Financial Performance - Revenue for the six months ended June 30, 2020, was approximately RMB 101.2 million, an increase of approximately 156.0% compared to RMB 39.5 million for the same period in 2019[19]. - Profit attributable to owners of the company for the six months ended June 30, 2020, was approximately RMB 11.4 million, an increase from approximately RMB 6.0 million for the same period in 2019[32]. - The company reported revenue of RMB 101,162 thousand for the six months ended June 30, 2020, a significant increase of 156% compared to RMB 39,522 thousand in the same period of 2019[73]. - Net profit for the period was RMB 15,894 thousand, which is a 76% increase compared to RMB 9,016 thousand in the prior year[73]. - The total comprehensive income for the period was RMB 11,355 thousand, compared to RMB 6,031 thousand for the same period in 2019, reflecting an increase of 88.5%[83]. Revenue Sources - The revenue from the sale of oil products accounted for approximately 53.7% of the total revenue, making it a significant source of income for the company[17]. - Revenue from cargo handling services increased by approximately 22.6% to about RMB 45.6 million for the six months ended June 30, 2020, driven by the increase in total throughput[21]. - Total revenue for the six months ended June 30, 2020, was RMB 101,162,000, with external customer revenue from cargo handling and related services at RMB 46,886,000 and oil product sales at RMB 54,276,000[104]. Cost and Expenses - The cost of sales rose approximately 312.0% to about RMB 71.4 million for the six months ended June 30, 2020, primarily due to the cost of goods sold from oil products amounting to approximately RMB 52.4 million[23]. - Sales and administrative expenses for the six months ended June 30, 2020, were approximately RMB 6.6 million, a slight decrease from approximately RMB 6.8 million for the same period in 2019[29]. - The company incurred administrative and sales expenses of RMB 6,559,000 and financial costs of RMB 1,158,000 during the reporting period[104]. Profitability Metrics - The gross profit increased by approximately 34.1% to about RMB 29.8 million for the six months ended June 30, 2020, from approximately RMB 22.2 million for the same period in 2019[24]. - The overall gross profit margin decreased from approximately 56.2% for the six months ended June 30, 2019, to approximately 29.4% for the same period in 2020[26]. - Basic and diluted earnings per share were RMB 0.019, up from RMB 0.010 in the same period last year[73]. Assets and Liabilities - As of June 30, 2020, the group recorded net current assets of approximately RMB 141.9 million, down from approximately RMB 144.4 million as of December 31, 2019[34]. - Total assets as of June 30, 2020, were RMB 412,925 thousand, a slight decrease from RMB 418,452 thousand as of December 31, 2019[75]. - The company’s total liabilities as of June 30, 2020, were RMB 53,362 thousand, an increase from RMB 48,823 thousand at the beginning of the year[80]. Cash Flow - For the six months ended June 30, 2020, the net cash generated from operating activities was RMB 21,365 thousand, a significant increase of 168.5% compared to RMB 7,972 thousand for the same period in 2019[83]. - The company reported a net increase in cash and cash equivalents of RMB 16,494 thousand, compared to a slight increase of RMB 398 thousand in the same period last year[83]. - The company maintained a strong cash position with cash and cash equivalents of RMB 140,017 thousand, compared to RMB 123,523 thousand at the end of the previous year[75]. Corporate Governance - The company has complied with the corporate governance code as per the listing rules, with the exception of the separation of roles between the Chairman and CEO, which is held by Mr. Yang Jinming[54]. - The company has three independent non-executive directors providing independent advice and opinions[54]. - The company has not established an independent internal audit department but is reviewing the necessity of such a function[55]. Shareholder Information - As of June 30, 2020, Mr. Yang Jinming holds 423,000,000 shares, representing 70.5% of the company's equity, while Mr. Yang Fan holds 27,000,000 shares, representing 4.5%[58]. - The company has a significant ownership concentration, with the largest shareholder, Hanfu Enterprises Limited, holding 70.5% of the shares[63]. Future Outlook - The company anticipates that the supply and sale of oil products will continue to drive revenue growth, while also seeking to diversify its business to broaden income sources and improve capital returns[50][51]. - The company plans to expand its market presence and enhance its service offerings in the upcoming quarters[109].

