Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 3,495,192 thousand, representing a 12% increase compared to HKD 3,119,303 thousand for the same period in 2023[1] - Gross profit decreased by 17% to HKD 319,607 thousand from HKD 384,415 thousand year-on-year[1] - Net profit for the period was HKD 171,176 thousand, slightly up from HKD 170,481 thousand, reflecting a 0% change[1] - Operating profit for the period was HKD 255,145 thousand, down from HKD 286,428 thousand in the same period last year[3] - Other income decreased to HKD 49,327 thousand from HKD 68,424 thousand year-on-year[3] - The company reported a total comprehensive income of HKD 111,216 thousand, compared to HKD 73,223 thousand in the previous year[5] - The company reported a profit of HKD 167,924 thousand for the six months ended June 30, 2024, compared to HKD 166,436 thousand in the same period of 2023, indicating a slight increase of approximately 0.9%[9] - The company’s total comprehensive income for the six months ended June 30, 2024, was HKD 109,640 thousand, compared to HKD 72,434 thousand in the same period of 2023, representing an increase of approximately 51.4%[10] Assets and Liabilities - Total assets as of June 30, 2024, decreased by 6% to HKD 8,056,480 thousand from HKD 8,590,782 thousand as of December 31, 2023[1] - Total liabilities decreased by 8% to HKD 5,738,372 thousand from HKD 6,270,231 thousand year-on-year[1] - Total equity as of June 30, 2024, was HKD 2,318,108 thousand, a slight decrease from HKD 2,320,551 thousand as of December 31, 2023[7] - The company’s total assets decreased from HKD 8,590,782 thousand in December 2023 to HKD 8,056,480 thousand in June 2024, representing a decline of about 6.2%[8] - The company’s borrowings increased from HKD 2,059,386 thousand in December 2023 to HKD 3,000,074 thousand in June 2024, indicating a significant increase of approximately 45.7%[8] - The total liabilities, including accounts payable and other payables, increased to HKD 1,324,506 from HKD 1,183,124, reflecting a growth of 11.9%[46] Cash Flow and Financing - The net cash inflow from operating activities for the six months ended June 30, 2024, was HKD 66,306 thousand, a significant decrease from HKD 255,255 thousand in the same period of 2023, reflecting a decline of about 74%[12] - The company’s cash generated from operating activities was HKD 104,913 thousand for the six months ended June 30, 2024, compared to HKD 288,015 thousand in the same period of 2023, indicating a decrease of approximately 63.5%[12] - The net cash inflow from financing activities for the six months ended June 30, 2024, was HKD 1,351,267,000, compared to HKD 605,182,000 in the same period of 2023, representing an increase of 123.5%[13] - The net cash outflow from financing activities was HKD 48,378,000 for the six months ended June 30, 2024, a decrease from HKD 162,413,000 in the previous year, indicating improved cash management[13] - The total cash and cash equivalents decreased by HKD 120,279,000, down from a decrease of HKD 79,268,000 in the same period last year, reflecting a more challenging liquidity position[13] Shareholder Information - The company’s largest shareholder, Taida Hong Kong, holds approximately 40.63% of the issued ordinary shares, while Sinopec holds about 29.97%[14] - The total amount of final dividend proposed for the year ended December 31, 2023, is approximately HKD 102,827,000, down from HKD 135,203,000 for the previous year[96] Operational Highlights - The segment performance for pipeline natural gas sales showed a gross profit of HKD 188,923,000 for the six months ended June 30, 2024, compared to HKD 175,807,000 in 2023, indicating an increase of about 7%[28] - The company’s administrative expenses for the six months ended June 30, 2024, were HKD 139,109,000, compared to HKD 143,913,000 in 2023, showing a reduction of approximately 3%[28] - The company recognized a net profit before tax of HKD 203,772,000 for the six months ended June 30, 2024, compared to HKD 213,024,000 in 2023, representing a decrease of approximately 4%[28] - The company’s income tax expense for the six months ended June 30, 2024, was HKD 32,596,000, down from HKD 42,543,000 in 2023, a decrease of 23.4%[35] - In the first half of 2024, the company achieved a total gas sales volume of 1.327 billion cubic meters, representing a year-on-year increase of 23.2%[85] Strategic Initiatives - The company plans to continue optimizing its upstream and downstream industrial chain as part of its strategic development during the 14th Five-Year Plan[84] - The company established a supply chain company in Shenzhen in 2023 to enhance upstream resource integration and reduce procurement costs[84] - The company aims to leverage the "dual carbon" policy opportunities to drive revenue growth while exploring new profit growth points[87] - The company has established a new brand "Taiyuejia" to diversify its product offerings and enhance profitability in its value-added services segment[85] Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Accounting Standards and the relevant listing rules, ensuring compliance and transparency[15] - The group has not utilized any derivative financial instruments to hedge its financial risks as of June 30, 2024, indicating a conservative risk management approach[22] - The company is committed to transparency and compliance with regulatory requirements[104] - The board of directors consists of three executive directors and four independent non-executive directors[104] - The board includes members with diverse backgrounds, including professionals and scholars[104] Employee Information - The group employed 1,741 staff as of June 30, 2024, with total employee compensation amounting to HKD 121,200,000 for the period[100]

