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].

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2022年12月31日止年度之年度業績公告 財務摘要 • 2022年全年，本公司及其附屬公司取得綜合營業收入為人民幣71,359.4萬 元，與去年同期人民幣61,736.8萬元相比增加15.6%。 • 除稅前溢利由2021年的人民幣902.3萬元增加155.8%至2022年的人民幣 2,308.3萬元。 • 2022年，每股基本和攤薄盈利人民幣4.93分。 • 董事會已議決宣派2022年末期股息每股人民幣0.024元（含稅）（2021：無）。 業務摘要 ...

Financial Performance - For the six months ended June 30, 2022, Tianjin Tianbao Energy Co., Ltd. reported a consolidated revenue of approximately RMB 323.94 million, an increase of about 15.0% compared to RMB 281.75 million for the same period last year[5][10]. - The company recorded a loss attributable to equity shareholders of approximately RMB 9.15 million for the six months ended June 30, 2022, compared to a profit of RMB 1.09 million for the same period last year[5][10]. - Basic and diluted loss per share for the six months ended June 30, 2022, was RMB 5.72, a decline from earnings of RMB 0.68 per share in the same period last year[8][10]. - The company reported a pre-tax loss of RMB 8.42 million for the six months ended June 30, 2022, compared to a pre-tax profit of RMB 4.73 million for the same period last year[10]. - The total comprehensive income for the six months ended June 30, 2022, was RMB (9,152) thousand, reflecting a significant decline from the previous year's RMB 1,094 thousand[134]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 829.48 million, down from RMB 873.55 million as of December 31, 2021[10]. - Total liabilities decreased to RMB 423.58 million as of June 30, 2022, from RMB 461.33 million as of December 31, 2021[10]. - The net asset value of the company was RMB 405.91 million as of June 30, 2022, compared to RMB 412.22 million as of December 31, 2021[10]. - Cash and cash equivalents decreased by approximately 41.0% to RMB 109.841 million by June 30, 2022, from RMB 186.141 million at the end of 2021[50]. - The debt-to-equity ratio improved to 1.04 by June 30, 2022, down from 1.12 at the end of 2021, due to repayment of short-term loans and supplier debts[51]. Revenue Segments - The company’s electricity sales were approximately 121.36 million kWh, down about 6.7% from approximately 130.02 million kWh in the previous year, mainly due to reduced electricity demand from users affected by the pandemic[24]. - The company’s revenue from the electricity distribution segment increased by approximately 6.8% to about RMB 90.53 million, driven by a 20% fluctuation in coal-fired electricity prices due to high coal prices[28]. - The revenue from the energy production and supply segment rose by approximately 16.3% to about RMB 220.65 million, attributed to the establishment of a coal-steam price linkage mechanism[29]. Operational Efficiency and Future Plans - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[15]. - Management is committed to ongoing research and development of new technologies to support market expansion and improve product offerings[15]. - The company is actively exploring potential investment projects in solar, wind, geothermal heating, and comprehensive energy management to broaden its development path[21]. - The company is focused on expanding its light asset business and enhancing its energy management capabilities through contract energy management projects[76]. Costs and Expenses - The company’s costs in the energy production and supply segment increased by approximately 24.0% to about RMB 220.27 million, primarily due to significant increases in coal procurement costs[33]. - The gross profit of the energy production and supply segment plummeted by approximately 96.8% to about RMB 0.38 million, mainly due to soaring coal prices impacting steam production costs[37]. - Financial costs increased by approximately 13.9% to RMB 6.941 million in the first half of 2022 from RMB 6.095 million in the same period last year, primarily due to increased interest expenses[40]. - Fuel costs rose by approximately 29.9% to RMB 148.052 million in the first half of 2022 from RMB 113.981 million in the same period last year, driven by significant increases in domestic coal prices[41]. Capital Expenditures and Investments - Capital expenditures in the first half of 2022 amounted to approximately RMB 30.58 million, primarily for the Lingang thermal power gas distributed energy station project[58]. - The company is advancing the Lingang Thermal Power Gas Distributed Energy Station project, procuring five gas boilers with a capacity of 40 tons/hour and two 15MW gas turbines, among other equipment[62]. - The company has initiated the construction of a distributed photovoltaic power generation project in the Tianjin Port Free Trade Zone, with the first phase of 3.9MWp already connected to the grid[77]. Shareholder Information and Governance - Major shareholders include Tianbao Holdings with 68.54% and Tianjin Free Trade Zone Investment Holdings with 72.29% of the shares[92]. - The company did not propose any interim dividend for the six months ended June 30, 2022[99]. - The audit committee consists of three non-executive directors, with a majority being independent[86]. - The independent non-executive directors confirmed that the controlling shareholders complied with the non-competition agreement during the reporting period[95]. Compliance and Risks - The company has not faced significant foreign exchange risks, as its operations are primarily in China, and it does not have any hedging arrangements for currency fluctuations[71]. - The company has not violated any loan covenants as of June 30, 2022, ensuring compliance with financial performance indicators[185]. - The company has not identified any significant uncertainties that could severely impact its ongoing viability[114].

