行业估值方面，公用事业行业市盈率（TTM）平均值为6.21倍，行业中值6.24倍。天保能源市盈率26.48 倍，行业排名第53位；其他滇池水务（03768.HK）为2.21倍、兴泸水务（02281.HK）为3.05倍、上海实 业环境（00807.HK）为3.94倍、首创环境（03989.HK）为4.18倍、中国光大水务（01857.HK）为4.21 倍。 资料显示，天津天保能源股份有限公司前身为天津港保税区天保电力公司,由天津港保税区管委会于 1992年批准成立,系天津天保控股有限公司所属公司,为保税区区属国企。近年来,天保能源紧紧抓住滨海 新区开发开放的历史性机遇,改革创新,强化管理,保持了持续稳健快速的发展态势。公司H股于2018年4月 27日在香港联交所主板挂牌上市。公司自成立以来,以"勤于学习、善于创新、勇于挑战、甘于奉献"的 企业精神为基石,以"管理先进、服务优良、安全可靠、效益突出、和谐发展"的企业目标为导向,在推动 区域的发展过程中不断做大产业规模,形成了以电力供应、发电、蒸汽供应、供热供冷为主业,工程建 设、电力代维、电气设备销售等为副业的产业格局,成为区域的综合性能源供应公司。天保能源坚持区 ...

Core Viewpoint - The company has signed a service contract for a smart streetlight energy management project with the Tianjin Port Free Trade Zone Urban Environment Management Bureau, valued at 79.31 million yuan, covering the period from July 1, 2025, to June 30, 2028 [1] Group 1 - The contract includes maintenance and electricity payment services for existing LED streetlights and intelligent energy-saving retrofitting services for newly constructed high-pressure sodium lamps [1] - The total value of the contract is 79.31 million yuan [1] - The board of directors considers the contract to be under normal commercial terms, fair and reasonable [1]

Financial Performance - The company reported a consolidated revenue of RMB 824.05 million for the year ended December 31, 2024, representing a 5.0% increase from RMB 785.00 million in the previous year[5]. - Profit attributable to equity shareholders increased significantly to RMB 4.53 million, up 1,655.8% from RMB 0.26 million in the prior year[5]. - Earnings per share rose to RMB 2.83, a substantial increase of 1,668.8% compared to RMB 0.16 in the previous year[5]. - The company's operating revenue for 2024 reached RMB 82,405.0 million, up 5.0% from RMB 78,500.3 million in 2023, primarily due to the commercial operation of the Lingang gas distributed energy station project[29]. - The group's EBITDA increased by 30.2% to RMB 113.661 million in 2024 from RMB 87.312 million in 2023, driven by the operational performance of the Lingang project and growth in distributed renewable energy[44]. - The pre-tax profit surged by 366.9% to RMB 15.743 million in 2024 from RMB 3.372 million in 2023, mainly due to the same factors as above[47]. - The group's other net income for the full year 2024 was RMB 2.236 million, an increase of 141.5% compared to RMB 0.926 million in 2023, primarily due to the recognition of deferred income related to the Lingang thermal power gas distributed energy station project[34]. Assets and Liabilities - The total assets of the company as of December 31, 2024, were RMB 1,070.77 million, slightly down from RMB 1,089.09 million in 2023[9]. - The total liabilities decreased to RMB 605.13 million in 2024 from RMB 630.30 million in 2023, indicating improved financial health[9]. - The total assets decreased by 1.7% to RMB 1,070.774 million at the end of 2024 from RMB 1,089.093 million at the end of 2023, primarily due to a reduction in inventory[50]. - The group's cash and cash equivalents decreased by 10.7% to RMB 128.795 million at the end of 2024 from RMB 144.307 million at the end of 2023, mainly due to increased investment expenditures[51]. - The debt-to-equity ratio improved to 1.30 at the end of 2024 from 1.37 at the end of 2023, reflecting a decrease in trade payables and other payables[52]. - The total loans and borrowings of the company amount to RMB 421.785 million, with short-term borrowings at RMB 214.031 million and long-term borrowings at RMB 207.754 million[145]. Renewable Energy and Expansion - The acquisition of Yangzhou Qingchang has been successfully completed, contributing to the expansion of the company's renewable energy business[15]. - The company added 11.56 MW of new photovoltaic capacity in 2024, accounting for 61.5% of the total new energy installed capacity[24]. - The company aims to expand its photovoltaic capacity to over 30 MW by the end of 2025, focusing on government, hospitals, schools, and industrial parks[73]. - The company continues to integrate various clean and renewable energy sources to meet customer demands and enhance the regional business environment[10]. - The company is actively pursuing equity acquisition projects and has established cooperation intentions for multiple projects in 2024[26]. - The company plans to actively pursue equity acquisitions to enhance profitability in the heating business and explore investment opportunities in renewable energy projects[75]. Operational Strategies - The company aims to maximize shareholder value while expanding its renewable energy projects and improving operational efficiency[11]. - The company plans to focus on high-quality development and cost reduction strategies in 2025[15]. - The management emphasizes the importance of risk control and environmental safety in its operational strategies[15]. - The company implemented cost reduction strategies, including communication with gas and coal suppliers to lower procurement costs and exploring innovative financing models[27]. - The company will continue to optimize its energy structure and business model in response to policy changes and market demands[69]. Employee and Governance - The company has a total of 70 employees as of December 31, 2024, with 90% holding a