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分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱 順 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二三年六月三十日止六個月 中期業績公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合財務業績。本公告 列載本公司二零二三年中期業績報告全文，乃符合香港聯合交易所有限公司GEM （「GEM」）證券上市規則（「GEM上市規則」）中有關中期業績初步公告附載的資料之相關 要求。 承董事會命 凱順控股有限公司 主席 陳立基 ...

Financial Performance - Revenue for the first quarter of 2023 was HKD 107,271,000, an increase of 23.4% compared to HKD 86,832,000 in the same period of 2022[6] - Gross profit decreased to HKD 4,951,000 from HKD 6,940,000, representing a decline of 28.6% year-over-year[6] - Operating loss improved to HKD 1,686,000 from HKD 17,206,000, indicating a significant reduction in losses[6] - Loss attributable to owners of the company was HKD 3,248,000, down from HKD 15,996,000 in the previous year, reflecting a 79.7% improvement[6] - Total comprehensive loss for the period was HKD 3,562,000, compared to HKD 16,967,000 in the same quarter of 2022[8] - The company reported an investment and other income of HKD 7,889,000, a substantial increase from HKD 210,000 in the previous year[6] - Administrative and other operating expenses decreased to HKD 12,596,000 from HKD 15,729,000, showing a reduction of 19.5%[6] - The basic loss per share improved to HKD 0.56 from HKD 2.77, indicating a positive trend in loss reduction[6] - The company reported a total segment loss of HKD 2,714,000 for Q1 2023, compared to a loss of HKD 17,653,000 in Q1 2022, indicating an improvement in financial performance[24] - For the three months ended March 31, 2023, the total loss reported was HKD 2,714,000, a significant improvement from a loss of HKD 17,653,000 in the same period of 2022, representing an 84.7% reduction in losses[26] Revenue Breakdown - Revenue from supply chain management services in the mining industry was HKD 97,679,000, up from HKD 74,521,000, representing a 31.0% increase year-over-year[19] - The coal mining segment generated revenue of HKD 106,095,000, while the consulting and media services segment reported revenue of HKD 1,056,000, and the corporate and investment segment contributed HKD 120,000[24] - Revenue from fire control services in coal mines amounted to HKD 7,668,000, marking a new income stream as there was no revenue from this source in the same period last year[29] - The company's revenue for Q1 2023 reached HKD 107,271,000, a 23.4% increase from HKD 86,832,000 in Q1 2022[19] - Gross profit for Q1 2023 decreased by approximately 27.5% to HKD 5 million, down from HKD 6.9 million in Q1 2022, primarily due to over 90% of revenue coming from low-margin supply chain management services in the mining sector[86] Operational Challenges and Outlook - The company continues to face significant uncertainty regarding its ability to continue as a going concern due to net current liabilities of approximately HKD 196,149,000[13] - The company anticipates sufficient operating cash flow to meet financial obligations due to the gradual recovery of normal business activities post-COVID-19[15] - The company continues discussions with creditors regarding the deferral of debt repayments, expecting positive outcomes[15] - The company anticipates a positive outlook for Q2 2023, aiming to address staffing shortages cautiously while navigating post-pandemic recovery challenges[46] - The group remains optimistic about recovering outstanding receivables from the liquidation of Youpai Energy, which is expected to improve liquidity upon completion of the liquidation process[99] Investments and Financial Assets - The company has not adopted any new standards or interpretations that are not yet effective during the reporting period[17] - The company has implemented revised international financial reporting standards, which did not significantly impact the financial performance or position during the reporting period[16] - The Hong Kong stock trading business reported a fair value of listed securities at HKD 13,806,403 as of March 31, 2023, with an investment cost of HKD 33,372,295[84] - The total fair value of the group's financial assets at fair value through profit or loss represented 2.59% of the group's total assets[89] - The fair value loss on financial assets at fair value through profit or loss for Q1 2023 was approximately HKD 0.6 million, compared to a loss of HKD 3.5 million in Q1 2022[89] Shareholder Information - As of March 31, 2023, the largest shareholder, Mr. Chan, holds 167,263,298 shares, representing approximately 29.01% of the issued shares[106] - Chen Liji holds 167,263,298 shares, representing 29.01% of the issued shares[112] - Zhang Xiongfeng holds 81,950,000 shares, accounting for 14.21% of the issued shares[112] - The 2016 Share Incentive Plan has a total of 13,610,000 shares held, which is approximately 2.36% of the company's issued share capital as of March 31, 2023[116] Corporate Governance - The company has maintained effective risk management and internal control systems, as reviewed by the Board for the period ended March 31, 2023[129] - The company’s governance principles emphasize transparency and independence, with