Financial Performance - The company reported a consolidated revenue of RMB 617.368 million for the year ended December 31, 2021, representing an increase of 28.1% compared to RMB 482.072 million in the previous year[5]. - Profit attributable to equity shareholders decreased to RMB 0.431 million, a decline of 97.5% from RMB 17.510 million in the prior year[5]. - Earnings per share (EPS) fell to RMB 0.27, down 97.5% from RMB 10.95 in the previous year[10]. - The company's comprehensive operating revenue for 2021 was RMB 617.368 million, an increase from RMB 482.072 million in the previous year, primarily due to increased revenue from electricity distribution and energy production[40]. - The group's profit before tax dropped by 76.8% from RMB 38.817 million in 2020 to RMB 9.023 million in 2021, primarily due to the significant rise in fuel costs outpacing revenue growth[57]. - The group’s other net income for 2021 was RMB 43.179 million, a significant increase of 1,976.9% compared to RMB 2.079 million in the previous year, primarily due to steam price subsidies received[46]. Assets and Liabilities - Total assets increased to RMB 873.552 million as of December 31, 2021, compared to RMB 810.313 million in 2020[12]. - Total liabilities rose to RMB 461.329 million, up from RMB 391.682 million in the previous year[12]. - The company's net asset value stood at RMB 412.223 million, slightly down from RMB 418.631 million in 2020[12]. - Cash and cash equivalents at the end of 2021 amounted to RMB 186.141 million, a 46.7% increase from RMB 126.916 million at the end of 2020, due to a shortened steam sales settlement period[63]. - The debt-to-equity ratio increased to 1.12 at the end of 2021 from 0.94 at the end of 2020, primarily due to increased borrowings[65]. - As of December 31, 2021, the group had total borrowings of RMB 298.134 million, including short-term borrowings of RMB 188.196 million and long-term borrowings of RMB 109.938 million[68]. Revenue Segments - Revenue from the electricity distribution segment rose 14.2% to RMB 185.267 million in 2021, compared to RMB 162.288 million in 2020, reflecting improved electricity demand[41]. - Revenue from the energy production and supply segment increased by 35.7% to RMB 414.173 million in 2021, up from RMB 305.215 million in 2020, attributed to the inclusion of Lingang Thermal Power in the consolidated financial statements[44]. - The company's total electricity sales reached 27,708.7 million kWh, up 17.6% from 23,560.8 million kWh in the previous year, driven by increased demand as the pandemic situation improved[40]. - In 2021, the company achieved a total sales volume of steam at 1.795 million tons, an increase of 27.8% compared to 1.404 million tons in the previous year[40]. Strategic Initiatives - The company aims to enhance its core competitiveness and value creation through operational management innovation and increased R&D capabilities[14]. - The company plans to leverage the advantages of the Hong Kong capital platform to improve shareholder returns and operational performance[14]. - The company is focused on integrating various clean and renewable energy sources to provide comprehensive energy solutions to meet user needs[13]. - The company has developed into a comprehensive energy service provider in the Tianjin Port Free Trade Zone, supporting national carbon neutrality goals[13]. - The company plans to optimize the equity structure of Lingang Thermal Power by introducing strategic investors to enhance market competitiveness and support the gas distributed energy station project[32]. - The company aims to enhance its profitability and operational efficiency through strengthened incentive mechanisms and management reforms[20]. Operational Developments - The company successfully completed the construction and operation of gas boilers for the Lingang Thermal Power gas distributed energy station[20]. - The company initiated the gas distributed energy station project in 2021 to replace coal with natural gas for steam production, aligning with national carbon reduction policies[31]. - The company launched a smart streetlight energy management project in Tianjin Port Free Trade Zone, expected to save approximately 12 million kWh annually and reduce CO2 emissions by about 11,000 tons[33]. - The company constructed two 160 kW DC charging piles for electric vehicles, laying the groundwork for future expansion in the EV charging market[22]. - The company has implemented comprehensive ultra-low emissions and energy-saving transformations for its coal-fired units, significantly reducing coal consumption and pollution emissions[27]. Market Expansion and Future Outlook - The company has set a future outlook