期内总收益同比增加主要源自于宜昌天然气业务的全面启动以及同期天然气贸易业务的增加。收益增加 提升了集团的业绩，使其与2024年同期相比有所进步。 中国基础能源(08117)发布截至2025年6月30日止六个月业绩，收益1.12亿港元，同比增长26.2%;公司拥 有人应占亏损834.8万港元，同比收窄22.3%;每股基本亏损0.008港元。 ...

智通财经APP讯，中国基础能源(08117)发布截至2025年6月30日止六个月业绩，收益1.12亿港元，同比 增长26.2%;公司拥有人应占亏损834.8万港元，同比收窄22.3%;每股基本亏损0.008港元。 期内总收益同比增加主要源自于宜昌天然气业务的全面启动以及同期天然气贸易业务的增加。收益增加 提升了集团的业绩，使其与2024年同期相比有所进步。 ...

```markdown [Executive Summary](index=2&type=section&id=Executive%20Summary) The company reported a **26.1%** revenue increase to **HK$111.92 million**, with a narrowed loss attributable to owners and no interim dividend recommended Key Financial Highlights for H1 2025 | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 111,920 | 88,713 | +26.1% | | Loss Attributable to Owners of the Company | (8,348) | (10,740) | -22.3% | | Interim Dividend | None | None | - | [Unaudited Results](index=2&type=section&id=Unaudited%20Results) This section presents the unaudited condensed consolidated financial statements for H1 2025, comparing them with prior periods [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue grew significantly, losses narrowed, and total comprehensive income turned positive due to favorable exchange differences Overview of Consolidated Profit or Loss and Other Comprehensive Income | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 111,920 | 88,713 | +26.1% | | Other income, gains and losses | 1,254 | 1,850 | -32.1% | | Finance costs | (8,829) | (5,104) | +73.0% | | Loss before income tax | (7,968) | (11,223) | -29.0% | | Loss for the period | (7,968) | (11,223) | -29.0% | | Loss Attributable to Owners of the Company | (8,348) | (10,740) | -22.3% | | Exchange differences on translation of overseas operations | 8,944 | (8,201) | from negative to positive | | Total comprehensive income for the period | 976 | (19,424) | from negative to positive | | Basic and diluted loss per share (HK$) | (0.008) | (0.01) | -20.0% | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets and liabilities increased, net assets slightly rose, and net current liabilities grew, indicating stable but slightly pressured financial health Overview of Consolidated Financial Position | Metric | June 30, 2025 (HK$ thousand) | Dec 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 668,829 | 654,879 | +2.1% | | Total Current Assets | 111,951 | 101,427 | +10.4% | | Total Assets | 780,780 | 756,306 | +3.2% | | Total Current Liabilities | 184,302 | 172,760 | +6.7% | | Total Non-current Liabilities | 334,140 | 322,184 | +3.7% | | Total Liabilities | 518,442 | 494,944 | +4.7% | | Net Assets | 262,338 | 261,362 | +0.4% | | Equity Attributable to Owners of the Company | 217,921 | 218,604 | -0.3% | - Net current liabilities increased from **HK$71,333 thousand** as of December 31, 2024, to **HK$72,351 thousand** as of June 30, 2025, indicating a slight increase in short-term solvency pressure[8](index=8&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Equity attributable to owners slightly decreased, while non-controlling interests increased, with exchange reserves turning positive impacting total comprehensive income Overview of Consolidated Changes in Equity | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 217,921 | 236,712 | | Non-controlling Interests | 44,417 | 44,478 | | Total Equity | 262,338 | 281,190 | | Exchange Reserve | 8,450 | 3,724 | | Accumulated Losses | (623,738) | (599,657) | - Loss for the period negatively impacted equity attributable to owners of the Company, but positive exchange differences from overseas operations partially offset the loss[10](index=10&type=chunk) [Unaudited Condensed Consolidated Cash Flow Statement](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Statement) Net cash increase significantly improved, driven by a shift from net cash outflow to inflow from investing activities and increased financing cash flow Overview of Consolidated Cash Flow | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 3,938 | 22,002 | | Net cash used in investing activities | 8,300 | (27,134) | | Net cash generated from financing activities | 5,193 | 16,090 | | Net increase in cash and cash equivalents | 17,431 | 10,958 | | Cash and cash equivalents at end of period | 67,820 | 41,535 | - Cash flow from investing activities reversed from a net outflow of **HK$27,134 thousand** in the prior period to a net inflow of **HK$8,300 thousand** in the current period, a key driver for the increase in cash and cash equivalents[11](index=11&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering basis of preparation, accounting policies, income and expense details, segment information, receivables and payables, bank borrowings, share capital, and capital commitments [1. Basis of Preparation and Principal Accounting Policies](index=9&type=section&id=1.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The company, incorporated in the Cayman Islands, primarily engages in investment holding, natural gas, biomass gasification, and property investment in China, with new accounting standards having no material impact - The Group's principal activities include transportation and distribution of natural gas, sales of heat energy and biomass gasification related products, and property investment, primarily operating in China[12](index=12&type=chunk) - New Hong Kong Financial Reporting Standards adopted for the first time in the current period had no significant impact on the results and financial position of the current or prior accounting periods[13](index=13&type=chunk) [2. Revenue](index=10&type=section&id=2.