天津津燃公用事業股份有限公司 TIANJIN JINRAN PUBLIC UTILITIES COMPANY LIMITED (於中華人民共和國註冊成立的殷份有限公司) 股份代號：1265 合併資產負債表 2024年6月30日 （金額單位：人民幣元） 天津津燃公用事業股份有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公司 （「本集團」）截至2024年6月30日止六個月（「 2024上半年」或「呈報期」）的未經審核中期業績，連同 2023年同期（「2023年上半年」）的未經審核比較數字如下： 合併資產負債表 2024年6月30日 （金額單位：人民幣元） | --- | --- | --- | --- | |-------------------------|--------|-----------------------------------|----------------------------| | | 附註八 | 2024 年 6 月 30 日 （未經審計） | 2023年12月31 日 （經審計） | | | | | | | 資產 | | | | | 流動資產 | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 873,429,018.15, a decrease of 4.4% compared to RMB 913,834,027.90 in the first half of 2023[6] - The net loss for the first half of 2024 was RMB 22,144,802.20, compared to a net loss of RMB 25,877,662.77 in the same period of 2023, indicating an improvement[6] - The company's gross profit margin for the first half of 2024 was negative, with operating costs exceeding revenues, leading to a gross loss of RMB 25,287,404.90[6] - The cost of sales for the first half of 2024 was CNY 898.72 million, down from CNY 953.21 million in the first half of 2023[26] - The revenue from pipeline natural gas sales in the first half of 2024 was CNY 863.60 million, compared to CNY 901.39 million in the same period of 2023[27] - The pre-tax loss for the reporting period was approximately RMB 29,100,000, compared to a pre-tax loss of RMB 35,100,000 for the first half of 2023[35] - The loss attributable to shareholders of the parent company was approximately RMB 22,100,000, compared to RMB 25,900,000 in the same period of 2023[35] - The basic and diluted loss per share for the first half of 2024 was RMB (0.012), compared to RMB (0.014) for the same period in 2023[33] Assets and Liabilities - Total current assets as of June 30, 2024, amounted to RMB 1,081,800,217.56, an increase of 31.8% from RMB 821,165,425.73 as of December 31, 2023[2] - Total liabilities increased to RMB 747,664,956.61 as of June 30, 2024, from RMB 492,789,095.11 as of December 31, 2023, reflecting a significant rise[4] - The company's cash and cash equivalents rose to RMB 789,606,526.80 as of June 30, 2024, compared to RMB 347,517,006.08 at the end of 2023, marking a substantial increase of 127.6%[2] - The total equity attributable to shareholders of the parent company was RMB 1,430,673,046.58 as of June 30, 2024, slightly up from RMB 1,409,033,136.77 at the end of 2023[4] - The total accounts receivable as of June 30, 2024, is 176,555,952.56, with an allowance for bad debts of 85,673.51[15] - The balance of receivables financing as of June 30, 2024, is 89,464,158.84, a decrease from 93,811,058.30 as of December 31, 2023[18] - The fixed assets have decreased from 790,024,131.72 at the beginning of the year to 763,080,204.22 at the end of June 2024[19] - The net value of fixed assets as of June 30, 2024, was CNY 857.87 million, reflecting an increase from CNY 884.82 million[21] - The total construction in progress as of June 30, 2024, was CNY 25.74 million, with a net value of CNY 24.30 million after impairment provisions[23] - Accounts payable as of June 30, 2024, totaled CNY 119.62 million, a decrease from CNY 296.88 million as of December 31, 2023[24] Accounts Receivable - The company reported a decrease in accounts receivable from RMB 255,858,546.24 as of December 31, 2023, to RMB 192,300,181.77 as of June 30, 2024, indicating improved collection efficiency[2] - The aging analysis of accounts receivable shows that the balance as of June 30, 2024, is RMB 267.69 million, compared to RMB 204.06 million as of December 31, 2023[12] - The company reported a bad debt provision rate of 4.39% for accounts receivable as of June 30, 2024[12] - The value of accounts receivable classified by credit risk characteristics shows a total of RMB 255.94 million, with a provision of RMB 85,673.51[12] - The aging analysis shows that 99.04% of accounts receivable are within 1 to 6 months, indicating a strong collection performance[15] - The allowance for bad debts for accounts aged 6 months to 1 year is 83,381.38, reflecting a significant increase in risk for this category[16] - The company has no bad debt provisions for the top five debtors, indicating a low risk of default from these key clients[17] - The accounts receivable from related parties amount to 79,388,267.19, with no bad debt provisions recorded[16] Corporate Governance and Management - The company has adhered to all applicable corporate governance codes during the reporting period, emphasizing transparency and accountability[49] - All directors and supervisors confirmed compliance with the securities trading code as per the listing rules[50] - The board of directors consists of three executive directors, three non-executive directors, and three independent non-executive directors as of the announcement date[51] - The company has appointed a new independent auditor, Da Xin Accounting Firm, effective after the 2023 Annual General Meeting[45] - The company appointed Mr. Wang Cong as the new Chairman and Executive Director effective February 19, 2024, succeeding Mr. Chen Tao[46] Future Outlook and Strategy - Future outlook remains cautious due to ongoing market challenges, with no specific guidance provided for the second half of 2024[6] - The company anticipates growth in China's natural