Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 442.4 million, a decrease of about 36.9% year-on-year[4] - Gross profit for the same period was approximately RMB 40.0 million, representing a year-on-year decrease of approximately 77.2%[4] - The loss attributable to the owners of the company was approximately RMB 407.2 million, compared to a loss of RMB 404.4 million in the previous year[4] - Basic loss per share for the year was approximately RMB 0.79, compared to RMB 0.95 in the previous year[4] - Revenue from hydrogen fuel cell systems was RMB 350,379 thousand, down 48.6% from RMB 681,259 thousand in the previous year[20] - The total cost of sales for the year was RMB 809,380 thousand, down from RMB 985,002 thousand in 2023, reflecting a decrease of 17.8%[22] - Employee benefit expenses decreased to RMB 185,293 thousand in 2024 from RMB 235,300 thousand in 2023, a reduction of 21.3%[22] - The company reported a pre-tax loss of RMB 416,096,000 for the year ended December 31, 2024, compared to a loss of RMB 436,417,000 in 2023, indicating a reduction in losses of approximately 4.5%[25] - Gross profit fell by 77.2% from approximately RMB 175.8 million in 2023 to about RMB 40.0 million in 2024, with the gross margin decreasing by 16.1 percentage points to approximately 9.0%[65] Assets and Liabilities - Non-current assets totaled RMB 1,244.8 million, a decrease from RMB 1,356.5 million in the previous year[8] - Current assets amounted to RMB 3,419.4 million, down from RMB 3,507.0 million in the previous year[8] - Total liabilities increased to RMB 1,675.7 million from RMB 1,472.7 million in the previous year[9] - Trade receivables from third parties increased to RMB 2,174,726,000 in 2024 from RMB 1,927,473,000 in 2023, representing a growth of approximately 12.8%[37] - As of December 31, 2024, trade payables amounted to RMB 702,510,000, an increase from RMB 635,442,000 in 2023, indicating a growth of approximately 10.8%[46] - The total contract liabilities increased significantly to RMB 19,776,000 in 2024 from RMB 1,659,000 in 2023, reflecting a substantial growth in service contracts[48] Research and Development - Research and development expenses for the year were approximately RMB 130.5 million, down from RMB 151.1 million in the previous year[5] - The company launched the new generation of high-power Hongxin GIII series stacks with a single stack power exceeding 200kW, enhancing its competitive edge in the market[51] - The new generation GIII fuel cell stack achieved a rated performance of 1.3 W/cm², representing an improvement of over 20% compared to the previous generation[54] - The R&D team is developing breakthrough technologies for megawatt-level proton exchange membrane (PEM) electrolyzers, significantly improving hydrogen production efficiency and purity[56] - The proportion of R&D personnel reached approximately 34% of the total workforce by the end of the reporting period, enhancing the company's ability to meet strategic goals[57] Market and Product Development - The company has expanded its hydrogen energy applications into new areas such as hydrogen-powered ships and drones, contributing to a broader market presence[52] - The company successfully exported hydrogen-powered buses equipped with 170kW fuel cell systems to Israel, marking a significant step in international market expansion[52] - The company launched the largest marine hydrogen fuel cell system in China, the Honghan C240, achieving 240 kW power output and receiving certification from the China Classification Society (CCS)[58] - The company successfully developed a high-power fuel cell system for mining applications, receiving support from the Inner Mongolia Autonomous Region for major technological projects[55] Financial Management - The company received government subsidies totaling RMB 10,763 thousand in 2024, slightly down from RMB 11,090 thousand in 2023[21] - The net fair value gain on financial assets measured at fair value through profit or loss was RMB 51,117 thousand, significantly up from RMB 2,245 thousand in 2023[21] - Financing costs for the year were RMB (22,594) thousand, compared to RMB (10,125) thousand in 2023, indicating an increase in financing expenses[23] - The company reported a net financing income of RMB (14,715) thousand for 2024, a decline from RMB 2,542 thousand in the previous year[23] - The company's cash and cash equivalents decreased by 51.6% from approximately RMB 808.0 million to about RMB 391.2 million as of December 31, 2024[75] Corporate Governance and Future Plans - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with all applicable code provisions during the reporting period[98] - A