Financial Performance - Revenue for the first quarter of 2022 was RMB 108,761,000, a decrease of 23.1% compared to RMB 141,420,000 in the same period of 2021[10]. - The gross loss for the first quarter of 2022 was RMB 2,340,000, with a gross loss margin of 2.2%, compared to a gross loss margin of 1.7% in the same period of 2021[10][11]. - The total comprehensive loss for the period was RMB 12,647,000, a significant decrease of 74.8% from RMB 50,188,000 in the first quarter of 2021[10]. - The loss attributable to owners of the company was RMB 11,502,000, compared to RMB 45,105,000 in the same period of the previous year, reflecting a 74.5% reduction[10]. - The basic and diluted loss per share for the first quarter of 2022 was RMB (0.003), compared to RMB (0.013) in the same period of 2021, indicating a 76.9% improvement[15]. - The net loss margin for the first quarter of 2022 was 11.6%, compared to 35.5% in the same period of 2021, indicating improved financial performance[10][11]. - Total comprehensive income for the three months ended March 31, 2022, was RMB 108,639 thousand, a decrease of 23.1% from RMB 141,298 thousand for the same period in 2021[24]. - The company's total revenue for the period decreased by 23.1% to approximately RMB 108,800,000 compared to RMB 141,400,000 in the corresponding period[48]. - The net loss attributable to the company's owners for the period was approximately RMB 11,500,000, a significant improvement from a net loss of approximately RMB 45,100,000 in the previous period[49]. Expenses and Provisions - The administrative expenses for the first quarter of 2022 were RMB 4,800,000, down from RMB 6,491,000 in the same period of 2021[16]. - Trade receivables impairment provision decreased significantly to RMB 9,032,000 from RMB 61,200,000 in the same period of the previous year[16]. - The sales cost for the renewable energy business was approximately RMB 111,100,000, down from approximately RMB 143,800,000 in the corresponding period, primarily due to a decrease in LNG supply costs[53]. - The impairment provision for trade receivables decreased from approximately RMB 61,200,000 in the previous period to approximately RMB 9,000,000 in the current period[48]. - Administrative expenses decreased by 26.1% from approximately RMB 6,500,000 to approximately RMB 4,800,000 due to cost-saving measures[54]. Dividends and Shareholder Information - The company did not declare any dividends for the first quarter of 2022, consistent with the previous year[10]. - The company did not recommend any dividends for both periods[37]. - The average number of ordinary shares used to calculate basic and diluted loss per share was 3,666,936 thousand shares, compared to 3,622,136 thousand shares in the previous period[36]. - As of March 31, 2022, Mr. Hu holds 547,184,000 shares, representing 14.92% of the company's issued share capital[80]. - Ms. Lin has an interest in 493,456,000 shares, accounting for 13.46% of the company's issued share capital[80]. - Depot Up Limited holds 640,000,000 shares, which is 17.45% of the company's issued share capital[87]. Stock Options and Corporate Governance - The company has granted a total of 28,000,000 stock options in 2014, with an exercise price of HKD 0.81, equivalent to 224,000,000 options after a share split in 2016[78]. - The total number of stock options granted, exercised, or canceled during the period is detailed in the report, with specific exercise periods and prices listed[78]. - The company has a cap on the total number of shares that can be issued upon the exercise of stock options, not exceeding 10% of the issued shares on the date of listing[76]. - The stock options plan is valid for a period of 10 years starting from December 12, 2011, and can be exercised at the discretion of the board[76]. - The company has a limit that the total number of shares issued due to stock options exercised in any 12-month period cannot exceed 1% of the issued shares[76]. - The company has adhered to the corporate governance code as per GEM Listing Rules Appendix 15 throughout the reporting period[95]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited financial statements for the first quarter of 2022 and confirmed compliance with applicable accounting standards[97]. Business Strategy and Market Outlook - The company is focused on improving operational efficiency and reducing losses in future quarters[10]. - The company continues to focus on providing diversified integrated new energy services, including technology development for heating and coal-to-gas solutions[21]. - The company aims to expand its renewable energy business and geographic footprint, particularly in Europe, while seeking growth opportunities through joint ventures and mergers[57]. - The company expects a continued decrease in the number of new projects in the future due to market saturation in certain areas[49]. - The renewable energy business contributed over 99% to the total revenue, despite significant demand drops due to lockdown policies[48]. - The company continues to maintain strategic partnerships with major players, including a Fortune Global 500 company, to explore new business opportunities in the LNG sector[50]. Other Financial Information - The company reported a foreign exchange gain of RMB 238 thousand for the three months ended March 31, 2022, compared to a loss of RMB 9 thousand in the same period of 2021[26]. - The fair value loss on convertible bonds for the three months ended March 31, 2022, was RMB 2,113 thousand, contrasting with a gain of RMB 10,216 thousand for the same period in 2021[26]. - Other losses recorded during the period amounted to approximately RMB 1,900,000, compared to other income of approximately RMB 10,200,000 in the corresponding period, primarily due to a fair value loss on convertible bonds[54]. - The company has not issued any debt securities during the reporting period[91]. - There were no purchases, sales, or redemptions of any shares by the company or its subsidiaries during the reporting period[93].