with a revenue target of 30 billion RMB for 2022, representing a projected growth of 30%[115]. - The company is expanding its market presence, with plans to enter two new provinces in China by the end of 2022, aiming for a 20% market share in those regions[115]. - The company is actively developing new energy service markets and conducting research on market-oriented pricing mechanisms in various regions[93]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[199]. Governance and Management - The board of directors includes several independent non-executive directors, ensuring corporate governance and oversight[198]. - The management team emphasized a commitment to sustainability, targeting a 25% reduction in carbon emissions by 2025[115]. - The company has appointed new independent directors to strengthen governance and oversight, enhancing the board's expertise in energy sector regulations[130]. - The company has established risk prevention mechanisms to address policy risks, procurement management risks, safety risks, and performance evaluation management risks[80]. Employee and Safety Management - The company has a total of 63 employees as of December 31, 2021, with 82.5% holding a bachelor's degree or higher[100]. - Employee costs, including salaries, benefits, and allowances, amounted to RMB 29.822 million during the reporting period[107]. - The company organized 4 safety training sessions and 28 professional skills training sessions for employees in 2021 to enhance their capabilities[108]. - The company has not experienced any safety responsibility accidents in 2021, maintaining a stable overall safety situation[37]. Environmental Commitment - The company is committed to high-quality, sustainable, and low-carbon development, aligning with national carbon neutrality goals[23]. - The ongoing energy system transformation in China is expected to create significant opportunities for the company, particularly in the smart energy sector[27]. - The company is actively expanding its energy supply and value-added services, focusing on green production and ultra-low emissions[160].

Financial Performance - For the six months ended June 30, 2021, Tianjin Tianbao Energy Co., Ltd. reported a consolidated revenue of approximately RMB 281.75 million, an increase of about 39.7% compared to the same period last year[4]. - The profit attributable to equity shareholders for the same period was approximately RMB 1.09 million, a decrease of about 86.5% year-on-year[4]. - Earnings per share for the six months ended June 30, 2021, was approximately RMB 0.68, down approximately 86.6% from RMB 5.06 in the previous year[7]. - The company's total operating revenue rose approximately 39.7% from about RMB 201.69 million in the first half of 2020 to about RMB 281.75 million in the first half of 2021[21]. - The company's profit before tax decreased by approximately 69.0% to about RMB 47.25 million, primarily due to the significant increase in fuel costs[36]. - The net profit attributable to the parent company fell by approximately 86.5% to about RMB 10.94 million in the first half of 2021[38]. - Gross profit decreased to RMB 20,629 thousand, down 36.4% from RMB 32,344 thousand year-over-year[111]. - Operating profit for the period was RMB 10,546 thousand, a decline of 46.6% from RMB 19,706 thousand in the previous year[111]. - Consolidated profit before tax decreased to RMB 4,725,000 for the six months ended June 30, 2021, down 69.0% from RMB 15,233,000 in the prior year[149]. Assets and Liabilities - The company's total assets as of June 30, 2021, amounted to RMB 797.50 million, a slight decrease from RMB 810.31 million as of December 31, 2020[9]. - The total liabilities of the company were RMB 383.32 million, compared to RMB 391.68 million in the previous year[9]. - As of June 30, 2021, current assets amounted to approximately RMB 185.54 million, an increase of about 3.4% compared to RMB 179.46 million at the end of 2020[41]. - Cash and cash equivalents were approximately RMB 129.67 million, up about 2.2% from RMB 126.92 million at the end of last year[42]. - The debt-to-equity ratio was 0.93 as of June 30, 2021, slightly down from 0.94 at the end of 2020, due to a decrease in liabilities[44]. - Total liabilities amounted to RMB 287,016 thousand, an increase from RMB 276,446 thousand at the end of the previous year[118]. - The total equity attributable to equity shareholders was RMB 307,780 thousand, down from RMB 314,682 thousand as of December 31, 2020[118]. - The total amount of non-current liabilities due within one year was RMB 126,476,000 as of June 30, 2021, compared to RMB 120,707,000 as of December 31, 2020[173]. Revenue Segments - The revenue from the energy