Financial Performance - Total sales revenue for 2020 was RMB 10,417.5 million, a decrease of 4.1% compared to RMB 10,858.4 million in 2019[4] - Gross profit for 2020 was RMB 1,591.7 million, down from RMB 1,921.4 million in 2019, representing a decline of 17.1%[4] - The net profit attributable to shareholders for 2020 was RMB 745.5 million, compared to RMB 703.2 million in 2019, reflecting a growth of 6.0%[4] - The total sales cost for 2020 was RMB 8,825.8 million, a decrease of RMB 111.3 million or 1.2% from RMB 8,937.1 million in 2019[37] - The company reported a financing income of RMB 272.6 million in 2020, up from RMB 231.3 million in 2019, showing a growth of 17.9%[4] - The total equity as of December 31, 2020, was RMB 15,628.1 million, an increase from RMB 15,117.1 million in 2019, indicating a solid financial position[5] - The company reported a significant increase in sales volume for methanol, with a total of 84,694 tons sold, down 28.5% from 118,451 tons in 2019[7] - The company achieved a historical high in compound fertilizer production, reaching 266,000 tons in 2020[24] - The company’s logistics service at Hainan Basuo Port achieved a throughput of 11.71 million tons in 2020[32] Production and Sales - The total production volume for fertilizers in 2020 was 2,620,659 tons, an increase of 2.4% from 2,560,472 tons in 2019[6] - The total sales volume of the group's fertilizer products reached 2,566,825 tons, a decrease of 1.3% from 2,600,751 tons in 2019[7] - The sales volume of compound fertilizers increased by 12.3% to 983,422 tons compared to 876,011 tons in 2019[7] - The company produced 2.621 million tons of urea in 2020, an increase of 61,000 tons from 2019, and achieved a record high of 266,000 tons in compound fertilizer production[12] - The sales volume of urea was 2.57 million tons in 2020, a slight decrease of 1.3% year-on-year[26] - The company exported 249,000 tons of urea and 114,000 tons of diammonium phosphate in 2020, leveraging its brand and geographical advantages to expand into international markets[12] Market Outlook and Strategy - The company plans to expand its production capacity and enhance its market presence in the coming years[3] - The company plans to optimize the fertilizer industry and expand into the chemical new materials sector during the "14th Five-Year Plan" period[9] - The domestic fertilizer market is expected to remain cautiously optimistic in 2021 due to economic recovery and rising food prices, with increased demand for fertilizers[16] - The global rise in food prices is expected to stimulate an increase in fertilizer demand[10] - The company anticipates a steady recovery in China's economy and an increase in agricultural demand for fertilizers, leading to improved market demand and prices for its products in 2021[61] Environmental and Sustainability Initiatives - The company has achieved a carbon emission reduction of 6,321.2 tons in 2020 through liquid CO2 sales, contributing to its "carbon neutrality" goals[64] - The company achieved a total wastewater discharge of 159.86 tons of COD and 9.51 tons of NH3-N in 2020, while significantly improving wastewater reuse efficiency[67] - The company has established a health, safety, and environmental management system, ensuring compliance with the Environmental Protection Law of the People's Republic of China[82] - The company has completed the expansion of its wastewater treatment capacity to 1,450 tons per hour, significantly reducing fresh water usage across its facilities[67] - The company has successfully implemented a project to recycle 7,000 tons of solid waste, utilizing phosphogypsum for dam construction[68] Corporate Governance - The company continues to adhere to high standards of corporate governance, striving for excellence in governance practices[105] - The company has established a modern corporate governance structure since 2006, ensuring effective checks and balances among shareholders, the board of directors, and senior management[106] - The company maintained compliance with the corporate governance code, with no inquiries or disciplinary hearings from Hong Kong regulatory authorities during the reporting period[106] - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse composition[114] - The company has implemented a comprehensive internal control system to ensure compliance with related transactions and avoid competition with peers[106] Risk Management - The company has established a risk management committee and a three-tier risk control mechanism to identify and report significant risks[135] - The company has implemented internal control and comprehensive risk management systems to mitigate operational risks[135] - The supervisory board found that the company strictly followed financial laws and regulations, with financial management systems deemed sound and effective[192] Community Engagement and Social Responsibility - The company invested