Financial Performance - The company recorded total revenue of RMB 420.7 million for the year ended December 31, 2021, representing a 72.6% increase compared to the previous year[9]. - The company's total revenue for the year was approximately RMB 420.7 million, an increase of 72.6% compared to RMB 243.7 million in the previous year[26]. - The net loss for the year was approximately RMB 213.6 million, compared to a net loss of RMB 143.5 million in the previous year, primarily due to an increase in trade receivables impairment provision[26]. - The gross loss increased from approximately RMB 4.1 million in the previous year to approximately RMB 7 million this year, attributed to intense competition and price volatility in the LNG market[26]. - The company recorded a gross loss margin of 1.8% for the new energy business, slightly improved from 1.9% in the previous year[37]. - Revenue from the new energy business increased by 72.8% to approximately RMB 420,200,000 this year from approximately RMB 243,200,000 last year, accounting for 99.9% of the company's total revenue[47]. Business Expansion and Strategy - The expansion of the liquefied natural gas (LNG) supply business into Shanghai significantly contributed to revenue growth[9]. - The company aims to further expand its domestic market beyond Tianjin, targeting areas with high affordability and clean energy initiatives[10]. - The company plans to explore overseas markets, including Europe, after the lifting of lockdown measures[10]. - The company is committed to developing and expanding its new energy business, considering collaborations on suitable projects[10]. - The company emphasizes the potential for growth in the new energy sector, particularly in developed regions like the Yangtze River Delta[10]. - The company aims to become a leading diversified new energy service provider in the Greater China region[10]. - The company plans to further develop its LNG supply business in Shanghai, which contributed approximately 60% of the total revenue this year[28]. - A strategic cooperation agreement was signed with Jiangsu Shagang Group to create synergies in the LNG refueling station and pipeline natural gas supply sectors[28]. - The company aims to expand its new energy business and explore opportunities in overseas markets, particularly in Europe, during the post-pandemic recovery[81]. Financial Position and Assets - The total assets decreased by 39.7% to RMB 358.9 million from RMB 595 million in the previous year[17]. - The net asset value decreased by 59.2% to RMB 144.7 million from RMB 354.5 million in the previous year[17]. - Cash and cash equivalents decreased by 28.9% to RMB 60.8 million from RMB 85.5 million in the previous year[17]. - The company's asset-liability ratio increased to 54.5% as of December 31, 2021, from 27.2% as of December 31, 2020, due to a decrease in total equity[53]. - The company raised approximately RMB 82,700,000 from the issuance of convertible bonds, with plans to use 50% for general working capital and 50% for enhancing existing business[57]. - The company raised approximately HKD 97,500,000, with 50% allocated for general working capital and 50% for enhancing existing business operations[68][72]. - As of December 31, 2021, the company had issued a total of 3,666,936,000 shares at a par value of HKD 0.00125 per share[73]. - As of December 31, 2021, the reserves available for distribution to equity shareholders were approximately RMB 115 million (previous year: approximately RMB 302.6 million)[196]. - As of December 31, 2021, the group had no outstanding bank loans or other borrowings, nor any bank financing (previous year: none)[199]. Governance and Compliance - The company has maintained high standards of corporate governance to enhance shareholder value and ensure transparency and accountability[96]. - The board consists of four executive directors and three independent non-executive directors, responsible for managing and monitoring the company's business and strategy[102]. - The company has adopted a board diversity policy effective from September 1, 2013, focusing on gender, age, work experience, and ethnicity to enhance strategic goals and sustainable development[100]. - All independent non-executive directors have submitted annual independence confirmation letters, and the company believes they meet the independence guidelines[102]. - The company has complied with the GEM Listing Rules and adopted the necessary amendments to the corporate governance code for the year[97]. - The company has established a clear framework for independent directors, ensuring their rights and responsibilities are well-defined[113]. - The company has established an enterprise risk management framework to ensure effective risk management practices[140]. - The Board is responsible for establishing a clear enterprise risk management framework and policies[141]. - The Audit Committee supervises the overall risk management procedures and reviews the risk register[142]. - The company is committed to ensuring compliance with corporate governance policies and regulations[129]. Risk Management - The management is closely monitoring government policy changes, particularly regarding the development of new energy and natural gas consumption, which may increase operational costs[156]. - The company has implemented internal control measures to address identified risks and continuously monitors changes in these risks[151]. - The internal audit team has completed the annual internal control review, identifying issues and proposing corrective measures[152]. - The company maintains a zero-tolerance policy towards unethical behaviors such as bribery and fraud, reinforcing its integrity culture[154]. - The company is actively seeking multiple stable LNG suppliers to avoid reliance on a single supplier, thereby mitigating supply chain risks[160]. - The company has increased its credit risk provisions due to the financial difficulties faced by customers amid the COVID-19 pandemic[162]. - The company is conducting regular safety inspections and emergency planning to address the risks posed by extreme weather conditions on infrastructure[162]. Employee and Stakeholder Relations - The company recognizes employees as key to business success and aims to foster a supportive work environment[187]. - The company has established good relationships with customers and suppliers, continuing to provide quality products and services[187]. - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders[170]. - The company plans to hold its annual general meeting by June 30, 2022[174]. Environmental and Social Responsibility - The company is committed to sustainable development and has implemented policies to reduce environmental impact[182]. - The company will publish its environmental, social, and governance report within five months after the fiscal year-end[185]. - The company strictly adheres to national hazardous chemical regulations and operational standards to ensure a 100% monitoring rate of critical production operations[158]. - The company has implemented internal inspections to reduce the risk of violating environmental laws and regulations[160].

Financial Performance - For the nine months ended September 30, 2021, the company reported a revenue of 298,429 million RMB, representing a 275.1% increase compared to 79,557 million RMB for the same period in 2020[6]. - The net loss for the nine months ended September 30, 2021, was 146,307 million RMB, which is a significant improvement from a net loss of 38,812 million RMB in the same period of the previous year[10]. - The basic loss per share for the nine months ended September 30, 2021, was 0.036 RMB, compared to 0.010 RMB for the same period in 2020[11]. - The gross loss margin for the nine months ended September 30, 2021, was 49.0%, a decrease from 48.8% in the same period of 2020[7]. - Revenue for the three months ended September 30, 2021, was RMB 81,602 thousand, a significant increase from RMB 10,795 thousand in the same period of 2020, representing a growth of approximately 655%[12]. - The total comprehensive loss for the period was RMB (22,735) thousand, compared to RMB (18,539) thousand in the same quarter of 2020[12]. - The total comprehensive loss for the nine months was RMB (146,307) thousand, compared to RMB (38,812) thousand in the same period of 2020[12]. - The company reported a net loss attributable to owners of the company of RMB 130,829 thousand for the nine months ended September 30, 2021, compared to a loss of RMB 36,236 thousand for the same period in 2020, indicating a significant increase in losses[32]. User Growth and Market Strategy - The company experienced a significant increase in user data, with a reported 655.9% growth in the number of active users compared to the previous year[6]. - The company plans to expand its market presence and is exploring new strategies for growth, including potential mergers and acquisitions[6]. - The management provided a positive outlook for the upcoming quarters, anticipating continued growth in user engagement and revenue generation[6]. Research and Development - Research and development efforts are focused on new product innovations to enhance service offerings and improve operational efficiency[6]. - The company will continue to focus on