Company Overview - China CBM Group Company Limited reported its interim results for the six months ending June 30, 2024[1]. - The company is listed on the GEM of the Stock Exchange of Hong Kong, which is designed for companies with higher investment risks[2]. - The company’s registered office is located in Bermuda, while its principal place of business is in Tsuen Wan, Hong Kong[8]. - The principal banker for the company is Bank of China (Hong Kong) Limited[9]. - The company operates primarily in the People's Republic of China, with all business activities transacted in RMB[20]. Financial Performance - The Group's revenue for the six months ended June 30, 2024, was approximately RMB 120,057,000, representing an increase of approximately 18.3% compared to the corresponding period in the previous financial year[10]. - The Group recorded a loss attributable to equity shareholders of approximately RMB 4,113,000 for the Interim Period[10]. - Loss per share for the Group was approximately RMB 1.05 cents for the Interim Period[10]. - Gross profit for the Interim Period was RMB 14,695,000, compared to RMB 15,398,000 in the same period of 2023[12]. - Total comprehensive loss for the period was (4,831,000), compared to a total comprehensive income of 2,147,000 in the same period of 2023[13]. - The loss for the period was RMB 4,113,000, contributing to a total comprehensive loss of RMB 4,831,000 for the six months ended June 30, 2024[18]. - Revenue for the sale of liquefied coalbed gas reached RMB 108,150,000, a 39.6% increase from RMB 77,426,000 in the same period of 2023[22]. - The gross profit margin decreased from 15.2% to 12.2% due to a decline of more than 10% in LNG selling prices during the period[50]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 354,584,000, an increase from RMB 338,338,000 as of December 31, 2023[14]. - Current liabilities totaled RMB 195,214,000 as of June 30, 2024, compared to RMB 171,193,000 as of December 31, 2023[14]. - Net current liabilities were (88,800,000) as of June 30, 2024, compared to (84,435,000) as of December 31, 2023[15]. - Equity attributable to equity shareholders of the Company was RMB 160,186,000 as of June 30, 2024, down from RMB 165,017,000 as of December 31, 2023[16]. - The total equity attributable to shareholders at June 30, 2024, was RMB 155,970,000, down from RMB 160,800,000 at the beginning of the year[18]. Cash Flow - For the six months ended June 30, 2024, cash inflow from operating activities was RMB 8,623,000, compared to a cash outflow of RMB 5,529,000 in the same period of 2023[17]. - Cash outflow from investing activities decreased to RMB 5,567,000 from RMB 7,152,000 year-over-year[17]. - Cash inflow from financing activities increased significantly to RMB 9,557,000, up from RMB 5,120,000 in the previous year[17]. - The net cash and bank balances at June 30, 2024, were RMB 58,057,000, compared to RMB 142,873,000 at the same date in 2023[17]. - The company reported a cash balance of RMB 45,444,000 at January 1, 2024, which increased to RMB 58,057,000 by June 30, 2024[17]. Corporate Governance - The audit committee is chaired by Mr. Lau Chun Pong, ensuring oversight of financial reporting[7]. - The board of directors collectively accepts full responsibility for the report's contents[4]. - The Company emphasizes adherence to corporate governance standards[98]. - The Company maintains a commitment to transparency and independence in its governance structure[98]. - The Company has confirmed the independence of all its independent non-executive Directors as per GEM Listing Rules[98]. Shareholder Information - As of June 30, 2024, Jumbo Lane Investments Limited held 2,264,812 shares in the company[75]. - Mr. Wang Zhong Sheng owned 299,028,739 long positions, including 288,661,440 shares and convertible bonds convertible to 10,367,299 shares[75]. - Ms. Zhao Xin, as the spouse of Mr. Wang Zhong Sheng, is deemed to have an interest in 301,293,551 shares, representing approximately 77.17% of the shareholding[79]. - The company did not issue any debentures during the interim period[76]. - The company has not granted any rights to acquire shares or debentures to directors or their family members during the interim period[81]. Operational Highlights - The Group has completed the groundwork and drilling of 229 CBM wells, with 164 wells in stable production[56]. - The production capacity of the Group's LNG plants remains at approximately 500,000 cubic meters per day, with an average daily production of around 276,000 cubic meters during the Interim Period[57]. - The daily gas output from the upstream business was insufficient to fully utilize the liquefaction plant's daily production capacity of 500,000 cubic meters[68]. - The Group commenced R&D on C-H to Synthesis of natural gas production in 2017, with small-scale production expected to start by the end of 2021[68]. Future Outlook - The Group anticipates that the demand for natural gas will continue to grow strongly, driven by increasing environmental concerns and the elimination of highly-polluted energy sources[71]. - The management is committed to overcoming challenges to contribute to the Company's profitability and long-term development[71]. - The Group has no plans for acquisition or investment beyond intended investments in upstream CBM exploration and extraction[62].
中国煤层气(08270) - 2024 - 中期业绩