production and supply segment increased by approximately 60.7% to about RMB 189.67 million, attributed to the acquisition of the 51% stake in Lingang Thermal Power and the addition of several key customers[23]. - Revenue for the six months ended June 30, 2021, was RMB 281,749 thousand, an increase of 39.6% compared to RMB 201,691 thousand for the same period in 2020[111]. - Revenue from the electricity distribution segment was RMB 84.778 million, up from RMB 75.300 million in 2020, representing an increase of 6.6%[140]. - Revenue from energy production and supply increased to RMB 189.669 million from RMB 118.028 million, marking a significant growth of 60.5%[140]. Cost and Profitability Challenges - The increase in coal procurement costs due to tight supply and rising prices has negatively impacted the company's profitability[15]. - The fuel costs surged approximately 133.3% to about RMB 113.98 million, mainly due to the tight supply and demand situation in the domestic coal market and increased steam sales following the acquisition[35]. - The company's profit before tax decreased by approximately 69.0% to about RMB 47.25 million, primarily due to the significant increase in fuel costs[36]. - Interest expenses rose to RMB 6,095,000 for the six months ended June 30, 2021, compared to RMB 4,705,000 in the same period of 2020, reflecting increased borrowing costs[149]. Strategic Initiatives - The company has initiated measures to mitigate the impact of rising coal prices on profitability, including improving the quality of coal suppliers and enhancing market trend analysis[15]. - The company completed the formulation of its "14th Five-Year" development plan, outlining future development directions[15]. - The company is actively exploring new business models to broaden its development pathways[15]. - The company is actively expanding its business in the renewable energy sector, including distributed energy stations and energy management contracts, to mitigate the impact of high coal prices on profitability[16]. - The company aims to enhance operational efficiency and shareholder returns by deepening state-owned enterprise reforms and actively exploring market-oriented businesses[67]. - The company aims to implement the "14th Five-Year" development plan by actively pursuing market-oriented business in clean energy production and management, targeting project implementation in distributed energy stations and contract energy management in the second half of 2021[68]. Shareholder Information - As of June 30, 2021, the total number of shares was 159,920,907, with a par value of RMB 1.00 per H share, and no new shares were issued for cash after listing on the main board[81]. - Tianbao Holdings holds 109,606,538 H shares, representing 68.54% of the total share capital, while Tianjin Free Trade Zone Investment Holdings holds 115,600,907 H shares, representing 72.29%[84]. - The board did not propose any interim dividend for the six months ended June 30, 2021[91]. - The company approved a dividend of RMB 0.05 per share for the last fiscal year, totaling RMB 7,996,000, compared to RMB 4,798,000 for the previous year[177]. Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2021, was RMB 27,147 thousand, an increase from RMB 24,587 thousand in 2020, representing a rise of approximately 10.4%[126]. - The company reported a net cash outflow from investing activities of RMB 2,501 thousand for the six months ended June 30, 2021, compared to RMB 67,265 thousand in the same period of 2020, showing a significant reduction in cash outflow[126]. - Bank loans received during the financing activities amounted to RMB 76,000 thousand, compared to RMB 40,000 thousand in the previous year, indicating a 90% increase[126]. - Approximately HKD 25.62 million from the IPO proceeds is expected to be used for technology and equipment upgrades, with HKD 21.52 million already utilized[98]. Compliance and Governance - The independent non-executive directors confirmed that the controlling shareholders have fully complied with the non-competition agreement without any breaches during the reporting period[87]. - The company did not engage in any significant legal proceedings or arbitration during the reporting period[89]. - No important contracts were entered into with the controlling shareholder or its subsidiaries during the reporting period[90]. - The management has provided necessary explanations and information to the board for the preparation of the financial statements[103]. - The review of the interim financial report was conducted in accordance with the relevant standards, and no issues were noted that would affect its compliance with international accounting standards[109].

