Core Points - Beijing Holdings successfully issued its first 10-year Panda bond, raising a total of 2 billion RMB with a coupon rate of 2.82% [1] - The issuance attracted significant interest, with an order scale of 5.63 billion RMB, achieving a subscription multiple of 2.82 times [1] - This issuance marks several records, including the lowest coupon rate for a 10-year non-financial enterprise Panda bond and the largest single issuance scale for a 10-year bond by a foreign entity in the domestic market [1] Summary by Categories Issuance Details - The total amount raised in the issuance was 2 billion RMB, with a maturity of 10 years and a coupon rate of 2.82% [1] - The bond was issued at par value, indicating strong market confidence [1] Market Response - The order scale reached 5.63 billion RMB, reflecting a robust demand and a subscription multiple of 2.82 times [1] - The market's positive reaction underscores the recognition of Beijing Holdings' long-term development prospects and credit quality [1] Records Established - The issuance set multiple records, including: - Lowest coupon rate for a 10-year non-financial enterprise Panda bond [1] - Largest single issuance scale for a 10-year bond by a foreign entity in the domestic market [1] - Highest subscription multiple for the same maturity and type of bond in the domestic market [1] - This successful issuance indicates the establishment of a relatively complete valuation system for Beijing Holdings in the domestic bond market, covering short to long-term products [1]

智通财经APP获悉，花旗发布研究报告称，将北京控股(00392)2024年至25年纯利预测下调，目标价由33港元下调至32.8港元，其评级“买入”。该行预料，公司或会逐步上调派息比率，并追上同业约40%至50%水平。 报告中称，北京控股去年纯利同比跌15.6%至54.98亿元人民币，逊于预期，全年股息1.6元，派息比率升至33.1%，超出目标的逾30%水平，公司也重申明年提高派息比率。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 （於 香 港 註 冊 成 立 之 有 限 公 司） （股 份 代 號：392） 截至二零二三年十二月三十一日止年度 之年度業績公佈 摘 要 – 1 – • 本年度之營業收入約為人民幣823.1億 元，較 去 年 上 升3.7%。 • 撇 除 利 息、稅 項、折 舊 及 攤 銷 前 盈 利 約 為 人 民 幣140.2億 元。 • 本公司股東應佔溢利約為人民幣55億 元。 • 撇 除 本 年 一 次 性 事 項 影 響，本 公 司 股 東 應 佔 溢 利 為 人 民 幣48.8億 元。 • 每股基本及攤薄盈利人民幣4.36元。 • 建議派付二零二三年度末期股息每股0.67港 元，連 同 中 期 股 息 每 股0.93 港 元，全 年 股 息 每 股1.6港 元，同 比 持 平。 業 績 北京控股有限公司（「本 公 司」）董事會欣然宣佈本公司及其附屬公 ...