%20Revenue) Revenue primarily from natural gas sales, biomass gasification products, and transportation services, with significant growth in natural gas sales and transportation driving overall revenue up Revenue Analysis | Revenue Source | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Sales and distribution of natural gas | 81,837 | 65,937 | +24.1% | | Sales of heat energy and biomass gasification related products | 15,400 | 13,652 | +12.8% | | Natural gas transportation services | 7,463 | 1,004 | +643.3% | | Gross rental income | 7,220 | 8,120 | -11.1% | | **Total Revenue** | **111,920** | **88,713** | **+26.1%** | - Revenue from natural gas transportation services significantly increased by **643.3%**, being one of the main drivers of revenue growth for the period[14](index=14&type=chunk) [3. Other Income, Gains and Losses](index=10&type=section&id=3.%20Other%20Income,%20Gains%20and%20Losses) Total other income, gains, and losses decreased to **HK$1,254 thousand**, mainly due to reduced miscellaneous and bank interest income, and a fair value loss on trading investments Other Income, Gains and Losses | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank interest income | 43 | 108 | | Miscellaneous income | 1,228 | 1,694 | | Fair value (loss)/gain on financial assets held for trading | (17) | 48 | | **Total** | **1,254** | **1,850** | [4. Finance Costs](index=11&type=section&id=4.%20Finance%20Costs) Finance costs significantly increased by **73.0%** to **HK$8,829 thousand**, primarily due to higher interest on bank loans and a substantial shareholder's loan Finance Costs Details | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank loans and other borrowings | 6,034 | 2,462 | +145.1% | | Interest on loan from a substantial shareholder | 2,625 | 2,490 | +5.4% | | Interest on lease liabilities | 170 | 152 | +11.8% | | **Total** | **8,829** | **5,104** | **+73.0%** | [5. Loss Before Income Tax](index=11&type=section&id=5.%20Loss%20Before%20Income%20Tax) Loss before income tax is presented after deducting various operating expenses, including depreciation, short-term lease expenses, and professional fees Loss Before Income Tax Deductions | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 9,670 | 8,253 | | Short-term lease expenses | 270 | 372 | | Investment property management fees | 1,638 | 1,443 | | Entertainment and travel expenses | 1,761 | 1,493 | | Research and development expenses | 1,063 | 1,130 | [6. Income Tax](index=11&type=section&id=6.%20Income%20Tax) No Hong Kong profits tax provision was made due to the absence of assessable profits, while Chinese subsidiaries are subject to a **25%** corporate income tax rate - No Hong Kong profits tax provision was made for the current and prior periods as the Hong Kong subsidiaries did not generate assessable profits[17](index=17&type=chunk) - Chinese subsidiaries are subject to a uniform enterprise income tax rate of **25%**[17](index=17&type=chunk) [7. Dividends](index=12&type=section&id=7.%20Dividends) The Board recommends no interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board recommends no dividend payment for the six months ended June 30, 2025[18](index=18&type=chunk) [8. Loss Per Share](index=12&type=section&id=8.%20Loss%20Per%20Share) Basic and diluted loss per share was **HK$0.008**, an improvement from **HK$0.01** in the prior period, with both being identical due to out-of-the-money share options Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HK$ thousand) | (8,348) | (10,740) | | Weighted average number of ordinary shares in issue (thousand shares) | 1,023,987 | 1,023,987 | | Basic and diluted loss per share (HK$) | (0.008) | (0.01) | - Basic and diluted loss per share are identical as the exercise price of outstanding share options exceeded the average market price during the period[20](index=20&type=chunk)[21](index=21&type=chunk) [9. Reportable Segments](index=13&type=section&id=9.%20Reportable%20Segments) The Group operates in four reportable segments: natural gas sales and distribution, biomass gasification products, natural gas transportation, and property investment, with natural gas segments driving profit growth H1 2025 Segment Revenue and Profit | Segment | Revenue (HK$ thousand) | Segment Profit (HK$ thousand) | | :--- | :--- | :--- | | Sales and distribution of natural gas | 81,837 | 5,382 | | Sales of heat energy and biomass gasification related products | 15,400 | 35 | | Natural gas transportation services | 7,463 | 1,265 | | Property investment | 7,220 | 1,956 | | **Total** | **111,920** | **8,638** | H1 2024 Segment Revenue and Profit/(Loss) | Segment | Revenue (HK$ thousand) | Segment Profit/(Loss) (HK$ thousand) | | :--- | :--- | :--- | | Sales and distribution of natural gas | 65,937 | 1,169 | | Sales of heat energy and biomass gasification related products | 13,652 | (2,531) | | Natural gas transportation services | 1,004 | (45) | | Property investment | 8,120 | 2,186 | | **Total** | **88,713** | **779** | - Revenue from natural gas transportation services significantly increased from **HK$1,004 thousand** in H1 2024 to **HK$7,463 thousand** in H1 2025, reversing from a loss to a profit[23](index=23&type=chunk)[24](index=24&type=chunk) [10. Trade Receivables](index=15&type=section&id=10.%20Trade%20Receivables) Net trade receivables decreased to **HK$17,302 thousand**, with varying credit terms across business segments and strict credit control measures in place Net Trade Receivables | Metric | June 30, 2025 (HK$ thousand) | Dec 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 23,301 | 27,240 | | Less: Impairment allowance | (5,999) | (5,826) | | **Net Amount** | **17,302** | **21,414** | - Credit terms for sales of biomass gasification products and natural gas distribution are three and five working days after invoice date, respectively, while heat energy and natural gas transportation services have no credit terms, and property investment tenants pay rent in advance[27](index=27&type=chunk) Aging Analysis of Trade Receivables (Net of Impairment Losses) | Aging | June 30, 2025 (HK$ thousand) | Dec 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 8,908 | 21,899 | | 31 to 60 days | 87 | 131 | | 61 to 90 days | 44 | 61 | | Over 90 days | 8,263 | 578 | | **Total** | **17,302** | **22,669** | [11. Trade Payables](index=17&type=section&id=11.