Financial Performance - Total revenue for 2020 was RMB 1,344,636,000, a decrease of 10.5% from RMB 1,501,277,000 in 2019[11] - Operating loss for 2020 was RMB 15,405,000 compared to an operating profit of RMB 5,756,000 in 2019[11] - Net loss attributable to shareholders for 2020 was RMB 13,515,000, a significant decline from a profit of RMB 4,383,000 in 2019[11] - The group recorded an investment income of approximately RMB 5,314,000, a decrease of about 74% compared to last year, and revenue of approximately RMB 1,344,636,000, down about 10% year-on-year[46] - The pre-tax loss from continuing operations for the year was approximately RMB 17,831,000, a decline of about 521% compared to a profit of RMB 4,238,000 in the previous year[46] - Total assets as of 2020 were RMB 2,458,404,000, down from RMB 2,538,185,000 in 2019[11] - Shareholders' equity attributable to the parent company was RMB 1,749,377,000, slightly down from RMB 1,762,756,000 in 2019[11] - The group had cash and cash equivalents of approximately RMB 499,386,000, an increase of about 9% from RMB 457,658,000 last year[51] - The group had no bank borrowings and maintained a debt-to-asset ratio of approximately 0.29 as of December 31, 2020, down from 0.31 the previous year[51] Market Strategy and Expansion - The company aims to address the single gas source issue and explore new gas sources in 2021[20] - Market expansion efforts will focus on developing new users and deepening existing market penetration[20] - The company plans to enhance value-added services to foster new growth momentum[20] - The company aims to balance the development of its natural gas business while actively expanding into the pipeline gas market through mergers or acquisitions of local city gas network projects[43] - The company is expanding its market presence by entering two new provinces, aiming to increase its market share by 10% in the next year[87] - A strategic acquisition of a local competitor is in progress, which is expected to increase the company's market share by 15% upon completion[87] - The company plans to enhance its digital services, with an investment of 30 million RMB in upgrading its online platform by the end of 2021[87] Risk Management and Operational Challenges - The company recognized significant risks related to the natural gas supply in China, including high dependence on imports and geopolitical risks, which could impact operational performance[32] - The company is committed to optimizing internal controls and cost management to mitigate risks[14] - In 2020, the company faced challenges due to the COVID-19 pandemic, leading to a reduction in existing customer natural gas consumption, prompting efforts to seek new users from other energy sources and develop new markets[31] - The company is closely monitoring the developments of the COVID-19 pandemic and its potential impacts on financial conditions and operational performance[74] - The company has not identified any significant adverse impact on its operations and financial performance due to the COVID-19 pandemic as of the report date[74] Corporate Governance and Management - The company is committed to improving its environmental, social, and governance management to enhance investor confidence and shareholder returns[43] - The management team emphasized the importance of maintaining high corporate governance standards to enhance transparency and accountability[109] - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced composition[118] - The company has adhered to all corporate governance codes as outlined in the listing rules, ensuring compliance and ethical operations[111] - The board has established three committees: the remuneration committee, nomination committee, and audit committee, each with clear responsibilities[160] - The company has adopted a strict code of conduct for securities trading, ensuring compliance with the standards set forth in the listing rules[147] Employee and Supplier Relations - The company emphasizes the importance of employee development and provides training opportunities to improve skills and efficiency[35] - The company has established long-term relationships with suppliers, ensuring compliance with quality and ethical standards[36] - The total number of full-time employees decreased to 751 from 787, with total employee costs amounting to approximately RMB 116,780,864, down from RMB 128,743,133 last year[60] Future