Core Insights - The 29th World Gas Conference (WGC2025) will be held in Beijing from May 19 to 23, marking the first time the event is hosted in China since its inception in 1931 [1] - The global energy landscape is undergoing significant restructuring, presenting historic development opportunities for the energy sector, with "green, low-carbon, transformation, and upgrading" being key industry themes [1][2] - The natural gas industry is experiencing three core trends: deepening regional trade, decarbonization capabilities becoming a new competitive advantage, and increasing demand differentiation [1] Industry Trends - The industry is shifting from "resource scale competition" to "low-carbon service capability competition," with market concentration likely favoring industry giants that combine flexible supply and decarbonization technologies [1] - The establishment of the National Petroleum and Natural Gas Pipeline Group is accelerating the implementation of a unified national network, enhancing competition in upstream and downstream sectors [1] - There is a focus on diversifying natural gas imports while increasing domestic gas production, which is improving supply chain resilience [1] Company Initiatives - The company is committed to becoming a comprehensive service provider for low-carbon smart energy solutions, leveraging "key equipment + core processes + integrated services" to drive technological innovation in the industry [2] - The company is actively involved in projects that utilize waste gases, such as collaborating with steel companies to develop integrated solutions for converting coke oven gas into liquefied natural gas (LNG) and hydrogen [4] - The company is participating in large-scale renewable energy projects, including green hydrogen and green ammonia integration projects, emphasizing the importance of efficient energy storage technologies in the low-carbon transition [5] Market Development - The maturity of the natural gas market depends on ensuring energy security while expanding low-carbon transition capabilities, requiring consensus across the industry [6] - There is a need to accelerate the improvement of market-based pricing systems and stimulate infrastructure investment, while also integrating natural gas infrastructure with hydrogen and renewable energy sources [6] - The WGC2025 will feature over 80 forums covering topics such as global energy dynamics, energy transition, regional gas development, and digital innovation in the industry [6]

Core Insights - The company reported a strong revenue growth of 24.4% year-on-year, reaching RMB 57.65 billion for the first quarter of 2025, despite challenges such as a slight slowdown in natural gas consumption and the impact of the Chinese New Year holiday [1][2] Group 1: Clean Energy Division - The clean energy division achieved a significant revenue increase of 33.4% year-on-year, amounting to RMB 43.42 billion, making it the largest contributor to the company's overall revenue at 75.3% [2] - Hydrogen energy revenue within the clean energy division was approximately RMB 1.43 billion [2] - The clean energy division secured new orders totaling RMB 38.58 billion, although the Chinese New Year holiday affected the completion of several project bids [1] Group 2: Chemical Environment Division - The chemical environment division reported a revenue of RMB 5.70 billion, a slight increase of 1.4% year-on-year, contributing 9.9% to the overall revenue [2] - New orders in the chemical environment division reached RMB 4.44 billion, reflecting a year-on-year growth of 17.3% [1][2] - Revenue from high-end medical equipment components within this division grew by 21.0% to RMB 54.41 million [2] Group 3: Liquid Food Division - The liquid food division's revenue increased by 4.3% year-on-year to RMB 8.53 billion, accounting for 14.8% of the total revenue [2] - The division is actively pursuing several large industrial beer projects in North America and the Middle East [1] - The company's production base in Mexico commenced full operations at the beginning of 2025, enhancing its global capabilities in liquid food turnkey projects [2]

Financial Performance - Revenue for 2024 reached RMB 24,755,737 thousand, an increase of 4.8% compared to RMB 23,626,279 thousand in 2023[11] - Operating profit for 2024 was RMB 1,538,446 thousand, reflecting a slight increase of 0.9% from RMB 1,524,827 thousand in 2023[11] - Net profit attributable to equity holders decreased by 1.7% to RMB 1,094,871 thousand in 2024 from RMB 1,113,972 thousand in 2023[11] - Basic earnings per share for 2024 was RMB 0.542, down 2.2% from RMB 0.554 in 2023[11] - Total assets increased by 6.5% to RMB 29,381,665 thousand in 2024 from RMB 27,587,424 thousand in 2023[15] - Net assets rose by 5.9% to RMB 13,105,038 thousand in 2024 compared to RMB 12,373,644 thousand in 2023[15] - The company reported a gross profit margin of 14.4% in 2024, down from 15.7% in 2023, a decrease of 1.3 percentage points[17] - The EBITDA margin for 2024 was 8.2%, slightly down from 8.3% in 2023[17] - Cash and cash equivalents increased by 3.8% to RMB 7,264,358 thousand in 2024 from RMB 6,998,191 thousand in 2023[15] - The company reported a net profit margin