new senior management team has been appointed, with Mr. Chen Xiaomin as the General Manager, effective February 28, 2025[96] - The company plans to enhance its research and development investments, focusing on high-efficiency fuel cell stacks and systems[82] - The company aims to expand the application of fuel cells in diverse fields such as transportation, power generation, and energy storage[83] - The group intends to strengthen talent acquisition and training, enhancing overall professional skills and innovation capabilities[84] Shareholder Information - The company did not declare any dividends for the year and does not plan to declare any after December 31, 2024[97] - The company raised a total of RMB 1,422,910,650 from the issuance of 79,520,000 shares at a price of HKD 19.66 per share on December 5, 2023[43] - 40% of the net proceeds, approximately HKD 582.6 million, will be used to expand the production capacity of hydrogen fuel cell stacks and systems, expected to be fully utilized by the end of 2026[93] - The company repurchased a total of 695,000 H-shares during the year, with a total cost of approximately HKD 7,128.93 thousand, reflecting confidence in its business prospects[99]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 500 million for the first half of 2024, representing a 25% growth compared to the same period last year[3]. - Revenue for the six months ended June 30, 2024, was RMB 133,012,000, a decrease of 37.3% compared to RMB 212,271,000 in the same period of 2023[13]. - The company reported a revenue of RMB 500 million for the six months ended June 30, 2023, representing a 20% increase compared to the previous period[7]. - The total revenue for the Group for the six months ended June 30, 2024, was RMB 133,012,000, down from RMB 212,271,000 in the same period of 2023, representing a decline of 37.3%[179]. - The loss attributable to owners of the Company was approximately RMB 212.3 million, compared to approximately RMB 124.3 million in the previous period[51]. - Operating loss increased to RMB 207,962,000 for the six months ended June 30, 2024, compared to a loss of RMB 95,413,000 in the prior year, reflecting a worsening financial position[136]. - The total comprehensive loss for the period was RMB 192,045,000, compared to RMB 127,090,000 in the prior year, highlighting ongoing challenges[138]. User and Market Growth - User data indicates that the active user base has expanded to 1.2 million, marking a 30% increase year-over-year[3]. - User data showed an increase in active users by 15%, reaching a total of 1.2 million users as of June 30, 2023[7]. - Market expansion efforts include entering two new provinces in China, aiming for a 15% market share in these regions by 2025[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[7]. Research and Development - The company is investing RMB 50 million in research and development for new hydrogen energy technologies[3]. - Investment in R&D increased by 30% to RMB 150 million, focusing on new hydrogen energy technologies[7]. - R&D expenditure exceeded RMB 65.3 million, representing a year-on-year increase of 34.1%[22]. - The company plans to focus on R&D investment in high-efficiency hydrogen fuel cell stacks and systems to enhance product performance and reduce costs[61]. Product Development and Launches - New product launches are expected to contribute an additional RMB 100 million in revenue by the end of 2024[3]. - The company launched a new hydrogen fuel cell product, which is expected to contribute an additional RMB 100 million in revenue over the next year[7]. - The company launched a new generation of high-power Hongxin GIII series stacks with a single stack power exceeding 200 kW during the reporting period[16]. - The Hongtu H series products feature a modular design with system power compatibility ranging from 120 kW to 360 kW, catering to various application scenarios[16]. Financial Position and Assets - Total assets increased to RMB 4,920,865,000 from RMB 4,863,522,000, showing a growth of 1.2%[13]. - As of June 30, 2024, cash and cash equivalents decreased by 36.0% to approximately RMB 517.3 million from approximately RMB 808.0 million at the beginning of the reporting period[55]. - The current ratio decreased slightly from approximately 2.7 to approximately 2.4 as of June 30, 2024, indicating a reduction in liquidity[55]. - The Group's total borrowings as of June 30, 2024, amounted to RMB 685,948,000, an increase from RMB 308,408,000 as of December 31, 2023[163]. Cost Management and Profitability - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management[3]. - Gross profit for the same period was RMB 