Investment Rating - The report does not explicitly state an investment rating for the company [41] Core Insights - The company operates primarily in urban gas sales, pipeline installation, and natural gas transportation across 8 provinces and 2 cities in China [4] - The group achieved a total gas sales volume of over 2.2 billion cubic meters in 2023, representing a year-on-year increase of 9.4%, with pipeline gas sales growing by 12.3% [6] - The gross margin for 2023 was RMB 0.47, an increase of RMB 0.09 year-on-year, with expectations for further expansion in 2024 due to cost reductions and price adjustments [2][32] Financial Performance - The group's revenue for 2023 increased by 5% to HKD 6.41 billion, while net profit decreased by 21% to HKD 260 million, primarily due to increased financing costs [28] - The company maintained a dividend payout ratio of 40%, with an expected dividend of HKD 0.076 per share [28] - The group's operating cash flow for 2023 was HKD 830 million, significantly up from HKD 350 million in 2022 [20] Business Growth Highlights - The company aims to achieve a total gas sales target of 2.5 billion cubic meters in 2024, a 15% increase from 2023, driven by stable demand from existing customers and new large users [40][49] - The value-added services segment, which includes small installations and gas appliance sales, recorded a 44% year-on-year increase in gross profit, contributing significantly to overall profitability [34] - The group has established strategic partnerships to enhance upstream resource procurement, which is expected to lower costs and improve profitability [30][24] Market Position and Strategy - The company is well-positioned with connections to four LNG receiving stations, allowing it to access low-cost gas sources without heavy capital investment [8][24] - The major shareholders, including Tianjin TEDA Investment and Sinopec's subsidiary, are expected to support the group's long-term development and enhance its competitive edge [19][51] - The group has completed several strategic contracts to secure gas supply, which will further strengthen its market position [30][17]

Financial Performance - Revenue for the year ended 31 December 2023 was approximately HK$6.41 billion, representing a 5% increase from HK$6.10 billion in 2022[13]. - Profit for the year amounted to approximately HK$263 million, a decrease of 21% from HK$333 million in 2022[13]. - The gross profit margin for the year was 11.7%, a slight decrease from 11.9% in the previous year[12]. - The profit margin for the year was 4.1%, down from 5.5% in 2022[12]. - The Group's gross profit for the year ended December 31, 2023, was approximately HK$749 million, with a gross profit margin of approximately 12%, unchanged from 2022[69]. - Profit attributable to equity owners of the Company decreased to approximately HK$257 million for the year ended December 31, 2023, down from approximately HK$326 million in 2022, mainly due to increased finance costs[69]. - Basic earnings per share for the year ended December 31, 2023, were HK$19.0 cents, compared to HK$24.1 cents for the year ended December 31, 2022[69]. Sales and Customer Growth - The Group achieved a record high in total gas sales, exceeding 2.2 billion cubic metres, with piped natural gas sales reaching 1.61 billion cubic metres, a year-on-year increase of 12%[3]. - The number of regular customers increased by about 100,000, bringing the total to approximately 2,399,000[3]. - The Group's income from sales of piped natural gas amounted to HK$5,850,142,000, representing an increase of approximately 9% compared to HK$5,380,406,000 in 2022[39]. - The natural gas trading business contributed a trading volume of 0.059 billion cubic metres, achieving a gross profit of approximately HK$3 million[3]. Business Development and Strategy - The Group's value-added business gross profit increased year-on-year by 44%, significantly enhancing profitability[3]. - The Group plans to continue developing diversified value-added businesses to drive rapid growth in the coming years, focusing on reducing gas procurement costs and enhancing profitability[34]. - The Group aims to actively develop diversified value-added businesses, expecting significant growth in performance over the next few years[59]. - The Group is committed to green development and responding to national clean energy strategies, focusing on sustainable growth and maximizing shareholder returns[59]. Infrastructure and Operations - The cumulative length of urban medium-pressure gas pipelines increased by 170 kilometers to approximately 3,891 kilometers as of December 31, 2023[41]. - The Group's engineering construction and gas pipeline installation service revenue was approximately HK$504,871,000, a decrease of about 22% from HK$646,835,000 in the previous year[41]. - The Group successfully realized an incremental production of 300,000 cubic meters for the daily gas consumption of the Qinhuangdao Yaohua Glass Project, enhancing its upstream resource advantage[16]. Financial Position and Liquidity - As of December 31, 2023, total borrowings amounted to approximately HK$3,905,630,000, a slight increase from HK$3,904,259,000 in 2022[70]. - Cash and bank deposits were approximately HK$946,324,000, down from HK$1,018,114,000 in 2022, including cash equivalents of HK$808,364,000[70]. - The Group's current liabilities exceeded its current assets by approximately HK$2,176,549,000 as of December 31, 2023[71]. - The current ratio was approximately 0.46, indicating potential liquidity concerns[70]. - The gearing ratio was approximately 56%, calculated as net debt divided by total capital[70]. Corporate Governance - The Company fully complied with the Corporate Governance Code provisions as set out in the Listing Rules on The Stock Exchange of Hong Kong for the year ended 31 December 2023[93]. - The Board comprises nine Directors, including three Executive Directors and four Independent Non-Executive Directors[98]. - The Company adopted a code of conduct for securities trading by Directors, requiring approval from the Chairman for transactions[95]. - The Nomination Committee held two meetings during the year ended December 31, 2023, discussing the appointment and re-election of directors, and reviewing the effectiveness of the Board Diversity Policy[126]. Risk Management - The Group's risk management framework is overseen by the Risk Committee, which comprises four independent non-executive Directors and one executive Director[186]. - The internal control work in 2023 focused on enhancing risk assessments and improving the efficiency of control activities[181]. - The Risk Committee discussed the overview and assessment of the Group's principal risks during its meeting held in the year ended December 31, 2023[167]. Employee and Board Diversity - As of December 31, 2023, the total number of male and female employees was 1,219 and 533 respectively, resulting in a male to female ratio of approximately 2:1[150]. - The company emphasizes fairness and impartiality in its recruitment process, ensuring equal opportunities for all applicants[125]. - The Board Diversity Policy aims to maintain competitive advantage through diverse talents, skills, and backgrounds, with measurable objectives set by the Nomination Committee[121].

