Financial Performance - The group's revenue for the three months ended March 31, 2019, was approximately RMB 18.7 million, unchanged from RMB 18.7 million for the same period in 2018[6]. - The net profit for the three months ended March 31, 2019, was RMB 0.1 million, a significant decrease from RMB 1.3 million in the same period last year, primarily due to increased gas purchase prices leading to higher sales costs[6]. - The gross profit for the three months ended March 31, 2019, was approximately RMB 1.3 million, with a gross margin of 7.1%, compared to a gross profit of RMB 2.9 million and a gross margin of 15.7% for the same period in 2018[6]. - The pre-tax profit for the three months ended March 31, 2019, was RMB 0.286 million, down from RMB 1.914 million in the same period last year[8]. - The total comprehensive loss for the period was RMB 0.598 million, compared to a total comprehensive income of RMB 1.329 million for the same period in 2018[11]. - The basic and diluted earnings per share for the three months ended March 31, 2019, was RMB 0.01, down from RMB 0.35 in the same period last year[11]. - The company reported other income and gains of RMB 0.178 million for the three months ended March 31, 2019, compared to RMB 0.004 million in the same period last year[8]. - The cost of goods sold for the three months ended March 31, 2019, was RMB 14,213,000, an increase from RMB 12,732,000 in the same period of 2018[29]. - The company reported a profit attributable to owners of approximately RMB 0.1 million for the three months ended March 31, 2019, down from RMB 1.3 million in the same period in 2018[47]. Expenses and Costs - The increase in sales costs was attributed to pricing guidelines implemented by local price bureaus, which affected the ability to pass on costs to customers in a timely manner[6]. - Administrative expenses increased to RMB 1.075 million for the three months ended March 31, 2019, from RMB 0.915 million in the same period last year[8]. - Cost of sales increased by approximately RMB 1.6 million or about 10.1% to RMB 17.4 million for the three months ended March 31, 2019, compared to RMB 15.8 million in the same period in 2018[42]. - Administrative expenses rose by approximately RMB 0.2 million or about 22.2% to RMB 1.1 million for the three months ended March 31, 2019, primarily due to increased legal and professional fees after the company's listing[45]. - The income tax expense for the three months ended March 31, 2019, was RMB 235,000, a decrease from RMB 613,000 in the same period of 2018[30]. - Income tax expense for the three months ended March 31, 2019, was approximately RMB 0.2 million, with an effective tax rate increasing from about 32.0% in the same period in 2018 to approximately 82.2%[46]. Business Operations - The company is focused on CNG sales through its subsidiaries, following a restructuring that established it as the holding company for its current subsidiaries[17]. - For the three months ended March 31, 2019, the revenue from CNG and LNG sales was RMB 18,725,000, slightly down from RMB 18,738,000 in the same period of 2018[27]. - The total revenue from major customers, which accounted for over 10% of total revenue, was RMB 8,239,000 for the three months ended March 31, 2019, compared to RMB 8,637,000 in the same period of 2018[25]. - The company operates primarily in Hubei Province, China, focusing on the supply of CNG to retail and wholesale customers[41]. - The company’s non-current assets are entirely located in China, indicating a concentrated operational footprint[22]. - The company is optimistic about the growth of CNG consumption in China due to government policies supporting natural gas and natural gas vehicles[48]. Corporate Governance - The company has adopted and complied with the corporate governance code as per the GEM Listing Rules, with the exception of certain deviations regarding the separation of the roles of Chairman and CEO[80]. - The board believes that having the same individual serve as both Chairman and CEO is in the best interest of the company due to their familiarity with the operations[80]. - The company has a structured governance mechanism in place through the board and three independent non-executive directors to ensure proper checks and balances[80]. - The company confirmed compliance with the trading rules for directors as per the GEM Listing Rules during the three months ending March 31, 2019[75]. - The company has established a non-competition agreement with its controlling shareholders, ensuring they will not engage in any competing business activities during the agreement's validity[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, 2019[81]. - The company confirmed compliance with the non-competition agreement by its controlling shareholders during the reporting period[76]. - There were no conflicts of interest reported among directors, major shareholders, or their close associates in any restricted business that could