%20Trade%20Payables) Total trade payables slightly increased to **HK$11,487 thousand**, with a notable rise in payables outstanding for over 90 days Aging Analysis of Trade Payables | Aging | June 30, 2025 (HK$ thousand) | Dec 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 3,878 | 8,174 | | 31 to 60 days | 606 | 480 | | 61 to 90 days | 290 | 226 | | Over 90 days | 6,713 | 2,249 | | **Total** | **11,487** | **11,129** | [12. Bank Borrowings and Loan Financing](index=17&type=section&id=12.%20Bank%20Borrowings%20and%20Loan%20Financing) Total interest-bearing borrowings increased to **HK$344,641 thousand**, secured by investment properties, plant and equipment, and guarantees, with an effective annual interest rate of **3.762%** Bank Borrowings and Loan Financing | Type | June 30, 2025 (HK$ thousand) | Dec 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current borrowings | 88,248 | 78,441 | | Non-current borrowings | 256,393 | 252,221 | | **Total** | **344,641** | **330,662** | - The effective interest rate for interest-bearing borrowings was an annual rate of **3.762%** (2024: 4.113%), with all borrowings bearing fixed interest rates[30](index=30&type=chunk)[31](index=31&type=chunk) - Bank loans are secured by certain investment properties, property, plant and equipment, corporate guarantees, a legal charge over property of Ms. Ma Zheng, a substantial shareholder and director, and personal guarantees from Mr. Wei Buti, a director of a subsidiary, and his spouse[34](index=34&type=chunk) [13. Share Capital](index=18&type=section&id=13.%20Share%20Capital) The company's authorized share capital is **1,920,000 thousand** shares at **HK$0.0625** each, with **1,023,987 thousand** issued and fully paid shares, consistent with the prior year-end Share Capital Structure | Type | Number of Shares (thousand shares) | Amount (HK$ thousand) | | :--- | :--- | :--- | | Authorised share capital | 1,920,000 | 120,000 | | Issued and fully paid share capital | 1,023,987 | 63,999 | [14. Operating Leases](index=19&type=section&id=14.%20Operating%20Leases) Total undiscounted lease payments receivable under irrevocable operating leases decreased to **HK$45,938 thousand** as of June 30, 2025 Future Undiscounted Lease Payments Receivable | Period | June 30, 2025 (HK$ thousand) | Dec 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within one year | 10,189 | 12,292 | | Later than one year and not later than two years | 9,570 | 12,608 | | Later than two years and not later than three years | 8,782 | 9,985 | | Later than three years and not later than four years | 6,585 | 8,790 | | Later than four years and not later than five years | 1,162 | 7,665 | | Over five years | 9,650 | 12,411 | | **Total** | **45,938** | **63,751** | [15. Capital Commitments](index=19&type=section&id=15.%20Capital%20Commitments) Capital commitments for property, plant, and equipment acquisitions, contracted but not provided for, significantly increased to **HK$23,058 thousand** Capital Commitments | Item | June 30, 2025 (HK$ thousand) | Dec 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Contracted but not provided for: acquisition of property, plant and equipment | 23,058 | 13,837 | [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's H1 2025 business and financial performance, analyzes macroeconomic impacts, outlines segment operations, future outlook, and strategic priorities, and discloses related party transactions, liquidity, gearing, and foreign exchange risks [Business Review and Future Outlook](index=20&type=section&id=Business%20Review%20and%20Future%20Outlook) The Group's H1 2025 revenue grew **26.1%**, driven by Yichang natural gas and increased trading; despite global challenges, China's resilient growth and clean energy investment supported natural gas, biomass heating was stable, and property investment provided steady cash flow [Financial Performance](index=20&type=section&id=Financial%20Performance) The Group's total revenue increased by **26.1%** for the six months ended June 30, 2025, driven by the full launch of Yichang natural gas operations and increased natural gas trading[37](index=37&type=chunk) [Economic Overview](index=20&type=section&id=Economic%20Overview) Global economic development was mixed in H1 2025, with moderate US growth hampered by high interest rates and weak net trade, while the Eurozone experienced soft economic activity and manufacturing decline - US annualized GDP growth was approximately **2.0%** in H1 2025, but was hampered by high interest rates and net trade[38](index=38&type=chunk) - Eurozone economic activity was weak, with Q1 GDP growing by only **0.2%** quarter-on-quarter, and manufacturing remaining sluggish[38](index=38&type=chunk) [China: Resilient Growth with Structural Challenges](index=20&type=section&id=China:%20Resilient%20Growth%20with%20Structural%20Challenges) China's H1 2025 GDP grew by **4.8%**, supported by manufacturing and clean energy investment, but faced headwinds from a weak property market, slow private consumption, and US-China trade tensions - China's H1 2025 GDP grew by approximately **4.8%** year-on-year, primarily supported by manufacturing output and clean energy investment[39](index=39&type=chunk) - A sluggish property market and slow recovery in private consumption posed headwinds, while escalating US-China trade tensions increased macroeconomic risks[39](index=39&type=chunk) [Natural Gas Business: Core Growth Engine](index=20&type=section&id=Natural%20Gas%20Business:%20Core%20Growth%20Engine) The natural gas business benefited from China's accelerated energy transition and