Financial Performance - The Group's revenue for the quarter ended June 30, 2022, was approximately RMB 97,635,000, representing an increase of approximately 83.68% compared to the corresponding period in the previous financial year[10]. - For the six months ended June 30, 2022, the Group's revenue was approximately RMB 158,576,000, reflecting an increase of approximately 43.63% compared to the same period last year[10]. - Revenue for the quarter ended June 30, 2022, was RMB 97,635,000, an increase from RMB 53,156,000 in the same quarter of 2021, representing an increase of 83.5%[14]. - The Group recorded a loss attributable to equity shareholders of approximately RMB 10,527,000 for the Interim Period[10]. - Loss per share for the Group was approximately RMB 0.51 cents for the Interim Period[10]. - The total comprehensive loss for the period was RMB 10,527,000, compared to a loss of RMB 8,543,000 in the previous year[24]. - Loss before taxation for the Interim Period was RMB 10,527,000, compared to a loss of RMB 7,967,000 in the same period last year, indicating a deterioration of approximately 32%[44]. - The basic loss per share for the Interim Period was RMB (10,527) compared to RMB (7,967) in the same period last year, reflecting a decline in performance[44]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 462,749,000, a decrease from RMB 467,940,000 as of December 31, 2021[18]. - Net current liabilities improved to RMB (146,840,000) from RMB (151,115,000) at the end of 2021[20]. - Total equity attributable to equity shareholders of the company was RMB 153,295,000 as of June 30, 2022, down from RMB 161,622,000 at the end of 2021[20]. - The Group's trade receivables amounted to RMB 49,157,000, a decrease from RMB 50,819,000 as of December 31, 2021, representing a decline of approximately 3.3%[52]. - The Group's total assets classified as held for sale were RMB 68,497,000 as of June 30, 2022, compared to RMB 71,220,000 as of December 31, 2021, indicating a decrease of about 3.8%[63]. - The Group's trade payables as of June 30, 2022, were RMB 215,315,000, an increase from RMB 203,797,000 as of December 31, 2021, reflecting an increase of approximately 5.4%[65]. - The Group's total liabilities associated with assets classified as held for sale were RMB 98,158,000 as of June 30, 2022, slightly decreasing from RMB 99,443,000 as of December 31, 2021[63]. Cash Flow - Cash inflow from operating activities for the six months ended June 30, 2022, was RMB 614,000, a decrease of 77.3% compared to RMB 2,703,000 in 2021[22]. - Cash inflow from investing activities was RMB 20,051,000, compared to an outflow of RMB 10,321,000 in the same period of 2021, indicating a significant turnaround[22]. - Cash outflow from financing activities was RMB 6,981,000, an increase from RMB 4,792,000 in 2021, reflecting higher financing costs[22]. - The net increase in cash and bank balances for the six months ended June 30, 2022, was RMB 13,684,000, compared to a decrease of RMB 12,410,000 in 2021[22]. - Cash and bank balances at June 30, 2022, were RMB 77,622,000, a substantial increase from RMB 13,470,000 at the same date in 2021[22]. Operational Highlights - The increase in revenue is mainly due to the rise in average daily production of the Group's LNG plants and an increase in gas prices, contributing approximately RMB 60,792,000 to revenue in the Interim Period[80]. - The average daily production increase in LNG plants was a significant factor in revenue growth during the Interim Period[80]. - The production capacity of the Group's LNG plants remained at approximately 500,000 cubic meters per day, with an average daily production of around 130,000 cubic meters during the Interim Period[88]. - The sales revenue of the liquefaction business increased substantially during the Interim Period due to a significant rise in energy prices[88]. - The daily gas output of the upstream business is insufficient to fully utilize the liquefaction plant's capacity of 500,000 cubic meters[94]. Shareholder Information - As of June 30, 2022, Mr. Wang Zhong Sheng holds a beneficial ownership of 1,353,566,412 shares, representing approximately 65.14% of the Company's total shares[108]. - Ms. Zhao Xin, spouse of Mr. Wang Zhong Sheng, is deemed to have an interest in 1,371,684,912 shares, which accounts for approximately 66.01% of the Company's shares[114]. - The Company had no other substantial shareholders or persons with discloseable interests as of June 30, 2022, apart from the disclosed Directors and chief executive[112]. Corporate Governance - The Group complied with the Corporate Governance Code during the Interim Period, except as disclosed[196]. - All independent non-executive Directors have confirmed their independence according to GEM Listing Rules[200]. - The Company does not have a chief executive officer, which deviates from HKSE Code provision A.2.1[198]. - The Board believes that the current structure will not impair the balance of power and authority between the Board and management[198]. Future Plans and Developments - The Group aims to stabilize gas supply from suppliers and increase the utilization rate of LNG plants to enhance revenue and cash flow contributions[88]. - The Group plans to build 10 pieces of equipment in the second half of 2022, each capable of producing 50,000 cubic meters of natural gas per day[94]. - The second trial equipment is expected to be completed by November 2022, with trial runs commencing in December 2022[94]. - The demand for natural gas is anticipated to grow strongly due to increasing environmental concerns and the elimination of highly-polluted energy sources[97].
中国煤层气(08270) - 2022 - 中期财报