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的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 TL Natural Gas Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：8536） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 TL Natural Gas Holdings Limited（「本公司」，連同其附屬公司為「本集團」）董事（「董 事」）會（「董事會」）欣然宣佈本集團截至二零二三年六月三十日止六個月之中期 未經審核綜合業績。本公告載有本公司二零二三年中期報告（「二零二三年中 期報告」）全文，符合香港聯合交易所有限公司GEM證券上市規則（「GEM上市規 則」）有關中期業績初步公告隨附資料之相關規定。二零二三年中期報告的印刷 版本將於適當時候寄發予本公司的股東，並刊登在香港聯合交易所有限公司 網站www.hkexnews.hk及本公司網站www.tl-cng.com以供閱覽。 承董事會命 TL Natural ...

Financial Performance - The revenue for the first quarter of 2023 was RMB 14,825,000, representing a 34.5% increase from RMB 11,057,000 in the same period of 2022[7] - Gross profit for the first quarter of 2023 was RMB 1,920,000, compared to RMB 486,000 in the first quarter of 2022, indicating a significant improvement[7] - The net loss for the first quarter of 2023 was RMB 1,832,000, a decrease from a net loss of RMB 2,075,000 in the same period of 2022, reflecting a 11.7% improvement[7] - Basic and diluted loss per share for the first quarter of 2023 was 1.01 cents, compared to 1.20 cents in the first quarter of 2022[7] - The total revenue for the three months ended March 31, 2023, was approximately RMB 14.8 million, an increase of about RMB 3.7 million or 33.3% compared to RMB 11.1 million for the same period in 2022[33] - The basic loss per share for the three months ended March 31, 2023, was RMB (1.01), compared to RMB (1.20) for the same period in 2022[27] - The loss attributable to owners for the three months ended March 31, 2023, was approximately RMB 1.8 million, a decrease of RMB 0.3 million or 14.3% compared to RMB 2.1 million for the same period in 2022[40] Revenue Breakdown - Revenue from CNG sales to wholesale customers increased by approximately RMB 4.3 million or 65.2%, from about RMB 6.6 million to approximately RMB 10.9 million[33] - Revenue from CNG sales to retail customers decreased by approximately RMB 2.3 million or 51.1%, from about RMB 4.5 million to approximately RMB 2.2 million[33] - LNG sales generated revenue of approximately RMB 1.5 million during the period, compared to none in the same period of 2022[33] Expenses and Costs - The company’s administrative expenses increased to RMB 3,613,000 in the first quarter of 2023 from RMB 2,520,000 in the same period of 2022, reflecting a 43.3% rise[7] - The cost of sales for the first quarter of 2023 was RMB 12,905,000, up from RMB 10,571,000 in the first quarter of 2022, indicating a 22.1% increase[7] - The cost of sold inventory for the three months ended March 31, 2023, was RMB 9.8 million, compared to RMB 8.5 million for the same period in 2022[22] - The cost of sales for the three months ended March 31, 2023, was approximately RMB 12.9 million, an increase of about RMB 2.3 million or 21.7% compared to RMB 10.6 million for the same period in 2022[34] - Selling and distribution expenses rose by approximately RMB 32,000 or 27.4% to about RMB 149,000 for the three months ended March 31, 2023, compared to RMB 117,000 for the same period in 2022[36] - Administrative expenses increased by approximately RMB 1.1 million or 44.0% to about RMB 3.6 million for the three months ended March 31, 2023, primarily due to increased maintenance costs and new business-related expenses[37] Equity and Shareholder Information - The total equity attributable to owners of the company as of March 31, 2023, was RMB 81,148,000, a decrease from RMB 84,268,000 as of January 1, 2022[9] - As of March 31, 2023, Liu Yongcheng directly owns 100% of Yongsheng Industrial Co., which holds 19,392,500 shares or approximately 10.94% of the issued shares[53] - Liu Yongqiang directly owns 100% of Hongsheng Industrial Co., which holds 66,562,500 shares or approximately 37.55% of the issued shares as of March 31, 2023[53] - Yongsheng and Hongsheng are both considered substantial shareholders, each holding 85,955,000 shares or 50.36% of the total issued shares[54] - Anwei Development Limited holds 13,872,500 shares, representing 7.83% of the total issued shares[54] - Liu Guohua holds 9,492,500 shares, which is approximately 5.36% of the total issued shares[54] Corporate Governance - The company has adopted and complied with the corporate governance code as per the GEM listing rules, with the exception of the separation of the roles of Chairman and CEO, which are held by the same individual, Liu Yongcheng[71] - The board of directors includes three executive directors and three independent non-executive directors, ensuring appropriate checks and balances[76] - The Audit and Risk Management Committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the three months ending March 31, 2023[72] Future Outlook - The company anticipates strong GDP growth in China in the coming years as the economy gradually recovers from pandemic restrictions[41] - The company is optimistic about the growth of natural gas consumption in China, supported by government policies promoting cleaner energy sources[41] Share Options and Compliance - The stock option plan was approved by shareholders on April 20, 2018, allowing for the issuance of stock options[58] - Liu Yongcheng and Liu Yongqiang were each granted stock options for 1,375,000 and 280,900 shares respectively under the stock option plan[59] - The company has utilized all existing authorized limits under the share option plan, with 25,816,009 unexercised options remaining, representing approximately 14.56% of the issued shares as of the report date[64] - The fair value of the granted options, calculated using a binomial option pricing model, is estimated at RMB 4,655,000[65] - The expected volatility for the options is 42.55% and 42.33% for the respective grant dates[63] - The share options vesting schedule includes 30% vesting at grant date, another 30% after one year, and the remaining 40% after two years[64] - The company confirmed compliance with the trading standards set forth in the GEM Listing Rules during the reporting period[68] - There were no conflicts of interest reported by directors or major shareholders in businesses that may compete with the company's operations during the three months ended March 31, 2023[70] - The company has not granted any rights to directors or their immediate family members to purchase shares or debentures of the company during the reporting period[66] Other Information - The company has no significant investments or acquisitions planned during the reporting period[46] - The company has confirmed that the controlling shareholders have adhered to the non-competition agreement throughout the reporting period[69] - No significant events occurred after the reporting period, aside from those disclosed in the report[73] - The report contains forward-looking statements regarding the company's financial condition and operational performance, which involve known and unknown risks and uncertainties[75]