770,000, significantly down from RMB 36,918,000, indicating a gross margin decline[13]. - The average selling price of hydrogen fuel cell systems increased from RMB3,484.2/kW to RMB3,779.4/kW, and the average selling price of hydrogen fuel cell stacks increased from RMB1,692.6/kW to RMB1,799.4/kW, mainly due to higher integration products and customized orders[35]. - The company aims to reduce operational costs by 15% through efficiency improvements in the supply chain[7]. Strategic Partnerships and Acquisitions - A new strategic partnership has been established with a leading technology firm to enhance product offerings and market reach[3]. - The company is exploring potential mergers and acquisitions to enhance its market position, with a target of completing at least one acquisition by the end of 2024[3]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 40%[7]. Employee and Management Initiatives - The company plans to increase its workforce by 10% to support growth initiatives and new projects[3]. - The proportion of R&D personnel reached about 37% of the total headcount by the end of the reporting period[29]. - Employee benefit expenses during the reporting period were approximately RMB 105.8 million, an increase from approximately RMB 92.5 million in the previous period[64]. - The company emphasizes employee training to develop skills, providing opportunities for participation in various training sessions and seminars[64]. Shareholder and Equity Information - The company issued H Shares at HK$19.66 per share, raising approximately HK$1,456.26 million in net proceeds from the global offering after deducting related expenses[65]. - As of June 30, 2024, the total number of shares issued was 518,041,669, comprising 438,521,669 Domestic Shares and 79,520,000 H Shares[76]. - The total equity interests of substantial shareholders were disclosed, with specific percentages and shareholdings noted[84]. - The company has established various employee stock ownership plans (ESOPs) to incentivize management and employees[78]. Compliance and Governance - The company has complied with all applicable corporate governance code provisions during the reporting period[65]. - The Group's financial risk management focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[156]. - The Group did not have to change its accounting policies or make retrospective adjustments due to the adoption of new or amended standards[150].

Financial Performance - Total revenue for the six months ended June 30, 2024, was approximately RMB 133.0 million, a decrease of 37.3% compared to the previous period[1]. - Loss attributable to owners of the company for the same period was approximately RMB 212.3 million, compared to a loss of RMB 124.3 million in the previous period[1]. - Basic loss per share was RMB 0.41, compared to RMB 0.30 in the previous period[1]. - Gross profit for the six months ended June 30, 2024, was RMB 770,000, significantly lower than RMB 36.9 million in the previous period[2]. - Operating loss for the period was RMB 207.96 million, compared to RMB 95.41 million in the previous period[2]. - The company's gross profit decreased from approximately RMB 36.9 million to about RMB 0.8 million, with the gross margin dropping from 17.4% to 0.6%[45]. - The company reported a net impairment loss on financial assets and contract assets increased from approximately RMB 25.0 million to about RMB 44.6 million, primarily due to an increase in expected credit loss provisions for trade receivables[48]. Revenue Breakdown - Revenue from hydrogen fuel cell systems was RMB 130,939 thousand, down 37.1% from RMB 208,370 thousand in the previous year[15]. - The total revenue for the six months ended June 30, 2024, was RMB 133,012 thousand, a decrease of 37.3% compared to RMB 212,271 thousand for the same period in 2023[15]. - Sales volume of hydrogen fuel cell systems decreased from 59,790.0 kW in the previous period to 34,645.0 kW in the reporting period, while sales volume of hydrogen fuel cell stacks dropped from 1,053.4 kW to 240.0 kW[42]. - The average selling price of hydrogen fuel cell systems increased from RMB 3,484.2 per kW to RMB 3,779.4 per kW, while the average selling price of hydrogen fuel cell stacks rose from RMB 1,692.6 per kW to RMB 1,799.4 per kW[42]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 4,920.87 million, an increase from RMB 4,863.52 million as of December 31, 2023[4]. - Total liabilities as of June 30, 2024, were RMB 1,706.24 million, compared to RMB 1,472.66 million as of December 31, 2023[5]. - Cash and cash equivalents were RMB 277.84 million as of June 30, 2024, compared to RMB 604.72 million as of December 