gas industry, driven by policies promoting cleaner energy and infrastructure development[43] - The company plans to enhance financial management, reduce operational costs, and maximize project returns[44] - The company aims to address single gas source issues and expand market development by deepening user demand exploration[44] Investments and Contracts - The company has no significant investments or acquisitions during the reporting period, with a total investment limit of RMB 1 billion for bank deposit products[38] - A new gas supply contract with Tianjin Runhua Gas Co., Ltd. was established, with annual limits of RMB 1.326 billion for 2024, RMB 2.282 billion for 2025, RMB 2.473 billion for 2026, and RMB 992 million for the first quarter of 2027[46] - The company entered a procurement framework agreement with Tianjin Yunfu Gas Technology Co., Ltd. for engineering goods and materials, with a maximum total procurement price of RMB 9 million[47] - The company is exploring various options regarding the potential sale of assets from its Jining branch due to an unsuccessful bidding process[48] Employee and Cost Management - The total employee cost for the reporting period was approximately RMB 51.3 million, a decrease from RMB 54.7 million in the first half of 2023, with a total of 596 full-time employees[41] - The company does not recommend the distribution of dividends for the reporting period, consistent with the previous year[42] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[33]

Financial Performance and Strategy - The company achieved a continuous growth in net cash flow, emphasizing strategic direction, economic efficiency, financing alignment, risk prevention, and prioritization principles[6]. - The "14th Five-Year" development strategy was approved by shareholders on June 27, 2023, indicating a clear roadmap for future growth[9]. - The company plans to adjust the base price for the potential sale of assets and liabilities of its subsidiary, reducing it from approximately RMB 103,080,200 to RMB 91,332,200[11]. - The company has established long-term strategies and approved the annual budget during the reporting period[42]. - The group’s main business activities include pipeline gas sales, gas appliance sales, gas network connections, and gas pipeline transportation[148]. - The financial summary and asset-liability overview for the last five fiscal years are detailed in the annual report[156]. - The group’s performance and asset summary are available on page 4 of the annual report[169]. - The group’s business review is included in the "Management Discussion and Analysis" section of the annual report[170]. Governance and Board Composition - The management team consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring diverse governance[14]. - The board consists of six male and three female members, providing diverse and balanced perspectives for the company's development[33]. - The board has delegated daily management responsibilities to the management team, with oversight from the general manager and various board committees[51]. - The board is responsible for significant matters including policy, strategy, budget, internal controls, and risk management[51]. - The board has established clear responsibilities for its committees, including the remuneration committee, nomination committee, and audit committee, to ensure effective governance[83]. - The board has reviewed its structure and diversity, ensuring alignment with the company's business strategy[184]. - The board's composition and succession planning recommendations have been made to ensure the necessary expertise and experience[184]. Risk Management and Internal Controls - The company has a strong emphasis on risk management and economic benefits in its operational strategies[6]. - The company has implemented a risk management and internal control system, with the board responsible for reviewing its effectiveness[128]. - Annual risk assessments are conducted to identify key risks and ensure adequate monitoring and resolution of major risks[129]. - The company has established a comprehensive internal control environment, with necessary mechanisms to monitor and correct non-compliance issues[102]. - The audit committee has reviewed the annual financial performance for the year ending December 31, 2022, and the interim financial performance for the six months ending June 30, 2023[68]. - The audit committee confirmed that the annual report complies with applicable standards and regulations, ensuring full disclosure of financial information[68]. - The audit committee has a 100% attendance rate for its members during the year, ensuring thorough oversight of the external auditor's independence and audit procedures[93]. Compensation and Remuneration - The remuneration committee has evaluated the company's remuneration policies and structures for directors and senior management, determining individual compensation packages[69]. - The remuneration policy for directors is based on market salary levels and the company's actual situation[185]. - The remuneration committee determines the compensation for executive directors and senior management based on various factors including market conditions and individual responsibilities[185]. - All directors except for four have waived