Financial Performance - The Group's turnover for the three months ended March 31, 2022, was approximately RMB 60,941,000, representing an increase of 6.45% compared to the same period in the previous financial year[4]. - The Group reported a loss of approximately RMB 5,778,000 for the three months ended March 31, 2022[4]. - Basic loss per share attributable to equity shareholders of the Company was approximately RMB 0.28 cents for the three months ended March 31, 2022[4]. - The Board does not recommend the payment of any dividend for the three months ended March 31, 2022[4]. - Gross profit for the period was RMB 5,295,000, with a gross profit margin of approximately 8.69%[8]. - The Group's total comprehensive expense for the period was RMB 5,737,000, compared to RMB 5,309,000 for the same period in 2021[10]. - The loss before income tax for the period was RMB 7,065,000, compared to RMB 4,940,000 for the same period in 2021[8]. - The Group's administrative expenses increased to RMB 10,574,000 for the period, up from RMB 7,478,000 in the previous year[8]. - For the first quarter of 2022, the total turnover was RMB 60,941,000, an increase from RMB 57,247,000 in the same period of 2021, representing a growth of approximately 4.7%[24]. - The Group recorded a consolidated turnover of approximately RMB60,941,000 for the Quarter, representing an increase of approximately 6.45% compared with the corresponding period of last year[29]. - Loss attributable to equity shareholders of the Company for the Quarter was approximately RMB5,778,000, compared with a loss of approximately RMB4,844,000 for the previous period[29]. Revenue Breakdown - Sales of liquefied coalbed gas amounted to RMB 16,970,000, up from RMB 13,830,000 in the previous year, indicating a growth of about 22.5%[24]. - Sales of piped natural gas reached RMB 43,971,000, slightly increasing from RMB 43,417,000, which is a growth of approximately 1.3%[24]. - Other revenue from interest income on bank deposits was RMB 14,000, a decrease from RMB 17,000 in the previous year[24]. - Other net income was RMB 449,000, down from RMB 1,211,000 in the same period last year, reflecting a decline of approximately 62.9%[24]. Assets and Liabilities - The Group's net assets were approximately RMB 108,932,000, including cash and bank balances of approximately RMB 68,125,000, with a gearing ratio of approximately 18.9%[40]. - There was no provision for Hong Kong profits tax as the Group did not derive any income subject to it during the Quarter[29]. - The tax rate for the PRC subsidiaries is 25% from 1 January 2008 onwards, with no significant unprovided deferred taxation for the Quarter[29]. Operational Highlights - As of March 31, 2022, the Group completed the groundwork and drilling of 229 CBM wells, with 164 wells in production, maintaining stable production since they commenced operations[38]. - The production capacity of the Group's LNG plants remained at approximately 500,000 cubic meters per day, but the average daily production was only around 80,000 m³ due to insufficient raw gas supply[38]. - The upstream business is improving steadily, with increasing well construction and gas output[48]. - The company's upstream business is steadily improving, with daily gas output not fully meeting the liquefaction plant's capacity of 500,000 cubic meters[49]. Research and Development - The Group is conducting R&D on C-H to Synthesis of natural gas production technology, with small-scale production expected to start before the end of 2021[48]. - The second experimental equipment for the C-H to Synthesis project is expected to be completed in November 2022, with a trial run anticipated in December 2022[48]. - The Group intends to build 10 pieces of equipment, each capable of producing 50,000 cubic meters of natural gas daily[48]. - The successful development of the C-H technology will allow the company to supply natural gas directly to city gas pipeline networks, creating new profit growth opportunities[51]. Corporate Governance - The audit committee held one meeting during the quarter, reviewing the unaudited consolidated results and ensuring compliance with financial reporting standards[96]. - The company has complied with the Corporate Governance Code, except for the lack of specific terms for independent non-executive directors, which allows flexibility in appointments[98]. - The roles of chairman and chief executive are not separated, as the company does not have a designated chief executive, which deviates from the governance code[98]. - The Company is considering the feasibility of appointing a separate chief executive to comply with code provision A.2.1 of the Code[100]. - The Company has adopted a code of conduct regarding securities dealings by Directors, with no reported non-compliance during the Review Period[100]. - All independent non-executive Directors have confirmed their independence as per Rule 5.09 of the GEM Listing Rules[100]. Share Options and Equity - The company proposed a new share option scheme after the previous one expired in May 2021, subject to shareholder approval[57]. - The new share option scheme approved on March 28, 2022, is valid for 10 years and will expire on March 27, 2032, with 15,000,000 options granted to financial advisors[91]. - The previous share option scheme expired on May 18, 2021, with 32,119,074 options granted, all of which have lapsed[85]. - As of January 1, 2022, there were no outstanding options, and no options were granted during the period, with the status remaining unchanged as of March 31, 2022[94]. - The company did not issue any debentures during the quarter[78]. - The company recorded no other interests or short positions in shares or debentures as required under the Securities and Futures Ordinance[78].
中国煤层气(08270) - 2022 Q1 - 季度财报