developing its new energy business and is expected to leverage the strong growth potential in China's new energy sector[58]. Financial Management and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting, ensuring compliance with regulatory standards[6]. - The financial statements are prepared in accordance with International Accounting Standards and reflect the company's financial position as of September 30, 2021[17]. - The audit committee reviewed the unaudited third-quarter financial statements and confirmed compliance with applicable accounting standards[90]. - The company has adhered to the corporate governance code as per GEM listing rules throughout the reporting period[88]. Cost Management - The company aims to improve its financial performance by optimizing cost structures and enhancing revenue streams through strategic initiatives[6]. - The total employee costs for the nine months ended September 30, 2021, amounted to RMB 9,182 thousand, a decrease of 17.5% from RMB 11,137 thousand in the same period of 2020[29]. - Administrative expenses increased by 6.1% to approximately RMB 18.4 million, primarily due to depreciation of newly purchased vehicles[53]. Capital Structure and Shareholder Information - The convertible bonds issued on November 16, 2020, had a principal amount of HKD 97,800,000 with an annual interest rate of 8%, reflecting the company's strategy to raise capital[37]. - The company raised approximately HKD 97,500,000 (equivalent to about RMB 82,700,000) through the issuance of convertible bonds, with 50% allocated for general working capital and 50% for enhancing existing business operations[65]. - As of September 30, 2021, the company had a total of 3,622,136,000 issued shares, with a par value of HKD 0.00125 per share[66]. - The board of directors did not recommend any dividend payment for the period[67]. - The company has a stock option plan in place, with a maximum of 30% of the issued share capital available for options, and the total number of shares issued under all plans cannot exceed 10% of the issued shares at the time of listing[71]. Risk Management - The company is managing foreign exchange risk due to operations primarily in China, with revenues and expenses mainly denominated in RMB[68]. - The company did not incur taxable profits in China for the nine months ended September 30, 2021, thus no corporate income tax provision was necessary[27]. Strategic Partnerships - The company signed a strategic cooperation agreement with Jiangsu Shagang Group, a Fortune Global 500 company, to create synergies in LNG refueling stations and pipeline natural gas supply[45]. - The company plans to explore new cooperation opportunities with other major LNG suppliers to secure stable supply and achieve growth in the LNG supply business[58]. Other Financial Information - The company received government subsidies of RMB 420,000 related to the employment support scheme during the COVID-19 pandemic[20]. - The company recorded other income of approximately RMB 6 million, mainly due to the fair value gain of convertible bonds amounting to approximately RMB 5.9 million[52]. - The fair value loss on the convertible bonds was RMB 14,166 thousand as of November 16, 2020, indicating volatility in the bond's market value[37].

Financial Performance - For the six months ended June 30, 2021, the revenue was RMB 216,837,000, representing a 215.3% increase compared to RMB 68,762,000 for the same period in 2020[9]. - The gross loss for the period was RMB (3,924,000), a significant decline from a gross profit of RMB 186,000 in the corresponding period of 2020, reflecting a gross loss margin of (1.8%) compared to 0.3%[9][13]. - The total comprehensive loss for the period was RMB (123,572,000), which is a 509.5% increase from RMB (20,273,000) in the prior year[9]. - The loss attributable to owners of the company was RMB (109,896,000), up 466.1% from RMB (19,412,000) in the same period last year[9]. - The operating loss for the period was RMB 128,729,000, compared to a loss of RMB 20,881,000 in the prior year, indicating a substantial increase in losses[19]. - Basic loss per share was RMB 0.030, compared to RMB 0.005 for the same period in 2020, indicating a worsening financial position[19]. - The company reported a net loss of RMB 123,572,000 for the six months ended June 30, 2021, compared to a net loss of RMB 20,273,000 for the same period in 2020[58]. - The company reported a net loss attributable to shareholders of RMB 109,896,000 for the six months ended June 30, 2021, compared to a loss of RMB 19,412,000 for the same period in 2020[67]. Assets and Liabilities - The company's total assets decreased by 25.9% to RMB 441,121,000 from RMB 595,030,000 at the end of 2020[10]. - The net asset value also saw a decline of 34.9%, dropping to RMB 230,977,000 from RMB 354,549,000[10]. - Cash and cash equivalents decreased by 26.4% to RMB 62,915,000 from RMB 85,484,000 at the end of 2020[10]. - Current assets decreased to RMB 354,342,000 from RMB 517,782,000, indicating a reduction in liquidity[22]. - Total liabilities were RMB 210,144,000, down from RMB 240,481,000, suggesting a slight improvement in the company's leverage position[24]. - Equity attributable to owners of the company decreased to RMB 230,977,000 from RMB 354,549,000, reflecting a significant decline in shareholder value[24]. - The company's asset-liability ratio as of June 30, 2021, was 36.1%, up from 27.2% as of December 31, 2020, with net assets decreasing to approximately RMB 231,000,000 from RMB 354,500,000[125]. Cash Flow - Cash used in operating activities was RMB 7,310,000, compared to RMB 18,317,000 for the same period in 2020, representing a 60% improvement[28]. - Cash used in investing activities amounted to RMB 8,611,000, significantly higher than RMB 384,000 in the previous year, indicating increased investment in property, plant, and equipment[28]. - Cash used in financing activities was RMB 5,692,000, a decrease from cash generated of RMB 6,222,000 in the prior year, reflecting changes in financing strategies[28]. - The net decrease in cash and cash equivalents for the period was RMB 21,613,000, compared to RMB 12,479,000 in the same period last year, indicating a larger cash outflow[28]. - As of June 30, 2021, the company reported cash and cash equivalents of RMB 62,915,000, up from RMB 7,152,000 at the end of the previous year[28]. Revenue Sources - Revenue from the LNG trading business for the six months ended June 30, 2021, was RMB 216,593,000, a significant increase from RMB 68,510,000 for the same period in 2020, representing a growth of 216%[50]. - Total revenue for the six months ended June 30, 2021, was RMB 216,837,000, compared to RMB 68,762,000 for the same period in 2020, indicating an increase of 216%[50]. - The company's revenue for the period was approximately RMB 216,800,000, an increase of 215.3% compared to RMB 68,800,000 in the corresponding period, primarily due to the addition of a new LNG supply point in Shanghai[115]. Expenses and Costs - The cost of sales for the same period was RMB 220,761,000, leading to a gross loss of RMB 3,924,000 compared to a gross profit of RMB 186,000 in the previous year[19]. - The sales cost for the new energy business was approximately RMB 220,800,000, up from RMB 68,600,000 in the corresponding period, attributed to increased costs from the new LNG supply point[116]. - Total employee costs decreased to RMB 6,269,000 from RMB 8,410,000 year-on-year, reflecting a reduction of approximately 25.5%[64]. - Administrative expenses decreased by 4.4% to approximately RMB 12,500,000 from RMB 13,000,000 in the corresponding period, due to reduced amortization costs related to share-based payments[118]. Investments and Development - The company has engaged in the development of diversified integrated new energy services, including heat supply and coal-to-gas solutions, indicating a focus on expanding its service offerings[30]. - The company aims to continue developing its LNG business in Shanghai, which is expected to contribute significantly to revenue despite intense price competition[113]. - The company is exploring opportunities to expand into the European market through partnerships, including with Tractebel Engineering S.A. in France[113]. - The company aims to expand its LNG supply network beyond Shanghai and is actively seeking new joint ventures and acquisition opportunities to enhance business growth[126]. Corporate Governance and Compliance - The audit committee reviewed the interim financial results and confirmed compliance with applicable accounting standards[168]. - The company has adopted corporate governance practices in accordance with GEM listing rules[166]. - The external auditor did not identify any significant modifications needed for the interim financial information[168]. Shareholder Information - The company did not declare any dividends for the period[133]. - The company has a share option scheme that allows for the issuance of options not exceeding 30% of the issued share capital[89]. - As of June 30, 2021, the total number of shares involved in unexercised options was 257,280,000, representing 7.1% of the issued shares[92]. - The total number of shares granted to employees during the period was 39,216,000, with an exercise price of HKD 0.289[146].