their director's remuneration during the year[190]. - The company has no compensation arrangements for directors dismissed due to misconduct[184]. - The company has established a three-year service agreement with all supervisors, expiring at the end of the 2024 annual general meeting[189]. Communication and Shareholder Engagement - The company emphasizes effective communication with shareholders, providing business activity information through financial reports and announcements[112]. - The company ensures continuous communication with shareholders, particularly through annual general meetings[159]. - The company has a framework for shareholder communication policies, which has been deemed effective based on shareholder participation and feedback[138]. - The company emphasizes the importance of maintaining a transparent communication channel with investors and analysts, ensuring timely disclosure of insider information[106]. Diversity and Talent Management - There is a focus on strengthening talent team construction and driving management changes through strategic transformation[6]. - The company has established a diversity policy to enhance the diversity of its members, considering factors such as gender, age, cultural background, and professional experience[53]. - The company has implemented a training program for directors to enhance their knowledge and skills, ensuring compliance with regulatory requirements[72]. - As of December 31, 2023, the company had 615 full-time employees, with approximately 38% being women, and about 40% of senior management positions held by women[109]. Compliance and Regulatory Adherence - The company has maintained compliance with listing rules regarding board composition and independence throughout the year[52]. - The company secretary acts as the main communication channel with the stock exchange, ensuring compliance with corporate governance codes[44]. - The company has implemented policies to ensure compliance with securities trading standards for directors and supervisors[88]. - The company secretary has undergone at least 15 hours of relevant professional training in compliance with listing rules[44]. - The board has reviewed and monitored the company's governance policies and practices, ensuring adherence to legal and regulatory standards[75]. - The nomination committee employs various methods to determine board candidates, ensuring a competitive background in relevant fields[36]. Dividend Policy - The board has the discretion to declare or distribute dividends in any fiscal year, with no guarantee of annual dividend payments[98]. - The company has established a dividend policy to enhance transparency in dividend distribution, aiding shareholders and potential investors in making informed investment decisions[110]. - The board considers factors such as cash flow and funding needs when determining the dividend level[111]. - The board of directors does not recommend the distribution of dividends for the year ending December 31, 2023, consistent with the previous year[167]. - The group's available reserves for distribution to shareholders as of December 31, 2023, amounted to approximately RMB 328 million, a decrease from RMB 483 million in 2022[153].

Financial Performance - The total revenue for 2023 was RMB 1,780,527,288.76, a slight increase from RMB 1,780,358,629.25 in 2022, representing a growth of 0.01%[6] - The net loss for 2023 was RMB 155,194,987.82, compared to a net loss of RMB 68,432,088.03 in 2022, indicating a significant increase in losses[6] - The basic loss per share for 2023 was RMB 0.084, compared to RMB 0.037 in 2022, indicating a worsening of the loss per share[6] - The company reported a significant increase in operating losses, which amounted to RMB 164,861,949.09 in 2023 compared to RMB 90,708,063.10 in 2022[6] - The gross profit margin for the reporting period was a loss of 4.02%, an improvement from the previous year's loss of 5.57%[39] - The company recorded a pre-tax loss of approximately RMB 165,460,000, compared to a pre-tax loss of RMB 92,891,000 in the previous year[39] Assets and Liabilities - Current assets decreased to RMB 1,081,800,217.56 in 2023 from RMB 1,478,995,904.95 in 2022, a decline of approximately 27%[4] - Total liabilities decreased to RMB 747,664,956.61 in 2023 from RMB 917,826,878.57 in 2022, a reduction of about 18.5%[5] - The total assets of the company decreased to RMB 2,177,398,537.03 in 2023 from RMB 2,503,305,611.68 in 2022, a decrease of about 13%[5] - The company's cash and cash equivalents decreased to RMB 789,606,526.80 in 2023 from RMB 1,067,256,503.97 in 2022, a decline of approximately 26%[4] - The company's inventory decreased significantly from RMB 4,277,384.14 in 2022 to RMB 2,035,300.70 in 2023, a reduction of approximately 52%[4] - The company's long-term equity investments slightly decreased to RMB 53,896,495.69 in 2023 from RMB 54,902,040.73 in 2022[4] Accounts Receivable and Payable - The company's accounts receivable as of December 31, 2023, totaled approximately $192.30 million, a decrease of 15.4% from $227.30 million in 2022[12] - The aging analysis of accounts receivable shows that receivables within one year decreased to $192.31 million in 2023 from $226.88 million in 2022, indicating a decline of 15.2%[12] - The provision for bad