香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代碼：3633） 中期業績公佈 截至二零二四年六月三十日止六個月 財務及營運摘要 | --- | --- | --- | --- | |----------------------------------|-------------------|-------------------|--------| | （未經審核） | 二零二四年 千港元 | 二零二三年 千港元 | 變動 % | | 營業額 | 7,255,090 | 7,021,363 | 3.3% | | 本公司擁有人應佔溢利 | 239,077 | 235,747 | 1.4% | | 每股基本盈利（港仙） | 8.57 | 8.34 | 2.8% | | 天然氣銷售量（千立方米） | 1,738,419 | 1,492,148 | 16.5% | | 為住宅用戶而設的新增管道燃氣接駁 | 171,11 ...

Financial Performance - The company's revenue for 2023 reached HKD 13,643,682, representing a 5.0% increase from HKD 12,997,322 in 2022[4]. - Profit before tax increased by 13.7% to HKD 585,300 compared to HKD 514,649 in the previous year[4]. - Net profit for the year was HKD 300,456, up 23.7% from HKD 242,917 in 2022[4]. - Basic earnings per share rose by 42.3% to HKD 8.74, compared to HKD 6.14 in the previous year[4]. - The group recorded a revenue of HKD 13,643,682,000 for the year ending December 31, 2023, representing a year-on-year growth of 5.0% from HKD 12,997,322,000 in 2022[20]. - Profit attributable to the company's owners rose by 41.7% to HKD 246,720,000, up from HKD 174,077,000 in the previous year[32]. - The company's total comprehensive income for the year was HKD 246.7 million in 2023, compared to a loss of HKD 197.4 million in 2022, marking a turnaround[148]. Sales and Market Expansion - Natural gas sales volume increased by 6.4% to 3,037,347 thousand cubic meters from 2,854,188 thousand cubic meters in 2022[4]. - The overall energy sales volume reached 15,664 million kWh, showing significant growth compared to previous years[4]. - The gas sales segment contributed HKD 10,997,172,000, approximately RMB 9,897,455,000, reflecting a year-on-year growth of 1.7% in RMB terms[21]. - The energy trading business achieved sales of HKD 2,768,340,000, a year-on-year increase of 13.2%, with trading volume reaching 786,997,000 cubic meters, up 44.6%[22]. - The smart energy segment reported sales of HKD 944,669,000, a significant increase of 1,220.4% year-on-year, accounting for 6.9% of total revenue[22]. - The company aims to expand its LNG trading business and aims to enter the top ten LNG traders in China within the shortest time possible[15]. - The company plans to explore international LNG supply partnerships and energy trading strategies to optimize gas supply[15]. Operational Efficiency and Safety - The company has achieved zero production safety incidents, emphasizing its commitment to safety and operational efficiency[14]. - The company will continue to enhance its operational management efficiency and business development quality while deepening collaboration between urban gas and smart energy sectors[15]. - The company aims to enhance safety management and operational efficiency while optimizing gas source structures and exploring international LNG trading opportunities[25]. Strategic Focus and Future Plans - The company is focusing on the dual-driven strategy of urban gas and smart energy business to enhance core competitiveness amid economic uncertainties[13]. - The company aims to leverage existing market strengths and professional teams in the new energy sector to achieve breakthroughs in smart energy business[13]. - The group plans to accelerate the development of its smart energy business in 2024, focusing on six business models including photovoltaic development and smart microgrids[24]. - The company aims to expand its business in distributed energy, rooftop photovoltaics, and charging stations in response to national energy policies[29]. Corporate Governance - The company fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[69]. - The board is committed to high standards of corporate governance and aims to balance the interests of various stakeholders[69]. - The company has established a governance framework to ensure responsible and efficient management[69]. - The board plays a crucial role in protecting and enhancing long-term shareholder value through strategic oversight[72]. Environmental, Social, and Governance (ESG) Practices - The company is committed to enhancing its ESG practices and optimizing information disclosure to improve market competitiveness[16]. - The company is focusing on developing clean energy projects to contribute to the national "dual carbon" goals[18]. - The company has strict policies in place to protect employee rights and prohibits the employment of child or forced labor[124]. - The company has established policies to reduce wastewater and solid waste, ensuring compliance with environmental laws in various regions of China[124]. Financial Position and Liabilities - The total net debt as of December 31, 2023, was HKD 10,701,742,000, an increase from HKD 10,204,830,000 in 2022[53]. - The current ratio as of December 31, 2023, was approximately 0.6, unchanged from 2022[55]. - The total liabilities increased to HKD 11,786,342 thousand in 2023 from HKD 10,505,813 thousand in 2022, an increase of approximately 12.2%[145]. - The group has deferred settlement borrowings amounting to HKD 8,160,770,000, with HKD 3,567,904,000 classified as non-current liabilities due to expected compliance with certain covenants[158]. Shareholder Information - The company has a total issued share capital of 2,805,199,157 shares as of December 31, 2023[113]. - The company's major shareholder, Wang Wenliang, holds 799,725,206 shares, representing 28.51% of the total shares[110]. - The company repurchased a total of 35,554,000 shares at a total cost of RMB 198,012,400 for the year ended December 31, 2023[103]. Audit and Compliance - The audit committee held three meetings in 2023 to review the effectiveness of the risk management and internal control systems[87]. - The board believes that the risk management and internal control systems are effective and adequate[85]. - The company ensures compliance with the Securities and Futures Ordinance regarding the handling of inside information[84]. Cash Flow and Investments - The net cash generated from operating activities was HKD 1,775.2 million in 2023, up from HKD 1,695.0 million in 2022, indicating an increase of approximately 4.7%[149]. - The company reported a net cash outflow of HKD (248,786,000) from financing activities, an improvement from HKD (434,007,000) in the previous year[150]. - The company made payments for the acquisition of property, plant, and equipment totaling HKD (840,294,000), down from HKD (1,165,562,000) in the previous year[150].

