HUZHOU GAS(06661)

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湖州燃气(06661) - 2024 - 中期业绩
2024-08-28 10:08
Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,192.0 million, an increase of 2.88% compared to the same period in 2023[1] - Gross profit for the same period was RMB 151.3 million, representing a significant increase of 28.99% year-over-year[1] - Profit attributable to owners of the parent for the six months was RMB 58.6 million, up 8.72% from RMB 53.9 million in the prior year[1] - Basic earnings per share for the period was RMB 0.29, compared to RMB 0.27 for the same period in 2023[2] - The group reported a pre-tax profit of RMB 115.9 million, an increase from RMB 100.0 million in the previous year[2] - Total revenue for the six months ended June 30, 2024, was RMB 1,192,008 thousand, an increase of 2.9% compared to RMB 1,158,561 thousand for the same period in 2023[15] - Revenue from the sale of goods was RMB 1,087,845 thousand, up from RMB 1,049,911 thousand, reflecting a growth of 3.6% year-over-year[15] - Revenue from distributed photovoltaic electricity increased significantly to RMB 6,022 thousand, compared to RMB 2,984 thousand, marking a growth of 101.3%[15] - The company reported a pre-tax profit of RMB 1,191,794 thousand for the six months ended June 30, 2024, compared to RMB 1,158,424 thousand for the same period in 2023[16] - The income tax expense for the six months ended June 30, 2024, was RMB 27,172 thousand, an increase from RMB 24,239 thousand in the same period of 2023[21] - The profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 58,562,000, compared to RMB 53,888,000 for the same period in 2023, representing an increase of approximately 8.1%[23] - Basic earnings per share for the six months ended June 30, 2024, was RMB 28.9 cents, up from RMB 26.6 cents in the same period of 2023, reflecting a growth of about 8.6%[23] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 2,237.9 million, compared to RMB 2,201.7 million as of December 31, 2023[4] - Current liabilities increased to RMB 702.8 million from RMB 650.8 million in the previous year[5] - Non-current liabilities totaled RMB 280.3 million, up from RMB 273.1 million as of December 31, 2023[5] - The net asset value of the company was RMB 1,254.9 million, a decrease from RMB 1,277.8 million in the previous year[5] - Cash and cash equivalents increased to RMB 918.4 million from RMB 857.6 million as of December 31, 2023[4] - As of June 30, 2024, the company's current assets amounted to RMB 1,030.5 million, with a current ratio of 1.47 and a debt-to-asset ratio of 43.93%[40] - The carrying amount of property, plant, and equipment as of June 30, 2024, was RMB 1,019,423,000, compared to RMB 1,006,754,000 at the end of 2023, indicating a slight increase[24] - Trade receivables and notes receivable totaled RMB 55,077,000 as of June 30, 2024, down from RMB 77,858,000 at the end of 2023, showing a decrease of approximately 29.2%[25] - The company reported a decrease in trade payables to RMB 112,963,000 as of June 30, 2024, compared to RMB 121,879,000 at the end of 2023, a reduction of about 7.4%[28] - The total bank loans as of June 30, 2024, amounted to RMB 14,950,000, with a repayment schedule indicating that RMB 200,000 is due within one year[27] Business Operations - The company primarily engages in the sale of pipeline natural gas and liquefied natural gas, as well as providing construction and installation services[13] - The group operates only one reportable segment, which includes the sale of gas and related services[13] - The company has not faced "high seasonality" in its business operations, despite higher gas consumption during winter months[14] - The natural gas consumption in China for the first half of 2024 reached 210.8 billion cubic meters, representing a year-on-year increase of 8.7%[30] - The company is positioned to benefit from the rapid development and transformation of the natural gas industry, which is crucial for supporting green and low-carbon transitions in various sectors[30] - The company is actively participating in initiatives to promote low-carbon development and has outlined strategies to enhance its green energy capabilities[31] - The number of residential and industrial users served by the company reached 299,000 and 3,581 respectively, with gas sales volume of 297 million cubic meters, an increase of 12.12% year-on-year[33] Corporate Governance and Compliance - The financial data for the six months ended June 30, 2024, was prepared in accordance with International Accounting Standard 34, which does not include all information and disclosures required in annual financial statements[7] - The company has maintained consistent accounting