Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 68,762,000, a decrease of 67.4% compared to RMB 211,105,000 for the same period in 2019[12] - Gross profit for the same period was RMB 186,000, representing a 99.7% decrease from RMB 67,339,000 in 2019[12] - The total comprehensive loss for the period was RMB (20,273,000), a significant decline from a profit of RMB 38,724,000 in the corresponding period of 2019, marking a 152.4% change[12] - The loss attributable to owners of the company was RMB (19,412,000), compared to a profit of RMB 32,445,000 in the previous year, reflecting a 159.8% decrease[12] - The total revenue from continuing operations for the six months ended June 30, 2020, was RMB (20,273) thousand, compared to RMB 38,724 thousand for the same period in 2019, representing a decline of approximately 152.4%[22] - The net loss attributable to owners from continuing operations was RMB (19,412) thousand for the six months ended June 30, 2020, compared to a profit of RMB 32,445 thousand in the same period of 2019, indicating a significant downturn[25] - The basic and diluted loss per share from continuing operations was RMB (0.005) for the six months ended June 30, 2020, compared to earnings of RMB 0.009 per share in the same period of 2019[28] - The group reported a pre-tax loss of RMB 20,945,000 for the six months ended June 30, 2020, compared to a profit of RMB 55,497,000 in the same period of 2019[56] - The company reported a loss attributable to owners of the company of RMB 19,412,000 for the six months ending June 30, 2020[81] - The company recorded a loss attributable to owners of RMB 19,400,000, a decrease of 159.6% compared to a profit of RMB 32,500,000 in the previous period[122] Assets and Liabilities - The company's total assets as of June 30, 2020, were RMB 607,725,000, down 1.8% from RMB 618,694,000 at the end of 2019[11] - Net assets decreased by 2.3% to RMB 475,098,000 from RMB 486,462,000 at the end of 2019[11] - Cash and bank balances significantly dropped by 63.5% to RMB 7,152,000 from RMB 19,607,000 at the end of 2019[11] - The total assets as of June 30, 2020, were RMB 475,098 thousand, a decrease from RMB 486,462 thousand as of December 31, 2019, reflecting a decline of approximately 2.8%[32] - Current assets amounted to RMB 529,180 thousand as of June 30, 2020, compared to RMB 536,449 thousand as of December 31, 2019, showing a decrease of about 1.4%[33] - The current liabilities were RMB 131,758 thousand as of June 30, 2020, slightly increased from RMB 130,546 thousand as of December 31, 2019, indicating a marginal rise of 0.9%[33] - The group recorded a net asset value of RMB 475,100,000 as of June 30, 2020, down from RMB 486,500,000 as of December 31, 2019, primarily due to net losses during the period[124] - The group's current assets and current liabilities as of June 30, 2020, were RMB 529,200,000 and RMB 131,800,000, respectively, compared to RMB 536,400,000 and RMB 130,500,000 as of December 31, 2019[124] Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2020, was RMB (18,616,000), a significant improvement from RMB (152,090,000) in the same period of 2019[40] - The financing activities generated a net cash inflow of RMB 6,162,000 for the six months ended June 30, 2020, compared to RMB 622,000 in the same period of 2019[40] - The company’s investment activities resulted in a net cash outflow of RMB (1,000,000) during the reporting period, compared to an inflow of RMB 4,736,000 in the same period of 2019[40] - The total cash and cash equivalents at the end of the reporting period was RMB 59,275,000, compared to RMB 7,152,000 at the beginning of the period[39] - As of June 30, 2020, the group had no bank borrowings and maintained a debt-to-equity ratio of 0.0%[124] Revenue Sources - Revenue from the new energy business for the six months ended June 30, 2020, was RMB 68,510,000, a decrease of 67.5% compared to RMB 210,853,000 for the same period in 2019[51] - LNG supply was the only source of revenue during the period, with significant declines in supply and revenue due to COVID-19[109] - Revenue from the new energy business was RMB 68,500,000, down from RMB 210,900,000, accounting for 99.6% of total revenue[113] Government Support and Subsidies - The company received a subsidy of RMB 5,562,000 from the local government in China to encourage the development of its new energy business during the reporting period[43] - The group recognized government subsidies related to COVID-19 amounting to RMB 140,000 during the reporting period[60] - The company received government subsidies of approximately RMB 420,000 related to the Covid-19 employment support scheme in July 2020[106] Employee and Management Compensation - The total employee costs for the period were RMB 5,529,000, with RMB 3,880,000 included in the cost of sales[69] - The total compensation for directors and key management personnel for the six months ended June 30, 2020, was RMB 3,483,000, a decrease from RMB 5,579,000 in the previous year[105] - The company reported a decrease in short-term employee benefits from RMB 5,469,000 to RMB 3,366,000 year-over-year[105] Share Options and Equity - The company has a share option plan that allows for the issuance of options equivalent to up to 30% of the issued share capital, excluding shares issued upon exercise of options[99] - As of June 30, 2020, the number of shares involved in unexercised options was adjusted to 267,280,000, representing 7.4% of the issued shares, down from 8.2% as of December 31, 2019[100] - The weighted average exercise price of options as of June 30, 2020, was HKD 0.291, compared to HKD 0.289 for the previous period[102] - The stock options plan allows for the issuance of shares not exceeding 1% of the issued shares within any 12-month period[140] Market Outlook and Strategy - The board anticipates that the impact of COVID-19 will continue to negatively affect the group's overall performance in the near term, maintaining a cautious outlook for the remainder of the year[126] - The group plans to actively seek new markets for LNG trading while maintaining existing locations, focusing on expanding its new energy business beyond its main base in Tianjin[126] - The group will seek new engineering projects with good profit margins to expand its operations and allocate sufficient resources to LNG supply to promote business development[126] Miscellaneous - The company has not experienced significant adverse effects on its financial condition and performance due to government support measures in response to the pandemic[43] - The company continues to apply the same accounting policies and methods as those presented in the annual financial statements for the year ended December 31, 2019[44] - The company has not adopted any financial instruments for hedging purposes during the period[130] - The company communicated with shareholders through the annual general meeting and special general meeting[157] - The report will be published on the GEM website for at least seven days from the publication date[157]
中华燃气(08246) - 2020 - 中期财报