Group 1 - The core viewpoint of the article indicates that Zhongmin Holdings (00681.HK) reported a mid-term revenue decrease of approximately 9.84% to about RMB 1.228 billion for the six months ending June 30, 2025, primarily due to a decline in income from pipeline gas distribution and bottled gas supply businesses [1][2] - The company's profit for the period was approximately RMB 77.5 million, an increase of about RMB 10.89 million compared to RMB 66.61 million in the same period of 2024, mainly due to reduced sales and distribution expenses as well as administrative expenses [1] - Basic earnings per share for the period were RMB 0.72, compared to RMB 0.49 in 2024, reflecting an improvement in profitability [1] - The board of directors did not recommend the payment of an interim dividend for this period, consistent with the previous year [1]

Core Viewpoint - Zhongmin Holdings (00681) reported a revenue of 1.228 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 9.81% [1] - The profit attributable to the company's owners was 64.19 million RMB, showing a year-on-year increase of 47.92% [1] - Basic earnings per share were 0.72 cents [1] Financial Performance - Revenue for the period was 1.228 billion RMB, down 9.81% compared to the previous year [1] - Profit attributable to owners increased to 64.19 million RMB, up 47.92% year-on-year [1] - Basic earnings per share stood at 0.72 cents [1]

Group 1 - The company reported revenue of 1.228 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 9.81% [1] - The profit attributable to the company's owners was 64.19 million RMB, showing a year-on-year increase of 47.92% [1] - The basic earnings per share were 0.72 cents [1]