government's 'coal-to-gas' policy, driving robust revenue growth from increased demand for liquefied natural gas and pipeline gas[40](index=40&type=chunk) [Biomass Gasification Heating Business](index=21&type=section&id=Biomass%20Gasification%20Heating%20Business) The biomass gasification heating business in Huaining County, Anhui Province, performed stably in 2025, with expectations for full operation, substantial revenue, and reaching break-even soon[41](index=41&type=chunk) [Property Investment Business](index=21&type=section&id=Property%20Investment%20Business) Yichang's property investment business continues to provide stable cash flow, supported by local government development initiatives, despite a slight decline in rental income, remaining a key revenue contributor - Yichang's property investment business continues to provide stable cash inflow, with tenants primarily being automotive parts manufacturers[42](index=42&type=chunk) - Despite a slight decrease in rental income, the business is supported by Yichang municipal government's development initiatives and is expected to remain a key revenue contributor[42](index=42&type=chunk) [Continuing Connected Transactions](index=21&type=section&id=Continuing%20Connected%20Transactions) Zhongji Natural Gas Utilization, an indirect non-wholly owned subsidiary, entered a three-year natural gas transportation agreement with Yiling Zhongji Thermal Power, with market-based fees aligned with the company's best interests - Zhongji Natural Gas Utilization entered into a three-year natural gas transportation agreement with Yiling Zhongji Thermal Power, with transportation fees determined at market rates[43](index=43&type=chunk)[44](index=44&type=chunk) - Yiling Zhongji Thermal Power is legally owned **90%** by Beijing Jingneng Clean Energy Power Co., Ltd., and **10%** by the Company's indirect wholly-owned subsidiary[43](index=43&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) For H1 2025, total revenue increased by **26.1%** to **HK$111.92 million**, loss before income tax narrowed to **HK$7.97 million**, and loss attributable to owners decreased to **HK$8.35 million**, primarily due to higher revenue and gross profit Financial Performance Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 111,920 | 88,713 | +26.1% | | Loss before income tax | (7,968) | (11,223) | -29.0% | | Loss Attributable to Owners of the Company | (8,348) | (10,740) | -22.3% | - The reduction in loss was primarily due to increased revenue and gross profit of the Group[45](index=45&type=chunk) [Business Outlook and Strategic Focus](index=23&type=section&id=Business%20Outlook%20and%20Strategic%20Focus) The Group's operations, particularly natural gas transportation, distribution, and property investment, are less directly impacted by the global economy due to their reliance on domestic demand, with management focusing on prudent oversight and investment opportunities - The Group's operations are less directly and significantly impacted by the global economy due to their reliance on domestic demand and the essential nature of natural gas[46](index=46&type=chunk) - The Board and management will adopt a prudent management approach and actively explore potential investment opportunities to enhance long-term value and sustainable growth[46](index=46&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the directors anticipate the Group possesses sufficient financial resources for ongoing operations and future development[47](index=47&type=chunk) [Fundraising Activities](index=23&type=section&id=Fundraising%20Activities) The company did not undertake any fundraising activities during the review period[48](index=48&type=chunk) [Employee Information](index=23&type=section&id=Employee%20Information) As of June 30, 2025, the Group had **159** full-time employees (9 in Hong Kong, 150 in China), with total employee remuneration of approximately **HK$11.741 million**, determined by performance, experience, and market practice Employee Information | Region | Number of Full-time Employees | | :--- | :--- | | Hong Kong | 9 | | China | 150 | | **Total** | **159** | - For the six months ended June 30, 2025, total employee remuneration (including directors' emoluments) was approximately **HK$11,741,000**[49](index=49&type=chunk) [Share Capital Structure](index=23&type=section&id=Share%20Capital%20Structure) As of June 30, 2025, the company's issued share capital comprised **1,023,987,439** ordinary shares of **HK$0.0625** each, listed on GEM since December 13, 2001 - As of June 30, 2025, the company's issued share capital comprised **1,023,987,439** ordinary shares of **HK$0.0625** each[50](index=50&type=chunk) [Material Investments](index=23&type=section&id=Material%20Investments) The Group had no other material investments during the review period, apart from those already disclosed[51](index=51&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Affiliated Companies / Future Material Investment Plans](index=24&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Affiliated%20Companies%20%2F%20Future%20Material%20Investment%20Plans) The Group did not undertake any material acquisitions or disposals of subsidiaries and affiliated companies during the six months ended June 30, 2025[52](index=52&type=chunk) [Segment Information](index=24&type=section&id=Segment%20Information) Detailed segment information is provided in Note 9 to the unaudited condensed consolidated financial statements and further elaborated in the 'Business Review and Future Outlook' section[53](index=53&type=chunk) [Pledges of Group Assets and Contingent Liabilities](index=24&type=section&id=Pledges%20of%20Group%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, certain investment properties, land, and buildings were pledged as collateral for bank borrowings, with no significant