policies with those applied in the annual consolidated financial statements for the year ended December 31, 2023[8] - There were no significant impacts on the group's financial position or performance due to the adoption of revised International Financial Reporting Standards during the reporting period[11] - The company has not engaged in any supplier financing arrangements, thus the related disclosures do not impact the interim financial data[12] - The audit committee has reviewed the interim financial results and found them to comply with applicable accounting standards[50] - The company has maintained compliance with corporate governance codes throughout the reporting period[47] - No significant litigation or arbitration has occurred during the reporting period[44] Employee and Operational Costs - The total employee cost for the period was approximately RMB 52.5 million[44] - The company employed a total of 438 staff as of June 30, 2024, compared to 435 staff a year earlier[43] - The company's financing costs decreased by 15.79% to RMB 1.6 million from RMB 1.9 million in the previous year, primarily due to a reduction in bank borrowings[37] Dividend and Shareholder Information - The company declared a dividend of RMB 0.30 per share, consistent with the previous year, totaling RMB 60,814 thousand[22] - The company did not recommend an interim dividend for the six months ended June 30, 2024, compared to zero for the same period in 2023[22] - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2024[49] Use of Proceeds - The net proceeds from the H-share global offering amounted to approximately HKD 276.3 million (equivalent to RMB 236.9 million)[45] - 20% of the net proceeds (RMB 47.4 million) is allocated for upgrading pipeline and operational facilities to increase natural gas sales[45] - 30% of the net proceeds (RMB 71 million) is designated for strategic acquisitions to expand the business into other regions by 2025[45] - 30% of the net proceeds (RMB 71 million) is allocated for expanding into distributed photovoltaic power generation[45] - 10% of the net proceeds (RMB 23.8 million) is intended for promoting the use of steam generated from natural gas boilers[45]
湖州燃气(06661) - 2023 - 年度财报
2024-04-29 11:46
Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion in the last fiscal year, representing a growth of 15% year-over-year[6]. - The company reported a significant increase in revenue for the fiscal year ending December 31, 2023, with a total revenue of 1.2 billion, representing a 15% year-over-year growth[32]. - The company's revenue for the year was RMB 2,435.57 million, a decrease of 5.58% compared to the year ended December 31, 2022[61]. - The company's revenue for the year was RMB 2,435.57 million, a decrease of 5.58% from RMB 2,579.46 million in the previous year, primarily due to a reduction in natural gas sales prices for non-residential users starting in 2023[72]. - The profit attributable to the owners of the company was RMB 110.84 million, representing a 6.48% increase from the year ended December 31, 2022[48]. - The net profit attributable to the owners of the parent company was RMB 110.84 million, a 6.48% increase from RMB 104.09 million, driven by lower procurement costs and increased gross margins[77]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency compared to 10% in the previous year[32]. User Engagement and Market Expansion - User data indicates a rise in active users to 3 million, up from 2.5 million, marking a 20% increase[6]. - User data showed an increase in active customers, reaching 2 million, which is a 20% increase year-over-year[15]. - User data showed an increase in customer base, with a total of 500,000 active users, up from 400,000 in the previous year, marking a 25% growth[31]. - The company plans to expand its market presence by entering two new provinces, aiming to increase its customer base by 30% in the next year[6]. - Market expansion plans include entering three new provinces, which are projected to increase market share by 5%[15]. - The company is expanding its market presence by entering two new provinces, aiming to increase market share by 20% in these regions[31]. Product Development and Innovation - New product development includes the launch of a smart gas meter, expected to enhance customer engagement and operational efficiency[6]. - New product launches are expected to contribute an additional 200 million in revenue in the upcoming year[15]. - New product development initiatives include the launch of a smart gas meter, expected to enhance user experience and operational efficiency, with an estimated investment of 50 million[31]. - The company has invested 50 million in R&D for new technologies