Financial Performance - Jiaxing Gas Group reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in the latest fiscal year[4]. - The company achieved a net profit of RMB 300 million, representing a 10% increase compared to the previous year[4]. - The company's revenue for the year reached RMB 3,420.3 million, an increase of 15.69% compared to the previous year[14]. - The net profit attributable to shareholders was RMB 187.6 million, a decrease of 21.51% year-on-year[15]. - The gross profit for the year was RMB 354.9 million, up 33.64% from RMB 265.6 million the previous year, mainly driven by increased LNG sales and improved procurement cost efficiency[32]. - Other income and gains increased by 17.88% to RMB 21.1 million, mainly due to government subsidies for gas facility upgrades[33]. - The proposed final dividend for the fiscal year 2024 is RMB 0.25 per share, totaling RMB 34,461,125, subject to shareholder approval at the annual general meeting[99]. Customer and Market Growth - User data indicates a growth in customer base by 20%, with total users now exceeding 500,000[4]. - The company served approximately 487,000 residential users and 2,580 commercial users by the end of the reporting period[28]. - User data indicates a rise in active users, with a total of 500,000 new users added in the last quarter, marking a 10% increase compared to the previous quarter[64]. - The company plans to expand its market presence by entering two new provinces in the next fiscal year[4]. - The company plans to expand its market presence by entering two new provinces, aiming for a 25% increase in market share within the next year[64]. Product Development and Innovation - New product development includes the launch of a smart gas meter, expected to enhance user experience and operational efficiency[4]. - Investment in new technology development has increased by 30%, focusing on enhancing service efficiency and customer satisfaction[64]. - The company has launched a new product line that is anticipated to contribute an additional 200 million RMB in revenue over the next year[64]. Strategic Initiatives - The company is exploring potential acquisitions of smaller gas companies to enhance market share[4]. - A strategic partnership with a local energy firm is expected to enhance service offerings and customer engagement[4]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's service capabilities and customer base by 15%[64]. - The company aims to ensure competitive pricing and stable supply in response to geopolitical uncertainties affecting the oil and gas market[24]. Operational Efficiency - The company aims to improve operational efficiency by 5% through the implementation of advanced technologies in its distribution network[4]. - Operational efficiency improvements have led to a 5% reduction in costs, positively impacting the overall profit margin[64]. Sustainability and Clean Energy - The company has allocated RMB 50 million for research and development in clean energy technologies[4]. - The company is focusing on sustainability initiatives, with a target to reduce carbon emissions by 20% over the next three years[64]. - The company anticipates further growth in clean energy consumption demand, including natural gas, driven by national economic and carbon reduction targets[24]. Financial Health and Management - The company’s current ratio was 0.92 and the debt-to-asset ratio was 60.27% as of December 31, 2024[39]. - The group has no significant contingent liabilities as of December 31, 2024[43]. - The group has no financial guarantee liabilities, consistent with December 31, 2023[44]. - The group has no mortgaged assets as of December 31, 2024, compared to RMB 43.2 million in mortgaged assets as of December 31, 2023[45]. - The group recorded an investment income of approximately RMB 35,000 from Hangjiaxin during the reporting period, with no dividends received[47]. Compliance and Governance - The group has maintained compliance with all relevant environmental laws and regulations during the fiscal year ending December 31, 2024[189]. - The group has adhered to the corporate governance code, except for specific provisions C.2.1 and F.1.1, during the fiscal year ending December 31, 2024[188]. - The supervisory board confirmed that the company's operations for the fiscal year 2024 are normal and compliant with laws and regulations[197]. - The financial reports for 2024 accurately reflect the company's financial status and operational results, as per the audit by Ernst & Young[198]. Shareholder Information - As of December 31, 2024, the company's total share capital is RMB 137,844,500, consisting of 137,844,500 shares with a par value of RMB 1.00 each[106]. - The company is obligated to withhold a 10% corporate income tax on dividends paid to non-resident H-share shareholders[102]. - The company will distribute the final dividend on July 4, 2025, pending approval from the annual general meeting[99].