bachelor's degree or higher[77]. - The total labor cost incurred during the reporting period is RMB 30.943 million, which includes salaries, benefits, and allowances[81]. - The company strictly adheres to labor laws and contributes to social insurance and housing funds, enhancing employee satisfaction and security[83]. - The company has revised its performance management rules to ensure that assessment standards align with actual job responsibilities and promote fairness[71]. - The company conducted 50 safety training sessions and 41 emergency drills during the reporting period to mitigate safety risks[70]. - The company has identified policy risk, safety risk, and performance management risk as the top three risks affecting its operations[66]. Market and Future Outlook - Revenue for the last quarter reached $150 million, representing a 15% increase compared to the previous quarter[2]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a growth of 20%[3]. - New product launches are expected to contribute an additional $30 million in revenue over the next two quarters[4]. - Market expansion plans include entering two new regions, projected to increase market share by 10%[6]. - User service improvements are anticipated to enhance customer satisfaction scores by 15% in the upcoming year[8]. - A new marketing strategy is being rolled out, expected to increase brand awareness by 30% within six months[10]. Compliance and Corporate Governance - The company has complied with all significant rules and regulations affecting its operations during the reporting period[120]. - The company is committed to high standards of corporate governance and has adhered to the corporate governance code during the year ending December 31, 2024[192]. - The independent auditor for the financial statements has changed from KPMG to Shinewing (HK) CPA Limited as of June 2023[198]. - The audit committee has reviewed the group's annual performance and the audited financial statements prepared in accordance with international financial reporting standards for the year ending December 31, 2024[197]. - The company has maintained a public float of at least 25% of its issued shares, in compliance with listing rules[195]. Shareholder Information - The board has proposed a final dividend of RMB 0.014 per share for the year ending December 31, 2024, totaling approximately RMB 2.2 million, subject to approval at the annual general meeting[136]. - The company has maintained a dividend policy to distribute 30% to 50% of annual profits to shareholders, subject to various conditions[134]. - The company will not withhold any amounts for individual income tax on dividends distributed to H-share individual shareholders, as they are exempt under the 1994 notice[140]. - The company has not been informed of any shareholders waiving or agreeing to waive any dividend arrangements as of December 31, 2024[140].

Financial Performance - For the year ending December 31, 2024, the company reported a consolidated revenue of RMB 824.05 million, an increase of 5.0% compared to RMB 785.00 million in the previous year[4]. - The profit before tax surged by 366.9%, rising from RMB 3.37 million in 2023 to RMB 15.74 million in 2024[5]. - The basic and diluted earnings per share for 2024 were RMB 2.83, compared to RMB 0.16 in 2023[5]. - The gross profit for 2024 was RMB 59.19 million, up from RMB 41.69 million in 2023, reflecting a significant improvement in profitability[5]. - Total revenue for the reportable segments reached RMB 825,865,000 in 2024, compared to RMB 789,104,000 in 2023, indicating a growth of about 4.7%[27]. - Reported segment revenue for 2024 was RMB 825,865,000, an increase of 4.4% from RMB 789,104,000 in 2023[28]. - The company's EBITDA increased by 30.2% to RMB 113.66 million in 2024, up from RMB 87.31 million in 2023, attributed to the operational success of the Lingang project and growth in renewable energy generation[76]. - The net profit attributable to the parent company surged by 1,655.8% to RMB 4.53 million in 2024, compared to RMB 0.26 million in 2023, mainly due to the same factors as above[80]. Assets and Liabilities - The company's total assets less current liabilities increased to RMB 736.01 million in 2024 from RMB 696.94 million in 2023[6]. - Non-current liabilities rose to RMB 270.37 million in 2024, compared to RMB 238.15 million in 2023, indicating increased leverage[7]. - The total assets decreased to RMB 1,070,774,000 in 2024 from RMB 1,089,093,000 in 2023, a decline of 1.7%[28]. - Total liabilities decreased to RMB 605,133,000 in 2024 from RMB 630,302,000 in 2023, a reduction of 4.0%[29]. - Reportable segment assets totaled RMB 911,812,000 in 2024, slightly down from RMB 913,377,000 in 2023[27]. - Reportable segment liabilities decreased to RMB 165,351,000 in 2024 from RMB 261,833,000 in 2023, a reduction of approximately 37%[27]. Cash Flow and Investments - The net cash and cash equivalents decreased to RMB 128.80 million in 2024 from RMB 144.31 million in 2023, reflecting cash flow challenges[6]. - Cash and cash equivalents decreased from RMB 144,307 thousand in 2023 to RMB 128,795 thousand in 2024, a decline of 10.7%[50]. - The company completed the acquisition of 95% equity in Yangzhou