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的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 TL Natural Gas Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：8536） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 三 個 月 之 第 一 季 度 業 績 公 告 TL Natural Gas Holdings Limited（「本公司」，連同其附屬公司為「本集團」）董事（「董 事」）會（「董事會」）欣然宣佈本集團截至二零二三年三月三十一日止三個月之第 一季度未經審核綜合業績。本公告載有本公司二零二三年第一季度報告（「二零 二三年第一季度報告」）全文，符合香港聯合交易所有限公司GEM證券上市規則 （「GEM上市規則」）有關第一季度業績初步公告隨附資料之相關規定。二零二三 年第一季度報告的印刷版本將於適當時候寄發予本公司的股東，並刊登在香港 聯合交易所有限公司網站www.hkexnews.hk 及本公司網站www.tl-cng.com 供閱覽 ...

Financial Performance - The revenue from CNG sales increased by 45.7% from RMB 464 million in 2021 to RMB 676 million in 2022[15] - The company generated approximately RMB 33 million from LNG sales and CNG transportation services in 2022, compared to none in 2021[15] - Total revenue increased by approximately RMB 21.2 million or 45.7% from RMB 46.4 million in 2021 to RMB 67.6 million in 2022[21] - Retail business revenue decreased by approximately RMB 1.6 million or 9.8% to RMB 14.8 million, accounting for 22.0% of total revenue in 2022, down from 35.4% in 2021[24] - Wholesale business revenue increased by approximately RMB 14.3 million or 47.5% to RMB 44.4 million, representing 65.7% of total revenue in 2022, up from 64.7% in 2021[25] - Gross profit for the year was approximately RMB 16.3 million, with a gross margin of 24.1%, compared to a gross loss of RMB 1.0 million in the previous year[27] - The net loss decreased by 54.1% from RMB 85 million in 2021 to RMB 39 million in 2022[15] - The company reported a loss attributable to owners of approximately RMB 3.1 million, a decrease of RMB 5.4 million or 63.5% from a loss of RMB 8.5 million in the previous year[35] Expenses and Costs - Administrative expenses rose by 85.9% to RMB 158 million in 2022, primarily due to new business operations and increased maintenance costs[15] - Other income and losses recorded a loss of approximately RMB 3.8 million, primarily due to the write-off of property and equipment[29] - Administrative expenses increased by approximately RMB 7.3 million or 85.9% to RMB 15.8 million, mainly due to increased maintenance costs and new business operations[32] Business Operations and Strategy - The company is optimistic about the growth of CNG consumption in China due to government policies and industry trends promoting natural gas usage[16] - The company is actively exploring various business opportunities to diversify revenue sources and enhance shareholder value[16] - The company aims to provide safe and reliable clean energy supply while contributing to environmental protection in China[16] - The main operational location is in Jingzhou, Hubei Province, China, focusing on CNG and LNG sales and transportation services[19] - The company purchases natural gas from China National Petroleum Corporation (CNPC) for its CNG supply[20] Investments and Projects - The company has made an investment of RM 9.8 million in acquiring all issued shares of Silver Max AP Company Limited for rental income generation[40] - The construction of the "Jinfu Garden" serviced apartment project in Malaysia is expected to be completed by Q1 2025, delayed primarily due to COVID-19[40] - The company plans to complete the construction of the new CNG refueling station by the end of 2023, with ongoing discussions with government officials regarding approvals[59] - The upgrade of the Jingzhou mother station's infrastructure to support LNG refueling capabilities has been completed, allowing simultaneous sales of CNG and LNG[59] Financial Position and Equity - As of December 31, 2022, the total equity of the company was approximately RMB 82.1 million, a decrease from RMB 84.3 million as of December 31, 2021[39] - The company's cash and cash equivalents increased to approximately RMB 33.8 million as of December 31, 2022, compared to RMB 29.6 million as of December 31, 2021[39] - The operating working capital was approximately RMB 39.9 million as of December 31, 2022, up from RMB 37.0 million as of December 31, 2021, with a current ratio of 4.8[39] - Trade receivables decreased by approximately RMB 1.3 million to about RMB 4.7 million as of December 31, 2022, from RMB 6.0 million as of December 31, 2021, with a reduction in trade receivables turnover days to about 29.0 days[45] - The company has no interest-bearing bank borrowings, resulting in an asset-to-liability ratio that is not applicable[39] Corporate Governance - The board of directors will continuously evaluate the company's business objectives and may adjust plans based on changing market conditions[62] - The board presented the annual report and audited financial statements, reflecting the company's operational performance[80] - The company has a strong management team with extensive experience in finance and operations, contributing to its strategic direction[76][72][73] - The company has adopted the corporate governance code as a benchmark for its governance practices[147] - The board consists of six members, including three executive directors and three independent non-executive directors[152] Risk Management - The management discussion and analysis section provides insights into major risks and uncertainties faced by the group, as well as potential future developments[82] - The board has confirmed its responsibility for risk management and internal control systems, which are designed to manage risks rather than eliminate them[196] - The audit and risk management committee assists the board in overseeing the implementation and monitoring of risk management and internal control systems[198] - The company employs a rigorous process for