Financial Proceeds and Allocations - The net proceeds from the global offering, after deducting expenses and commissions, amounted to approximately HKD 115.6 million[2] - The board has decided to reallocate funds originally designated for establishing an industry acquisition fund to expand the oil and natural gas station network[2] - The revised allocation for expanding the oil and natural gas station network is HKD 50 million, with HKD 25.286 million already utilized as of December 31, 2024[3] - The logistics transportation fleet expansion is allocated HKD 10 million, with HKD 9.198 million already utilized as of December 31, 2024[3] - The total amount utilized as of December 31, 2024, is HKD 90.886 million out of the HKD 115.6 million net proceeds[3] - The company plans to utilize the remaining proceeds for further expansion of its operations and marketing strategies[3] Share Options - The total number of share options available under the share option scheme as of January 1, 2024, and December 31, 2024, is 23,450,200 shares each[6] - The total number of shares available for issuance under the share option scheme represents approximately 6.3% of the company's issued share capital as of the annual report date[6] Marketing and Promotions - The board has approved the allocation of funds for strengthening marketing and promotional strategies amounting to HKD 5.8 million, which has been fully utilized[3] Supplementary Information - The company maintains that the supplementary information provided does not affect the other information contained in the annual report[4]

Financial Performance - The company's revenue for 2024 was RMB 7,724,326 thousand, an increase of 5.1% compared to RMB 7,346,895 thousand in 2023[5]. - Gross profit for 2024 was RMB 439,850 thousand, with a gross margin of 6%, consistent with the previous year[5]. - Net profit attributable to equity shareholders for 2024 was RMB 67,791 thousand, up 71.8% from RMB 39,489 thousand in 2023[5]. - The total assets of the company decreased to RMB 1,877,283 thousand from RMB 1,914,596 thousand in 2023[5]. - The company recorded a revenue of RMB 7,724.3 million in 2024, an increase of RMB 377.4 million or 5% compared to RMB 7,346.9 million in 2023, driven by higher sales volumes of wholesale and retail petroleum products[27]. - The sales volume of finished oil products reached approximately 1,028,000 tons in 2024, up about 13% from 913,000 tons in 2023, with sales revenue of RMB 7,395.7 million, a year-on-year increase of about 5%[24]. - The company's natural gas sales revenue decreased by 5% to RMB 253.4 million in 2024, with compressed natural gas sales volume dropping by 31% to 47.1 million cubic meters[25]. - Transportation services revenue increased by 11% to RMB 75.2 million in 2024, compared to RMB 67.7 million in 2023[26]. - In 2024, the sales cost rose by 5% to RMB 7,284.5 million, up from RMB 6,924.6 million in 2023, due to increased procurement costs associated with higher sales volumes[28]. - Profit before tax increased by RMB 30.2 million to RMB 94.3 million in 2024, compared to RMB 64.1 million in 2023[36]. - Net profit for 2024 was RMB 70.7 million, up from RMB 43.3 million in 2023, reflecting an increase of RMB 27.4 million[38]. - Total assets remained stable at approximately RMB 1,877.3 million, while total equity increased by 7% to RMB 548.0 million[39]. - As of December 31, 2024, the debt ratio was 71%, a decrease from 73% in 2023[43]. Business Expansion and Strategy - The company expanded its business into liquefied petroleum gas (LPG) wholesale, signing agreements with PetroChina Kunlun Gas and Songyuan Petrochemical[11]. - The company aims to diversify its business and revenue sources while focusing on opportunities in the new energy sector[13]. - The company expanded its gas station network through partnerships with smaller gas stations, allowing customers to use prepaid cards for purchasing fuel[24]. - The company is focused on maintaining financial flexibility and will continue to assess the use of funds to adapt to changing market conditions[45]. - The company aims to optimize its natural gas and oil distribution and transportation business while focusing on the operation of gas and oil stations[59]. - By 2025, the company plans to align with China's energy transition and the collaborative development of traditional and renewable energy[59]. - The company will actively seek growth opportunities in the construction of new energy vehicle gas stations and charging infrastructure to broaden revenue sources[59]. Market and Economic Outlook - In 2024, China's natural gas consumption increased by 8% to 426.05 billion cubic meters, with industrial natural gas production rising by 6.2%[10]. - The forecast for China's GDP growth in 2025 is around 5%, with expectations for continued growth in natural gas production and consumption[12]. - The global oil demand is expected to see a slight recovery in 2025, but overall supply may remain excessive, putting downward pressure on international oil prices[12]. - Global economic growth is projected at around 2.7% for 2025, indicating a slow recovery[56]. - Global oil demand is expected to rise from 8.3 million barrels per day in 2024 to slightly over 10 million barrels per day in 2025, with Asia contributing nearly 60% of this growth[57]. - Global natural gas demand is anticipated to grow by less than 2% in 2025, primarily supported by the Asian market[58]. Corporate Governance and Compliance - The company provided comprehensive training materials to all directors to ensure they are updated on legal, regulatory, and corporate governance developments[70]. - The Audit Committee held two meetings in 2024, with all members attending both sessions, ensuring effective oversight of financial reporting and compliance[74]. - The Compensation Committee met once in 2024 to review and approve performance-based compensation for executive directors and senior management[76]. - The Nomination Committee held two meetings in 2024, focusing on board composition and diversity policies, with all members present at both meetings[83]. - The company adopted a board diversity policy, considering factors such as gender, age, and professional experience to enhance board composition[81]. - The company confirmed that there are no significant uncertainties affecting its ability to continue as a going concern[74]. - The company ensures that no director participates in determining their own remuneration, maintaining transparency in the compensation process[77]. - The Audit Committee is responsible for reviewing the independence of external auditors and the effectiveness of audit procedures[74]. - The company has established a preliminary goal to appoint at least one director of a different gender to the board, which has been achieved[85]. - The company has implemented risk management and internal control objectives to identify, assess, and manage significant risks[90]. - The board has authorized the maintenance of a robust internal control system to ensure effective resource utilization and compliance with laws[89]. - The company has a policy to provide a fair and equal working environment, not considering gender, race, or religion in recruitment and promotion[85]. - The company has engaged independent professional consultants to assist in