant investments, acquisitions, or new capital asset plans disclosed beyond what has been announced as of June 30, 2024[58] - The company continues to explore new investment opportunities in oil exploration and development to enhance its competitive advantage and revenue sources[31] Employee and Operational Metrics - The employee cost (excluding directors' remuneration) for the period is approximately HKD 9.21 million, compared to approximately HKD 6.22 million for the same period in 2023[50] - The total number of employees increased to approximately 157 as of June 30, 2024, from approximately 133 as of June 30, 2023[50] - The company has not purchased, sold, or redeemed any of its listed securities during the period[57] - There are no significant subsequent events that require disclosure by the group since June 30, 2024[56] - The company expresses gratitude to its business partners and shareholders for their continued support[64]

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately HKD 1.31 billion, a significant increase of about 772.50% compared to HKD 150 million in the same period of 2022[5]. - Revenue from the energy trading business was approximately HKD 1.29 billion, up from HKD 120 million in 2022[8]. - The energy digital trade industrial park generated revenue of approximately HKD 20 million, down from HKD 33.34 million in 2022, indicating a decrease of about 40.00%[9]. - The gross profit for the reporting period was approximately HKD 24.37 million, a decrease of about 12.64% from HKD 27.89 million in 2022[5]. - The drilling services segment reported zero revenue for the reporting period, consistent with the previous year[12]. - The net loss attributable to the company's owners for the period was approximately HKD 24.26 million (2022: net loss of approximately HKD 31.91 million), primarily due to the abandonment of receivables from the sale of a non-wholly owned subsidiary, resulting in a loss of about HKD 20.5 million[20]. - Operating costs for the period were approximately HKD 34.18 million (2022: HKD 40.20 million), a decrease of about 14.98%[21]. - Financing costs increased to approximately HKD 14.17 million, up about 6.49% from approximately HKD 13.30 million in the previous year[22]. - Basic loss per share decreased to approximately HKD 0.54 (2022: approximately HKD 0.72), a reduction of about 23.99%[23]. Business Strategy and Outlook - The company plans to expand its digital trade industrial park operations to 30 parks and attract over 2,000 enterprises[15]. - The company aims to enhance its energy business by exploring new energy-related products and services to improve competitiveness and profitability[14]. - The outlook for 2024 indicates rising risks of global economic stagflation and continued challenges due to geopolitical tensions and economic uncertainties[13]. - The company will continue to identify and assess various development opportunities to enhance competitive advantages and expand revenue sources[18]. - The group is focused on developing potential markets, acquiring new customers, and expanding its business scale to mitigate market competition risks[125]. Corporate Governance - The company has maintained high levels of corporate governance to enhance shareholder value and provide stable returns[45]. - The board of directors is composed of experienced members, ensuring a balanced representation of executive and independent non-executive directors[51]. - The company has established various committees to assist the board in fulfilling its responsibilities[52]. - The company has complied with corporate governance codes regarding the separation of roles between the chairman and the CEO[55]. - Appropriate insurance has been arranged to protect directors and senior management against legal actions related to company affairs[56]. - The board held a total of 4 board meetings during the reporting period, with attendance from key executives including the Chairman and CEO[60]. - The company has adopted a board diversity policy aiming to appoint at least one female board member by the end of 2024[67]. - The audit committee reviewed the annual performance before submission to the board for approval during the reporting period[75]. - The company has a dividend policy that considers financial performance, cash flow, and future operational needs before recommending dividends[69]. - All directors participated in continuous professional development activities during the reporting period[66]. - The company secretary ensured compliance with corporate governance codes and provided necessary training to the board members[66]. - The board has established three committees: audit, remuneration, and nomination, with defined responsibilities[70]. - The audit committee consists