aimed at improving service delivery and reducing operational costs[6]. - The company is investing 50 million in research and development for new technologies aimed at enhancing customer service[15]. - The company has invested 30 million in technology upgrades to improve safety and operational management within its gas pipeline network[31]. Operational Efficiency and Cost Management - The management team has implemented new strategies to enhance operational efficiency, targeting a 10% reduction in costs over the next year[6]. - Operational efficiency improvements are expected to reduce costs by 8% in the next year[15]. - The company aims to enhance its digital platform, with an investment of 30 million planned for upgrades and new features[15]. Sustainability Initiatives - The company is focusing on sustainability initiatives, with plans to reduce carbon emissions by 20% by 2025[6]. - The management team emphasized a focus on sustainability, with plans to reduce carbon emissions by 30% over the next five years[31]. - The company emphasizes the importance of green and low-carbon technology innovation as a key element for high-quality development in line with China's dual carbon strategy[50]. - The company acknowledges the significant potential and broad prospects for the natural gas industry amid the global transition to clean energy[53]. Financial Management and Governance - The board of directors has approved a dividend payout of 0.15 per share, representing a 5% increase from the previous year[32]. - The proposed final dividend for the fiscal year 2023 is RMB 0.30 per share (tax included), totaling RMB 60,814,350 (tax included), subject to shareholder approval[155]. - The company will hold its annual general meeting on June 6, 2024, to discuss various matters including the proposed dividend[131]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management[151]. - The audit committee consists of three independent non-executive directors, ensuring oversight of the company's financial reporting and compliance[189]. - The company has a total of 6 directors with varying salary ranges, including 4 earning between 0 to 300,000 RMB and 2 earning between 300,001 to 600,000 RMB[192]. Risks and Challenges - The company faces risks related to the expiration or potential termination of its natural gas pipeline operating licenses, which may impact its ability to renew or obtain new licenses[142]. - The company requires significant funding for current and future projects, and any inability to secure sufficient funding may adversely affect its financial condition and operational performance[144].
湖州燃气(06661) - 2023 - 中期财报
2023-09-27 09:24
Financial Performance - As of June 30, 2023, the company reported a revenue of RMB 2,725,000, a decrease of 38.5% compared to RMB 4,436,000 for the same period in 2022[16] - Total revenue for the group during the period was RMB 1,158.6 million, a decrease of 8.49% from RMB 1,266.1 million in the previous year, primarily due to a reduction in non-residential natural gas sales prices and decreased demand in Huzhou[75] - The group’s overall financial performance for the six months ended June 30, 2023, reflects significant fluctuations in both revenue and expenses compared to the previous year, indicating a need for strategic adjustments moving forward[32] - Profit attributable to the owners of the parent company was RMB 53.9 million, a 3.65% increase from RMB 52.0 million in the previous year, due to lower procurement costs for pipeline natural gas[79] - The group’s gross profit for the period was RMB 117.3 million, a significant increase of 1,932.81% compared to a gross loss of RMB 6.4 million in the same period last year[100] - The company reported a pre-tax profit of RMB 99,996, up from RMB 73,267 in the same period last year, representing a growth of 36.6%[196] Revenue Sources - The company generated financing income from equipment leasing amounting to RMB 375,000, slightly down from RMB 379,000 in the previous year[17] - Sales to Shushan Elderly Hospital reached RMB 1,043,000, an increase of 4.9% from RMB 994,000 in the same period last year[7] - The group provided insurance referral services to New Energy Brokerage, generating revenue of RMB 3,156,000 (approximately 3.2 million) for the six months ended June 30, 2023, compared to RMB 2,390,000 (approximately 2.4 million) in 2022, marking an increase of 32.1%[32] - The group sold natural gas to Veolia Environment for RMB 968,000 (approximately 1 million) for the six months ended June 30, 2023, up from RMB 286,000 (approximately 0.3 million) in 2022, reflecting an increase of 238.8%[34] - Revenue from pipeline natural gas sales was RMB 1,022.2 million, down 10.34% from RMB 1,140.1 