monitoring its risk management and internal control systems[91]. - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[98]. - The company’s governance practices include providing timely information to shareholders and ensuring compliance with applicable laws and regulations[103]. Environmental, Social, and Governance (ESG) Initiatives - The group emphasizes the importance of building a safe, reliable, resilient, and sustainable supply chain to support the orderly development of the natural gas industry and contribute to national "dual carbon" goals[106]. - The group aims to enhance talent recruitment and training, fostering a diverse and inclusive corporate culture for mutual growth with employees[107]. - The ESG report for the fiscal year ending December 31, 2024, will showcase the group's performance in ESG management and corporate sustainability[108]. - The report will cover the group's core business operations, including natural gas refueling stations, retail and wholesale of petroleum products, and transportation services[109]. - The group applies a quantitative principle to disclose environmental and social performance based on key performance indicators, including emissions and resource consumption[111]. - A comprehensive risk management system is established to embed ESG strategies into the business development blueprint, promoting low-carbon transformation and green growth[115]. - The board of directors is fully responsible for overseeing ESG-related matters and ensuring effective internal communication and collaboration[115]. - The group continuously optimizes its ESG policies and management systems to enhance transparency and accuracy of information[106]. - The board conducts two comprehensive reviews of the group's ESG performance annually, providing specific improvement recommendations based on the assessment results[116]. - The group aims to deepen collaboration with upstream and downstream partners to enhance the sustainable development management system, targeting a dual win in economic and environmental benefits[119]. - The group maintains a stable communication mechanism with stakeholders, utilizing various channels to capture market dynamics and emerging risks[121]. - The group prioritizes compliance with local laws and regulations, ensuring operational legality across all business areas[117]. - The board integrates sustainability into the long-term strategy, ensuring all employees conduct business activities under ESG principles[120]. - The group focuses on continuous optimization of management systems through regular monitoring and reviews of operational safety and service quality[119]. - The group engages with stakeholders through diverse communication channels, including regular reports and meetings, to align business operations with stakeholder concerns[121]. - The group is committed to enhancing its sustainable development system and fulfilling environmental and social responsibilities[122]. - The group identified 28 sustainability issues related to its environmental and social impacts[124]. - Six key ESG issues were determined to be of significant importance: business ethics and anti-corruption, internal complaint mechanisms, adaptability and resilience of business models to environmental, social, political, and economic risks, legal and regulatory management, emergency response capabilities, and systematic risk management[127]. Employee Management and Safety - The company has a total of 1,375 employees, with 918 males and 457 females, all of whom are full-time[179]. - Employee distribution by age shows that 37% of females and 31% of males are aged 31 to 40[180]. - The total employee turnover rate for the fiscal year 2024 is 15.1%[190]. - Male employee turnover rates by age group are 26.9% (30 or younger), 17.0% (31-40), 10.7% (41-50), and 13.6% (51 and older) with an overall male turnover rate of 15.0%[191]. - Female employee turnover rates by age group are 32.8% (30 or younger), 12.9% (31-40), 12.6% (41-50), and 8.3% (51 and older) with an overall female turnover rate of 15.3%[191]. - The highest employee turnover rate by location is in Yanji at 32.2% and Wuchang at 28.6%[191]. - The company has established a center safety committee composed of the president, vice presidents, and business unit managers to oversee safety policy implementation[197]. - Four center safety committee meetings were held in fiscal year 2024 to review safety performance and optimize safety management practices[197]. - The company conducted a safety knowledge competition on June 13 to enhance employee safety awareness and emergency response capabilities[197]. - The company emphasizes a zero-tolerance policy for discrimination and harassment, promoting a fair and respectful work environment[193]. - The company emphasizes the importance of occupational disease prevention as a key component of its health and safety management[198]. - Regular training sessions on occupational health and safety have been organized, with relevant knowledge included in the annual training plan[198]. - The company has established a comprehensive monitoring system for safety management, including daily safety checks on transportation vehicles[200]. - An emergency response plan has been implemented to address unexpected incidents, with a dedicated emergency response team in place[200]. - The company has installed monitoring systems at gas stations to ensure real-time safety oversight[200]. - A special health check event for employees was organized to enhance health management awareness and disease prevention measures[198]. - The company has committed to continuous improvement in safety management by engaging professional industrial safety consulting services since 2012[200]. - Strict safety regulations are enforced at gas stations, including prohibitions on smoking and unauthorized equipment use[199]. - The company has received high praise from experts for its emergency response drills, which tested its incident handling capabilities[200].

Financial Performance - Revenue increased by approximately 5% to RMB 7,724.3 million for the year ended December 31, 2024, compared to RMB 7,346.9 million in 2023[2] - Profit attributable to equity shareholders rose by about 72% to RMB 67.8 million, up from RMB 39.5 million in 2023[3] - Basic earnings per share increased to RMB 0.18, compared to RMB 0.11 in 2023[3] - Operating profit for the year was RMB 122.9 million, compared to RMB 113.6 million in 2023[3] - Total comprehensive income for the year amounted to RMB 44.6 million, compared to RMB 71.3 million in 2023[4] - Reportable segment gross profit for 2024 was RMB 439,850, compared to RMB 422,263 in 2023, indicating a year-over-year increase of about 4.2%[23][24] - The company reported a pre-tax profit of RMB 94,313 for 2024, up from RMB 64,073 in 2023, reflecting a growth of approximately 47.2%[23][24] - The net profit for 2024 was RMB 70.7 million, an increase of RMB 27.4 million from RMB 43.3 million in 2023[60] Revenue Breakdown - Revenue from the sale of refined oil and natural gas amounted to RMB 7,635,274,000, up from RMB 7,264,316,000, indicating a growth of 5.1%[14] - Revenue from transportation services increased to RMB 75,212,000, a rise of 11.3% from RMB 67,693,000 in the previous year[14] - Revenue from refined oil sales reached approximately