Financial Performance - For the year ended December 31, 2019, the company recorded revenue of approximately RMB 124.7 million, an increase of about 51.4% compared to RMB 82.4 million for the year ended December 31, 2018[24]. - The profit attributable to the owners of the company for the year ended December 31, 2019, was approximately RMB 14.5 million, representing an increase of about 147.1% compared to the previous year[14]. - The revenue from handling services increased by approximately 5.1% to about RMB 81.0 million for the year ended December 31, 2019, primarily due to increased revenue from handling asphalt, coal, and other goods[26]. - Rental income decreased by approximately 4.6% to about RMB 5.1 million for the year ended December 31, 2019, mainly because several oil tanks were used as inventory warehouses and were not leased in the second half of 2019[27]. - The group generated revenue of approximately RMB 1.6 million from product procurement services for the year ended December 31, 2019[28]. - Overall gross profit increased by approximately 1.8% to about RMB 49.0 million for the year ended December 31, 2019, while the overall gross margin decreased from approximately 58.4% to about 39.3%[32][33]. - The gross margin for the oil products sales segment was approximately 6.8% for the year ended December 31, 2019[34]. - The net profit attributable to the company's owners was approximately RMB 14.5 million for the year ended December 31, 2019, representing a decrease of approximately 21.5% compared to the previous year[41]. - As of December 31, 2019, the group recorded a net current asset value of approximately RMB 144.4 million, down from approximately RMB 169.5 million as of December 31, 2018[42]. - The group had interest-bearing borrowings of approximately RMB 20.0 million as of December 31, 2019, with a debt-to-equity ratio of approximately 5.9%[43]. Operational Developments - The total cargo throughput for the year was approximately 3,968 thousand tons, a slight increase of about 27 thousand tons or approximately 0.7% compared to 3,941 thousand tons in the previous year[19]. - The company has completed the construction of the new phase of Zhengyuan Terminal, with testing and trial operations initiated, expected to be a major growth driver for future cargo throughput[14]. - The commissioning and operational period for the new phase of Zhengyuan Terminal has been extended due to certain terminal facilities and loading equipment being unavailable, expected to be completed by December 31, 2020[20]. - The average handling fee for cargo remained stable compared to the previous year, despite the introduction of new cargo types such as steel and iron ore powder[19]. - The company aims to balance higher safety production standards with utilization rates to meet growing safety expectations[19]. - The group anticipates that the supply and sale of oil products will become a significant driver of revenue growth and an important future income source[63]. - The group plans to diversify its business further into international energy trading, petrochemical trading, and investment in domestic storage facilities to broaden revenue sources and enhance capital returns[63]. Corporate Governance - The company has a strong focus on corporate governance, with independent directors overseeing compliance and financial matters[72]. - The management structure includes a clear division of responsibilities among executives, enhancing operational efficiency[82]. - The company has established three defined committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, with a majority of independent non-executive directors in each[113]. - The board emphasized the importance of corporate governance, ensuring compliance with relevant regulations and standards[92]. - The independent non-executive directors are actively contributing to strategic decisions, ensuring diverse perspectives in governance[103]. - The company has appointed PwC as the external auditor for the year ending December 31, 2019, with audit fees amounting to approximately RMB 1.4 million[141]. - The board is committed to ensuring the independence of directors as per the listing rules[135]. - The company has established a written terms of reference for the Audit Committee in accordance with corporate governance codes[131]. Environmental, Social, and Governance (ESG) Initiatives - The group identified five key areas of importance for its environmental, social, and governance (ESG) report: waste and wastewater, occupational health and safety, customer service, environmentally sustainable terminals, and anti-corruption[158]. - Total greenhouse gas emissions for the reporting year amounted to 1,365.24 tons of CO2 equivalent, with a density of 0.34 tons of CO2 equivalent per thousand tons of total cargo throughput[166]. - Energy consumption for the business was 2,472,676 kWh, with an energy density of 623.15 kWh per thousand tons of total cargo throughput[178]. - Water consumption for the reporting year was 118,855 cubic meters, with a density of 29.95 cubic meters per thousand tons of total cargo throughput[180]. - The company has implemented measures to enhance energy efficiency, including the use of electric cranes and energy-saving equipment[181]. - The group has implemented a waste recycling program to minimize overall waste generation and greenhouse gas emissions[188]. - The group conducted an environmental risk assessment to understand its impact on natural resources, aiding in future management measures[187]. Employee and Workforce Management - As of December 31, 2019, the group had a total of 223 employees, all of whom were full-time employees in China[191]. - The overall employee turnover rate for the reporting year was 7%, with 15 employees leaving the company[195]. - The gender distribution of employees was 17% female and 83% male, showing a slight decrease in female representation from 19% in 2018[191]. - There were no reported incidents of work-related fatalities or injuries during the reporting year[198]. - The group provided personal protective equipment (PPE) to all employees based on their job positions, ensuring safety compliance[197]. - The group has established a formal complaint procedure to promote equal opportunities and prevent workplace discrimination[194].