Financial Performance - Revenue for the first quarter of 2021 was RMB 141,420,000, representing a 106.0% increase compared to RMB 68,636,000 in the same period of 2020[8] - The gross loss for the first quarter of 2021 was RMB 2,409,000, compared to a gross profit of RMB 2,643,000 in the same period of 2020, indicating a significant decline of 191.1%[8] - The total comprehensive loss for the period was RMB 50,188,000, a drastic increase from a profit of RMB 3,993,000 in the same period of 2020, reflecting a change of 1,356.9%[8] - The loss attributable to owners of the company was RMB 45,105,000, compared to a profit of RMB 2,627,000 in the same period of 2020, marking an increase of 1,817.0%[8] - The basic and diluted loss per share for the first quarter of 2021 was RMB (1.25) cents, a significant decline from RMB 0.07 cents in the same period of 2020, representing a change of 1,885.7%[8] - The gross margin for the first quarter of 2021 was (1.7%), down from 3.9% in the same period of 2020[11] - The net loss margin for the first quarter of 2021 was (35.5%), compared to a net profit margin of 5.8% in the same period of 2020[11] Dividends and Shareholder Returns - The company did not declare any dividends for the first quarter of 2021[9] - The company did not recommend any dividend for the period, consistent with the same period in 2020[35] - The board does not recommend any dividend payment for the current period[58] Revenue Sources and Growth - For the three months ended March 31, 2021, the revenue from new energy business was RMB 141,298,000, a significant increase from RMB 68,510,000 in the same period of 2020, representing a growth of 106.5%[24] - The total revenue for the group for the three months ended March 31, 2021, was RMB 141,420,000, compared to RMB 68,636,000 for the same period in 2020, indicating an increase of 105.1%[24] - The group received approximately RMB 1,000,000 in government subsidies during the period, aimed at encouraging the development of its new energy business[24] Expenses and Costs - The company reported a significant increase in administrative expenses, amounting to RMB 6,491,000 for the first quarter of 2021, compared to RMB 6,593,000 in the same period of 2020[17] - The total employee costs for the three months ended March 31, 2021, were RMB 3,280,000, down from RMB 4,450,000 in the same period of 2020, reflecting a decrease of 26.3%[27] - The company's sales cost for the new energy business was approximately RMB 143,800,000, up from RMB 66,000,000 in the corresponding period[46] Impairments and Provisions - The expected credit loss provision for trade receivables was RMB 61,200,000 for the three months ended March 31, 2021, compared to zero in the same period of 2020[25] - Trade receivables impairment provision for the period was approximately RMB 61,200,000, compared to zero in the corresponding period[41] Share Capital and Ownership - The company has issued a total of 3,622,136,000 shares with a par value of HKD 0.00125 as of March 31, 2021[57] - The company reported a total of 137,632,000 shares held by directors and major executives, representing 15.11% of the issued share capital[67] - Mr. Hu holds 547,184,000 shares, accounting for 15.11% of the company's issued share capital[67] - Ms. Lin has 493,456,000 shares, which is 13.62% of the issued share capital[67] - Depot Up Limited holds 640,000,000 shares, representing 17.67% of the issued share capital[74] - Tongjie Global Limited and Songsheng Global Investment Limited each hold 448,000,000 shares, accounting for 12.37% of the issued share capital[74][76] - Yude Limited has 219,112,000 shares, which is 6.05% of the issued share capital[74][76] Corporate Governance and Compliance - The company has adhered to the corporate governance code as per GEM listing rules throughout the reporting period[80] - The audit committee consists of three independent non-executive directors and has reviewed the unaudited financial statements for the period[82] - The board of directors communicated with shareholders through annual general meetings and special meetings[79] - The company continues to monitor shareholder interests and compliance with securities regulations[73] Future Plans and Market Strategy - The company plans to establish new supply points in key business hotspots to enhance LNG supply capabilities[42] - The company is preparing to expand its LNG supply network in new regions of China and is looking to establish joint ventures and partnerships with key LNG suppliers[53] - The company remains vigilant to market changes and aims to explore opportunities in the renewable energy sector[53] Miscellaneous - The company has not adopted any financial instruments for hedging purposes during the period[59] - The company has not established any arrangements for directors or key executives to acquire rights to purchase securities during the reporting period[77] - The company has no significant acquisitions or disposals of subsidiaries or associates during the period[61] - The company did not issue any debt securities during the reporting period[76] - There were no purchases, sales, or redemptions of any shares by the company or its subsidiaries during the reporting period[78] - The report will be published on the GEM website and the company's website for at least seven days[84]

Financial Performance - The total revenue for the year ended December 31, 2020, was RMB 243.7 million, primarily from the core LNG supply business[6] - The company's total revenue for the year ended December 31, 2020, decreased by 29.3% to approximately RMB 243.7 million from RMB 344.8 million in the previous year[22] - The net loss after tax for the year was RMB 143.5 million, compared to a net profit of RMB 53.7 million in the previous year, representing a decline of 367.0%[22] - The company recorded a loss attributable to owners of RMB 131 million, a decrease of 397.0% from a net profit of RMB 44.1 million in the previous year[22] - The gross profit margin for the LNG supply business was significantly lower, leading to a gross loss for the year, while the previous year recorded a gross profit[22] - The group's revenue from continuing operations for the year was RMB 243,700,000, a decrease of 29.3% from RMB 344,800,000 in the previous year[30] - Revenue from the new energy business decreased by 29.4% to RMB 243,200,000, accounting for 99.8% of the group's total revenue[43] - The group recorded other losses of RMB 15,800,000 this year, compared to other income of RMB 300,000 last year, primarily due to fair value losses on convertible bonds[35] Assets and Liabilities - The total assets as of December 31, 2020, were RMB 595.0 million, a decrease of 3.8% from RMB 618.7 million in the previous year[12] - The net asset value decreased by 27.1% to RMB 354.5 million from RMB 486.5 million in the previous year[12] - Cash and bank balances increased by 336.0% to RMB 85.5 million from RMB 19.6 million in the previous year[12] - The company's total assets and liabilities as of December 31, 2020, were RMB 517,800,000 and RMB 141,000,000, respectively, compared to RMB 536,400,000 and RMB 130,500,000 on December 31, 2019[48] - The company's debt-to-equity ratio increased to 27.2% as of December 31, 2020, from 0.0% on December 31, 2019, following the issuance of convertible bonds[48] - The group had no outstanding bank loans or other borrowings as of December 31, 2020, maintaining a debt-free status[161] Business Strategy and Market Expansion - The company expanded its LNG supply network by adding a new supply point in Shanghai during the third quarter of 2020, targeting the potential new market in the Yangtze River Delta[6] - The company plans to further