over 30 million yuan in poverty alleviation projects, including the construction of ecological civilization villages and tourism benchmark villages[103] - The company has achieved significant recognition for its volunteer service brand, "Blue Power," reflecting its commitment to corporate social responsibility[103] - Employees purchased poverty alleviation products worth 2.72 million yuan, achieving 190% of the annual target and a year-on-year increase of 58%[103] Future Plans and Investments - The company plans to strengthen HSE and production management in 2021, focusing on digitalization and enhancing operational efficiency[16] - The company is actively pursuing opportunities in the organic fertilizer business and enhancing its marketing system through digital innovation[61] - The company is investing $G million in R&D for new technologies, aiming to improve product offerings and customer satisfaction[7]

Financial Performance - The company's revenue for the six months ended June 30, 2020, was RMB 4,971,572, a decrease of 5.6% compared to RMB 5,269,002 in 2019[5]. - Gross profit for the same period was RMB 685,327, down 33.3% from RMB 1,026,713 in 2019[5]. - The net profit attributable to the company's owners was RMB 309,939, a decline of 43.5% from RMB 548,708 in the previous year[5]. - The group's total revenue for the reporting period was RMB 4,971.6 million, a decrease of RMB 297.4 million or 5.6% compared to RMB 5,269.0 million in the same period of 2019[23]. - The group's gross profit was RMB 685.3 million, down RMB 341.4 million or 33.3% from RMB 1,026.7 million in 2019, mainly due to significant price drops in key products[24]. - The group's net profit after tax was RMB 299.6 million, a decrease of RMB 297.8 million compared to RMB 597.4 million in the same period of 2019[33]. - The pre-tax profit for the six months ended June 30, 2020, was RMB 432,399 thousand, compared to RMB 820,386 thousand for the same period in 2019, indicating a decrease of 47.36%[78]. - The company's net profit attributable to shareholders for the six months ended June 30, 2020, was RMB 309,939,000, a decrease of 43.5% compared to RMB 548,708,000 for the same period in 2019[86]. Production and Sales - The total production volume for fertilizers increased by 13.5% to 1,380,842 tons compared to 1,216,685 tons in 2019[7]. - Urea production and sales reached a historical high, with sales volume increasing by 32.7% to 287,329 tons[8]. - In the first half of the year, the company achieved a urea production of 1.381 million tons, a methanol production of 806,000 tons, and a total of 412,000 tons of phosphate and compound fertilizers[10]. - The company reported a historical high in urea sales of 1.329 million tons, with value-added product sales reaching 207,000 tons[19]. - The group produced a total of 1,380,842 tons of fertilizers, with a sales volume of 1,380,842 tons, reflecting an operational rate of 117.0%[20]. Financial Position - The total assets as of June 30, 2020, were RMB 19,576,839, slightly up from RMB 19,419,572 at the end of 2019[6]. - The total equity as of June 30, 2020, was RMB 15,019,513, a slight decrease from RMB 15,117,089 at the end of 2019[6]. - The company's cash and cash equivalents increased to RMB 1,002,954 from RMB 824,096 at the end of 2019, reflecting improved liquidity[56]. - Total liabilities increased to RMB 4,557,326 thousand as of June 30, 2020, compared to RMB 4,302,483 thousand as of December 31, 2019, reflecting a growth of 5.93%[57]. - The total equity attributable to owners was RMB 15,019,513 thousand as of June 30, 2020, compared to RMB 15,117,089 thousand as of December 31, 2019, indicating a decrease of 0.65%[57]. Cost Management and Efficiency - The CEO emphasized cost reduction and efficiency improvement strategies in response to the challenges posed by the COVID-19 pandemic and low oil prices[9]. - The company is focusing on cost reduction and efficiency improvement while strictly controlling expenditure and optimizing raw material procurement[42]. - Selling and distribution costs increased by RMB 33.5 million or 17.5% to RMB 224.9 million, mainly due to higher sales volumes and changes in freight settlement methods[26]. - Administrative expenses decreased by RMB 8.3 million or 4.2% to RMB 189.9 million, due to tax relief policies[27]. Future Outlook and Strategic Initiatives - The company plans to optimize product structure and actively promote new projects to enhance operational performance[9]. - The company plans to enhance its digital sales model through the launch of e-commerce platforms and logistics systems in the second half of the year[11]. - The outlook for the second half of 2020 indicates that domestic economic recovery and stable food supply will support fertilizer demand, with expectations for methanol prices to gradually recover[41]. - The company aims to enhance HSE and production management to ensure safe and stable