Outlook and Projections - The company has set a future outlook with a revenue target of 1.5 billion RMB for the next fiscal year, indicating an expected growth of 25%[87] - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[100] - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on innovative technologies[100] - The company has invested 50 million RMB in research and development for new technologies aimed at improving energy efficiency[100] Shareholder Rights and Communication - Shareholders have the right to supervise and inquire about the company's business and operations according to Article 47 of the company's articles of association[199] - Shareholders can obtain the company's articles of association after paying the relevant costs[199] - The company maintains a good information disclosure mechanism and emphasizes transparency in communication with investors and analysts[185] - The company has set up a dedicated website to facilitate effective communication with shareholders and the public[192]

Financial Position - As of June 30, 2020, the total assets of Tianjin Jinran Public Utilities Company amounted to RMB 2,221,499,931.55, a decrease from RMB 2,538,184,952.44 as of December 31, 2019, representing a decline of approximately 12.5%[2] - The company's total liabilities decreased to RMB 452,058,213.30 from RMB 780,139,867.76, indicating a reduction of about 42%[4] - The total current assets as of June 30, 2020, were RMB 1,287,078,686.40, down from RMB 1,577,138,815.84 at the end of 2019, a decrease of approximately 18.4%[2] - The company's total shareholders' equity as of June 30, 2020, was RMB 1,769,441,718.25, compared to RMB 1,755,039,563.30 in the same period of 2019, reflecting a growth of approximately 0.8%[13] - The company's total liabilities decreased to RMB 449,351,294.15, down 42.14% from RMB 777,432,948.61 at the end of 2019[23] Revenue and Profit - For the first half of 2020, the operating revenue was RMB 676,488,965.42, compared to RMB 778,935,036.73 in the same period of 2019, reflecting a decrease of approximately 13.1%[8] - The net profit for the first half of 2020 was RMB 1,683,996.62, slightly down from RMB 1,771,681.27 in the first half of 2019, showing a decline of about 4.9%[8] - Total revenue for the first half of 2020 was RMB 751,687,325.36, an increase from RMB 708,055,816.78 in the same period of 2019, representing a growth of approximately 6.1%[15] - The company’s investment income for the first half of 2020 was RMB 3,509,790.82, down from RMB 12,958,082.10 in the same period of 2019, indicating a decline of about 72.9%[8] - Net profit for the first half of 2020 was RMB 1,927,733.22, down 27.58% from RMB 2,662,718.56 in the first half of 2019[25] Cash Flow - The net cash flow from operating activities for the first half of 2020 was a negative RMB 255,007,108.38, compared to a positive RMB 269,997,171.39 in the first half of 2019[15] - Cash inflow from investment activities was RMB 753,443,062.74, slightly down from RMB 764,713,371.63 in the previous year[17] - The net cash flow from investment activities increased significantly to RMB 732,691,657.51 from RMB 160,845,039.65 year-on-year[17] - The company reported a significant increase in cash outflow for purchasing goods and services, totaling RMB 935,644,601.67, compared to RMB 340,526,980.09 in the same period last year[15] - The net increase in cash and cash equivalents for the first half of 2020 was RMB 477,697,115.07, an increase from RMB 408,814,655.42 in the first half of 2019, representing a growth of approximately 16.8%[35] Assets and Liabilities - The company’s accounts payable decreased significantly to RMB 97,988,333.89 from RMB 395,694,120.33, a reduction of approximately 75.2%[4] - Current liabilities decreased to RMB 344,716,830.67, down 48.66% from RMB 670,349,213.70 at the end of 2019[23] - The company maintained its share capital at RMB 183,930,780.00, unchanged from the end of 2019[23] - The company’s restricted cash for environmental protection guarantees amounted to RMB 939,653.46 as of June 30, 2020, slightly up from RMB 938,222.12 at the end of 2019[168] Accounting Policies - The financial report reflects the company's financial position as of June 30, 2020, and the operating results and cash flows for the six-month period ending on that date[56] - The financial statements are prepared based on the historical cost principle, except for certain financial