Financial Performance - Revenue for the year reached RMB 3,420.3 million, an increase of 15.69% compared to the previous year[4] - Profit attributable to owners of the company was RMB 187.6 million, a decrease of 21.51% year-on-year[4] - Total natural gas sales volume achieved 906 million cubic meters, representing a growth of 28.69% compared to last year[4] - Gross profit for the year was RMB 354.9 million, compared to RMB 265.6 million in the previous year[5] - The company reported a net profit of RMB 201.5 million for the year, down from RMB 250.5 million in the previous year[5] - Total comprehensive income for the year amounted to RMB 201.7 million, compared to RMB 250.5 million in the previous year[7] - The group's revenue for 2024 is RMB 3,420,317,000, an increase from RMB 2,956,483,000 in 2023, representing a growth of approximately 15.6%[24] - Sales of pipeline natural gas reached RMB 1,753,477,000 in 2024, while sales of liquefied natural gas decreased to RMB 1,195,212,000 from RMB 1,827,052,000 in 2023, indicating a decline of about 34.7%[25] - The group reported a significant increase in construction service revenue, rising to RMB 108,179,000 in 2024 from RMB 1,634,000 in 2023[25] - Total other income and gains for 2024 amounted to RMB 21,121,000, an increase from RMB 17,855,000 in 2023[30] Assets and Liabilities - The company's total assets less current liabilities stood at RMB 1,788.0 million, compared to RMB 1,710.3 million in the previous year[8] - Current liabilities totaled RMB 1,195.8 million, an increase from RMB 944.5 million in the previous year[8] - The total non-current liabilities amounted to RMB 602,410,000 as of December 31, 2024, compared to RMB 641,840,000 in 2023, indicating a decrease of approximately 6.5%[9] - The net asset value of the company reached RMB 1,185,593,000 in 2024, up from RMB 1,068,416,000 in 2023, reflecting an increase of about 10.9%[9] - The company's total equity attributable to owners of the parent was RMB 1,130,702,000 in 2024, compared to RMB 1,025,562,000 in 2023, representing a growth of approximately 10.3%[9] - The net current liabilities were recorded at RMB 93,804,000 in 2024, an increase from RMB 60,845,000 in 2023, which is an increase of about 54.2%[14] - Trade receivables amounted to RMB 391,944,000 in 2024, compared to RMB 266,733,000 in 2023, showing an increase of approximately 47.0%[36] - The total trade payables and notes payable increased to RMB 729,375,000 in 2024 from RMB 494,138,000 in 2023, marking a growth of 47.7%[40] - The group’s outstanding bank borrowings totaled RMB 352,900,000 in 2024, up from RMB 189,340,000 in 2023, reflecting an increase of 86.3%[41] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.25 per share (tax included) for the year ended December 31, 2024[4] - The proposed final dividend for 2024 is RMB 0.25 per share, down from RMB 0.40 per share in 2023, reflecting a decrease of 37.5%[34] - The company will distribute the final dividend on July 4, 2025, following approval at the annual general meeting[73] - H-share individual shareholders must notify the company by June 12, 2025, if their residency status differs from their registered address[76] - The record date for determining H-share shareholders entitled to attend the annual general meeting is June 3, 2025[77] Corporate Governance - The company adheres to high standards of corporate governance to enhance shareholder value and transparency[79] - The chairman and CEO roles are not separated, with the same individual holding both positions since 1998[82] - The company has adopted the principles and rules of the corporate governance code as its governance framework[81] - The audit committee, composed of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group for the current year[85] Market and Operational Insights - The company has a significant focus on the sale of gas in Jiaxing City, including pipeline natural gas, liquefied natural gas, and liquefied petroleum gas, as part of its core business operations[10] - The group operates a single reportable segment focused on gas sales and related services, with no further breakdown of operating segments provided[20] - All of the group's revenue is generated from customers in mainland China, with all non-current assets located in the same region[21] - The group has a major customer contributing approximately RMB 223,685,000 in revenue, down from RMB 369,729,000 in 2023, indicating a decline of about 39.5%[22] - The group provided gas services to approximately 487,000 residential users and 2,580 industrial and commercial users as of the reporting period[46] Future Outlook - The company anticipates sufficient funds to meet its operational and financial obligations within the next twelve months, supporting its going concern basis for financial reporting[14] - The company anticipates continued growth in service provision and product sales, supported by ongoing market expansion strategies[27] - The group’s market