of three members, meeting the minimum requirement set by listing rules[71]. - The company held one annual general meeting and one special general meeting during the reporting period[60]. - The board members are appointed for terms of one or three years, with re-election required at least every three years[64]. - The remuneration committee consists of one executive director and three independent non-executive directors, with one member resigning on June 16, 2023[76]. - The committee reviewed the consolidated financial statements for the year ending December 31, 2022, and the interim financial statements for the six months ending June 30, 2023[76]. - The committee held one meeting during the reporting period to discuss the remuneration packages of senior management, including one executive director with an annual salary range of HKD 1,000,000 to HKD 1,500,000[78]. - The nomination committee is composed of one executive director and three independent non-executive directors, with one member resigning on June 16, 2023[80]. - The nomination committee reviewed the structure, size, and composition of the board during the reporting period[81]. - The board is responsible for maintaining effective internal controls and risk management systems to protect shareholder investments and company assets[85]. - An independent consultant was hired to review the effectiveness and adequacy of the risk management and internal control systems during the reporting period[87]. - The board believes that the risk management and internal control systems were sufficient and effective during the reporting period[87]. Financial Position and Risks - As of December 31, 2023, the group's cash and cash equivalents were approximately HKD 25.23 million (2022: approximately HKD 49.24 million), with a current ratio of approximately 3.69 compared to 0.54 in the previous year[24]. - The group's capital debt ratio increased to approximately 212% (2022: approximately 163%), calculated based on total borrowings of about HKD 179.45 million[28]. - The group employed approximately 115 employees as of December 31, 2023 (2022: approximately 159 employees), with employee costs totaling about HKD 17.50 million (2022: approximately HKD 15.81 million)[31]. - The group issued convertible bonds with a principal amount of approximately HKD 110.95 million, with the latest amendment extending the maturity date to July 17, 2025, and an annual interest rate of 8%[34]. - The company plans to closely monitor foreign exchange risks and will arrange hedging measures if necessary, given the stability of the currencies involved during the reporting period[29]. - The company faces significant competition from other large domestic energy product distributors as the Chinese market gradually opens up[125]. - Fuel prices have been volatile during the reporting period, making it challenging for the company to budget and forecast business returns[123]. - The financial risk management objectives and policies of the group are detailed in the consolidated financial statements[121]. Shareholder Information - The major shareholder Qilu International Funds SPC held approximately 59.46% of the shares as of December 31, 2023, totaling 2,649,059,881 shares[143]. - Win Win International Strategic Investment Funds SPC owned approximately 40.88% of the shares, totaling 1,821,053,112 shares[143]. - The company’s executive director, Yuan Hongbing, held 13,796,000 shares, representing approximately 0.31% of the issued shares[142]. - The company’s articles of association allow shareholders holding at least 10% of the paid-up capital to request a special general meeting[93]. - The company’s board has reviewed its communication policy and considers it effective[98]. - The company did not recommend any final dividend for the year ending December 31, 2023, consistent with the previous year[117]. - The company maintained the public float required by listing rules during the reporting period[179]. - The annual general meeting of shareholders is scheduled for June 12, 2024[182]. Audit and Compliance - The company appointed a new auditor, Hui Yi International CPA Limited, effective November 28, 2023, to fill the vacancy left by the resignation of Zhong Zheng Tian Heng CPA Limited[185]. - The company is responsible for preparing consolidated financial statements that reflect a true and fair view in accordance with the Hong Kong Financial Reporting Standards[197]. - The independent auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[200]. - The report emphasizes that reasonable assurance is a high level of assurance but does not guarantee that all material misstatements will be detected[200]. - Material misstatements can arise from fraud or error and may influence economic decisions