Government Grants and Income - As of June 30, 2023, the company received government grants totaling HK$57,593,000 for gas pipeline construction projects, a decrease from HK$61,443,000 as of December 31, 2022[3] - Grants for gas pipeline and heating construction projects amounted to approximately HK$74,782,000 as of June 30, 2023, down from HK$79,339,000 as of December 31, 2022[3] - Deferred income recognized in profit or loss as other income during the six months ended June 30, 2023, was HK$2,125,000, slightly lower than HK$2,135,000 for the same period in 2022[3] Related Party Transactions - The company reported related party transactions with entities controlled by TEDA amounting to HK$121,174,000 for the six months ended June 30, 2023, compared to HK$57,554,000 in 2022[11] - The total revenue from entities controlled by Sinopec was HK$1,167,390,000 for the six months ended June 30, 2023, an increase from HK$1,008,464,000 in 2022[14] Financial Performance - For the six months ended June 30, 2023, the gross profit of the Group was HK$384,415,000, a decrease of 11.4% from HK$433,733,000 for the same period in 2022, with a gross profit margin of 12.3% compared to 14.2% last year[41] - The profit attributable to owners of the Company was HK$166,436,000, representing a decrease of 36% or HK$91,692,000 compared to HK$258,128,000 for the corresponding period last year[42] - Basic earnings per share for the period were 12.31 HK cents, down from 19.09 HK cents in the same period last year[51] - Profit for the period attributable to owners of the company was HK$166,436,000, a decrease of 35.5% compared to HK$258,128,000 in the same period last year[168] - Total comprehensive income for the period was HK$73,223,000, down 52.5% from HK$154,114,000 in the prior year[169] Assets and Liabilities - The company’s total liabilities as of June 30, 2023, were HK$46,814,000, down from HK$50,117,000 as of January 1, 2023[5] - The Group's total assets as of June 30, 2023, were HK$7,984,839, a decrease of 7% from HK$8,570,664 at the end of 2022[178] - Total liabilities decreased by 8% to HK$5,781,553 from HK$6,284,678 at the end of 2022[178] - As of June 30, 2023, the Group's current liabilities exceeded current assets by approximately HK$2,535,054,000, raising concerns about its ability to continue as a going concern[90] Borrowings and Financial Management - The Group's non-current bank borrowings increased to HK$1,211,185,000 as of June 30, 2023, from HK$1,018,507,000 as of December 31, 2022[45] - The Group's current bank borrowings decreased slightly to HK$587,532,000 as of June 30, 2023, from HK$598,284,000 as of December 31, 2022[45] - Total borrowings as of June 30, 2023, amounted to HK$3,887,779, a slight decrease from HK$3,904,259 as of December 31, 2022[143] - Current borrowings increased significantly from HK$1,575,868 as of December 31, 2022, to HK$2,368,302 as of June 30, 2023, reflecting an increase of approximately 50.4%[143] Employee and Administrative Expenses - The Group had a total of 1,723 employees as of 30 June 2023, a slight increase from 1,722 employees at the end of 2022[1] - Employee salaries and wages for the period amounted to HK$117,168,000, compared to HK$117,292,000 for the same period in 2022[1] - Administrative expenses increased by HK$2,150,000 or 2% to HK$143,913,000, primarily due to higher research and development expenses[63] Research and Development - Research and development expenses during the period were approximately HK$20,600,000, up from approximately HK$18,600,000 in the previous year[1] Share Options and Equity - The maximum number of Ordinary Shares to be issued upon exercise of share options under the 2021 Scheme is 62,294,575, representing approximately 4.6% of the total issued Ordinary Shares as of the date of this interim report[1] - The total equity attributable to owners of the company was HK$2,222,894,000 as of June 30, 2022, compared to HK$2,295,219,000 at the end of the previous year[173] Financial Risk Management - The Group's financial risk management focuses on minimizing potential adverse effects on financial performance due to market unpredictability[197] - As of June 30, 2023, the Group did not use any derivative financial instruments to hedge against its financial risk exposures[197] - Management concluded that the Group will have sufficient financial resources to support its operations and meet financial obligations in the coming twelve months[194] Other Financial Information - The actual amount of the 2022 Final Dividend paid was approximately HK$135,200,000[1] - The Board recommended a final dividend of HK$0.10 per ordinary share for the year ended 31 December 2022[68] - The Group had a net unrealized foreign exchange loss of HK$55,351,000 for financing activities during the six months ended 30 June 2023[67]

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].