debts decreased to $11.76 million in 2023 from $12.45 million in 2022, reflecting a reduction of 5.5%[15] - The company reported a total of $93.81 million in receivables from bank acceptance bills as of December 31, 2023, down from $140.28 million in 2022, a decline of 33.2%[15] - The company reported a total of RMB 296,882,410.08 in accounts payable as of December 31, 2023, down from RMB 434,170,568.15 in 2022, reflecting improved cash flow management[26] Fixed Assets and Depreciation - The company's fixed assets increased to approximately $1.68 billion in 2023 from $1.62 billion in 2022, marking a growth of 3.6%[17] - The accumulated depreciation for fixed assets as of December 31, 2023, was approximately $796.83 million, compared to $730.40 million in 2022, an increase of 9.1%[17] - The year-end book value of fixed assets totaled RMB 1,623,106,091.17, an increase from RMB 1,533,751,079.63 at the beginning of the year[22] - The accumulated depreciation for fixed assets at year-end 2023 was RMB 730,403,267.36, up from RMB 670,672,200.52 at the start of the year[22] - The company recognized an impairment provision of approximately RMB 86,000,000 for fixed assets during the reporting period due to market changes and sales forecasts[41] Strategic Initiatives and Future Outlook - The company anticipates continued growth in China's natural gas industry and consumption, benefiting from the "14th Five-Year Plan" and various pollution control policies[52] - Natural gas is expected to become the primary fuel for urban residents, with significant applications in public transportation and industrial sectors, particularly in the Bohai Rim region[53] - The company plans to address single gas source issues, expand market reach, and enhance internal management to reduce administrative costs in 2024[54] - The company aims to strengthen technological innovation and improve operational safety and management methods[57] - The company is committed to maximizing shareholder returns while ensuring sustainable cash flow growth[54] - The company will continue to enhance its financial management system to lower operating costs and maximize project returns[54] Corporate Governance and Compliance - The company confirmed compliance with corporate governance standards, focusing on internal controls and fair disclosure[73] - The board of directors has adopted a securities trading code for compliance by directors and supervisors, confirming adherence during the reporting period[74] - The company has appointed a new independent auditor, KPMG, to enhance the independence and quality of its audit work[58] - The company has received shareholder approval for its "14th Five-Year" development strategy plan, which focuses on clean energy solutions[60] Employee and Operational Changes - The company had a total of 615 full-time employees as of December 31, 2023, down from 695 employees in the previous year[49] - The company did not recommend any dividend payment for the 12 months ending December 31, 2023[33] - The company did not declare or recommend any dividends during the reporting period, consistent with the previous year[51] Contracts and Agreements - The new construction framework agreement with Tianjin Energy Investment Group has annual caps of RMB 141 million, RMB 124 million, and RMB 77 million for the years ending December 31, 2023, 2024, and 2025, respectively[64] - The company entered into a procurement contract with Tianjin Yumin Gas Meter Co., Ltd. for IoT gas meters, with annual caps of RMB 22 million, RMB 2.048 million, and RMB 2 million for the years ending December 31, 2023, 2024, and 2025 respectively[65] - A city gas supply contract was signed with Tianjin Binran Pipeline Construction Co., Ltd., with annual caps of RMB 344 million, RMB 375 million, and RMB 408 million for the years ending December 31, 2024, 2025, and 2026 respectively[66] - A new gas supply contract with Tianran Huarun was established, effective from April 1, 2024, to March 31, 2027, with annual caps of RMB 1.326 billion, RMB 2.282 billion, RMB 2.473 billion, and RMB 992 million for the respective periods[68] Miscellaneous - The potential sale of assets from the company's Qiqihar branch has a revised minimum price of approximately RMB 91.332 million[70] - The annual general meeting is scheduled for June 27, 2024, with a suspension of share transfer registration from June 24 to June 27, 2024[75] - The company has not purchased, sold, or redeemed any listed securities during the reporting period[72] - The company’s 2023 annual report will be published on its website and the stock exchange's website at an appropriate time[76] - The board of directors includes three executive directors, three non-executive directors, and three independent non-executive directors as of March 28, 2024[78]

贤本公灵 小好 天津津燃公用事業股份有限公司 二零二三年中期報告 （金額單位：人民幣元） | --- | --- | --- | --- | --- | --- | --- | |----------------------------|----------------|----------------|----------------|----------------|-----------------|------------------| | | | | | | | | | 一、本期期初餘額（經審計） | 183,930,780.00 | 790,332,352.18 | 550,525.89 | 128,277,523.13 | 493,683,541.21 | 1,596,774,722.41 | | | | | | | | | | （一）綜合收益總額 | – | – | – | – | (25,762,013.23) | (25,762,013.23) | | 1. 本期提取 | – | – | 4,815,115.69 | – | – | 4,815,115.69 | | 2. 本期使用 | – ...