instruments, and impairment provisions are made as necessary[51] - The accounting policies and estimates are consistent with those used in the preparation of the 2019 financial statements, including provisions for bad debts and depreciation of fixed assets[53] - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial statements are true and complete[56] Inventory and Receivables - The inventory balance as of June 30, 2020, was RMB 4,988,427.53, slightly decreased from RMB 5,045,314.04 as of December 31, 2019[192] - Accounts receivable as of June 30, 2020, amounted to RMB 267,359,115.69, an increase from RMB 257,408,694.41 as of December 31, 2019[177] - The aging analysis of accounts receivable shows that RMB 267,994,031.49 is within one year, compared to RMB 255,400,003.03 as of December 31, 2019, indicating a growth of approximately 14.3%[177] - The provision for bad debts increased to RMB 11,582,265.03 as of June 30, 2020, from RMB 11,504,642.48 as of December 31, 2019[182] - The company reported no impairment provisions for fixed assets during the first half of 2020[199]

Financial Performance - Total revenue for 2019 was RMB 1,501,277,000, a decrease of 1.5% from RMB 1,519,526,000 in 2018[6] - Operating profit for 2019 was RMB 5,756,000, down 89.2% from RMB 53,138,000 in 2018[6] - Net profit attributable to shareholders for 2019 was RMB 4,383,000, a decline of 88.0% compared to RMB 39,721,000 in 2018[6] - Basic earnings per share for 2019 were RMB 0.002, down from RMB 0.022 in 2018, indicating a significant decline[6] - The gross profit margin declined from approximately 2.26% in the previous year to a loss of about 1.24% in 2019[33] - The pre-tax profit from continuing operations was approximately RMB 4,238,000, representing a decrease of about 92% from RMB 53,215,000 in 2018[33] - The company recorded revenue of approximately RMB 1,501,277,000 for 2019, a decrease of about 1% compared to RMB 1,519,526,000 in 2018[33] - The company expresses confidence in achieving better results for shareholders in 2020[16] Assets and Liabilities - Total assets increased to RMB 2,538,185,000 in 2019, up from RMB 2,493,585,000 in 2018, reflecting a growth of 1.8%[6] - As of December 31, 2019, the company had cash and cash equivalents of approximately RMB 457,658,000, down from RMB 511,286,000 in 2018, with no bank borrowings[35] - The company's debt-to-asset ratio was approximately 0.31 as of December 31, 2019, compared to 0.30 in the previous year[36] Strategic Plans and Market Outlook - The company aims to strengthen its pipeline gas business and expand its market share through acquisitions[13] - The natural gas market in China is expected to grow rapidly due to increased demand for clean energy and infrastructure development[9] - The company plans to leverage its brand strength and management advantages to explore more acquisition and joint venture opportunities[12] - The company aims to expand its market presence and capitalize on opportunities from coal-to-gas conversion to find profit growth points in the next fiscal year[33] - The company is focusing on the development of the natural gas industry, with expectations that natural gas consumption will reach 300 billion to 360 billion cubic meters by 2020[54] - The urban gas and industrial fuel applications are projected to account for over 60% of total gas consumption by 2020[54] - The company plans to expand in the field of clean energy integrated solutions, aiming to enhance shareholder returns[57] Employee and Training Initiatives - The company emphasizes the importance of employee development and provides training opportunities to enhance skills and efficiency[24] - The total employee cost as of December 31, 2019, was approximately RMB 128,743,133, compared to RMB 127,080,146 in 2018[50] - The company had 787 full-time employees as of December 31, 2019, down from 812 in 2018[50] Governance and Compliance - The board of directors has emphasized the importance of compliance and governance, ensuring that all operations align with legal and regulatory standards[122] - The company has adopted a strict code of conduct for securities trading by directors and supervisors, in compliance with listing rules[168] - The board is responsible for monitoring corporate governance policies and ensuring compliance with legal and regulatory requirements[164] - The company has established a comprehensive risk management and internal control