contingent liabilities - Certain investment properties, land, and buildings of the Group were pledged as collateral for bank borrowings[54](index=54&type=chunk) - The Group had no significant contingent liabilities[54](index=54&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group maintained a net asset position with a gearing ratio (borrowings to equity attributable to owners) of approximately **158%** Gearing Ratio Overview | Metric | June 30, 2025 (HK$ thousand) | | :--- | :--- | | Current Assets | 111,951 | | Current Liabilities | 184,302 | | External Borrowings | 344,641 | | Equity Attributable to Owners of the Company | 217,921 | | **Gearing Ratio** | **158%** | - As of June 30, 2025, the Group maintained a net asset position with a gearing ratio of approximately **158%**[55](index=55&type=chunk) [Foreign Exchange Fluctuation Risk](index=24&type=section&id=Foreign%20Exchange%20Fluctuation%20Risk) The Group's sales and payments are settled in HKD and RMB, with primary operations in China, resulting in limited foreign exchange risk and no current hedging arrangements, though monitoring continues - The Group's sales and payments are settled in HKD and RMB, with primary operations in China, resulting in limited foreign exchange risk[56](index=56&type=chunk) - No hedging arrangements are currently in place for foreign currency risk, but exchange rate fluctuations will continue to be closely monitored, and hedging arrangements will be made if necessary[56](index=56&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section discloses directors' and substantial shareholders' interests, share option schemes, corporate governance structure (including audit, remuneration, and nomination committees), and information on securities transactions and code compliance [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=25&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2025, Ms. Ma Zheng beneficially owned **36.52%** of ordinary shares, and Mr. Yuan Geng beneficially owned **1.89%**, with no other interests or short positions for directors or the chief executive Directors' Long Positions in Ordinary Shares of the Company | Director's Name | Nature of Interest | Number of Ordinary Shares | Approximate % of Interest | | :--- | :--- | :--- | :--- | | Ms. Ma Zheng | Beneficial owner | 373,951,632 | 36.52% | | Mr. Yuan Geng | Beneficial owner | 19,320,633 | 1.89% | [Share Options](index=26&type=section&id=Share%20Options) The share option scheme, adopted in 2022 to reward contributors, has a ten-year validity with exercise prices not below market rates; no options were granted or exercised, and none were outstanding as of June 30, 2025 - The share option scheme was adopted on May 17, 2022, to reward eligible participants contributing to the Group's development, with a ten-year validity period[59](index=59&type=chunk) - The exercise price of share options shall not be less than the highest of the closing price on the grant date, the average closing price for the five business days immediately preceding the grant date, and the nominal value of the shares[62](index=62&type=chunk) - No share options were granted or exercised by the company during the review period, and no share options were outstanding as of June 30, 2025[62](index=62&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=27&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, several entities and individuals, including Ms. Guo Xiugin, Dongcheng Energy Investment, and China Vanke, were substantial shareholders holding **5%** or more of the company's shares Substantial Shareholders' Long Positions in Ordinary Shares of the Company | Shareholder's Name | Nature of Interest | Number of Shares Held | Approximate % of Interest | | :--- | :--- | :--- | :--- | | Ms. Guo Xiugin | Corporate interest | 123,867,678 | 12.10% | | Dongcheng Energy Investment Co., Ltd. | Corporate interest | 123,867,678 | 12.10% | | Zhuohua Investment Co., Ltd. | Beneficial owner | 123,867,678 | 12.10% | | Mr. Ji Shengzhi | Corporate interest | 110,000,000 | 10.74% | | Ms. Lu Ke | Corporate interest | 110,000,000 | 10.74% | | Superb Holdings Limited | Beneficial owner | 110,000,000 | 10.74% | | China Vanke Co., Ltd. | Corporate interest | 93,089,767 | 9.09% | | Chengdu Vanke Real Estate Co., Ltd. | Corporate interest | 93,089,767 | 9.09% | | Chogori Investment (Hong Kong) Limited | Corporate interest | 93,089,767 | 9.09% | | Winsteria (BVI) Company Limited | Corporate interest | 93,089,767 | 9.09% | | Winmaxi (BVI) Company Limited | Beneficial owner | 93,089,767 | 9.09% | [Directors' Right to Acquire Shares](index=29&type=section&id=Directors'%20Right%20to%20Acquire%20Shares) At no time during the period did the company or any of its subsidiaries engage in any arrangements enabling directors, their spouses, or children under 18 to benefit from acquiring shares or debentures of the company or any other body corporate[66](index=66&type=chunk) [Competition and Conflicts of Interest](index=29&type=section&id=Competition%20and%20Conflicts%20of%20Interest) During the review period, no directors, significant shareholders, substantial shareholders, or their respective associates engaged in any business that constitutes or may constitute a direct or indirect competition with the Group's business, nor were there any other actual or potential conflicts of interest with the Group[67](index=67&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews financial controls, internal monitoring, and risk management, assesses auditor independence, and has reviewed and commented on the interim results - The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing financial controls, internal monitoring, and risk management systems, and for reviewing financial statements[68](index=68&type=chunk) - The Audit Committee has reviewed the