Financial Performance - The Group's revenue for the nine months ended September 30, 2023, was approximately RMB 175,717,000, representing a decrease of approximately 29.87% compared to the corresponding period in the previous financial year[6]. - The Group recorded a loss attributable to owners of the Company of approximately RMB 9,522,000 for the nine months ended September 30, 2023[6]. - Loss per share for the Company was approximately RMB 2.64 cents for the nine months ended September 30, 2023[6]. - The Group's loss for the quarter ended September 30, 2023, was RMB 1,880,000, compared to a profit of RMB 114,203,000 in the same quarter of 2022[10]. - Basic loss per share for the quarter was (0.48) RMB cents, compared to earnings of 43.00 RMB cents in the same quarter of 2022[10]. - The Group's total comprehensive loss for the nine months ended September 30, 2023, was RMB 9,679,000[10]. - The Group's total comprehensive income for the nine months ended September 30, 2022, was RMB 102,474,000[10]. - The total comprehensive income for the period was RMB 101,166,000, compared to RMB 105,909,000 in the same period last year, indicating a decrease of 4.0%[18]. - The company reported a loss of RMB 3,522,000 for the period, which is an improvement from a loss of RMB 5,522,000 in the previous year[18]. - The company achieved a total comprehensive profit of RMB 4,753,000 for the quarter, compared to RMB 101,166,000 in the previous year, indicating a significant decline[18]. - The total comprehensive loss attributable to equity shareholders was RMB 2,302,000 for the quarter, compared to a profit of RMB 114,862,000 in Q3 2022[32]. - The Group recorded a consolidated turnover of approximately RMB 175,717,000 for the Review Period, representing a decrease of approximately 29.87% compared to the corresponding period last year[73]. - The loss attributable to shareholders in the Review Period was approximately RMB 9,522,000, an increase primarily due to a gain on disposal of a subsidiary amounting to approximately RMB 102,288,000 in the previous year[73]. - The Group recorded a gross profit of RMB 21,305,000 in the period, down from approximately RMB 32,437,000 in the corresponding period of 2022, mainly due to a decrease in selling price per unit in the liquefaction business[73]. Revenue and Sales - Revenue for the quarter ended September 30, 2023, was RMB 62,185,000, an increase from RMB 47,100,000 in the same quarter of 2022, representing a growth of 32.5%[18]. - Total revenue for the nine months ended September 30, 2023, reached RMB 139,611,000, compared to RMB 113,299,000 for the same period in 2022, indicating a year-over-year increase of 23.2%[18]. - Sales of liquefied coalbed gas for the quarter were RMB 74,231,000, up from RMB 91,989,000 in the previous year, reflecting a decrease of 19.4%[18]. - Revenue for the quarter ended September 30, 2023, was RMB 74,231,000, a decrease from RMB 91,989,000 in the same quarter of 2022, representing a decline of 19.4%[29]. - Other net income for the quarter was RMB 163,000, compared to RMB 952,000 in the same quarter of 2022, showing a decline of 82.8%[18]. Dividends - The Board does not recommend payment of any dividend for the Review Period, except for a special dividend declared[6]. - The company did not recommend any dividend for the review period, consistent with the previous year where no dividend was declared[22]. - The company declared a special dividend of HKD 0.2576 per share, equivalent to RMB 0.233, while no dividends were declared in the same period of 2022[39]. Assets and Liabilities - As of September 30, 2023, the Group had net assets of approximately RMB 157,203,000, including cash and bank balances of approximately RMB 48,356,000[79]. - The Group's gearing ratio was approximately 12.92%, calculated by total external borrowings divided by shareholders' funds[79]. - The balance at September 30, 2023, was RMB 157,208,000, reflecting an increase from RMB 222,512,000 at the same time last year[18]. - During the nine months ended September 30, 2023, there were no material contingent liabilities reported by the Group[101]. Share Options and Ownership - As of September 30, 2023, the company had 10,865,003 options outstanding, all with a weighted average exercise price of HK$0.456[47]. - The company had granted a total of 32,119,074 options under the Previous Share Option Scheme, all of which have lapsed without any being exercised[52]. - The company adopted a new share option scheme on March 28, 2022, which will remain in force for 10 years[54]. - The number of shares that may be issued in respect of options and awards granted under the New Share Option Scheme during the period divided by the weighted average number of shares in issue for the period was approximately 3.01%[54]. - As of September 30, 2023, the Company had outstanding options to subscribe for 10,865,003 shares and convertible bonds convertible to 10,367,299 shares[102]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions during the Review Period, except as disclosed[116]. - Independent non-executive Directors have confirmed their independence, and the Company considers all of them to be independent[118]. - The Company has adopted a code of conduct regarding securities dealings by Directors, with no reported non-compliance during the Review Period[118]. - The roles of chairman and chief executive are not separated, as the Company does not have a chief executive officer, deviating from the Code[116]. - The Company is considering the feasibility of appointing a separate chief executive to comply with code provision A.2.1 of the Code[107]. Operational Developments - The Group's upstream business is steadily improving, with daily gas output not fully utilizing the liquefaction plant's capacity of 500,000 cubic meters[81]. - The Group plans to construct 10 units of new equipment by 2024, each capable of producing 50,000 cubic meters of natural gas per day, to enhance gas supply stability[81]. - The successful development of the C-H to Synthesis of natural gas technology will allow the Group to reduce exposure to external risks and enhance operational stability[82]. - The demand for natural gas is expected to maintain strong growth momentum due to increasing concerns over environmental issues and the elimination of highly-polluted energy sources from the market[82]. - The Group's vertical integration business model is anticipated to provide new profit growth opportunities through cooperation with city gas pipeline networks[82]. - The Group's production capacity of the LNG plants remains unchanged at approximately 500,000 cubic meters per day, with an average daily production of around 170,000 cubic meters[90]. - The upstream business is steadily improving, with ongoing technological upgrades to old wells to enhance production capacity and output[93]. Acquisitions and Investments - The Possible Acquisition of additional equity interest in Huiyang New Energy constitutes a discloseable transaction under GEM Listing Rules, with no material interest from Directors[84]. - On March 28, 2023, the Group submitted a bid to acquire the remaining 20% equity interest in Huiyang New Energy for RMB 6,723,800[96]. - The Company completed the acquisition of additional equity interest in Huiyang New Energy on April 19, 2023, following Board approval and confirmation of fair terms by independent non-executive Directors[98]. - The Group did not engage in any significant investments, acquisitions, or disposals of subsidiaries during the review period[80].
中国煤层气(08270) - 2023 Q3 - 季度财报