significantly compete with the company's operations[77]. Capital and Shareholder Information - As of March 31, 2019, the company's total equity was approximately RMB 85.2 million, with cash and cash equivalents of about RMB 29.2 million[53]. - The company has no outstanding interest-bearing bank loans or significant contingent liabilities as of March 31, 2019[55][57]. - As of March 31, 2019, the company employed a total of 91 employees, with employee costs for the three months ending March 31, 2019, amounting to approximately RMB 1.0 million, an increase from RMB 0.9 million for the same period in 2018[60]. - The company raised approximately HKD 29.2 million from its listing on May 18, 2018, and has utilized about HKD 1.0 million for infrastructure upgrades and HKD 1.6 million for general working capital as of March 31, 2019[62]. - As of March 31, 2019, Liu Yongqiang held 375,000,000 shares, representing 75% of the issued share capital of the company[63]. - Liu Yongcheng directly owns 100% of Yongsheng Industrial Co., which holds 108,750,000 shares or approximately 21.75% of the issued share capital[65]. - The company has not granted any share options under its share option scheme since its adoption[71]. - No shares or securities of the company were purchased, sold, or redeemed by the company or its subsidiaries during the three months ending March 31, 2019[74]. - The report was issued by the executive director, Chairman, and CEO, confirming the board's composition as of May 8, 2019[83]. Forward-Looking Statements - The report includes forward-looking statements regarding the company's financial condition and operational performance, which are subject to known and unknown risks[82]. - The company has not disclosed any interests that require notification under the GEM Listing Rules from its compliance advisor as of March 31, 2019[78].

Financial Performance - The company's revenue for the year was approximately RMB 854 million, representing a growth of about 30.0% compared to RMB 657 million for the year ended December 31, 2017[13]. - The net profit for the year was approximately RMB 46 million, a significant improvement from a net loss of approximately RMB 54 million in 2017[13]. - Excluding listing expenses of RMB 50 million, the profit for the year would be approximately RMB 96 million, compared to RMB 66 million in the previous year, indicating an increase in profitability[13]. - The company's revenue for the year was approximately RMB 854 million, an increase of about 30.0% from RMB 657 million in the previous year, driven by increased orders from existing wholesale customers and the introduction of new wholesale clients[25]. - The net profit for the year was approximately RMB 46 million, compared to a net loss of RMB 54 million in the previous year, with a profit of approximately RMB 96 million after excluding one-time listing expenses[25]. - Gross profit increased by 82.8% to approximately RMB 170 million, with the gross profit margin rising from about 14.1% to approximately 19.8%[31]. - The profit attributable to the owners of the parent company for the year was approximately RMB 4.6 million, compared to a loss of RMB 5.4 million in the same period last year[39]. - The income tax expense increased by 209.1% to approximately RMB 34 million, consistent with the growth in pre-tax profits, with the effective tax rate rising to approximately 42.7%[38]. Market Opportunities - The natural gas consumption in Hubei Province is expected to grow at a compound annual growth rate (CAGR) of 25.1% from 2017 to 2021[14]. - The number of gas stations in China is projected to increase by approximately 50.0% from 2016 to 2020, indicating significant market opportunities for CNG/LNG stations[14]. - The number of natural gas vehicles in Jingzhou, Hubei Province, is expected to reach 6,178 by 2021, with a CAGR of 3.8% from 2017 to 2021[14]. - The company is positioned to benefit from government policies encouraging the use of natural gas vehicles in China[14]. - The company is optimistic about the growth of CNG consumption as China improves its energy consumption structure through coal-to-clean energy initiatives[66]. - The local government in Jingzhou has implemented multiple policies to promote the use of natural gas, including the elimination of coal-fired boilers[66]. - By 2020, Jingzhou plans to increase the number of buses and taxis in the central urban area, most of which are expected to use natural gas as fuel[66]. - The company believes that favorable government policies and industry trends will stimulate local demand for natural gas[66]. Business Strategy and Development - The company aims to expand its customer base by acquiring new wholesale customers, contributing to revenue growth[13]. - The strategic development of the company has made significant progress, enhancing its corporate image and ability to attract talent[13]. - The company plans to focus on developing vehicle natural gas and building more