all committee members being independent non-executive directors[122] - The company has complied with the Corporate Governance Code during the three months ended March 31, 2023[126] - The Audit Committee reviewed the unaudited first-quarter results for the period ended March 31, 2023, and confirmed compliance with applicable accounting standards and legal requirements[125] Future Plans and Developments - The company plans to enhance environmental construction by Q2 2023, aiming to reduce operational impact on the environment and improve corporate image and competitiveness[74] - The company is actively expanding its tea brand and aims to increase revenue through new customer acquisition, with plans for international exhibitions in Russia, Morocco, and Hong Kong in Q2 and Q3[79] - The group plans to enhance the fire extinguishing project at Xinjiang Tulu Mining, with approval expected in Q2 2023[62] - The company is working on a station rail reconstruction project to facilitate coal transportation from Xinjiang to Shandong, aiming for an integrated production-transportation-sales model[74] - The company plans to adopt a new share incentive plan to replace the 2016 Share Incentive Plan, with details to be announced at an appropriate time[119]

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分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱 順 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二三年三月三十一日止 第一季度業績公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二三年三月三十一日止三個月之未經審核簡明綜合財務業績。本公 告列載本公司二零二三年第一季度報告全文，乃符合香港聯合交易所有限公司GEM （「GEM」）證券上市規則（「GEM上市規則」）中有關第一季度業績初步公告附載的資料之 相關要求。 承董事會命 凱順控股有限公司 主席 陳立基 ...

Financial Performance - The company's revenue for 2022 was HKD 266,685,000, a significant increase of 70.6% compared to HKD 156,576,000 in 2021[8] - The company reported a loss before tax of HKD 23,410,000 for 2022, an improvement from a loss of HKD 68,586,000 in 2021[8] - Total assets increased to HKD 531,731,000 in 2022, up from HKD 368,389,000 in 2021, reflecting a growth of 44.3%[9] - Total liabilities rose to HKD 532,572,000 in 2022, compared to HKD 337,630,000 in 2021, indicating an increase of 57.7%[9] - The group's revenue for the year ended December 31, 2022, was approximately HKD 267 million, an increase of 70.3% compared to HKD 157 million in the same period last year[61] - Gross profit for the year ended December 31, 2022, increased by approximately 58.6% to about HKD 11.1 million, up from HKD 7 million in 2021[61] - Investment and other income for the year ended December 31, 2022, was approximately HKD 30.1 million, significantly up from HKD 0.6 million in 2021[61] - Other income for the year ended December 31, 2022, was approximately HKD 26.2 million, a substantial increase from HKD 7.1 million in 2021[61] - The group recorded a loss of approximately HKD 19.9 million for the year, an improvement from a loss of HKD 71.3 million in 2021[63] - The comprehensive loss attributable to owners of the company for the year ended December 31, 2022, was approximately HKD 28.6 million, compared to a loss of HKD 63.2 million in 2021[64] Economic Outlook - The overall economic outlook remains challenging, with the government announcing the lowest GDP growth target in a decade, impacting future business strategies[13] - The global economic growth is expected to slow from 6% in 2021 to 3.2% in 2022 and further to 2.7% in 2023[18] - China's GDP is projected to decrease to 2.7% in 2022 but is expected to recover to 4.3% in 2023 following the lifting of pandemic restrictions[18] - Hong Kong's economic growth forecast has been revised down from -0.5% to -3.2% due to global recession impacts and prolonged border restrictions[18] Business Strategy and Operations - The company plans to enhance its clean mining operations in Turpan to improve profitability while continuing to explore green energy solutions[13] - The company aims to rebuild its Belt and Road initiatives, focusing on asset management in Eurasia, despite setbacks in previous years[12] - The company is committed to improving environmental efficiency in its traditional energy business while maintaining coal operations[13] - The company emphasizes the importance of business diversification, which has proven resilient during crises[19] - The management aims to steadily improve performance in 2023, benefiting from the anticipated gradual economic recovery in China[20] - The company is actively seeking potential partners to expand its business segments and increase local market share[31] Coal Industry Insights - The coal production in China reached 4.5 billion tons in 2022, a year-on-year increase of 9%[23] - The railway sector completed a cargo dispatch volume of 3.9 billion tons in 2022, a 4.7% increase year-on-year, with thermal coal accounting for 1.49 billion tons, up 13%[27] - The company anticipates that the demand for coal machinery will rise as the economy recovers, boosting Tengzhou Kaiyuan's business volume[23] - In 2022, Xinjiang's raw coal production reached 400 million tons, a year-on-year increase of 25%, with coal transportation reaching 80 million tons, nearly doubling from the previous