Financial Performance - The company reported a consolidated revenue of RMB 482.072 million for the year ended December 31, 2020, representing a 29.0% increase from RMB 373.634 million in the previous year[4]. - Profit attributable to equity shareholders increased by 69.5% to RMB 17.510 million, compared to RMB 10.329 million in the prior year[4]. - Earnings per share rose by 83.3% to RMB 0.11, up from RMB 0.06 in the previous year[4]. - The company's total operating revenue for 2020 was RMB 482.072 million, up from RMB 373.634 million in 2019, driven by increased energy production and supply revenue[52]. - The energy production and supply segment's revenue rose by 82.0% to RMB 305.215 million in 2020, compared to RMB 167.715 million in 2019, attributed to increased steam sales following the acquisition[54]. - The company's net income before interest, tax, depreciation, and amortization (EBITDA) increased by 90.2% to RMB 112.256 million in 2020, compared to RMB 59.014 million in 2019, reflecting the rise in operating revenue[64]. - Profit before tax rose by 175.8% from RMB 14.08 million in 2019 to RMB 38.82 million in 2020[69]. - Income tax expenses for 2020 were RMB 9.34 million, a 149.3% increase from RMB 3.75 million in the previous year, attributed to higher profits in 2020[70]. - Net profit attributable to the parent company increased by 69.5% from RMB 10.33 million in 2019 to RMB 17.51 million in 2020[71]. Assets and Liabilities - Total assets increased to RMB 810.313 million, up from RMB 540.250 million in 2019, reflecting a growth of 49.9%[12]. - The company's net asset value reached RMB 418.631 million, compared to RMB 301.970 million in the previous year, marking a 38.7% increase[12]. - Total liabilities rose by 64.4% from RMB 238.28 million at the end of 2019 to RMB 391.68 million at the end of 2020, primarily due to increased borrowings from the acquisition[72]. - The debt-to-equity ratio increased to 0.94 at the end of 2020 from 0.79 at the end of 2019, primarily due to the increase in liabilities[76]. - As of December 31, 2020, the group held cash and cash equivalents of RMB 126.92 million, a decrease of 5.1% from RMB 133.68 million at the end of the previous year[73]. Operational Highlights - The company sold 23,560.8 million kWh of electricity and 140.4 million tons of steam in 2020[25]. - The company achieved ultra-low emission standards three months ahead of schedule during the environmental renovation of Lingang Thermal Power[25]. - The company maintained a strong focus on safety management, with no safety responsibility accidents reported in 2020[41]. - The company actively supported local pandemic prevention efforts, ensuring energy supply for enterprises and residents during the crisis[41]. - The heating area supplied by the company increased by 27.3% compared to 2019, despite the pandemic's impact on heating customers[44]. Strategic Initiatives - The company aims to enhance its core competitiveness and value creation through management innovation and operational efficiency improvements[15]. - The company plans to expand its renewable energy projects, focusing on solar, air-source heat pumps, and energy management contracts[26]. - The company has established a diversified industrial structure, focusing on energy supply and value-added services such as distributed photovoltaic power station development[14]. - The company is focused on green production and ultra-low emissions, utilizing advanced coal-fired combined heat and power technology[14]. - The company plans to leverage its advantages on the Hong Kong capital platform to increase shareholder returns and improve operational performance[15]. Employee and Training Initiatives - The company conducted 13 professional skills and safety training sessions during the reporting period to enhance operational efficiency and safety awareness among employees[97]. - A total of 32 emergency drills