Qingchang for a total consideration of RMB 15.37 million on February 2024[87]. - The group has a total of RMB 421.79 million in loans and borrowings, with RMB 26.60 million being fixed-rate loans and RMB 15.58 million being floating-rate loans[91]. Revenue Segments - Revenue from electricity distribution increased to RMB 220,582,000 in 2024 from RMB 195,815,000 in 2023, representing an increase of approximately 12.5%[20]. - Revenue from energy production and supply rose to RMB 563,723,000 in 2024, up from RMB 551,152,000 in 2023, reflecting a growth of about 2.9%[20]. - Solar power generation and sales revenue surged to RMB 8,188,000 in 2024, compared to RMB 2,934,000 in 2023, marking an increase of approximately 179.5%[20]. - The gross profit from the energy production and supply segment rose by 58.9% to RMB 44.48 million in 2024, compared to RMB 27.98 million in 2023, due to the operational performance of the Lingang project[73]. Employee and Operational Metrics - Total employee costs rose to RMB 30,943,000 in 2024 from RMB 26,689,000 in 2023, an increase of 15.6%[34]. - The company organized 50 safety production training sessions and completed 63 professional skills training sessions for employees in 2024[109]. - By the end of 2024, the company had a total of 70 employees, with 90% holding a bachelor's degree or higher[107]. Future Plans and Market Strategy - The company plans to continue focusing on integrated energy solutions, which may drive future growth and market expansion[9]. - The company aims to expand its renewable energy business, targeting a photovoltaic installed capacity of over 30 MW by the end of 2025[103]. - The company will actively promote equity acquisition projects in 2025, focusing on expanding its renewable energy business and improving the profitability of its heating business[105]. Dividends and Shareholder Information - The proposed final dividend per share for 2024 is RMB 0.014, compared to zero in 2023, indicating a return to dividend distribution[52]. - The company will not withhold any amounts for personal income tax on dividends distributed to H-share individual shareholders, as it qualifies as a foreign-invested enterprise under the 1994 notice[119]. - The company has not been informed of any shareholders waiving their dividend arrangements as of December 31, 2024[120]. Governance and Reporting - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[130]. - The preliminary financial results for the year ending December 31, 2024, will be consistent with the audited consolidated financial statements[124]. - The annual performance announcement will be published on the Stock Exchange's "Disclosure of Interests" website and the company's website[125].

Financial Performance - For the six months ended June 30, 2024, the company reported a consolidated revenue of approximately RMB 405.828 million, an increase of about 5.8% compared to the same period last year[4]. - The profit attributable to equity shareholders for the same period was approximately RMB 1.787 million, representing a significant increase of 153.8% year-on-year[4]. - Earnings per share for the six months ended June 30, 2024, was RMB 1.12, up 154.5% from RMB 0.44 in the same period last year[5]. - The company reported a net profit attributable to the parent company for the first half of 2024 was approximately RMB 1.79 million, an increase of about 153.8% compared to approximately RMB 0.70 million in the same period last year[36]. - The company’s pre-tax profit for the first half of 2024 was approximately RMB 7.12 million, a significant increase of about 172.4% from approximately RMB 2.61 million in the same period last year[34]. - Gross profit for the same period was RMB 26,900 thousand, up 46.4% from RMB 18,390 thousand in 2023[82]. - Operating profit increased to RMB 15,430 thousand, representing an 83.5% rise from RMB 8,410 thousand in the previous year[82]. - The company reported a total operating revenue of approximately RMB 405.83 million, an increase of about 5.8% compared to approximately RMB 383.40 million in the same period of 2023[20]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 1,076.270 million, a slight decrease from RMB 1,089.093 million as of December 31, 2023[9]. - The total liabilities decreased to RMB 611.699 million from RMB 630.302 million as of December 31, 2023[9]. - As of June 30, 2024, the company's debt-to-equity ratio was 1.32, a slight decrease from 1.37 at the end of the previous year, due to repayment of project payables related to the Lingang Thermal Power Gas Distributed Energy Station[39]. - The company held cash and bank balances of approximately RMB 134.17 million as of June 30, 2024, with total loans and borrowings amounting to approximately RMB 447.84 million[44]. - The total liabilities as of June 30, 2024, included significant bank loans, with repayments totaling RMB 124,660 thousand during the period[89]. - The company’s bank loans due within one year were RMB 261,761,000 as of June 30, 2024, slightly down from RMB 264,445,000 as of December 31, 2023[121]. Operational Efficiency - The company's gross profit margin for industrial steam remained stable, with cost reduction achieved through various technical improvements and