of 50% for the year, indicating strong operational efficiency[19] Clean Energy Initiatives - The company has a comprehensive layout in the hydrogen energy industry, with over 20 subsidiaries globally, enhancing its market presence[9] - The company is focusing on the development of hydrogen energy, energy storage, and multi-energy complementary technologies to foster new profit growth points[24] - The company has deepened cooperation with global partners in high-end liquid hydrogen equipment and energy storage solutions, achieving key breakthroughs in multiple areas[22] - The company aims to provide comprehensive clean energy lifecycle services, integrating upstream and downstream resources in the industry chain[21] - The clean energy business revenue grew by 15.3%, with new orders increasing by 17.3%, particularly benefiting from the global shipping green upgrade[38] - The company is focusing on strategic projects such as hydrogen production from blast furnace gas and the replication and implementation of green methanol from biomass[27] - The company is actively involved in the development of alternative fuels for the shipping industry to meet the IMO's 2040 emission reduction targets[74] Market Expansion and Global Presence - The company has established sales offices in Africa, Southeast Asia, Europe, and the Middle East, enhancing its global sales network and service capabilities[26] - The company aims to enhance its overseas presence and capitalize on the rapid growth opportunities brought by the green transformation of inland shipping[27] - The company is focusing on expanding its market presence in regions with rich natural gas resources, such as Africa, the Middle East, and Southeast Asia[55] - The company is set to support the scrapping and renewal of old operational vessels, promoting the development of new energy clean vessels through various subsidies based on vessel types[5] Technological Advancements - The company plans to further enhance its technological leadership and digital empowerment by integrating artificial intelligence and digital twin technologies into its operations[24] - The company is committed to continuous technological innovation to promote the rapid, efficient, and safe application of clean energy[75] - The group aims to enhance R&D in key equipment and core technologies, maintaining a leading position in LNG, high-pressure hydrogen, liquid hydrogen, liquid ammonia, and methanol storage, with a target to produce 50,000 tons of green methanol by 2025[77] - The group is focusing on developing new technologies and processes for green upgrades in global shipping and inland waterways, seizing opportunities in clean fuel power development[79] Government Policies and Industry Trends - The hydrogen energy industry was officially recognized as a strategic emerging industry in the government work report, with a focus on high-quality development[41] - The government aims for significant progress in clean low-carbon hydrogen applications in the industrial sector by 2027, particularly in metallurgy and ammonia synthesis[41] - The National Energy Administration issued guidelines in March 2024 to accelerate the construction of gas storage facilities and promote the role of natural gas in the new energy system[42] - The State Council's action plan for 2024-2025 emphasizes optimizing the oil and gas consumption structure and promoting the development of unconventional oil and gas resources[42] Employee and Management Structure - As of December 31, 2024, the total number of employees in the group is approximately 12,000, an increase from about 11,000 in 2023[174] - Total employee costs, including director remuneration and retirement benefits, amount to RMB 2,619,654,000, up from RMB 2,168,545,000 in 2023, representing an increase of approximately 20.8%[174] - The management team includes experienced professionals with backgrounds in engineering and business, ensuring strong leadership in strategic decision-making[182][183][184] Research and Development - The division is focusing on sustainable development, aiming to reduce carbon footprint and support clients in achieving net-zero emissions[137] - Significant progress was made in R&D for industrial distillation systems and mechanical vapor recompression solutions, particularly in the spirits industry[138] - The division is investing in a diverse and skilled workforce to drive innovation and meet overall strategic goals[137] After-Sales Service and Customer Support - The company is committed to providing 24/7 technical support and services to ensure safe and efficient operation of clean energy equipment for customers[89] - The company is focusing on integrating and sharing after-sales service resources to create a comprehensive, professional, and networked service layout[90] - The company has established an after-sales service network in Europe, Southeast Asia, the Middle East, and the Americas through acquisitions and licensing partnerships[90]