were carried out under various hypothetical scenarios to ensure employees can effectively protect themselves and the company's assets during unexpected events[97]. - The company emphasizes employee training and development, providing continuous education and training programs to enhance skills and knowledge, ensuring competitiveness in the market[112]. - Employee costs, including salaries, benefits, and allowances, amounted to RMB 24.382 million as of December 31, 2020[111]. Market and Growth Projections - The company provided guidance for 2021, projecting a revenue growth of 25% to 1.875 billion[132]. - New product launches are expected to contribute an additional 200 million in revenue in 2021[132]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2023[132]. - Research and development expenses increased by 30% to 150 million, focusing on innovative technologies[132]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million allocated for this purpose[132]. Compliance and Governance - The board of directors emphasized the importance of maintaining strong corporate governance and compliance standards[127]. - The company has maintained compliance with all significant regulations and has not faced any major events affecting its operations since the end of the fiscal year[159]. - The company has not issued any convertible securities, options, warrants, or similar rights during the fiscal year ending December 31, 2020[162].

Financial Performance - For the six months ended June 30, 2020, Tianjin Tianbao Energy Co., Ltd. reported a consolidated revenue of RMB 201.69 million, an increase of 7.6% compared to RMB 187.40 million for the same period in 2019[4]. - The profit attributable to shareholders for the same period was RMB 8.09 million, reflecting a growth of 13.4% from RMB 7.14 million year-on-year[4]. - Earnings per share increased to RMB 0.05, up 25% from RMB 0.04 in the previous year[4]. - The company's comprehensive operating revenue rose by 7.6% from RMB 187.4 million in the first half of 2019 to RMB 201.7 million in the first half of 2020[29]. - The net profit for the period was RMB 11,787 thousand, a 65.5% increase compared to RMB 7,137 thousand in 2019[128]. - The reported segment profit (EBITDA) for the six months ended June 30, 2020, was RMB 47,474 thousand, up from RMB 32,758 thousand in 2019, indicating a 44.9% increase[164]. Assets and Liabilities - The company's total assets as of June 30, 2020, amounted to RMB 809.96 million, compared to RMB 540.25 million at the end of 2019[9]. - Total liabilities increased to RMB 404.11 million from RMB 238.28 million year-on-year[9]. - The debt-to-equity ratio increased to 1.3 by June 30, 2020, compared to 0.8 at the end of 2019, due to the rise in liabilities[53]. - Non-current assets as of June 30, 2020, totaled RMB 634,070 thousand, up from RMB 361,818 thousand at the end of 2019, reflecting a growth of 75.0%[131]. - Current liabilities amounted to RMB 243,517 thousand, compared to RMB 138,000 thousand at the end of 2019, indicating a significant increase[131]. Equity and Share Capital - The company reported a total equity of RMB 405.84 million, an increase from RMB 301.97 million year-on-year[9]. - As of June 30, 2020, the total equity attributable to equity shareholders was RMB 305,262,000, an increase from RMB 301,970,000 at the beginning of the year[139]. - The total share capital as of June 30, 2020, was 159,920,907 shares, consisting of 115,600,907 domestic shares and 44,320,000 H shares[90]. - Tianbao Holdings held 94.81% of the domestic shares, equating to 68.54% of the total share capital[93]. Acquisition and Investments - The company completed the acquisition of a 51% stake in Lingang Thermal Power, enhancing its profitability and asset quality[15]. - The company acquired a subsidiary, which had a cash outflow of RMB 58,531,000 during the investment activities[142]. - The total cash consideration