Group's unaudited results for the six months ended June 30, 2025, and has provided its opinions and comments thereon[68](index=68&type=chunk) [Remuneration Committee](index=30&type=section&id=Remuneration%20Committee) The Remuneration Committee, composed of three independent non-executive directors, is responsible for considering and recommending remuneration policies and structures for executive directors and senior management, and for reviewing and determining their remuneration[69](index=69&type=chunk) [Nomination Committee](index=30&type=section&id=Nomination%20Committee) The Nomination Committee, consisting of three independent non-executive directors, is responsible for reviewing the Board's structure, assessing the independence of independent non-executive directors, and making recommendations for director appointments and re-election[70](index=70&type=chunk) [Purchase, Sale or Redemption of Securities](index=30&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Securities) The company did not redeem, purchase, or sell any ordinary shares during the six months ended June 30, 2025[71](index=71&type=chunk) [Compliance with Corporate Governance Code](index=30&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with all principles and code provisions of the GEM Listing Rules' Corporate Governance Code, except for C.2.1 (separation of Chairman and CEO roles), ensuring accountability through an Audit Committee - The company complied with all principles and code provisions of the Corporate Governance Code, except for code provision C.2.1 (separation of roles of Chairman and Chief Executive)[72](index=72&type=chunk) - The company does not have a Chief Executive Officer, and Ms. Ma Zheng, the Chairman, also serves as a director of some operating subsidiaries, but accountability and independent decision-making are ensured through the establishment of an Audit Committee comprising independent non-executive directors[73](index=73&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=31&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The company adopted a code of conduct for directors' securities transactions, no less exacting than the required standards under the GEM Listing Rules, and all directors confirmed compliance with this code[74](index=74&type=chunk) ```

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，並明確表示概不就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。 香港，二零二五年八月一日 於本公告日期，董事會由執行董事馬爭女士及袁賡先生，非執行董事吉江華先生，及獨 立非執行董事温子勳先生、鍾展強先生及宋仁克先生組成。 本公告之資料乃遵照《香港聯合交易所有限公司（「聯交所」） GEM 證券上市規則》 而刊載，旨在提供有關本公司之資料；各董事願就本公告之資料共同及個別地承擔全部 責任。各董事在作出一切合理查詢後，確認就其所知及所信，本公告所載資料在各重要 方面均屬準確完備，沒有誤導或欺詐成分，且並無遺漏任何事項，足以令致本公告或其 所載任何陳述產生誤導。 ( 於開曼群島註冊成立之有限公司 ) (股份代號： 8117) 董事會會議通告 中國基礎能源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 佈，將於二零二五年八月十九日（星期二）上午十一時三十分假座香港九龍尖沙咀東部 科學館道 14 號新文華中心 B 座 5 樓 518 室舉行董事會會議，藉以（其中 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 本月底法定/註冊股本總額： HKD 120,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國基礎能源控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08117 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,920,000,000 | | HKD | | 0.0625 HKD | | 120,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,920,000,00 ...

Group 1 - The core viewpoint of the news highlights the significant stock performance of China Energy Resources, with a notable increase of 61.29% in its share price, closing at HKD 0.1 per share, and a trading volume of 21.24 million shares [1] - Over the past month, China Energy Resources has achieved a cumulative increase of 21.57%, and a year-to-date increase of 31.91%, outperforming the Hang Seng Index by 20.65% [1] - Financial data indicates that as of December 31, 2024, China Energy Resources reported total revenue of HKD 14.9 million, a year-on-year decrease of 12.37%, and a net profit attributable to shareholders of -HKD 24.5151 million, down 51.27% [1] Group 2 - China Energy Resources Holdings Limited primarily engages in natural gas business, operating through two segments: manufacturing, which involves the production and sale of polyethylene pipes, and energy, which focuses on natural gas transportation and distribution [2] - The company also engages in the sale of composite materials and provides administrative services through its subsidiaries [2] - The average price-to-earnings (P/E) ratio for the utility industry is 6.48 times, with a median of 6.79 times, while China Energy Resources has a P/E ratio of -2.4 times, ranking 70th in the industry [1]

Group 1 - The Hang Seng Index fell by 1.99% to close at 23,237.74 points on June 19 [1] - China Energy Resources (08117.HK) saw its stock price rise by 23.21% to HKD 0.069, with a trading volume of 6.64 million shares and a turnover of HKD 450,600, experiencing a volatility of 48.21% [1] - Over the past month, China Energy Resources has accumulated a gain of 27.27%, and a year-to-date gain of 19.15%, outperforming the Hang Seng Index by 18.2% [1] Group 2 - For the fiscal year ending December 31, 2024, China Energy Resources reported total revenue of HKD 14.9 million, a year-on-year decrease of 12.37%, and a net profit attributable to shareholders of -HKD 24.5151 million, down 51.27% [1] - The company's gross profit margin stands at 34.92%, with a debt-to-asset ratio of 65.44% [1] - Currently, there are no institutional investment ratings for the stock [1] Group 3 - China Energy Resources Holdings Limited primarily engages in natural gas operations through two business segments: manufacturing and energy [2] - The manufacturing segment focuses on the production and sale of polyethylene pipes, including water and gas pipes, while the energy segment is involved in natural gas transportation and distribution [2] - The company also engages in the sale of composite materials and provides administrative services through its subsidiaries [2] Group 4 - The average price-to-earnings (P/E) ratio for the utility industry is 6.33 times, with a median of 6.85 times [1] - China Energy Resources has a P/E ratio of -2.17 times, ranking 70th in the industry [1] - Other companies in the industry include Dianchi Water (03768.HK) with a P/E ratio of 2.17 times, Xinglu Water (02281.HK) at 3.01 times, Shanghai Industrial Environment (00807.HK) at 3.78 times, Kanda Environmental (06136.HK) at 3.83 times, and Shougang Environment (03989.HK) at 4.01 times [1]