made by users of the financial statements[200]. Environmental and Social Responsibility - The group is committed to long-term environmental sustainability and aims to minimize its environmental impact during operations[120]. - The company made no charitable donations during the reporting period, compared to approximately HKD 92,000 in 2022[132]. - There were no significant acquisitions or disposals during the reporting period, maintaining a stable investment position[134]. Employee Relations - The company maintained good relationships with employees, customers, and suppliers, with no significant disputes reported during the period[131]. - The company aims to attract and retain qualified personnel by offering competitive remuneration packages[78]. - The company has arranged appropriate liability insurance for directors and senior officers during the reporting period[139]. Stock Options and Securities - The new stock option plan adopted on September 16, 2019, allows for the issuance of a total of 806,700,000 shares, representing approximately 18.11% of the company's issued share capital as of the report date[150][157]. - As of January 1, 2023, and December 31, 2023, the number of stock options available for issuance under the new plan is 50,251,740[152]. - During the reporting period, a total of 125,000,000 stock options were granted at an exercise price of HKD 0.15 per share[151]. - The total number of stock options granted under the new plan amounts to 769,700,000, with none exercised, forfeited, or expired during the reporting period[155]. - The company has no other share plans apart from the new stock option plan[153]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[170]. - The company’s remuneration policy for executives is based on market trends and individual performance, with recommendations made by the remuneration committee[168]. Customer and Supplier Relations - Sales to the group's five largest customers accounted for approximately 98% of total sales during the reporting period, with the largest customer representing about 35%[176]. - Purchases from the group's five largest suppliers constituted approximately 99% of total procurement for the year, with the largest supplier accounting for about 58%[176].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,311,246,000, a significant increase from HKD 150,286,000 in 2022[4] - Gross profit for the same period was HKD 24,367,000, compared to HKD 27,893,000 in the previous year, indicating a decrease[4] - The net loss attributable to the owners of the company for 2023 was HKD 24,256,000, an improvement from a loss of HKD 31,913,000 in 2022[4] - The company reported a comprehensive income of HKD 1,044,000 for 2023, recovering from a comprehensive loss of HKD 40,785,000 in 2022[5] - Other income increased to HKD 13,267,000 in 2023 from HKD 12,857,000 in 2022, showing a slight growth[4] - The company incurred administrative expenses of HKD 27,912,000 in 2023, down from HKD 31,386,000 in 2022, reflecting cost control efforts[4] - The company reported a significant foreign exchange loss of HKD 6,568,000 in 2023, compared to a loss of HKD 47,001,000 in 2022, indicating improved currency management[5] - The total comprehensive loss for the year was HKD 5,159,000, a reduction from HKD 87,779,000 in the previous year, suggesting a positive trend[5] - The company’s financial income for 2023 was HKD 1,494,000, slightly up from HKD 1,386,000 in 2022[4] Assets and Liabilities - Total assets decreased from HKD 520,663,000 in 2022 to HKD 304,734,000 in 2023, representing a decline of approximately 41.4%[7] - Current assets increased significantly from HKD 225,230,000 in 2022 to HKD 301,835,000 in 2023, an increase of about 34%[7] - Total liabilities decreased from HKD 419,397,000 in 2022 to HKD 218,940,000 in 2023, a reduction of approximately 47.8%[8] - The company's equity attributable to owners decreased from HKD 101,266,000 in 2022 to HKD 85,794,000 in 2023, a decline of about 15.3%[8] - Cash and cash equivalents decreased from HKD 49,238,000 in 2022 to HKD 25,230,000 in 2023, a decline of about 48.8%[7] - The company’s total liabilities to total assets ratio improved from 80.5% in 2022 to 71.9% in 2023[8] - The company’s non-controlling interests increased from a negative HKD 12,760,000 in 2022 to HKD 1,039,000 in 2023, indicating a recovery[7] - The company’s current liabilities decreased from HKD 418,873,000 in 2022 to HKD 81,725,000 in 2023, a significant reduction of about 80.5%[8] Revenue Segmentation - For the fiscal year 2023, the group reported revenue from customer contracts amounting to HKD 1,311,246,000, a significant increase from HKD 150,286,000 in 2022[37] - The group’s operating segments include Energy Business, Digital