RMB 7,395.7 million in 2024, a year-on-year increase of about 5%, accounting for approximately 96% of total revenue[48] - Natural gas sales revenue was RMB 253.4 million in 2024, a year-on-year decrease of 5%, accounting for 3% of total revenue[49] - The company recorded transportation service revenue of RMB 75.2 million in 2024, an 11% increase from RMB 67.7 million in 2023[50] Assets and Liabilities - Non-current assets decreased to RMB 543.6 million from RMB 581.6 million in 2023[5] - Current assets decreased to RMB 140.4 million from RMB 185.4 million in 2023[5] - Total liabilities decreased to RMB 1,101.0 million from RMB 1,140.7 million in 2023[6] - Net assets increased to RMB 547.9 million from RMB 512.1 million in 2023[6] - Total assets remained stable at approximately RMB 1,877.3 million, while total equity increased by 7% to RMB 548.0 million[61] Dividends - The board proposed a final dividend of HKD 15.0 million, translating to a dividend of HKD 0.04 per ordinary share[2] - The proposed final dividend for the year 2024 is HKD 0.04 per ordinary share, compared to HKD 0 for 2023, amounting to RMB 13,872 thousand[40] - The approved special dividend for the year 2024 is HKD 0.08 per ordinary share, totaling RMB 27,345 thousand[41] Operational Highlights - The company operates three reportable segments to assess performance and allocate resources effectively[18] - The company is focused on expanding its retail operations through gas stations and storage facilities for refined oil and natural gas[12] - The company operates 77 gas stations in Northeast China as of December 31, 2024, including 56 gas stations and 21 mixed stations[46][47] Employee and Operating Costs - The company’s employee costs for 2024 were RMB 159,090, slightly higher than RMB 158,532 in 2023[25][26] - Other operating expenses increased from RMB 90.6 million to RMB 98.6 million, primarily due to higher legal and professional fees as well as operating lease expenses in 2024[56] Economic Context - In 2024, China's GDP reached RMB 135 trillion, growing by 5% year-on-year, reflecting stable economic performance[43] - Natural gas consumption in China increased by 8% year-on-year, with a total apparent consumption of 426.05 billion cubic meters in 2024[43] - The production of natural gas in China rose by 6.2% year-on-year, reaching 246.4 billion cubic meters in 2024[43] - The production of crude oil in China increased by 1.8% year-on-year, amounting to 21.282 million tons in 2024[45] Risks and Challenges - The company faces risks related to the volatility of crude oil and natural gas prices, which directly impact sales costs and profit margins[75] - The company relies on upstream suppliers for natural gas, which may lead to supply risks during periods of market price fluctuations[76] - The company has identified various risks and uncertainties that may impact its financial condition and operational performance[74] Corporate Governance - The company has complied with the corporate governance code throughout the fiscal year ending December 31, 2024, except for certain independent non-executive directors not attending the annual general meeting due to overseas commitments[86] - The company has established an audit committee responsible for reviewing financial reporting, risk management, and internal control systems, with the committee members including independent non-executive directors[88]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,839,411 thousand, representing a 20.6% increase from RMB 3,184,044 thousand in the same period of 2023[14] - Gross profit for the same period was RMB 212,028 thousand, up from RMB 172,608 thousand, resulting in a gross margin of 6% compared to 5% in 2023[14] - Net profit for the period was RMB 27,940 thousand, significantly higher than RMB 7,147 thousand in the previous year, indicating a strong growth trajectory[14] - Earnings per share (basic and diluted) increased to RMB 0.07 from RMB 0.02 year-over-year[14] - The company reported operating profit of RMB 55,242 thousand, up from RMB 25,440 thousand in the same period last year[16] - The total comprehensive income for the period was RMB 28,833 thousand, compared to RMB 10,345 thousand in 2023[17] - The company reported a profit of RMB 26,970 thousand for the six months ended June 30, 2024[24] - Other comprehensive income for the period was RMB 916 thousand, contributing to a total comprehensive income of RMB 27,886 thousand[24] - Profit before tax increased by approximately RMB 31.5 million to about RMB 42.1 million, compared to RMB 10.6 million for the same period in 2023[84] - Net profit for the six months ended June 30, 2024, was approximately RMB 27.9 million, an increase of about RMB 20.8 million compared to RMB 7.1 million in the same period last year[86] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,681,263 thousand, down from RMB 1,914,596 thousand at the end of 2023[14] - Current liabilities decreased to RMB 892,128 thousand, down 21.8% from RMB 1,140,694 thousand at the end of 2023[19] - The net value of current assets increased to RMB 231,278 thousand, up 20.3% from RMB 192,271 thousand as of December 31, 2023[19] - Non-current liabilities rose to RMB 275,554 thousand, an increase of 5.5% from RMB 261,795 thousand at the end of 2023[19] - The company's total equity reached RMB 513,581 thousand, slightly up from RMB 512,107 thousand as of December 31, 2023[20] - The debt ratio as of June 30, 2024, was approximately 69%, down from 73% as of December 31, 2023[89] Cash Flow - Cash and cash equivalents increased to RMB 70,077 thousand, up from RMB 46,517 thousand at the end of 2023[19] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 49,387 thousand, slightly up from RMB 48,871 thousand in 2023[25] - The net cash used in investing activities was RMB (3,926) thousand, significantly improved from RMB (29,311) thousand in the same period of 2023[25] - The group reported a net increase in cash and cash equivalents of RMB 23,488 thousand for the six months ended June 30, 2024, compared to RMB 24,868 thousand in 2023[25] - The group’s financing activities resulted in a net cash outflow of RMB (21,973) thousand, contrasting with a net inflow of RMB 5,308 thousand in the same period of 2023[25] Revenue Breakdown - Revenue from the sale of refined oil and natural gas reached RMB 3,790,626 thousand for the six months ended June 30, 2024, compared to RMB 3,150,615 thousand in 2023, marking an increase of 20.3%[30] - Revenue from transportation services was RMB 37,807 thousand, up from RMB 33,387 thousand in the previous year, reflecting an increase of 13.5%[30] - The revenue from the sale of refined oil was RMB 3,675,855 thousand, while the sale of natural gas generated RMB 140,876 thousand, and transportation services contributed RMB 64,382 thousand[36] - The company’s refined oil sales accounted for approximately 95% of total revenue in the first half of 2024[73] Expenses - Employee costs increased to RMB 83,108 thousand from RMB 81,671 thousand year-on-year, showing a rise of approximately 1.8%[42] - Depreciation expenses decreased to RMB 32,652 thousand from RMB 37,422 thousand, marking a reduction of about 13%[43] - Other operating expenses rose by 20% to approximately RMB 43.6 million, primarily due to increased legal and professional fees as well as