Financial Performance - For the six months ended June 30, 2019, the total cargo throughput was approximately 1,828,000 tons, a decrease of about 277,000 tons or 13.2% compared to the same period in 2018[13]. - Revenue for the six months ended June 30, 2019, was approximately RMB 395.2 million, a decrease of about 6.3% from RMB 421.6 million in the same period of 2018[20]. - The handling service revenue decreased by approximately 5.7% to about RMB 372.3 million, primarily due to reduced revenue from oil products, asphalt, quartz sand, and grain[21]. - Rental income decreased by 14.2% to RMB 2.3 million, mainly due to changes in warehouse usage for temporary storage[22]. - Gross profit for the six months ended June 30, 2019, was approximately RMB 222 million, a decrease of about 16.6% from RMB 266 million in the same period of 2018[24]. - The gross profit margin decreased from approximately 63.1% in the previous year to about 56.2% in 2019[24]. - For the six months ended June 30, 2019, the company's profit attributable to owners was approximately RMB 6.0 million, compared to a loss of approximately RMB 858,000 for the same period in 2018[32]. - Other losses for the six months ended June 30, 2019, amounted to approximately RMB 2.1 million, compared to other income of approximately RMB 737,000 for the same period in 2018[26]. - The company reported revenue of RMB 39,522,000 for the six months ended June 30, 2019, a decrease of 6.1% from RMB 42,157,000 in the same period of 2018[70]. - Gross profit for the same period was RMB 22,192,000, down 16.3% from RMB 26,600,000 year-on-year[70]. - Operating profit increased to RMB 13,320,000, up 35.6% from RMB 9,814,000 in the previous year[70]. - Net profit for the period was RMB 9,016,000, a significant increase from RMB 3,694,000 in the prior year, representing a growth of 143.5%[70]. - Basic and diluted earnings per share were RMB 0.010, compared to a loss of RMB 0.0018 per share in the same period last year[70]. Expenses and Costs - The increase in sales costs was driven by higher employee benefits and depreciation of property, plant, and equipment, rising from approximately RMB 156 million to RMB 173 million, an increase of about 11.4%[23]. - Sales and administrative expenses decreased from approximately RMB 18.2 million for the six months ended June 30, 2018, to approximately RMB 6.8 million for the same period in 2019, primarily due to the absence of one-time listing expenses[27]. - The company's income tax expense decreased by approximately 32.7% to about RMB 4.1 million for the six months ended June 30, 2019, from approximately RMB 6.1 million for the same period in 2018[29]. - The total employee cost for the six months ended June 30, 2019, was approximately RMB 10.4 million, an increase from approximately RMB 8.7 million for the same period in 2018, attributed to an increase in employee numbers and salaries[40]. - Total sales and administrative expenses amounted to RMB 24,096,000, a decrease of 28.8% from RMB 33,779,000 in the previous period[119]. - The income tax expense for the company was RMB 4,119,000 for the six months ended June 30, 2019, down from RMB 6,099,000 in the same period of 2018, indicating a reduction in tax liabilities[123]. - The company incurred professional service expenses of RMB 766,000, which were not present in the previous period, indicating new strategic investments[119]. - The depreciation of property, plant, and equipment increased to RMB 4,886,000 from RMB 4,127,000, reflecting ongoing investments in fixed assets[119]. Assets and Liabilities - As of June 30, 2019, the company recorded net current assets of approximately RMB 135.0 million, down from approximately RMB 169.5 million as of December 31, 2018[33]. - The company had interest-bearing borrowings of approximately RMB 40.0 million as of June 30, 2019, which were not present as of December 31, 