identifying, assessing, and managing significant risks that may impact its business and operations[200] Employee and Diversity - As of December 31, 2022, the company had 64 employees, with employee costs amounting to approximately RMB 5.2 million, an increase from RMB 4.9 million in the previous year[51] - The gender ratio among all employees was approximately 38% male to 62% female, indicating a commitment to gender diversity in hiring practices[189] - The company aims to maintain a balanced approach to diversity related to business growth, ensuring diverse candidates are considered in recruitment practices[187] Shareholder Information - As of December 31, 2022, the total issued shares were 177,255,000, with Liu Yongcheng and Liu Yongqiang each holding 49.43% of the shares[105] - The company has a total of 25,816,009 stock options outstanding, representing approximately 14.56% of the issued shares as of the report date[123] - The fair value of the granted stock options is estimated at RMB 4,655,000, with an expense of RMB 315,000 recognized for the year[126]

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的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 TL Natural Gas Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：8536） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 年 度 業 績 公 告 TL Natural Gas Holdings Limited（「本公司」，連同其附屬公司為「本集團」）董事會（「董 事會」）欣然宣佈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 業績。本公告載有本公司二零二二年年度報告（「二零二二年年度報告」）全文， 符合香港聯合交易所有限公司GEM證券上市規則（「GEM上市規則」）有關年度 業績初步公告隨附資料之相關規定。二零二二年年度報告的印刷版本將於適 當時候寄發予本公司的股東，並刊登在GEM網站www.hkgem.com 及本公司網站 www.tl-cng.com 供閱覽。 承董事會命 TL Natural Gas Holdings L ...

Financial Performance - Revenue for the three months ended September 30, 2022, was RMB 19,093 thousand, an increase from RMB 10,080 thousand in the same period last year, representing an increase of 89.5%[7] - Gross profit for the three months ended September 30, 2022, was RMB 5,825 thousand, compared to a gross loss of RMB 1,245 thousand in the same period last year[7] - The net loss for the three months ended September 30, 2022, was RMB 1,586 thousand, an improvement from a net loss of RMB 2,785 thousand in the same period last year, reflecting a decrease of 43.0%[9] - Total comprehensive loss for the three months ended September 30, 2022, was RMB 2,226 thousand, compared to RMB 2,905 thousand in the same period last year, indicating a reduction of 23.3%[9] - For the nine months ended September 30, 2022, total revenue was RMB 46,160 thousand, up from RMB 33,900 thousand in the same period last year, marking an increase of 36.0%[7] - The company reported a gross profit of RMB 10,070 thousand for the nine months ended September 30, 2022, compared to a gross loss of RMB 3,997 thousand in the same period last year[7] - The basic and diluted loss per share for the three months ended September 30, 2022, was RMB 0.89, an improvement from RMB 1.57 in the same period last year[7] - CNG sales for the three months ended September 30, 2022, amounted to RMB 18,287,000, compared to RMB 10,080,000 for the same period in 2021, reflecting a growth of approximately 81.9%[22] - For the nine months ended September 30, 2022, the company's revenue was approximately RMB 46.2 million, an increase of approximately RMB 12.3 million or 36.3% compared to RMB 33.9 million for the same period in 2021[36] - Revenue from wholesale CNG sales increased by RMB 9.1 million or 43.1% to RMB 30.2 million for the nine months ended September 30, 2022, compared to RMB 21.1 million for the same period in 2021[36] - Gross profit for the nine months ended September 30, 2022, was approximately RMB 10.1 million, with a gross margin of 21.8%, compared to a gross loss of approximately RMB 4.0 million for the same period in 2021[39] - The company reported a loss attributable to owners of the company of approximately RMB 4.0 million for the nine months ended September 30, 2022, a decrease of approximately RMB 4.1 million or 50.6% compared to RMB 8.1 million for the same period in 2021[44] Operational Efficiency - The financial performance reflects ongoing efforts to improve operational efficiency and reduce losses compared to previous periods[9] - The company has implemented measures to mitigate the impact of COVID-19 on its operations, including streamlining workflows and managing working capital[46] - The company anticipates that government policies supporting natural gas development will stimulate the industry and promote growth in related products[46] - The board will continue to assess the impact of COVID-19 on the group's operations and financial performance, closely monitoring risks and uncertainties arising from the pandemic[47] Business Focus and Strategy - The company continues to focus on the sales of compressed natural gas (CNG) in China, which remains its primary business segment[14] - The company is actively exploring new business opportunities in China and other regions to diversify its revenue sources[46] - The company has not indicated any new product launches or significant market expansions in the upcoming quarters[14] - The company has not provided guidance for future performance or new product developments in the current report[18] Assets and Liabilities - Non-current assets in China increased to RMB 34,276,000 as of September 30, 2022, from RMB 34,071,000 as of December 31, 2021, showing a slight increase of 0.6%[19] - The company’s total non-current assets as of September 30, 2022, were RMB 48,426,000, slightly up from RMB 48,188,000 as of December 31, 2021, reflecting a growth of approximately 0.5%[19] - The total tax expense for the nine months ended September 30, 2022, was RMB 0, as the company did not generate taxable profits in Hong Kong[28] Shareholder Information - Major shareholders hold approximately 50.36% of the issued shares, with Liu Yongcheng and Liu Yongqiang each holding 49.43%[54][59] - Liu Yongcheng directly owns 100% of Yongsheng Industrial Co., which holds approximately 10.94% of the issued shares[56] - Liu Yongqiang directly owns 100% of Hongsheng, which holds approximately 37.55% of the issued shares[57] - As of September 30, 2022, Liu Yongqiang directly owned 100% of Hongsheng, which held 66,562,500 shares or approximately 37.55% of the issued shares[3] - Liu Yongqiang is also considered