rental expenses[82] - The cost of goods purchased increased to RMB 1,453,303,000 for the six months ended June 30, 2024, compared to RMB 1,114,166,000 in the prior year, reflecting a rise of about 30%[66] Shareholder Information - As of June 30, 2024, Mr. Zhao holds 209,829,240 shares, representing 56.03% of the company's equity, while Mr. Liu holds 27,287,600 shares, representing 7.29%[99] - Major shareholders include Golden Truth with 56.03% and Ruishan with 19.17% of the company's shares[103] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year where no dividend was paid[60] - A special dividend of HKD 0.08 per share was approved, amounting to approximately HKD 30 million based on 374,502,000 issued ordinary shares[111] Corporate Governance - The company has complied with all corporate governance codes except for the dual role of the Chairman and CEO held by Mr. Zhao since December 31, 2020[106] - The audit committee, consisting of independent non-executive directors, reviews the financial reporting and risk management systems[107] - The interim financial report for the six months ending June 30, 2024, was reviewed by KPMG and deemed compliant with applicable accounting standards[108] - The remuneration committee is responsible for reviewing the compensation of directors and senior management, with members including executive director Liu Yingwu and independent non-executive directors Zhang Zhifeng and Su Dan[109] - The nomination committee is tasked with reviewing the board's structure and composition, with members including executive director Ma Haidong and independent non-executive directors Su Dan and Zhang Zhifeng[110]

Financial Performance - For the six months ended June 30, 2024, revenue increased by approximately 21% to approximately RMB 3,839.4 million, compared to RMB 3,184.0 million for the same period in 2023[1] - Profit attributable to equity shareholders increased by approximately 322% to approximately RMB 27.0 million, compared to RMB 6.4 million for the same period in 2023[1] - Basic earnings per share for the six months ended June 30, 2024, was approximately RMB 0.07, compared to RMB 0.02 for the same period in 2023[1] - Operating profit for the six months ended June 30, 2024, was RMB 55.2 million, compared to RMB 25.4 million for the same period in 2023[3] - Total comprehensive income for the six months ended June 30, 2024, was RMB 28.8 million, compared to RMB 10.3 million for the same period in 2023[4] - The company reported a total revenue of RMB 3,839,411 thousand for the first half of 2024, compared to RMB 3,184,044 thousand in the same period of 2023, reflecting an overall growth of 20.6%[12] - The group’s total revenue for the first half of 2024 was approximately RMB 3,839.4 million, an increase of approximately RMB 655.4 million or about 21% compared to the same period in 2023[35] - The group’s gross profit for the first half of 2024 was approximately RMB 212.0 million, with a gross profit margin of approximately 6%, up from 5% in the same period last year[36] - The group’s net profit for the first half of 2024 was approximately RMB 27.9 million, an increase of approximately RMB 20.8 million compared to RMB 7.1 million in the same period of 2023[44] Revenue Breakdown - The company reported a revenue of approximately RMB 3,660.7 million from refined oil sales, representing a 21% increase year-on-year, with sales volume reaching approximately 493,000 tons, up 23% from the previous year[31] - The company’s revenue from the sale of refined oil and natural gas reached RMB 3,790,626 thousand for the six months ended June 30, 2024, an increase of 20.4% compared to RMB 3,150,615 thousand for the same period in 2023[12] - Revenue from transportation services amounted to RMB 37,807 thousand, up 13.3% from RMB 33,387 thousand in the previous year[12] - Natural gas sales recorded revenue of approximately RMB 140.9 million, an increase of about 9%, accounting for approximately 4% of total revenue for the first half of 2024[32] - Transportation services generated revenue of approximately RMB 37.8 million, an increase of about 13%, accounting for approximately 1% of total revenue[34] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 557.9 million, a decrease from RMB 581.6 million as of December 31, 2023[5] - Current assets as of June 30, 2024, totaled RMB 1,123.4 million, down from RMB 1,332.9 million as of December 31, 2023[5] - Current liabilities as of June 30, 2024, were RMB 892.1 million, compared to RMB 1,140.7 million as of December 31, 2023[6] - The net asset value as of June 30, 2024, was RMB 513.6 million, slightly up from RMB 512.1 million as of December 31, 2023[6] - As of June 30, 2024, trade receivables from third parties increased to RMB 47,665 thousand, up 45.7% from RMB 32,710 thousand as of December 31, 2023[24] - Trade payables to third parties surged to RMB 33,228 thousand, compared to RMB 7,160 thousand as of December 31, 2023, marking a significant increase of 363.5%[26] Costs and Expenses - The company reported a decrease in financing costs to RMB 13,696 thousand for the six months ended June 30, 2024, down from RMB 15,486 thousand in the same period of 2023, a reduction of about 11.5%[18] - Employee costs increased to RMB 83,108 thousand for the six months ended June 30, 2024, compared to RMB 81,671 thousand in the same period of 2023, marking a rise of approximately 1.8%[18] - The depreciation expense for the six months ended June 30, 2024, was RMB 32,652 thousand, down from RMB 37,422 thousand in the same period of 2023, indicating a decrease of about 13%[19] - The company’s total inventory cost for the six months ended June 30, 2024, was RMB 3,620,297 thousand, compared to RMB 2,998,612 thousand in the same period of 2023, reflecting an increase of approximately 20.7%[19] - The company’s deferred tax provision for the six months ended June 30, 2024, was RMB 14,130 thousand, compared to RMB 3,430 thousand in the same period of 2023, indicating a significant increase of approximately 311.5%[21] Strategic Focus and Market Outlook - The report indicates that the company is focused on expanding its retail and transportation services in the energy sector[11] - The company plans to optimize its natural gas and oil distribution and transportation businesses, focusing on the development of new energy vehicle charging stations and infrastructure in Northeast China[57] - The company anticipates strong growth in transportation gas demand, potentially increasing by around 4 billion cubic meters annually[30] - The international energy agency forecasts that global oil demand will peak around 2028 due to domestic carbon emission control policies and the acceleration of electric vehicle adoption in China[56] - The company anticipates a significant increase in LNG demand for urban gas peak shaving as winter heating season approaches, despite pressure on industrial and power generation LNG demand due to high prices[55] Governance and Compliance - The company has adhered to the corporate governance code and has established an audit committee to review financial reporting, risk management, and internal control systems[58][59] - The interim financial report for the six months ending June 30, 2024, has been reviewed by independent auditors and complies with applicable accounting standards[60] - The board of directors confirmed adherence to the standard code of conduct for securities trading as of June 30, 2024[61] - The company has maintained sufficient public float since its initial public offering[63] Employee and Operational Information - As of June 30, 2024, the group had 1,468 employees and provided various insurance and retirement benefits in accordance with applicable laws[52] - The company did not recommend the payment of interim dividends for the six months ending June 30, 2024, consistent with the previous year where no dividends were paid[27] - There were no significant investments, acquisitions, or disposals reported for the six months ended June 30, 2024[53]