system, which includes regular assessments and monitoring of major risks[197] - The company secretary is responsible for ensuring compliance with legal and regulatory requirements, enhancing corporate governance practices[191] Investments and Financial Products - The board has adopted an investment policy to utilize idle funds for purchasing principal-protected financial products and structured deposit products, with a total purchase amount not exceeding RMB 1 billion[39] - As of December 31, 2019, the fair value of "trading financial assets" was RMB 402,665,901.82, which includes investments in financial products issued by Ping An Bank and China Minsheng Bank[39] - The expected annualized return for the financial products from Ping An Bank and China Minsheng Bank was 3.80% and 3.75%, respectively, but these returns were unrealized as of December 31, 2019[43] COVID-19 Impact - The company has not identified any significant adverse impact on its operations and financial performance due to the COVID-19 pandemic as of the report date[105] - The company is closely monitoring the developments of the COVID-19 pandemic and assessing its impact on financial conditions and operational performance[105] Research and Development - Ongoing research and development efforts are aimed at enhancing energy efficiency technologies, with an investment of 50 million RMB allocated for this purpose[118] - The company has invested 50 million in research and development for new technologies aimed at improving operational efficiency[131] Market Expansion and User Growth - User data indicates a rise in active users, with a total of 3 million new users acquired in the last quarter, marking a 20% increase year-over-year[118] - The company is actively pursuing market expansion in Southeast Asia, targeting a 25% increase in market share within the next two years[131] Strategic Partnerships and Acquisitions - A new strategic partnership has been established with a leading technology firm to enhance service delivery and customer experience[118] - The company is exploring potential mergers and acquisitions to strengthen its market position, with a budget of 300 million RMB set aside for strategic investments[118] - A strategic acquisition was completed in 2019, enhancing the company's service capabilities and expected to generate an additional 150 million in annual revenue[131]

Financial Performance - The company's operating revenue for the first half of 2019 was RMB 778,935,036.73, compared to RMB 760,337,070.47 in the same period of 2018, reflecting an increase of about 2.2%[6]. - Net profit attributable to shareholders of the parent company for the first half of 2019 was RMB 1,996,055.72, a decrease from RMB 22,646,527.12 in the first half of 2018, indicating a decline of approximately 91.2%[6]. - The company's operating profit for the first half of 2019 was RMB 3,720,057.24, compared to RMB 30,113,560.99 in the same period of 2018, indicating a significant decrease of approximately 87.7%[6]. - Total revenue for the first half of 2019 reached RMB 1,767,715,420.16, compared to RMB 1,763,123,020.78 in the same period of 2018, reflecting a slight increase[37]. - Operating costs rose to RMB 788,412,984.58, up 6.5% from RMB 740,074,390.05 year-on-year[52]. - Net profit for the first half of 2019 decreased to RMB 2,662,718.56, down 88.5% from RMB 23,083,825.38 in the first half of 2018[52]. Assets and Liabilities - As of June 30, 2019, the total assets of Tianjin Jinran Public Utilities Company amounted to RMB 2,858,796,326.95, an increase from RMB 2,493,584,654.94 as of December 31, 2018, representing a growth of approximately 14.6%[2]. - The total liabilities as of June 30, 2019, were RMB 1,095,673,306.17, up from RMB 738,545,091.64 at the end of 2018, marking an increase of about 48.4%[3]. - The total equity attributable to shareholders of the parent company was RMB 1,767,715,420.16 as of June 30, 2019, slightly up from RMB 1,759,407,588.23 at the end of 2018, showing a marginal increase of about 0.5%[5]. - The company's cash and cash equivalents increased to RMB 1,121,007,028.29 as of June 30, 2019, compared to RMB 662,221,710.66 at the end of 2018, representing a growth of approximately 69.2%[2]. - The company's inventory as of June 30, 2019, was RMB 2,316,667.32, a slight increase from RMB 2,135,759.24 at the end of 2018, representing an increase of about 8.5%[2]. - The company’s long-term equity