Trading Industry, and Drilling Services, with total segment profit of HKD 14,945,000[41] - The group’s revenue from Energy Trading Products was HKD 1,291,246,000, while revenue from Digital Trading Operations was HKD 20,000,000[37] - Revenue from the energy trading business was approximately HKD 1.29 billion during the reporting period, compared to HKD 120 million in 2022[72] - Revenue from the energy digital trading industrial park was approximately HKD 20 million, down from HKD 33.34 million in 2022[75] Operational Efficiency - The group’s operating profit before tax was HKD 2,273,000, indicating operational efficiency despite financial challenges[41] - The operational expenses for 2023 were reported at HKD 14,964 million, a decrease from HKD 29,330 million in 2022, indicating improved cost management[43] - Operating costs decreased to approximately HKD 341.8 million, a reduction of about 14.98% compared to HKD 402 million in 2022[86] Corporate Governance - The company maintains high standards of corporate governance and has established self-regulatory practices to protect shareholder interests[112] - The company has fully complied with the corporate governance code during the reporting period[113] - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulations[115] Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[2] - The company aims to enhance its digital energy services and expand its trading industrial park operations in the upcoming fiscal year[43] - The company plans to continue exploring new energy-related products and services to enhance competitiveness and profitability, while closely monitoring global oil price fluctuations[80] Shareholder Information - The company does not recommend any dividend payment for the year ending December 31, 2023, consistent with the previous year[52] - The basic loss per share was approximately HKD (0.54) for 2023, compared to HKD (0.72) in 2022, indicating an improvement in performance[53] - The total loss attributable to shareholders was HKD 24,256,000 in 2023, down from HKD 31,913,000 in 2022, reflecting a reduction in losses[53] Audit and Compliance - The audit committee reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2023[124] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website, with the annual report to be sent to shareholders in due course[126]

Financial Performance - The company's revenue for the six months ended June 30, 2023, was approximately HKD 13.96 million, a significant decrease of about 87.43% compared to HKD 111.05 million in the same period of 2022[4] - Gross profit for the same period was approximately HKD 12.50 million, down 55.92% or HKD 15.86 million from HKD 28.36 million in the prior year[4] - Revenue from the energy trading business was zero during this period, compared to approximately HKD 78.93 million in the same period of 2022[6] - The energy digital trading industrial park generated revenue of approximately HKD 13.96 million, down from HKD 32.12 million in the prior year[9] - The group's revenue significantly decreased to approximately HKD 13.96 million (mid-2022: HKD 111.05 million), a decline of about 87.43% due to the suspension of its energy trading business and a decrease in revenue from the energy digital trading industrial park[18] - The group recorded a net loss attributable to shareholders of approximately HKD 42.52 million (mid-2022: net profit of approximately HKD 14.08 million), primarily due to a loss from the sale of a non-wholly owned subsidiary and a decrease in revenue from the energy digital trading industrial park[19] - Basic loss per share was approximately HKD 0.95 (2022: basic earnings per share of HKD 0.32), a decrease of about 396.88%[23] - The company reported a net loss of HKD 13,257,000 for the six months ended June 30, 2023, compared to a profit of HKD 24,857,000 in 2022[70] - The company incurred a net loss of HKD 13,257,000 for the six months ended June 30, 2023, compared to a profit of HKD 24,857,000 in the same period of 2022[108] Operational Developments - The company has successfully introduced at least 724 enterprises into the energy digital trading industrial park, with plans to operate 30 digital industrial parks and attract over 2,000 enterprises[15] - The company plans to explore new investment opportunities in oil exploration and development, aiming to collaborate with large state-owned enterprises to develop high-value oil fields[16] - The company intends to resume its energy trading business once global oil prices stabilize[14] - The company will continue to identify and assess various business development opportunities to enhance its competitive advantage and expand revenue sources[16] - The company plans to continue expanding its operations in China, focusing