Economic Performance - In 2023, China's GDP exceeded 126 trillion yuan, growing by 5.2% year-on-year, indicating a recovery in the domestic economy post-pandemic[4] - The global economic growth is projected to slow down to 2.7% in 2024, down from 2.9% in 2023, impacting oil and gas consumption growth[56] - China's crude oil consumption is expected to increase by 500,000 barrels per day in 2024, indicating a significant slowdown in growth compared to 2023[56] Energy Production and Consumption - The industrial natural gas production in China reached 229.7 billion cubic meters, an increase of 5.8% year-on-year, while natural gas imports rose to 119.97 million tons, up by 9.9%[4] - The oil production in China reached 208.91 million tons, growing by 2.0% year-on-year, while crude oil imports increased to 563.99 million tons, up by 11.0%[4] - The sales volume of finished oil reached approximately 913,000 tons in 2023, a year-on-year increase of about 27% compared to 718,000 tons in 2022[49] New Energy Vehicles - The retail sales of new energy passenger vehicles in 2023 totaled 7.736 million units, reflecting a year-on-year growth of 36.2% and an annual penetration rate of 35.7%, up by 8.1 percentage points[21] - The company plans to leverage its experience in gas station operations to expand into the new energy vehicle charging station market, broadening its revenue sources[21] - The group anticipates that new energy vehicle production and sales will reach approximately 11.5 million units in 2024, with a growth rate of around 20%[78] Financial Performance - The company recorded a year-on-year revenue increase of 36.2%, with an annual penetration rate of 35.7%, up by 8.1 percentage points[27] - In 2023, the company's transportation revenue was RMB 67.7 million, representing a 17% increase from RMB 57.7 million in 2022, accounting for 1% of total revenue[28] - The company's revenue for the year 2023 reached RMB 7,346,895 thousand, an increase of 20.7% compared to RMB 6,089,366 thousand in 2022[109] Corporate Governance - The board is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[81] - The company has established a corporate governance policy and compliance manual for employees and directors[122] - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[85] Risk Management - The company has identified key risks including supply chain dependencies and the volatility of fuel prices, which directly impact sales costs and gross margins[34] - The company has not implemented foreign currency hedging policies but monitors foreign exchange risks and will consider hedging when necessary[34] - The company plans to review its risk management and internal control systems annually to ensure effectiveness[104] Environmental, Social, and Governance (ESG) - The group is committed to aligning with national goals and policies while striving to reduce operational environmental impacts, focusing on natural gas sales, oil wholesale, refueling, and transportation services[135] - The group conducts annual materiality assessments to identify significant ESG factors that may impact its business in the long term[137] - The board emphasizes the importance of integrating ESG considerations into business development and decision-making processes[144] Employee and Stakeholder Engagement - The group has a total of 1,493 employees as of December 31, 2023[75] - The company emphasizes the importance of investor relations for enhancing transparency and corporate governance, actively engaging in various investor-related activities and meetings[131] - The group engages with stakeholders through regular reports, meetings, and surveys to gather feedback on its ESG management[187] Future Plans and Investments - The company plans to expand its logistics vehicle fleet using unutilized funds of HKD 10 million to enhance transportation capacity[54] - The company expects to fund future capital commitments through operating income, bank loans, and other financing methods[73] - The company allocated RMB 104,000 thousand for the development of natural gas refueling stations[74]

Financial Performance - For the six months ended June 30, 2023, revenue increased by approximately 19% to approximately RMB 3,184.0 million, compared to RMB 2,681.8 million for the same period in 2022[23]. - Profit attributable to equity shareholders increased by approximately 12% to approximately RMB 6.4 million for the six months ended June 30, 2023, compared to RMB 5.7 million for the same period in 2022[23]. - The sales of refined oil and natural gas amounted to RMB 3,150,615 thousand for the six months ended June 30, 2023, compared to RMB 2,650,380 thousand for the same period in 2022[13]. - The company reported a total income from transportation services of RMB 33,387 thousand for the six months ended June 30, 2023, compared to RMB 31,370 thousand for the same period in 2022[13]. - Total comprehensive income for the period was RMB 10,345 million, a decrease of 15.5% from RMB 12,265 million in the previous year[102]. - Revenue from reportable segments was RMB 3,184,044 thousand, up 18.7% from RMB 2,681,756 thousand in the previous year[114]. - Gross profit from reportable segments was RMB 172,608 thousand, slightly down from RMB 176,804 thousand in the previous year[114]. - Operating profit for the period was RMB 10,577 thousand, a decrease of 15.6% from RMB 12,528 thousand in the previous year[114]. - Net profit attributable to equity shareholders was RMB 6,433 thousand, compared to RMB 5,708 thousand in the previous year, reflecting a growth of 12.7%[118]. Sales and Consumption - The sales revenue from refined oil reached approximately RMB 3,021.1 million, up about 18%, accounting for 95% of total revenue during the same period[35]. - Natural gas sales recorded revenue of approximately RMB 129.6 million, an increase of about 49%, accounting for about 4% of total revenue[44]. - The company's natural gas consumption increased by 5.6% year-on-year to 194.1 billion cubic meters in the first half of 2023, while domestic production grew by 5.4% to 115.5 billion cubic meters[42]. - The total natural gas import volume increased by 5.8% to 79.4 billion cubic meters, including 33.2 billion cubic meters of pipeline gas and 46.2 billion cubic meters of liquefied natural gas[42]. - The company's sales volume of refined oil was approximately 400,000 tons, a year-on-year increase of about 23% from 325,000 tons in the same period last year[35]. - Natural gas imports in China increased by 6.8% year-on-year in the first half of 2023, driven by lower international spot prices and increased supply from Russia[148]. Expenses and