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 13,643,682 thousand, representing a 5.0% increase from HKD 12,997,322 thousand in 2022[2] - Profit before tax increased by 13.7% to HKD 585,300 thousand, up from HKD 514,649 thousand in the previous year[2] - Net profit for the year was HKD 300,456 thousand, a 23.7% increase compared to HKD 242,917 thousand in 2022[2] - Profit attributable to owners of the company rose by 41.7% to HKD 246,720 thousand from HKD 174,077 thousand[2] - Basic earnings per share increased by 42.3% to HKD 8.74, compared to HKD 6.14 in the previous year[2] - The gross profit for 2023 was HKD 1,911,961 thousand, slightly down from HKD 1,966,607 thousand in 2022, indicating a decrease of about 2.8%[15] - The company reported a financing cost of HKD 656,065 thousand in 2023, which is significantly higher than HKD 329,382 thousand in 2022, indicating an increase of approximately 99%[15] - The effective tax rate for the company remained at 25% for both years, with current tax expenses of HKD 305,394 thousand in 2023[36] - The company’s tax expense for 2023 was HKD 284,844,000, compared to HKD 271,732,000 in 2022[77] Sales and Revenue Breakdown - The gas sales business contributed HKD 10,997,172,000, approximately RMB 9,897,455,000, with a year-on-year growth of 1.7% in RMB terms[10] - The smart energy business achieved significant growth with sales reaching HKD 944,669,000, a year-on-year increase of 1,220.4%[10] - The segment revenue breakdown includes: Gas sales at HKD 10,997,172,000, Gas pipeline construction at HKD 1,056,548,000, Smart energy at HKD 944,669,000, Value-added services at HKD 410,574,000, and Compressed natural gas/Liquefied natural gas sales at HKD 234,719,000[25] - Gas sales revenue decreased by 2.9% to HKD 10,997,172,000, accounting for 80.6% of total revenue, down from 87.2% in the previous year[59] - Industrial customer gas sales fell by 9.9% to HKD 5,574,599,000, representing 50.7% of total gas sales, down from 54.6%[61] - Residential customer gas sales decreased by 5.9% to HKD 2,206,843,000, accounting for 20.1% of total gas sales, down from 20.7%[62] - Commercial customer gas sales increased by 11.3% to HKD 682,109,000, representing 6.2% of total gas sales, up from 5.4%[63] - Wholesale customer gas sales rose by 15.8% to HKD 2,533,621,000, accounting for 23.0% of total gas sales, up from 19.3%[64] Operational Developments - The company aims to enhance operational efficiency and business quality while expanding its smart energy and urban gas sectors[4] - The company plans to deepen collaboration between urban gas and smart energy sectors to explore new energy types and project models[5] - The company has launched 260 integrated energy projects, an increase of 162 projects compared to the previous year[8] - The company plans to accelerate the development of its smart energy business and enhance the integration of gas and smart energy market resources[12] - The company plans to explore international LNG business opportunities and aims to become one of the top ten LNG traders in China[6] - The company aims to enhance its energy trade strategy by collaborating with coastal receiving stations and international LNG suppliers[6] Market and Strategic Focus - The company is focused on developing clean energy and contributing to national "dual carbon" goals, enhancing its ESG disclosures and market competitiveness[4] - For 2024, the company anticipates stable growth driven by domestic energy transition and economic recovery, despite ongoing geopolitical challenges[5] - The company is committed to ESG principles and aims to enhance its green transformation and energy security in 2024[6] - The company will focus on strategic cooperation opportunities with upstream resource providers to enhance market competitiveness and create value-added services[13] - The company is committed to expanding green finance cooperation and optimizing ESG-related information disclosure as part of its strategic initiatives[13] Financial Position and Liabilities - The company reported a net current liability of HKD (5,273,877,000) as of December 31, 2023, compared to HKD (4,233,143,000) in 2022[21] - The total assets less current liabilities amounted to HKD 14,643,765,000, down from HKD 15,805,069,000 in the previous year[21] - The company expects to secure new bank loans totaling approximately HKD 940 million in January and February 2024, which will support its financial obligations[21] - The company’s total equity decreased to HKD 8,693,427,000 from HKD 9,135,242,000 in 2022[18] - Net current liabilities increased to HKD 5,273,877,000 from HKD 4,233,143,000 in 2022, primarily due to an increase in borrowings due within one year[47] - Total borrowings and lease liabilities increased by HKD 682,620,000 or 5.9% to HKD 12,224,426,000 as of December 31, 2023[47] - Net debt increased to HKD 10,701,742,000 from HKD 10,204,830,000 in 2022, resulting in a net debt to equity ratio of approximately 1.23[47] Governance and Shareholder Returns - The board did not recommend a final dividend for the year ended December 31, 2023[80] - The company repurchased a total of 35,554,000 shares at a total cost of HKD 198,012,400 during the year[83] - The board of directors includes executive directors such as Mr. Wang Wenliang (Chairman) and Mr. Lv Xiaoqiang (CEO) among others[88] - The announcement was made on March 27, 2024, indicating the company's ongoing governance structure[89]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 7,021,363 thousand, representing a 6.1% increase from HKD 6,614,982 thousand in the same period of 2022[2] - Gross profit increased by 4.2% to HKD 1,231,572 thousand compared to HKD 1,182,406 thousand in