for the acquisition was RMB 100.88 million, with a net cash outflow of RMB 58,531,000 after accounting for cash and cash equivalents acquired[18][193]. - The identifiable net assets acquired amounted to RMB 196,750,000, leading to goodwill of RMB 537,000 attributed to synergies with existing operations[19][194]. Revenue Segmentation - The revenue from the electricity distribution segment decreased by 14.2% from RMB 87.75 million in the first half of 2019 to RMB 75.30 million in the first half of 2020, primarily due to government policies aimed at reducing electricity costs for businesses during the pandemic[30]. - The revenue from the energy production and supply segment increased by 36.0% from RMB 86.78 million in the first half of 2019 to RMB 118.03 million in the first half of 2020, attributed to the acquisition of Lingang Thermal Power and increased sales of steam[33]. - The revenue from other segments decreased by 35.1% from RMB 12.88 million in the first half of 2019 to RMB 8.36 million in the first half of 2020, due to reduced sales activities by Tianjin Tianbao New Energy[34]. Operational Efficiency and Strategy - The company adjusted its organizational structure, consolidating from 12 functional departments to 10, to improve operational efficiency and governance[24]. - The company continues to explore market expansion opportunities and new product development strategies to enhance future growth[4]. - The company is formulating its "14th Five-Year" development strategy and will seek acquisition opportunities based on industry analysis and market conditions[79]. Financial Costs and Income - The company incurred financial costs of RMB 4.71 million in the first half of 2020, a 34.8% increase from RMB 3.49 million in the same period last year, mainly due to new long-term and short-term borrowings following the acquisition of Lingang Thermal Power[44]. - The income tax expense for the six months ended June 30, 2020, was RMB 3,446 thousand, up from RMB 2,382 thousand in 2019, reflecting a 44.7% increase[170]. - The company reported a financial cost of RMB 4,705 thousand for the six months ended June 30, 2020, compared to RMB 3,491 thousand in 2019, representing a 34.7% increase[167]. Cash Flow and Expenditures - The net cash generated from operating activities for the six months ended June 30, 2020, was RMB 24,587,000, compared to RMB 8,955,000 for the same period in 2019, representing a significant increase of 174%[142]. - For the first half of 2020, the group's capital expenditure was RMB 9.142 million, primarily for denitrification quality improvement (RMB 6.78 million) and transformer procurement (RMB 1.236 million)[62]. - The remaining IPO proceeds of HKD 6.0 million have not been used and are held in a bank account as short-term deposits[113]. Compliance and Governance - The audit committee reviewed the group's financial reporting process and confirmed compliance with the non-competition agreement by the controlling shareholders[97]. - The interim financial report has been reviewed and found to comply with the International Accounting Standard No. 34 requirements[124]. - The company revised its articles of association on June 15, 2020, to improve decision-making efficiency in light of recent changes in the Company Law of the People's Republic of China[115]. Market Conditions and Challenges - The company implemented a unified electricity pricing policy at 95% of the original tariff level from February 1 to December 31, 2020, to support businesses during the pandemic[18]. - The company is actively pursuing its electricity sales business in Tianjin, which commenced in May 2020, but the conditions for establishing an independent electricity sales company are not yet mature due to increased costs and reduced profit margins[112]. - The company has not reported any COVID-19 cases, maintaining a focus on production safety and pandemic prevention measures[23].