year[38] - Mongolia's coal export volume in 2022 was 31.69 million tons, a year-on-year increase of 101.72%, with exports to China accounting for 94% of the total[44] Environmental Initiatives - The company plans to enhance its environmental protection facilities in the first quarter and complete the construction of a third large shed by the fourth quarter to improve work environment quality[31] - The introduction of container transportation for coal in the third quarter aims to reduce pollution and provide customers with more transportation options[31] - The company aims to start operations of the third eco-greenhouse in Q1 2023 to reduce environmental impact while expanding its customer base[49] Shareholder and Governance Matters - The company has complied with most of the corporate governance code provisions as per GEM listing rules[171] - The company appointed Chen Zhenlang and Cheng Ketong as co-CEOs to enhance management succession and governance[198] - Major shareholders include Chen Libo with 167,263,298 shares (29.01%) and Zhang Xiongfeng with 81,950,000 shares (14.21%) as of December 31, 2022[167] - The remuneration of directors will be determined by the board based on their responsibilities, performance, and the group's results[159] Financial Management and Compliance - The company has committed to improving internal compliance procedures to ensure adherence to the listing rules for future transactions[109] - The company has not engaged in any significant investments or acquisitions during the reporting period[88] - The company reported no dividends for the fiscal year ending December 31, 2022, consistent with the previous year[132] - The company's available reserves as of December 31, 2022, amounted to zero HKD, unchanged from the previous year[140]

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分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱 順 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二二年十二月三十一日止年度之 經審核全年業績之公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合財務業績。本公告列載 本公司二零二二年年度報告全文，乃符合香港聯合交易所有限公司GEM（「GEM」）證券 上市規則（「GEM上市規則」）中有關年度業績初步公告附載的資料之相關要求。 承董事會命 凱順控股有限公司 主席 陳立基 香港，二零二三年三月三十一日 ...

Financial Performance - For the nine months ended September 30, 2022, the revenue was HKD 216,771 thousand, an increase from HKD 204,150 thousand in the same period of 2021, representing a growth of approximately 6.4%[7] - The gross profit for the nine months ended September 30, 2022, was HKD 12,621 thousand, compared to HKD 7,937 thousand in the same period of 2021, indicating a significant increase of approximately 59.5%[7] - The loss attributable to owners of the company for the nine months ended September 30, 2022, was HKD 33,025 thousand, a decrease from a loss of HKD 36,428 thousand in the same period of 2021, showing an improvement of approximately 9.5%[7] - The basic loss per share for the nine months ended September 30, 2022, was HKD 5.73, compared to HKD 5.56 in the same period of 2021, reflecting a slight increase in loss per share[7] - The total comprehensive loss for the nine months ended September 30, 2022, was HKD 44,625 thousand, compared to HKD 40,290 thousand in the same period of 2021, indicating a deterioration of approximately 10.5%[8] - The company reported a loss from operations of HKD 10,117 thousand for the nine months ended September 30, 2022, compared to a loss of HKD 39,016 thousand in the same period of 2021, representing an improvement of approximately 74.0%[7] - The company experienced a foreign exchange loss of HKD 6,006 thousand for the nine months ended September 30, 2022, compared to a loss of HKD 10,907 thousand in the same period of 2021, indicating a reduction of approximately 45.0%[8] Revenue Breakdown - Revenue from supply chain management services for the three months ended September 30, 2022, was HKD 77,618,000, an increase of 80.4% compared to HKD 43,004,000 for the same period in 2021[22] - Revenue from mining logistics services for the nine months ended September 30, 2022, was HKD 7,718,000, up from HKD 5,673,000 in the same period of 2021, representing a growth of 36.0%[22] - The group reported total revenue of HKD 85,435,000 for the three months ended September 30, 2022, compared to HKD 49,578,000 for the same period in 2021, reflecting a year-on-year increase of 72.3%[22] - Revenue from external customers for the coal mining segment was HKD 211,783,000, while the consulting and media services segment generated HKD 4,868,000, and the corporate and investment segment contributed HKD 120,000, totaling HKD 216,771,000[27] Operational Challenges - The company continues to face challenges due to the ongoing impact of COVID-19 lockdowns, which have affected its operations and market conditions[4] - The coal mining operations in Xinjiang have been interrupted due to strict management measures since early August, with no clear timeline for resuming full operations[42] - The company faced multiple delays in the fire extinguishing project due to the pandemic, resulting in a total of 20 days of delays from the first impact and 55 days from the second impact[60][61] - Environmental complaints led to an