operations across all production facilities[42]. - The company is actively promoting the construction of the acrylonitrile project with high quality and efficiency[42]. Shareholder Information - As of June 30, 2020, the major shareholder, China National Offshore Oil Corporation, holds 2,738,999,512 shares, representing 59.41% of the total issued shares[48]. - Hermes Investment Management Ltd holds 229,536,000 shares, accounting for 4.98% of the total issued shares[48]. - Mitsubishi UFJ Financial Group, Inc. holds 176,734,000 shares, representing 3.83% of the total issued shares[48]. - The company did not recommend the payment of interim dividends for the six-month period ended June 30, 2020, while cash dividends of RMB 350.4 million were distributed for 2019[34]. Cash Flow and Investments - The net cash generated from operating activities was 219,852,000, compared to 530,895,000 in the previous period, indicating a decrease[65]. - The net cash flow from investing activities was 379,747,000, a significant improvement from a net outflow of (1,503,902,000) in the prior period[65]. - The net cash used in financing activities was (420,099,000), slightly better than (454,864,000) in the previous period[65]. - The company reported a significant increase in the disposal of financial assets at fair value, amounting to 4,221,596,000, compared to 456,559,000 previously[65]. Taxation and Regulatory Compliance - The company's tax expense for the period was RMB 132,783, a decrease from RMB 222,997 in the same period last year[53]. - The total income tax expense for the six months ended June 30, 2020, was RMB 132,783 thousand, down from RMB 222,997 thousand in 2019, a decrease of 40.53%[79]. - The effective tax rate for the group increased to 31% in 2020 from 27% in 2019[81].

Financial Performance - In 2019, the total sales revenue was RMB 10,858.4 million, a slight increase of 5.3% compared to RMB 10,259.6 million in 2018[5] - The gross profit for 2019 was RMB 1,921.4 million, representing a gross margin of approximately 17.7%[5] - The company reported a net profit attributable to shareholders of RMB 703.2 million for 2019, down from RMB 1,378.9 million in 2018, reflecting a decrease of 49.1%[5] - The company's revenue for the reporting period was RMB 10,858.4 million, a decrease of RMB 401.2 million or 3.6% compared to RMB 11,259.6 million in the same period of 2018[39] - The gross profit for the reporting period was RMB 1,921.4 million, a decrease of RMB 836.9 million or 30.3% compared to RMB 2,758.3 million in 2018[40] - The group's net profit for the reporting period was RMB 755.0 million, a decrease of RMB 773.3 million compared to RMB 1,528.3 million in 2018, representing a decline of approximately 50.6%[50] - The company reported a total revenue of RMB 15,127,638 thousand for the year ended December 31, 2019, compared to RMB 14,247,929 thousand in 2018, representing a year-over-year increase of approximately 6.2%[186] - The company reported a proposed final dividend of RMB 350.4 million for the fiscal year 2019, translating to a dividend of RMB 0.076 per share (tax included) [139] Production and Sales - The total production volume for fertilizers in 2019 was 2,560,472 tons, an increase of 8.1% from 2,369,383 tons in 2018[7] - The production of methanol reached 1,561,554 tons in 2019, a 2.5% increase from 1,522,983 tons in 2018[7] - The company produced 2.56 million tons of urea in 2019, setting a historical high, while compound fertilizer sales reached 252,000 tons, also a record[12] - Urea sales volume in 2019 reached 2,600,751 tons, a 11.8% increase from 2,325,557 tons in 2018[26] - The production of compound fertilizers was 869,000 tons, with compound fertilizer sales reaching 252,000 tons, also a historical high[25] - The company exported 409,000 tons of urea and 18,000 tons of diammonium phosphate in 2019, actively expanding its international market presence[12] Market and Strategic Plans - The company plans to enhance its market expansion and product development strategies in the coming years[4] - The company aims to enhance product structure optimization and increase R&D efforts for new products in 2020[14] - The company plans to expand its market reach and enhance product offerings in the upcoming fiscal year[31] - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million set aside for potential deals[126] - Market expansion plans include entering three new international markets by the end of the year[126] Financial Position and Assets - The total assets as of December 31, 2019, amounted to RMB 19,949.2 million, a slight increase from RMB 19,249.0 million in 2018[6] - The company’s total equity increased to RMB 15,127.6 million in 2019, compared to RMB 14,247.9 million in 2018[6] - The company's total liabilities increased, impacting its financial stability and future operational capacity[177] - Total assets decreased from RMB 19,949,208 thousand in 2018 