biomass co-firing[14]. - The company has implemented a cost control system aligned with its operational goals, leading to significant reductions in coal and water consumption for steam production[15]. - The company has successfully completed multiple biomass fuel co-firing trials, with plans to implement these technologies in the future[15]. - The company is actively introducing new production capabilities to reduce operating costs and improve management efficiency, with a goal of decreasing the proportion of costs to revenue year by year[55]. - The company has implemented a cost control system aligned with operational goals to enhance efficiency and reduce costs[55]. Expansion and Projects - The company is actively expanding its distributed photovoltaic power station projects and has successfully completed the acquisition of the Yangzhou Qingchang equity project[14]. - The company added a distributed photovoltaic power generation capacity of 11.56 MW in the first half of 2024, bringing the total installed capacity to 18.8 MW, with renewable energy generation capacity reaching 62.7% of coal power generation capacity[17]. - The company completed the acquisition of 95% equity in Yangzhou Qingchang, which contributed to increased revenue from its rooftop distributed photovoltaic projects of approximately 10.44 MW[20]. - The acquisition of Yangzhou Qingchang is aimed at expanding the company's photovoltaic power generation and sales business[135]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was RMB 42,811 thousand, compared to a cash outflow of RMB 62,636 thousand in the same period of 2023[89]. - Net cash from operating activities was RMB 40,716 thousand, a significant improvement from a net cash outflow of RMB 64,889 thousand in the previous year[89]. - Cash outflow for the acquisition of subsidiaries amounted to RMB 13,888 thousand, with no comparable figure from the previous year[89]. - Cash used in investing activities totaled RMB 39,932 thousand, down from RMB 52,184 thousand in the same period last year[89]. - The company reported a net cash position of RMB 134,171 thousand as of June 30, 2024, compared to RMB 122,704 thousand at the end of the previous period[89]. Shareholder Information - Major shareholders include Tianbao Holdings with 68.54% and Tianjin Free Trade Zone Investment Holdings with 72.29% of the total share capital[66]. - The total number of shares outstanding as of June 30, 2024, is 159,920,907 shares, each with a par value of RMB 1.00[64]. - The company has not issued new shares for cash since its listing on the main board[64]. - The board of directors did not propose any interim dividend for the six months ending June 30, 2024[72]. - The company approved a dividend of RMB 0 per share for the current period, compared to RMB 0.024 per share, totaling RMB 3,838,000 for the same period in 2023[127]. Compliance and Governance - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024[63]. - The independent non-executive directors confirmed that the controlling shareholders have fully complied with the non-competition agreement without any breach[68]. - The company has established a structured internal control system to manage financial risks and does not engage in high-risk investments or speculative derivative trading[40]. - The independent auditor did not identify any matters that would lead them to believe that the financial statements were not prepared in accordance with the relevant accounting standards[81]. - The company has not engaged in any significant legal litigation or arbitration during the reporting period[70].

Financial Performance - For the six months ended June 30, 2024, the company reported consolidated revenue of approximately RMB 405.83 million, an increase of about 5.8% compared to RMB 383.40 million in the same period last year[1]. - The profit attributable to shareholders for the period was approximately RMB 1.79 million, representing an increase of about 153.8% compared to RMB 0.70 million in the same period last year[2]. - Basic and diluted earnings per share for the first half of 2024 were RMB 1.12, up approximately 154.5% from RMB 0.44 in the same period last year[2]. - Gross profit for the six months ended June 30, 2024, was RMB 26.90 million, compared to RMB 18.39 million in the same period last year, indicating a significant improvement[2]. - Operating profit increased to RMB 15.43 million from RMB 8.41 million year-on-year, reflecting a strong operational performance[2]. - Customer contract revenue for the six months ended June 30, 2024, was RMB 405,828,000, an increase of 5.0% from RMB 383,402,000 for the same period in 2023[16]. - The group reported a pre-tax profit of RMB 7,119,000 for the six months ended June 30, 2024, compared to RMB 2,613,000 for the same period in 2023[22]. - The company’s pre-tax profit for the first half of 2024 was approximately RMB 7.12 million, an increase of about 172.4% compared to approximately RMB 2.61 million in the same period last year[57]. Cash Flow and Assets - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 40.72 million, a significant recovery from a cash outflow of RMB 64.89 million in the same period last year[6]. - The company’s total assets as of June 30, 