develop domestic markets outside of Tianjin and expand into overseas markets such as Europe once the COVID-19 restrictions are lifted[7] - The company aims to become a leading diversified integrated energy service provider in the Greater China region[7] - The company plans to expand its LNG supply network to other regions in China through new joint ventures and acquisition activities[65] - The company anticipates a decrease in new project numbers in the future due to market saturation in the coal-to-gas sector in the Tianjin area[24] COVID-19 Impact - The company faced significant challenges due to the COVID-19 pandemic, impacting business operations and leading to delays in client meetings and promotional activities[22] - The company is committed to maintaining a positive work environment to attract and retain key personnel essential for its operations[142] - The company has enhanced its office cleaning and implemented flexible work arrangements to mitigate health risks associated with the COVID-19 pandemic[140] Corporate Governance - The board of directors consists of four executive directors and three independent non-executive directors, responsible for managing and monitoring the company's business and strategies[85] - All independent non-executive directors confirmed their independence according to GEM Listing Rules, ensuring compliance with governance standards[87] - The company has adopted a board diversity policy, focusing on gender, age, work experience, and ethnicity to enhance strategic goals and sustainable development[84] - The company has implemented training and support for all directors to ensure compliance with relevant laws and regulations[97] - The audit committee held 10 meetings during the year, with all members attending all sessions[101] Risk Management - The board of directors is responsible for establishing a clear enterprise risk management framework and risk management policies to assess the company's business strategy and risk tolerance[123] - The management is responsible for identifying and continuously monitoring strategic, operational, financial, reporting, and compliance risks faced by the company[126] - The company conducts regular assessments of identified risks and implements internal control measures to mitigate those risks[130] - The internal audit team, composed of personnel not responsible for the review scope, completed the internal control review for the year 2020 and reported findings to the audit committee[135] Environmental and Safety Compliance - The company has implemented strict compliance with national hazardous chemical regulations and operational standards to minimize safety risks associated with LNG operations[140] - The company is committed to minimizing its environmental impact and will publish its ESG report within three months of the annual report[191] - The company has established internal environmental regulations and key performance indicators to ensure compliance with local environmental laws and reduce potential penalties[142] Shareholder Relations and Dividends - The company did not recommend any dividend payment for the current year, consistent with the previous year[58] - The group’s reserves available for distribution to equity shareholders were RMB 302.6 million as of December 31, 2020, down from RMB 422.1 million in 2019[161] - The company has a long-term dividend policy aimed at distributing dividends when business conditions are favorable and profitable[157] Stock Options and Executive Compensation - The company has implemented a share option scheme to incentivize eligible participants, effective since December 12, 2011, with a maximum share issuance limit of 30% of the company's issued share capital[170] - Directors' remuneration is determined by the remuneration committee based on performance and the group's results, with annual bonuses awarded[168] - The total number of stock options across all categories was 294,384,000, with 257,280,000 options available for exercise at year-end[174]

Financial Performance - For the nine months ended September 30, 2020, the company reported revenue of RMB 79,557,000, a decrease of 64.4% compared to RMB 226,797,000 for the same period in 2019[10] - The gross loss for the nine months was RMB 1,992,000, compared to a gross profit of RMB 79,995,000 in the same period of 2019, indicating a significant decline in profitability[10] - The net loss attributable to owners of the company for the nine months was RMB 36,236,000, compared to a profit of RMB 34,086,000 in the same period of 2019, reflecting a negative shift in financial performance[10] - The basic and diluted loss per share for the nine months was RMB 1.01, compared to earnings of RMB 0.97 per share in the same period of 2019[10] - The company recorded a total comprehensive loss of RMB 38,812,000 for the nine months, compared to a total comprehensive income of RMB 41,183,000 in the same period of 2019[10] - The company reported a significant increase in administrative expenses, totaling RMB 17,335,000 for the nine months, compared to RMB 9,447,000 in the same period of 2019[10] - Other income for the nine months was RMB 11,527,000, a decrease from RMB 11,527,000 in the same period of 2019[10] - The company experienced a substantial impairment loss on trade receivables amounting to RMB 36,680,000 for the nine months[10] - The total comprehensive income for the period was RMB 34,187,000, with non-controlling interests contributing RMB 6,996,000, resulting in a total of RMB 41,183,000[11] - The company recognized a loss of RMB 36,236,000 during the period, with non-controlling interests accounting for RMB 2,576,000, leading to a total loss of RMB 38,812,000[11] - The company reported a pre-tax loss of RMB 16,824,000 for the three months ended September 30, 2020, compared to a profit of RMB 1,641,000 for the same period in 2019[33] - The company reported a loss attributable to owners of the company of RMB (36,236,000) for the nine months ended September 30, 2020, compared to a profit of RMB 34,187,000 for the same period in 2019[33] - The net loss after tax for the period was RMB 38,800,000, while the corresponding period last year recorded a net profit of RMB 41,200,000[44] - The company incurred a provision for expected credit losses totaling RMB 36,700,000 due to adverse market conditions, which was not present in the same period last year[44] - The company recorded a total loss attributable to owners of RMB 36,200,000 for the period, contrasting with a profit of RMB 34,200,000 in the same period last year[44] - The company reported total revenue of RMB 79,600,000 for the period, a significant decrease of 64.9% compared to RMB 226,800,000 in the same period last year[44] Revenue Sources and Business Operations - The revenue from the new energy business for the nine months ended September 30, 2020, was RMB 79,182,000, compared to RMB 226,419,000 for the same period in 2019, reflecting a decline[17] - The company did not generate any revenue from construction-related and consulting services during the period due to travel and work restrictions caused by COVID-19[14] - The LNG supply business was the only revenue source for the company's new energy segment during the period, with no new projects obtained in construction-related and consulting services[45] - Revenue from the new energy business for the period was RMB 79,200,000, accounting for 99.5% of total revenue, a decrease from RMB 226,400,000 in the corresponding period[50] - Sales cost for the new energy business decreased to RMB 81,500,000 from RMB 146,800,000 in the corresponding period, primarily due to a drop in LNG supply costs[52] - Gross margin for the new energy business fell