additional 45 days of project delays, severely affecting the construction schedule[63] - The project was also impacted by geographical conditions, causing approximately 60 days of delays due to government-mandated work stoppages during nighttime[64] Future Outlook - The group anticipates sufficient operating funds for the foreseeable future due to the gradual recovery of normal business activities as the COVID-19 pandemic subsides[17] - The group is considering future fundraising activities in the public stock market to enhance liquidity[17] - The company expects to obtain mining permits by the end of the year, which could provide stable income in the future[42] - The group anticipates that the economic recovery in Hong Kong will largely depend on the reopening of borders with mainland China[41] - Management believes that the improvement in business operations post-COVID-19 will lead to positive cash flow generation in the future[100] Corporate Governance - The company maintains good corporate governance principles to enhance shareholder value and ensure transparency and independence[119] - The company has established various committees, including the Audit Committee, Compensation Committee, and Nomination and Corporate Governance Committee, primarily composed of independent non-executive directors[121] - The company has complied with the corporate governance code provisions during the nine months ending September 30, 2022[125] - The board has reviewed the effectiveness of the group's risk management and internal control systems as of September 30, 2022, and considers them effective and appropriate[126] Investment and Financial Position - The group held financial assets at fair value through profit or loss amounting to approximately HKD 13.7 million, with a fair value loss of approximately HKD 8.2 million for the nine months ended September 30, 2022[91] - The group recorded a profit of HKD 0.2 million from the sale of financial assets at fair value through profit or loss, down from HKD 3.5 million in the same period last year[91] - The group has investments in various companies, including Baidu Group and Tencent Holdings, with significant losses recorded due to stock price declines[92] - The overall market conditions have impacted the group's financial performance, particularly in the Hong Kong stock market, leading to strategic adjustments in investment approaches[91] Shareholder Information - As of September 30, 2022, the largest shareholder, Chen Libei, held 29.01% of the total issued shares, amounting to 167,263,298 shares[107] - Mr. Chen Li-ki holds a total of 167,263,298 shares, representing approximately 29.01% of the issued shares[113] - Mr. Zhang Hung-feng holds 81,950,000 shares, also representing approximately 14.21% of the issued shares[113] - The 2016 Share Award Plan has a total of 13,610,000 shares held under it, with no shares awarded to employees or directors as of September 30, 2022[116]

Financial Performance - For the six months ended June 30, 2022, the company reported revenue of HKD 131,336 thousand, an increase from HKD 120,627 thousand in the same period last year, representing a growth of approximately 8.9%[11] - The gross profit for the six months ended June 30, 2022, was HKD 10,709 thousand, compared to HKD 5,384 thousand in the previous year, indicating a significant increase of 98.5%[11] - The net profit attributable to owners of the company for the six months was HKD 13,760 thousand, a recovery from a loss of HKD 19,990 thousand in the same period last year[11] - The company reported a basic earnings per share of HKD 2.39 for the six months ended June 30, 2022, compared to a loss per share of HKD 3.47 in the previous year[11] - Total comprehensive income for the six months was HKD 9,040 thousand, a recovery from a loss of HKD 19,316 thousand in the same period last year[13] - Total revenue for the six months ended June 30, 2022, was HKD 131,336,000, compared to HKD 46,606,000 for the same period in 2021, representing an increase of 182%[31] - The group's gross profit for the same period was approximately HKD 10.7 million, up about 98% from HKD 5.4 million in the previous year[112] - The group's operating profit for the six months ended June 30, 2022, was approximately HKD 19.2 million, compared to an operating loss of HKD 20.9 million for the same period in 2021[112] - Total comprehensive income for the six months ended June 30, 2022, was approximately HKD 14.8 million, reversing a loss of HKD 22 million in the previous year[113] - The profit attributable to owners of the company was approximately HKD 9.2 million, compared to a loss of HKD 17.6 million for the same period in 2021[114] Assets and Liabilities - As of June 30, 2022, the company's total assets amounted to HKD 460,515 thousand, a decrease from HKD 368,389 thousand at the end of the previous year[15] - As of June 30, 2022, the company's current liabilities totaled HKD 377,865,000, an increase from HKD 294,968,000 as of December 31, 2021, representing a 28% increase[16] - The net current liabilities improved to HKD (162,922,000) from HKD (182,157,000) year-over-year, indicating