Financial Performance - The consolidated revenue for the first half of 2023 was HKD 48.36 billion, an increase of 5.1% compared to the same period last year[9]. - The profit attributable to shareholders was HKD 4.65 billion, while the operating profit, excluding one-off items, decreased by 24.6% to HKD 3.92 billion[9]. - The group's operating revenue for the first half of 2023 was approximately HKD 48.36 billion, an increase of 5.1% compared to the same period last year, driven mainly by gas sales revenue of HKD 35.87 billion, beer sales revenue of HKD 7.72 billion, and environmental business revenue of HKD 4.73 billion[35]. - The profit attributable to shareholders for the six months ended June 30, 2023, was HKD 4,648,769, compared to HKD 5,028,959 for the same period in 2022, showing a decrease of about 7.6%[99]. - The company reported a total comprehensive income of HKD 1,134,385 thousand for the six months, down from HKD 2,388,178 thousand in the previous year[70]. Dividends and Shareholder Returns - The interim cash dividend declared was HKD 0.93 per share, up from HKD 0.50 per share in 2022[11]. - Basic and diluted earnings per share decreased to HKD 3.69 from HKD 3.99, representing a decline of 7.5%[68]. - The interim cash dividend declared was HKD 0.93 per share, totaling approximately HKD 1,171,989,000, which is a significant increase of 86% from HKD 630,627,000 in the prior year[112]. Revenue Breakdown - The gas business contributed HKD 3.72 billion (58.5%) to the after-tax profit, while the water, environment, and beer businesses contributed HKD 640 million (10.1%), HKD 1.36 billion (21.5%), and HKD 631 million (9.9%) respectively[10]. - Beijing Gas recorded a revenue of HKD 35.87 billion, a year-on-year increase of 5%, with a pre-tax profit of HKD 3.55 billion[15]. - China Gas's total natural gas sales volume increased by 6.9% to 39.25 billion cubic meters, while LPG sales reached 4.132 million tons, contributing a pre-tax profit of HKD 67.889 million, up 110% year-on-year[22]. - Beijing Enterprises Water Group's revenue increased by 29% to HKD 13.73 billion, with a net profit of HKD 640 million, up 126.8% year-on-year[23]. - Yanjing Beer achieved beer sales of 2.29 million kiloliters, a growth of 6.4%, with revenue of HKD 7.72 billion, up 6.3% year-on-year[26]. Costs and Expenses - The cost of sales increased by 5% year-on-year to HKD 41.2 billion, with gas distribution costs primarily comprising natural gas procurement and depreciation of gas pipeline networks[36]. - The overall gross profit margin was 14.8%, slightly up from 14.7% in the same period last year, indicating stable profitability[38]. - The group's finance costs for the first half of 2023 were HKD 1.38 billion, a significant increase of 51.9% due to rising loan costs from interest rate hikes[43]. - The financial costs for the group amounted to HKD 1,377,435, which is an increase from HKD 906,875 in the previous year, representing a rise of approximately 51.8%[97]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 224,629,017 thousand, compared to HKD 221,071,367 thousand at the end of 2022[72]. - Total liabilities increased to HKD 122,011,861 thousand from HKD 118,032,670 thousand, indicating a rise in financial obligations[74]. - The equity attributable to shareholders was HKD 89.61 billion, with a debt-to-equity ratio of 44%, slightly up from 43% at the end of 2022[65]. Cash Flow and Financing - Cash and bank deposits as of June 30, 2023, amounted to HKD 32.68 billion, an increase of HKD 1.33 billion compared to the end of 2022, maintaining ample cash resources[64]. - Operating cash flow for the six months ended June 30, 2023, was HKD 3,139,577, a decrease of 23.9% from HKD 4,125,152 in 2022[80]. - Cash flow from investment activities was negative HKD 5,597,466, slightly higher than negative HKD 5,421,976 in 2022[80]. - The company received government grants related to assets totaling HKD 1,252,233, compared to HKD 602,410 in the previous year[80]. Strategic Initiatives - The company plans to continue expanding LNG business and optimize its structure while focusing on high-quality development of comprehensive energy projects[29]. - The domestic environmental business will focus on structural reforms and integration to enhance market position and improve industry competitiveness[33]. - The company plans to expand its market presence and invest in new technologies to enhance growth prospects in the upcoming quarters[78]. Risk Management and Compliance - The company is focusing on safety production and risk control in its gas pipeline network, ensuring effective management of safety risks[18]. - The company has adopted multiple corporate governance measures to enhance operational efficiency and competitiveness[168]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the six months ending June 30, 2023, ensuring appropriate accounting policies were adopted[171]. Employee and Management Compensation - The total remuneration paid to key management personnel for the six months ended June 30, 2023, was HKD 6,155 thousand, compared to HKD 5,057 thousand for the same period in 2022, reflecting an increase of approximately 21.6%[143]. - The company has approximately 34,000 employees as of June 30, 2023, with compensation based on performance and industry standards[166].