the previous year[2] - Profit attributable to owners of the company rose by 10.2% to HKD 235,747 thousand from HKD 213,982 thousand[2] - EBITDA (non-HKFRS) for the period was HKD 1,260,065 thousand, up 7.7% from HKD 1,170,441 thousand[2] - Total revenue for the six months ended June 30, 2023, was HKD 7,021,363 thousand, an increase from HKD 6,614,982 thousand in the same period of 2022, representing a growth of approximately 6.1%[14] - Segment profit for the six months ended June 30, 2023, was HKD 885,467,000, compared to HKD 864,447,000 in 2022, reflecting a growth of about 2.4%[16] - Basic and diluted earnings per share for the six months ended June 30, 2023, were HKD 235,747,000, compared to HKD 213,982,000 in 2022, marking an increase of about 10.2%[25] Sales and Revenue Breakdown - Natural gas sales volume increased by 5.7% to 1,492,148 thousand cubic meters from 1,411,804 thousand cubic meters[2] - Gas sales revenue reached HKD 5,700,194 thousand for the six months ended June 30, 2023, slightly up from HKD 5,658,724 thousand in 2022, reflecting a growth of approximately 0.7%[14] - Revenue from value-added services increased to HKD 182,652 thousand in the first half of 2023, up from HKD 140,519 thousand in the same period of 2022, marking a growth of approximately 29.9%[14] - Commercial customer gas sales increased by 10.9% to HKD 387,042,000, with a 17.8% increase in RMB-denominated sales[55] - Wholesale customer gas sales rose by 20.6% to HKD 1,121,120,000, accounting for 19.7% of total gas sales[56] - Gas pipeline construction revenue decreased by 1.4% to HKD 668,838,000, representing 9.5% of total revenue[57] - Residential gas pipeline construction revenue fell by 4.8% to HKD 599,566,000, with a decrease in completed connections from 206,395 to 187,445[59] Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 18,061,237 thousand, an increase from HKD 15,805,069 thousand as of December 31, 2022[7] - Current liabilities decreased to HKD 8,556,950 thousand from HKD 10,505,813 thousand, improving the net current liabilities position[7] - Total equity attributable to owners of the company decreased to HKD 7,963,540 thousand from HKD 8,128,223 thousand[7] - Trade receivables as of June 30, 2023, amounted to HKD 2,019,916,000, an increase from HKD 1,884,906,000 as of December 31, 2022, representing a growth of approximately 7.1%[28] - The group's total assets increased by HKD 307,305,000 or 1.2% to HKD 26,618,187,000 as of June 30, 2023, compared to HKD 26,310,882,000 in 2022[32] - The group's current liabilities net value decreased to HKD 1,531,333,000 as of June 30, 2023, down from HKD 4,233,143,000 in 2022, primarily due to a reduction in borrowings due within one year[32] Cash Flow and Financing - Net cash generated from operating activities for the six months ended June 30, 2023, was HKD 615,979 thousand, down from HKD 942,084 thousand in 2022, indicating a decrease of about 34.5%[10] - The company reported a net increase in cash and cash equivalents of HKD 651,493 thousand for the six months ended June 30, 2023, compared to HKD 43,006 thousand in the same period of 2022[10] - The company’s investment activities resulted in a net cash outflow of HKD 511,936 thousand for the six months ended June 30, 2023, an improvement from HKD 754,674 thousand in the previous year[10] - The company’s financing activities generated a net cash inflow of HKD 547,450 thousand for the six months ended June 30, 2023, compared to a net cash outflow of HKD 144,404 thousand in 2022[10] - Financing costs totaled HKD 238,653,000 for the six months ended June 30, 2023, compared to HKD 104,801,000 in 2022, indicating a significant increase due to higher interest expenses[20] - The company’s total borrowing costs for the six months ended June 30, 2023, were HKD 282,721,000, compared to HKD 195,169,000 in 2022, indicating a rise in financing expenses[20] Operational Highlights - The company plans to continue expanding its operations in China, focusing on gas sales and pipeline construction as key growth areas[15] - The company connected 187,445 new residential users during the review period, maintaining stable growth despite a slight decrease in gas usage[54] - The cumulative number of integrated energy projects in operation increased by 57.9% to 120 projects[47] - The total population that can be connected to the gas network increased to 24,252 thousand, representing a growth of 6.5% compared to 22,769 thousand in the previous year[46] - The group obtained an additional gas project concession in Jiangsu Province during the review period[44] Employee and Governance - Employee welfare expenses (excluding directors) totaled approximately HKD 316,994,000, with a 5.4% increase in expenses denominated in RMB due to an increase in employee numbers[36] - As of June 30, 2023, the group had 5,062 employees, an increase from 4,907 in 2022, indicating growth in workforce size[36] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the review period[85] - The audit committee reviewed the accounting principles and practices adopted by the company, with no disagreements noted[87] Shareholder Information - The company reported a total of 2,822,492,157 shares issued as of June 30, 2023[10] - Major shareholder China Gas Holdings Limited holds 1,057,905,071 shares, representing 37.48% of the total[82] - Wang Wenliang holds 798,725,206 shares, which accounts for 28.30% of the total shares[79] - Yao Zhisheng has beneficial ownership of 188,000,000 shares, equating to 6.66%[80] - The company repurchased a total of 7,261,000 shares at a total cost of HKD 41,818,190, aimed at enhancing shareholder value[88]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 7,021,363 