from 35.2% in the corresponding period to a gross loss of 3.0% in the current period, attributed to a significant decline in LNG supply revenue[53] Future Outlook and Strategic Plans - The company has not provided specific guidance for future performance or new product developments in the conference call[10] - The company anticipates continued challenges in Q4 2020 due to economic risks from the COVID-19 pandemic and a slowdown in China's economic growth[61] - The company plans to establish a new joint venture to strengthen LNG supply and explore acquisitions to enhance business capabilities[61] - The company aims to issue convertible bonds to raise funds, with estimated net proceeds of HKD 97,500,000 to strengthen financial position and expand investor base[61] - The company has expanded its geographical coverage by entering the Shanghai market, which is expected to contribute to revenue in the last quarter of 2020[45] Shareholder Information and Corporate Governance - The company has not declared or proposed any dividends for the nine months ended September 30, 2020, compared to a dividend of HKD 0.005 per share in the same period last year[38] - The company has not established any arrangements for directors or executives to acquire rights to purchase its securities during the reporting period[82] - The board communicates with shareholders through annual general meetings and special meetings, ensuring transparency[84] - The company adheres to the corporate governance code as per GEM listing rules and has been regularly reviewing its compliance[85] - The audit committee has reviewed the unaudited third-quarter financial statements and confirmed compliance with applicable accounting standards[87] Stock Options and Share Capital - The company has implemented a stock option plan effective for 10 years starting from December 12, 2011, allowing eligible participants to purchase shares at a price equal to the higher of the closing price on the grant date or the average closing price over the previous five trading days[67] - As of September 30, 2020, the total number of unexercised stock options granted under the plan was 257,280,000 shares, representing 7.10% of the company's issued shares at that date[69] - The maximum number of shares that can be issued upon the exercise of stock options under this plan and any other stock option plans cannot exceed 10% of the issued shares on the date of listing and approval for trading[67] - The company granted 28,000,000 stock options in 2014 at an exercise price of HKD 0.81 per share, and 343,536,000 stock options in 2017 at an exercise price of HKD 0.289 per share[69] - The total number of shares issued and to be issued due to the exercise of stock options within any 12-month period cannot exceed 1% of the issued shares[67] Shareholding Structure - The company’s major shareholders include Mr. Hu with 547,184,000 shares (15.11%) and Ms. Lin with 493,456,000 shares (13.62%) as of September 30, 2020[72] - Depot Up Limited holds 640,000,000 shares, representing 17.67% of the company's issued share capital[79] - Tongjie Global Limited and Songsheng Global Investment Limited each hold 448,000,000 shares, accounting for 12.37% of the company's issued share capital[79] - Yude Limited has 219,112,000 shares, which is 6.05% of the company's issued share capital[79] Compliance and Reporting - The company has not disclosed any competitive business interests or conflicts of interest among its directors and management during the reporting period[76] - The company has not applied any non-competition agreements during the reporting period[77] - The company has not issued any debt securities during the reporting period[81] - There were no purchases, sales, or redemptions of the company's listed securities during the reporting period[83] - The report will be published on the GEM website and the company's website for at least seven days from the publication date[88]

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 68,762,000, a decrease of 67.4% compared to RMB 211,105,000 for the same period in 2019[12] - Gross profit for the same period was RMB 186,000, representing a 99.7% decrease from RMB 67,339,000 in 2019[12] - The total comprehensive loss for the period was RMB (20,273,000), a significant decline from a profit of RMB 38,724,000 in the corresponding period of 2019, marking a 152.4% change[12] - The loss attributable to owners of the company was RMB (19,412,000), compared to a profit of RMB 32,445,000 in the previous year, reflecting a 159.8% decrease[12] - The total revenue from continuing operations for the six months ended June 30, 2020, was RMB (20,273) thousand, compared to RMB 38,724 thousand for the same period in 2019, representing a decline of approximately 152.4%[22] - The net loss attributable to owners from continuing operations was RMB (19,412) thousand for the six months ended June 30, 2020, compared to a profit of RMB 32,445 thousand in the same period of 2019, indicating a significant downturn[25] - The basic and diluted loss per share from continuing operations was RMB (0.005) for the six months ended June 30, 2020, compared to earnings of RMB 0.009 per share in the same period of 2019[28] - The group reported a pre-tax loss of RMB 20,945,000 for the six months ended June 30, 2020, compared to a profit of RMB 55,497,000 in the same period of 2019[56] - The company reported a loss attributable to owners of the company of RMB 19,412,000 for the six months ending June 30, 2020[81] - The company recorded a loss attributable to owners of RMB 19,400,000, a decrease of 159.6% compared to a profit of RMB 32,500,000 in the previous period[122] Assets and Liabilities - The company's total assets as of June 30, 2020, were RMB 607,725,000, down 1.8% from RMB 618,694,000 at the end of 2019[11] - Net assets decreased by 2.3% to RMB 475,098,000 from RMB 486,462,000 at the end of 2019[11] - Cash and bank balances significantly dropped by 63.5% to RMB 7,152,000 from RMB 19,607,000 at the end of 2019[11] - The total assets as of June 30, 2020, were RMB 475,098 thousand, a decrease from RMB 486,462 thousand as of December 31, 2019, reflecting a decline of approximately 2.8%[32] - Current assets amounted to RMB 529,180 thousand as of June 30, 2020, compared to RMB 536,449 thousand as of December 31, 2019, showing a decrease of about 1.4%[33] - The current liabilities were RMB 131,758 thousand as of June 30, 2020, slightly increased from RMB 130,546 thousand as of December 31, 2019, indicating a marginal rise of 0.9%[33] - The group recorded a net asset value of RMB 475,100,000 as of June 30, 2020, down from RMB 486,500,000 as of December 31, 2019, primarily due to net losses during the period[124] - The group's current assets and current liabilities as of June 30, 2020, were RMB 529,200,000 and RMB 131,800,000, respectively, compared to RMB 536,400,000 and RMB 130,500,000 as of December 31, 2019[124] Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2020, was RMB (18,616,000), a significant improvement from RMB (152,090,000) in the same period of 2019[40] - The financing activities generated a net cash inflow of RMB 6,162,000 for the six months ended June 30, 2020, compared to RMB 622,000 in the same period of 2019[40] - The company’s investment activities resulted in a net cash outflow of RMB (1,000,000) during the reporting period, compared to an inflow of RMB 4,736,000 in the same period of 2019[40] - The total cash and cash equivalents at the end of the reporting period was RMB 59,275,000, compared to RMB 7,152,000 at the beginning of the period[39] - As of June 30, 2020, the group had no bank borrowings and maintained a debt-to-equity ratio of 0.0%[124] Revenue