expansion efforts included enhancing procurement strategies to lower costs and improve supply chain resilience[44] - The group anticipates that the economic stimulus policies will further stabilize and boost market demand in the natural gas sector[44]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[5]. - The total revenue for the group during the period was RMB 1,516.5 million, an increase of 24.50% from RMB 1,218.1 million in the same period last year[19]. - Revenue for the six months ended June 30, 2024, reached RMB 1,516,524 thousand, a 24.5% increase from RMB 1,218,105 thousand in the same period of 2023[57]. - The revenue from liquefied natural gas sales increased by 501.78% to RMB 440.5 million, with sales volume rising to 143,089 thousand cubic meters, a 669.88% increase[14]. - The revenue from pipeline natural gas sales was RMB 883.8 million, a decrease of 6.67% compared to RMB 947.0 million in the same period last year[12]. - The revenue from liquefied petroleum gas sales decreased by 26.58% to RMB 40.6 million, primarily due to a reduction in wholesale sales volume[15]. - The company reported a total comprehensive income of RMB 96,913 thousand for the period, compared to RMB 162,770 thousand in 2023[59]. - The net profit for the period was RMB 96,714 thousand, a decline of 41.3% compared to RMB 164,732 thousand in 2023[57]. - Profit attributable to the parent company's owners decreased by 44.07% to RMB 891 million from RMB 1,593 million in the same period last year, mainly due to a decline in gross profit from Hangjiaxin[22]. Market Expansion and Strategy - The company expects a revenue growth forecast of 10% for the second half of 2024, driven by new product launches and market expansion[7]. - The company plans to expand its market presence in Zhejiang province, targeting a 30% increase in market share by 2025[5]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and customer reach[6]. - The company has launched a new liquefied natural gas product line, projected to contribute an additional RMB 200 million in revenue annually[7]. - User data indicates a growth in customer base by 20%, reaching a total of 500,000 users[6]. Sustainability and Technology Investment - Investment in new technologies has increased by 25%, focusing on cleaner energy solutions[6]. - The management highlighted a commitment to sustainability, aiming for a 40% reduction in carbon emissions by 2026[6]. - The company has established a partnership with a technology firm to enhance its digital service offerings, expected to improve user engagement by 15%[5]. Shareholder Information - The company has a total of 100,000,000 domestic shares issued, with 137,844,500 shares in total as of July 16, 2023[35]. - Major shareholder 泰鼎 holds 29,789,013 shares, representing 44.94% of the relevant category and approximately 32.60% of the total share capital[36]. - The company has a significant stake from 嘉興市人民政府國有資產, holding 32,757,502 shares, which is 32.76% of the relevant category and approximately 23.76% of the total share capital[37]. - The company has established a consistent shareholder structure, with major shareholders holding significant percentages of the total share capital[36]. Financial Position and Liabilities - As of June 30, 2024, the group's current assets amounted to RMB 785 million, down from RMB 883.6 million as of December 31, 2023[23]. - The current ratio was 0.89 and the debt-to-asset ratio was 57.36% as of June 30, 2024, compared to 0.94 and 59.75% respectively as of December 31, 2023[24]. - The group had utilized bank loans amounting to RMB 393.3 million, with a floating interest rate between 2.4% and 4.0%[24]. - The company's total liabilities decreased to RMB 546,715,000 as of June 30, 2024, from RMB 513,115,000 at the end of 2023, indicating a reduction of approximately 6.5%[64]. Dividend and Earnings - A dividend payout of RMB 0.10 per share has been proposed, reflecting a 5% increase from the previous year[6]. - The company declared an interim dividend of RMB 0.20 per share (tax included) for the six months ending June 30, 2024, totaling approximately RMB 27,568,900 (tax included) to be distributed on October 10, 2024[48]. - The board has not adopted a formal dividend policy due to the company's developmental stage and the influence of industry and economic outlook on performance[50]. Governance and Compliance - The company maintains a high level of corporate governance to enhance shareholder value and accountability[45]. - The roles of Chairman and CEO are not separated, with the same individual, Mr. Sun Lianqing, holding both positions[45]. - The company is committed to adhering to the corporate governance code, although it deviated from certain provisions[45]. - The report indicates that the company is under the supervision of the relevant regulatory authorities, ensuring compliance with the Securities and Futures Ordinance[36].