Summary of Conference Call Records Company Overview - The company discussed is Anruike, focusing on clean energy, chemical environment, and liquid food sectors. Key Points and Arguments Industry and Business Segments 1. **Clean Energy Growth**: The clean energy segment showed significant revenue growth, reaching 17.1 billion RMB, contributing to 70% of total revenue in 2024, with a notable increase in offshore clean energy revenue by 108% year-on-year to 4.66 billion RMB [6][10][15]. 2. **Chemical Environment**: The chemical environment segment is expected to recover in 2025 after a low performance in 2024, with a focus on enhancing after-sales service capabilities [4][11]. 3. **Liquid Food Sector**: The liquid food segment experienced a slight revenue increase of 3.7%, totaling 4.45 billion RMB, driven by overseas market expansion [12][5]. Financial Performance 4. **Revenue and Profitability**: Total revenue for 2024 was 24.8 billion RMB, with a core profit of 1.336 billion RMB, reflecting a stable growth despite slight declines in net profit [6][7][10]. 5. **Cash Flow**: Operating cash flow reached 2.49 billion RMB, with free cash flow also showing a significant increase of 2.5 times year-on-year [7][8]. 6. **Debt Management**: Total liabilities increased from 15 billion RMB to 16 billion RMB, with a focus on maintaining a low leverage ratio and reducing financing costs [9][10]. Market Dynamics 7. **International Market Expansion**: The company is focusing on expanding its presence in Southeast Asia, Africa, and the Middle East, particularly in the clean energy sector [3][10]. 8. **Government Policies**: National policies promoting the replacement of old equipment with new technologies are expected to drive growth in the LNG and natural gas sectors [2][4]. Future Outlook 9. **Strategic Focus**: The company aims to become a comprehensive service provider, leveraging its core manufacturing and design capabilities to support traditional industries in their energy transition [29][30]. 10. **Investment Plans**: Planned capital expenditures for 2025 are expected to exceed 2 billion RMB, primarily focused on clean energy projects [43][44]. Additional Insights 11. **Technological Innovations**: The company is investing in digitalization and smart energy solutions to enhance operational efficiency and customer service [23][31]. 12. **Sustainability Initiatives**: The company is committed to ESG principles, with ongoing efforts in sustainable development and innovation in energy solutions [28][29]. Risks and Challenges 13. **Market Volatility**: The chemical environment sector faces cyclical fluctuations, and the company anticipates challenges in maintaining profitability in this segment [11][46]. 14. **Global Economic Factors**: Geopolitical tensions and global economic conditions may impact the company's international operations and market demand [53][54]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, strategic direction, and market outlook.

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Insights - The company achieved a stable revenue growth of 4.8% year-on-year, reaching RMB 24.76 billion in 2024, while the net profit attributable to shareholders slightly decreased by 1.7% to RMB 1.09 billion [1][4] - The clean energy segment saw significant growth, with revenues increasing by 15.3% to RMB 17.18 billion, driven by rising demand for LNG and industrial gases due to environmental policies [2][3] - The hydrogen energy business reported a revenue increase of 21.7% to RMB 0.85 billion, and the shipbuilding segment secured over RMB 10 billion in new orders [3][4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of RMB 24.76 billion, with a gross margin of 14.4%, down 1.4 percentage points from the previous year [1] - The net profit margin was 4.6%, reflecting a decrease of 0.3 percentage points year-on-year [1] Order Book and Growth - The company signed new orders totaling RMB 27.49 billion in 2024, marking a historical high, with a year-on-year growth of 3.2% [2] - The backlog of orders at the end of 2024 reached RMB 28.3 billion, up 23.8% from the previous year [2] Business Segments - The clean energy segment's revenue growth was primarily due to favorable policies and increased demand, while the chemical environment segment experienced a decline of 29.4% [2] - The liquid food segment achieved a revenue increase of 3.7% to RMB 4.45 billion, benefiting from project completions [2] Future Projections - The report projects a decline in net profit for 2025 and 2026, with estimates of RMB 1.29 billion and RMB 1.51 billion respectively, but anticipates a recovery in 2027 with a projected net profit of RMB 1.75 billion [4][9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][21]. Core Insights - The company is expected to see stable growth in clean energy products, with significant contributions from hydrogen projects anticipated to increase profitability [2][6]. - The target price has been adjusted to HKD 8.12, reflecting a potential upside of 15.8% from the current closing price of HKD 7.01 [1][15]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 23,626 million - 2024: RMB 24,756 million (4.8% YoY growth) - 2025E: RMB 28,287 million (14.3% YoY growth) - 2026E: RMB 31,988 million - 2027E: RMB 36,066 million [5][18]. - Net profit estimates are: - 2023: RMB 1,114 million - 2024: RMB 1,095 million - 2025E: RMB 1,411 million (28.8% YoY growth) - 2026E: RMB 1,523 million - 