Financial Performance - For the first half of 2023, the company's operating revenue was approximately HKD 48.36 billion, an increase of 5.1% compared to the same period last year[2]. - The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was approximately HKD 9.74 billion, up 3.9% year-on-year[2]. - The profit attributable to shareholders for the first half of 2023 was HKD 4.65 billion, with a basic earnings per share of HKD 3.69[2]. - The interim cash dividend declared was HKD 0.93 per share, representing an 86% increase compared to the same period last year[2]. - The group reported operating revenue of HKD 48.36 billion for the six months ended June 30, 2023, compared to HKD 46.03 billion for the same period in 2022, representing a year-over-year increase of 5.0%[36]. - Gross profit for the same period was HKD 7.17 billion, up from HKD 6.78 billion in 2022, indicating a gross margin improvement[36]. - The net profit attributable to shareholders for the six months ended June 30, 2023, was HKD 4.65 billion, a decrease from HKD 5.50 billion in the previous year, reflecting a decline of 15.5%[36]. - The company's attributable profit for the first half of 2023 was HKD 4.65 billion, a decrease of 24.6% from HKD 5.2 billion in the same period last year, mainly affected by RMB depreciation and declining profits from China Gas[29]. Revenue Sources - The natural gas distribution business recorded revenue of HKD 35.87 billion, a year-on-year increase of 5%[6]. - Total natural gas sales increased by 6.9% to 39.25 billion cubic meters, while LPG sales reached 4.132 million tons, contributing a pre-tax profit of HKD 67.889 million, up 110% year-on-year[12]. - The environmental business segment processed 3.36 million tons of waste, a 15.8% increase, and generated revenue of HKD 1.64 billion, up 11.6% year-on-year[14]. - Beijing Yanjing Brewery achieved beer sales of 2.29 million kiloliters, a 6.4% increase, with total revenue of HKD 7.72 billion, up 6.3%[15]. Operational Metrics - The total natural gas sales volume was 12.093 billion cubic meters, with a slight decrease of 1.3% in the Beijing region[6]. - The gas pipeline length reached approximately 32,200 kilometers, serving around 7.37 million gas users in Beijing[9]. - The gas transmission volume for the first half of 2023 was 37.059 billion cubic meters, reflecting a growth of 16.5% year-on-year[10]. - The VCNG project completed oil sales of 3.111 million tons, a decrease of 1.1% compared to the previous year[11]. - The group added approximately 67,300 new household users and 2,326 public service users during the reporting period[9]. Cost and Expenses - Sales costs increased by 5% to HKD 41.2 billion, with gas distribution costs mainly comprising natural gas procurement and pipeline depreciation[23]. - Financial expenses for the first half of 2023 were HKD 1.38 billion, a significant increase of 51.9% due to rising loan costs from interest rate hikes[26]. - Total finance costs for the six months ended June 30, 2023, were HKD 1,377,435, compared to HKD 906,875 for the same period in 2022, representing an increase of about 51.8%[49]. Assets and Liabilities - The company's total assets were reported at 224,629,017, showing a slight increase from 221,071,367[41]. - Total liabilities amounted to 122,011,861, reflecting an increase from the previous period[41]. - Current liabilities exceeded current assets as of June 30, 2023, indicating potential liquidity concerns[42]. - Total borrowings amounted to HKD 81.92 billion, including USD 1.8 billion in guaranteed bonds and notes, EUR 0.9 billion in guaranteed bonds, and RMB 4 billion in corporate bonds[32]. Cash Flow and Liquidity - Cash and bank deposits amounted to HKD 32.68 billion, an increase of HKD 1.33 billion compared to the end of 2022, maintaining a healthy cash position[30]. - The group maintained sufficient bank credit facilities to meet operational funding needs and has adequate cash resources for capital expenditures in the foreseeable future[33]. - The company accepted financing letters amounting to RMB 2 billion in August 2023, further supporting cash flow[42]. Strategic Focus and Future Outlook - The group plans to continue focusing on strategic implementation and improving collection efforts while controlling investments in the second half of the year[19]. - China Gas aims to enhance its green and alternative energy business and accelerate the establishment of a modern digital energy service system[18]. - The group anticipates a gradual recovery in gas demand as the economy rebounds post-pandemic[18]. - The group plans to focus on structural reforms in the solid waste sector and enhance operational management in its overseas business, EEW GmbH, to mitigate risks from energy price fluctuations[21][22]. Governance and Compliance - The company has adhered to the Corporate Governance Code as of June 30, 2023[64]. - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2023, and confirmed appropriate accounting policies were adopted[66]. - The interim results announcement has been published on the company's website and the Hong Kong Stock Exchange website[68].