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,516.5 million, an increase of 24.50% compared to the same period last year[1] - Gross profit for the same period was RMB 124.3 million, up 21.74% year-on-year[1] - Profit attributable to owners of the company decreased by 44.07% to RMB 89.1 million compared to the previous year[1] - Basic earnings per share for the period was RMB 0.65, down from RMB 1.16 in the same period last year[1] - Total comprehensive income for the period was RMB 96.9 million, down from RMB 162.8 million in the previous year[4] - Revenue from mainland China reached RMB 1,516,524 thousand for the six months ended June 30, 2024, up 24.5% from RMB 1,218,105 thousand in the same period of 2023[13] - Total revenue for the group was RMB 1,516,524 thousand, an increase of 24.5% compared to RMB 1,218,105 thousand in the previous year[15] - Sales of liquefied natural gas surged to RMB 440,526 thousand, a significant increase from RMB 73,176 thousand in the same period last year[15] - Interest income rose sharply to RMB 7,447 thousand, compared to RMB 1,097 thousand in the previous year[16] - The group reported a total tax expense of RMB 13,054 thousand for the six months ended June 30, 2024, compared to RMB 8,814 thousand in the same period of 2023[18] - The profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 89,146 thousand, a decrease of 44% compared to RMB 159,302 thousand for the same period in 2023[20] Assets and Liabilities - Non-current assets totaled RMB 1,816.9 million as of June 30, 2024, compared to RMB 1,771.1 million at the end of 2023[5] - Current assets decreased to RMB 785.0 million from RMB 883.6 million at the end of 2023[5] - Total liabilities decreased to RMB 1,492.4 million from RMB 1,586.3 million at the end of 2023[6] - Net assets attributable to owners of the parent increased to RMB 1,059.8 million from RMB 1,025.6 million at the end of 2023[6] - The group's current liabilities net amount is RMB 92,807,000, an increase from RMB 60,845,000 in 2023, indicating a significant rise in financial obligations[8] - The company's interest-bearing bank borrowings as of June 30, 2024, totaled RMB 393,260 thousand, significantly up from RMB 189,340 thousand as of December 31, 2023[23] - The total trade receivables and notes receivable as of June 30, 2024, amounted to RMB 236,376 thousand, slightly down from RMB 236,423 thousand as of December 31, 2023[22] - The total trade payables and notes payable as of June 30, 2024, were RMB 457,121 thousand, a decrease from RMB 494,138 thousand as of December 31, 2023[21] - The aging analysis of trade receivables as of June 30, 2024, showed that receivables due within one year were RMB 208,821 thousand, an increase from RMB 197,156 thousand as of December 31, 2023[21] - The company reported a decrease in the impairment loss on trade receivables, with a provision of RMB 45,537 thousand as of June 30, 2024, compared to RMB 30,310 thousand as of December 31, 2023[22] Dividends and Shareholder Information - The company declared an interim dividend of RMB 0.20 per share (tax included), unchanged from the previous year[1] - The proposed interim dividend per ordinary share is RMB 0.40, compared to RMB 0.20 in the previous year, totaling approximately RMB 55,138 thousand[19] - The board approved an interim dividend of RMB 0.20 per share (tax included) for the six months ending June 30, 2024, totaling approximately RMB 27,568,900 (tax included)[45] - The interim dividend is expected to be distributed on October 10, 2024, to shareholders listed as of September 25, 2024[45] - A 10% corporate income tax will be withheld for non-resident H-share shareholders receiving the interim dividend[46] - The company will suspend share transfer registration from September 20 to September 25, 2024, to determine H-share shareholders' eligibility for the interim dividend[48] Operational Overview - The group operates primarily in the sale of gas in Jiaxing, including pipeline natural gas, liquefied natural gas, and liquefied petroleum gas, under a franchise operation[12] - The group provides construction and installation services, as well as other activities including gas transportation services and property leasing[12] - The group has a single reportable operating segment focused on gas sales and related services in Jiaxing, China[12] - The company serves approximately 470,000 residential users and 2,515 industrial users[26] - The total length of the natural gas pipeline network operated by the company is 1,179.43 kilometers, including 790.6 kilometers of self-built pipelines[26] - The company plans to further explore new energy projects to ensure sustainable development[27] - The group plans to expand its market presence and invest in new technologies to enhance service delivery and customer satisfaction[15] - The company continues to focus on strategic acquisitions to bolster its service offerings and market share[15] Governance and Compliance - The company maintained compliance with corporate governance codes, although the roles of