2027E: RMB 1,670 million [5][18]. Segment Performance - The clean energy segment is projected to grow significantly, with revenues expected to reach RMB 20,036 million by 2025, reflecting a 16.6% growth rate [9]. - The chemical equipment segment is forecasted to stabilize, with a projected revenue of RMB 3,354 million in 2025, showing a 7.7% growth [9]. - Liquid food equipment revenue is expected to reach RMB 4,896 million by 2025, with a 10% growth rate [9]. Order Book and Growth - New orders in the clean energy equipment sector are expected to increase by 17% YoY in Q4 2024, with a total of RMB 21,790 million [8]. - The backlog of orders in the clean energy equipment sector is projected to grow by 39.5% YoY, reaching RMB 23,210 million by Q4 2024 [8]. Dividend Policy - The company plans to maintain a dividend of HKD 0.3 per share, consistent with previous distributions [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 8.12, indicating a potential upside of 15.8% from the current price of HKD 7.01 [2][15][21]. Core Insights - The company is experiencing stable growth in clean energy products, with significant contributions expected from hydrogen projects. The revenue from clean energy is projected to grow by 15% year-on-year, with hydrogen product revenue expected to reach RMB 1 billion in 2025, reflecting a growth of approximately 15% [6][9]. - The company maintains a consistent dividend of HKD 0.3 per share, indicating a stable return to shareholders amidst growth initiatives [6]. - The overall revenue for the company is forecasted to increase from RMB 23.626 billion in 2023 to RMB 36.066 billion by 2027, representing a compound annual growth rate (CAGR) of approximately 8% [5][18]. Financial Overview - Revenue projections for the upcoming years are as follows: RMB 24.756 billion in 2024, RMB 28.287 billion in 2025, RMB 31.988 billion in 2026, and RMB 36.066 billion in 2027, with respective year-on-year growth rates of 4.8%, 14.3%, 13.1%, and 12.7% [5][18]. - Net profit is expected to grow from RMB 1.114 billion in 2023 to RMB 1.670 billion in 2027, with a projected CAGR of approximately 8% [5][18]. - The company’s earnings per share (EPS) is forecasted to increase from RMB 0.63 in 2023 to RMB 0.82 in 2027, reflecting a steady growth trajectory [5][18]. Order and Backlog Analysis - New orders in the clean energy segment are expected to grow, with a 17% year-on-year increase in new signed orders for Q4 2024 [8]. - The backlog of orders in the clean energy segment is projected to increase significantly, with a 39.5% year-on-year growth expected by Q4 2024 [8]. Segment Performance - The clean energy equipment segment is anticipated to see substantial revenue growth, from RMB 14.907 billion in 2023 to RMB 26.392 billion by 2027, with a CAGR of 14.5% [9]. - The chemical equipment segment is expected to stabilize, with revenue projected to recover from RMB 4.414 billion in 2023 to RMB 3.749 billion in 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company achieved a total revenue of 24.755 billion RMB in 2024, representing a year-on-year growth of 4.8%. The fourth quarter revenue was 6.489 billion RMB, up 10.4% year-on-year. However, the net profit attributable to shareholders was 1.144 billion RMB, down 1.7% year-on-year [2][4]. - The clean energy segment remains a key growth driver, with revenues of 17.183 billion RMB, a 15.3% increase year-on-year, driven by rising demand for LNG and industrial gases [2]. - The onshore business continues to lead in its niche, generating 11.67 billion RMB in revenue with new orders of 10.08 billion RMB, supported by strong natural gas market dynamics [2]. - The offshore business is entering a performance realization phase, with revenues of 4.66 billion RMB, a significant increase of 108.4% year-on-year, and new orders exceeding 10.86 billion RMB [3]. - Hydrogen energy business is steadily acquiring new contracts, with revenues of 850 million RMB, up 21.7% year-on-year, and new orders also at 850 million RMB [3]. - The chemical segment faced challenges, with revenues declining by 29.4% to 3.116 billion RMB, while the liquid food segment grew by 3.7% to 4.451 billion RMB [4]. Summary by Sections Performance Overview - In 2024, the company reported total revenue of 24.755 billion RMB, a 4.8% increase from the previous year, with a net profit of 1.144 billion RMB, down 1.7% [2][4]. Business Analysis - Clean Energy: Revenue of 17.183 billion RMB, up 15.3% year-on-year, driven by increased demand for LNG and industrial gases [2]. - Onshore Business: Revenue of 11.67 billion RMB with new orders of 10.08 billion RMB, supported by strong market demand [2]. - Offshore Business: Revenue of 4.66 billion RMB, up 108.4% year-on-year, with new orders exceeding 10.86 billion RMB [3]. - Hydrogen Energy: Revenue of 850 million RMB, up 21.7% year-on-year, with new orders also at 850 million RMB [3]. - Chemical Segment: Revenue of 3.116 billion RMB, down 29.4% year-on-year [4]. - Liquid Food Segment: Revenue of 4.451 billion RMB, up 3.7% year-on-year [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.38 billion RMB, 1.67 billion RMB, and 1.97 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.5, 7.8, and 6.6 [4].