to have an interest in 19,392,500 shares or approximately 10.94% of the issued shares of Yongsheng due to being a concert party with Liu Yongcheng[3] Corporate Governance - The company has established an Audit and Risk Management Committee, consisting of three independent non-executive directors, to review the unaudited consolidated financial statements for the nine months ending September 30, 2022[80] - The company has complied with the corporate governance code, with the exception of the separation of the roles of Chairman and CEO, which is deemed appropriate under current management structure[77] - The company has maintained compliance with the GEM Listing Rules regarding corporate governance throughout the reporting period[77] - The company has adopted the trading compliance standards as per the GEM Listing Rules, confirming compliance by all directors for the nine months ending September 30, 2022[73] - There were no conflicts of interest reported among directors, major shareholders, or their close associates in any restricted business activities during the nine months ending September 30, 2022[76] Stock Options and Securities - The stock options plan was approved by shareholders on April 20, 2018, with details available in the annual report for the year ending December 31, 2021[4] - The fair value of stock options granted during the period was estimated at approximately RMB 4,655,000, with RMB 315,000 recognized as stock option expenses during the period[69] - As of the report date, there were 25,816,009 unexercised stock options, representing about 14.56% of the issued shares[71] - The exercise price for stock options granted on January 21, 2020, was adjusted from HKD 0.166 to HKD 0.664 due to a share consolidation[71] - The exercise period for the stock options is from June 23, 2020, to June 22, 2025, for options granted on June 23, 2020[68] - No purchases, sales, or redemptions of the company's listed securities occurred during the nine months ending September 30, 2022[72] Employee Information - The group employed 73 employees as of September 30, 2022, with employee costs amounting to approximately RMB 3.5 million for the nine months ending September 30, 2022[52] Dividends - The company did not declare any dividends for the three months and nine months ended September 30, 2022, consistent with the same periods in 2021[31] - No dividends are recommended for the nine months ending September 30, 2022, consistent with the previous year[47] Risks and Uncertainties - Forward-looking statements regarding the company's financial condition and operational performance are subject to known and unknown risks and uncertainties[81] - The company’s financial performance and operational results are subject to significant variability due to external factors[81] - There is no significant interest rate risk, and the group has not implemented specific policies to manage such risks[50] - The group reported no significant impact on working capital due to foreign exchange fluctuations, as most transactions are denominated in RMB[49] - No major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[50]

Financial Performance - For the six months ended June 30, 2022, the revenue was RMB 27,067 thousand, an increase of 18.8% compared to RMB 22,822 thousand for the same period in 2021[6] - The gross profit for the six months ended June 30, 2022, was RMB 4,245 thousand, compared to a gross loss of RMB 2,752 thousand in the same period of 2021[6] - The net loss for the six months ended June 30, 2022, was RMB 2,458 thousand, a significant improvement from a net loss of RMB 5,351 thousand in the same period of 2021[6] - The company reported a basic and diluted loss per share of RMB 0.22 for the six months ended June 30, 2022, compared to RMB 0.80 for the same period in 2021[6] - The company reported a pre-tax loss of RMB 383,000 for the six months ended June 30, 2022, compared to a loss of RMB 2,277,000 for the same period in 2021, indicating a significant improvement[11] - The company reported a loss attributable to owners of approximately RMB 2.5 million, a decrease of RMB 2.9 million or 53.7% compared to a loss of RMB 5.4 million in the previous year[60] Assets and Equity - The total assets as of June 30, 2022, were RMB 130,066 thousand, a decrease from RMB 132,637 thousand as of December 31, 2021[10] - The cash and cash equivalents as of June 30, 2022, amounted to RMB 28,255 thousand, down from RMB 29,647 thousand as of December 31, 2021[10] - The company reported a decrease in total equity from RMB 84,268 thousand as of December 31, 2021, to RMB 81,717 thousand as of June 30, 2022[11] - The company’s total equity attributable to owners as of June 30, 2022, was RMB 81,717,000, a decrease from RMB 87,301,000 at the beginning of the year[13] - As of June 30, 2022, the total equity of the company was approximately RMB 81.7 million, with cash and cash equivalents of approximately RMB 28.3 million[66] Cash Flow and Expenses - The net cash generated from operating activities for the six months ended June 30, 2022, was RMB 743,000, a significant decrease compared to RMB 17,328,000 in the same period of 2021[16] - The company incurred administrative expenses of RMB 6,390 thousand for the six months ended June 30, 2022, compared to RMB 3,083 thousand for the same period in 2021[6] - The company incurred employee benefits expenses of RMB 1,803,000 for the six months ended June 30, 2022, up 22% from RMB 1,478,000 in the same period of 2021[11] - The company’s cash flow from financing activities showed a net outflow of RMB 718,000 for the six months ended June 30, 2022, compared to an outflow of RMB 3,373,000 in the same period of 2021[16] - The total financing costs for the six months ended June 30, 2022, amounted to RMB 192,000, a decrease from RMB 583,000 in the same period of 2021[11] Revenue Breakdown - The company’s major customers, which are state-owned enterprises, contributed RMB 10,456,000 to total revenue for the six months ended June 30, 2022, compared to RMB 13,442,000 in the same period of 2021[26] - Revenue from wholesale CNG sales increased by RMB 4.5 million or 32.1% to RMB 18.5 million, driven by higher average selling prices while maintaining stable sales volume[53] - Revenue from retail CNG sales decreased by RMB 