Financial Performance - Beijing Enterprises Holdings Limited reported a revenue increase of 14.6% year-on-year to HKD 92.30 billion[8]. - The company's net profit attributable to shareholders decreased by 23.7% to HKD 7.57 billion[8]. - Basic earnings per share fell by 23.6% to HKD 6.00, while the total dividend per share increased by 28% to HKD 1.60[8][12]. - The gross profit margin decreased to 13.3% from 15.3% in the previous year[9]. - The net profit margin declined to 9.0% from 13.1% year-on-year[9]. - Total revenue for the year ended December 31, 2022, was HKD 92,296,553, an increase of 14.5% from HKD 80,521,838 in 2021[148]. - Net profit for the year was HKD 8,264,021, a decrease of 21.3% compared to HKD 10,518,631 in 2021[150]. - The company reported a significant increase in financial costs, which rose to HKD 2,071,957 from HKD 1,794,397 in 2021[148]. Dividend and Shareholder Returns - The company maintained a dividend payout ratio of 26.7%, reflecting a commitment to shareholder returns[12]. - The company aims to enhance its dividend payout ratio in the future to reward long-term shareholder support[12]. - Shareholder returns are expected to increase, with a proposed dividend of 0.5 HKD per share, representing a 10% increase from the previous year[55]. - The company declared an interim dividend of HKD 0.50 per share on October 27, 2022, and proposed a final dividend of HKD 1.10 per share for the year ending December 31, 2022, subject to shareholder approval[79]. Assets and Liabilities - Total assets slightly decreased by 0.8% to HKD 221.07 billion[8]. - Non-current assets, including property, plant, and equipment, increased by 5.2% to approximately HKD 63.8 billion, mainly due to the increase in Beijing Gas construction projects[43]. - Current assets included cash and bank deposits of HKD 31.35 billion, with total borrowings amounting to HKD 77.39 billion, resulting in a net debt of HKD 46.04 billion, an increase of 18.8% year-on-year[44]. - The asset-liability ratio was reported at 43%, up from 40% in the previous year[46]. - Total liabilities increased from HKD 113,755,082,000 in 2021 to HKD 118,032,670,000 in 2022, representing an increase of about 3.5%[159]. Cash Flow and Financing - Cash generated from operating activities was HKD 7,548,712, down from HKD 9,140,862 in the previous year, reflecting a decline of 17.4%[166]. - The net cash flow from investing activities was negative HKD 9,733,049, compared to negative HKD 6,393,486 in 2021, indicating increased investment outflows[167]. - The company reported a net cash flow from financing activities of HKD 331,863, an increase from HKD 165,052 in the previous year[167]. - The company’s bank and other borrowings increased from HKD 9,179,370,000 in 2021 to HKD 24,613,662,000 in 2022, a substantial rise of approximately 168.5%[156]. Operational Highlights - Beijing Gas recorded a revenue of HKD 69.61 billion in 2022, representing a year-on-year increase of 19.8%[20]. - The pre-tax profit from core operations, including natural gas distribution, reached HKD 6.21 billion, up 10.8% year-on-year[20]. - Natural gas sales volume totaled 21.69 billion cubic meters, with a 5% year-on-year increase in sales within Beijing to 17.8 billion cubic meters[20]. - The company added approximately 155,000 new residential users and 4,062 public service users during the reporting period[21]. - Capital expenditure for the year was approximately