Chairman and CEO are held by the same individual[42] - The company has not adopted a formal dividend policy due to its developmental stage and ongoing performance impacts from the industry and economic outlook[43] - The audit committee, along with management and external auditors, has reviewed the unaudited interim results and confirmed compliance with applicable accounting standards[49] - The board of directors includes both executive and non-executive members, ensuring diverse oversight[50] - The board composition includes independent non-executive directors, enhancing governance standards[50] - The document emphasizes compliance with regulatory requirements for transparency[50] Employee and Operational Costs - The group employed a total of 399 employees as of June 30, 2024, compared to 378 employees a year earlier[37] - Employee costs for the period amounted to approximately RMB 34.4 million, an increase from RMB 30.6 million for the same period in 2023[37] Financial Structure and Future Outlook - The financial data is prepared based on the going concern basis, with sufficient cash inflows projected for the upcoming year[8] - The group has not reported any supplier financing arrangements, indicating a stable financial structure without reliance on external financing[11] - The group has adopted revised International Financial Reporting Standards, which do not impact its financial position or performance significantly[10] - The group’s financial statements are prepared in accordance with International Accounting Standard 34, which does not include all disclosures required for annual financial statements[8] - The company is committed to timely disclosure of financial information to shareholders[50] - The report will include performance summaries and future outlooks, which are critical for strategic planning[50]

Financial Performance - The company's net profit attributable to shareholders for the year was RMB 239 million, an increase of 244.88% compared to the previous year[5]. - The company's revenue for the year was RMB 2,956.5 million, a decrease of 14.7% compared to RMB 3,466.0 million in the previous year[23][31]. - Gross profit increased by 60.19% to RMB 265.6 million, up from RMB 165.8 million, primarily due to diversified gas sources and reduced procurement costs[32]. - Other income and gains decreased by 52.39% to RMB 17.9 million, down from RMB 37.6 million, mainly due to fewer government subsidies recognized[33]. - Financing costs rose by 18.52% to RMB 12.8 million, compared to RMB 10.8 million in the previous year, attributed to increased interest expenses on bank acceptance bills[34]. - The effective tax rate for the year was 24.85%, with income tax expenses increasing from RMB 26.0 million to RMB 31.8 million[35]. - The group reported a total reserve available for distribution of approximately RMB 432.8 million as of December 31, 2023[129]. Dividends - The board proposed a final dividend of RMB 0.40 per share (tax included) for the year[7]. - The proposed final dividend for the fiscal year 2023 is RMB 0.40 per share, totaling RMB 55,137,800, subject to shareholder approval at the annual general meeting on June 7, 2024[144]. - The dividend will be distributed to H-share shareholders in Hong Kong dollars, with the exchange rate based on the average middle rate published by the People's Bank of China one week prior to the dividend declaration[144]. - The company is obligated to withhold a 10% corporate income tax on the dividends distributed to non-resident H-share shareholders[146]. Business Operations - Total natural gas sales volume reached 704 million cubic meters, representing a growth of 0.43% year-on-year[6]. - The company serves approximately 458,000 residential users and 2,447 commercial users as of the end of the reporting period[14]. - The company is positioned to benefit from the increasing demand for natural gas as a low-carbon clean energy source, driven by regional economic recovery and carbon reduction policies[11]. - The company is actively participating in the "Energy Green Low-Carbon Development and Supply Security Project" initiated by Zhejiang Province[11]. - The company has a significant market presence as the largest urban gas operator in Jiaxing City, Zhejiang Province[14]. - The group's natural gas pipeline network spans a total length of 1,157.06 kilometers, including 777.85 kilometers of self-built pipelines[54]. - The company aims to enhance its natural gas supply capacity and competitiveness by optimizing its pipeline and liquefied natural gas resource pool[53]. - The group primarily engages in the sale of pipeline natural gas, liquefied natural gas, and liquefied petroleum gas, along with providing construction and installation services[142]. Strategic Focus and Development - The company aims to enhance its focus on new energy business development and transition towards becoming a comprehensive energy supplier and service provider in 2024[11]. - The company is