on energy trading and digital trade[81] Financial Position - As of June 30, 2023, the group's cash and cash equivalents were approximately HKD 264.17 million (December 31, 2022: HKD 49.24 million), indicating improved liquidity[24] - The current ratio improved to approximately 2.80 as of June 30, 2023, compared to 0.54 on December 31, 2022, reflecting better short-term financial health[24] - The group's capital debt ratio increased to approximately 243% as of June 30, 2023 (December 31, 2022: 163%), indicating a higher level of debt relative to equity[26] - Total assets decreased to HKD 335,763,000 as of June 30, 2023, from HKD 520,663,000 at the end of 2022[73] - The company’s total equity decreased to HKD 85,150,000 as of June 30, 2023, from HKD 101,266,000 at the end of 2022[73] - Total liabilities decreased to HKD 60,738,000 as of June 30, 2023, from HKD 92,899,000 at the end of 2022, indicating a reduction of 34.6%[107] Cost Management - Operating costs for the period were approximately HKD 16.72 million (mid-2022: HKD 19.34 million), a reduction of about 13.55% mainly due to the sale of a subsidiary[20] - Financing costs increased to approximately HKD 7.99 million, up about 75.22% from approximately HKD 4.56 million in the same period last year, primarily due to accrued interest on convertible bonds[21] - Employee costs (excluding directors' remuneration) for the period were approximately HKD 6.22 million, down from approximately HKD 6.74 million in the mid-2022 period[36] Shareholder Information - The board did not recommend the payment of an interim dividend for the six months ended June 30, 2023, compared to no dividend in 2022[45] - As of June 30, 2023, director Yuan Hongbing held 13,796,000 shares, representing approximately 0.31% of the issued shares[52] - Qilu International Funds SPC holds 2,649,059,881 shares, representing 59.46% of the total issued shares as of June 30, 2023[55] - Win Win International Strategic Investment Funds SPC owns 1,821,053,112 shares, accounting for 40.88% of the total issued shares[55] - The company’s major shareholders include Hong Kong Dehe Investment Limited and Super Wise International Investment Limited, holding 16.67% and 7.98% of shares respectively[56] Corporate Governance - The group has complied with the Corporate Governance Code, with a noted absence of a non-executive director at a special general meeting due to other commitments[47] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2023[49] Risk Management - The company anticipates facing challenges in the second half of 2023 due to rising risks of global economic stagflation and ongoing geopolitical tensions[13] - The company has not reported any significant changes in its risk management policies since the end of the last fiscal year[92] - The company maintains that it has sufficient resources to meet its obligations over the next year[94] Share Options and Convertible Notes - The company issued a third supplemental agreement for convertible bonds, extending the maturity date to July 17, 2025, and revising the interest rate to 8.00% per annum[34] - The total number of share options granted, exercised, forfeited, and lapsed during the period is detailed in the report, with no options exercised during the first half of 2023[63] - The company has not recognized any share-based payments for the six months ended June 30, 2023, compared to none for the same period in 2022[132] - The convertible loan notes had an outstanding balance of HKD 126,118,000 as of June 30, 2023, consisting of principal amount of HKD 110,953,000 and accrued interest of HKD 13,666,000[144] Subsequent Events - There were no significant subsequent events requiring disclosure from June 30, 2023, to the report date[41] - The company has no other plans for significant investments, acquisitions, or capital assets as of the report date[44]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性不發表任何聲明，並明確表示，概不對因 本公告全部或任何部分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。 JINTAI ENERGY HOLDINGS LIMITED 金 泰 能 源 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：2728） 截 至2023年6月30日 止6個 月 之 中 期 業 績 公 告 金泰能源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司 及 其 附 屬 公 司（統 稱 為「本 集 團」）截 至2023年6月30日 止6個 月 之 未 經 審 核 簡明綜合業績，連同2022年度同期之比較數字。 ...

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。 JINTAI ENERGY HOLDINGS LIMITED 金 泰 能 源 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：2728） 有關2022年年報 之補充公告 茲提述金泰能源控股有限公司（「本公司」）截至2022年12月31日止年度之年報 （「2022年年報」）。除另有指明者外，本公告所用詞彙與2022年年報所界定者具有 相同涵義。 於2022年年報第120頁綜合財務報表附註20（於一間聯營公司之權益）中，本集團 於雲頂（新疆）油氣開發有限公司（「雲頂新疆」或「中國公司」）持有權益之賬面值為 合共128,866,000港元。 本公告旨在提供有關中國公司於2022年中成立的背景以及本公司審核委員會（「審 核委員會」）於本公司截至2022年12月31日止年度的年度業績及誠如2022年年報所 披露對中國公司的會計處理意見的資料。本集團於2023年6月15日出售中國公 司。 ...