Financial Performance - The company reported a consolidated revenue of RMB 373.634 million for the year ended December 31, 2019, a decrease of 13.3% compared to RMB 431.113 million in the previous year[4]. - Profit attributable to equity shareholders was RMB 10.329 million, down 60.8% from RMB 26.347 million in the prior year[4]. - Earnings per share decreased to RMB 0.06, a decline of 66.7% from RMB 0.18 in the previous year[4]. - In 2019, the company achieved a total operating revenue of RMB 373.634 million and a total profit of RMB 14.076 million[21]. - The company's net profit for the year was RMB 10.329 million, a decrease of 60.8% from RMB 26.347 million in 2018[55]. - The company's comprehensive operating revenue for 2019 was RMB 373.634 million, down from RMB 431.113 million in 2018, primarily due to a decline in electricity distribution and other segment revenues[36]. - The revenue from the electricity distribution segment decreased by 12.8% to RMB 176.857 million in 2019 from RMB 202.817 million in 2018, attributed to a drop in user business volume and three price reductions during the year[39]. - The revenue from the energy production and supply segment fell by 9.8% to RMB 167.715 million in 2019 from RMB 185.946 million in 2018, due to decreased steam demand[40]. Assets and Liabilities - The total assets of the company amounted to RMB 540.250 million, a slight decrease from RMB 551.191 million in 2018[10]. - Total liabilities were RMB 238.280 million, down from RMB 246.756 million in the previous year[10]. - The company's net asset value stood at RMB 301.970 million, compared to RMB 304.435 million in 2018[10]. - Total assets decreased by 2.0% from RMB 551.19 million at the end of 2018 to RMB 540.25 million at the end of 2019, primarily due to accumulated depreciation of property, plant, and equipment[58]. - Total liabilities decreased by 3.4% from RMB 246.76 million at the end of 2018 to RMB 238.28 million at the end of 2019, mainly due to a reduction in trade and other payables[58]. - Cash and cash equivalents decreased by 4.8% from RMB 140.40 million at the end of 2018 to RMB 133.68 million at the end of 2019, attributed to a decrease in revenue[59]. - The debt-to-equity ratio improved from 0.81 at the end of 2018 to 0.79 at the end of 2019, due to a decrease in trade and other payables[60]. Operational Efficiency and Strategy - The company aims to enhance its core competitiveness and value creation through innovation in management and operational efficiency[14]. - The company plans to enhance its operational efficiency and risk control capabilities through improved systems and processes[21]. - The company is actively seeking external growth opportunities through industry mergers and acquisitions to enhance competitive potential[30]. - The company has established a production management information system to standardize and digitize production management processes[34]. - The company aims to optimize its organizational structure to enhance responsibilities and improve collaboration, adapting to future development needs[85]. - The company will enhance internal controls and risk management mechanisms to improve operational efficiency and risk prevention capabilities[92]. Environmental and Social Responsibility - The company is focused on green production and ultra-low emissions, utilizing combined heat and power technology to achieve high thermal efficiency[14]. - The company has a commitment to environmental protection and compliance in its operations, as indicated by the responsibilities of its management team[127]. - The company strictly adheres to labor laws and contributes to social insurance and housing provident funds for employees, enhancing their sense of belonging and happiness[101]. Training and Development - The company organized 15 safety production training sessions and completed 18 professional skills training sessions covering various topics in 2019[100]. - The group has conducted 17 professional skills and safety training sessions during the reporting period to enhance operational efficiency and safety awareness among staff[79]. Shareholder Returns and Dividends - The board has approved a dividend policy to distribute 30% to 50% of annual profits to shareholders, subject to financial conditions and legal regulations[164]. - The proposed final dividend for the year ended December 31, 2019, is RMB 0.03 per share, totaling approximately RMB 4.8 million[165]. - The company will not withhold any amount for personal income tax on dividends distributed to H-share individual shareholders[168]. - The final dividend is subject to approval at the annual general meeting scheduled for June 15, 2020[165]. Market and Growth Prospects - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[115]. - New product launches are expected to contribute an additional 3 billion RMB in revenue, with a focus on innovative energy solutions[115]. - The company is expanding its market presence, targeting new regions in Southeast Asia, aiming for a 25% market share in these areas by 2025[115]. - Ongoing research and development efforts are focused on enhancing energy efficiency technologies, with an investment of 500 million RMB allocated for the next two years[115]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the renewable energy sector[115]. Governance and Compliance - The company has received annual confirmations of independence from all independent non-executive directors as per listing rules[187]. - The board of directors includes a mix of executive, non-executive, and independent non-executive members, ensuring diverse governance[188]. - The company has maintained compliance with all relevant regulations and has not faced any major compliance issues during the reporting period[145]. Capital and Investments - Capital expenditures for 2019 totaled RMB 22.63 million, including RMB 2.39 million for machinery and equipment, RMB 6.98 million for dust removal system upgrades, and RMB 9.75 million for a distributed photovoltaic power generation project[61]. - As of December 31, 2019, the company had utilized HKD 19.4 million of the IPO proceeds for technology and equipment upgrades, including HKD 5.3 million for substation upgrades and HKD 14.1 million for dust removal system upgrades[151].