Revenue and Profitability - Revenue for the year ended December 31, 2023, was HKD 6,406,681, representing a 5% increase from HKD 6,102,638 in 2022[2] - Gross profit increased by 3% to HKD 748,979, compared to HKD 727,322 in the previous year[2] - Net profit for the year decreased by 21% to HKD 263,422, down from HKD 332,753 in 2022[2] - Earnings per share (EPS) decreased by 21%, with basic EPS at HKD 19.0 compared to HKD 24.1 in 2022[2] - The group reported a total revenue of HKD 140,681,000 for 2023, a significant increase from HKD 63,359,000 in 2022, representing a growth of approximately 121.5%[33] - The group’s consolidated gross profit for the year ended December 31, 2023, was approximately HKD 749 million, compared to HKD 727 million in 2022, maintaining a gross profit margin of 12%[112] - The profit attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 257 million, down from HKD 326 million in 2022, primarily due to increased financing costs driven by rising SOFR rates[113] Financial Position - Total assets as of December 31, 2023, were HKD 8,590,782, a slight increase of 0% from HKD 8,570,664 in 2022[5] - Current liabilities increased by 7% to HKD 4,051,960, up from HKD 3,788,969 in the previous year[5] - As of December 31, 2023, the group's current liabilities exceeded current assets by approximately HKD 2,176,549,000, indicating a need for sufficient financial resources to meet obligations[68] - Total current borrowings increased to HKD 135,000 million from HKD 122,000 million, representing an increase of approximately 10.7% year-on-year[81] - The total borrowings amounted to HKD 3,905,630 million, slightly up from HKD 3,904,259 million[81] - The group's current ratio as of December 31, 2023, was approximately 0.46, with a debt-to-capital ratio of about 56%[114] Costs and Expenses - The cost of gas procurement for 2023 was HKD 5,081,867,000, up from HKD 4,789,548,000 in 2022, indicating an increase of about 6.1%[35] - The net financing cost for 2023 was HKD (156,400,000), compared to HKD (106,567,000) in 2022, reflecting an increase of approximately 47%[36] - The group's total sales and service costs and administrative expenses amounted to HKD 6,007,889,000 in 2023, compared to HKD 5,690,138,000 in 2022, indicating an increase of approximately 5.6%[35] - The group's administrative expenses for the year ended December 31, 2023, were approximately HKD 350 million, an increase of about HKD 35 million or 11% compared to HKD 315 million for the previous year[92] Dividends - The proposed final dividend per ordinary share is HKD 0.10, an increase from HKD 0.09 in the previous year[27] - The proposed final dividend for the year ended December 31, 2023, is approximately HKD 102,827,000, down from HKD 135,203,000 in 2022, which corresponds to a decrease of about 24%[39] - The board proposed a final dividend of HKD 0.076 per share for the year ended December 31, 2023, down from HKD 0.10 per share in 2022, with shareholders having the option to receive the dividend in cash or new ordinary shares[128] Operational Highlights - The total gas sales volume for 2023 reached a record high of 2.2 billion cubic meters, with pipeline gas sales increasing by 12% year-on-year to 1.61 billion cubic meters[55] - The pipeline natural gas sales revenue for the year was HKD 5,850,142,000, an increase of approximately 9% from HKD 5,380,406,000 in the previous year[60] - The group’s rental income increased to HKD 10,180,000 in 2023 from HKD 6,533,000 in 2022, marking a growth of approximately 55.5%[33] - The group’s insurance agency service revenue rose to HKD 9,246,000 in 2023, compared to HKD 6,561,000 in 2022, representing an increase of about 40.6%[33] - The cumulative number of users reached approximately 2,399,000, with about 100,000 new regular users added during the year[55] Strategic Initiatives - The group plans to enhance its upstream gas source structure and reduce procurement costs through strategic partnerships, including agreements with Beijing Gas Group and Sinopec[87] - The group aims to enhance its core gas supply business in 2024 by actively expanding pipeline gas and transportation gas customers while reducing procurement costs to improve profitability[120] - The company plans to continue developing diversified value-added services, expecting this segment to drive significant growth in the coming years[120] - The group is committed to promoting green development and responding to national clean energy strategies, focusing on sustainable growth and creating new profit growth points[120] Market Outlook - The OECD forecasts China's economic growth rate to be 4.7% in 2024, which is expected to positively impact the natural gas industry[99] - The group expects China's LNG imports to rebound to 80 million tons in 2024, surpassing the record of 78.79 million tons set in 2021[99] Employee and Corporate Governance - The group has 1,752 employees as of December 31, 2023, with total employee compensation amounting to approximately HKD 222 million, up from HKD 216 million in the previous year[101] - The group received several awards for its corporate social responsibility efforts, including the "Best ESG Company Award" at the 8th Zhitong Finance Capital Market Annual Meeting[58] Miscellaneous - The annual report for the year ended December 31, 2023, is expected to be published around April 12, 2024[108] - The group had no significant contingent liabilities as of December 31, 2023[118]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 3,119,303 thousand, representing a 2% increase compared to HKD 3,046,876 thousand in the same period of 2022[3] - Gross profit decreased by 11% to HKD 384,415 thousand from HKD 433,733 thousand year-on-year[3] - Profit for the period dropped by 35% to HKD 170,481 thousand, down