thousand, representing a 6.1% increase from HKD 6,614,982 thousand in the same period of 2022[2] - Gross profit increased by 4.2% to HKD 1,231,572 thousand compared to HKD 1,182,406 thousand in the previous year[2] - Profit attributable to owners of the company rose by 10.2% to HKD 235,747 thousand from HKD 213,982 thousand year-on-year[2] - Non-Hong Kong Financial Reporting Standards EBITDA was HKD 1,260,065 thousand, up 7.7% from HKD 1,170,441 thousand in the prior period[2] - Basic earnings per share increased by 10.5% to HKD 8.34 from HKD 7.55 in the same period last year[2] - The company reported a net profit of HKD 235,747 for the six months ended June 30, 2023, up from HKD 213,982 in the same period of 2022, reflecting an increase of about 10.2%[23] - The net profit margin for the period was 3.4%, up from 3.2% in 2022[63] - Basic and diluted earnings per share for the period were both HKD 0.0834, compared to HKD 0.0755 and HKD 0.0754 in the same period last year[64] Sales and Revenue Breakdown - Gas sales contributed HKD 5,700,194 to total revenue, slightly up from HKD 5,658,724 in the previous year, indicating a growth of about 0.7%[15] - Revenue from gas sales accounted for 81.2% of total revenue, with gas sales amounting to HKD 5,700,194,000, a slight increase of 0.7% from HKD 5,658,724,000[42][43] - The average selling price of gas for residential users increased by 1.2% to RMB 2.56 per cubic meter, while the price for industrial customers rose by 5.9% to RMB 3.98 per cubic meter[39] - Residential gas sales decreased by 6.4% to HKD 1,283,744,000, with a slight decline of 0.5% in RMB terms due to currency depreciation[46] - Commercial gas sales increased by 10.9% to HKD 387,042,000, with a 17.8% increase in RMB terms, and the number of commercial customers rose by 5.2% to 21,096[46] - Wholesale gas sales rose by 20.6% to HKD 1,121,120,000, accounting for 19.7% of total gas sales[47] Operational Metrics - Natural gas sales volume reached 1,492,148 thousand cubic meters, a 5.7% increase from 1,411,804 thousand cubic meters[2] - Comprehensive energy sales volume surged by 1,906.9% to 582.00 million kilowatt-hours from 29.00 million kilowatt-hours[2] - The cumulative number of integrated energy projects in operation increased by 57.9% to 120, compared to 76 in the previous year[39] - The total number of residential users connected to pipeline gas reached 4,849,837, reflecting a 6.3% increase from 4,563,719 in the previous year[38] - The number of commercial customers increased by 23.6% to 1,051 from 850 in the previous year[38] - The cumulative number of industrial customers connected reached 4,104, reflecting an 11.5% increase from the previous year[38] Financial Position - Total assets less current liabilities amounted to HKD 18,061,237 thousand, compared to HKD 15,805,069 thousand at the end of 2022[9] - Total equity attributable to owners of the company decreased to HKD 7,963,540 thousand from HKD 8,128,223 thousand at the end of 2022[9] - The total liabilities increased by HKD 879,356,000 or 7.6% to HKD 12,421,162,000 as of June 30, 2023[27] - The current ratio improved to approximately 0.8 as of June 30, 2023, compared to 0.6 in 2022[27] - As of June 30, 2023, the net debt to equity ratio was approximately 1.17, compared to 1.12 in 2022[27] Costs and Expenses - The total borrowing costs amounted to HKD 282,721, an increase from HKD 195,169 in the prior year, representing a rise of approximately 44.7%[18] - The income tax expense for the six months ended June 30, 2023, was HKD 164,255, compared to HKD 153,452 in the same period of 2022, indicating an increase of about 7.5%[20] - Financing costs rose by 127.7% to HKD 238,653,000 from HKD 104,801,000 in the previous year, primarily due to increased effective interest rates[59] Shareholder Information - As of June 30, 2023, the total number of issued shares of the company is 2,822,492,157[71] - Mr. Wang Wenliang holds 798,725,206 shares, representing a beneficial interest of 28.30%[70] - China Gas Holdings Limited owns 1,057,905,071 shares, accounting for 37.48% of the total shares[73] - The company has a significant shareholder, Hezhong Investment Holdings Limited, with 766,462,289 shares, representing 27.16%[73] - The company repurchased a total of 7,261,000 shares at a total cost of HKD 41,818,190 as of June 30, 2023, aimed at enhancing shareholder value and improving net asset value per share and earnings per share[78] Corporate Governance - The audit committee, composed of independent non-executive directors, reviewed the accounting principles and financial reporting for the six months ending June 30, 2023[77] - The company has complied with all applicable code provisions of the Corporate Governance Code during the review period[76] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, confirming compliance by all directors[76] Strategic Initiatives - The company plans to expand its market presence and enhance its service offerings through new integrated energy projects and value-added services[41] - The company is actively exploring user energy storage projects and aims to capitalize on opportunities in the energy storage industry[68] - The company will continue to optimize its ESG practices, focusing on reducing greenhouse gas emissions and enhancing internal governance[68]