1.2 million or 12.2% to RMB 8.6 million, primarily due to road closures near a gas station in Jingzhou, Hubei[53] Inventory and Receivables - The company’s inventory increased to RMB 70 thousand as of June 30, 2022, from RMB 12 thousand as of December 31, 2021[10] - The company’s trade receivables decreased to RMB 4,781 thousand as of June 30, 2022, from RMB 6,028 thousand as of December 31, 2021[10] - The total trade receivables as of June 30, 2022, were RMB 10,825,000, with a net amount of RMB 4,781,000 after deducting credit loss provisions[39] Shareholder Information - As of June 30, 2022, Mr. Liu Yongcheng holds 85,955,000 shares, representing approximately 49.43% of the total issued shares[27] - Mr. Liu Yongqiang also holds 85,955,000 shares, equivalent to approximately 49.43% of the total issued shares[27] - The company has a total of 19,392,500 shares held by Yongsheng Industrial Limited, accounting for about 10.94% of the total issued shares[109] - The company has a total of 66,562,500 shares held by Hongsheng Industrial Limited, representing approximately 37.55% of the total issued shares[109] - The total shares held by major shareholders, including Yongsheng and Hongsheng, amount to 85,955,000 shares, which is about 50.36% of the total issued shares[112] Corporate Governance - The company has adopted and complied with the corporate governance code as per the GEM Listing Rules, with the exception of the separation of roles between the Chairman and CEO[130] - The audit and risk management committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022[132] - The company confirmed that there were no conflicts of interest involving directors or major shareholders in restricted businesses as of June 30, 2022[34] Future Plans and Commitments - The company is actively exploring new business opportunities in China and other regions to diversify its revenue sources, supported by national policies promoting cleaner energy[63] - The company plans to construct a CNG refueling station with an estimated cost of HKD 5,212,000, representing 17.9% of the total proceeds[75] - The construction of a comprehensive CNG/LNG refueling station is projected to cost HKD 12,250,000, accounting for 42.0% of the total proceeds[75] - The company has no significant contingent liabilities or guarantees as of June 30, 2022, consistent with the previous year[67] - There are no major investments or acquisitions planned by the company as of the report date[71]

Financial Performance - The company's revenue decreased by 8.8% from RMB 509 million in 2020 to RMB 464 million in 2021 due to COVID-19 impacts and road closures near a gas station[12]. - The net loss for the year was reduced by 62.4% to RMB 85 million from RMB 226 million in 2020[12]. - Total revenue for the year was approximately RMB 46.4 million, a decrease of about RMB 4.5 million or 8.8% from RMB 50.9 million in the previous year[24]. - Retail business revenue accounted for 35.4% of total revenue, down from 42.3% in the previous year, with a decrease of approximately RMB 5.1 million or 23.7% to RMB 16.4 million[24]. - Wholesale business revenue increased by approximately RMB 1.0 million or 3.4% to RMB 30.1 million, representing 64.7% of total revenue, up from 57.1% in the previous year[24]. - Gross loss for the year was approximately RMB 1.0 million, compared to RMB 0.8 million in the previous year, mainly due to high procurement costs of natural gas[27]. - The company reported a loss attributable to owners of approximately RMB 8.5 million, a decrease of RMB 14.1 million or 62.4% from RMB 22.6 million in the previous year[35]. - The company did not generate any revenue from automatic car wash services during the year, compared to RMB 374,000 in the previous year, due to ongoing pandemic restrictions[25]. Cost Management - Administrative expenses decreased by approximately RMB 77 million, from RMB 162 million in 2020 to RMB 85 million in 2021, due to the absence of one-time professional fees from a prior acquisition[12]. - Cost of sales decreased by approximately RMB 4.4 million or 8.5% to RMB 47.4 million, primarily due to a reduction in sales volume of compressed natural gas[26]. - Administrative expenses decreased by approximately RMB 7.7 million or 47.5% to RMB 8.5 million, mainly due to the absence of one-time professional fees related to acquisitions in the previous year[31]. Business Operations - The main business operations are located in Jingzhou, Hubei Province, China, focusing on CNG sales and automatic car wash services[17]. - CNG sales are primarily generated from retail customers and wholesale clients, with natural gas purchased from China National Petroleum Corporation[18]. - The company has established car wash facilities at multiple gas stations across China[19]. - The company operated three gas stations in Jingzhou, Hubei Province, as of December 31, 2021[24]. Strategic Initiatives - The company aims to provide safe and reliable clean energy supply and is optimistic about the growth of CNG consumption in China due to favorable government policies[13]. - The company is actively exploring various business opportunities to diversify revenue sources and enhance shareholder value[14]. - The company plans to leverage industry trends and government support to stimulate domestic demand for natural gas[13]. - The group is exploring opportunities in electric vehicle charging to align with government initiatives for cleaner energy sources[39]. - The group anticipates that government policies regarding cleaner energy will stimulate the natural gas industry and promote the development of related products[38]. Financial Position - Total equity as of December 31, 2021, was approximately RMB 843 million, a decrease from RMB 873 million as of December 31, 2020[40]. - Cash and cash equivalents increased to approximately RMB 296 million as of December 31, 2021, compared to RMB 62 million as of December 31, 2020[40]. - Operating working capital was approximately RMB 370 million as of December 31, 2021, up from RMB 325 million as of December 31, 2020, with a current ratio of 4.5[40]. - Trade receivables decreased to approximately RMB 60 million as of December 31, 2021, from RMB 126 million as of December 31, 2020, with a reduction in collection days to about 73.3 days