million in the previous year, with total gas supply volume also decreasing[94] Expenses and Costs - Financing costs increased to RMB 1.9 million, up 280.00% from RMB 0.5 million in the previous year, attributed to new bank borrowings and increased interest expenses[77] - The group incurred administrative and sales expenses of RMB 204,000 (approximately 0.2 million) to various companies for the six months ended June 30, 2023, compared to RMB 90,000 (approximately 0.1 million) in 2022, representing a rise of 126.7%[32] - Income tax expenses rose by 30.81% to RMB 24.2 million from RMB 18.5 million year-on-year, with a tax rate of 24.20%[102] Market Trends and Outlook - Future outlook indicates a commitment to improving financial performance and expanding service capabilities in the energy sector[29] - The overall natural gas market in China is stabilizing, with demand continuing to recover amid a favorable market environment[66] - The decline in revenue was primarily due to a decrease in gas demand in Huzhou, with wholesale user sales dropping by 1.1 million cubic meters compared to the previous year[72] - The new pricing policy implemented by the Zhejiang Provincial Development and Reform Commission since April 2023 has led to a decrease in both procurement and sales prices of natural gas[72] Strategic Initiatives - The company is focusing on expanding its market presence through strategic partnerships and collaborations with related parties, which are controlled by the company's major shareholders[26] - The company is exploring new product development and technological advancements to enhance service offerings and operational efficiency[22] - The company aims to enhance its energy management capabilities and service assurance through a diversified business model focusing on gas, heat, cold, and electricity in the second half of 2023[92] - The group is actively pursuing mergers and acquisitions to strengthen its market position and diversify its service portfolio[29] Assets and Liabilities - The group's current assets amounted to RMB 1,182.8 million as of June 30, 2023, with cash and bank balances of RMB 1,003.6 million[103] - The current ratio as of June 30, 2023, was 1.41, unchanged from December 31, 2022, while the debt-to-asset ratio was 48.01%, slightly up from 47.92%[80] - The capital debt ratio was approximately 2.40% as of June 30, 2023, up from 0.73% at the end of 2022[125] Employee and Governance - The group employed a total of 435 staff in China as of June 30, 2023, an increase from 427 staff a year earlier[109] - The company has established an audit committee consisting of three independent non-executive directors, complying with corporate governance code requirements[150] - The company did not propose any interim dividend for the six months ended June 30, 2023[149] Other Financial Metrics - Basic and diluted earnings per share were RMB 0.27, compared to RMB 0.35 in the previous period[176] - Non-controlling interests amounted to RMB 21.9 million, while the profit attributable to the owners of the parent was RMB 53.8 million, up from RMB 52.0 million in the previous year[157] - The total comprehensive income for the period was RMB 75.7 million, compared to RMB 54.8 million for the same period in 2022[156]
湖州燃气(06661) - 2023 - 中期业绩
2023-08-28 08:32
Revenue Performance - Total revenue for the six months ended June 30, 2023, was RMB 1,158,561 thousand, a decrease of 8.5% compared to RMB 1,266,078 thousand for the same period in 2022[7] - Revenue from the sale of pipeline natural gas and liquefied natural gas was RMB 1,022,216 thousand, down from RMB 1,140,102 thousand, representing a decline of 10.4%[7] - Revenue from construction and installation services increased to RMB 103,436 thousand, up 11.8% from RMB 92,454 thousand in the previous year[7] - The company's revenue for the first half of 2023 was RMB 1,158.6 million, compared to RMB 1,266.1 million in the same period of 2022, indicating a decrease of approximately 8.5%[50] - The revenue from the mainland China segment for the six months ended June 30, 2023, was RMB 1,158,561,000, a decrease of 8.5% compared to RMB 1,266,078,000 for the same period in 2022[78] - The group's revenue for the period was RMB 1,158.6 million, a decrease of 8.49% compared to RMB 1,266.1 million in the same period last year, primarily due to a reduction in natural gas sales prices for non-residential users starting in 2023 and a decline in natural gas demand in Huzhou City during the reporting period[91] Profitability - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 84,480, while there were no earnings reported for the same period in 2022[12] - For the first half of 2023, the company's gross profit was RMB 117.3 