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 12,997,322, representing a 14.6% increase from HKD 11,344,500 in 2021[6]. - The EBITDA under non-Hong Kong Financial Reporting Standards decreased by 7.1% to HKD 1,932,267 from HKD 2,079,049 in the previous year[6]. - The profit attributable to the company's owners decreased by 85.4% to HKD 174,077,000 in 2022, down from HKD 1,188,997,000 in 2021[53]. - The net profit margin for the year ended December 31, 2022, was 1.3%, down from 10.5% in 2021[87]. - The basic and diluted earnings per share for 2022 were both HKD 0.0614, compared to HKD 0.4420 and HKD 0.4414 in 2021[88]. - The company's total assets decreased by HKD 361,982,000 or 1.4% to HKD 26,310,882,000 as of December 31, 2022[92]. - The company's net current liabilities increased significantly to HKD 4,233,143,000 as of December 31, 2022, compared to HKD 1,318,166,000 in 2021[92]. - The total borrowings and lease liabilities increased by HKD 199,270,000 or 1.8% to HKD 11,541,806,000 as of December 31, 2022[92]. - The net debt to equity ratio increased to approximately 1.12 as of December 31, 2022, compared to 1.00 in the previous year[93]. - The cash and cash equivalents held by the company as of December 31, 2022, were approximately HKD 1,284,802,000, down from HKD 1,573,192,000 in 2021[97]. Sales and Operations - Natural gas sales volume increased by 1.3% to 2,854,188 thousand cubic meters compared to 2,818,011 thousand cubic meters in 2021[6]. - The total energy sales volume surged by 438.2% to 117.00 million kWh from 21.74 million kWh in the previous year[6]. - The gas sales business contributed HKD 11,331,259,000 in sales, marking a 22% year-on-year increase, driven by a successful diversification strategy among residential and commercial customers[30]. - The group recorded a significant increase in comprehensive energy sales volume, which grew by 438.2% to 117 million kilowatt-hours[26]. - The average selling price of gas for residential users increased by 1.6% to RMB 2.53 per cubic meter in 2022, compared to RMB 2.49 in 2021[49]. - The average gas price for industrial customers increased by 30.5% to RMB 3.85 per cubic meter[60]. - The average gas price for residential customers rose by 1.6% to RMB 2.53 per cubic meter[61]. - The group expanded its gas connection user base by 280,807, bringing the total number of users to approximately 466 million residential users and 23,964 commercial users[26]. Strategic Initiatives - The company expanded its operational footprint into Jiangxi Province, enhancing its market presence in the urban gas sector[16]. - The company has established multiple regional comprehensive energy development agreements with local governments, laying a solid foundation for future growth in smart energy[18]. - The company is actively promoting technological innovation and collaboration to enhance its smart energy business development[18]. - The group plans to enhance its digital operations in gas network and station management to promote overall healthy development[22]. - The group aims to explore high-quality projects and expand its gas business footprint while developing value-added services[22]. - The group will focus on green and low-carbon transformation, aligning with the trend of efficient collaboration between urban gas and smart energy[20]. - The company aims to implement key strategies in 2023, including expanding its urban gas business and focusing on clean and smart energy initiatives[35]. Corporate Governance - The board consists of nine members, including six executive directors and three independent non-executive directors as of December 31, 2022[127]. - The company fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ended December 31, 2022[123]. - The board is committed to high levels of corporate governance and aims to balance the interests of different stakeholders[123]. - The independent non-executive directors have confirmed their independence annually as required by the listing rules[124]. - The company aims to continuously improve its corporate governance practices to ensure responsible and efficient management[123]. Risk Management - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance rather than absolute assurance[145]. - The internal audit department assesses the effectiveness and efficiency of the risk management and internal control systems through regular audits[148]. - The board believes that the risk management and internal control systems are effective and adequate, fully complying with corporate governance codes[150]. Employee and Workforce - As of December 31, 2022, the group had a total of 5,067 employees, an increase from 4,876 employees in 2021, with employee benefit expenses amounting to approximately HKD 637.1 million, up from HKD 592.97 million in 2021[99]. - The company has adopted a diversity policy for its workforce, with approximately 66% of employees being male and 34% female, aligning with industry standards[166]. - The company is committed to providing equal employment opportunities without discrimination across all levels[166]. Dividends and Shareholder Information - The company has established a dividend policy that considers various factors, including financial performance and cash flow[160]. - The board recommended an interim dividend of HKD 0.03 per share for the year ended December 31, 2022, which was paid on November 15, 2022[170]. - The company's distributable reserves as of December 31, 2022, amounted to HKD 815,406,000, consisting of share premium of HKD 2,707,098,000 and accumulated losses of HKD 1,891,692,000[174]. - The company has no plans to declare a final dividend for the year ended December 31, 2022[170]. Share Options and Repurchase - The company repurchased a total of 4,079,000 shares at a total cost of RMB 22,650,500 during the year ended December 31, 2022, to enhance net asset value and earnings per share[175]. - The share repurchase included transactions with prices ranging from HKD 5.30 to HKD 5.80 per share[176]. - No stock options were granted, exercised, canceled, or expired during the year ended December 31, 2022[196].

