Financial Performance - The revenue of China CBM Group Company Limited for the nine months ended September 30, 2019, was approximately RMB 124,528,000, representing an increase of approximately 1.78% compared to the same period in the previous financial year[11]. - The Group realized a profit attributable to owners of the Company of approximately RMB 1,357,000 for the nine months ended September 30, 2019[11]. - The profit per share for the Company was approximately RMB 0.10 cents for the nine months ended September 30, 2019[11]. - The Group's revenue for the three months ended September 30, 2019, was RMB 27,346,000, compared to RMB 38,713,000 for the same period in 2018, indicating a decline[16]. - The gross profit for the nine months ended September 30, 2019, was RMB 29,248,000, compared to RMB 7,348,000 for the same period in 2018[16]. - The loss before taxation for the three months ended September 30, 2019, was RMB 2,497,000, compared to a profit of RMB 207,000 for the same period in 2018[16]. - The loss for the period for the three months ended September 30, 2019, was RMB 2,500,000, compared to a profit of RMB 207,000 for the same period in 2018[19]. - The total comprehensive loss for the nine months ended September 30, 2019, was RMB 24,841,000[19]. - The total comprehensive income for the period was RMB (2,499,000), a significant decrease from RMB 8,698,000 in Q3 2018[22]. - The equity shareholders of the company experienced a total comprehensive loss of RMB 4,000,000, compared to a profit of RMB 3,817,000 in the previous year[22]. - The company’s total comprehensive income for the nine months ended September 30, 2019, was RMB 6,506,000, compared to a loss of RMB 1,410,000 for the same period in 2018[22]. Dividend and Shareholder Information - The Board does not recommend the payment of any dividend for the nine months ended September 30, 2019[11]. - The Group did not recommend payment of any dividend for the Review Period, consistent with the corresponding period in 2018[40]. - As of September 30, 2019, Mr. Wang Zhong Sheng holds a beneficial ownership of 470,588,254 shares, representing approximately 35.66% of the company's shareholdings[81]. - Ms. Zhao Xin, spouse of Mr. Wang Zhong Sheng, has an interest in 488,706,754 shares, representing 37.04% of the company's total shareholding[86]. - The total number of shares held by Mr. Wang Zhong Sheng includes various forms of ownership, emphasizing his significant stake in the company[2]. Operational Highlights - The company operates primarily in the People's Republic of China, with business activities transacted in RMB[30]. - The principal activities include the manufacture and sales of liquefied coalbed gas and provision of gas supply connection services[30]. - As of September 30, 2019, the Group completed drilling 244 CBM wells, with 199 wells in production, maintaining the same number of production wells as at the end of 2018[59]. - The average daily gas output per existing well is approximately 850 cubic meters[61]. - The upstream business is steadily improving, with daily gas output expected to reach 350,000 cubic meters in the first half of 2020 and 850,000 cubic meters by the end of 2020[73]. - The daily production capacity of liquefaction plants is currently 500,000 cubic meters, but is not fully utilized due to raw gas supply shortages[73]. Financial Position and Assets - The Group's net assets as of September 30, 2019, were approximately RMB 229,731,000, including cash and bank balances of approximately RMB 5,849,000[63]. - The Group's gearing ratio was approximately 22.40%, calculated as total external borrowings divided by shareholders' funds[63]. - The weighted average number of shares in issue for the Quarter and the Review Period was 1,319,484,534 shares[41]. - The company had no material contingent liabilities as of September 30, 2019[111]. Employee and Cost Management - Employee costs for the nine months ended September 30, 2019, were approximately RMB 12,169,000, a decrease from approximately RMB 16,466,000 for the same period in 2018[66]. - The Group has 341 employees, including 7 in research and development, 192 in engineering and customer service, 120 in administration, and 22 in marketing[66]. Corporate Governance and Compliance - The audit committee has held three meetings during the Review Period to review the Group's unaudited consolidated results[115]. - The Company has complied with the Corporate Governance Code provisions, except for the lack of a specific term for independent non-executive Directors[115]. - The Company has confirmed that all independent non-executive Directors are independent according to Rule 5.09 of the GEM Listing Rules[119]. - The roles of chairman and chief executive are currently held by the same individual, which deviates from code provision A.2.1[115]. - The Company is considering the feasibility of appointing a separate chief executive to comply with code provision A.2.1[117]. Future Outlook and Strategic Plans - The management anticipates strong growth in natural gas market demand due to increasing environmental concerns and the elimination of highly-polluted energy sources[76]. - The company plans to accelerate its drilling program if adequate financing is obtained in the future[63]. - The company plans to resume its LNG project by the end of 2019, supported by increasing upstream well numbers and gas output[73]. - Future outlook includes potential market expansion and new product development strategies[111].
中国煤层气(08270) - 2019 Q3 - 季度财报