Financial Performance - Revenue for the six months ended June 30, 2025, decreased by approximately 9.84% to RMB 1.228 billion compared to RMB 1.362 billion in 2024[3] - Profit for the period was approximately RMB 775 million, an increase of about RMB 109 million from RMB 666 million in 2024, primarily due to reduced selling and administrative expenses[3] - Basic earnings per share for the period were RMB 0.72, compared to RMB 0.49 in 2024[4] - Total comprehensive income for the period was RMB 762.6 million, up from RMB 579.72 million in 2024[6] - The company reported a total pre-tax profit of RMB 88,184,000 for the six months ended June 30, 2025, compared to RMB 76,193,000 for the same period in 2024, reflecting an increase of 15.7%[21][22] - The gross profit margin for the company was approximately 12.17%, a decrease of about 0.14% from 12.31% in 2024, primarily due to lower margins in the gas distribution business[39] Assets and Equity - Non-current assets as of June 30, 2025, amounted to RMB 2.301 billion, compared to RMB 2.271 billion as of December 31, 2024[8] - Current assets decreased slightly to RMB 1.086 billion from RMB 1.097 billion as of December 31, 2024[8] - Total equity attributable to owners of the company increased to RMB 2.581 billion from RMB 2.518 billion in 2024[9] - The company reported a net current asset value of RMB 559.86 million, up from RMB 503.61 million in 2024[8] Revenue Breakdown - For the six months ended June 30, 2025, the total revenue from external customers was RMB 1,228,089,000, a decrease of 9.8% compared to RMB 1,361,691,000 for the same period in 2024[21][22] - Revenue from the pipeline gas distribution business was approximately RMB 582.95 million, a decrease of about RMB 54.66 million or 8.57% year-on-year[40] - The pipeline gas distribution business accounted for approximately 47.47% of total revenue, compared to 46.82% in 2024[40] - Pipeline gas connection revenue for the period was approximately RMB 28,473,000, a decrease of about RMB 12,074,000 or 29.78% compared to the same period last year, accounting for approximately 4.88% of total pipeline gas distribution revenue[41] - Pipeline gas sales revenue for the period was approximately RMB 554,477,000, a decrease of about RMB 42,584,000 or 7.13% year-on-year, with total sales volume of approximately 21,356 million cubic meters, down about 8.58%[42] - Sales of bottled gas amounted to approximately 48,054 tons, a decrease of about 7.76% year-on-year, with sales revenue of approximately RMB 270,033,000, down about RMB 61,447,000 or 18.54%[43] - Gas distribution business revenue was approximately RMB 373,777,000, an increase of about RMB 26,182,000 or 7.53% year-on-year, with sales volume of approximately 99,334 tons, up about 9.43%[44] Expenses and Costs - Employee costs for the six months ended June 30, 2025, totaled RMB 87.8 million, an increase from RMB 74.29 million in 2024[29] - Administrative expenses for the period were approximately RMB 52,755,000, a decrease of about RMB 8,981,000 compared to the previous year, mainly due to reduced depreciation and lease expenses[51] - Financial costs for the period were approximately RMB 1,620,000, a decrease of about RMB 277,000 year-on-year, primarily due to reduced interest on lease liabilities[49] - Other income for the period was approximately RMB 15,157,000, a decrease of about RMB 4,706,000 compared to the previous year, mainly due to reduced bank interest income and net sales of gas appliances[48] Dividends and Governance - The board of directors did not recommend the payment of an interim dividend for the period[5] - The company did not declare or recommend any dividends for the six months ended June 30, 2025, consistent with 2024[33] - The company has fully complied with the corporate governance code as of June 30, 2025[70] - All directors confirmed adherence to the standard code of conduct during the reporting period[71] - The audit committee reviewed the consolidated financial statements for the period, ensuring compliance with accounting principles adopted by the company[72] Strategic Initiatives and Market Outlook - The company operates primarily in the pipeline gas distribution and bottled gas supply sectors in China[10] - The company remains confident in the future market for pipeline gas, supported by the ongoing upgrade and modernization of urban gas pipelines, expected to be largely completed by the end of 2025[65] - The liquefied petroleum gas and natural gas will continue to be the main products in the company's gas business, contributing to carbon peak and carbon neutrality goals[64] - The company aims to expand its gas distribution scale and steadily increase gas sales and revenue, leveraging advancements in liquefied natural gas technology[67] - The food supply and marketplace business has improved delivery efficiency through comprehensive platform and intelligent management, with third-party management expected to lower operational costs and enhance profitability[68] Employee and Operational Information - As of June 30, 2025, the company had approximately 4,900 employees, primarily located in China[62] - There were no significant events occurring after the reporting date[61] - The total borrowing amount as of June 30, 2025, was approximately RMB 77,850,000, down from RMB 88,250,000 as of December 31, 2024[56] - The capital commitments as of June 30, 2025, were approximately RMB 30,864,000, an increase from RMB 23,019,000 as of December 31, 2024, mainly for regional pipeline network construction[59] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[69]

中民控股有限公司（「本公司」）董事會（「董事會」）宣布・本公司将於2025 年8月26日（星期二）舉行董事會會議・董事會將於會上通過議案・其中包括批准 刊發本公司及其附屬公司截至2025年6月30日止六個月之未經審核中期紫績・以及 考慮派發中期股息（如有）。 承董事會命 中民控股有限公司 董事總經理及執行董事 范方義先生 北京,2025年8月13日 於本公布日期 ›董事會包括5名執行董事 ›分別為莫世康博士(主席) 張和生先生(副 主席）、范方義先生(董事總經理)、莫雲碧小姐及李歡女士，1名非執行董事為劉駿 民博士以及3名獨立非執行董事,分別為趙彥雲教授、張志明先生及劉曉欣博士。 CHINESE PEOPLE HOLDINGS COMPANY LIMITED 中 民 控 股 有 限 公 司 (於百慕達註冊成立之有限責任公司）（股份代號：681) 董事會召開日期 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布的內容概不負責 對其準確性或 完整性亦不發表任何聲明,並明確表示,概不對因本公布全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 ...

| 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00681 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 38,000,000,000 | HKD | | 0.07 HKD | | 2,660,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 38,000,000,000 | HKD | | 0.07 HKD | | 2,660,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 本月底法定/註冊股本總額： HKD 2,660,000,000 致：香港交易及結算所有限公司 公司名稱: 中民控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF ...