2024, were RMB 1,076.27 million, compared to RMB 1,089.09 million as of December 31, 2023[3]. - The company’s non-current assets increased to RMB 757.63 million from RMB 738.03 million as of December 31, 2023, indicating growth in long-term investments[3]. - The company’s total equity as of June 30, 2024, was RMB 464.57 million, up from RMB 458.79 million as of December 31, 2023[4]. - The company reported a decrease in current liabilities to RMB 374.78 million from RMB 392.15 million as of December 31, 2023, indicating improved financial stability[3]. - As of June 30, 2024, the group's cash and cash equivalents decreased to RMB 134.17 million from RMB 144.31 million at the beginning of the year, representing a reduction of approximately 7.4%[7]. - The total assets decreased by approximately 1.2% to about RMB 1,076.27 million as of June 30, 2024, from approximately RMB 1,089.09 million at the end of 2023[60]. - The company’s cash balance as of June 30, 2024, was RMB 134,171, down from RMB 144,307 as of December 31, 2023[30]. Revenue Segments - Revenue from electricity distribution was RMB 103,731,000, up 6.6% from RMB 97,138,000 in the previous year[16]. - Revenue from energy production and supply reached RMB 284,996,000, a growth of 3.4% compared to RMB 276,519,000 in 2023[16]. - The revenue from the electricity distribution segment was approximately RMB 103.73 million, an increase of about 6.8% compared to approximately RMB 97.14 million in the same period last year[44]. - The revenue from the energy production and supply segment was approximately RMB 284.99 million, up about 3.1% from approximately RMB 276.52 million in the previous year[45]. Investments and Acquisitions - The company completed the acquisition of Yangzhou Qingchang, enhancing its operational capabilities[38]. - The company completed the acquisition of 95% equity in Yangzhou Qingchang for approximately RMB 15.37 million on December 28, 2023, with the business primarily focused on solar photovoltaic project development[65]. - The cash outflow for the acquisition of subsidiaries amounted to RMB 13.89 million, compared to RMB 26.04 million in the previous period[7]. - The group acquired a subsidiary, resulting in an increase in property, plant, and equipment valued at RMB 27,120,000 as of June 30, 2024[25]. - The goodwill increased to RMB 4,037,000 as of June 30, 2024, from RMB 537,000 at the end of 2023, primarily due to the acquisition of Yangzhou Qingchang[27]. Financial Stability and Liabilities - The group reported a net cash outflow from financing activities of RMB 10.92 million, a significant decrease from the inflow of RMB 86.46 million in the previous period[7]. - The group’s interest paid increased to RMB 8.58 million from RMB 5.76 million, reflecting a rise of approximately 48.5%[7]. - As of June 30, 2024, the group's current liabilities net amount was RMB 561.4 million, with available unused bank borrowings amounting to RMB 235.68 million[9]. - The company’s debt-to-equity ratio was 1.32, a slight decrease from 1.37 at the end of the previous year, attributed to the repayment of project payables for the Lingang Thermal Power Gas Distributed Energy Station[62]. - Total bank loans and borrowings as of June 30, 2024, were RMB 447,840, slightly down from RMB 450,367 as of December 31, 2023[34]. Operational Efficiency and Future Plans - The company aims to improve existing business efficiency by introducing new production capabilities and reducing operational costs, with a focus on customer needs and energy supply stability[75]. - For the second half of 2024, the company plans to expand its renewable energy business, focusing on distributed photovoltaic and energy management projects, aiming to enhance operational efficiency and asset returns[74]. - The company achieved a significant reduction in coal and water consumption for steam production through various operational improvements[39]. - The company is actively expanding its distributed photovoltaic power station projects in the industrial and commercial sectors[38]. Corporate Governance and Compliance - The group has adhered to the Corporate Governance Code and believes that high standards of corporate governance are key to protecting shareholder interests[79]. - The audit committee consists of three non-executive directors, with a majority being independent, and has reviewed the group's interim performance announcement[84]. - The board has not proposed any interim dividend for the six months ending June 30, 2024[86]. - The group has not experienced any violations of the standard code by directors or relevant employees during the reporting period[80]. - The company is committed to transparency and adherence to the Hong Kong Stock Exchange listing rules[90]. Employee and Training Initiatives - As of June 30, 2024, the company employed 71 staff members, with 49.3% in engineering and technology roles[76]. - The group has implemented 24 professional training sessions for employees across various departments, focusing on continuing education, policy regulations, safety education, and technical standards as of June 30, 2024[82]. - The group maintains a good working relationship with employees, who are unionized according to local labor laws[78].