31, 2023[5]. - Trade receivables as of June 30, 2024, amounted to RMB 1,990,271,000, an increase from RMB 1,927,473,000 as of December 31, 2023, showing a growth of approximately 3.2%[25]. - Trade payables amounted to RMB 717,414,000 as of June 30, 2024, a decrease from RMB 773,700,000 as of December 31, 2023, reflecting improved cash flow management[29]. Expenses - Employee benefits expenses increased to RMB 105,765 thousand, up 14.4% from RMB 92,494 thousand in the previous year[17]. - Administrative expenses increased from approximately RMB 86.7 million to about RMB 113.5 million, primarily due to increased depreciation expenses related to production facility construction[49]. - Research and development expenses exceeded RMB 65.3 million, representing a year-on-year increase of 34.1%[37]. - Financing costs netted approximately RMB 6.1 million during the reporting period, compared to a net financing income of about RMB 2.1 million in the previous period, mainly due to increased borrowing costs[52]. Corporate Actions and Governance - The board has resolved not to declare any interim dividend for the reporting period[1]. - The company will not declare an interim dividend for the reporting period[71]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all applicable provisions during the reporting period[72]. - The H shares of the company are set to be listed on the Hong Kong Stock Exchange on December 5, 2023[7]. Strategic Initiatives - The company is currently evaluating the impact of new accounting standards that will take effect in future periods[11]. - The company plans to focus on upgrading core product research and development, including high-efficiency hydrogen fuel cell stacks and systems[61]. - The company aims to enhance its management and operational efficiency through continuous talent recruitment and training[62]. - The company intends to expand production capacity based on regional hydrogen energy industry policies and market demands[64]. - The company successfully entered the list of suppliers for BASF's hydrogen energy truck logistics project in Greater China, supporting low-carbon logistics[36]. Market and Product Development - The new generation GIII fuel cell stack achieved a rated performance of 1.3 W/cm², an improvement of over 20% compared to the previous generation[37]. - The company launched the new high-power Hongxin GIII series stacks and Hongtu H series systems, with single stack power exceeding 200 kW[35]. - The company is developing breakthrough technologies for megawatt-level proton exchange membrane (PEM) electrolyzers and 1,000 Nm³ alkaline electrolyzers to enhance hydrogen production efficiency[38]. - The proportion of R&D personnel reached approximately 37% of the total workforce, with a 15% increase in employees holding a bachelor's degree or higher compared to the same period in 2023[39].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2023, representing a year-on-year increase of 25%[4]. - The company expects revenue growth to continue at a rate of 20% for the next fiscal year, projecting revenues of RMB 1.44 billion[4]. - The company achieved operating revenue of approximately RMB 700.6 million in 2023, representing a year-on-year decrease of 6.4%[39]. - The company reported a financial year ending December 31, 2023, with significant developments in R&D and market expansion strategies[10]. - The loss before income tax for the year was RMB 436,417,000, compared to a loss of RMB 293,679,000 in 2022, indicating a significant increase in losses[33]. - The loss per share attributable to shareholders for 2023 was RMB 0.95, compared to RMB 0.72 in 2022, indicating a worsening financial performance[33]. - The loss attributable to owners of the company was approximately RMB 404.4 million, compared to RMB 273.4 million in the previous period[96]. - The Group recorded a net finance income of approximately RMB 2.5 million for the Reporting Period, a significant improvement from net finance costs of approximately RMB 6.8 million in 2022[98]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a market share increase of 15% by the end of 2024[4]. - New product launches include a hydrogen fuel cell system with a capacity of 100 kW, aimed at commercial vehicles, expected to generate additional revenue of RMB 300 million in the next year[4]. - The company focused on expanding the commercial application of hydrogen fuel cell vehicles, including medium-duty and heavy-duty trucks, logistics vehicles, and buses[21]. - The company aims to innovate business models in the hydrogen energy industry and expand product applications to diversified markets, thereby consolidating its leading