Financial Performance - Total revenue for the group in 2024 decreased by 12.4% compared to 2023, primarily due to a decline in natural gas demand and prices influenced by market and weather conditions [16]. - The company reported a loss before tax of approximately HKD 27,103,000 for the year, compared to a loss of HKD 17,083,000 in 2023, indicating an increase in losses due to decreased natural gas demand and prices [25]. - The net asset value of the group as of December 31, 2024, was approximately HKD 261,362,000, down from HKD 300,614,000 in 2023 [28]. - The company reported a total loss for the year of HKD 25,513,000, compared to a loss of HKD 19,625,000 in the previous year, representing a 30.00% increase in losses [192]. - The company's total assets as of December 31, 2024, amounted to HKD 756,306,000, slightly up from HKD 755,286,000 in 2023 [195]. - The company's net assets decreased to HKD 261,362,000 in 2024 from HKD 300,614,000 in 2023, a decline of 13.00% [196]. - Basic and diluted loss per share for the year was HKD 0.026, compared to HKD 0.017 in 2023, indicating a 52.94% increase in loss per share [193]. - The company reported a decrease in total comprehensive loss to HKD 36,486,000 in 2024 from HKD 34,783,000 in 2023, an increase of 4.88% [193]. Business Operations - The natural gas business remains a cornerstone of the group's operations, with expansion in Wuhu and Yichang becoming strategic hubs for this segment [9]. - The biomass gasification heating plant in Huaining County, Anhui Province, showed stable growth, meeting the increasing demand for sustainable energy solutions in the region [10]. - The clean energy facility in Yichang was completed and is expected to start production by the end of 2024, contributing significantly to future growth [9]. - The biomass gasification heating business in Huaining County, Anhui Province, is expected to achieve breakeven in the near future as construction is completed [19]. - The company remains optimistic about the natural gas business outlook, supported by government policies promoting clean energy usage [18]. Investment and Market Strategy - The company is committed to expanding its market share in China, focusing on clean energy as the core of its business strategy [12]. - The company is actively exploring new investment opportunities to enhance shareholder value [12]. - The group is actively exploring potential investment opportunities to enhance long-term value and ensure sustainable growth [26]. - The company plans to continue its market expansion efforts, focusing on enhancing its product offerings and exploring potential acquisitions [200]. Financial Management and Governance - The company plans to implement stringent cost control measures and maintain an efficient workforce to enhance shareholder value amid challenging economic conditions [25]. - The company has established governance practices, which are detailed in the report [97]. - The audit committee held four meetings during the review year to review the group's interim and annual reports [98]. - The company has established a robust internal control system to safeguard assets and ensure reliable financial reporting, with an internal audit team reporting directly to the audit committee [148]. - The board of directors confirmed their responsibility for preparing the financial statements for the year ending December 31, 2024, ensuring compliance with GEM listing rules [145]. Shareholder and Equity Information - The board recommends not to declare any dividends for the year ending December 31, 2024 [57][67]. - As of December 31, 2024, the company has no retained earnings available for distribution to shareholders, but has a share premium account of HKD 714,488,000 that can be distributed [60]. - The company has a shareholding structure where major shareholders hold significant stakes, with the largest shareholder owning 12.10% of the company [88]. - The company has adopted a dividend policy that allows for distributions in cash or shares, subject to board discretion and shareholder approval [65]. Risk Management - The company has established a risk management and internal control system that includes tracking identified risks and continuously updating response procedures [151]. - The company believes that broadening the scope of eligible participants for the share option scheme will provide flexibility in rewarding those who contribute to the group's growth [83]. - The board has implemented a policy for handling and disclosing insider information to prevent violations of disclosure regulations [154]. - The company encourages employees and stakeholders to report any suspected fraud or misconduct through its whistleblowing policy [155]. Compliance and Audit - The independent auditor has audited the consolidated financial statements and found them to fairly reflect the company's financial position as of December 31, 2024 [166]. - The audit opinion is based on compliance with Hong Kong auditing standards and ethical guidelines [167]. - The external auditor's fees for audit services amounted to approximately HKD 1,320,000 for the year ending December 31, 2024, compared to HKD 1,280,000 in 2023 [147]. - The company has maintained compliance with all relevant laws and regulations without any significant violations during the review year [107].