Financial Performance - The company reported a consolidated revenue of RMB 785.0 million for the year ended December 31, 2023, representing a 10.0% increase compared to RMB 713.6 million in the same period last year[4]. - Profit attributable to equity shareholders decreased by 96.7% to RMB 0.258 million from RMB 7.885 million year-on-year, with earnings per share dropping 96.8% to RMB 0.16 from RMB 4.93[4][9]. - In 2023, the company achieved a total operating revenue of RMB 785 million, an increase of 10.0% compared to RMB 713.6 million in the previous year, primarily due to the linkage of steam sales prices with fuel costs and the commercial operation of the Lingang gas distributed energy station project[31]. - The revenue of the electricity distribution segment increased by 3.0% from RMB 190.17 million in 2022 to RMB 195.82 million in 2023[32]. - The revenue of the energy production and supply segment rose by 11.8% from RMB 495.67 million in 2022 to RMB 554.09 million in 2023, primarily due to the complete linkage of steam sales prices with fuel costs[33]. - The revenue of other segments increased by 26.5% from RMB 27.76 million in 2022 to RMB 35.10 million in 2023, mainly due to increased income from the smart streetlight energy management project[34]. - Other net income decreased by 96.8% from RMB 29.35 million in 2022 to RMB 0.93 million in 2023, as government subsidies were no longer received[35]. - The net profit attributable to the parent company plummeted by 96.7% from RMB 7.89 million in 2022 to RMB 0.26 million in 2023, primarily due to the absence of government subsidies[49]. Assets and Liabilities - The total assets of the company increased to RMB 1,089.1 million in 2023 from RMB 1,064.4 million in 2022, while total liabilities rose to RMB 630.3 million from RMB 598.9 million[9]. - Total assets increased by 2.3% from RMB 1,064.41 million at the end of 2022 to RMB 1,089.09 million at the end of 2023[50]. - Total liabilities rose by 5.2% from RMB 598.95 million at the end of 2022 to RMB 630.30 million at the end of 2023, mainly due to increased bank loans[50]. - As of December 31, 2023, the company held cash and cash equivalents of RMB 144.31 million and total loans and borrowings of RMB 450.37 million, including short-term borrowings of RMB 269.41 million and long-term borrowings of RMB 180.96 million[62]. Business Strategy and Development - The company aims to enhance its profitability by focusing on traditional energy projects while expanding into new energy projects, thereby increasing the proportion of its new energy business[11][16]. - The company plans to continue deepening state-owned enterprise reforms and advancing business upgrades in 2024, with a focus on high-quality development and value creation[16]. - The company is focused on expanding its new energy business, seeking equity acquisition opportunities, and advancing technological upgrades to ensure safe operations in 2024[20]. - The company plans to accelerate the construction of distributed photovoltaic projects and develop solar, wind, and integrated energy projects in 2024[78]. - The company aims to ensure a smooth transition for the acquisition of Yangzhou Qingchang and continue seeking equity acquisition opportunities in the renewable energy sector[79]. Operational Highlights - The company successfully launched the gas distributed energy station project in Lingang, which has commenced commercial operations, enhancing the company's profitability[16]. - The company’s grid-connected electricity generation increased significantly by 170.2%, reaching 9,543.5 million kWh in 2023, compared to 3,532.5 million kWh in the previous year, mainly due to the commercial operation of the Lingang gas distributed energy station project[31]. - The Lingang gas distributed energy station project, which began construction in 2021, successfully commenced commercial operation of its power generation segment in the second half of 2023, setting a record for the fastest grid connection of gas units in Tianjin[24]. - The company has implemented comprehensive ultra-low emission and energy-saving transformations for its coal-fired heat and power units, significantly reducing coal consumption and pollution emissions[23]. Employee and Safety Management - The company conducted 48 safety training sessions and 27 emergency drills during the reporting period to enhance safety awareness and operational skills[75]. - The company organized 48 safety production training sessions and 57 professional skills training sessions in 2023[91]. - The company emphasizes safety and environmental protection, implementing a dual prevention mechanism for safety risk control[82]. - The company is committed to enhancing employee welfare by adhering to labor laws and providing social insurance and housing fund contributions[93]. - The company is focused on talent development and has established a performance evaluation mechanism to motivate employees[89]. Future Outlook - The company provided a positive outlook for 2024, projecting a revenue growth of 20% driven by new product launches and market expansion strategies[99]. - The company aims to enhance shareholder value through a proposed dividend increase of 10%[116]. - The board of directors emphasized the importance of sustainable practices in future business strategies, aligning with global environmental standards[99]. Shareholder and Governance - The board has approved a dividend policy to distribute 30% to 50% of annual profits to shareholders, subject to financial conditions[152]. - No final dividend will be declared for 2023 due to low profit attributable to equity shareholders and ongoing project developments[155]. - The company has maintained appropriate liability insurance for its directors and senior management as of December 31, 2023[143]. - The company has confirmed that all independent non-executive directors are independent of the company[178]. - The board retains the right to review and amend the dividend policy at any time[154].