Financial Performance - The company's revenue for the year ended December 31, 2022, was approximately RMB 1,780,359,000, representing an increase of about 13% compared to RMB 1,579,770,000 in the previous year[26]. - The operating loss for the year was RMB 90,708,000, a significant decline from an operating profit of RMB 7,909,000 in the previous year[15]. - The net loss attributable to shareholders for the year was RMB 68,345,000, compared to a profit of RMB 1,432,000 in the previous year[15]. - The gross profit margin decreased from approximately 0.54% in the previous year to a loss margin of about 5.68% in the current year[26]. - As of December 31, 2022, the group had cash and cash equivalents of approximately RMB 964,053,000, an increase of about 3% from RMB 936,590,000 in the previous year[52]. - Accounts payable increased by approximately 117%, reaching RMB 434,171,000 compared to RMB 200,485,000 in the previous year[52]. - In 2022, the company experienced a significant decline in operating performance, with ongoing pressure for growth[40]. Corporate Governance - The company has revised its articles of association to update shareholder information and improve corporate governance[37]. - The major shareholder, Tianjin Huaren, holds approximately 70.54% of the company's issued share capital[36]. - The board consists of one-third independent non-executive directors, ensuring a high level of independence[79]. - The company emphasizes the importance of high corporate governance standards to enhance performance, transparency, and accountability[76]. - The supervisory board is responsible for monitoring the actions of senior management to ensure compliance with laws and company regulations[69]. - The company has appointed independent directors with significant experience in management and finance, enhancing governance quality[68]. - The company has established effective corporate governance practices based on the principles outlined in the corporate governance code[76]. - The supervisory board has the authority to review the company's financial status and ensure corrective actions are taken when necessary[69]. - The company has a dedicated audit committee to oversee financial reporting and compliance[68]. - The board collectively is responsible for appointing and supervising senior management[77]. - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[104]. - The company has established a nomination committee to identify suitable candidates for board membership[84]. - The board maintains gender diversity, ensuring at least one female representative seat[85]. - The board is responsible for setting the group's goals, strategies, policies, and business plans[98]. - The management team is responsible for daily operations, reporting to the board[99]. - The company complies with all applicable corporate governance codes[96]. - The independent non-executive directors possess relevant business, financial, and management skills[86]. - The board's composition includes members with extensive experience in the energy sector and various professional fields[104]. - The company has a balanced board structure that ensures independence and objectivity[104]. - The board of directors has adopted a nomination policy to ensure qualified candidates for board membership, with final responsibility resting with the board[105]. - The nomination committee evaluates candidates based on qualifications and relevant expertise, considering diversity factors such as gender, age, and professional experience[106]. - The company has provided comprehensive materials and training to directors to ensure compliance with regulations and best practices[116]. - The nomination committee will regularly review the effectiveness of the board diversity policy[122]. - The board has maintained a high standard of corporate governance, ensuring all procedures comply with established codes[126]. Strategic Focus and Development - The company anticipates that natural gas will become the primary fuel for urban residents, with significant applications in transportation and industrial sectors[34]. - The company aims to enhance its financial management system to reduce operating costs and maximize project returns[35]. - The company aims to strengthen internal reforms and management to enhance institutional construction and implementation, preventing systemic risks[40]. - The focus will be on expanding the pipeline gas market and deepening user demand within existing market shares[40]. - The company plans to actively coordinate with gas source units and natural gas price management departments to resolve pricing mechanism issues[40]. - The company will continue to emphasize balanced development in the natural gas business while exploring pipeline gas market opportunities through mergers and acquisitions[49]. - The board will implement a new development philosophy to stimulate innovation and enhance value-added services[40]. - The company is committed to sustainable development and will advance ESG responsibilities while enhancing legal compliance and corporate governance[40]. - The company has received annual independence confirmations from all existing independent non-executive directors, ensuring balanced and independent opinions in strategic decisions[137]. - The board is supported by three committees: the remuneration committee, nomination committee, and audit committee, each with clear responsibilities[141]. - Directors participated in various training and professional development activities to enhance their knowledge and skills throughout the year[150]. - The company adopted a strict code of conduct for securities trading by directors and supervisors, in compliance with listing rules[136]. - The company is committed to continuous improvement in corporate governance practices and compliance with applicable laws and regulations[135]. - In 2022, the company focused on strengthening its compliance system, enhancing board construction, and optimizing the institutional framework[185]. - The company aimed to mitigate the impact of COVID-19 by seeking new users transitioning from other energy sources to gas, while also reviewing existing and potential investments[189]. - The company emphasized the importance of internal control and cost management to lower risks during challenging times[189]. Operational Improvements - The company focused on enhancing service quality, optimizing installation services, and streamlining processes to improve operational efficiency[161]. - Significant investments were made in technology and funding for the renovation of old pipelines and indoor equipment to ensure safety and stable gas supply[161]. - The company aims to improve governance structure and enhance public service levels while exploring new growth points[161]. - The board of directors and management are committed to overcoming difficulties and seeking new opportunities for development[161].