CNG/LNG refueling stations to expand market share and enter new markets in China[25]. - The company aims to integrate upstream and downstream business opportunities and continue pursuing clean energy projects to maximize long-term benefits for shareholders, customers, employees, and the community[25]. - The company plans to conduct feasibility studies, including environmental impact assessments, for the construction of new gas stations and upgrades to existing facilities[63]. Financial Position and Assets - As of December 31, 2018, current assets were approximately RMB 63.4 million, up from RMB 17.1 million as of December 31, 2017, with cash and cash equivalents increasing to RMB 37.3 million from RMB 2.8 million[42]. - The current ratio as of December 31, 2018, was approximately 7.9 times, compared to 1.6 times as of December 31, 2017, primarily due to an increase in cash from listing proceeds[42]. - Trade receivables increased by approximately RMB 11.2 million to RMB 17.4 million as of December 31, 2018, with the trade receivables turnover days rising to about 50.4 days from 32.9 days[43]. - The net proceeds from the listing on May 18, 2018, amounted to approximately HKD 29.2 million, with specific allocations for projects including CNG stations and infrastructure upgrades[54]. - The company has no significant contingent liabilities as of December 31, 2018, and had no major acquisitions or disposals during the year[48][53]. - The company has no interest-bearing borrowings, resulting in an asset-to-liability ratio that is not applicable[42]. - The company's available reserves for distribution as of December 31, 2018, were approximately RMB 482 million, an increase from RMB 148 million as of December 31, 2017[103]. Corporate Governance - The board consists of six members, including three executive directors and three independent non-executive directors[147]. - The company has adopted the corporate governance code as a benchmark for its governance practices[142]. - The independent non-executive directors confirmed their independence according to the GEM Listing Rules[153]. - The company has implemented appropriate checks and balances with a board comprising independent non-executive directors for major decisions[152]. - The audit and risk management committee consists of three independent non-executive directors, ensuring rigorous oversight of financial reporting and internal controls[177]. - The company has established three committees: audit and risk management, remuneration, and nomination, each with clearly defined responsibilities[173]. - The nomination committee will consider various aspects of board diversity and set measurable objectives for achieving diversity[181]. - The company has adopted a board diversity policy aimed at enhancing competitive advantage through diverse perspectives and skills[185]. Shareholder Information - As of December 31, 2018, the company’s major shareholders, Liu Yongcheng and Liu Yongqiang, each hold 375,000,000 shares, representing 75% of the total issued share capital[116]. - Liu Yongcheng directly owns 100% of Yongsheng Industrial Limited, which holds 108,750,000 shares or approximately 21.75% of the issued share capital[116]. - Liu Yongqiang directly owns 100% of Hongsheng Industrial Limited, which holds 266,250,000 shares or approximately 53.25% of the issued share capital[117]. - The company has a share option scheme approved on April 20, 2018, allowing the issuance of up to 50,000,000 shares, equivalent to 10% of the expanded issued share capital[122]. - No share options were granted, exercised, lapsed, or cancelled during the year, and there were no unexercised options as of December 31, 2018[126]. - The company has not granted any rights to directors or their family members to acquire shares or debentures during the reporting period[127]. - There are no provisions regarding pre-emption rights in the company's articles of association or under Cayman Islands law[128]. Compliance and Risk Management - The company has complied with all relevant environmental laws and regulations during the year, supporting sustainable development[93]. - The company has implemented compliance procedures to ensure adherence to applicable laws and regulations[93]. - The audit and risk management committee reviewed the audited consolidated financial statements for the year ending December 31, 2018, ensuring compliance with applicable financial reporting standards[137]. - The board is responsible for evaluating and determining the nature and extent of risks the company is willing to take to achieve strategic goals[196]. - The audit and risk management committee assists the board in overseeing the risk management and internal control systems[197]. - The company has established internal control policies to ensure effective operations and compliance with applicable laws[197]. - The risk management system includes procedures for identifying, assessing, and managing significant risks[200].