actively optimizing its business structure and accelerating the development of green low-carbon energy[27]. - The group plans to accelerate its transformation into a comprehensive energy service provider, with two sites already operational in integrated energy station renovations[55]. - Research and development efforts have increased by 30%, with a focus on sustainable energy technologies[95]. - The company is expanding its market presence, targeting new regions in Zhejiang province, aiming for a 25% market share by the end of the next fiscal year[95]. - The company is actively pursuing strategic acquisitions to enhance its service offerings, with a budget of 300 million CNY allocated for potential mergers[95]. Employee and Management - The company employed a total of 408 employees as of December 31, 2023, compared to 367 employees on December 31, 2022, reflecting an increase of approximately 11.2%[77]. - The total employee cost for the year was approximately RMB 79.2 million, indicating a focus on competitive compensation and targeted training programs for staff development[77]. - The management team is committed to enhancing employee training and professional development to improve overall service quality[77]. - The company’s board of directors and management have established a compensation committee to determine remuneration policies based on qualifications, positions, and seniority[162]. Risks and Compliance - The company has significant risks related to the natural gas pricing control system imposed by the Chinese government, which may negatively impact profit margins due to timing differences between procurement and selling price adjustments[154]. - The group is subject to various risks, including the need to obtain multiple licenses and permits for business operations and expansion, which could significantly impact its plans if not secured[130]. - The company may face financial losses if it fails to comply with land transfer contract terms, which could adversely affect its business and financial condition[156]. - The company is subject to government policies that may impact its operations, with no guarantee of timely adaptation[174]. - The company has strengthened its compliance and governance framework, ensuring adherence to regulatory standards[95]. Future Outlook - The company has provided guidance for the next fiscal year, projecting a revenue increase of 10% to 1.32 billion CNY[95]. - New product launches are expected to contribute an additional 200 million CNY in revenue, with a focus on innovative energy solutions[95]. - The company has implemented new strategies to improve operational efficiency, aiming to reduce costs by 5% over the next year[95]. - The group’s management discussion and analysis section outlines future development plans and significant factors affecting its performance[142].

Financial Performance - The company's revenue for the year was RMB 2,956 million, a decrease of 14.70% compared to the previous year[35] - The profit attributable to the owners of the company was RMB 239.0 million, an increase of 244.88% year-on-year[35] - Total natural gas sales volume reached 704 million cubic meters, representing a growth of 0.43% compared to the previous year[35] - The group's revenue from continuing operations was approximately RMB 369,729,000, an increase from RMB 311,533,000 in 2022, indicating a growth of about 18.7%[66] - Total revenue generated from contracts with customers was RMB 2,950,268,000 in 2023, down from RMB 3,460,687,000 in 2022, representing a decrease of approximately 14.7%[68] - Revenue from the sale of natural gas and liquefied natural gas was RMB 1,827,052,000 and RMB 661,415,000 respectively in 2023, compared to RMB 2,025,701,000 and RMB 957,739,000 in 2022, showing a decline of 9.8% and 30.9% respectively[68] - The revenue from construction services provided was RMB 160,005,000 in 2023, an increase from RMB 142,143,000 in 2022, reflecting a growth of approximately 12.6%[68] - The group recorded a total comprehensive income of RMB 250,525,000 for the year, compared to RMB 76,295,000 in the previous year, indicating a significant increase[52] - The net profit attributable to equity holders of the parent company was RMB 239,004,000, up from RMB 69,344,000 year-on-year[52] - The group's gross profit for the year was RMB 265.6 million, an increase of 60.19% compared to RMB 165.8 million in the previous year, primarily due to diversified gas sources and reduced procurement costs[144] Assets and Liabilities - The company's total assets increased to RMB 1,068,416 million from RMB 877,509 million in the previous year[39] - Non-current liabilities totaled RMB 641,840 million, down from RMB 673,782 million in the previous year[39] - The group reported a net current liability of RMB 60,845,000, a decrease from RMB 106,454,000 in the previous year, indicating improved liquidity[59] - The company's total trade receivables and notes receivable amounted to RMB 217,316 thousand