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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 天津津燃公用事業股份有限公司 TIANJIN JINRAN PUBLIC UTILITIES COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） 01265 （股份代號： ） 截至二零二二年十二月三十一日止年度 全年業績公告 天津津燃公用事業股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度之綜合業績如下： 合併資產負債表 二零二二年十二月三十一日 人民幣元 2022 2021 年 年 12 31 12 31 附註四 月 日 月 日 資產 流動資產 1,067,256,503.97 1,150,947,998.99 貨幣資金 1 227,301,208.95 157,289,566.44 應收賬款 2 140,278,760.77 47,215,625.61 ...

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 911,796,704.56, an increase of 16.1% compared to RMB 785,182,665.72 in the same period of 2021[8]. - The net profit for the first half of 2022 was RMB 1,718,848.22, a significant recovery from a net loss of RMB 7,005,206.84 in the first half of 2021[8]. - Total revenue for the first half of 2022 reached RMB 862,939,300.40, an increase from RMB 809,820,754.32 in the same period of 2021, representing a growth of approximately 6.4%[15]. - The company’s basic earnings per share for the first half of 2022 was RMB 0.001, compared to a loss per share of RMB 0.004 in the same period of 2021[8]. - The company reported a total of RMB 12,568,431.42 in taxes paid during the first half of 2022, down from RMB 18,792,129.56 in the same period of 2021, reflecting a decrease of approximately 33.0%[15]. - Investment income for the first half of 2022 was RMB 3.96 million, a recovery from an investment loss of RMB 0.22 million in the first half of 2021[24]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 2,191,695,038.24, down from RMB 2,345,374,239.46 at the end of 2021, representing a decrease of 6.5%[2]. - Current assets totaled RMB 1,207,366,854.03, a decrease of 13.1% from RMB 1,389,247,365.73 at the end of 2021[2]. - The company's total liabilities decreased to RMB 533,791,364.37 from RMB 691,715,886.33, reflecting a reduction of 22.8%[4]. - Cash and cash equivalents decreased to RMB 838,469,238.88 from RMB 1,150,947,998.99, a decline of 27.1%[2]. - The company reported an increase in accounts receivable to RMB 258,798,390.10, up 64.5% from RMB 157,289,566.44 in the previous year[2]. - The company’s long-term equity investments increased to RMB 53,285,238.27 as of June 30, 2022, compared to RMB 49,135,974.84 at the end of 2021, showing a growth of approximately 8.7%[21]. Cash Flow - Operating cash flow for the first half of 2022 showed a net outflow of RMB 296,447,489.18, compared to a net outflow of RMB 84,786,954.68 in the first half of 2021, indicating a significant increase in cash outflow[15]. - The net cash flow from investment activities for the first half of 2022 was RMB (15,208,623.91), a significant improvement from RMB (152,448,638.47) in the same period of 2021[17]. - The net increase in cash and cash equivalents for the first half of 2022 was RMB (311,978,636.01), compared to RMB (237,230,635.95) in the same period of 2021, reflecting a decrease in cash reserves[34]. - The ending balance of cash and cash equivalents as of June 30, 2022, was RMB 624,533,900.63, up from RMB 262,057,392.59 at the end of June 2021, showing a significant increase of 138.5% year-over-year[34]. Shareholder Equity - The total equity attributable to shareholders of the parent company increased slightly to RMB 1,658,788,376.93 from RMB 1,654,488,717.13[6]. - The company reported a total equity of RMB 1.67 billion as of June 30, 2022, slightly up from RMB 1.66 billion at the end of 2021[23]. Operational Strategy - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming periods[8]. - The company continues to focus on expanding its infrastructure, particularly in pipeline renovations and gas station upgrades, to enhance service delivery and operational efficiency[200]. Accounting Policies - The financial statements were approved by the board of directors on August 26, 2022[47]. - The accounting policies used in the financial report are consistent with those applied in the 2021 financial statements[50]. - The company follows the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of financial conditions[53]. - The group classifies financial assets at initial recognition based on the business model for managing financial assets and the contractual cash flow characteristics, including those measured at amortized cost and fair value[72]. Inventory and Fixed Assets - The company’s inventory as of June 30, 2022, was RMB 4,969,475.93, slightly up from RMB 4,661,939.14 at the end of 2021, indicating a growth of about 6.6%[21]. - Fixed assets as of June 30, 2022, amounted to RMB 828,521,011.91, a slight decrease from RMB 856,344,015.45 as of December 31, 2021, reflecting a reduction of approximately 3.24%[187]. - The accumulated depreciation for fixed assets increased to RMB 55,271,315.18 as of June 30, 2022, compared to RMB 53,000,093.42 at the beginning of the period, showing an increase of about 4.29%[194]. Revenue Recognition - Revenue is recognized when the company fulfills its performance obligations in contracts, specifically when customers gain control over the related goods or services[122]. - The company confirms revenue from sales contracts when the control of natural gas, gas meters, and gas stoves is transferred to customers[123]. - For construction contracts related to gas pipeline connections, revenue is recognized based on the progress of performance, using the input method to determine the progress based on incurred costs[125]. Bad Debts and Provisions - The provision for bad debts was RMB 14,339,664.89 as of June 30, 2022, down from RMB 16,013,828.04 on December 31, 2021, indicating a reduction of about 10.5%[167]. - The company recognized a bad debt provision of RMB 268,442.83 for the first half of 2022, compared to RMB 4,793,272.42 in the same period of 2021[172]. - The company has not recognized any new bad debt provisions for other receivables in 2022, maintaining the previous year's provision level[180].

