Financial Performance - The Group's revenue for the six months ended June 30, 2024, was approximately RMB120,057,000, representing an increase of approximately 18.3% compared to the corresponding period in the previous financial year[9]. - Revenue for the first half of 2024 reached RMB 120,057,000, an increase of 18.4% compared to RMB 101,486,000 in the same period of 2023[11]. - Gross profit for the period was RMB 14,695,000, slightly down from RMB 15,398,000 in 2023, indicating a gross margin decrease[11]. - Loss for the period improved to RMB 4,113,000 from RMB 7,799,000 in the previous year, reflecting a reduction of 47.3%[12]. - Total comprehensive loss for the period was RMB 4,831,000, compared to a comprehensive income of RMB 2,147,000 in 2023[12]. - The loss attributable to equity shareholders for the half year was RMB (4,113,000), an improvement from RMB (7,643,000) in the same period of 2023[31]. - Basic loss per share improved to RMB 1.05 from RMB 2.21 in the same period of 2023, reflecting better performance[11]. Dividends and Shareholder Returns - The Board does not recommend the payment of any dividend for the Interim Period[9]. - No interim dividend was recommended for the Interim Period, following no dividend declared in the same period of 2023[29]. - The Company’s share capital remained unchanged at RMB 26,305,000 as of June 30, 2024[17]. Assets and Liabilities - Total assets increased to RMB 354,584,000 as of June 30, 2024, up from RMB 338,338,000 at the end of 2023, representing a growth of 4.1%[13]. - Net current liabilities stood at RMB 88,800,000, slightly higher than RMB 84,435,000 at the end of 2023[14]. - Cash and bank balances at June 30, 2024, were RMB 58,057,000, up from RMB 45,444,000 at the beginning of the year, marking an increase of 27.8%[16]. - The balance of accumulated losses increased to RMB 31,002,000 as of June 30, 2024, compared to RMB 29,496,000 at the beginning of the year[17]. - The total amount of trade and other receivables as of June 30, 2024, was RMB 35,169,000, compared to RMB 29,447,000 as of December 31, 2023, showing an increase of approximately 19.5%[37]. - The total trade payables as of June 30, 2024, were RMB 21,175,000, up from RMB 3,761,000 as of December 31, 2023, reflecting an increase of approximately 463.5%[40]. Cash Flow and Financing - Cash inflow from operating activities was RMB 8,623,000, a significant turnaround from an outflow of RMB 5,529,000 in the same period last year[16]. - The Company reported finance costs of RMB 14,687,000, a decrease from RMB 22,178,000 in the previous year, indicating improved financial management[11]. - The Group's secured bank loans repayable within 1 year as of June 30, 2024, totaled RMB 10,000,000, while unsecured bank loans repayable within the same period amounted to RMB 3,000,000[42]. Operational Highlights - The Group operates primarily in the People's Republic of China, with business activities transacted in RMB[20]. - 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[60]. - 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[70]. - The Group is focused on upstream CBM exploration and extraction, with no current plans for acquisitions or scaling down existing operations[65]. Employee and Staff Costs - Staff costs decreased to RMB 10,819,000 from RMB 12,162,000, reflecting a reduction of 11.1%[24]. - The Group employs a total of 249 staff, including 20 in research and development, 130 in engineering and customer service, and 5 in marketing[67]. - Employee costs for the first half of 2024 amounted to approximately RMB 10,819,000, compared to RMB 12,162,000 for the same period in 2023[69]. Corporate Governance and Compliance - The audit committee held two meetings during the Interim Period to review the Group's unaudited consolidated results[95]. - The company has complied with the Corporate Governance Code provisions, except for the lack of a set term for independent non-executive directors[97]. - The Company has confirmed the independence of all its independent non-executive Directors as per Rule 5.09 of the GEM Listing Rules[100]. Future Outlook and Strategy - 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[73]. - The successful development of C-H to Synthesis of natural gas production is expected to provide a stable gas supply for the Group's LNG plants, enabling them to reach full production capacity[71]. - The management is committed to overcoming challenges to contribute to the Company's profitability and long-term development[73].
中国煤层气(08270) - 2024 - 中期财报