million, a significant increase of 1,932.81% compared to a gross loss of RMB 6.4 million in the same period last year[23] - Gross profit for the same period was RMB 117.3 million, compared to a gross loss of RMB 6.4 million in the same period of 2022[64] - The net profit attributable to the owners of the parent company for the first half of 2023 was RMB 75.8 million, compared to RMB 54.7 million in the same period of 2022, reflecting a year-on-year increase of 38.5%[50] - The profit attributable to owners of the company for the six months was RMB 53.9 million, an increase of 3.65% compared to RMB 51.976 million in the same period of 2022[64] - The profit attributable to equity holders of the parent company was RMB 53.9 million, compared to RMB 52.0 million in the same period last year, with basic and diluted earnings per share at RMB 0.266, down from RMB 0.347[109] Taxation - The company reported a total tax expense of RMB 24,239 thousand for the six months ended June 30, 2023, compared to RMB 18,536 thousand for the same period in 2022, reflecting a 30.0% increase[11] - The income tax expense for the period increased by 30.81% to RMB 24.2 million from RMB 18.5 million in the same period last year, with an effective tax rate of 24.20%[140] - The company has tax incentives for its subsidiaries, which will be exempt from corporate income tax for three years starting from the first year of revenue generation[10] Financial Position - Non-current assets totaled RMB 1,103.366 million as of June 30, 2023, compared to RMB 1,080.226 million as of December 31, 2022[68] - Current assets amounted to RMB 1,182.823 million as of June 30, 2023, down from RMB 1,218.617 million as of December 31, 2022[68] - Trade receivables and notes receivable were RMB 70.302 million as of June 30, 2023, compared to RMB 58.255 million as of December 31, 2022[68] - Cash and cash equivalents were RMB 1,003.635 million as of June 30, 2023, down from RMB 1,079.703 million as of December 31, 2022[68] - As of June 30, 2023, the total current liabilities amounted to RMB 837,688,000, a decrease of 3.9% from RMB 866,940,000 as of December 31, 2022[69] - The net current assets were RMB 345,135,000, down from RMB 351,677,000, indicating a decline of 1.5%[69] - The total assets minus current liabilities stood at RMB 1,448,501,000, reflecting a slight increase of 1.2% from RMB 1,431,903,000[69] - The total non-current liabilities increased to RMB 259,963,000, up 10.8% from RMB 234,588,000[69] - The company's capital debt ratio as of June 30, 2023, was approximately 2.40%, up from 0.73% as of December 31, 2022[36] - As of June 30, 2023, the group's current ratio was 1.41, and the debt-to-asset ratio was 48.01%, slightly up from 47.92% as of December 31, 2022[124] Other Income and Gains - The company’s other income and gains totaled RMB 1,077,771 thousand for the six months ended June 30, 2023, down from RMB 1,214,770 thousand in the previous year, indicating a decrease of 11.3%[9] - The group reported other income of RMB 20.5 million, significantly down from RMB 105.8 million in the same period last year, with government grants dropping from RMB 101.0 million to RMB 3.7 million[103] - The group's other income and gains for the period were RMB 22.3 million, a decrease of 80.74% compared to RMB 115.8 million in the same period last year, mainly due to a reduction in financial subsidies[139] Employee and Operational Metrics - The group employed a total of 435 employees in China as of June 30, 2023, compared to 427 employees a year earlier[128] - The group’s employee costs totaled approximately RMB 39.8 million during the period[144] Corporate Governance and Compliance - The company has adhered to all corporate governance codes as per the listing rules during the reporting period[149] - The audit committee, along with management and external auditors, has reviewed the accounting principles and policies adopted by the group, confirming compliance with applicable accounting standards[152] - The company has not observed any violations of the conduct rules by employees during the reporting period[150] Future Plans and Investments - The group aims to enhance its gas supply assurance, safety assurance, and service assurance capabilities through a diversified business model involving gas, heat, cold, and electricity, transitioning from a gas supplier to a city green energy manager[120] - 20% of the net proceeds (RMB 47.4 million) will be used to upgrade the pipeline and operational facilities[154] - 30% of the net proceeds (RMB 71 million) is allocated for strategic acquisitions to expand the business into other regions, expected to be utilized by the end of 2024[154] - 30% of the net proceeds (RMB 71 million) is