from 109.6 days[45]. - The group has no bank borrowings as of December 31, 2021, resulting in an asset-to-liability ratio that is not applicable[40]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through its independent board members[73][74][75]. - The company has a focus on risk management and compliance, as evidenced by the establishment of various committees within the board[73]. - The board consists of six members, including three executive directors and three independent non-executive directors[166]. - The company has adopted trading compliance standards as per GEM Listing Rules, confirming adherence by all directors during the year[142]. - The company has established a balance mechanism involving the board and three independent non-executive directors to consult on significant decisions[171]. Shareholder Information - As of December 31, 2021, the company had 177,255,000 shares issued, with major shareholders holding significant stakes[112]. - Major shareholders, including 永盛 and 鴻盛, each held 85,955,000 shares, representing approximately 50.36% of the total issued shares[119]. - The company’s directors and key executives have stock options totaling 3,311,800 shares[119]. - The company has a share option scheme approved by shareholders on April 20, 2018, allowing the grant of options to directors and employees as an incentive[124]. Compliance and Risk Management - The company has implemented compliance procedures to ensure adherence to applicable environmental laws and regulations[91]. - The company has adopted trading standards for directors to ensure compliance with securities trading regulations[162]. - The audit and risk management committee reviewed the consolidated financial statements for the year ended December 31, 2021[150]. - The independent non-executive directors are responsible for ensuring high standards of regulatory reporting and providing independent judgment on company actions[177]. Future Outlook - The company aims to leverage its strategic development capabilities to enhance its market position in the natural gas sector[71]. - The company has a clear vision for future growth, emphasizing the importance of strategic planning and operational efficiency[71]. - The board will continuously evaluate the company's business objectives and may modify plans based on changing market conditions[65].

Financial Performance - The revenue for the first quarter of 2022 was RMB 11,057,000, a decrease of 21.5% compared to RMB 14,120,000 in the same period of 2021[6] - The gross profit for the first quarter of 2022 was RMB 486,000, compared to a gross loss of RMB 1,023,000 in the first quarter of 2021[6] - The net loss for the first quarter of 2022 was RMB 2,075,000, an improvement from a net loss of RMB 3,074,000 in the same period of 2021[6] - The company reported other comprehensive income of RMB 1,007,000 for the first quarter of 2022, compared to a loss of RMB 97,000 in the first quarter of 2021[8] - The total comprehensive loss for the first quarter of 2022 was RMB 1,068,000, compared to RMB 3,171,000 in the first quarter of 2021[8] - Total revenue for the three months ended March 31, 2022, was RMB 11,057,000, a decrease of 21.6% from RMB 14,120,000 for the same period in 2021[23] - The cost of goods sold for the same period was RMB 8,549,000, down from RMB 11,876,000 in 2021, reflecting a 28.5% reduction[24] - The group reported a pre-tax loss of RMB 2,075,000 for the three months ended March 31, 2022, compared to a loss of RMB 3,074,000 in the same period of 2021, indicating an improvement of 32.6%[31] - Basic loss per share for the period was RMB (1.20), an improvement from RMB (1.86) in the previous year[31] - Revenue for the three months ended March 31, 2022, was approximately RMB 11.1 million, a decrease of about RMB 3.0 million or 21.3% compared to RMB 14.1 million for the same period in 2021[37] Expenses and Costs - The administrative expenses increased to RMB 2,520,000 in the first quarter of 2022 from RMB 1,882,000 in the same period of 2021[6] - The financing costs decreased significantly to RMB 44,000 in the first quarter of 2022 from RMB 298,000 in the first quarter of 2021[6] - Cost of sales for the three months ended March 31, 2022, was approximately RMB 10.6 million, a decrease of about RMB 4.5 million or 29.8% compared to RMB 15.1 million for the same period in 2021[38] - Employee costs for the three months ended March 31, 2022, were approximately RMB 1.1 million, down from RMB 1.3 million for the same period in 2021[53] Revenue Sources - The company is engaged in CNG sales in the People's Republic of China during the reporting period[13] - All revenue during the period was generated from customers located in China[18] - Sales revenue from wholesale customers decreased by approximately RMB 2.5 million or 27.5% to about RMB 6.6 million, primarily due to the ongoing impact of COVID-19[37] - Sales revenue from retail customers decreased by approximately RMB 0.5 million or 10.0% to about RMB 4.5 million, attributed to road closures near a gas station[37] Shareholder Information - Liu Yongcheng and Liu Yongqiang each hold 85,955,000 shares, representing approximately 49.43% of the total issued shares[55] - Liu Yongcheng and Liu Yongqiang are also deemed to have interests in 66,562,500 shares, approximately 37.55% of the total issued shares, held by Hongsheng Industrial Limited[57] - Major shareholders, including Yongsheng and Hongsheng, collectively hold 85,955,000 shares, representing approximately 50.36% of the total issued shares[61] - An Wei Development Limited holds 13,872,500 shares, approximately 7.83% of the total issued shares[61] - As of March 31, 2022, no other directors or key executives held any recorded interests in the company's shares[59] Corporate Governance - The company adopted and complied with the corporate governance code as per the GEM Listing Rules, with a noted deviation regarding the separation of the roles of Chairman and CEO[77] - The Audit and Risk Management Committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the three months ending March 31, 2022[78] - The company confirmed compliance with the non-competition agreement signed by its controlling shareholders on April 20, 2018, which prohibits engaging in any competing business activities