position[128]. - The company plans to expand production capacity nationwide in line with local hydrogen energy industry policies and market demand, focusing on reducing average production costs and enhancing operational efficiency[129]. Research and Development - Research and development expenses increased by 10% to RMB 150 million, focusing on advanced hydrogen storage technologies[4]. - The company is committed to enhancing its position in the global hydrogen fuel cell industry through independent R&D and innovation, and domestic production of core materials[25]. - As of December 31, 2023, the company had applied for 262 patents and participated in the formulation of 10 national standards and 18 group standards[43]. - The Group plans to focus on the development of high-efficiency hydrogen fuel cell stacks and systems, aiming for product upgrades and cost reductions through technological innovation[120][123]. Governance and Compliance - The company is actively pursuing compliance with the Securities and Futures Ordinance, ensuring regulatory adherence in its operations[9]. - The audit committee is chaired by Ms. Wong Yan Ki, indicating a structured governance framework for financial oversight[13]. - The company has appointed independent non-executive directors since October 2022, enhancing governance and independent oversight[186]. - The company is committed to maintaining high standards of governance and transparency through its board composition[191]. Employee and Operational Insights - The number of employees reached 798 as of December 31, 2023, with 30% being research and development personnel[51]. - The company emphasizes employee training to develop skills, providing opportunities for participation in various training sessions and seminars[137]. - Employee benefit expenses amounted to approximately RMB 235.3 million, an increase from RMB 177.9 million in 2022[139]. Financial Position and Assets - The total assets of the Company increased to RMB 4,863,522,000 in 2023, up from RMB 3,419,912,000 in 2022, reflecting a growth of 42.4%[33]. - Cash and cash equivalents, including restricted cash, rose by 12.5% to approximately RMB 808.0 million from approximately RMB 718.2 million in the Previous Period[105]. - Net current assets increased to approximately RMB 2,210.1 million, compared to approximately RMB 1,388.6 million as of December 31, 2022[105]. Legal Matters - The company is involved in a legal dispute regarding a compensation claim of approximately RMB 0.56 million related to a procurement contract, with the court yet to announce a verdict[144]. - As of December 31, 2023, the company has a legal claim of approximately RMB0.56 million related to a judgment by PRC courts from November 2022, with provision made in the consolidated financial statements[148]. - The legal proceeding regarding the disputed sum is pending the outcome of the court judgment after the first hearing in July 2023[148]. Board of Directors and Management - Mr. Ye has over 18 years of experience in corporate management, currently managing multiple departments within Foshan Automatic Transportation Group Co., Ltd. since June 2017[165]. - Ms. Wong has extensive qualifications, including a bachelor's degree in international accounting and an executive MBA, enhancing the company's governance[197]. - The board includes professionals with extensive backgrounds in finance and research, ensuring informed decision-making[188].

智通财经APP讯，国鸿氢能(09663)发布公告，公司已收到中国证监会就公司建议实施H股全流通出具的日期为2024年4月18日的备案通知。根据备案通知，公司已就将不超过2.73亿股内资股(占公司已发行股本总额约52.71%)转换为可于联交所上市及买卖的H股完成向中国证监会的备案。备案通知将自2024年4月18日起12个月内有效。公司将向联交所上市委员会申请批准相关H股上市及买卖。 截至本公告日期，公司就转换及上市的实施计划详情尚未落实以及转换及上市的完成须履行中国证监会、联交所及其他相关境内外监管机构规定的其他相关程序。 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was approximately RMB 700.6 million, a decrease of about 6.4% year-on-year[3] - Gross profit for the same period was approximately RMB 175.8 million, an increase of about 10.7% year-on-year[3] - Loss attributable to owners of the company for the year was approximately RMB 404.4 million, compared to a loss of RMB 273.4 million in the previous year[3] - Basic loss per share for the year was approximately RMB 0.95, compared to RMB 0.72 in the previous year[3] - Total expenses for the year were RMB 985,002,000, an increase of 8.0% compared to RMB 912,151,000 in 2022[25] - Employee benefits expenses rose to RMB 235,300,000, up 32.3% from RMB 177,939,000 in the previous year[25] - The company reported a net loss attributable to shareholders of RMB 404,447,000 for the year ended December 31, 2023, compared to a net loss of RMB 273,416,000 in 2022, representing a year-over-year increase of 47.9%[34] - The company