to RMB 19,419,572 thousand in 2019, a decline of approximately 2.66%[181] Cost Management and Efficiency - The sales cost for the reporting period was RMB 8,937.1 million, an increase of RMB 435.8 million or 5.1% from RMB 8,501.3 million in 2018[39] - The company’s ammonia consumption per ton decreased by 10.9%, and the unit energy consumption for synthetic ammonia dropped by 4.3%, resulting in cost savings of RMB 46.77 million[12] - Operating expenses were reduced by 5% due to improved efficiency measures[126] Environmental and Social Responsibility - In 2019, the total greenhouse gas emissions were 6.4454 million tons, with CO2 emissions accounting for 6.4429 million tons[62] - The company achieved a carbon trading volume of 22,933 tons in 2019, completing compliance for three consecutive years[63] - The company disposed of 40,000 tons of solid waste through resource recycling and 1.706 million tons through stacking reclamation, achieving a 100% safe disposal rate for 55,554.98 tons of hazardous waste[67] - The company has actively participated in social welfare initiatives, aligning with its corporate social responsibility goals[91] Governance and Compliance - The company has established a modern corporate governance structure, ensuring compliance with the Hong Kong Stock Exchange's listing rules[93] - The company has not faced any inquiries or disciplinary hearings from Hong Kong regulatory authorities during the reporting period[93] - The company adhered to all corporate governance codes and maintained high levels of transparency to protect shareholders' interests[165] - The audit committee reviewed the company's 2019 performance and found no disagreements regarding the accounting treatment methods adopted[164] Risk Management - The company faced significant market risks related to product prices, raw material costs (mainly natural gas, coal, phosphate rock, liquid ammonia, and sulfur), and fuel costs, which could impact profitability[56] - The company emphasizes the importance of risk management and has established a dedicated committee for this purpose[119] - The company has established a comprehensive risk management system, ensuring effective operation and compliance with internal control standards as of December 31, 2019[120] Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10%[126] - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[126] - The company plans to continue enhancing its operational management and monitoring of significant decisions in 2020[169]

Financial Performance - The company reported revenue of RMB 5,269 million for the six months ended June 30, 2019, a decrease of 4.2% compared to RMB 5,498 million in the same period of 2018[6]. - Gross profit for the same period was RMB 1,026 million, down 23.1% from RMB 1,336 million year-on-year[6]. - Net profit attributable to shareholders was RMB 549 million, a decline of 27.1% from RMB 752 million in the previous year[6]. - The group's total revenue for the reporting period was RMB 5,269.0 million, a decrease of RMB 229.2 million or 4.2% compared to RMB 5,498.2 million in the same period of 2018[24]. - Urea revenue was RMB 2,084.8 million, a slight increase of RMB 3.0 million or 0.1% from RMB 2,081.8 million in 2018, despite a decrease in sales volume by 3,438 tons[24]. - Methanol revenue fell by RMB 317.8 million or 17.5% to RMB 1,495.1 million, attributed to a decline in selling price despite an increase in sales volume by 40,289 tons[24]. - The group's gross profit was RMB 1,026.7 million, down RMB 309.3 million or 23.2% from RMB 1,336.0 million in 2018, mainly due to a significant drop in methanol selling prices[25]. - The group recorded a net profit after tax of RMB 597.4 million, a decrease of RMB 253.4 million compared to RMB 850.8 million in the same period of 2018[34]. Production and Sales - The company achieved a production volume of 1,216,685 tons for fertilizers, representing a 6.0% increase compared to 1,147,960 tons in the same period of 2018[8]. - In the first half of the year, the company produced 1.217 million tons of urea, 746,000 tons of methanol, and a record high of 122,000 tons of compound fertilizer[12]. - The company sold 1.171 million tons of urea, 744,000 tons of methanol, and 391,000 tons of phosphate and compound fertilizers, with compound fertilizer sales increasing by 15.66% year-on-year[12]. - The group produced a total of 1,216,685 tons of fertilizers, with a sales volume of 1,216,685 tons, achieving an operational rate of 103.1%[21]. Financial Management - The company reported financing income of RMB 118 million, compared to RMB 6 million in the previous year, indicating improved financial management[6]. - The group's financing income for the reporting period was RMB 118.2 million, an increase of RMB 112.2 million compared to RMB 6.0 million in the same period of 2018[30]. - The group's financing costs decreased to RMB 45.6 million from RMB 50.0 