from HKD 263,521 thousand in the previous year[3] - Basic earnings per share attributable to the company's owners fell by 36% to HKD 12.31 cents from HKD 19.09 cents[3] - The company reported a total comprehensive income of HKD 73,223 thousand for the period, down from HKD 154,114 thousand in the same period last year[11] - The company’s profit attributable to shareholders for the six months ended June 30, 2023, was HKD 166,436,000, a decrease of HKD 91,692,000 or 36% compared to HKD 258,128,000 for the same period last year[38] - The company reported a profit attributable to owners of HKD 166,436,000 for the six months ended June 30, 2023, compared to HKD 258,128,000 for the same period in 2022, indicating a decrease of approximately 35.5%[103] - The basic earnings per share for the period was HKD 12.27, down from HKD 19.03 in the previous year, reflecting a decline of about 35.0%[103] Assets and Liabilities - Total assets decreased by 7% to HKD 7,984,839 thousand compared to HKD 8,570,664 thousand in the previous year[7] - Total equity declined by 4% to HKD 2,203,286 thousand from HKD 2,285,986 thousand year-on-year[7] - Total liabilities reduced by 8% to HKD 5,781,553 thousand from HKD 6,284,678 thousand in the previous year[7] - Total assets as of June 30, 2023, decreased to HKD 7,984,839, down from HKD 8,570,664 as of December 31, 2022, representing a decline of approximately 6.84%[13] - The company's equity decreased to HKD 2,203,286 as of June 30, 2023, compared to HKD 2,285,986 as of December 31, 2022, reflecting a decrease of about 3.58%[13] - Total liabilities decreased to HKD 5,781,553 as of June 30, 2023, from HKD 6,284,678 as of December 31, 2022, a reduction of about 8.01%[20] Cash Flow - Net cash inflow from operating activities for the six months ended June 30, 2023, was HKD 255,255, compared to HKD 209,648 for the same period in 2022, an increase of approximately 21.76%[18] - The company reported a net cash outflow from investing activities of HKD 172,110 for the six months ended June 30, 2023, compared to HKD 312,166 for the same period in 2022, indicating a reduction in cash outflow by approximately 44.91%[18] - Cash and cash equivalents at the end of the period were HKD 737,808, down from HKD 790,480 at the end of 2022, reflecting a decrease of approximately 6.66%[18] - The company’s cash and cash equivalents decreased to HKD 737,808 thousand from HKD 845,250 thousand year-on-year[4] Government Support - The company received government grants amounting to HKD 43,450 during the six months ended June 30, 2023, compared to HKD 1,785 in the same period last year, indicating a significant increase in government support[18] - Government grants significantly rose to HKD 45,575,000 compared to HKD 4,003,000 in the previous year, marking an increase of 1035.5%[54] - The group received government subsidies totaling HKD 74,782,000 for gas pipeline construction projects as of June 30, 2023, down from HKD 79,339,000 in the previous year[146] Operational Highlights - Revenue from engineering construction and gas pipeline installation services for the six months ended June 30, 2023, was HKD 300,036, a decrease of 11% from HKD 337,211 in the same period last year[31] - The cumulative length of urban medium-pressure gas pipelines increased by 104 kilometers to approximately 3,825 kilometers as of June 30, 2023, compared to 3,721 kilometers as of December 31, 2022[31] - The company reported a pipeline gas sales revenue of approximately 25,517,000 HKD for the six months ended June 30, 2023, a decrease of 17% compared to 30,657,000 HKD in the same period last year[199] - The total gas transmission volume for the period was 312,794,208 cubic meters[199] Financial Management - The company's current ratio as of June 30, 2023, was 0.38, indicating potential liquidity concerns[39] - The debt-to-capital ratio as of June 30, 2023, was approximately 59%, calculated as net debt divided by total capital[39] - The company has secured approximately RMB 1,788,128,000 (equivalent to about HKD 1,932,694,000) in signed or locked loans from various banks and financial institutions, ensuring sufficient financial resources for business operations[82] - The company’s financial liabilities showed no significant changes in cash outflows compared to the end of 2022, indicating stable liquidity management[94] Strategic Initiatives - The company plans to sell properties under construction as part of its strategic focus on gas business development[33] - The company plans to leverage the "X+1+X" policy opportunities and focus on core business revenue growth while expanding value-added and comprehensive energy services[36] - The company has signed framework agreements with major shareholders to enhance its clean energy strategy and support market integration in the Tianjin Binhai New Area[35] Market Conditions - The average monthly spot price of the U.S. natural gas benchmark Henry Hub fell by 34% in the first half of 2023, while European natural gas prices dropped by over 60%[34] Dividends - The company has proposed a final dividend of HKD 0.10 per share for the year ended December 31, 2022, totaling approximately HKD 135,200,000 paid out[49] - The total amount of dividends proposed for the 2022 final dividend was approximately HKD 135,200,000, compared to HKD 121,682,000 for the six months ended June 30, 2022[109] - The company decided not to declare an interim dividend for the six months ended June 30, 2023[110] Related Party Transactions - The company reported related party transactions totaling 131,895,000 HKD for the six months ended June 30, 2023, compared to 74,024,000 HKD in the previous year[181]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[10]. - The company reported a revenue of HK$6.10 billion