at year-end, with expected credit loss of RMB 9,857 thousand[98] - Trade payables increased to RMB 494,138 thousand in 2023 from RMB 305,536 thousand in 2022, reflecting a growth of approximately 62%[98] - The group's total liabilities increased to RMB 944,484,000 from RMB 525,536,000, reflecting a rise of approximately 79.6%[53] - The group maintained a capital debt ratio of approximately 5.17% as of December 31, 2023, down from 15.17% in the previous year, showing a decrease of 66.14%[130] - The group has pledged several assets to secure bank financing, as mentioned in previous announcements[5] Taxation - The group's income tax expense increased from RMB 26.0 million to RMB 31.8 million, with an effective tax rate of 24.85%[1] - The current tax expense for the year included RMB 28,659 thousand for China income tax, up from RMB 19,349 thousand in 2022, representing an increase of approximately 48%[110] - The company's deferred tax expense was RMB 2,501 thousand in 2023, compared to RMB 6,643 thousand in 2022, showing a decrease of about 62%[110] Dividends - The board proposed a final dividend of RMB 0.40 per share, totaling RMB 55.1378 million, subject to shareholder approval at the annual general meeting[27] - The company has not adopted a formal dividend policy due to its developmental stage and the influence of industry and economic conditions[14] - Basic earnings per share for the first half of 2023 were RMB 0.2, up from zero in 2022, with a proposed final dividend of RMB 0.4 per share[93] Financial Risks - The group faces foreign exchange risks primarily due to transactions in USD for liquefied natural gas, which may impact profits and losses[3] - The group will closely monitor market interest and exchange rates and take appropriate measures as necessary[3] - The expected credit loss rates for overdue receivables were 1.80% for less than 6 months, 8.36% for 6 to 12 months, and 55.97% for over 1 year[98] - The expected credit loss rate for trade receivables was 11.36% for amounts overdue over one year, indicating a significant risk in the receivables portfolio[134] Operational Highlights - The company operates primarily in the sale of gas, construction and installation services, and other activities including natural gas transportation services in mainland China[55] - The group provided gas services to approximately 458,000 residential users and 2,447 industrial and commercial users as of the reporting period[122] - The total length of the natural gas pipeline network operated by the group was 1,157.06 kilometers, including 777.85 kilometers of self-built pipelines and 379.21 kilometers of leased urban pipelines[124] - The group has completed the renovation of two integrated energy stations, including hydrogen energy, and plans to further explore new energy projects to achieve sustainable development[125] Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors, in compliance with corporate governance codes[158] - The company will continue to review and consider the separation of the roles of Chairman and Chief Executive Officer as appropriate[157] - The company emphasizes the importance of maintaining high levels of corporate governance as a foundation for effective management and successful business growth[175] - The audit committee, along with management, has reviewed the accounting principles and policies adopted by the group for the current fiscal year[179] Employee and Compensation - The total employee cost for the group during the year was approximately RMB 79.2 million, with a total of 408 employees as of December 31, 2023, compared to 367 employees in 2022[167] - The group is committed to providing competitive compensation to employees based on their qualifications and performance to enhance service quality[167]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[11]. - The company's revenue for the first half of 2023 was RMB 1,218,105, a decrease of 6.6% compared to RMB 1,304,538 in the same period of 2022[32]. - Gross profit increased to RMB 102,108, up 8.5% from RMB 94,373 in the previous year[32]. - The pre-tax profit for the period was RMB 173,546, significantly higher than RMB 45,481 in the first half of 2022, representing an increase of 281.5%[32]. - Net profit attributable to the parent company was RMB 159,302, compared to RMB 28,566 in the same period last year, marking a growth of 469.5%[32]. - The company's operating income for the first half of 2023 was RMB 234,261,000, compared to RMB 176,026,000 in the same period of 2022, representing a year-on-year increase of approximately 33%[128]. - The group's pre-tax profit for the six months ended June 30, 2023, was RMB 1,066,080 thousand, compared to RMB 1,177,142 thousand for the same period in 2022[158]. - The total tax expense for the period was RMB 8,814 thousand, down from RMB 12,763 thousand in the same period of 2022[161]. - The group's gross profit for the period was RMB 102.1 million, an increase of 8.16% from RMB 94.4 million