Share Options - The company has authorized a total of 694,495,413 share options under its share option scheme, with no options granted to any grantees as of the report date[2] Annual Report Information - There are no changes to the information disclosed in the 2024 annual report aside from the supplementary information provided in this announcement[2] Board of Directors - The board of directors includes 5 executive directors and 3 independent non-executive directors, ensuring a diverse governance structure[2]

Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately RMB 2,635 million, an increase from RMB 2,514 million in 2023, representing a growth of 4.8%[14] - The Group recorded earnings of approximately RMB 59 million for the year, a significant recovery from a loss of RMB 227 million in 2023, marking a turnaround in financial performance[14] - Basic earnings per share improved to RMB 0.17 cents, compared to a basic loss per share of RMB 2.59 cents in the previous year[14] - The overall gross profit margin for the Group decreased to 11.50%, down 0.94 percentage points from 12.44% in 2023[14] - The Group's revenue for the year ended December 31, 2024, was approximately RMB2,635 million, an increase from RMB2,514 million in 2023, with a profit of approximately RMB59 million compared to a loss of RMB227 million in the previous year[34][38] - The overall gross profit margin for the Group decreased to 11.50% in 2024 from 12.44% in 2023, representing a decline of 0.94 percentage points[34][38] Sales and Market Performance - Piped gas sales for the year were 410.79 million m³, reflecting a decrease of 1.81% compared to the previous year, while cylinder gas sales increased by 9.23% to 105,219 tons[9] - Revenue from the piped gas transmission and distribution business was approximately RMB1,093 million, accounting for about 41.47% of total revenue, down from 46.53% in 2023[36][39] - Revenue from piped gas connection was approximately RMB89 million, representing about 8.09% of total revenue from the piped gas transmission and distribution business, down from 10.60% in 2023[41] - Revenue from piped gas sales was approximately RMB1,004 million, accounting for about 91.91% of total revenue from the piped gas business, with a slight decrease in sales volume to 410.79 million m³[42] - The Group's cylinder gas supply business focuses on sales of liquefied natural gas (LNG), liquefied petroleum gas (LPG), and liquefied dimethyl ether (DME), with efforts to develop new users and expand the sales market[43] - Gas distribution business sold a total of 197,065 tons of gas, generating revenue of approximately RMB 793 million, a significant increase of approximately 35.45% compared to 2023[49] Cost and Expenses - The gross profit margin for the piped gas transmission and distribution business slightly increased to approximately 11.99% in 2024 from 11.67% in 2023 due to a decrease in gas costs[36][39] - The gross profit margin for piped gas sales increased to 9.54% in 2024 from 7.02% in 2023, primarily due to a decrease in costs[42] - Administrative expenses increased to approximately RMB 120.261 million from RMB 115.198 million in 2023, primarily due to higher staff costs[67] - Finance costs decreased to approximately RMB 4.245 million from RMB 4.494 million in 2023, mainly due to lower interest on bank borrowings[59] Strategic Goals and Development - The Group aims to expand its market share in the natural gas industry while integrating low carbonization and clean energy strategies for healthier development[16] - The Group is committed to promoting high-quality development in the natural gas industry, aligning with China's dual carbon goals and energy reform policies[16] - The Group aims to enhance market share in areas with no established presence by leveraging favorable policies and improving operational efficiency in the cylinder gas supply business[105] - The Group will continue to develop and improve CVG gas management systems to achieve digital management and reduce operating costs in the cylinder gas business[105] - The Group plans to strengthen the gas distribution system and enhance safety management to ensure stable and reliable fuel gas supply[110] Governance and Compliance - The Company has adopted high standards of corporate governance practices to enhance confidence among shareholders, investors, and business partners[140] - The Board of Directors is committed to regularly enhancing corporate governance practices to ensure high ethical standards and long-term sustainability[140] - The Company complies with all aspects of the Corporate Governance Code as of December 31, 2024[141] - The nomination committee is responsible for reviewing Board composition, diversity, and assessing the independence of each independent non-executive Director[154] - The Board composition ensures a balance of skills and experiences appropriate to the Company's business requirements[155] Human Resources - As of December 31, 2024, the Group had approximately 5,000 employees, with compensation linked to performance and market conditions[82] - The Company has arranged appropriate Directors' and Officers' liability insurance, which is regularly reviewed[190] Other Financial Metrics - Impairment losses under the ECL model decreased to approximately RMB 1.817 million from RMB 8.291 million in 2023, reflecting a reduction of approximately RMB 6.474 million[56] - Other losses for the year amounted to approximately RMB 119.872 million, an increase of approximately RMB 53.240 million compared to the previous year[57] - Other income increased to approximately RMB 49.475 million from RMB 42.620 million in 2023, primarily due to increased pipe renovation income[64] - Income tax expense decreased to approximately RMB11,066,000 in 2024 from RMB24,947,000 in 2023, reflecting a year-on-year decrease of approximately RMB13,881,000[70] Leadership and Management - Dr. Mo, the chairman and executive director, has extensive experience in managing natural gas projects in China[117] - Mr. Fan, the managing director, has over 10 years of experience in the management of the group and is familiar with all operational aspects[120] - Miss Mo is responsible for the development of the group's food ingredients supply and fast-moving consumer goods supply business[121] - Ms. Li has over 20 years of experience in company secretarial duties in listed companies[126] - Dr. Liu is a member of the Audit Committee, Remuneration Committee, and Nomination Committee, with a strong academic background in Economics[127]