a reduction of approximately 10%[16] - The total assets minus current liabilities stood at HKD 82,650,000, up from HKD 73,421,000, reflecting a growth of about 12%[16] - The company's net assets increased to HKD 42,824,000 from HKD 30,759,000, marking a significant rise of approximately 39%[16] - The total assets of the company as of June 30, 2022, amounted to HKD 460,515,000, while total liabilities were HKD 417,691,000[38] - The net current liabilities of the group were approximately HKD 162.9 million as of June 30, 2022, indicating ongoing concerns regarding the group's ability to continue as a going concern[118] Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2022, was HKD 5,064,000, slightly down from HKD 5,486,000 in the previous year[21] - The net cash used in investing activities was HKD (10,416,000), compared to HKD (35,000) in the prior year, indicating a substantial increase in investment outflows[21] - The company reported a net cash inflow from financing activities of HKD 1,955,000, a turnaround from a net outflow of HKD (1,291,000) in the previous year[21] - The total cash and cash equivalents decreased to HKD 4,758,000 from HKD 29,646,000, reflecting a decline of approximately 84%[21] - The group engaged in negotiations with creditors, resulting in the transfer of approximately HKD 29.98 million in receivables to offset the same amount in debt, improving liquidity[123] Market and Business Development - The company plans to continue exploring new markets and enhancing its product offerings to drive future growth[11] - The company has resumed its overseas esports business with the official restart of the Women's Esports Carnival global tour in 2022[70] - The company is actively pursuing the application for a 1.2 million ton mining license, with approval expected by the end of the year[86] - The company is committed to enhancing its production capabilities in mining and metallurgical machinery through its subsidiary Tengzhou Kaiyuan, which has obtained 50 safety certification marks for mining products[72] - The company is expanding its customer base by exploring various e-commerce sales channels and continuing to develop its tea segment[96] - The esports segment has resumed its global tour, with events planned in multiple countries to enhance brand visibility and attract sponsorships[108] Corporate Governance - The board has established several committees, including the Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee, primarily composed of independent non-executive directors[142] - The company emphasizes good corporate governance principles to achieve sound management and enhance shareholder value[142] - The Audit Committee consists of three independent non-executive directors, with Mr. Liu Ruiyuan as the chairman[145] - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2022, and confirmed compliance with applicable accounting standards and legal requirements[145] - The Board has reviewed the effectiveness of the Group's risk management and internal control systems for the six months ended June 30, 2022, and deemed them effective and appropriate[148] Employee and Operational Metrics - The company reported a total of HKD 11,611,000 in employee costs for the six months ended June 30, 2022[38] - The total employee costs for the six months ended June 30, 2022, were approximately HKD 11.6 million, unchanged from the same period in 2021[121] - The group employed 119 staff as of June 30, 2022, an increase from 116 as of December 31, 2021, indicating a slight growth in workforce[121] Economic and Industry Context - The company reported that the global economic recovery is challenged by the ongoing Russia-Ukraine conflict and the impact of COVID-19 restrictions in China, with a projected economic growth slowdown to 4.1% for China in 2022[70] - In the first five months of 2022, China's coal production reached 1.81 billion tons, a year-on-year increase of 10.4%[73] - Xinjiang's coal transportation reached 57.79 million tons in the first half of 2022, a year-on-year increase of 30.5%[85] - Mongolia's coal exports to China reached 2.103 million tons in June 2022, a year-on-year increase of 224.2%[90] Shareholder Information - The company reported a total of 167,263,298 shares held by Mr. Chen Li-chi, representing approximately 29.01% of the total issued shares[130] - Major shareholder Mr. Zhang Xiong-feng holds 81,950,000 shares, accounting for about 14.21% of the total issued shares[134] - The 2016 Share Award Plan currently holds a total of 13,610,000 shares as of June 30, 2022[137] - The company plans to adopt a new share award plan to replace the 2016 Share Award Plan[138]