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 12,997,322, representing a 14.6% increase from HKD 11,344,500 in 2021[2] - The non-HKFRS EBITDA for 2022 was HKD 1,932,267, a decrease of 7.1% compared to HKD 2,079,049 in 2021[2] - The company recorded a revenue of HKD 12,997,322,000 for the year ended December 31, 2022, representing a year-on-year growth of 14.6% from HKD 11,344,500,000 in 2021[9] - The gas sales segment contributed HKD 11,331,259,000 to the total revenue, marking a 22% increase, driven by a diversified customer strategy[11] - Gross profit decreased to HKD 1,966,607,000, down 10.1% from HKD 2,188,937,000 in the previous year[17] - The net profit for the year was HKD 242,917,000, a significant decline of 80.7% compared to HKD 1,262,643,000 in 2021[18] - Basic and diluted earnings per share for 2022 were HKD 61.5, significantly down from HKD 442.5 in 2021[48] - The profit attributable to the company's owners for 2022 was HKD 174,077,000, down 85.4% from HKD 1,188,997,000 in 2021[86] - The net profit margin for the year ended December 31, 2022, was 1.3%, compared to 10.5% in 2021[86] Sales and Operations - Natural gas sales volume reached 2,854,188 thousand cubic meters, up 1.3% from 2,818,011 thousand cubic meters in the previous year[2] - The integrated energy sales volume surged by 438.2%, reaching 117.00 million kWh compared to 21.74 million kWh in 2021[2] - The company expanded its pipeline gas connection user base by 280,807 users, increasing the total length of its main pipelines from 26,399 kilometers to 27,263 kilometers, a growth of 3.3%[11] - The company operates 75 franchised gas projects across 11 provinces, with 23,964 industrial and commercial customers and 4.66 million residential users served[8] - The cumulative number of industrial customers connected reached 3,919, an 11.4% increase from 3,519[60] - The number of residential gas customers connected increased to 4,662,392, a 7.0% growth from 4,357,324 in 2021[60] Strategic Initiatives - In 2023, the company aims to enhance its gas business profitability by tapping into commercial gas demand and optimizing its gas supply structure[5] - The company plans to develop industrial comprehensive energy services and explore energy digital technology and carbon asset management[6] - The company has signed multiple regional comprehensive energy development agreements with local governments, laying a solid foundation for future growth in smart energy[4] - The company is committed to becoming the first private enterprise in China's natural gas industry to integrate a sustainable framework into its overseas financing structure[4] - The company is focusing on clean energy and smart energy strategies, aiming to enhance collaboration between gas and smart energy businesses for long-term development[15] Financial Position - The company's total assets less current liabilities amounted to HKD 15,805,069,000, down from HKD 18,244,385,000 in the previous year[22] - The total equity attributable to the owners of the company was HKD 8,128,223,000, down from HKD 8,658,997,000 in 2021[22] - The company reported a net current liability of HKD 4,233,143,000, compared to HKD 1,318,166,000 in the previous year[21] - The net debt amounted to HKD 10,204,830,000 as of December 31, 2022, up from HKD 9,472,748,000 in 2021, resulting in a net debt-to-equity ratio of approximately 1.12[52] - The group has secured loan financing of up to HKD 1,462,703,000 from various banks as of December 31, 2022[53] Cost and Expenses - The company incurred a financing cost of HKD 329,382,000, which increased from HKD 189,627,000 in the previous year[17] - The overall gross profit margin for the year ended December 31, 2022, was 15.1%, down from 19.3% in 2021, primarily due to reduced margins in gas pipeline construction and sales[78] - The gross profit margin for pipeline natural gas sales decreased to 10.1% from 11.1% in 2021, attributed to the rise in average procurement costs exceeding the increase in average selling prices[79] - Financing costs increased by 73.7% to HKD 329,382,000, primarily due to rising effective interest rates[83] Government Support - The group recognized government subsidies related to COVID-19 amounting to HKD 1,989,000 in 2022, compared to HKD 191,000 in 2021, with HKD 120,000 related to the Hong Kong government's employment support scheme[38] - The group received subsidies for promoting natural gas usage from the Chinese government totaling HKD 88,874,000 in 2022, up from HKD 67,772,000 in 2021[39] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the review year[90] - The audit committee, composed of independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2022[91]

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 6,614,982 thousand, representing a 13.6% increase from HKD 5,824,692 thousand in the same period of 2021[2] - Profit attributable to owners of the company for the same period was HKD 574,985 thousand, up 5.3% from HKD 545,799 thousand year-on-year[2] - Non-Hong Kong Financial Reporting Standards EBITDA for the period was HKD 1,170,441 thousand, reflecting a 1.7% increase from HKD 1,150,546 thousand in the previous year[2] - Total comprehensive income for the period was HKD 312,427 thousand, compared to HKD 763,142 thousand in the previous year, indicating a decrease[5] - Basic earnings per share for the six months ended June 30, 2022, was 7.55 HKD cents, down from 24.35 HKD cents in the same period last year[5] - The profit before tax for the six months ended June 30, 2022, was HKD 423,654,000, compared to HKD 922,866,000 for the same period in 2021, indicating a decrease of about 54.0%[20] - Profit attributable to the company's owners decreased by 66.8% to HKD 213,982,000, down from HKD 644,172,000 in the previous year[48] - The net profit margin for the six months ended June 30, 2022, was 3.2%, down from 11.1% in the previous year[71] Revenue Breakdown - Gas sales revenue reached HKD 5,658,724, up from HKD 4,493,678, indicating a growth of about 25.9% year-over-year[14] - Revenue from smart energy services increased to HKD 18,464, up from HKD 13,024, marking a growth of approximately 41.5% year-over-year[14] - Revenue from gas pipeline construction for the six months ended June 30, 2022, was HKD 678,471,000, a decrease of 32.0% compared to HKD 997,781,000 in the same period last year, accounting for 10.3% of total revenue[57] - Revenue from residential users' "coal-to-gas" projects fell by 64.0% to HKD 89,737,000, while non-"coal-to-gas" projects decreased by 22.8% to HKD 539,828,000[58][59] - Wholesale customer gas sales increased by 5.7% to HKD 929,618,000, representing 16.4% of total gas sales[55] Assets and Liabilities - Non-current assets as of June 30, 2022, totaled HKD 19,659,795 thousand, slightly up from HKD 19,562,551 thousand at the end of 2021[6] - Current liabilities amounted to HKD 10,133,048 thousand, an increase from HKD 8,428,479 thousand in the previous year[7] - The company’s total liabilities as of June 30, 2022, were HKD 6,726,384, compared to HKD 6,731,350 in the previous year, indicating a slight decrease[10] - The total assets as of June 30, 2022, amounted to HKD 9,821,814, compared to HKD 9,526,998 as of June 30, 2021, showing an increase of approximately 3.1%[10] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2022, was HKD 942,084, compared to HKD 411,810 in the previous year, reflecting a significant increase of 128.5%[10] - The company reported a net increase in cash and cash equivalents of HKD 43,006 for the six months ended June 30, 2022, contrasting with