for the year ended December 31, 2022, representing a 26% increase from HK$4.84 billion in 2021[167]. - Gross profit decreased by 15% to HK$727.32 million, down from HK$855.44 million in the previous year[163]. - Profit for the year attributable to owners of the company was HK$325.83 million, an 18% decline from HK$399.66 million in 2021[163]. - Profit for the Group amounted to approximately HK$333 million for the year, a decrease of approximately 19% from HK$410 million in 2021[182]. - The gross profit margin decreased to 11.9%, down from 17.7% in the previous year, reflecting a 5.8 percentage point decline[163]. - The Group's income from sales of piped natural gas for the year was HK$5,380,406,000, an increase of HK$1,368,504,000 or approximately 34% compared to HK$4,011,902,000 in 2021[195]. - The income from construction and gas pipeline installation services was approximately HK$646,835,000, a decrease of HK$96,045,000 or approximately 13% compared to HK$742,880,000 in the previous year[195]. User Growth and Market Expansion - User data showed a 15% increase in active users, reaching 1.2 million by the end of the year[20]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a projected growth of 20%[10]. - New product launches are expected to contribute an additional $50 million in revenue, with a focus on expanding the product line in the renewable energy sector[20]. - The company is actively pursuing market expansion strategies, targeting three new cities in mainland China for its gas pipeline network by the end of next year[24]. - A merger with a local gas provider is anticipated to enhance market share by 10% and improve operational efficiencies[20]. Environmental and Sustainability Initiatives - Environmental, Social, and Governance (ESG) initiatives are being prioritized, with a dedicated budget of $5 million allocated for sustainability projects in the upcoming year[24]. - The company has established a top-down structure for ESG management, ensuring regular reporting to the Board on sustainability-related matters[24]. - The company’s commitment to clean energy solutions positions it as a leader in the integrated energy market in China[20]. - During the reporting period, the total natural gas sales volume reached 2.03 billion cubic meters, which can replace 2.6999 million tons of coal, resulting in a reduction of 2.8826 million tons of CO2 emissions and 44,660 tons of SO2 emissions[36]. - The Group is committed to promoting the use and penetration of clean energy, continuously increasing the utilization rate of natural gas pipeline networks in service locations[34]. - The Group has established hazardous waste reduction targets and taken measures to rationally dispose of hazardous waste[55]. - The Group promotes the use of LED lighting to reduce energy consumption and environmental impact[67]. - The Group has implemented energy-saving improvements to office facilities to achieve energy conservation goals[64]. Operational Efficiency and Risk Management - The Group has implemented a business process optimization project to enhance efficiency and effectiveness in internal control and risk management[146]. - The Group has established a monthly reporting mechanism for major operational risk matters covering 12 risk issues, improving risk response capability[146]. - The Group's ability to continue as a going concern depends on the sufficiency of financial resources, with Directors confident of meeting financial obligations in the next twelve months[149]. - The Group has adopted a pilot project for contract approval processes to optimize management and enhance risk identification[146]. - The Group has implemented safety management systems and pandemic preparedness measures to ensure employee well-being and operational safety[144]. Employee and Labor Practices - The Group has established a salary system based on position, performance, and contribution, providing reasonable salaries and welfare, including five social insurances and bonuses[111]. - The Group conducts monthly training for employees to enhance corporate culture, codes of conduct, and work capability[116]. - The Group prohibits child and forced labor, ensuring compliance with national laws and conducting strict verification of employee information[105]. - The Group's recruitment policy ensures equal opportunities and a fair environment, promoting a diverse workforce from over 20 provinces[108]. - As of December 31, 2022, the Group had 1,722 employees, an increase from 1,674 employees in 2021[136]. Financial Position and Liabilities - As of December 31, 2022, the Group's restricted cash amounted to HK$172,864,000, an increase from HK$155,080,000 in 2021[52]. - The net carrying amount of pipelines and equipment as of December 31, 2022, was approximately HK$742,762,000, which was pledged as security for borrowings[52]. - The Group incurred a net foreign exchange loss of approximately HK$84 million for financing activities for the year ended December 31, 2022[46]. - The Group's current liabilities exceeded its current assets by approximately HK$1,853,172,000 as of December 31, 2022[47]. - The Group's gearing ratio was approximately 57% as of December 31, 2022, calculated as net debt divided by total capital[147]. Future Outlook and Industry Trends - The company anticipates an economic rebound in 2023 as social activities recover post-epidemic, improving the market environment for the energy industry[170]. - The Group believes that energy industries, including natural gas, are expected to reach new highs in 2023 due to improved supply and demand conditions[189]. - The natural gas demand in Mainland China is expected to maintain rapid growth, supported by the recovery of the domestic economy and a slowdown in natural gas price growth[189].