during its validity period[74] - As of March 31, 2022, there were no conflicts of interest reported among directors, controlling shareholders, or their close associates in any competing businesses[75] Future Outlook - The company anticipates that its revenue and profitability will continue to be affected by COVID-19, with a challenging business environment expected in the future[47] - The company is actively exploring new business opportunities in China and other regions to diversify its revenue sources[48] Stock Options - The share option plan was approved by shareholders on April 20, 2018, allowing for the granting of options to directors and employees[58] - As of March 31, 2022, there were 25,816,009 unexercised stock options, equivalent to approximately 14.56% of the issued shares[70] - The fair value of the stock options granted was estimated at RMB 4,655,000, with an expense of RMB 167,000 recognized during the period[70] - The exercise price for stock options granted on January 21, 2020, was adjusted from HKD 0.166 to HKD 0.664 due to a share consolidation[70] - The exercise price for stock options granted on June 23, 2020, was adjusted from HKD 0.130 to HKD 0.520 due to a share consolidation[70] Other Information - The company did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year[32] - The group did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year[50] - The company has no significant investments or major acquisitions planned during the reporting period[51] - The company did not purchase, sell, or redeem any of its listed securities during the three months ending March 31, 2022[73] - All directors confirmed compliance with the trading standards set forth in the GEM Listing Rules during the three months ending March 31, 2022[73] - There were no grants of rights to purchase shares or debt securities to any directors or their immediate family members during the three months ending March 31, 2022[72] - No significant events occurred after the reporting period, aside from those disclosed in the report[79] - The report contains forward-looking statements regarding the company's financial condition and operational performance, which are subject to known and unknown risks[81]

Financial Performance - TL Natural Gas Holdings Limited reported its annual results for the year ended December 31, 2021, in compliance with GEM listing rules[1]. - The company's revenue decreased by 8.8% from RMB 50.9 million in 2020 to RMB 46.4 million in 2021[22]. - Retail business revenue dropped by 23.7% to approximately RMB 16.4 million, accounting for 35.4% of total revenue in 2021[26]. - Wholesale business revenue increased by 3.4% to approximately RMB 30.1 million, representing 64.7% of total revenue in 2021[26]. - The company's sales cost decreased by 8.5% to approximately RMB 47.4 million in 2021, down from RMB 51.8 million in 2020[28]. - The gross loss for the year was approximately RMB 1.0 million, compared to RMB 0.8 million in 2020[29]. - Other income and losses amounted to approximately RMB 1.9 million, primarily due to compensation income of RMB 3.3 million from the government[30]. - The company reported a loss attributable to owners of approximately RMB 8.5 million, a reduction of RMB 14.1 million or 62.4% compared to RMB 22.6 million for the year ended December 31, 2020, driven by lower administrative expenses and reduced impairment losses[37]. - The total equity as of December 31, 2021, was approximately RMB 843 million, down from RMB 873 million as of December 31, 2020[42]. - Cash and cash equivalents increased to approximately RMB 296 million from RMB 62 million as of December 31, 2020, indicating improved liquidity[42]. - The operating cash flow (net current assets) was approximately RMB 370 million, up from RMB 325 million as of December 31, 2020, reflecting better working capital management[42]. Corporate Governance - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[11]. - The company is committed to transparency and accountability in its financial reporting and corporate governance practices[5]. - The board consists of six members, including three executive directors and three independent non-executive directors[167]. - The company adopted the corporate governance code as a standard for its governance practices[162]. - The audit and risk management committee reviewed the financial statements for compliance with applicable reporting standards[151]. - The company has appointed Yang Zhenyu as an independent non-executive director and chairman of the audit and risk management committee, ensuring compliance with GEM listing rules regarding independent directors[173]. - The board of directors has established three committees: the audit and risk management committee, the remuneration committee, and the nomination committee, to oversee various aspects of the company's affairs[186]. - The audit and risk management committee held seven meetings during the year to review quarterly, interim, and annual financial performance and reports[188]. - The company has implemented a balance mechanism involving the board and three independent non-executive directors to consult on significant decisions[172]. - The specific term for independent non-executive directors is three years, with re-election required at the annual general meeting[174]. - The company has received annual confirmations of independence from all independent non-executive directors, affirming their independence[173]. - The board collectively oversees the company's affairs and is responsible for strategy formulation and monitoring its implementation[176]. - The company encourages all directors to participate in relevant training courses, with costs covered by the company[182]. - The board retains decision-making authority on significant matters, including policies, strategies, and financial information[179]. - The Compensation Committee held one meeting during the year to review the remuneration policies for directors and senior management[190]. - The Nomination Committee also conducted one meeting to assess the board's structure, size, and the independence of non-executive directors[195]. - The company has adopted a board diversity policy, which includes measurable objectives for achieving diversity within the board[196]. - The Nomination