achieved operating revenue of approximately RMB 700.6 million in 2023, a year-on-year decrease of 6.4%[49] - The overall gross margin increased from 21.2% in 2022 to 25.1% in 2023, with the gross margin for hydrogen fuel cell systems rising from 27.1% to 28.2%[49] Assets and Liabilities - Non-current assets increased to RMB 1,356.5 million from RMB 1,048.6 million year-on-year, reflecting investment in long-term growth[8] - Current assets rose to RMB 3,507.0 million from RMB 2,371.4 million year-on-year, indicating improved liquidity[8] - Total liabilities increased to RMB 1,472.7 million from RMB 1,120.9 million year-on-year, suggesting higher leverage[10] - The company’s equity attributable to owners increased to RMB 3,373.9 million from RMB 2,303.7 million year-on-year, reflecting retained earnings and capital contributions[10] - Trade receivables from third parties rose to RMB 1,927,473,000 in 2023, up from RMB 1,362,012,000 in 2022, reflecting a significant increase of 41.6%[37] - The company’s trade payables increased to RMB 773,700,000 in 2023 from RMB 510,726,000 in 2022, marking a rise of 51.5%[41] - Cash and cash equivalents increased by 12.5% to approximately RMB 808.0 million from about RMB 718.2 million[76] - Total current assets rose to approximately RMB 2,210.1 million from RMB 1,388.6 million, with the current ratio increasing from about 2.4 to 2.7[76] Research and Development - Research and development expenses for the year were RMB 151.1 million, up from RMB 91.8 million in the previous year, indicating a focus on innovation[4] - The company reported a significant increase in collaborative R&D expenses, which rose to RMB 19,936,000 from RMB 4,119,000, reflecting a growth of 384.5%[25] - The company plans to enhance R&D investment in core products, focusing on high-efficiency hydrogen fuel cells and related systems to maintain industry leadership[83] - The company has applied for a total of 262 patents as of December 31, 2023, and participated in the formulation of 10 national standards and 18 group standards[51] Production and Sales - Revenue from hydrogen fuel cell systems was RMB 681,259,000, down from RMB 732,482,000 in the previous year, representing a decline of 7.0%[23] - Revenue from hydrogen fuel cell system components increased significantly to RMB 15,105,000 from RMB 4,023,000, marking a growth of 274.5%[23] - Sales volume of hydrogen fuel cell systems reached 148,640 kW, representing a year-on-year growth of approximately 13.2%[50] - Sales of hydrogen fuel cell systems increased from 131,300 kW in the previous period to 148,640 kW in the reporting period, while sales of hydrogen fuel cell stacks decreased significantly from 7,122.8 kW to 2,314.0 kW[60] - The average selling price of hydrogen fuel cell systems dropped from RMB 5,578.7 per kW to RMB 4,583.3 per kW, and the average selling price of hydrogen fuel cell stacks decreased from RMB 1,667.5 per kW to RMB 1,557.5 per kW[59] - The total sales cost decreased by 11.0% to RMB 524.9 million from RMB 589.7 million, primarily due to a reduction in raw material costs[63] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has complied with all applicable rules since its listing[97] - The board of directors consists of three executive directors, three non-executive directors, and three independent non-executive directors[106] - The financial statements have been approved by PwC, although their work does not constitute an audit[102] Capital and Funding - The company raised a total of RMB 1,006.39 million by issuing 62,899,375 shares at RMB 16.00 per share in 2022[45] - The company raised approximately RMB 1,411.37 million by issuing 79,520,000 shares at HKD 19.66 per share in December 2023[45] - The net proceeds from the global offering of H-shares amount to approximately HKD 1,456.3 million, with 40% allocated for expanding hydrogen fuel cell stack and system capacity[91][92] - The company plans to utilize the remaining proceeds for operational funding and other general corporate purposes, with an estimated HKD 138.2 million remaining[92] Future Outlook - The company plans to expand production capacity in key regions to support local hydrogen energy industry development and reduce average production costs[87] - The company has no significant investments or acquisitions planned that would materially impact its financial performance as of December 31, 2023[88][89] - The company has not engaged in any significant acquisitions or disposals during the year[89] - The company confirmed that the adoption of new accounting standards did not have a significant impact on its financial position or performance for the reporting period[18]