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 6,102,638,000, representing a 26% increase from HKD 4,842,926,000 in 2021[16] - The net profit for the year was HKD 332,753,000, a decrease of 19% compared to HKD 410,025,000 in the previous year[16] - The basic earnings per share decreased by 19% to HKD 24.1 from HKD 29.6 in 2021[16] - Total comprehensive income for the year was HKD 148,671,000, significantly lower than HKD 476,129,000 in 2021[5] - The group reported a net foreign exchange loss of approximately HKD 84 million for the year ended December 31, 2022, compared to a net foreign exchange gain of HKD 25 million in the previous year[25][29] - The segment performance showed a total profit of HKD 727,322,000, compared to HKD 855,441,000 in the previous year, indicating a decline of about 15%[46] - The company reported a net impairment reversal of financial and contract assets amounting to HKD 30,723,000, compared to a loss of HKD (25,226,000) in the previous year[49] - The total cost of gas procurement was HKD 4,789,548,000, up from HKD 3,403,733,000, representing an increase of approximately 41%[57] - The proposed final dividend for the year ended December 31, 2022, is approximately HKD 135,203,000, compared to HKD 121,682,000 in the previous year, which is an increase of about 11%[61] - Basic earnings per share decreased to 24.1 HK cents in 2022 from 29.6 HK cents in 2021, reflecting a decline of approximately 18.5%[62] - Diluted earnings per share also fell to 24.0 HK cents in 2022 from 29.5 HK cents in 2021, representing a decrease of about 18.5%[70] - Operating profit decreased to HKD 487,984,000 from HKD 587,673,000, reflecting a decline of approximately 17%[139] - Net profit attributable to the company's owners for the year was HKD 325,833,000, compared to HKD 399,659,000 in 2021, a decrease of around 18%[139] Assets and Liabilities - The total assets of the company as of December 31, 2022, were HKD 8,570,664,000, compared to HKD 8,179,625,000 in 2021[6] - The company reported a total equity of HKD 2,285,986,000, slightly down from HKD 2,322,787,000 in the previous year[21] - Total borrowings as of December 31, 2022, amounted to approximately HKD 3,904 million, an increase from HKD 3,125 million in the previous year[27] - The group's current liabilities exceeded its current assets by approximately HKD 1,853 million as of December 31, 2022[28] - Current liabilities increased by 11% to HKD 3,788,969,000, compared to HKD 3,400,294,000 in 2021[137] - Total liabilities grew by 7% to HKD 6,284,678,000 from HKD 5,856,838,000 in the previous year[137] - Major components of current liabilities included accounts payable of approximately HKD 1,282,003,000 and current borrowings of about HKD 1,575,868,000[143] Cash Flow and Financing - Cash and cash equivalents increased to HKD 845,250,000 from HKD 742,181,000 in 2021[6] - Cash and bank deposits as of December 31, 2022, were HKD 1,018 million, compared to HKD 897 million in the previous year[27] - The company has secured approximately RMB 1,548,451,000 in financing to support its operations and maintain profitability[10] - Financing income increased significantly to HKD 10,330,000 from HKD 3,744,000, marking an increase of approximately 175%[51] - Financing costs rose to HKD (116,897,000) from HKD (104,624,000), reflecting an increase of about 12%[51] - The average financing cost rose to 4.6% from 4.4% in 2021, an increase of 0.2 percentage points[137] Operational Highlights - The volume of gas transported through the pipeline network for the year ended December 31, 2022, was 593,010,423 cubic meters, with pipeline transportation service revenue of approximately HKD 51 million, a decrease of about 15% from HKD 60 million in the previous year[30] - For the year ended December 31, 2022, the group's pipeline natural gas sales revenue was HKD 5,380,406,000, an increase from HKD 4,000,000,000 for the year ended December 31, 2021, representing a growth of approximately 34.5%[93] - The total number of gas users increased to 2,299,000, with a net addition of 106,000 users in 2022, a decrease of 35% year-on-year[102] - The pipeline gas sales volume reached 2.03 billion cubic meters, a year-on-year increase of 3%, while the pipeline gas sales volume specifically grew by 15% to 1.44 billion cubic meters[102] - The revenue from engineering construction and natural gas pipeline installation services was HKD 646,835,000, a decrease of approximately 13% from HKD 742,880,000 in the previous year[112] Strategic Initiatives - The group plans to sell a piece of land in the Tianjin Airport Economic Zone, focusing on the development of its gas business[31][32] - The group aims to enhance its gas supply security and winter gas storage capacity through various measures, including acquisitions and partnerships[103] - The group has signed a framework agreement with Tianjin Xingcheng Investment Development Co., Ltd. to transform into a comprehensive energy operator, laying a solid foundation for future growth[103] - The group anticipates that the natural gas supply and demand situation will improve in 2023, potentially leading to new highs in the energy industry[111] - The group is actively expanding its business network and enhancing gas storage and peak-shaving capabilities to support the national goal of carbon neutrality[101] Human Resources - The group employed 1,722 staff as of December 31, 2022, up from 1,674 in 2021[126] - Employee salaries and wages amounted to approximately HKD 216 million, with HKD 42 million allocated to R&D expenses[126] Future Outlook - The financial results indicate a need for strategic adjustments to improve profitability and manage liabilities effectively[141] - Future outlook may involve exploring new market opportunities and enhancing operational efficiencies to drive growth[141]