million in the same period of 2018, a reduction of RMB 4.4 million, mainly due to decreased external financing amounts from Huahai Coal Chemical and Dayukou Chemical[30]. Assets and Liabilities - Total assets as of June 30, 2019, were RMB 20,020 million, slightly up from RMB 19,949 million at the end of 2018[7]. - The total equity decreased to RMB 14,873 million from RMB 15,128 million at the end of 2018, reflecting a reduction in shareholder equity[7]. - The company's total liabilities increased to RMB 5,147,578 thousand from RMB 4,821,570 thousand at the end of 2018, reflecting a rise in financial obligations[62]. - As of June 30, 2019, the group's total interest-bearing debt was RMB 2.575 billion, with a capital debt ratio of 14.8%[36]. Market Outlook and Strategy - The company plans to continue optimizing its product structure, focusing on increasing sales of compound fertilizers and value-added fertilizers[11]. - The domestic fertilizer market is expected to stabilize or slightly rebound in the second half of 2019, with ongoing demand for methanol and olefins indicating potential growth opportunities[43]. - The company plans to enhance operational capabilities and optimize product structure, focusing on increasing the production and sales proportion of compound fertilizers and new fertilizers[44]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2019[46]. - The company has adopted a code of conduct for securities trading by directors and supervisors that meets or exceeds the standards set out in the Listing Rules[47]. Accounting Standards - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with the Hong Kong Stock Exchange listing rules[68]. - The adoption of IFRS 16 has led to the recognition of right-of-use assets and lease liabilities on the balance sheet, impacting the financial position starting from January 1, 2019[69]. - The company has not made any significant changes to its accounting policies that would materially affect the financial statements as a result of adopting IFRS 16[74]. Investments and Acquisitions - The company is considering strategic acquisitions to bolster its market position, with a budget of RMB 500 million allocated for potential deals[154]. - The group acquired property, plant, and equipment totaling approximately RMB 116,109,000 during the six months ended June 30, 2019, compared to RMB 64,736,000 in the same period of 2018[11].

Financial Performance - Total revenue for 2018 reached RMB 11,259.6 million, an increase of 4.7% compared to RMB 10,799.7 million in 2017[6] - Gross profit for 2018 was RMB 2,758.3 million, reflecting a gross margin of 24.5%[6] - Net profit attributable to shareholders for 2018 was RMB 1,378.9 million, compared to RMB 50.2 million in 2017[6] - The company reported a significant increase in other income to RMB 434.7 million in 2018, up from RMB 293.7 million in 2017[6] - Revenue increased by 15% year-on-year to RMB 11.26 billion, while gross profit rose to RMB 2.758 billion[12] - The group's gross profit for the reporting period was RMB 2,758.3 million, an increase of RMB 1,073.2 million or 63.7% compared to RMB 1,685.1 million in 2017[41] - The group's net profit for the reporting period was RMB 1,528.3 million, an increase of RMB 1,420.8 million compared to RMB 107.5 million in 2017[43] - The company reported a significant increase in revenue, achieving a total of 39 billion RMB for the year, representing a growth of 15% compared to the previous year[111] - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[112] - The company reported a significant increase in revenue, achieving a total of 100 billion RMB for the year, representing a 15% year-over-year growth[113] Production and Sales - The total production volume for the group in 2018 was 2,369,383 tons of urea, a 4.3% increase from 2,271,248 tons in 2017[8] - The production of methanol in 2018 totaled 1,522,983 tons, showing a slight decrease of 0.8% from 1,534,814 tons in 2017[8] - Urea production reached a historical high of 2.369 million tons, an increase of 98,000 tons compared to 2017[12] - The company exported 166,000 tons of urea and 221,000 tons of diammonium phosphate during the year[12] - The company achieved a production rate of 108% for the Hainan Phase II urea facility and 114% for the Heilongjiang Huahai coal-based urea facility[12] - The total production of compound fertilizers reached 951,228 tons in 2018, with compound fertilizer sales doubling to 177,000 tons compared to 2017[21] - The sales of urea reached 2.326 million tons in 2018, a 2% increase year-on-year, setting a historical record for the same period[21] - The company’s methanol production was 1.523 million tons in 2018, remaining stable compared to 2017[19] Financial Position - The total assets as of December 31, 2018, amounted to RMB 19,949.2 million, a slight increase from RMB 19,249.0 million in 2017[7] - The total equity as of December 31, 2018, was RMB 15,127.6 