HKD 9.16 billion[21]. Environmental and Sustainability Initiatives - The company is committed to enhancing its ESG framework, integrating sustainability into daily management practices[16]. - The company aims to reduce methane emission intensity to below 0.12% by 2025 and to near zero by 2030 as part of its greenhouse gas reduction targets[61]. - The beer segment, Yanjing Beer, set a goal to reduce nitrogen oxide emissions, total phosphorus in wastewater, chemical oxygen demand, and ammonia nitrogen emissions by 5% during the year[62]. - The company emphasizes sustainable development and actively invests in energy-saving and emission-reduction technologies to enhance resource utilization efficiency[61]. Corporate Governance and Management - The board of directors underwent changes, with key appointments and resignations noted during the fiscal year[89]. - The company has established a leadership group for energy-saving initiatives within its solid waste platform projects[62]. - The audit committee consists of independent non-executive directors, ensuring compliance with the listing rules and effective financial reporting[113]. - The company has implemented mechanisms to ensure independent viewpoints and opinions are available to the board[106]. Future Outlook and Strategic Plans - The company provided a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12% for 2023, driven by new product launches and market expansion strategies[53]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[55]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's operational capabilities and increase revenue by an estimated 5% annually[56]. - The company aims to enhance per share net asset value and earnings through share repurchases authorized by shareholders[86].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 1 （於香港註冊成立之有限公司） （股份代號：392） 截至二零二二年十二月三十一日止年度 之年度業績公佈 | --- | --- | --- | |-------|------------------------------------------------------|-------------------------------------| | | | | | 摘要 | | | | • | 本年度之營業收入約為 923 億港元，較去年上升 14.6% 。 | | | • | 撇除利息、稅項、折舊及攤銷前盈利約為 161.3 億港元。 | | | • | 本公司股東應佔溢利約為 75.7 億港元。 | | | • | 撇除本年一次性事項影響，本公司股東應佔溢利為 82.4 | 億港元。 | | • | 每股基本及攤薄盈利 6.0 港元。 | | | • | 建議派付二零二二年度末期股息每股 1. ...

Financial Performance - The total revenue for the first half of 2022 was HKD 45.99 billion, an increase of 13.9% compared to the same period last year[7]. - The profit attributable to shareholders was HKD 5.03 billion, with a 10.8% increase after excluding one-off items[7]. - The overall revenue for the group in the first half of 2022 was approximately HKD 45.99 billion, a 13.9% increase compared to the same period last year, driven by gas sales revenue of HKD 34.16 billion and beer sales revenue of HKD 7.26 billion[163]. - The net profit attributable to shareholders for the first half of 2022 was HKD 5.03 billion, a decrease of 20.4% from HKD 6.32 billion in the previous year[175]. - The pre-tax profit from the main business, including natural gas distribution, reached HKD 3.87 billion, up 32.4% compared to the same period last year[145]. - The gross profit for the group was HKD 6,761,625, compared to HKD 6,150,572 in the previous year, indicating a year-on-year increase of about 9.9%[197][199]. - Operating profit for the group was HKD 3,703,978, up from HKD 4,907,388 in the same period last year, reflecting a decrease of approximately 24.5%[197][199]. - The financial costs for the