Core Insights - The company reported a revenue of RMB 24.756 billion for the year ending December 31, 2024, representing a year-on-year increase of 4.8% [1] - The profit attributable to equity holders decreased by 1.7% to RMB 1.095 billion, with basic earnings per share at RMB 0.542 and a proposed final dividend of HKD 0.3 per share [1] Revenue Breakdown - The clean energy segment saw a revenue increase of 15.3% to RMB 17.183 billion in 2024, up from RMB 14.907 billion in 2023, driven by rising demand for LNG and industrial gases [1] - Hydrogen-related business revenue grew by 21.7% to RMB 0.852 billion [1] - The clean energy segment accounted for 69.4% of total revenue, up from 63.1% in 2023 [1] Order Book Performance - The company achieved a record high in new orders for 2024, totaling RMB 27.49 billion, with a backlog of RMB 28.298 billion at the end of the year [2] - The clean energy segment's new orders reached RMB 21.793 billion, with a backlog of RMB 23.213 billion [2] - Hydrogen business new orders and backlog were RMB 0.085 billion and RMB 0.0251 billion, respectively [2] Profitability Analysis - Overall gross margin decreased from 15.7% in 2023 to 14.4% in 2024 [3] - The clean energy segment's gross margin slightly decreased to 12.6% from 12.8% in 2023 [3] - The chemical environment segment's gross margin fell to 16.4% from 21.0% in 2023, attributed to a balanced supply-demand configuration for standard containers [3] - The liquid food segment's gross margin increased to 21.4% from 20.7% in 2023, benefiting from smooth project progress [3]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 24,755,737 thousand, representing a 4.8% increase from RMB 23,626,279 thousand in 2023[3] - Net profit for the year decreased by 1.7% to RMB 1,143,835 thousand compared to RMB 1,163,561 thousand in 2023[3] - Core profit increased by 4.2% to RMB 1,335,782 thousand from RMB 1,281,381 thousand in the previous year[3] - Basic earnings per share decreased by 2.2% to RMB 0.542 from RMB 0.554 in 2023[3] - Gross profit margin decreased by 1.3 percentage points to 14.4% from 15.7% in 2023[3] - The company reported a total comprehensive income of RMB 1,017,889 thousand for the year, down from RMB 1,164,305 thousand in 2023[6] - The company reported a profit of RMB 1,113,972 thousand for the year, contributing to a total comprehensive income of RMB 1,114,729 thousand[10] - The company reported a pre-tax profit of RMB 1,443,922 thousand for 2024, slightly down from RMB 1,457,288 thousand in 2023, indicating a decrease of about 0.9%[28] Assets and Liabilities - Total assets increased to RMB 29,381,665 thousand in 2024 from RMB 27,587,424 thousand in 2023[7] - Total liabilities increased significantly, with non-current liabilities rising to RMB 3,078,109 thousand from RMB 1,196,519 thousand in 2023[7] - Total current liabilities decreased from RMB 14,017,261 thousand in 2023 to RMB 13,198,518 thousand in 2024, a reduction of approximately 5.8%[8] - Total liabilities increased from RMB 15,213,780 thousand in 2023 to RMB 16,276,627 thousand in 2024, an increase of approximately 7%[8] - Net assets rose from RMB 12,373,644 thousand in 2023 to RMB 13,105,038 thousand in 2024, reflecting an increase of about 5.9%[8] - The company's equity attributable to shareholders increased from RMB 11,232,252 thousand in 2023 to RMB 11,499,074 thousand in 2024, a growth of approximately 2.4%[8] Cash Flow and Financing - Cash and cash equivalents increased to RMB 7,264,358 thousand from RMB 6,998,191 thousand in 2023[7] - The company’s cash reserves increased significantly, with bank loans rising from RMB 93,500 thousand in 2023 to RMB 234,500 thousand in 2024[8] - The net cash balance decreased to RMB 4,278,497,000 in 2024 from RMB 4,371,256,000 in 2023, primarily due to cash outflows from investments and financing[59] - The net cash generated from operating activities was RMB 2,486,370,000, an increase of 39.6% compared to RMB 1,780,476,000 in 2023[60] - The net cash used in investing activities was RMB 1,897,544,000, a decrease of 8.8% from RMB 2,081,077,000 in 2023, primarily due to acquisitions and capital expenditures totaling RMB 2,644,669,000[60] - The net cash