Financial Performance - Revenue for the six months ended June 30, 2022, increased by 32% to HK$3,046,876,000 compared to HK$2,316,905,000 in the same period of 2021[2] - Gross profit decreased by 4% to HK$433,733,000 from HK$453,067,000 year-on-year[2] - Profit for the period rose by 11% to HK$263,521,000, up from HK$238,114,000 in the previous year[2] - Basic earnings per share attributable to owners of the Company increased by 12% to 19.09 cents from 17.09 cents[5] - Total comprehensive income for the period was HK$154,114,000, a decrease from HK$266,449,000 in the previous year[6] - For the six months ended June 30, 2022, the profit for the period was HK$258,128,000, compared to HK$231,116,000 for the same period in 2021, representing an increase of approximately 11.7%[12] - Total comprehensive income for the period was HK$152,225,000, down from HK$258,752,000 in the previous year, indicating a decrease of approximately 41.2%[12] Assets and Liabilities - Total assets as of June 30, 2022, decreased by 4% to HK$7,879,888,000 compared to HK$8,179,625,000 at the end of 2021[3] - Total equity as of June 30, 2022, slightly decreased by 1% to HK$2,295,219,000 from HK$2,322,787,000[3] - Total liabilities as of June 30, 2022, decreased by 5% to HK$5,584,669,000 compared to HK$5,856,838,000 at the end of 2021[3] - Current assets decreased to HK$1,437,909 from HK$1,700,664, a reduction of about 15.4%[8] - Total equity attributable to owners of the company is HK$2,222,894, slightly down from HK$2,252,351, indicating a decrease of around 1.3%[9] - Non-current liabilities increased to HK$2,540,863 from HK$2,456,544, reflecting an increase of approximately 3.4%[9] - Current liabilities decreased to HK$3,043,806 from HK$3,400,294, a decrease of about 10.5%[10] Cash Flow and Financing - Cash generated from operations for the six months ended June 30, 2022, was HK$262,196,000, a decrease from HK$299,728,000 in 2021, reflecting a decline of about 12.5%[13] - Net cash inflow from operating activities was HK$252,938,000, compared to HK$209,648,000 in the previous year, showing an increase of approximately 20.7%[13] - The Group's net cash outflow from investing activities was HK$312,166,000 for the six months ended June 30, 2022, compared to HK$365,978,000 in 2021, reflecting an improvement of about 14.7%[14] - Proceeds from borrowings for the six months ended June 30, 2022, were HK$805,090,000, a decrease from HK$1,665,558,000 in the previous year, indicating a decline of approximately 51.7%[14] - The Group has access to undrawn bank borrowing facilities of RMB207,173,000 (approximately HK$242,534,000) as of June 30, 2022[22] - The Group obtained financing proceeds of RMB300,000,000 (approximately HK$351,000,000) through a finance lease arrangement in April 2022[23] Shareholder Information - Dividends paid to the Company's shareholders amounted to HK$121,682,000, compared to HK$106,810,000 in the previous year, representing an increase of about 13.9%[14] - The total amount of the 2021 Final Dividend paid during the period was approximately HK$121,682,000, compared to approximately HK$106,810,000 for the six months ended June 30, 2021, representing a growth of 13.9%[67] - The Company has not declared an interim dividend for the six months ended June 30, 2022[67] Operational Highlights - Total segment revenue from external customers for the six months ended June 30, 2022, was HK$3,046,876,000, representing an increase from HK$2,316,905,000 for the same period in 2021[48] - Sales of piped natural gas accounted for HK$2,663,803,000, while construction and gas pipeline installation generated HK$337,211,000[48] - The company recognized a net impairment reversal on financial and contract assets amounting to HK$32,186,000[48] - The sales of bottled natural gas reached HK$15,205,000 for the six months ended June 30, 2022[48] - Gas passing through service generated revenue of HK$30,657,000 during the same period[48] Risk Management - The Group's overall risk management program focuses on minimizing potential adverse effects on financial performance due to market unpredictability[35] - The Group's financial risk factors include market risk, credit risk, and liquidity risk, with a focus on managing these risks effectively[35] Employee and Compensation - The Group had a total of 1,687 employees as of June 30, 2022, with salaries and wages amounting to HK$117,292,000 during the period[195] - Approximately HK$18,600,000 of the total salaries and wages was recorded as research and development expenses for the six months ended June 30, 2022[195] Future Outlook - The Group expects China's natural gas consumption to exceed 430 billion cubic meters by 2025 and over 550 billion cubic meters by 2030, indicating significant market potential[175] - A framework agreement signed with major shareholders TEDA and Sinopec is anticipated to inject new momentum into the Group's development and competitiveness in the natural gas industry[177]

