元亨燃气2025年报

Contents目錄 Chairman Statement2-3Management Discussion and Analysis of the Group Financial Review4-11Corporate Governance Report12-39Biographical Details of Directors40-43Directors’ Report44-60Independent Auditor’s Report61-64Consolidated Statement of Profit or Loss andOther Comprehensive Income65-67Consolidated Statement of Financial Position68-69Consolidated Statement of Changes in Equity70-71Consolidated Statement of Cash Flows72-73Notes to the Consolidated Financial Statements74-206Financial Information of Five Years207Corporate Information208 Chairman Statement主 席 報 告 Dear Shareholders, On behalf of Yuan Heng Gas Holdings Limited (the “Company”,togetherwith its subsidiaries,the“Group”),I am pleased topresent the audited results of the Group for the year ended 31March 2025. In the past year, the growing supply of imported LNG intensifiedcompetition in the energy market which had resulted in significantreductionin the selling price of LNG.Consequently,thecompany’s revenue declined sharply. Intensifying domestic marketcompetitionand a slow economic recovery continue to createuncertainties in the energy market, posing substantial challengesto both the company’s business and financial performance. 808,000,0004,970,000,00083.7%522,000,0001,993,000,000 During the financial year, the Group recorded gross amounts fromoperations of approximately RMB808 million (2024: approximatelyRMB4,970 million), representing a decrease of 83.7%. Furthermore,theloss after tax increased significantly from approximatelyRMB522 million in the previous year to approximately RMB1,993million for the year ended 31 March 2025. Although competition in the energy market remains fierce andthe Group is in a process to restructure its business and debtsfora solid foundation on which a long-term growth will bebuilt,the management is mindful of the market developmentand opportunities that the Group may pursuit. Management willproceed cautiously and implement strategies to mitigate risks fromboth market challenges and internal restructuring. With China’s focus on carbon peak and neutrality (“Dual Carbon”),policies supporting low-carbon green energy will drive natural gasconsumption. As the country accelerates its transition to a cleanerenergy structure and prioritises the shift from “coal to gas”, naturalgas is set to be a major energy source. Looking forward, the Groupwill continue expanding in the natural gas sector and seek newopportunities to deliver value to shareholders. Chairman Statement主 席 報 告 I understand that this might be a worrisome and uncertain timeforshareholders.However,we are always committed to yourinterests.Management will continue taking prudent measuresand implementing strategies to address market challenges andstrengthen the Company’s financial position. On behalf of the board, I would like to extend my sincere gratitudetoour shareholders and business partners for their continuingsupports.I would also like to express my appreciation to ourmanagement team and all staff for their outstanding contributionsand hard work over the past year. Wang JianqingChairman Management Discussion and Analysis of the Group Financial Review本 集 團 之管 理 層 討 論 及 分 析 財 務 回 顧 BUSINESS REVIEWGroup results (i)(ii) For the year ended 31 March 2025 and at present, the Group hasbeen principally engaged in (i) trading of oil and gas products andthe provision of related consultancy services; and (ii) processing,distribution, sales, trading and transportation of LNG and otherauxiliary operations and networks in the PRC. For the year ended 31 March 2025, the Group recorded grossamounts from operations (“turnover”) of approximately RMB808million (2024: approximately RMB4,970 million), mainly contributedby the production and sales of LNG (as further elaborated underthesection headed“Production and sales of LNG”),with lossafter tax of approximately RMB1,993 million (2024: approximatelyRMB522 million). 808,000,0004,970,000,0001,993,000,000522,000,000 (1)1,340,000,000(2)446,000,000514,000,000 The unfavorable result for the financial year ended 31 March 2025was mainly attributable to: (1) a significant increase in provisionfor impairment loss on prepayments from a supplier, amountedapproximately RMB1,340 million for the financial year ended 31March2025(2024:nil)being recognized under the expectedcredit loss model as the recoverability of such prepayments hadbecome highly uncertain and remained unpaid as at 31 March2025; (2) a significant increase in provision for impairment loss ontrade receivables from two customers amounted approximatelyRMB446million for the financial year ended 31 March 2025(2024: approximately RMB514 million) being recognized under theexpected credit loss model as the recoverability of such tradereceivables had become highly uncertain and remained unpaid asat 31 March 2025. Production and sales of LNG 484,000,00042,000,0009.5%525,000,000458,000,00046.6%65.0%12,000,00041,000,00053,000,0005.4%7.8% Duringthe year ended 3