Financial Data and Key Metrics - Revenue in 2021 reached HKD 4.843 billion, a 33% YoY increase [2] - Gross margin improved to 18%, up by 1 percentage point YoY [2] - Net profit was HKD 410 million, a 14% YoY increase [2] - Dividend payout ratio was 30%, with a total dividend of HKD 122 million [2] Business Line Data and Key Metrics - Pipeline gas sales volume grew by 11% YoY to 1.962 billion cubic meters, with core pipeline gas sales contributing HKD 4.012 billion, a 37% YoY increase [2] - Gas transmission services contributed HKD 60.17 million in revenue, with a total transmission volume of 711 million cubic meters [2] - Engineering and gas pipeline installation services revenue increased by 19% to HKD 743 million [2] Market Data and Key Metrics - The company operates in seven provinces and two municipalities, serving 2.1825 million residential customers and 11,178 industrial and commercial customers [3] - High-pressure and sub-high-pressure pipelines increased to 636 km, while the Central Asia pipeline network expanded to 3,574 km [3] - Strong market expansion in key regions, with new projects adding 145 million cubic meters of annual gas sales [3] Company Strategy and Industry Competition - The company is transitioning towards an industrial customer-focused model, with industrial customers now accounting for 77.36% of sales, up 5.27 percentage points YoY [5] - The company aims to maintain double-digit growth in gas sales and connection businesses, with value-added services expected to become a new profit growth point [8] - The company is leveraging its unique upstream resource advantages in the Tianjin region, supported by strategic partnerships with Sinopec and other major gas suppliers [6][7] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's resilience in maintaining stable gross margins despite high gas prices, driven by cost control and pricing power [6][7] - The company expects gas prices to remain high in 2022 but is confident in maintaining double-digit growth in gas sales and stable gross margins [8][9] - The company is focusing on digital transformation and safety investments, with HKD 41 million spent on safety in 2021 [3] Other Important Information - The company completed its 14th Five-Year Plan, targeting stable annual growth of over 10% [4] - The company received the "Most Socially Responsible Listed Company" and "Best Infrastructure and Public Utilities Company" awards at the 6th Golden Hong Kong Stock Awards [4] Q&A Session Summary Question: What is the current gas penetration rate in China, and what is the theoretical ceiling under the carbon neutrality goal? [12] - The company explained that penetration rates vary by region, with significant room for growth in its 40 project areas, especially in the Tianjin Binhai New Area [13] Question: How does the company determine pricing, and what is the potential for price increases? [13] - Pricing is based on upstream gas supply contracts, procurement costs, and customer demand. The company aims to optimize cost matching and maintain competitive pricing [14][15] Question: Can the company maintain its high ROE, and are there plans to increase dividends? [15] - The company attributed its high ROE to strong upstream resource acquisition and cost control. It plans to maintain a stable dividend payout ratio of 30% of net profit [16][17] Question: What is the current scale of value-added services, and what are the future growth prospects? [18] - The company has 2.19 million residential users and is expanding value-added services for industrial and commercial customers, targeting HKD 38 million in revenue from these services in 2022 [19][20] Question: How will the company manage the impact of high global gas prices in 2022? [21] - The company expects gas prices to remain high but will leverage its upstream resource advantages and cost control measures to mitigate the impact [22][23] Question: How will the company manage financial costs amid rising interest rates? [28] - The company has optimized its debt structure, reducing overall financial costs, and is closely monitoring interest rate trends to minimize risks [29][30] Question: What is the expected price difference for industrial and commercial users in 2022, and how will high gas prices affect it? [31] - The company expects a 30-35% increase in gas prices but aims to maintain a lower price increase compared to the industry average, supported by its customer structure and cost absorption capabilities [32][33]