Financial Performance - For the year ended December 31, 2023, the company reported a consolidated revenue of RMB 785.003 million, an increase of 10.0% compared to RMB 713.594 million in the previous year[4]. - The company's profit before tax decreased by 85.4% to RMB 3.372 million from RMB 23.083 million in 2022[5]. - Basic and diluted earnings per share for 2023 were RMB 0.16, down from RMB 4.93 in 2022[5]. - The company's gross profit for 2023 was RMB 41.694 million, compared to RMB 34.524 million in 2022, reflecting a gross margin improvement[5]. - The company reported a net profit of RMB 2.670 million for the year, down from RMB 17.310 million in 2022[5]. - Reported segment profit decreased to RMB 87,312,000 in 2023 from RMB 105,798,000 in 2022, representing a decline of approximately 17%[29]. - Other net income for 2023 was RMB 926,000, significantly down from RMB 29,347,000 in 2022, a decrease of approximately 96.85%[34]. - The pre-tax profit for 2023 was RMB 3,372,000, a substantial decline from RMB 23,083,000 in 2022, representing a decrease of about 85%[38]. - The net profit attributable to the parent company decreased by 96.7% from RMB 7.89 million in 2022 to RMB 0.26 million in 2023, mainly due to the complete price linkage mechanism and the early operational stage of the Lingang thermal power project[89]. Revenue Segments - Revenue from energy production and supply segment was RMB 554,086,000, up 11.8% from RMB 495,665,000 in 2022[23]. - The energy production and supply segment's revenue rose by 11.8% to RMB 554 million in 2023, driven by the linkage of steam sales prices with fuel costs and increased online electricity volume[74]. - The company sold 1.707 million tons of steam in 2023, a decrease of 2.9% from 1.758 million tons in the previous year, while electricity sales reached 248.9 million kWh, a slight decrease of 0.2% from 249.4 million kWh[72]. - The company’s online electricity volume increased significantly by 170.2% to 95.4 million kWh in 2023, attributed to the commercial operation of the Lingang gas-fired distributed energy station project[72]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2023, were RMB 696.944 million, an increase from RMB 626.387 million in 2022[6]. - Non-current liabilities increased to RMB 238.153 million in 2023 from RMB 160.930 million in 2022, primarily due to increased borrowings[7]. - Total assets increased to RMB 1,089,093,000 in 2023 from RMB 1,064,408,000 in 2022, reflecting a growth of about 2.3%[30]. - Total liabilities rose to RMB 630,302,000 in 2023, up from RMB 598,951,000 in 2022, indicating an increase of approximately 5.2%[31]. - The company had unused bank financing facilities of RMB 227.309 million as of December 31, 2023, supporting its operational liquidity[15]. Cost Management - Administrative expenses decreased to RMB 25.783 million in 2023 from RMB 28.561 million in 2022, reflecting cost control measures[5]. - The company is actively pursuing cost reduction strategies, including optimizing procurement models and enhancing management efficiency[71]. - The energy production and supply segment costs increased by 11.1% to RMB 525.8 million in 2023, primarily due to the transition from coal to natural gas for the Lingang project[78]. - Financial costs increased by 5.3% from RMB 12.64 million in 2022 to RMB 13.31 million in 2023, mainly due to the expansion of the financing scale[85]. Investments and Acquisitions - The company completed the acquisition of 95% equity in Yangzhou Qingchang on December 28, 2023, marking a significant step in expanding its operations beyond Tianjin[68]. - The company acquired 95% equity in Yangzhou Qingchang for approximately RMB 15.37 million, which focuses on solar photovoltaic project development[96]. Employee and Governance - The total employee count as of December 31, 2023, is 72, with 87.5% holding a bachelor's degree or higher[118]. - The group organized 48 safety training sessions and 57 professional skills training sessions in 2023 to enhance employee capabilities[120]. - The company has adopted the corporate governance code and complied with its provisions for the year ending December 31, 2023[122]. - The audit committee reviewed the group's annual performance and the audited financial statements for the year ending December 31, 2023[127]. Future Outlook - In 2024, the group aims to accelerate the development of renewable energy projects, including distributed photovoltaic projects and energy management contracts[113]. - The company plans to invest in contract energy management and distributed photovoltaic projects in 2024 to ensure sustainable and profitable long-term development[129].

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容引致之任何損失承擔任何責任。 Tianjin Tianbao Energy Co., Ltd.* 天 津 天 保 能 源 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1671） 截至2023年6月30日止六個月之中期業績公告 財務摘要 • 截至2023年6月30日止六個月，本公司及其附屬公司取得綜合營業收入約 人民幣38,340.2萬元，與上年同期約人民幣32,393.8萬元相比上升約18.4%。 • 歸屬於本公司股東的應佔期內溢利約人民幣70.4萬元，上年同期本公司股 東的應佔期內虧損約人民幣915.2萬元。 • 2023年上半年，每股基本和攤薄盈利為人民幣0.44分，上年同期每股虧損 為人民幣5.72分。 業務摘要 ...