investments increased to RMB 48,684,177.66 as of June 30, 2019, compared to RMB 45,695,863.48 at the end of 2018, indicating a growth of approximately 6.5%[2]. Cash Flow - Cash flow from operating activities generated RMB 269,997,171.39, a significant increase from RMB 59,522,743.71 in the first half of 2018[42]. - The company recorded a net cash inflow from investment activities of RMB 160,845,039.65, a substantial increase from RMB 18,741,948.73 in the first half of 2018[44]. - The net increase in cash and cash equivalents for the first half of 2019 was RMB 408,814,655.42, up 418.36% from RMB 78,969,700.91 in the same period of 2018[64]. - The ending balance of cash and cash equivalents reached RMB 919,976,295.08, compared to RMB 364,316,839.61 at the end of the first half of 2018, reflecting a growth of 152.53%[64]. - Cash inflow from investment activities for the first half of 2019 was RMB 764,713,371.63, a decrease of 7.06% compared to RMB 822,795,074.73 in the same period of 2018[62]. - Cash outflow for investment activities was RMB 603,868,331.98, down 25% from RMB 804,053,126.00 in the first half of 2018[62]. Accounting Policies and Financial Reporting - The financial statements for the first half of 2019 were approved by the board on August 28, 2019[72]. - The financial report is prepared based on the accounting standards and reflects the financial position as of June 30, 2019[73]. - The company follows specific accounting policies for accounts receivable, fixed asset depreciation, and revenue recognition[74]. - The company’s accounting year aligns with the calendar year, running from January 1 to December 31[73]. - The company has undergone changes in its controlling shareholder structure, with Tianjin Energy Investment Group becoming the ultimate controlling entity[71]. - The company’s financial reporting adheres to the principles of historical cost accounting, with provisions for impairment where applicable[73]. Future Outlook and Strategic Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[38]. - The company has provided a future outlook, projecting a revenue growth rate of A% for the next fiscal year, driven by market expansion and new product launches[104]. - New product development includes the introduction of advanced gas meters and appliances, expected to enhance market competitiveness[104]. - The company is focusing on market expansion strategies, targeting new geographic regions to increase its customer base and market share[104]. - There are plans for potential mergers and acquisitions to strengthen the company's position in the industry and enhance operational capabilities[104]. - The company has implemented new strategies to improve operational efficiency, aiming for a reduction in costs by B% over the next year[104]. Employee Compensation and Benefits - Employee compensation includes various forms of remuneration, such as short-term salaries and post-employment benefits, which are recognized as liabilities during the accounting period[125][126]. - The company participates in local government-managed pension and unemployment insurance, with related expenses recognized in the period incurred[129]. Revenue Recognition - The company recognizes revenue when control of goods or services is transferred to customers, typically upon the transfer of natural gas, gas meters, and gas stoves[133][134]. - Revenue from construction contracts is recognized based on the progress of performance obligations, using the input method to determine progress[134]. Taxation and Government Grants - The company’s income tax rate is set at 25% on taxable income[188]. - The value-added tax rate for gas sales and related services was reduced from 10% to 9% effective April 1, 2019[188]. - Government grants are recognized when conditions are met, with monetary grants measured at received or receivable amounts, and non-monetary grants measured at fair value[144][145].

天津津燃公用事業股份有限公司 TIANJIN JINRAN PUBLIC UTILITIES COMPANY LIMITED 股份代號: 1265 (於中華人民共和國註冊成立的股份有限公司) 2018年報 目錄 目錄 頁次 公司資料2 財務摘要4 主席報告5 管理層討論及分析7 董事、監事及高層管理人員 27 企業管治報告 34 董事會報告 56 審計報告 80 合併資產負債表 86 合併利潤表 88 合併股東權益變動表 90 合併現金流量表 91 資產負債表 93 利潤表 95 股東權益變動表 96 現金流量表 97 財務報表附註 99 五年財務摘要 220 環境、社會及管治報告 221 1 天津津燃公用事業股份有限公司 二零一八年年報 公司資料 公司資料 董事 執行董事 趙維（主席）（於二零一八年六月二十六日獲委任） 唐潔 王全鴻（於二零一八年六月二十六日獲委任） 張天華（於二零一八年六月二十六日退任） 王文霞（於二零一八年六月二十六日退任） 張國健（於二零一八年六月二十六日退任） 非執行董事 | --- | --- | |----------------------------------------- ...