Liabilities - The total expenses for salaries, wages, and other benefits increased to RMB 81,671 thousand for the six months ended June 30, 2023, from RMB 74,959 thousand for the same period in 2022[20]. - The sales cost increased by approximately 20% to about RMB 3,011.4 million, up from RMB 2,505.0 million in the same period last year, due to increased sales volume[47]. - Employee costs amounted to approximately RMB 81.7 million, an increase of about RMB 6.7 million compared to RMB 75.0 million in the same period last year[49]. - Total non-current liabilities amounted to RMB 315,832 thousand as of June 30, 2023, compared to RMB 268,860 thousand as of December 31, 2022[6]. - The company has a total short-term loan of RMB 270.75 million, which represents 84% of total borrowings, while long-term loans account for RMB 52.5 million, or 16%[54]. - The group’s total inventory cost was RMB 2,998.6 million for the six months ended June 30, 2023, compared to RMB 2,493.7 million for the same period in 2022[167]. - The group’s interest expenses for bank and other loans were RMB 4.3 million for the six months ended June 30, 2023, down from RMB 4.8 million in the same period of 2022[166]. Assets and Equity - The net asset value increased to RMB 477,864 thousand as of June 30, 2023, from RMB 467,624 thousand as of December 31, 2022[6]. - The total equity attributable to equity shareholders was RMB 438,417 thousand as of June 30, 2023, compared to RMB 428,684 thousand as of December 31, 2022[6]. - Total assets remained stable at approximately RMB 1,454.4 million, while total equity increased by about 2% to approximately RMB 477.9 million[74]. - As of June 30, 2023, non-current assets totaled RMB 615,923 thousand, a decrease of 1.0% from RMB 622,457 thousand as of December 31, 2022[125]. - Current assets amounted to RMB 838,512 thousand, down 10.1% from RMB 932,997 thousand at the end of 2022[125]. - Total liabilities decreased to RMB 660,739 thousand, down 19.3% from RMB 818,970 thousand[125]. Future Outlook and Strategy - The company is considering expanding its charging pile business to meet the growing demand for new energy vehicles, following a 137% year-on-year increase in sales of new energy vehicles in China during the first half of 2023[61]. - The company anticipates a recovery in natural gas consumption in China, projected to increase by 5% to 7% for the year 2023[60]. - The company anticipates a 7.2% year-on-year increase in natural gas apparent consumption for the entire year of 2023, according to estimates from Jinlianchuang[82]. - Natural gas production in China is expected to grow by 5.2% year-on-year in 2023, supported by the annual production targets of major gas fields[82]. - The group aims to optimize natural gas and oil distribution and transportation businesses in response to the domestic economic recovery in the second half of the year[197]. Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance with the regulations as of June 30, 2023[65]. - The company has adhered to the corporate governance code as per the listing rules, with the board believing that having the same person serve as both chairman and CEO can provide strong and consistent leadership[198]. - The audit committee, established in September 2017, is responsible for reviewing the group's financial reporting and risk management[199]. - The company has maintained sufficient public shareholding since its initial public offering[200]. Employee and Operational Insights - The group has 1,551 employees as of June 30, 2023, and complies with applicable laws and regulations regarding employee benefits[192]. - Operating expenses increased by approximately RMB 7.9 million or 28% to about RMB 36.2 million due to the recovery of economic activities post-COVID-19[71]. - The company has not engaged in significant investments, acquisitions, or sales during the six months ending June 30, 2023[193].

Employee Training and Safety - In the fiscal year 2022, the group recorded a total of 1,620 employees trained, with a focus on safety courses[11] - The average training hours for employees were 26.3 hours, with male employees averaging 24.0 hours and female employees averaging 26.7 hours[14] - The group lost a total of 105 workdays due to occupational injuries in the fiscal year 2022[7] - The group has established a comprehensive emergency mechanism to promptly identify and resolve issues during operations[22] - The company has implemented safety checks on vehicles before, during, and after operations to prevent leaks and ensure product quality[51] Supplier and Supply Chain Management - The group maintained cooperation with 103 suppliers, with 77 located within the province of operation and 26 from other regions[23] - The group emphasizes the importance of a healthy and stable supply chain, continuously improving its ESG management system[18] - The company signed a supply agreement with Songyuan Petrochemical in December 2022 to ensure stable oil supply for its gas stations in 2023, reducing the impact of oil price fluctuations[149] - The company cannot guarantee that suppliers will continue to provide sufficient refined oil, especially during unexpected increases in demand[1] - The company is required to establish procurement channels and maintain good business relationships with midstream refineries or wholesalers to ensure stable fuel supply[1] Customer Engagement and Satisfaction - The group strictly adheres to customer privacy laws, ensuring that personal data collected during business processes is treated as confidential[27] - The group has implemented a standardized process for handling customer complaints to ensure efficient resolution[26] - The company maintained a customer satisfaction rate of 90% by ensuring strict quality control over fuel products and providing free personal and vehicle disinfection services during the pandemic[49][51] - The company emphasizes a "customer-oriented" service philosophy, aiming to enhance customer satisfaction and long-term value creation[49] Community Engagement and Social Responsibility - The company actively engages in community projects and encourages employee participation in social responsibility initiatives[57] - The company donated two batches of anti-COVID-19 supplies, including 3 tons of alcohol disinfectant and 300 sets of medical protective gear, to local authorities[57] Compliance and Governance - The company established a compliance internal audit department in fiscal year 2021 to investigate and verify any illegal activities within the group[30] - The company strictly adheres to local anti-corruption and bribery laws, including the Anti-Corruption Law of the People's Republic of China[30] - The company has not been aware of any concluded corruption lawsuits against it or its employees during the fiscal year 2022[56] - The audit committee monitored the integrity of the company's financial statements and annual reports, ensuring compliance with applicable standards[179] - The company has implemented a financial reporting system, risk management, and internal control systems to ensure effective oversight[179] Financial Performance - Revenue for the year 2022 was RMB 6,089,366 thousand, an increase of 4.4% from RMB 5,830,081 thousand in 2021[105] - Gross profit decreased to RMB 393,102 thousand, resulting in a gross margin