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 2.635 billion, representing a 4.8% increase from RMB 2.514 billion in 2023[3] - The profit for the year was approximately RMB 58.776 million, a significant recovery from a loss of RMB 227.259 million in 2023[4] - Earnings per share for the year were RMB 0.17, compared to a loss per share of RMB 2.59 in 2023[5] - Total comprehensive income for the year was RMB 62.705 million, a recovery from a loss of RMB 244.499 million in 2023[7] - The company reported a significant improvement in the performance of joint ventures, with a profit contribution of RMB 70.294 million compared to a loss of RMB 242.653 million in 2023[7] - The company reported a profit of RMB 15,317 thousand for 2024, a significant recovery from a loss of RMB 231,749 thousand in 2023[34] - The overall gross margin for the year was 11.50%, down 0.94 percentage points from 12.44% in 2023[44] - The share of profits from associates was approximately RMB 27,066,000 (2023: RMB 21,349,000), a year-on-year increase of approximately RMB 5,717,000, mainly due to increased profits from the company's associates[57] - The share of profits from joint ventures was approximately RMB 70,294,000 (2023: loss of RMB 242,653,000), a significant increase mainly due to a reduction in impairment losses recognized by the joint ventures[58] Revenue Breakdown - The total revenue for the group in 2024 was RMB 2,634,675 thousand, an increase from RMB 2,513,521 thousand in 2023, representing a growth of approximately 4.8%[23] - The revenue from pipeline gas sales decreased to RMB 1,004,135 thousand in 2024 from RMB 1,045,703 thousand in 2023, a decline of about 4.5%[23] - The revenue from liquefied gas supply increased to RMB 677,633 thousand in 2024 from RMB 655,574 thousand in 2023, reflecting a growth of approximately 3.4%[23] - The revenue from gas distribution rose significantly to RMB 793,395 thousand in 2024 from RMB 585,726 thousand in 2023, marking an increase of about 35.4%[23] - The revenue from food supply and retail decreased to RMB 71,071 thousand in 2024 from RMB 102,641 thousand in 2023, a decline of approximately 30.8%[23] - Pipeline gas distribution business revenue was approximately RMB 1.093 billion, accounting for 41.47% of total revenue, down from 46.53% in 2023[45] - Sales revenue from bottled gas supply was approximately RMB 678 million, representing 25.72% of total revenue, slightly down from 26.09% in 2023[48] - Gas distribution business sales volume increased by approximately 44.91% to 197,065 tons, with revenue rising by 35.45% to RMB 793 million[49] Assets and Liabilities - The company's cash and cash equivalents increased to RMB 578.906 million from RMB 393.033 million in 2023, reflecting a growth of 47.3%[9] - Current assets net value rose to RMB 503.610 million, up from RMB 297.320 million in the previous year, marking a 69.3% increase[10] - The total equity attributable to the owners of the company increased to RMB 2.518 billion from RMB 2.500 billion in 2023, showing a growth of 0.7%[10] - The total borrowings as of December 31, 2024, were approximately RMB 88,250,000 (2023: RMB 81,775,000), primarily consisting of loans from domestic banks for project companies[62] Expenses and Costs - The total employee costs rose to RMB 186,441 thousand in 2024, up from RMB 168,374 thousand in 2023, marking an increase of about 10.7%[31] - The company incurred impairment losses of RMB 130,684 thousand on property, plant, and equipment in 2024, compared to RMB 63,755 thousand in 2023, indicating a significant increase in impairment[24] - Sales and distribution expenses for the year were approximately RMB 133,856,000 (2023: RMB 141,604,000), a year-on-year decrease of approximately RMB 7,748,000, primarily due to reduced expenses[55] - Financial costs for the year were approximately RMB 4,245,000 (2023: RMB 4,494,000), a year-on-year decrease of approximately RMB 249,000, mainly due to reduced interest on bank borrowings[54] Dividends and Shareholder Returns - The company does not recommend the payment of a final dividend for the year, consistent with the previous year[6] - The company has not declared any dividends for the years ended December 31, 2024, and 2023[32] Strategic Initiatives and Market Outlook - The company aims to expand its market share and scale while maintaining a cautious approach to capital investment and strong credit monitoring to minimize customer default risks[69] - The company aims to expand its gas distribution business scale, leveraging favorable market conditions to increase sales and revenue[72] - The company is developing the CVG gas management system to achieve digital and information management in the bottled gas business, aiming to reduce operational costs and improve delivery efficiency[71] - The company plans to enhance safety management in gas distribution, establishing a comprehensive safety management system to ensure stable and reliable gas supply[73] - The transition to third-party management for food supply and marketplace operations is expected to lower operational costs and improve profitability[74] - The company is committed to ensuring safe operations and efficient logistics in the bottled gas business while expanding market share in underserved areas[71] - The macroeconomic environment in China is showing signs of recovery, which is beneficial for the natural gas market and the company's distribution business[72] - The company is focusing on the development of clean energy and efficient utilization of fossil energy to support the energy transition in China[71] Compliance and Governance - The company has adhered to all corporate governance codes as per the listing rules during the year[76] - The audit committee has reviewed the consolidated financial statements for the year, ensuring compliance with accounting principles[79]