designated for expanding into distributed photovoltaic power generation, with RMB 21.7 million already used and the remainder expected to be utilized by the end of 2023[154] - 10% of the net proceeds (RMB 23.8 million) will promote the use of steam generated from natural gas boilers, expected to be utilized by the end of 2024[154] - 10% of the net proceeds (RMB 23.7 million) is allocated for working capital and general corporate purposes[154] - Total amount utilized from the net proceeds is RMB 92.8 million, with RMB 144.1 million remaining[154] Financing and Debt - The group had unused bank credit facilities amounting to RMB 655.0 million as of June 30, 2023[124] - The bank loans amounted to RMB 20,000,000 as of June 30, 2023, with a fixed interest rate of 2.40%[88] - The group obtained bank loans of RMB 20.0 million secured by pledged deposits as of June 30, 2023[126] - The group's financing costs for the period were RMB 1.9 million, an increase of 280.00% compared to RMB 0.5 million in the same period last year, mainly due to new bank borrowings and increased interest expenses[122]
湖州燃气(06661) - 2022 - 年度财报
2023-04-27 10:14
Financial Performance - The company's revenue for the year was RMB 2,579.46 million, representing a growth of 38.77% year-on-year[14]. - The company's revenue for the year was RMB 2,579.46 million, an increase of 38.77% compared to RMB 1,858.74 million in the previous year, primarily due to higher sales prices and increased natural gas sales volume[53]. - The profit attributable to the owners of the parent company for the year was RMB 104.09 million, a decrease of 13.05% from RMB 119.71 million in the previous year, mainly due to negative gross margins in pipeline natural gas sales during April to May 2022[57]. - The company reported a total revenue of 1.2 billion CNY for the fiscal year 2022, representing a year-over-year increase of 15%[80]. - The company provided a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12% based on current market trends and expansion strategies[95]. Sales and Customer Base - The total natural gas sales volume for the year reached 562 million cubic meters, an increase of 2.83% compared to the previous year[6]. - The company served 257,866 residential users and 3,422 commercial users, with a total gas sales volume of approximately 562.33 million cubic meters[19]. - User data indicates a growth in customer base, with an increase of 20,000 new users in Q4 2022, bringing the total to 500,000 users[80]. - User data showed an increase in customer base, with a total of 500,000 new users added in the last quarter, marking a 20% increase compared to the previous quarter[95]. - Customer satisfaction ratings have improved, with a reported increase of 15% in positive feedback from users regarding service quality[95]. Government Support and Subsidies - The group received government subsidies totaling RMB 146.20 million, a significant increase of 648.98% from RMB 19.52 million in the previous year[23]. - The government is committed to promoting a green transition and ensuring energy security in line with carbon neutrality goals[16]. Capital Structure and Financial Ratios - As of December 31, 2022, the capital-to-debt ratio of the group was approximately 0.73%, up from 0.11% the previous year[27]. - As of December 31, 2022, the current ratio was 1.41, up from 1.23 in the previous year, and the debt-to-asset ratio was 47.92%, compared to 46.24% in the previous year[58]. - The company has a remaining unused bank credit balance of RMB 805 million as of December 31, 2022[58]. - The total share capital of the company as of December 31, 2022, is RMB 202,714,500, divided into 202,714,500 shares with a par value of RMB 1.00 each[122]. Strategic Plans and Investments - The company plans to increase the proportion of natural gas consumption in the energy structure to around 13% by 2025[18]. - The company plans to allocate 30% of the net proceeds from global offerings, amounting to RMB 71 million, for strategic acquisitions to expand its business into other regions by the end of 2024[64]. - The company aims to expand into distributed photovoltaic power generation business, allocating another 30% of the net proceeds, which is RMB 71 million, with RMB 20.774 million already utilized and RMB 50.226 million remaining to be used by the end of 2023[64]. - The company plans to expand its market presence by entering two new provinces in 2023, aiming for a 10% market share in these regions within the first year[80]. - A strategic acquisition of a local competitor is in progress, valued at approximately 200 million CNY, expected to close by Q3 2023[80]. Operational Efficiency and Cost Management - Operational efficiency improvements are