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 160,754,000, a decrease of about 12.4% compared to HKD 183,442,000 in 2023[5] - Loss attributable to owners of the company was approximately HKD 26,473,000, compared to a loss of HKD 17,500,000 in 2023[5] - Total comprehensive loss for the year was HKD 36,486,000, compared to HKD 34,783,000 in 2023[8] - Basic and diluted loss per share was HKD 0.026, compared to HKD 0.017 in 2023[8] - The company reported a significant increase in financing costs to HKD 11,965,000 from HKD 8,617,000 in 2023[7] - The total comprehensive loss before tax for the year ending December 31, 2024, was HKD 27,103,000, compared to a loss of HKD 17,083,000 in the previous year[46] - The company reported a loss attributable to shareholders of HKD 26,473,000 for 2024, compared to a loss of HKD 17,500,000 in 2023[61] - Total revenue for the fiscal year ending December 31, 2024, was HKD 160,754,000, down 12.3% from HKD 183,442,000 in 2023[53] Assets and Liabilities - Non-current assets totaled HKD 654,879,000 as of December 31, 2024, compared to HKD 647,090,000 in 2023[10] - Current assets decreased to HKD 101,427,000 from HKD 108,196,000 in 2023[10] - Total liabilities increased to HKD 494,944,000 from HKD 454,672,000 in 2023[11] - Net assets decreased to HKD 261,362,000 from HKD 300,614,000 in 2023[11] - The total equity as of December 31, 2024, is projected to be HKD 218,604,000, down from HKD 254,572,000[15] - The group's total assets as of December 31, 2024, were approximately HKD 756,306,000, compared to approximately HKD 755,286,000 in 2023[86] Revenue Sources - For the fiscal year ending December 31, 2024, the company's revenue from the sale and distribution of natural gas was HKD 106,968,000, a decrease of 25.1% from HKD 142,773,000 in 2023[50] - Revenue from gas transportation services recognized over time was HKD 14,519,000 for 2024, compared to none in 2023[50] - The revenue from a major customer in the gas distribution segment was HKD 78,416,000, accounting for approximately 49% of total revenue in 2024, up from HKD 74,135,000 and 40% in 2023[52] Dividends and Shareholder Returns - The board of directors proposed no dividend for the year ended December 31, 2024, consistent with 2023[5] - The company did not declare any dividends for the fiscal year ending December 31, 2024, consistent with 2023[59] Operational Insights - The company aims to enhance operational cost control measures to improve profitability and generate positive cash flow from operations[13] - The natural gas business remains the cornerstone of the company's operations, supported by government policies promoting clean energy usage[74] - The biomass gasification heating business in Huaining County, Anhui Province, is expected to generate significant revenue in the future, despite experiencing losses in 2024 due to incomplete factory construction[76] - The property investment business in Yichang continues to provide stable cash inflow, although rental income slightly declined due to overall real estate market performance[77] Financial Management and Governance - The company has not engaged in any supplier financing arrangements, thus recent accounting standard revisions have no impact on its financial statements[22] - The group plans to apply the new and revised standards upon their effective date without early adoption[25] - The audit committee, composed of independent non-executive directors, held four meetings during the review year to oversee the financial reporting process and internal control systems[97] - The financial statements for the year ending December 31, 2024, were reviewed and deemed compliant with applicable accounting standards and GEM listing rules[97] - The company has adhered to the corporate governance code, except for the separation of roles between the chairman and the CEO, which remains unfulfilled as there is no designated CEO[101] Cash Flow and Financing - The company recorded a foreign exchange loss of HKD 11,697,000 for the year, contributing to the overall comprehensive loss[15] - The total interest expense for financing was HKD 18,219,000 in 2024, compared to HKD 17,162,000 in 2023[55] - The company incurred research and development expenses of HKD 2,030,000 in 2024, an increase from HKD 1,007,000 in 2023[55] - As of December 31, 2024, the company has unused bank and other loan financing totaling RMB 71,105,000 (approximately HKD 75,671,000) available for use until September 20, 2033, and December 31, 2025, respectively[13] Credit and Receivables Management - The company maintains strict credit control to minimize credit risk, with overdue balances reviewed regularly by senior management[67] - The impairment loss provision for accounts receivable decreased to HKD 5,826,000 in 2024 from HKD 6,020,000 in 2023, reflecting a reduction of 3.2%[69] - The company reported that all accounts receivable were settled within 90 days as of December 31, 2024, with no overdue amounts[67]

中國昼礎能源控股有限公司 China Primary Energy Holdings Limited (於開疊群島註冊成立之有限公司) (股份代纹: 8117) 中 期 業 績 報 告 2 0 2 4 中國基礎能源控股有限公司 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM之定位，乃為中小型公司提供一個上市之市場，此等公司相比起其他 在聯交所上市之公司帶有較高投資風險。有意投資之人士應了解投資於該 等公司之潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於聯 交所主板買賣之證券承受較大之市場波動風險，同時無法保證在GEM買賣 之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部 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。 本報告之資料乃遵照聯交所之GEM證券上市規則（「GEM上市規則」）而刊載， 旨在提供有關中國基礎能源控股有限公司（「本公司」）之資料；本公司之各 董事（「董事」）願就本報告之資料共同及個別地承擔全部 ...