Financial Performance - The company's revenue for the year ended December 31, 2022, was approximately HKD 150.29 million, a significant decrease of about 98.64% compared to HKD 110.1 billion in the same period of 2021[5]. - Gross profit for the reporting period was approximately HKD 27.89 million, down about 93.50% from HKD 428.83 million in 2021[5]. - Revenue from the energy trading business was approximately HKD 116.95 million, compared to HKD 107.0 billion in 2021[7]. - The drilling services segment did not generate any revenue during the reporting period, down from HKD 259.94 million in 2021[11]. - The customs declaration services segment also did not generate any revenue due to significant logistics restrictions caused by the COVID-19 pandemic, compared to HKD 3.98 million in 2021[15]. - The net loss attributable to the company's owners was approximately HKD 31.91 million, compared to a net profit of HKD 94.30 million in 2021, mainly due to the same suspension of energy trading operations[24]. - Operating costs were approximately HKD 40.20 million, a decrease of about 85.0% from HKD 267.97 million in 2021, consistent with the revenue decline[25]. - The group reported no final dividend for the year ended December 31, 2022, consistent with 2021[122]. - As of December 31, 2022, the company had a share premium of HKD 321,958,000 and accumulated losses of HKD 542,392,000[134]. Business Strategy and Future Outlook - The company plans to explore new energy-related products and services to enhance its energy trading business and improve competitiveness[18]. - The company anticipates facing challenges in 2023 due to rising risks of global economic stagflation and ongoing geopolitical tensions affecting oil prices[16]. - The company aims to resume its energy trading business once global oil prices stabilize[18]. - The group plans to operate 30 digital industry parks and attract over 1,000 enterprises, having already signed cooperation agreements with multiple companies across 13 cities and regions[19]. - The group has entered into a memorandum of understanding for a potential acquisition of a company engaged in oil exploration and development, with an estimated acquisition cost of RMB 85 million[36]. - The group has agreed to invest approximately RMB 2.43 million (about HKD 2.84 million) in initial costs for the exploration of oil sands in Xinjiang, China[20]. Corporate Governance - The company maintains a commitment to high levels of corporate governance to enhance shareholder value and ensure ethical business practices[52]. - The company has adopted a code of business conduct to ensure adherence to principles and values among management and employees[53]. - The board consists of a balanced composition of executive and non-executive directors, ensuring a mix of industry knowledge and professional expertise[56]. - The company has established committees such as the audit committee, remuneration committee, and nomination committee to assist the board in fulfilling its responsibilities[57]. - The independent non-executive directors have confirmed their independence in accordance with the Listing Rules[59]. - The company has adopted a board diversity policy, aiming to appoint at least one female board member by the end of 2024[71]. - The company has engaged an independent professional consulting firm to audit the effectiveness and adequacy of its risk management and internal control systems during the reporting period[89]. - The board believes that the risk management and internal control systems are sufficient and effective, ensuring the safeguarding of shareholder investments and company assets[89]. Shareholder Engagement and Communication - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[98]. - The company has been actively engaging with shareholders through its annual general meetings, providing a platform for constructive communication[99]. - The company’s website serves as a key resource for shareholders to access the latest financial information and business developments[98]. - The board of directors has undergone a review of the communication policy and deemed it effective[100]. Employee and Talent Management - The group employed approximately 159 staff as of December 31, 2022, down from 171 in 2021, with employee costs around HKD 15.81 million compared to HKD 49.86 million in 2021[33]. - The company emphasizes talent retention by providing attractive compensation packages, although compensation is not solely linked to profitability[81]. - All directors are encouraged to participate in continuous professional development to enhance their knowledge and skills[70]. Financial Management and Risks - The company reported significant uncertainty regarding its ability to continue as a going concern, necessitating adjustments to asset valuations and liabilities[191]. - The company has implemented multiple measures to improve liquidity and financial conditions, aiming to address delays in repayments to financial institutions[192]. - The company issued convertible bonds with a principal amount of HKD 110,952,907, with a revised conversion price of HKD 0.134 per share[193]. - The interest rate on the convertible bonds was modified to an annual rate of 8.00%, with the maturity date extended to July 17, 2025[196]. - The auditor's opinion did not contain any modifications regarding the company's ability to continue as a going concern[192]. Environmental and Social Responsibility - The company is committed to minimizing its environmental impact during operations and aims to become an environmentally friendly enterprise[125]. - The company made charitable donations of approximately HKD 92,000 during the reporting period, compared to none in 2021[137]. Related Party Transactions - Major related party transactions include a drilling service contract worth RMB 748,171,700 for 63 oil wells, with a significant interest held by the company's chairman[185]. - Sales to the top five customers accounted for approximately 80% of the company's total sales for the year, with the largest customer representing about 56%[188]. - Purchases from the top five suppliers constituted around 97% of the total procurement for the year, with the largest supplier accounting for about 67%[188].