2018, with a debt-to-equity ratio of approximately 11.4%[34]. - Total assets as of June 30, 2019, amounted to RMB 416,368,000, an increase from RMB 396,839,000 at the end of 2018[73]. - The company's equity attributable to owners was RMB 299,441,000, slightly down from RMB 301,210,000 at the end of the previous year[73]. - Non-current assets increased to RMB 216,463,000 from RMB 202,732,000 year-on-year[73]. - Total liabilities increased to RMB 65,774 thousand as of June 30, 2019, compared to RMB 24,961 thousand as of December 31, 2018, representing a growth of 163%[76]. - The company reported a total equity of RMB 350,594 thousand as of June 30, 2019, an increase from RMB 371,878 thousand as of June 30, 2018[78]. - The company’s total liabilities as of June 30, 2019, were RMB 159,272 thousand, providing insight into its financial obligations[134]. - The company’s cash and cash equivalents as of June 30, 2019, were RMB 28,862 thousand, showing liquidity available for operations[134]. - The company’s total operating expenses, including labor service fees and maintenance costs, showed a mixed trend, with labor service fees slightly decreasing to RMB 2,257,000 from RMB 2,301,000[119]. Investments and Future Plans - The company is in discussions to establish a joint venture with Fudi China Investment Co., Ltd. for international energy trade and investment in warehouse facilities in Zhanjiang, China[16]. - The company has not engaged in significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2019[36]. - The company is in the process of applying for state-owned land use rights, with the approval process expected to take a considerable amount of time[41]. - The company aims to continue increasing cargo sources and diversifying cargo types to enhance operational efficiency and competitiveness[48]. - The development of trade business is anticipated to increase revenue sources and significantly benefit the company's handling and value-added port services[48]. - The company has not disclosed any significant investments or capital asset plans beyond those in the prospectus or interim report as of June 30, 2019[46]. - The company's future outlook includes plans for market expansion and potential new product development, although specific figures were not disclosed in the report[137]. Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2019, consistent with the previous year[42]. - The company paid dividends amounting to RMB 22,500 thousand to non-controlling interests during the reporting period[81]. - The company reported a total of 600,000,000 weighted average ordinary shares issued, an increase from 475,500,000 in the previous year, indicating potential growth in equity[126]. - The company’s issued and paid-up capital increased to RMB 40,000,000 as of June 30, 2019, from RMB 380,000 as of December 31, 2017, following the issuance of 3,962,000,000 shares[144]. - The company’s share premium account increased significantly, reflecting the issuance of shares and capital contributions from existing shareholders[144]. Management and Governance - The board believes that the current organizational structure and management oversight are sufficient for risk management and internal control, despite not having an independent internal audit department[52]. - The group has not changed its risk management policies since December 31, 2018[106]. - The group continues to rely on internal cash flows and borrowings from financial institutions to meet future cash flow needs[107]. Related Party Transactions - The company recognized a revenue of RMB 3,536,000 from providing handling services to a related party, Tianyuan Petrochemical, for the six months ended June 30, 2019[156]. - Accounts receivable from a related party, Tianyuan Petrochemical, amounted to RMB 2,479,000 as of June 30, 2019, significantly higher than RMB 149,000 at the end of 2018[159].

