China HK Power Smart Energy Group (China HK Power) reported FY26 revenue of HK$814.69 million, up 14.2% year on year, driven by a 19.7% rise in natural-gas (NG) sales to HK$694.47 million—equivalent to 85.2% of total turnover. New-energy activities contributed HK$118.33 million, down 10.1%, while financial-services income was HK$1.89 million, unchanged.

Gross profit contracted 80.1% to HK$23.21 million, pulling the gross margin down to 2.8% from 16.3% a year earlier. The deterioration reflected higher feed-gas costs, reduced contributions from higher-margin LNG retail and logistics operations, and a decline in new-energy product sales.

Operating loss widened to HK$173.82 million (FY25: HK$117.96 million). After a small tax credit, net loss attributable to shareholders increased to HK$166.64 million, versus HK$106.01 million in FY25. Basic and diluted loss per share both stood at HK2.30 cents.

Balance-sheet pressures persisted: • Net current liabilities: HK$446.55 million (FY25: HK$407.06 million). • Total interest-bearing debt: HK$719.23 million, of which HK$175.37 million is due within 12 months. • Gearing ratio rose slightly to 276.2% (FY25: 271.6%). • Cash and cash equivalents were HK$36.97 million.

Going-concern basis was maintained after the controlling shareholder, Dr. Kan Che Kin, extended financial support to mid-2028. Unutilised standby facilities totalled HK$326.63 million at 31 March 2026, rising to HK$586.63 million after a HK$260.00 million loan was capitalised into 722.22 million new shares on 26 May 2026.

Capital commitments reached HK$163.20 million, primarily for ongoing LNG bases, energy-station projects in Guangdong and Jiangsu, and smart-energy infrastructure. Planned funding includes HK$480.00 million (RMB) for the Zhanjiang centralized energy base, to be met by internal resources and new bank loans.

No final dividend was proposed. The auditor issued an unqualified opinion but highlighted material uncertainty over going concern, citing continuing losses and net current liabilities.