used in financing activities was RMB 375,425,000, a significant decrease from a net inflow of RMB 1,979,683,000 in 2023, mainly due to the repayment of convertible bonds and related party loans[61] Segment Performance - Clean Energy segment revenue increased to RMB 17,183,412 thousand in 2024 from RMB 14,907,121 thousand in 2023, representing a growth of 15.2%[35] - Chemical Environment segment revenue decreased to RMB 3,116,028 thousand in 2024 from RMB 4,414,336 thousand in 2023, a decline of 29.4%[35] - Liquid Food segment revenue increased to RMB 4,451,333 thousand in 2024 from RMB 4,292,702 thousand in 2023, showing a growth of 3.7%[35] - Total reportable segment revenue reached RMB 24,791,830 thousand in 2024, up from RMB 23,658,650 thousand in 2023, an increase of 4.8%[36] - Adjusted operating profit for reportable segments was RMB 1,667,051 thousand in 2024, slightly down from RMB 1,710,180 thousand in 2023, a decrease of 2.5%[36] Employee and Operational Metrics - The total number of employees increased to approximately 12,000 in 2024 from about 11,000 in 2023, with total employee costs reaching RMB 2,619,654,000, up from RMB 2,168,545,000[69] - Employee costs rose to RMB 2,619.654 million, up from RMB 2,168.545 million, reflecting an increase of 20.77%[22] Research and Development - Research and development expenses were RMB 734.519 million, compared to RMB 690.440 million in 2023, showing an increase of 6.38%[23] - Research and development expenses exceeded deductions by RMB 57,959 thousand in 2024, compared to RMB 55,848 thousand in 2023[28] Dividends and Shareholder Information - The proposed final dividend per share remains unchanged at HKD 0.30, equivalent to approximately RMB 0.27[3] - The board recommends maintaining a dividend payout ratio of approximately 50% for the fiscal year ending December 31, 2024, with a proposed final dividend of HKD 0.30 per share, equivalent to approximately RMB 0.27[107] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders according to Chinese tax regulations[110] - The company will not withhold individual income tax on dividends for individual shareholders listed on the company's register as of the record date[111] Strategic Initiatives and Market Position - The group is expanding its low-carbon integrated energy solutions, focusing on industrial, building, agricultural energy efficiency, and mobile energy supply, with strategic partnerships to create "zero-carbon factories"[76] - The group plans to produce 50,000 tons of green methanol by 2025 as part of its clean fuel strategy, establishing an industry benchmark[99] - The group aims to expand its overseas market presence, particularly in the Asia-Pacific, Africa, Middle East, and Europe, to capture global market opportunities[100] - The group is committed to transitioning from a clean energy equipment and engineering service provider to a comprehensive service provider, integrating renewable energy solutions[98] Compliance and Governance - The company adhered to all code provisions listed in Appendix C1, Part 2 of the Listing Rules of the Hong Kong Stock Exchange for the year ending December 31, 2024[115] - The Audit Committee reviewed the group's annual performance and consolidated financial statements for the year ending December 31, 2024[116] - The independent auditor confirmed that the figures in the performance announcement for the year ending December 31, 2024, were consistent with the audited consolidated financial statements[118] Market Trends and Future Outlook - Global natural gas consumption is expected to reach a record high in 2024, with an increase of approximately 100 billion cubic meters predicted for 2025[95] - The demand for LNG is projected to surge, with its market share in global natural gas demand expected to rise from around 14% in 2024 to approximately 25% by 2050[95] - Over 50 countries have released hydrogen energy strategies, with global hydrogen demand expected to reach 520 million tons per year by 2050, accounting for 13% of total energy use[96] - China has introduced over 20 top-level policies to support the accelerated development of hydrogen energy, integrating it into the national energy law[96]