a decrease of HKD 557,278 in the same period of 2021[10] - The company’s investment activities resulted in a net cash outflow of HKD 754,674 for the six months ended June 30, 2022, an improvement from HKD 882,221 in the previous year[10] - The company’s financing activities led to a net cash outflow of HKD 144,404, compared to HKD 86,867 in the same period of 2021, indicating increased financing needs[10] Dividends - The company declared an interim dividend of 3.00 HKD cents per share, unchanged from the previous year[2] - The board proposed an interim dividend of HKD 0.03 per share for the six months ended June 30, 2022, totaling HKD 85,015,000, compared to HKD 79,375,000 in the same period of 2021[24] - The interim dividend is expected to be paid on November 15, 2022, to shareholders listed on October 20, 2022[90] Operational Highlights - The company reported a significant increase in comprehensive energy sales volume, reaching 29.00 million kWh, a 253.2% increase[2] - The company plans to continue expanding its gas pipeline construction and value-added services, which are key growth areas for future revenue[14] - The company experienced a significant increase in the segment profit from the natural gas segment, which rose to HKD 436,827,000 for the six months ended June 30, 2022, compared to HKD 270,161,000 in the same period of 2021, indicating a growth of approximately 62.0%[16] - The cumulative number of connected residential gas customers reached 4,563,719, representing a 7.3% increase from the previous year[45] Market and Strategic Initiatives - The company aims to expand its market presence through innovative business models, including live streaming and promotions, while optimizing its retail platform "Zhongyu iHome" for new revenue growth[75] - The company plans to enhance its energy trading business by optimizing gas source structures and improving demand forecasting accuracy, ensuring high standards in gas supply[74] - The company is focused on regional collaboration between its gas and smart energy businesses to align with the trend of integrated energy development[77] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the review period[86] - The Audit Committee has reviewed the accounting principles and practices adopted by the group for the six months ended June 30, 2022, with no disagreements noted[88] - The board of directors includes Mr. Wang Wenliang as the chairman and other key executives, ensuring strong leadership[91]

Financial Performance - The company reported a revenue of HKD 11,344,500, representing a 32.8% increase from HKD 8,543,710 in the previous year[7]. - Gross profit increased by 12.4% to HKD 2,188,937 compared to HKD 1,947,017 in the prior year[7]. - Net profit attributable to shareholders rose by 12.5% to HKD 1,188,997 from HKD 1,056,617[7]. - The company reported a non-Hong Kong Financial Reporting Standards EBITDA of HKD 2,079,049, a 9.6% increase from HKD 1,897,378[7]. - The company recorded a total gas sales volume of 2,818,012,000 cubic meters in 2021, representing a year-on-year increase of 25.9%[31]. - The gas sales business contributed HKD 9,290,532,000 to the company's revenue, marking a 50.1% increase year-on-year[32]. - The company reported a net profit attributable to shareholders of HKD 1,188,997,000, up 12.5% from HKD 1,056,617,000 in 2020[58]. - The total comprehensive income for the year was HKD 1,826,885,000, compared to HKD 1,433,620,000 in the previous year, marking an increase of about 27.5%[186]. Sales and Market Expansion - The company achieved a natural gas sales volume of 2,818,011 thousand cubic meters, a 25.9% increase from 2,239,002 thousand cubic meters[7]. - The company expanded its pipeline gas connection user base by 384,298 households in the year, increasing the total length of main pipelines from 25,456 kilometers to 26,399 kilometers, a growth of 3.7%[32]. - The company aims to enhance its position as a comprehensive energy service provider amid the national energy structure transformation[18]. - The company is focusing on expanding its natural gas sales and developing smart and distributed energy businesses to diversify revenue sources[34]. - The company plans to accelerate its transformation by leveraging opportunities from rural revitalization and energy technology innovation, aiming for a more integrated energy supply and storage system[37]. Strategic Initiatives - The company is focusing on the development of smart energy solutions as part of its strategic transformation[18]. - The company plans to develop a core platform for smart energy in 2022, focusing on distributed energy, microgrid operations, and clean energy supply chains[23]. - The company is committed to developing clean energy projects while ensuring stable growth in gas business, aiming for a dual-driven strategy of gas and smart energy[23]. - The company aims to achieve high-quality development in the next decade by focusing on urban pipeline gas business expansion and increasing market share[23]. - The company plans to strengthen its trading operations to ensure gas supply and expand its business scope, facilitating a strategic upgrade from products to operations[37]. Corporate Governance - The company fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ended December 31, 2021[106]. - The board of directors highlighted the importance of diversifying revenue streams to mitigate market risks[100]. - The company has established a remuneration committee consisting of three independent non-executive directors to review and propose remuneration policies for all directors and senior management[120]. - The board acknowledges its responsibility to prepare the group's accounts in compliance with statutory requirements and applicable accounting standards[122]. - The company has a structured approach to governance, with regular meetings and timely information provided to board members for informed decision-making[109]. Environmental and Social Responsibility - The company aims to integrate ESG principles into its daily operations and management to contribute to environmental improvement and social progress[26]. - The group has implemented various occupational health and safety policies to ensure compliance with the Safety Production Law of the People's Republic of China[158]. - The group has set waste reduction targets to minimize harmful and non-harmful waste per capita, aiming to reduce the environmental impact of office operations[158]. - The group has introduced water-saving technologies, such as water-saving faucets and toilet systems, to reduce water consumption in daily operations[158]. - The group made charitable donations amounting to approximately RMB 5,852,000 during the review year[162]. Financial Position and Assets - The total assets increased by HKD 3,038,441,000 or 12.9% to HKD 26,672,864,000 as of December 31, 2021, compared to HKD 23,634,423,000 in 2020[91]. - The company reported a total asset value of HKD 468,579,000 for goodwill, HKD 1,406,259,000 for other intangible assets, HKD 8,688,538,000 for property, plant and equipment, and HKD 316,154,000 for right-of-use assets as of December 31, 2021[167]. - The company’s total equity increased to HKD 9,516,998 from HKD 6,731,350, representing a growth of 41.7%[182]. - The company’s cash and cash equivalents stood at HKD 1,820,864, an increase from HKD 1,744,299, indicating a growth of 4.4%[180]. - The fair value of pipelines as of December 31, 2021, was HKD 9,327,740,000, with a revaluation increase of HKD 667,836,000 recognized in other comprehensive income during the year[169].

Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 5,824,692, representing a 36.2% increase from HKD 4,276,591 in the same period of 2020[2] - Gross profit was HKD 1,224,559 with a gross margin of 21.0%, down from HKD 1,265,958 and a gross margin of 29.6% in 2020, reflecting a decrease of 3.3% in gross profit and 8.6% in gross margin[2] - Profit attributable to owners of the company was HKD 644,172, a 25.5% increase from HKD 513,088 in the previous year[2] - Non-HKFRS profit attributable to owners was HKD 545,799, down 18.1% from HKD 666,614 in 2020[2] - Total comprehensive income for the period was HKD 763,142, up from HKD 475,848 in 2020[5] - EBITDA under non-HKFRS was HKD 1,150,546, a decrease of 13.5% from HKD 1,330,723 in the same period last year[2] - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 411,810, a decrease from HKD 617,807 in 2020[10] - The company reported a decrease in cash and cash equivalents of HKD (557,278) for the six months ended June 30, 2021, compared to a decrease of HKD (470,082) in 2020[10] - The net foreign exchange gain for the six months ended June 30, 2021, was HKD 98,373,000, compared to a loss of HKD 153,526,000 in 2020[17] - Income tax expense for the six months ended June 30, 2021, was HKD 227,482,000, down from HKD 259,114,000 in 2020[20] - The profit attributable to shareholders for the six months ended June 30, 2021, was HKD 644,172,000, an increase from HKD 513,088,000 in 2020[23] - The net profit margin for the six months ended June 30, 2021, was 11.1%, down from 12.0% in the previous year[72] - Basic and diluted earnings per share for the six months ended June 30, 2021, were HKD 0.2435 and HKD 0.2432, respectively, compared to HKD 0.2020 and HKD 0.2017 in the previous year[72] Revenue Breakdown - Retail gas sales contributed HKD 3,613,829 to total revenue, up from HKD 2,572,144 in the previous year, marking a growth of about 40.5%[13] - The revenue from gas pipeline construction was HKD 997,781, down from HKD 1,119,765 in the previous year, reflecting a decline of approximately 10.9%[13] - Wholesale gas revenue increased significantly to HKD 879,849 from HKD 153,762, showing a growth of approximately 471.5%[13] - Revenue from "coal-to-gas" projects for residential users fell by 56.7% to HKD 249,059,000[54] - Revenue from non-"coal-to-gas" projects for residential users increased by 38.1% to HKD 699,409,000[54] - Sales of pipeline natural gas to wholesale customers surged by 1,498.3% to HKD 479,241,000, up from HKD 29,985,000 in the previous year[56] - Sales of liquefied natural gas to wholesale customers increased by 223.7% to HKD 400,608,000, compared to HKD 123,777,000 in the same period last year[56] Dividends and Shareholder Information - Proposed interim dividend increased by 50.0% to HKD 3.00 per share from HKD 2.00 in the previous year[2] - The proposed final dividend for the year ended December 31, 2020, is HKD 0.07 per share, totaling HKD 185,159,000, compared to HKD 0.05 per share in 2020[22] - The company plans to pay an interim dividend of HKD 0.03 per ordinary share, up from HKD 0.02 in the previous year, expected to be paid on November 15, 2021[76] - As of June 30, 2021, the total number of issued shares of the company was 2,645,132,157 shares[79] - Mr. Wang Wenliang holds 761,899,206 shares, representing a beneficial interest of 28.80%[78] - China Gas Holdings Limited owns 1,057,905,071 shares, accounting for 39.99% of the total shares[82] Operational Highlights - Natural gas sales volume increased by 48.0% to 1,456,188 thousand cubic meters compared to 983,750 thousand cubic meters in the same period last year[2] - The number of operational gas distribution projects in China increased to 73, up from 69 in the previous year, with an additional project acquired in Inner Mongolia[41] - The total population that can be connected to the gas network reached 21,664,000, representing an increase of 11.9% from 19,363,000[43] - The cumulative number of connected gas customers reached 4,253,102, with residential users increasing by 10.5% from the previous year[43] - The average connection fee for residential users in "coal-to-gas" projects was RMB 2,960, an increase of 9.5% from RMB 2,704[44] - The company has 64 compressed natural gas/liquefied natural gas refueling stations, with one additional station under construction[44] Financial Position - Total assets less current liabilities increased to HKD 12,845,792 from HKD 12,170,284 as of December 31, 2020[7] - The company’s cash and cash equivalents as of June 30, 2021, stood at HKD 1,202,726, down from HKD 1,405,681 at the end of June 2020[10] - Trade receivables as of June 30, 2021, amounted to HKD 2,112,930,000, an increase from HKD 1,771,513,000 at the end of 2020[26] - Trade payables as of June 30, 2021, were HKD 1,635,840,000, down from HKD 1,882,389,000 at the end of 2020[27] - The total borrowings and lease liabilities decreased by HKD 225,352,000 or 1.9% to HKD 11,392,171,000 as of June 30, 2021, down from HKD 11,617,523,000 in 2020[28] - The net debt to equity ratio improved to approximately 1.36 as of June 30, 2021, compared to 1.47 in 2020[28] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the review period[84] - The audit committee, composed of independent non-executive directors, reviewed the accounting principles and financial reporting matters for the six months ending June 30, 2021[85] - The company has complied with the standard code for securities transactions by directors as per the listing rules[84] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2021[86]