Financial Performance - Total revenue for 2021 was HKD 156,576,000, a significant increase from HKD 35,958,000 in 2020, representing a growth of approximately 335%[11] - The company reported a loss before tax of HKD 68,586,000 in 2021, slightly improved from a loss of HKD 69,705,000 in 2020[11] - The group’s revenue for the year ended December 31, 2021, was approximately HKD 156 million, an increase of about 340% compared to HKD 36 million in the same period last year[60] - The group’s gross profit decreased by approximately 48% to about HKD 7 million, down from HKD 13.4 million in 2020[60] - The group reported a loss of approximately HKD 71.3 million for the year, compared to a loss of HKD 64.3 million in 2020[63] - The total comprehensive loss attributable to the company's owners was approximately HKD 63.2 million, compared to a loss of HKD 50.3 million in 2020[64] - Revenue for the year 2021 was HKD 84,796,000, a decrease of 39.7% compared to HKD 140,464,000 in 2020[91] - The loss before tax for 2021 was HKD (18,201,000), compared to a profit of HKD 62,791,000 in 2020[91] Assets and Liabilities - Total assets increased to HKD 368,389,000 in 2021 from HKD 353,790,000 in 2020, reflecting a growth of about 4.5%[11] - Total liabilities rose to HKD 337,630,000 in 2021, up from HKD 255,690,000 in 2020, indicating an increase of approximately 32%[11] - The company's equity attributable to owners decreased to HKD 11,789,000 in 2021 from HKD 75,151,000 in 2020, a decline of about 84%[11] - As of December 31, 2021, the group held cash and bank balances of approximately HKD 8.3 million, down from HKD 10.4 million in 2020[78] - The group's net current liabilities were approximately HKD 182.2 million, indicating ongoing concerns regarding the group's ability to continue as a going concern[78] Business Strategy and Operations - The company decided to withdraw from its "Belt and Road" initiatives in Central Asia and the UK, refocusing its business strategy on mainland China due to the impact of COVID-19[13] - The company is exploring new strategies to adapt to the ongoing pandemic and its effects on international business operations[13] - The management remains cautious about future performance due to the uncertainties surrounding COVID-19 variants and their impact on the global economy[12] - The group has been investing in countries along the "Belt and Road" initiative since 2013, with operations in Tajikistan, Vietnam, Mongolia, and the UK, but faced significant challenges due to the pandemic, leading to the closure of most overseas operations[14] - In 2021, the group relocated its Hong Kong headquarters to a more economical office to control administrative expenses, reflecting the increased operational challenges due to the pandemic[15] Market Conditions - The global economic recovery faced challenges from supply chain disruptions and inflation pressures, affecting the company's operations[12] - The International Monetary Fund projected a decline in global economic growth from 5.9% in 2021 to 4.4% in 2022, indicating a challenging economic environment ahead[12] Environmental and Social Governance (ESG) - As of August 19, 2021, 2,418 out of 2,579 listed companies on the Hong Kong Stock Exchange had disclosed ESG information, representing 93.8% compliance, despite the increased pressure on companies to meet these requirements[16] - The company is enhancing its environmental standards by constructing more greenhouses and improving platform infrastructure[26] - The group's traditional coal mining and machinery assembly businesses remain core, with efforts to comply with global ESG standards[77] Employee and Management - Total employee costs, including directors' remuneration, were approximately HKD 25.7 million for the year, compared to HKD 23.8 million in 2020, reflecting a 7.99% increase[83] - The group employed 116 staff members as of December 31, 2021, a slight decrease from 117 in 2020[82] - The company appointed Mr. Peng Yiqian as the Chief Financial Officer and Company Secretary effective April 26, 2021[193] - The remuneration committee approved salary increases and bonuses for executive directors and senior management, although the executives did not participate in decisions regarding their own remuneration[198] Corporate Governance - The company has complied with most of the corporate governance code provisions as per GEM Listing Rules Appendix 15 for the year ending December 31, 2021[158] - The governance structure includes an audit committee, nomination and governance committee, and a remuneration committee to oversee financial reporting and risk management[168] - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a diverse range of expertise[181] - The company emphasizes the separation of roles between the chairman and the CEO to ensure effective governance[188] Future Outlook - The management remains optimistic about recovering trade receivables and loans to U-Power Energy due to the recent increase in coal prices, which is expected to enhance asset values[106] - The company expressed optimism regarding the future development of 天臣 following the acquisition[96] - The company plans to enhance internal controls and compliance procedures to avoid future disclosure delays[100] Miscellaneous - The group has not recommended the payment of dividends for the year ending December 31, 2021[120] - The company reported zero charitable donations for the fiscal year ending December 31, 2021, consistent with the previous year[124] - The company has established a pension plan in accordance with the Mandatory Provident Fund legislation, contributing 5% of eligible employees' salaries, with a maximum monthly contribution of 1,500 HKD per employee[134]