million, an increase from RMB 14,247.9 million in 2017[7] - The company’s financial performance and key performance indicators are discussed in detail in the management discussion and analysis section of the annual report[120] - The company’s major subsidiaries and their details as of December 31, 2018, are included in the consolidated financial statements[122] - The company’s distributable reserves as of December 31, 2018, amounted to RMB 7,693.8 million[122] Dividends and Shareholder Returns - The company reported a net profit attributable to shareholders of RMB 1,379 million for 2018, with a dividend payout of RMB 0.15 per share, resulting in a payout ratio of 50%[10] - The company proposed a dividend of RMB 691,500 thousand, up from RMB 322,700 thousand in 2017, indicating confidence in future performance[165] - The company has adopted a dividend policy that allows shareholders to receive dividends declared by the company, subject to board discretion and shareholder approval[121] Market Strategy and Future Plans - The company plans to enhance its production capacity and expand its market presence in the coming years[5] - The company aims to strengthen its marketing system and continue cost control measures to improve profitability[13] - The company plans to enhance digital management and optimize product structure to adapt to market demand in 2019[13] - The company is exploring the feasibility of producing high-end chemical products using natural gas in Hainan, focusing on domestic and international development opportunities[52] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[111] - A strategic acquisition of a local competitor is in progress, expected to enhance operational efficiency and increase market penetration[111] Environmental and Social Responsibility - The company is committed to environmental protection and resource conservation, having been recognized as a leading energy efficiency enterprise for seven consecutive years[53] - The company achieved a total wastewater discharge of 189.65 tons of COD and 11.18 tons of NH3-N in 2018, while implementing measures to improve wastewater reuse efficiency and reduce discharge[58] - The company processed 26,932.42 tons of solid waste through resource recycling and safely disposed of 274.58 tons of hazardous waste, achieving a 100% safe disposal rate[59] - The company’s initiatives in energy conservation and emissions reduction were managed by a dedicated team, integrating these goals into annual performance assessments[60] - The company is focusing on sustainability, aiming to reduce carbon emissions by 30% over the next five years[111] Corporate Governance - The company has maintained a high standard of corporate governance, continuously improving its governance system in accordance with legal regulations[78] - The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors, ensuring compliance with corporate governance regulations[86] - The company has established a modern corporate governance structure to enhance operational transparency and accountability[78] - The company has a robust quality control system, with strict adherence to national standards and regulations[74] - The company has established a comprehensive integrity risk prevention system, adhering to various laws and regulations[75] Risk Management and Internal Controls - The company has strengthened risk management and internal controls during the reporting period, enhancing corporate governance policies[91] - The independent auditor's report confirmed that the consolidated financial statements fairly represent the company's financial position as of December 31, 2018[154] - The company has established a robust risk management and internal control system, which was reviewed and deemed effective by the board for the year ending December 31, 2018[107] Compliance and Regulatory Matters - The company has no significant contingent liabilities or major litigation during the reporting period[50] - The company adhered to all provisions of the Corporate Governance Code during the reporting period, ensuring high levels of corporate governance and transparency for shareholders[147] - The company has a non-competition agreement with China National Offshore Oil Corporation (CNOOC), ensuring CNOOC and its subsidiaries do not engage in competing businesses[109] Financial Instruments and Accounting Policies - The adoption of IFRS 9 has led to changes in the accounting policies and amounts recognized in the consolidated financial statements, particularly in the classification and measurement of financial instruments[177] - The group has reclassified non-listed equity investments previously classified as available-for-sale to financial assets measured at fair value through other comprehensive income[181] - The company adopted IFRS 15, which establishes a five-step model for recognizing revenue from customer contracts, effective from January 1, 2018[189]