Financial Performance - The company reported a revenue of approximately RMB 824 million for the year ended December 31, 2018, representing an increase of about 1.0% compared to RMB 816 million for the year ended December 31, 2017[24]. - The net profit attributable to the owners of the company for the year was approximately RMB 58 million, a decrease of about 69.9% compared to RMB 192 million for the previous year, primarily due to an increase in non-recurring listing expenses of approximately RMB 56 million[15]. - The company's handling service revenue decreased by approximately 1.1% to about RMB 77.1 million for the year ended December 31, 2018, primarily due to reduced revenue from handling quartz sand, coal, and kaolin, partially offset by increased revenue from processed asphalt and oil products[26]. - Rental income increased by approximately 43.7% to about RMB 5.3 million for the year ended December 31, 2018, mainly due to the increase in unit prices of storage facilities implemented in the second half of 2017[27]. - The cost of sales rose by approximately 11.7% to about RMB 343 million for the year ended December 31, 2018, primarily due to increased employee benefits expenses and depreciation of property, plant, and equipment[28]. - Gross profit decreased by approximately 5.5% to about RMB 481 million, with the gross profit margin declining from approximately 62.4% to about 58.4% for the year ended December 31, 2018[29]. - The company's profit attributable to owners was approximately RMB 5.8 million for the year ended December 31, 2018, a decrease of about 69.9% compared to RMB 19.2 million for the previous year, primarily due to reduced handling service revenue and increased sales and administrative expenses[36]. Operational Highlights - The total cargo throughput for the year was approximately 3,941,000 tons, a decrease of about 10.2% from 4,391,000 tons in the previous year, mainly due to the construction at the Zhengyuan Terminal and temporary impacts from local mineral resource integration policies[20]. - The average handling fee for oil products and asphalt increased compared to the previous year, contributing to higher revenue despite the decrease in throughput[20]. - The new phase of construction at the Zhengyuan Terminal was completed in the first quarter of 2019, expected to be a significant growth driver for future cargo throughput[16]. - The company operates two public bulk cargo terminals, Tianyuan Terminal and Zhengyuan Terminal, located in the Maoming Port area[19]. - The company continues to focus on providing bulk cargo handling services and related value-added port services, including storage and forklift rental[20]. Capital and Investments - The company successfully listed 150 million shares on the Hong Kong Stock Exchange, raising approximately HKD 499 million (equivalent to about RMB 407 million) after deducting underwriting fees and related expenses[14]. - The company plans to utilize surplus funds for wealth management and domestic/international trade businesses while ensuring sufficient funding for terminal construction[16]. - As of December 31, 2018, the allocation of net proceeds was 90% for the construction of the new phase of Zhengyuan Terminal and 10% for working capital and other general corporate purposes, totaling RMB 40.716 million[49]. - The company has no other significant investment or capital asset plans beyond those disclosed in the prospectus or annual report as of December 31, 2018[50]. Governance and Management - The company has a strong governance structure with independent non-executive directors overseeing key committees[68][69][74]. - The management team has extensive experience in finance, management, and auditing, contributing to the company's strategic direction[74][80]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[83]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced distribution of power and independent advice[91]. - The company has not established an independent internal audit department but has implemented measures to fulfill internal audit functions through external consultants[85]. Environmental, Social, and Governance (ESG) Initiatives - The group identified five key areas of importance for environmental, social, and governance (ESG) reporting: waste and wastewater, occupational health and safety, customer service, environmentally sustainable terminals, and anti-corruption[151]. - The group reported emissions of 0.61 kg of nitrogen oxides and 0.93 kg of sulfur oxides from its operations during the reporting year[156]. - The group has adopted an environmental management system and complies with national and local environmental protection laws and regulations[155]. - The group aims to maintain close communication with stakeholders to enhance economic efficiency while improving ESG performance and managing related risks[151]. - The group has implemented a stakeholder communication strategy through various channels, including online platforms, annual reports, surveys, and meetings[151]. Employee and Labor Practices - The company had a total of 212 employees as of December 31, 2018, all of whom were full-time employees in China[185]. - The overall employee turnover rate during the reporting period was 7%, with 15 employees leaving the company[191]. - The training hours conducted during the reporting period totaled 1,661 hours, with 64% of male employees and 60% of female employees receiving training[198]. - The company maintained a zero incident record for work-related fatalities and injuries during the reporting period[195]. - The company has adhered to various labor laws and regulations, including the Labor Law of the People's Republic of China, with no significant violations reported[191].