of 6%, down from 11% in the previous year[105] - Net profit for the year was RMB 18,951 thousand, a significant decline of 89.6% compared to RMB 181,924 thousand in 2021[105] - The total assets increased slightly to RMB 1,555,454 thousand from RMB 1,544,375 thousand in 2021[105] - The net asset value rose to RMB 467,624 thousand, up from RMB 448,661 thousand in the previous year[105] ESG Management and Strategy - The group has established a central safety committee responsible for formulating ESG policies and coordinating internal management[75] - The group emphasizes the importance of stakeholder engagement and has conducted online surveys to assess key ESG issues[71] - The company aims to enhance its ESG management practices by establishing a standardized data management system and aligning with national and local policy requirements[85] - The company is committed to creating long-term value for stakeholders through a forward-looking and systematic ESG strategy[88] - The company aligns its ESG strategy with its business development vision, ensuring responsible growth and innovation in its operations[96] Market Trends and Projections - The company anticipates a continued increase in natural gas demand, projecting consumption to reach between 4,300 and 4,500 billion cubic meters by 2025[110] - The average Brent crude oil price for 2022 was $99.04 per barrel, reflecting a 39.6% increase year-on-year[113] - Domestic crude oil import prices rose from $573 per ton in January to a peak of $808 per ton in July, marking a 41.1% increase over six months[113] - The company expects domestic oil demand to significantly recover starting from Q2 2023, with a projected consumption volume of 22.3 billion cubic meters in Jilin Province, reflecting a growth rate of 9.8%[1] Operational Risks and Challenges - The company faces operational risks due to internal procedural deficiencies or external incidents, which are managed by various departments based on standard operating procedures[1] - The management will regularly identify and assess major operational risks to implement appropriate risk response measures[1] - The group’s profitability may be adversely affected by fluctuations in procurement prices of refined oil and natural gas[165] Capital and Investment - Capital expenditures for property, plant, and equipment in 2022 were RMB 12.0 million, with capital commitments of RMB 11.6 million as of December 31, 2022[141] - The company expects to fund capital commitments through future operating income, bank loans, and other financing methods[141] - The company holds a 30% indirect stake in a joint venture, which contributed to its profits following the acquisition of Yinquan Green Energy[138] Corporate Governance and Board Activities - The company aims to achieve board member diversity by adopting measurable targets[184] - The company has established a nomination committee to evaluate and select candidates for board membership[183] - The company encourages all directors to participate in continuous professional development to enhance their knowledge and skills related to business and director responsibilities[186]

Financial Performance - Revenue increased by approximately 4% to RMB 6,089.4 million (2021: RMB 5,830.1 million) [1] - Profit attributable to equity shareholders decreased by approximately 91% to RMB 16.5 million (2021: RMB 176.6 million) [1] - Basic earnings per share were RMB 0.04 (2021: RMB 0.47) [1] - Operating profit decreased to RMB 86.96 million from RMB 293.02 million [15] - Total comprehensive income for the year was RMB 27.23 million, down from RMB 180.38 million [16] - The total revenue for the group for the year ended December 31, 2022, was RMB 6,089,366, compared to RMB 5,830,081 in 2021, indicating an overall increase of 4.4% [27] - The gross profit for the reportable segments in 2022 was RMB 393,102 thousand, down from RMB 612,724 thousand in 2021, indicating a decline of about 35.8% [57] - The group's net profit for 2022 was RMB 19.0 million, a decrease of RMB 162.9 million compared to RMB 181.9 million in 2021 [145] Revenue Sources - The group's revenue from the sale of refined oil and natural gas for the year ended December 31, 2022, was RMB 6,031,596, an increase of 4.5% from RMB 5,774,576 in 2021 [27] - Revenue from transportation services amounted to RMB 57,722, up from RMB 54,353 in the previous year, reflecting a growth of 6.5% [27] - The total sales revenue from refined oil reached approximately RMB 5,819.5 million, representing a year-on-year increase of about 5%, while the sales volume decreased by approximately 13% to 725,000 tons compared to 836,000 tons in the previous year [81] - The sales revenue from natural gas was RMB 212.2 million in 2022, a decrease of 10% year-on-year, accounting for 3% of total revenue, with compressed natural gas sales volume dropping 21% to 45.6 million cubic meters [109] Assets and Liabilities - Trade receivables increased to RMB 67.99 million from RMB 38.35 million [4] - Cash and cash equivalents rose to RMB 138.65 million from RMB 101.77 million [4] - Non-current assets decreased to RMB 622.46 million from RMB 720.01 million [4] - Current liabilities increased to RMB 818.97 million from RMB 737.59 million [4] - As of December 31, 2022, total assets increased by 1% to RMB 1,555.5 million, while total equity rose by 4% to RMB 467.6 million [118] - The company's financial liabilities measured at amortized cost for contract liabilities related to prepaid amounts from customers reached RMB 145,788 thousand, up from RMB 80,783 thousand, indicating an increase of approximately 80% [70] Costs and Expenses - The total operating expenses for 2022 were RMB 78,162 thousand, reduced from RMB 98,484 thousand in 2021, showing a decrease of approximately 20.6% [57] - The total employee costs for 2022 were RMB 154,857 thousand, down from RMB 161,686 thousand in 2021, indicating a reduction of approximately 4.5% [60] - In 2022, the group's sales cost increased by 9% to RMB 5,696.3 million from RMB 5,217.4 million in 2021, primarily due to higher procurement unit costs [112] - Employee costs decreased to RMB 154.9 million in 2022 from RMB 161.7 million in 2021, primarily due to a reduction in employee numbers and average salaries [141] Government and Regulatory Matters - The company received government grants amounting to RMB 2,345 thousand in 2022, while there were no such grants in 2021 [58] - The group has not applied any new standards or interpretations that have not yet come into effect during the current accounting period [25] - The group's financial statements comply with all applicable International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance [25] Market and Operational Insights - The company operates gas stations and storage facilities for retailing petroleum and natural gas [21] - The group has diversified its customer base, with no single customer accounting for more than 10% of total revenue in 2022 [27] - The company has entered into procurement contracts with multiple suppliers to mitigate the impact of potential crude oil price increases and shortages [67] - The company is positioned in the region with the highest natural gas consumption in the country, which has impacted its business growth to some extent [77] - The group expects all trade receivables and notes