Financial Performance - Revenue for the six months ended June 30, 2021, was HK$2,316,905,000, representing a 26% increase from HK$1,833,801,000 in the same period of 2020[3] - Gross profit for the same period was HK$453,067,000, also a 26% increase compared to HK$359,463,000 in 2020[3] - Profit for the period increased by 57% to HK$238,114,000 from HK$151,184,000 in the previous year[3] - Basic earnings per share attributable to owners of the Company rose by 40% to 17.09 cents from 12.25 cents[6] - Total comprehensive income for the period was HK$266,449,000, significantly up from HK$122,716,000 in 2020[7] - Profit for the period for the six months ended June 30, 2021, was HK$231,116,000, compared to HK$143,890,000 for the same period in 2020, representing a 60.5% increase[15] - Total segment revenue from external customers for the six months ended June 30, 2021, was HK$2,316,905, an increase from HK$1,833,801 in the same period of 2020[39] - Profit before income tax for the six months ended June 30, 2021, was HK$301,454, compared to HK$216,349 for the same period in 2020, reflecting a growth of approximately 39.4%[42] Assets and Liabilities - Total assets as of June 30, 2021, were HK$7,741,004,000, a 9% increase from HK$7,094,864,000 at the end of 2020[4] - Total liabilities rose by 11% to HK$5,631,590,000 from HK$5,095,089,000 at the end of 2020[4] - Total equity increased by 5% to HK$2,109,414,000 from HK$1,999,775,000 at the end of 2020[4] - Borrowings significantly increased to HK$2,080,494 from HK$1,055,498, marking a rise of about 97%[9] - The company reported a total liability of HK$5,631,590, up from HK$5,095,089, indicating an increase of approximately 10.5%[10] - Total borrowings as of June 30, 2021, were HK$2,364,006,000, up from HK$1,308,508,000 as of December 31, 2020[80] - The Group's total borrowings as of June 30, 2021, amounted to HK$3,177,976, an increase of 34.4% from HK$2,364,006 as of December 31, 2020[99] Cash Flow and Financing Activities - Cash generated from operations for the six months ended June 30, 2021, was HK$299,728,000, up from HK$153,866,000 in 2020, indicating a 94.8% increase[17] - Net cash inflow from operating activities for the six months ended June 30, 2021, was HK$252,938,000, compared to HK$99,582,000 in 2020, reflecting a 153.5% increase[17] - Net cash outflow from investing activities for the six months ended June 30, 2021, was HK$365,978,000, compared to HK$421,689,000 in 2020, showing a decrease of 13.2%[18] - Net cash inflow from financing activities for the six months ended June 30, 2021, was HK$590,832,000, compared to HK$124,062,000 in 2020, indicating a 376.5% increase[18] - Cash and cash equivalents at the end of the period were HK$888,617,000, up from HK$491,281,000 at the end of June 30, 2020, representing an 80.8% increase[18] Shareholder Information - The Group's principal shareholders include TEDA Hong Kong Property Company Limited and Great Wall Energy Investment (Hong Kong) Limited, holding approximately 35.43% and 29.99% of total ordinary shares respectively[19] - The largest shareholder, TEDA HK, holds a 35.43% stake, while the ultimate parent, TEDA, increased its shareholding to 39.50% as of June 30, 2021, up from 35.43%[111] - China Petrochemical Corporation owns 405,472,337 ordinary shares, accounting for 29.99% of the total issued ordinary shares as of June 30, 2021[186] Operational Highlights - The Group's income from sales of piped natural gas amounted to HK$1,872,813,000, representing an increase of HK$403,413,000 or 27% compared to HK$1,469,400,000 recorded for the corresponding period last year[146] - Income from construction and gas pipeline installation service amounted to approximately HK$402,174,000, representing an increase of HK$75,188,000 or 23% compared to HK$326,986,000 recorded for the corresponding period last year[147] - The volume of gases transported by the Group for its clients amounted to 359,653,737 cubic meters, with gas passing through service income of approximately HK$29,361,000, representing an increase of HK$1,141,000 or 4% compared to HK$28,220,000 for the corresponding period last year[151] Employee and Administrative Expenses - Employee benefit expenses rose to HK$120,519,000 in 2021 from HK$117,897,000 in 2020, a slight increase of 2.2%[51] - Administrative expenses were HK$131,859,000, reflecting a slight increase of 2% from HK$129,885,000 in the prior year[161] - The Group had a total of 1,661 employees as of June 30, 2021, down from 1,718 employees as of December 31, 2020[173] Future Outlook and Strategic Plans - The Group expects to draw down the remaining US$150,000,000 (approximately HK$1,159,950,000) from a syndicated loan facility within the year[163] - The Group plans to dispose of the property under construction to focus on the development of the gas business[153] - The natural gas industry is expected to maintain an annual consumption growth rate of over 7% during the "14th Five Year Plan" period[157][158] Compliance and Governance - The Audit Committee comprises three independent non-executive Directors and has reviewed the unaudited consolidated results for the period[196] - All Directors confirmed compliance with the required standard of dealings during the reporting period[198] - The Company has adopted a Code of Conduct for securities transactions by Directors, requiring approval from the chairman for trading[197]

濱 海 投 資 有 限 公 司 BINHAI INVESTMENT COMPANY LIMITED (Incorporated in the Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號：2886 ANNUAL REPORT 年 | --- | --- | --- | |--------------|-------|------------------------------------------------------------------------------------| | | | | | | | | | | | | | 目錄 | | Content | | | | | | | | | | | | | | 公司資料 | | Corporate Information | | 公司簡介 | | Corporate Profile | | | | Financial Highlights | | 財務摘要 | | | | | | Chairman's Statement | | 主席報告 | | Management ...