projected to reduce costs by 5% in the upcoming fiscal year[80]. - The company has implemented new operational strategies that are projected to reduce costs by 7% over the next year, improving overall profitability[95]. - The company is investing 30 million CNY in R&D for new technologies aimed at improving gas distribution efficiency[80]. Risk Management - The company faces risks related to the expiration or potential early termination of its operating rights for pipeline natural gas, which may affect its ability to renew existing rights or obtain new ones[127]. - The company faces significant risks related to the Chinese government's policy developments, which may adversely affect its business and financial performance[142]. - The company is impacted by the pricing control system for pipeline natural gas, which may negatively affect profit margins due to timing differences between sales price increases and purchase price increases[143]. - The company has a risk of insufficient insurance coverage for common risks faced in the natural gas industry[144]. - The company must obtain multiple licenses and permits to start, operate, and expand its business, and failure to do so may significantly impact its expansion plans[128]. Corporate Governance and Management - The company has established a remuneration committee to formulate compensation policies for directors and senior management based on qualifications, positions, and seniority[132]. - The company has appointed new management personnel, including Mr. Tang as the Executive Vice President and Vice Chairman of New Energy Development since April 2019[104]. - Financial management practices have been strengthened, with the appointment of a new CFO to oversee investment strategies and ensure fiscal responsibility[95]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.30 per share, totaling RMB 60,814,350 (before tax)[33]. - The proposed final dividend for the year is RMB 0.30 per share (tax included)[47]. - The company plans to distribute a final dividend of RMB 0.30 per share for the fiscal year 2022, totaling RMB 60,814,350 (tax included) to shareholders[134]. - As of December 31, 2022, the company's available reserves for distribution amounted to approximately RMB 0.324 million[141]. Community Engagement and Social Responsibility - The group made charitable donations of approximately RMB 315,000 and in-kind donations of about RMB 14,900 during the year ended December 31, 2022[198].
湖州燃气(06661) - 2022 - 中期财报
2022-09-29 08:38
Natural Gas Industry Overview - The global natural gas production in 2021 was approximately 4.04 trillion cubic meters, representing a year-on-year growth of 4.54%[20]. - China's natural gas consumption accounted for about 7% of total energy consumption in 2021, with a projected compound annual growth rate of around 8% from 2020 to 2025[20]. - By 2025, China's annual natural gas production is expected to exceed 230 billion cubic meters, according to the "14th Five-Year Plan" for modern energy systems[20]. - Zhejiang Province aims to reach a natural gas consumption of 31.5 billion cubic meters by 2025, achieving 12.98% in the primary energy consumption structure[20]. - The urbanization rate in China has increased the natural gas penetration rate from 3% in the early 21st century to over 30% currently[21]. - The target for urban natural gas users in China is set to reach 550 million by 2025, with residential gas consumption expected to hit 66 billion cubic meters[21]. Company Growth and Market Position - The company is positioned to benefit from the government's policies promoting the development of the natural gas industry, particularly in industrial applications and distributed energy projects[20]. - The company anticipates significant growth opportunities in the urban gas sector as natural gas continues to replace artificial coal gas, which currently accounts for nearly 70% of usage[21]. - The company is committed to supporting China's carbon neutrality goals by enhancing the role of natural gas in energy transition across various sectors[21]. - The company is actively exploring new strategies to expand its market presence and enhance its product offerings in response to the growing demand for clean energy solutions[20]. Financial Performance - The company's revenue for the period was RMB 1,266.1 million, an increase of 54.50% compared to RMB 819.5 million in the same period last year[33]. - The total gas sales volume was 271.2 million cubic meters, up 4.07% from 260.6 million cubic meters in the previous year[25]. - The revenue from pipeline natural gas sales reached RMB 1,140.1 million, a 64.04% increase from RMB 695.0 million in the same period last year[25]. - The company served 