group amounted to HKD 906,875, compared to HKD 896,581 in the previous year, reflecting a slight increase of approximately 1.3%[64]. Business Segment Contributions - The gas business contributed HKD 4.62 billion to the profit, accounting for 76.7% of the total profit[8]. - The water business generated a profit of HKD 282.2 million, representing 4.7% of the total profit[8]. - The environmental business contributed HKD 634.1 million, which is 10.5% of the total profit[8]. - The beer business's profit was HKD 488.0 million, making up 8.1% of the total profit[8]. - The gas business generated revenue of HKD 34,162,332, while the environmental business and beer business contributed HKD 4,566,521 and HKD 7,260,308, respectively[197]. Revenue and Sales Growth - Beijing Gas recorded a revenue of HKD 34.16 billion, a 16.3% increase year-on-year, driven by increased gas sales and prices[12]. - The total natural gas sales volume was 10.88 billion cubic meters, with 9.36 billion cubic meters sold within Beijing[12]. - The beer business reported sales of HKD 7,260,308, reflecting a significant contribution to overall revenue[72]. - Beijing Yanjing Brewery achieved beer sales volume of 2.15 million kiloliters, a year-on-year increase of 0.9%, with Yanjing U8 sales reaching 214,000 kiloliters, up 58% year-on-year[157]. Dividends and Shareholder Returns - The interim cash dividend declared was HKD 0.50 per share, up from HKD 0.40 per share in the previous year[7]. - The company declared an interim cash dividend of HKD 0.50 per share, totaling approximately HKD 630,627,000, compared to HKD 504,821,000 the previous year[85]. Expenses and Cost Management - The overall gross margin decreased to 14.7% from 15.2% in the previous year, primarily due to rising operating costs in Yanjing Beer[32]. - Sales and distribution expenses for the first half of 2022 were HKD 1.06 billion, a decrease of 5.5% year-on-year[34]. - Management expenses increased by 20.2% to HKD 3.03 billion, mainly due to higher management costs in Beijing Gas and Yanjing Beer[34]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to HKD 224,407,226,000, an increase from HKD 222,822,051,000 as of December 31, 2021, representing a growth of approximately 0.7%[46]. - Total liabilities increased to HKD 115,350,721,000 from HKD 113,755,082,000, marking an increase of approximately 1.4%[48]. - The company's equity attributable to shareholders was HKD 96.23 billion, with total equity at HKD 109.06 billion, showing a slight decrease from HKD 109.07 billion at the end of 2021[40]. Cash Flow and Financing - Cash and bank deposits as of June 30, 2022, were HKD 31.29 billion, a decrease of HKD 1.95 billion from the end of 2021[40]. - The company reported a net cash outflow from financing activities of HKD 343,997,000, a decrease from HKD 2,050,962,000 in the prior year[187]. - The net cash flow used in investing activities was HKD (5,421,976,000), compared to HKD (4,668,873,000) in the previous year[185]. Strategic Initiatives and Future Outlook - The company aims to maintain steady growth despite global economic uncertainties and inflation pressures[11]. - The establishment of an ESG development committee aims to enhance risk response capabilities and promote sustainable development[156]. - The company is actively exploring digital transformation and new business innovations to support sustainable development and achieve carbon neutrality goals[160].