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Financial Performance - The company reported a consolidated profit of $XX million for the year, representing a YY% increase compared to the previous year[1]. - The Group recorded a revenue of approximately HK$4.84 billion for the year ended 31 December 2021, representing a 33% increase compared to HK$3.65 billion in 2020[11]. - Profit for the year amounted to approximately HK$410 million, reflecting a 14% increase from HK$361 million in 2020[11]. - The gross profit margin improved to 17.7% in 2021, up from 16.5% in 2020, indicating a 1.2 percentage point increase[9]. - The Group achieved a total income from sales of piped natural gas of HK$4,011,902,000, representing a 37% increase compared to HK$2,935,616,000 in 2020[27]. - Gross profit for the year ended December 31, 2021, was approximately HK$855 million, with a gross profit margin of 18%, compared to HK$603 million and a margin of 17% in 2020[37]. - Profit attributable to equity owners of the Company for the year ended December 31, 2021, was approximately HK$400 million, representing an increase of 13% from approximately HK$355 million for the year ended December 31, 2020[37]. User Growth and Market Expansion - User data showed a growth of ZZ% in active users, reaching a total of AA million users by the end of the fiscal year[1]. - Market expansion efforts have led to the establishment of new offices in GG regions, targeting a market share increase of HH%[1]. - The Group has developed multi-party strategic cooperation to seize growth opportunities in the post-pandemic era[12]. - The Group aims to strengthen and expand its market share in the domestic gas business while adhering to environmental protection policies[19]. Revenue Guidance and Future Projections - The company provided a revenue guidance of $BB million for the next fiscal year, indicating a projected growth of CC%[1]. - New product launches included the introduction of DD, which is expected to contribute $EE million in revenue in the upcoming year[1]. - The Group plans to continue developing value-added services and explore comprehensive technologies for energy research and development[22]. - The Group is expected to remain profitable and generate operating cash inflows from future business operations[113]. Assets and Financial Position - Total assets increased to $MM million, marking a growth of NN% year-over-year[1]. - Current assets increased by 26% to HK$1.70 billion from HK$1.35 billion in 2020[10]. - Total equity increased by 16% to HK$2.32 billion from HK$2.00 billion in 2020[10]. - The Group's total borrowings as of December 31, 2021, amounted to HK$3,124,749,000, an increase from HK$2,364,006,000 in 2020[38]. - As of December 31, 2021, the Group's current ratio was approximately 0.50, with consolidated current assets of HK$1,700,664,000[38]. Research and Development - The company is investing $FF million in R&D for new technologies aimed at enhancing operational efficiency[1]. - The total salaries and wages for employees amounted to approximately HK$210 million for the year ended December 31, 2021, with HK$38 million allocated to research and development expenses[46][49]. Corporate Governance - The Board comprises nine Directors, including three executive Directors, three non-executive Directors, and three independent non-executive Directors[58][59]. - The Group fully complied with the corporate governance code provisions for the year ended December 31, 2021, except for the chairman's absence at the annual general meeting due to a scheduling conflict[53][54]. - The Company emphasizes the importance of training for directors, covering topics such as corporate governance and capital market developments[68]. - The Board is responsible for reviewing the effectiveness of the risk management and internal control systems[133]. Risk Management and Internal Control - The Company emphasizes the importance of risk management and internal control systems to enhance operational efficiency and ensure the reliability of financial reporting[133]. - The risk management process includes risk identification, evaluation based on likelihood and impact, and response strategies determined by the Internal Control and Legal Department[129]. - The Directors conducted an annual review of the risk management and internal control systems, confirming their effectiveness and adequacy[126]. - The Audit Committee monitored the risk management and internal control systems of the Company[95]. Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social, and Governance Report provides an overview of the Group's sustainable development and performance in 2021[146]. - The Group aims to become a top integrated energy service provider nationwide, leveraging its coverage of gas businesses across seven provinces and two municipalities in China[166]. - The Group has established an ESG Reporting Leading Group and ESG Reporting Working Group to manage sustainability-related matters and report to the Board regularly[158]. - The Group strictly complies with PRC laws and regulations regarding emissions and waste management, with no non-compliance incidents reported during the Reporting Period[167]. Safety and Compliance - The Group emphasizes the importance of safety management and will continue to improve its safety construction and information management systems[23]. - The Group has established safety management regulations to improve construction quality and safety in adverse weather conditions[194]. - The Group strictly complies with national laws regarding the prevention of child and forced labor, with no reported non-compliance cases during the reporting period[198][199].