243,000 residential users and 3,404 industrial users by the end of the reporting period[24]. - The gross loss for the period was RMB 6.4 million, a decline of 104.34% from a gross profit of RMB 147.5 million in the previous year[34]. - Other income and gains amounted to RMB 115.8 million, a significant increase of 1,365.82% from RMB 7.9 million in the same period last year[35]. - The sales expenses decreased by 20.00% to RMB 12.8 million from RMB 16.0 million in the previous year[36]. - The company reported a profit attributable to the owners of the parent company of RMB 52.0 million, down 19.25% from RMB 64.4 million in the previous year[40]. - The revenue from liquefied natural gas sales increased by 126.58% to RMB 17.9 million from RMB 7.9 million in the previous year[28]. - The revenue from household gas appliance sales rose by 169.23% to RMB 7.0 million from RMB 2.6 million in the previous year[31]. Assets and Liabilities - As of June 30, 2022, the group's current assets amounted to RMB 927.1 million, an increase from RMB 894.6 million as of December 31, 2021[41]. - The current ratio as of June 30, 2022, was 1.05, down from 1.23 as of December 31, 2021, while the debt-to-asset ratio increased to 55.62% from 46.23%[41]. - The group had utilized bank loans of RMB 50.0 million as of June 30, 2022, with an interest rate of 1.80%[41]. - The net cash position was maintained as of June 30, 2022, with an unused bank credit balance of RMB 450.0 million[41]. - The total employee cost for the group was approximately RMB 39.0 million, with a workforce of 427 employees as of June 30, 2022, compared to 415 employees a year earlier[48]. - The total value of property, plant, and equipment at the end of the period was RMB 849,086,000, after accounting for depreciation and disposals[162]. - The company's total liabilities decreased to RMB 940,059,000 as of June 30, 2022[104]. Shareholder Information and Corporate Governance - New Partner International Ltd holds 3,700,000 shares, representing 7.02% of the total shares[59]. - The total number of issued domestic shares is 150,000,000[61]. - The total number of issued shares is 202,714,500[62]. - The company did not propose an interim dividend for the six months ending June 30, 2022[77]. - The audit committee has reviewed the interim results and found them compliant with applicable accounting standards[78]. - The company has maintained high corporate governance standards to enhance shareholder value and accountability[69]. - There were no purchases, sales, or redemptions of the company's listed securities during the reporting period[74]. - The company has adopted a code of conduct for directors and supervisors regarding securities trading[75]. - The company has not detected any violations of the code of conduct by employees during the reporting period[76]. - The company is committed to transparency and effective management to achieve business growth[69]. Cash Flow and Investments - Cash flow from operating activities showed a net outflow of RMB 34,353,000 for the six months ended June 30, 2022, compared to an inflow of RMB 18,705,000 in 2021[106]. - The company’s cash and cash equivalents increased to RMB 670,648,000 as of June 30, 2022, up from RMB 278,996,000 a year earlier[120]. - The company reported a net cash outflow from investing activities of RMB 112,439,000 for the six months ended June 30, 2022, compared to an outflow of RMB 319,193,000 in 2021[120]. - The company’s financing activities generated a net cash inflow of RMB 3,889,000 for the six months ended June 30, 2022, compared to RMB 27,815,000 in 2021[120]. - The company purchased financial products totaling RMB 790,000,000 during the six months ended June 30, 2022, compared to RMB 510,000,000 in the previous year[114]. Related Party Transactions - The company has established various related party transactions with entities controlled by its major shareholders[169]. - The company’s total revenue from related party transactions for the first half of 2022 was RMB 4,436,000, compared to RMB 8,937,000 in the same period of 2021, a decrease of 50.5%[183]. - Revenue from services provided to related parties amounted to RMB 11,411,000 in the first half of 2022, up from RMB 3,368,000 in the same period of 2021, marking a significant increase of 238.5%[179]. - The company provided construction and installation services to Huzhou Fangzong, generating RMB 2,236,000 in the first half of 2022, down from RMB 4,065,000 in the same period of 2021, a decrease of 45.2%[186]. - The company reported sales of energy to Shushan Elderly Hospital totaling RMB 994,000 in the first half of 2022, compared to RMB 1,222,000 in the same period of 2021, reflecting a decrease of 18.7%[189].