Financial Performance - The company reported a consolidated revenue of RMB 713.6 million for the year ended December 31, 2022, representing a 15.6% increase compared to RMB 617.4 million in the previous year[3]. - Profit attributable to equity shareholders reached RMB 7.9 million, a significant increase of 1,729.5% from RMB 431,000 in the prior year[3]. - Earnings per share rose to RMB 4.93, up 1,725.9% from RMB 0.27 in the previous year[3]. - The overall net profit for the year was RMB 17.3 million, compared to RMB 6.5 million in 2021, marking a substantial increase[8]. - The company achieved a total operating revenue of RMB 713.594 million in 2022, an increase of 15.6% compared to RMB 617.368 million in 2021[37]. - The company reported a net profit margin of 12% for 2022, an increase from 10% in the previous year[102]. - Profit before tax surged by 155.8% from RMB 9.023 million in 2021 to RMB 23.083 million in 2022, as revenue growth outpaced cost increases[54]. - Income tax expenses rose by 127.7% to RMB 5.773 million in 2022 from RMB 2.535 million in 2021, attributed to increased profit before tax[55]. Assets and Liabilities - Total assets increased to RMB 1,064.4 million, compared to RMB 873.6 million in 2021, reflecting a growth of 21.8%[8]. - As of December 31, 2022, the company's total loans and borrowings amounted to RMB 327.327 million, with short-term borrowings of RMB 226.655 million and long-term borrowings of RMB 100.672 million[6]. - The group's total loans and borrowings amount to RMB 327.33 million, with short-term borrowings at RMB 226.66 million, including long-term borrowings due within one year of RMB 62.33 million[171]. - Long-term borrowings (non-current portion) total RMB 100.67 million, with secured and guaranteed borrowings at RMB 116.23 million and unsecured borrowings at RMB 211.10 million[171]. Business Development and Strategy - The company aims to enhance its core competitiveness and value creation through system reforms and operational innovations[11]. - The strategic focus includes the construction of distributed energy stations in the Lingang grain and oil area, significantly increasing the proportion of clean energy business[17]. - New business development includes advancing rooftop distributed photovoltaic construction and piloting energy storage stations[17]. - The company is actively seeking high-quality acquisition opportunities in the renewable energy sector to achieve leapfrog development[21]. - The company plans to deepen state-owned enterprise reforms and enhance market-oriented business development in 2023, focusing on traditional energy business quality improvement[22]. - The company is planning to expand its market presence in Southeast Asia, targeting a 15% market share within the next three years[102]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase the company's market share by 5%[102]. Energy and Environmental Initiatives - The company is committed to supporting national carbon peak and carbon neutrality goals through its energy solutions[10]. - The company aims to reduce reliance on fossil fuels by increasing investments in solar, wind, and energy storage projects, thereby improving energy efficiency[28]. - The company successfully launched the Lingang Thermal Power Gas Distributed Energy Station project, which aims to replace coal with natural gas for steam production, enhancing energy supply stability[28]. - In 2022, the company implemented comprehensive ultra-low emissions and energy-saving transformations for its coal-fired units, significantly reducing coal consumption and pollution emissions[25]. - The management emphasized a focus on sustainability, aiming to reduce carbon emissions by 20% over the next five years[102]. Revenue Segmentation - The revenue from the electricity distribution segment increased by 2.6% to RMB 190.17 million in 2022, driven by market reforms in the electricity industry[39]. - The revenue from the energy production and supply segment rose by 19.7% to RMB 495.665 million in 2022, attributed to higher steam sales prices compared to the previous year[40]. - The energy production and supply segment turned from a loss of RMB 1.379 million in 2021 to a gross profit of RMB 22.291 million in 2022, primarily due to higher steam sales prices compared to the previous year[48]. Employee and Organizational Development - As of December 31, 2022, the company had a total of 73 employees, with 86.3% holding a bachelor's degree or higher[88]. - The employee distribution by function shows that 46.6% are in engineering and technology, while 35.6% are in management, administration, and finance[88]. - The total labor cost for the reporting period was RMB 27.174 million, which includes salaries, benefits, and allowances[93]. - The company conducted 2 safety training sessions and 26 professional skills training sessions for employees in 2022[94]. - Female employees accounted for 26.0% of the total workforce, with 11.1% of senior management positions held by women[95][97]. - The company has established a performance evaluation mechanism that assesses employees quarterly, aimed at enhancing motivation and project development[92]. Capital and Investment - Capital expenditures for 2022 amounted to RMB 153.739 million, including RMB 119.237 million for the Lingang thermal power gas distributed energy station project[61]. - The company has invested 500 million RMB in research and development for new technologies aimed at improving energy efficiency[102]. - Approximately 47.74% of the IPO proceeds, or about HKD 19.66 million, was utilized for the smart streetlight energy management project in the Tianjin Free Trade Zone[149]. Compliance and Governance - The company has maintained compliance with all significant regulations and has not faced any major events affecting its operations since the fiscal year-end[143]. - The company has no significant foreign exchange risks as it primarily operates in China and does not have major exposure to currency fluctuations[73]. - The company has not issued any convertible securities, options, or similar rights during the fiscal year ending December 31, 2022[146]. - The board has approved a dividend policy to distribute 30% to 50% of annual profits to shareholders, subject to various conditions[159].