Financial Performance - Beijing Holdings Limited reported a revenue of HKD 80.44 billion for the year, representing a year-on-year increase of 17.6%[18]. - The company's net profit attributable to shareholders was HKD 9.92 billion, an increase of 87.6% compared to the previous year[18]. - Basic and diluted earnings per share reached HKD 7.86, reflecting an increase of 87.6% year-on-year[18]. - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was approximately HKD 18.54 billion, a 41.2% increase from the previous year[18]. - Total assets increased to HKD 222.82 billion, up 8.8% from HKD 204.80 billion in the previous year[18]. - Cash and cash equivalents rose to HKD 33.24 billion, a 14.1% increase from HKD 29.12 billion[18]. - The net profit margin improved to 13.1%, compared to 8.3% in the previous year[18]. - The overall gross margin for 2021 was 15.3%, a decrease of 0.6 percentage points from the previous year, primarily due to rising raw material and labor costs for Yanjing Beer[54]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the last fiscal year, representing a growth of 15% year-over-year[62]. - The company reported a pre-tax profit of HKD 11,633,687, which is an increase of 74.5% from HKD 6,653,257 in 2020[149]. - The company reported a net profit of HKD 10,518,631 for the year, representing a significant increase of 86.5% compared to HKD 5,646,463 in 2020[153]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.85 per share, totaling an annual dividend of HKD 1.25 per share, up 9.6% from the previous year[18]. - The board of directors is committed to maintaining a strong dividend policy, with a proposed increase of 5% in the upcoming fiscal year[66]. - The company reported a final dividend of HKD 0.85 per share for the year ending December 31, 2021, following an interim dividend of HKD 0.40 per share paid on October 25, 2021[80]. Business Segments and Operations - Beijing Gas recorded a revenue of HKD 58.09 billion in 2021, representing a year-on-year increase of 19.7%[28]. - The pre-tax profit for the main business of Beijing Gas reached HKD 5.61 billion, up 24.2% year-on-year[28]. - The total gas sales volume for Beijing Gas was 18.9 billion cubic meters, a 5% increase compared to the previous year[33]. - The solid waste management segment has integrated management platforms to enhance operational efficiency and market expansion capabilities[23]. - The beer business implemented a major product strategy, achieving a V-shaped recovery in total sales volume after seven consecutive years of decline[24]. - The solid waste treatment segment processed 5.75 million tons of waste, a year-on-year increase of 10.2%, with an electricity generation of 1.73 billion KWH, up 13.5%[42]. Capital Expenditure and Investments - Capital expenditure for Beijing Gas in 2021 was approximately HKD 7.19 billion[33]. - The company aims to enhance collaboration across various businesses and focus on capital operations, market reforms, and digital integration for future growth[26]. - The company plans to invest 100 million in research and development for new technologies over the next two years[63]. Debt and Financing - The group issued USD 700 million in bonds and completed debt replacement totaling approximately HKD 17.6 billion, effectively managing a significant debt maturity peak since its listing[43]. - The company has issued a total of HKD 4,000 million in term loan financing with various banks, maturing between 2022 and 2026[101]. - Total borrowings as of December 31, 2021, were HKD 72.01 billion, with a net debt of HKD 38.77 billion, a decrease of 1.9% from the previous year[60]. Environmental, Social, and Governance (ESG) Initiatives - The ESG rating of the group improved to BBB, reflecting recognition of its sustainable development capabilities[26]. - The group’s ESG rating improved to BBB, with notable score increases in biodiversity and corporate behavior, reflecting its commitment to sustainable development[43]. - The company has established a leadership group for energy-saving initiatives within its solid waste platform, integrating energy-saving work into its key agenda[74]. - The company has been actively exploring renewable energy sources such as geothermal and solar energy to promote energy conservation and reduce pollutant emissions[74]. Management and Governance - The company has a strong management team with extensive experience in business management and development[69]. - The company emphasizes a culture of integrity and ethical conduct among all directors and management[108]. - The board consists of members with diverse backgrounds and experiences, contributing to the company's sustainable growth[108]. - The roles of Chairman and CEO were separated on February 2, 2021, addressing previous governance concerns[105]. Future Outlook and Strategic Goals - The company aims to align with new urbanization and ecological civilization initiatives while addressing risks and challenges in the current economic environment[21]. - The company aims to reduce methane emission intensity to below 0.12% by 2025 and near zero by 2030[74]. - The company is exploring partnerships with tech firms to enhance its digital service offerings, which could lead to a 15% increase in customer engagement[64]. - The company aims to provide stable and sustainable returns to shareholders, gradually increasing returns to industry average levels[132]. Financial Reporting and Compliance - The financial statements are prepared on a going concern basis, assuming asset disposals and debt repayments in the normal course of business[187]. - The audit report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2021, in accordance with Hong Kong Financial Reporting Standards[134]. - The company has established policies for handling and disclosing inside information, ensuring compliance with disclosure regulations[126].