receivable (net of impairment losses) to be collected within one year [90] Future Outlook and Strategy - The group plans to expand its oil and gas station network with an allocation of RMB 50 million expected to be utilized by the end of 2023 [150] - The domestic oil demand is expected to significantly recover starting from Q2 2023, according to the China Petroleum Group Economic and Technical Research Institute [181] - The central government plans to strengthen domestic exploration and development of important energy resources in 2023, which is expected to stabilize oil and gas prices and reduce price volatility [161] Risks and Challenges - The group identified various risks, including fluctuations in procurement prices for refined oil and natural gas, which could significantly impact profitability if not managed effectively [129] - The group is facing supply risks due to reliance on large state-owned enterprises and foreign oil suppliers for stable fuel supply [179] - The company relies on upstream suppliers for natural gas, which can lead to limited bargaining power and potential supply shortages during periods of price volatility [157]

Financial Performance - For the six months ended June 30, 2022, the company reported revenue of RMB 2,681,756 thousand, an increase of 17.0% compared to RMB 2,291,301 thousand for the same period in 2021[6]. - Gross profit for the same period was RMB 176,804 thousand, resulting in a gross margin of 7%, down from 14% in the previous year[6]. - The net profit attributable to equity shareholders was RMB 5,708 thousand, a significant decrease of 95.0% from RMB 113,502 thousand in the prior year[6]. - Basic and diluted earnings per share were RMB 0.02, compared to RMB 0.30 in the previous year, reflecting a decline in profitability[6]. - The company reported a total comprehensive income of RMB 12,265 thousand for the period, down from RMB 116,116 thousand in the same period last year[10]. - The company experienced a decrease in operating profit to RMB 31,235 thousand, down from RMB 175,464 thousand in the previous year[8]. - The company reported a profit of RMB 5,708 thousand for the six months ended June 30, 2022, compared to a profit of RMB 113,502 thousand in the same period last year[16]. - The total comprehensive income for the period was RMB 10,671 thousand, down from RMB 113,641 thousand in the prior year[16]. - The company reported a pre-tax profit of RMB 12,528 thousand for the six months ended June 30, 2022, a significant decrease from RMB 157,427 thousand in the same period of 2021, representing a decline of approximately 92.0%[31]. - Net profit for the six months ended June 30, 2022, was approximately RMB 7.4 million, a decrease of about RMB 108.6 million from RMB 116.0 million in the same period of 2021[83]. Revenue Breakdown - Revenue from the sale of refined oil and natural gas reached RMB 2,650,380,000, representing a 17% increase from RMB 2,265,700,000 in the previous year[26]. - Revenue from transportation services amounted to RMB 31,370,000, a growth of 27% compared to RMB 24,620,000 in the same period last year[26]. - The reportable segment revenue for the sale of refined oil was RMB 2,575,701 thousand, for the sale of natural gas was RMB 86,971 thousand, and for transportation services was RMB 52,429 thousand, totaling RMB 2,715,101 thousand[30]. - The company's refined oil sales revenue reached approximately RMB 2,563.5 million, up about 19%, accounting for 96% of total revenue during the same period[67]. - Natural gas sales revenue decreased to approximately RMB 87.0 million, a year-on-year decline of about 18%, representing about 3% of total revenue[68]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 1,617,445 thousand, an increase from RMB 1,544,375 thousand at the end of 2021[6]. - Total liabilities reached RMB 850,480 thousand, representing a rise of 15.3% compared to RMB 737,592 thousand in the previous year[12]. - The net asset value stood at RMB 452,659 thousand, slightly up from RMB 448,661 thousand, indicating a growth of 0.4%[13]. - The company's equity attributable to shareholders increased to RMB 414,299 thousand from RMB 411,804 thousand, marking a growth of 0.6%[13]. - Trade receivables increased to RMB 42,879,000 as of June 30, 2022, compared to RMB 35,270,000 as of December 31, 2021, reflecting a growth of 21.5%[43]. - Total bank and other loans amounted to RMB 261,248,000 as of June 30, 2022, compared to RMB 207,453,000 as of December 31, 2021, representing a 26% increase[48]. - Trade payables increased to RMB 121,480,000 as of June 30, 2022, compared to RMB 68,947,000 as of December 31, 2021, showing a growth of 76%[50]. Cash Flow and Investments - For the six months ended June 30, 2022, the operating cash flow was RMB 108,494,000, an increase of 19% compared to RMB 91,251,000 in the same period of 2021[17]. - The net cash generated from operating activities was RMB 91,414,000, up 75% from RMB 52,182,000 year-on-year[17]. - The net cash used in investing activities was RMB (847,000), significantly improved from RMB (7,015,000) in the previous year[17]. - The group reported a net increase in cash and cash equivalents of RMB 15,630,000, contrasting with a decrease of RMB (38,474,000) in the same period last year[17]. - The group’s cash and cash equivalents as of June 30, 2022, stood at RMB 69,667,000, compared to RMB 73,113,000 at the end of the previous year[17]. Operational Metrics - Employee costs for the six months ended June 30, 2022, were RMB 74,959 thousand, down from RMB 77,980 thousand in the same period of 2021, reflecting a reduction of about 3.9%[35]. - Depreciation expenses increased to RMB 43,562 thousand from RMB 40,557 thousand year-on-year, marking an increase of approximately 7.4%[36]. - Other operating expenses decreased by 30% to approximately RMB 28.3 million, down from RMB 40.6 million, mainly due to reduced operations during the COVID-19 outbreak in Northeast China[78]. - The group incurred capital expenditure of RMB 315,000 on property, plant, and equipment, a decrease of 96% compared to RMB 7,792,000 for the same period in 2021[41]. Corporate Governance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022, and confirmed compliance with applicable accounting standards[109]. - The company has complied with all provisions of the corporate governance code, except for the attendance of some independent non-executive directors at the annual general meeting due to overseas commitments[106]. - The company has established a remuneration committee to review the compensation of directors and senior management[110]. - The company’s governance structure is designed to ensure a balance of power and responsibilities, with regular meetings to discuss operational matters[106]. Market Outlook - The National Development and Reform Commission's "14th Five-Year Plan" emphasizes the role of natural gas as a key clean energy source, indicating growth opportunities in the sector[94]. - OPEC forecasts a global oil demand increase of 3.36 million barrels per day in 2022, with average consumption expected to reach 102.9 million barrels per day, slightly above pre-pandemic levels[94]. - The group plans to leverage the recovery in the domestic oil and gas market in the second half of 2022 to enhance its competitiveness in the energy sector[95].