Financial Performance - The company achieved a revenue of approximately RMB 1.58 billion in 2021, representing a year-on-year growth of about 17.5% compared to RMB 1.34 billion in 2020[32]. - The operating profit for 2021 was RMB 7.91 million, a significant recovery from an operating loss of RMB 15.41 million in 2020[32]. - The net profit attributable to shareholders was RMB 1.43 million in 2021, reversing a loss of RMB 13.52 million in the previous year[32]. - The basic earnings per share for 2021 were RMB 0.001, recovering from a loss of RMB 0.007 per share in 2020[32]. - The gross profit margin improved from a loss of approximately 1.60% last year to a profit of approximately 0.54% this year, with a pre-tax profit of approximately RMB 3,027,000 compared to a pre-tax loss of RMB 17,831,000 last year[65]. - Cash and cash equivalents increased by approximately 88% to RMB 936,590,000 as of December 31, 2021, compared to RMB 499,386,000 last year[68]. - The company recorded revenue of approximately RMB 1,579,770,000 for the year ended December 31, 2021, representing an increase of about 17.5% compared to RMB 1,344,636,000 for the previous year[65]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15%[104]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[104]. Strategic Focus and Development - The company plans to focus on expanding its pipeline gas market and enhancing service efficiency to meet user demands[39]. - The company aims to maintain sustainable development amidst the challenges posed by the COVID-19 pandemic, focusing on attracting new users from other energy sources to develop new markets[50]. - In 2022, the board plans to enhance innovation and focus on the core business of pipeline gas, while actively addressing gas source issues and reducing costs[60]. - The company aims to enhance shareholder returns by focusing on strategic direction, economic benefits, financing matching, risk prevention, and continuous growth of net cash flow[81]. - The company plans to utilize idle funds to purchase principal-protected financial products and structured deposits, with a total purchase amount not exceeding RMB 1 billion[70]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 300 million RMB for potential deals[104]. - The company aims to enhance customer engagement through digital platforms, targeting a 25% increase in online interactions[104]. - The company is investing in new technology development, allocating 50 million RMB for R&D in the upcoming year[104]. Risk Management and Compliance - The company recognizes significant risks related to the reliance on imported natural gas, which is subject to geopolitical risks and potential supply shortages[51]. - The company emphasizes the importance of financial control to maximize the returns of existing operational projects[62]. - The company has established appropriate policies to manage risks in achieving its strategic objectives[124]. - The company has a robust internal control and risk management system, as reviewed by the Audit Committee[190]. - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements[200]. Governance and Management - The company has appointed a new financial director, Ms. Du Bing, during the year[90]. - The company has undergone changes in its board of directors and supervisory board, with new appointments made[89]. - The board of directors is collectively responsible for appointing and supervising senior management, ensuring the group operates according to its objectives[124]. - The company has maintained compliance with all applicable provisions of the corporate governance code during the reporting period[122]. - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced composition[128]. - The company has established a written guideline for the nomination committee to ensure the selection of qualified candidates for the board[135]. - The company emphasizes the importance of ethical standards and integrity in selecting board candidates, considering their ability to contribute significantly to the company's success[137]. - The company has implemented a comprehensive training program for new directors to ensure understanding of governance practices and business operations[159]. Environmental, Social, and Governance (ESG) - The company is committed to improving its environmental, social, and governance (ESG) management to enhance investor confidence and shareholder returns[60]. - The management emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[104]. - The company has established long-term relationships with suppliers, ensuring compliance with quality and ethical standards[55]. - The company has maintained a high standard of conduct for securities trading among its directors, adhering to the listing rules[155]. Operational Performance - User data showed an increase in active users, reaching 3 million, which is a 20% increase compared to the previous year[104]. - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on energy-efficient solutions[104]. - A new partnership with a technology firm is expected to streamline operations and reduce costs by 15% over the next two years[104]. - The company has established a comprehensive monitoring environment and necessary mechanisms to oversee compliance and rectify non-compliance issues[200].