Sources - Revenue from the new energy business for the six months ended June 30, 2020, was RMB 68,510,000, a decrease of 67.5% compared to RMB 210,853,000 for the same period in 2019[51] - LNG supply was the only source of revenue during the period, with significant declines in supply and revenue due to COVID-19[109] - Revenue from the new energy business was RMB 68,500,000, down from RMB 210,900,000, accounting for 99.6% of total revenue[113] Government Support and Subsidies - The company received a subsidy of RMB 5,562,000 from the local government in China to encourage the development of its new energy business during the reporting period[43] - The group recognized government subsidies related to COVID-19 amounting to RMB 140,000 during the reporting period[60] - The company received government subsidies of approximately RMB 420,000 related to the Covid-19 employment support scheme in July 2020[106] Employee and Management Compensation - The total employee costs for the period were RMB 5,529,000, with RMB 3,880,000 included in the cost of sales[69] - The total compensation for directors and key management personnel for the six months ended June 30, 2020, was RMB 3,483,000, a decrease from RMB 5,579,000 in the previous year[105] - The company reported a decrease in short-term employee benefits from RMB 5,469,000 to RMB 3,366,000 year-over-year[105] Share Options and Equity - The company has a share option plan that allows for the issuance of options equivalent to up to 30% of the issued share capital, excluding shares issued upon exercise of options[99] - As of June 30, 2020, the number of shares involved in unexercised options was adjusted to 267,280,000, representing 7.4% of the issued shares, down from 8.2% as of December 31, 2019[100] - The weighted average exercise price of options as of June 30, 2020, was HKD 0.291, compared to HKD 0.289 for the previous period[102] - The stock options plan allows for the issuance of shares not exceeding 1% of the issued shares within any 12-month period[140] Market Outlook and Strategy - The board anticipates that the impact of COVID-19 will continue to negatively affect the group's overall performance in the near term, maintaining a cautious outlook for the remainder of the year[126] - The group plans to actively seek new markets for LNG trading while maintaining existing locations, focusing on expanding its new energy business beyond its main base in Tianjin[126] - The group will seek new engineering projects with good profit margins to expand its operations and allocate sufficient resources to LNG supply to promote business development[126] Miscellaneous - The company has not experienced significant adverse effects on its financial condition and performance due to government support measures in response to the pandemic[43] - The company continues to apply the same accounting policies and methods as those presented in the annual financial statements for the year ended December 31, 2019[44] - The company has not adopted any financial instruments for hedging purposes during the period[130] - The company communicated with shareholders through the annual general meeting and special general meeting[157] - The report will be published on the GEM website for at least seven days from the publication date[157]

Financial Performance - Revenue for the first quarter of 2020 was RMB 68,636 thousand, a decrease of 29.5% compared to RMB 97,408 thousand in the same period of 2019[8] - Gross profit for the first quarter of 2020 was RMB 2,643 thousand, down 89.6% from RMB 25,376 thousand in the first quarter of 2019[8] - Net profit attributable to owners for the first quarter of 2020 was RMB 3,993 thousand, a decline of 72.5% from RMB 14,542 thousand in the previous year[8] - The basic and diluted earnings per share for the first quarter of 2020 were RMB 0.07, down 77.4% from RMB 0.31 in the same period of 2019[12] - The gross margin for the first quarter of 2020 was 3.9%, significantly lower than 26.1% in the first quarter of 2019[8] - The net profit margin for the first quarter of 2020 was 5.8%, compared to 14.9% in the same period of 2019[8] - The total comprehensive income for the first quarter of 2020 was RMB 2,627 thousand, a decrease of 76.1% from RMB 11,001 thousand in the first quarter of 2019[8] - Profit before tax for the three months ended March 31, 2020, was RMB 7,026,000, compared to RMB 22,269,000 in 2019, reflecting a decrease of 68.4%[13] - Total comprehensive income for the period was RMB 3,993,000, down from RMB 14,542,000 in the previous year, a decline of 72.6%[13] - The company's net profit attributable to owners was RMB 2,600,000, a decrease of 76.7% from RMB 11,300,000 in the previous period, with basic and diluted earnings per share at RMB 0.07[50] Operational Challenges - The company experienced a significant decline in both revenue and profit margins, indicating challenges in its operational performance during the period[8] - The financial results reflect the impact of market conditions on the company's performance, necessitating strategic adjustments moving forward[8] - The group’s operations were significantly impacted by COVID-19, leading to temporary closures of offices and work-from-home arrangements for most employees[36] - The only revenue source during the first three months was from LNG supply, which has a lower gross margin compared to construction-related and consulting services[36] - The group anticipates continued adverse impacts on overall business and financial performance in the second quarter due to COVID-19, depending on the duration of the pandemic and regulatory measures[51] Revenue and Cost Analysis - Revenue from continuing operations for the three months ended March 31, 2020, was RMB 68,636,000, a decrease of 29.6% compared to RMB 97,408,000 for the same period in 2019[13] - Total revenue from continuing operations decreased from RMB 97,400,000 to RMB 68,600,000, representing a year-on-year decline of 29.5%[36] - Revenue from the new energy business was RMB 68,500,000, accounting for 99.8% of total revenue, compared to 99.9% in the previous period[40] - The sales cost for the new energy business was RMB 66,000,000, down from RMB 72,000,000 in the previous period[42] - The gross profit margin for the new energy business dropped from 26.0% to 3.7% due to lower margins on LNG supply[43] - The cost of inventory recognized as an expense was RMB 63,410,000, compared to RMB 68,629,000 in the previous year, indicating a reduction of 7.5%[21] Employee and Administrative Expenses - Total employee costs for the three months ended March 31, 2020, were RMB 4,450,000, down from RMB 6,386,000 in 2019, a decrease of 30.4%[21] - Administrative expenses decreased by 25.1% to RMB 6,600,000 from RMB 8,800,000 in the previous period[45] Taxation and Government Support - The company reported a tax expense of RMB 3,033,000 for the current period, down from RMB 7,727,000 in 2019, a decrease of 60.7%[22] - The company received government subsidies of approximately RMB 5,517,000 during the period to support its new energy business development[20] - The group recorded no provision for Hong Kong profits tax due to tax losses incurred by subsidiaries during the periods[24] - Income tax expenses fell by 60.7% to RMB 3,000,000 from RMB 7,700,000, mainly due to reduced provisions for corporate income tax[46] Corporate Governance and Compliance - The company has established an audit committee in compliance with GEM listing rules, consisting of three independent non-executive directors[82] - The audit committee reviewed the unaudited financial statements for the first quarter and confirmed they were prepared in accordance with applicable accounting