Financial Performance - The revenue for the first quarter of 2022 was RMB 11,057,000, a decrease of 21.5% compared to RMB 14,120,000 in the same period of 2021[6] - The gross profit for the first quarter of 2022 was RMB 486,000, compared to a gross loss of RMB 1,023,000 in the first quarter of 2021[6] - The net loss for the first quarter of 2022 was RMB 2,075,000, an improvement from a net loss of RMB 3,074,000 in the same period of 2021[6] - The company reported other comprehensive income of RMB 1,007,000 for the first quarter of 2022, compared to a loss of RMB 97,000 in the first quarter of 2021[8] - The total comprehensive loss for the first quarter of 2022 was RMB 1,068,000, compared to RMB 3,171,000 in the first quarter of 2021[8] - Total revenue for the three months ended March 31, 2022, was RMB 11,057,000, a decrease of 21.6% from RMB 14,120,000 for the same period in 2021[23] - The cost of goods sold for the same period was RMB 8,549,000, down from RMB 11,876,000 in 2021, reflecting a 28.5% reduction[24] - The group reported a pre-tax loss of RMB 2,075,000 for the three months ended March 31, 2022, compared to a loss of RMB 3,074,000 in the same period of 2021, indicating an improvement of 32.6%[31] - Basic loss per share for the period was RMB (1.20), an improvement from RMB (1.86) in the previous year[31] - Revenue for the three months ended March 31, 2022, was approximately RMB 11.1 million, a decrease of about RMB 3.0 million or 21.3% compared to RMB 14.1 million for the same period in 2021[37] Expenses and Costs - The administrative expenses increased to RMB 2,520,000 in the first quarter of 2022 from RMB 1,882,000 in the same period of 2021[6] - The financing costs decreased significantly to RMB 44,000 in the first quarter of 2022 from RMB 298,000 in the first quarter of 2021[6] - Cost of sales for the three months ended March 31, 2022, was approximately RMB 10.6 million, a decrease of about RMB 4.5 million or 29.8% compared to RMB 15.1 million for the same period in 2021[38] - Employee costs for the three months ended March 31, 2022, were approximately RMB 1.1 million, down from RMB 1.3 million for the same period in 2021[53] Revenue Sources - The company is engaged in CNG sales in the People's Republic of China during the reporting period[13] - All revenue during the period was generated from customers located in China[18] - Sales revenue from wholesale customers decreased by approximately RMB 2.5 million or 27.5% to about RMB 6.6 million, primarily due to the ongoing impact of COVID-19[37] - Sales revenue from retail customers decreased by approximately RMB 0.5 million or 10.0% to about RMB 4.5 million, attributed to road closures near a gas station[37] Shareholder Information - Liu Yongcheng and Liu Yongqiang each hold 85,955,000 shares, representing approximately 49.43% of the total issued shares[55] - Liu Yongcheng and Liu Yongqiang are also deemed to have interests in 66,562,500 shares, approximately 37.55% of the total issued shares, held by Hongsheng Industrial Limited[57] - Major shareholders, including Yongsheng and Hongsheng, collectively hold 85,955,000 shares, representing approximately 50.36% of the total issued shares[61] - An Wei Development Limited holds 13,872,500 shares, approximately 7.83% of the total issued shares[61] - As of March 31, 2022, no other directors or key executives held any recorded interests in the company's shares[59] Corporate Governance - The company adopted and complied with the corporate governance code as per the GEM Listing Rules, with a noted deviation regarding the separation of the roles of Chairman and CEO[77] - The Audit and Risk Management Committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the three months ending March 31, 2022[78] - The company confirmed compliance with the non-competition agreement signed by its controlling shareholders on April 20, 2018, which prohibits engaging in any competing business activities during its validity period[74] - As of March 31, 2022, there were no conflicts of interest reported among directors, controlling shareholders, or their close associates in any competing businesses[75] Future Outlook - The company anticipates that its revenue and profitability will continue to be affected by COVID-19, with a challenging business environment expected in the future[47] - The company is actively exploring new business opportunities in China and other regions to diversify its revenue sources[48] Stock Options - The share option plan was approved by shareholders on April 20, 2018, allowing for the granting of options to directors and employees[58] - As of March 31, 2022, there were 25,816,009 unexercised stock options, equivalent to approximately 14.56% of the issued shares[70] - The fair value of the stock options granted was estimated at RMB 4,655,000, with an expense of RMB 167,000 recognized during the period[70] - The exercise price for stock options granted on January 21, 2020, was adjusted from HKD 0.166 to HKD 0.664 due to a share consolidation[70] - The exercise price for stock options granted on June 23, 2020, was adjusted from HKD 0.130 to HKD 0.520 due to a share consolidation[70] Other Information - The company did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year[32] - The group did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year[50] - The company has no significant investments or major acquisitions planned during the reporting period[51] - The company did not purchase, sell, or redeem any of its listed securities during the three months ending March 31, 2022[73] - All directors confirmed compliance with the trading standards set forth in the GEM Listing Rules during the three months ending March 31, 2022[73] - There were no grants of rights to purchase shares or debt securities to any directors or their immediate family members during the three months ending March 31, 2022[72] - No significant events occurred after the reporting period, aside from those disclosed in the report[79] - The report contains forward-looking statements regarding the company's financial condition and operational performance, which are subject to known and unknown risks[81]
TL NATURAL GAS(08536) - 2022 Q1 - 季度财报