Financial Performance - The company reported a total revenue of RMB 785.18 million for the first half of 2021, an increase of 16.06% compared to RMB 676.49 million in the same period of 2020[7]. - The net loss for the first half of 2021 was RMB 7.01 million, compared to a net profit of RMB 1.68 million in the first half of 2020, indicating a significant decline in profitability[7]. - Total operating revenue for the first half of 2021 reached RMB 785,182,665.72, an increase of 16.06% compared to RMB 676,488,965.42 in the same period of 2020[21]. - Net profit for the first half of 2021 was a loss of RMB 6,422,027.69, compared to a profit of RMB 1,927,733.22 in the first half of 2020, indicating a significant decline[21]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 2.28 billion, down from RMB 2.46 billion as of December 31, 2020, reflecting a decrease of approximately 7.27%[4]. - Current assets decreased to RMB 1.34 billion from RMB 1.50 billion, a decline of about 11.09%[2]. - The company's total liabilities decreased to RMB 626.27 million from RMB 713.86 million, representing a reduction of approximately 12.24%[6]. - The company’s total equity attributable to shareholders decreased to RMB 1.66 billion from RMB 1.75 billion, a decline of approximately 5.19%[6]. Cash Flow and Investments - The company's operating cash flow for the first half of 2021 was negative at RMB (84,786,954.68), an improvement from RMB (255,007,108.38) in the same period of 2020, indicating a 66.7% reduction in cash outflow[12]. - The company reported a net cash outflow from investment activities of RMB (152,448,638.47) in the first half of 2021, compared to a net inflow of RMB 732,691,657.51 in the same period of 2020[14]. - The company invested RMB 100,000,000.00 in new investments during the first half of 2021, indicating a strategic move towards expansion[14]. - The total cash inflow from operating activities was RMB 813,410,489.37, while the total cash outflow was RMB 898,197,444.05, leading to a net cash flow from operating activities of RMB (84,786,954.68)[12]. Management and Expenses - The company reported a significant increase in management expenses, which rose to RMB 16.19 million from RMB 11.90 million, an increase of approximately 35.88%[7]. - The company’s cash outflow for employee payments increased by 16.5% to RMB 70,281,430.87 from RMB 60,130,722.36 year-on-year[27]. Inventory and Receivables - The company’s inventory increased to RMB 6,728,772.04, up from RMB 5,961,689.00, representing a growth of 12.84%[20]. - The accounts receivable as of June 30, 2021, totaled RMB 136,314,188.40, down 10.4% from RMB 152,282,858.20 as of December 31, 2020[166]. - The provision for bad debts decreased to RMB 12,118,634.98 as of June 30, 2021, from RMB 12,729,409.97 at the end of 2020, reflecting a reduction of 4.8%[170]. Financial Reporting and Compliance - The financial report reflects the financial position and operating results of the group as of June 30, 2021, in compliance with accounting standards[49]. - The accounting policies used in the mid-term financial report are consistent with those applied in the 2020 annual financial report[45]. - The report confirms that the financial statements provide a true and complete reflection of the group's financial status as of June 30, 2021[49]. Shareholding and Corporate Structure - Tianjin Gas increased its shareholding from 64.12% to 70.54% after acquiring 6.42% of shares from Tianjin Lighthouse Paint Co., totaling 118,105,313 shares at no cost[40]. - The ultimate controlling company of Tianjin Gas changed to Tianjin State-owned Capital Investment and Operation Co., Ltd. after the transfer of shares from Tianjin Municipal Government[42]. Accounting Policies and Practices - The company applies expected credit loss model for impairment of financial assets, ensuring proactive risk management[75]. - The company recognizes financial assets upon becoming a party to the financial instrument contract, ensuring accurate financial reporting[65]. - The company’s financial reporting adheres to strict accounting policies, ensuring compliance and reliability in financial disclosures[63]. Depreciation and Asset Management - Fixed assets are depreciated using the straight-line method, with a depreciation rate of 2.25% for buildings and 3% for high-pressure gas pipelines, among others[93]. - The company has established a policy for reviewing the useful life and depreciation methods of fixed assets at the end of each fiscal year, allowing for necessary adjustments[93]. - The company conducts impairment testing for assets excluding inventory, deferred tax, and financial assets, assessing recoverable amounts based on fair value less costs to sell and present value of future cash flows[105].