Committee is committed to reviewing the board's composition annually and recommending changes to enhance the company's strategy and ensure a balanced and diverse board[196]. - The board aims to maintain a proper balance of diversity related to business growth and is dedicated to incorporating diverse candidates in recruitment practices[196]. - The company believes that enhancing board diversity is a key element in maintaining its competitive advantage[196]. - The Nomination Committee will regularly review the effectiveness of the board diversity policy[198]. - The board will consider setting measurable targets to implement the board diversity policy and will review these targets periodically[197]. - The Compensation Committee's responsibilities include establishing transparent procedures for setting remuneration policies to ensure no director can influence their own pay[191]. - The Nomination Committee evaluates the independence of non-executive directors as part of its responsibilities[192]. Business Operations and Strategy - The company operates in the compressed natural gas (CNG) and liquefied natural gas (LNG) sectors, focusing on clean alternative fuels for vehicles[6]. - The company remains optimistic about the growth of CNG consumption in China due to favorable government policies and industry trends[15]. - The company is actively exploring various business opportunities to diversify revenue sources and enhance shareholder value[16]. - The company plans to explore new business opportunities in China and other regions to diversify revenue sources, particularly in the clean energy sector[40]. - The board is focused on the potential of electric vehicle charging business as a clean alternative fuel source, aligning with government initiatives for cleaner energy[41]. - The company aims to provide safe and reliable clean energy supply while contributing to environmental protection in China[15]. - The company is actively managing operational risks related to COVID-19 and is prepared to take appropriate measures to mitigate these risks[41]. - The company aims to expand its wholesale customer base and capture the CNG and LNG market through these infrastructure enhancements[64]. - The company is committed to exploring new market opportunities and potential acquisitions to expand its footprint[90]. - Future outlook includes a focus on technological advancements in service delivery and operational processes[90]. - The management is actively monitoring market trends to adapt strategies accordingly and maintain competitive advantage[90]. - The company has established a strong foundation for growth through its diversified business model and experienced leadership[90]. Shareholder Information - The company does not recommend the payment of a final dividend for the year, consistent with the previous year[96]. - As of December 31, 2021, the company's distributable reserves amounted to approximately RMB 631 million, an increase from RMB 597 million the previous year[100]. - Sales to the top five customers accounted for 72.2% of total sales for the year, with the largest customer contributing 34.8%[101]. - The company has a stock option plan approved on April 20, 2018, allowing the issuance of options to directors and employees as incentives[125]. - The maximum number of shares that can be granted to any single participant under the stock option plan is limited to 1% of the company's issued share capital[126]. - The total number of options granted during the year is detailed in the annual report[129]. - The company can issue options up to a total of 10% of the shares issued at the time of listing on the GEM[127]. - As of December 31, 2021, major shareholders included Yongsheng and Hongsheng, each holding 85,955,000 shares[120]. - The stock option plan allows for options to be exercised within ten years from the grant date[126]. - The company must obtain shareholder approval to adjust the limits on the stock option plan[127]. - The company granted a total of 25,816,009 stock options, representing approximately 14.56% of the issued shares as of the report date[135]. - The fair value of the stock options granted was estimated at RMB 4,655,000, with an expense of RMB 1,002,000 recognized for the year[134]. - The exercise price for stock options granted on January 21, 2020, was adjusted from HKD 0.166 to HKD 0.664, and for those granted on June 23, 2020, from HKD 0.130 to HKD 0.520 due to a share consolidation[133]. - As of December 31, 2021, the company had 1,375,000 stock options that were exercised and 280,900 that were expired[130]. - The company reported a total of 6,875,000 stock options exercised and 12,317,409 stock options outstanding as of the reporting date[130]. Compliance and Risk Management - The company confirmed that the information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[2]. - The company has implemented compliance procedures to ensure adherence to applicable environmental laws and regulations[92]. - The company is committed to sustainable development and maintaining close relationships with employees, customers, and business partners[94]. - There were no significant transactions involving directors or major shareholders with the company's top customers or suppliers[112]. - The company has not entered into any management or administrative contracts for any significant part of its business during the year[112]. - The company confirmed compliance with the trading standards for directors as per GEM Listing Rules[143]. - The company does not have any employees participating in the Hong Kong Mandatory Provident Fund, with employees in China contributing to a state-managed retirement benefits plan[140]. - The company has not established any equity-linked agreements during the year, aside from the stock option plan[142]. - The company confirmed compliance with the non-competition agreement by its controlling shareholders for the current year[144]. - There were no significant competitive interests reported by the board or major shareholders during the year[146]. - The proposed acquisition of Evergreen Leader Limited for 29 million Malaysian Ringgit was terminated due to pandemic-related restrictions[148]. - Ernst & Young resigned as the auditor, and a new auditor was appointed to fill the vacancy[157].