销售与管理视频号开通啦 欢迎关注并留下您睿智犀利的评论吧 ----------------------------------------- - - 作者： 智先生 来源：智先生（ID：zhixs10） 要说2024年有什么天坑行业排行的话，餐饮业估计能名列前茅。 很多地区的"排队王"都陷入了摆烂的局面，客流量肉眼可见变得稀疏起来，预订率下降，导致营业额也大幅缩水。 有餐饮人在网上自嘲， "开店时身上有二十多万，关店时能去到四十多万，可惜是负债"。 数据是最直观的。 哪怕它们纾尊降贵，推出298、398的"平民套餐"，也依然挡不住大规模关停潮来袭，因为老百姓对米其林评价已经祛魅。 当行业环境不济时，大部分企业首先会考虑加入红海战场，开卷价格大战，虽然"以价换量"不是什么新鲜把戏了，但胜在有用。 一部分餐饮头部借此实现了逆增长，比如像海底捞，萨莉亚、瑞幸咖啡、百胜中国等佼佼者。 不过仔细翻看各上市公司的财报，可以发现一点，能实现同比增长的寥寥无几， 与其说逆增长，不如说维持营收平衡更贴切 。 根据国家统计局数据，今年1-8月份，餐饮收入34998亿元，同比增长6.6%，从大盘来看，还算可以，最起码像房地产、家装 ...