standards[82] - The company has been in compliance with the corporate governance code as per GEM listing rules during the reporting period[80] Stock Options and Shareholder Information - The company has granted a total of 285,944,000 stock options as of March 31, 2020, which represents 8.0% of the issued shares at that date, down from 10.1% a year earlier[59] - The exercise price for stock options granted in 2014 was set at HKD 0.81 per share, which was adjusted to 224,000,000 shares after a stock split[59] - As of March 31, 2020, the number of stock options granted but not exercised decreased from 355,680,000 to 285,944,000 over the year[59] - The maximum number of shares that can be issued upon the exercise of stock options under the plan is capped at 10% of the issued shares on the date of listing[57] - The company must obtain shareholder approval to update the 10% limit on the total number of shares that can be issued upon the exercise of stock options[57] - The company has issued stock options to directors, advisors, and employees as part of its incentive plan[59] Shareholding Structure - Mr. Hu holds 544,184,000 shares, representing 15.14% of the company's issued share capital[64] - Ms. Lin has 489,088,000 shares, accounting for 13.61% of the company's issued share capital[64] - Depot Up Limited holds 640,000,000 shares, which is 17.81% of the company's issued share capital[74] - The company has 44,800,000 and 92,832,000 unexercised share options granted at exercise prices of HKD 0.10125 and HKD 0.289 respectively[68] - The company has not issued any debt securities during the reporting period[76] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the reporting period[78] - The company has no knowledge of any competing business interests held by directors or management shareholders[69] - The company has no arrangements for directors or executives to acquire any securities of the company or its affiliates[77] - No other individuals are known to hold significant interests in the company's shares or related securities[76]

Business Transformation and Growth - The overall revenue of Zhonghua Gas Holdings Limited recorded stable growth, primarily driven by the liquefied natural gas (LNG) supply from the new energy business[6]. - The company has successfully transformed its business to focus on new energy-related consulting projects, technical development, and LNG station operations[6]. - The management team is focused on expanding the new energy market and aims to become a leading diversified new energy service provider in the Greater China region[6]. - The company has significantly broadened its revenue sources and expanded the scope of its new energy business, establishing long-term relationships with various business partners and customers[6]. - The company is committed to maintaining a strong market position and aims to become a leading integrated diversified new energy operator in the Greater China region[7]. - The main business includes providing diversified integrated new energy services, such as heating and coal-to-gas solutions, technical development, and LNG supply[10]. Financial Performance - The company's revenue from continuing operations for the year ended December 31, 2019, was RMB 344,766,000, representing a 7.3% increase from RMB 321,265,000 in the previous year[11]. - Gross profit margin decreased to 34.0% from 53.6% year-on-year, leading to a significant drop in net profit by 46.6% to RMB 53,740,000[14][20]. - The company made a provision for expected credit losses of RMB 9,400,000 due to the temporary closure of all offices in Tianjin since the COVID-19 outbreak[20]. - The total assets as of December 31, 2019, were RMB 618,694,000, a decrease of 9.0% from RMB 679,951,000 in the previous year[15]. - The company did not recommend any dividend for the year, compared to a dividend of HKD 0.005 per share in the previous year[19]. - The company's profit attributable to the owners decreased by 46.7% to RMB 44,200,000 from RMB 82,900,000 in the previous year, mainly due to lower gross margins from LNG supply and a reduction in government subsidies[37]. Revenue Sources and Business Segments - The new energy business revenue accounted for 99.9% of the total revenue, with significant contributions from LNG supply and completed construction-related projects[40]. - The group's revenue for the year was RMB 344,800,000, an increase of 7.3% from RMB 321,300,000 in the previous year, primarily due to an increase in revenue from the new energy business by RMB 23,200,000[28]. - The sales cost for the new energy business rose to RMB 227,534,000, a 52.7% increase from RMB 148,966,000 in the previous year, mainly due to increased LNG supply[29]. - The gross margin for the new energy business decreased from 53.6% to 33.9%, attributed to the lower margin of LNG supply compared to construction-related and consulting projects[30]. Market Challenges and Strategic Responses - Despite recent market challenges due to the COVID-19 outbreak, the company believes that national policy directions related to its business will remain unchanged, limiting negative impacts[7]. - The group plans to cautiously expand its LNG supply business and closely monitor market changes in response to the impacts of COVID-19[44]. - The company is closely monitoring government policy changes regarding the "coal-to-gas" project to adjust its business operations accordingly[130]. Risk Management and Internal Controls - The company has established a risk register to document identified risks and regularly assesses their potential impact and likelihood[124]. - The company has enhanced its internal control measures to address risks associated with supply chain management and contractor performance[137]. - The company has developed an emergency response plan to improve operational capabilities in case of safety incidents[134]. - The company is increasing its internal control levels in response to significant social events affecting its Hong Kong operations[130]. Corporate Governance - The company has maintained a high standard of corporate governance to enhance shareholder value and ensure transparency, accountability, and independence[73]. - The board has adopted the revised corporate governance code as per GEM listing rules, with a commitment to regular reviews and compliance[74]. - All directors confirmed full compliance with the trading standards for securities transactions during the year ending December 31, 2019, with no violations reported[76]. - The board consists of four executive directors and three independent non-executive directors, responsible for enhancing shareholder value[79]. - The audit committee, composed entirely of independent non-executive directors, held six meetings this year, with full attendance from its members[94]. Employee and Shareholder Engagement - The company maintains a healthy work environment and regularly reviews employee benefits to attract key personnel[141]. - The company provides training and support to all directors regarding their responsibilities and relevant regulations[90]. - The company is committed to high transparency and timely disclosure of information to enhance investor relations[150]. Share Options and Capital Structure - The total number of share options granted and unexercised as of December 31, 2019, was 294.4 million shares, representing 8.2% of the issued shares[175]. - The company has implemented a share option scheme to incentivize eligible participants based on their contributions to the group's operational achievements[172]. - The board's long-term dividend policy aims to distribute dividends when the company's business conditions are favorable and profitable[154].