Financial Performance - For the three months ended March 31, 2022, the company reported revenue of HKD 86,832 thousand, an increase from HKD 21,619 thousand in the same period last year, representing a growth of 302%[9] - The gross profit for the same period was HKD 6,940 thousand, compared to HKD 3,745 thousand in the previous year, indicating an increase of 85%[9] - The operating loss for the quarter was HKD 17,206 thousand, worsening from a loss of HKD 7,100 thousand in the prior year, reflecting a deterioration of 142%[9] - The loss attributable to owners of the company was HKD 15,996 thousand, compared to HKD 6,887 thousand in the same quarter last year, representing an increase of 132%[9] - The basic loss per share for the quarter was HKD 2.77, compared to HKD 1.19 in the previous year, indicating a decline of 133%[9] - The total comprehensive loss for the period was HKD 16,967 thousand, compared to HKD 6,834 thousand in the same period last year, reflecting an increase of 148%[10] - The company reported a fair value loss on financial assets of HKD 5,478 thousand, compared to a gain of HKD 1,581 thousand in the previous year, indicating a significant decline[9] - The company’s financing costs for the quarter were HKD 1,681 thousand, up from HKD 1,290 thousand in the same period last year, representing an increase of 30%[9] Operational Overview - The company is primarily engaged in coal mining, consulting, media, and corporate investment businesses, indicating a diversified operational focus[16] - The group operates three reportable segments: coal mining, consulting and media services, and corporate and investment services, each requiring distinct technology and marketing strategies[24] - Revenue from external customers for the coal mining segment was HKD 85,720,000, while the consulting and media services segment generated HKD 992,000, and the corporate and investment segment contributed HKD 120,000, totaling HKD 86,832,000[25] - Employee costs for the first quarter of 2022 totaled HKD 5,845,000, compared to HKD 5,350,000 in the previous year, showing an increase in operational expenses[25] Financial Stability and Concerns - The group reported a loss of approximately HKD 17,653,000 for the year ending March 31, 2022, indicating significant uncertainty regarding its ability to continue as a going concern[17] - As of December 31, 2022, the group had a net current liability of approximately HKD 182,157,000, raising concerns about its financial stability[17] - The group is considering future financing actions to address its ongoing concerns regarding liquidity and debt repayment schedules[86] - The net current liabilities of the group were approximately HKD 182.2 million as of December 31, 2021, indicating ongoing concerns regarding the group's ability to continue as a going concern[86] Market and Industry Insights - The coal import volume in China for Q1 2022 was 51.81 million tons, a decrease of 24.2% year-on-year, while domestic coal production rose to 108.4 million tons, an increase of 10.3%[43] - The coal mining focus in China is gradually shifting to Xinjiang, supported by national policies and increasing coal and electricity demand in the region[53] - The group anticipates that the Mongolian coal industry will gradually return to normal as the pandemic situation improves, with increased coal imports benefiting the logistics center in Joyil[59] Corporate Governance - The board of directors has established an audit committee, a remuneration committee, and a nomination and corporate governance committee, all primarily composed of independent non-executive directors[103] - The company has maintained compliance with the corporate governance code during the three months ended March 31, 2022[106] - The audit committee reviewed the unaudited first-quarter results for the period ended March 31, 2022, and found them to comply with applicable accounting standards and legal requirements[105] Future Outlook - The group anticipates sufficient operating cash flow due to the gradual recovery of normal business activities as the COVID-19 pandemic subsides[18] - Ongoing discussions with creditors regarding debt repayment extensions are expected to yield positive results, contributing to the group's financial outlook[18] - The group plans to increase annual coal storage and trading volumes, enhancing supply chain management services in Shandong[66] - The group is preparing for the preliminary application of a mining license for 1.2 million tons, expecting to reach the final approval stage within the year[68]

Financial Performance - Revenue for the third quarter of 2021 reached HKD 96,184, representing a year-on-year increase of 388.3%[6] - Gross profit for the same period was HKD 7,937, reflecting a year-on-year growth of 12.1%[6] - The company reported a loss from continuing operations of HKD 35,161 for the nine months ended September 30, 2021, compared to a loss of HKD 48,893 in the same period of 2020[9] - The total loss for the nine months ended September 30, 2021, was HKD 36,428, down from HKD 41,234 in the previous year[9] - The basic loss per share for the nine months ended September 30, 2021, was HKD 5.73, compared to HKD 6.58 for the same period in 2020[11] - The total comprehensive loss for the nine months ended September 30, 2021, was HKD 44,625, compared to HKD 27,729 in the previous year[13] - The total comprehensive income for the nine months ended September 30, 2021, was HKD 18,614 million, compared to a loss of HKD 9,481 million for the same period in the previous year[15] - The total loss reported for the nine months ended September 30, 2021, was HKD 36,428 million, an improvement from a loss of HKD 41,234 million in the same period of 2020[41] - Basic loss per share for the nine months ended September 30, 2021, was HKD 33,025 million, compared to HKD 37,923 million for the same period in 2020[47] Revenue Breakdown - The company’s media services and esports events contributed 7% to total revenue, while supply chain management services accounted for 27%[7] - The company experienced a significant increase in revenue from supply chain management services, which rose by 80% compared to the previous year[7] - Revenue from management services increased significantly to HKD 45,591, compared to HKD 2,209 in the same period last year, representing a growth of 1,964%[28] - Total revenue for the nine months ended September 30, 2021, was HKD 96,184, up from HKD 19,687 in the previous year, marking a growth of 387%[28] - The total external customer revenue for the coal mining segment was HKD 88,216, while the total group revenue was HKD 96,184, indicating that coal mining contributed approximately 91.8% of total revenue[35] Financial Assets and Liabilities - The fair value of financial assets measured at fair value through profit or loss was HKD 36,293 million as of September 30, 2021[24] - The fair value of financial assets measured at fair value through other comprehensive income was HKD 19,100 million as of September 30, 2021[24] - The total fair value of financial assets as of September 30, 2021, was HKD 55,393 million[24] - The company reported a financial liability measured at fair value through profit or loss of HKD 36,664 million as of September 30, 2021[24] - The company’s financial assets measured at fair value through profit or loss amounted to HKD 20,545 million as of September 30, 2021, down from HKD 36,293 million at the end of 2020[50] - The group recorded a fair value loss of HKD 4.6 million on certain financial assets, reflecting market conditions[99] Operational Changes and Strategies - The company has restructured its reportable segments, merging three previous segments into a single "Consulting and Media Services" segment[33] - The company has shifted its business focus to mainland China, reducing reliance on higher-cost overseas operations[54] - The company aims to strengthen its risk resilience and minimize the impact of the pandemic in the fourth quarter[55] - The company is preparing to apply for a mining license for 1.2 million tons, expected to be approved by mid-2022[75] - The company plans to introduce Sainsaikhan Consulting Services LLC as a strategic contractor for the Joyal project to address local manpower shortages and reduce operational costs[80] Governance and Compliance - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2021, with no significant impact on the financial statements[19] - The company’s financial supervisor is responsible for the fair value measurement of assets and liabilities, reporting directly to the board[25] - The company employs external valuation experts for Level 3 fair value measurements[25] - The audit committee consists of three independent non-executive directors, with Mr. Liu Ruiyuan serving as the chairman[162] - The company has adhered to the corporate governance code as stipulated in the GEM listing rules during the nine-month period ending September 30, 2021[165] Shareholder Information - As of September 30, 2021, the beneficial ownership of shares by the directors and senior executives includes Chen Libo with 167,263,298 shares, representing approximately 29.01% of the total issued shares[144] - Major shareholders include Chen Libo and Yang Baoyi, each holding 167,263,298 shares, which is approximately 29.01% of the total issued shares[149] - Zhang Xiongfeng holds 81,950,000 shares, representing approximately 14.21% of the total issued shares[149] - The company has not repurchased any of its listed securities during the six months ended September 30, 2021[157] Market Conditions and Future Outlook - The company’s management noted that the ongoing pandemic has negatively impacted local economic activities and cross-border business operations[54] - The central government is expected to increase coal production and imports to address supply shortages, positively impacting the coal supply chain business[65] - The company is focusing on developing new mining machinery to enhance functionality and improve mechanical efficiency[61] - The company aims to expand its tea trade and strengthen its existing market position while exploring new areas for growth[89]