in the same period last year, attributed to a decrease in natural gas procurement prices[193]. Revenue Guidance and Future Projections - The company has provided a revenue guidance of RMB 2.5 billion for the full year 2023, which reflects a growth target of 10%[11]. - New product launches include a smart gas meter that is expected to enhance user experience and operational efficiency, with an anticipated contribution of RMB 200 million to revenue in 2024[11]. - The company plans to enhance its digital platform, investing RMB 50 million to improve customer engagement and service delivery[11]. - The company plans to maintain its dividend policy, with an interim dividend of RMB 0.20 per share, equivalent to HKD 0.2182 per share[25]. - The company plans to continue expanding its gas distribution and sales operations in Jiaxing, focusing on pipeline natural gas, liquefied natural gas, and liquefied petroleum gas[133]. - The company is focusing on research and development of new products to drive future growth and maintain competitive advantage[104]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in Zhejiang province, aiming to increase its market share by 5% over the next year[11]. - A strategic acquisition of a local competitor is in progress, which is expected to add approximately RMB 300 million in annual revenue once completed[11]. - The company has initiated a sustainability program aimed at reducing carbon emissions by 20% by 2025, aligning with national environmental goals[11]. - The company has reported an increase in trade payables by RMB 267,572,000 for the six months ended June 30, 2023, compared to an increase of RMB 63,490,000 in the same period last year[107]. Expenses and Financial Position - Research and development expenses increased by 25% to RMB 150 million, focusing on innovative gas solutions and technologies[11]. - Administrative expenses rose to RMB 30,491, an increase of 11.5% from RMB 27,317 in 2022[32]. - The financing costs decreased to RMB 5,545, down from RMB 6,083, reflecting a reduction of 8.8%[32]. - As of June 30, 2023, total current liabilities increased to RMB 1,078,449 thousand, up 105% from RMB 525,536 thousand as of December 31, 2022[47]. - Total assets minus current liabilities reached RMB 1,713,427 thousand, an increase from RMB 1,551,291 thousand year-over-year[47]. - Non-current liabilities totaled RMB 705,166 thousand, up from RMB 673,782 thousand, indicating a growth of approximately 4.8%[47]. - The company's net assets increased to RMB 1,008,261 thousand, compared to RMB 877,509 thousand, reflecting a growth of 14.9%[55]. - The company's interest-bearing bank loans increased to RMB 311,560 thousand, up from RMB 223,780 thousand, representing a 39.2% rise[47]. Cash Flow and Investments - Cash flow from operating activities for the six months ended June 30, 2023, was RMB 220,391,000, compared to RMB 168,185,000 in the previous year, reflecting an increase of 31.0%[122]. - The company reported a net increase in cash and cash equivalents of RMB 235,943,000 for the six months ended June 30, 2023, compared to RMB 110,658,000 in the same period last year, showing a growth of 112.6%[123]. - The company invested RMB 25,613,000 in property, plant, and equipment during the reporting period, a decrease from RMB 36,567,000 in the previous year[124]. - The company received dividends of RMB 8,580,000 from an associate in the previous year, with no dividends received in the current period[124]. Operational Metrics - User data indicates an increase in active users by 20% compared to the previous year, reaching 2 million active accounts[11]. - For the six months ended June 30, 2023, the group's total gas sales volume reached 275 million cubic meters, an increase of 2.62% compared to the same period in 2022[174]. - The total gas supply volume for the reporting period was 257.1 million cubic meters, an increase of 3.71% from 247.9 million cubic meters in the same period of 2022[176]. - The total sales volume of liquefied natural gas was 18,586 thousand cubic meters, a decline of 7.63% from 20,122 thousand cubic meters in the previous year[187]. - The revenue from liquefied petroleum gas sales was RMB 55.3 million, a decrease of 27.24% compared to RMB 76.0 million in the same period last year, mainly due to a reduction in wholesale sales volume and slight price decreases[188]. - The revenue from natural gas pipeline construction and installation was RMB 60.6 million, down 23.29% from RMB 79.0 million in the previous year, primarily due to a decrease in completed engineering projects[189].

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告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份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。 JiaXing Gas Group Co., Ltd.* 嘉 興 市 燃 氣 集 團 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9908） 截 至2023年6月30日 止 六 個 月 的 中 期 業 績 公 告 財務摘要 • 期間收入為人民幣1,218.1百萬元，較去年同期减少6.62%。 • 期間毛利為人民幣102.1百萬元，較去年同期增加8.16%。 • 期 間 本 公 司 擁 有 人 應 佔 溢 利 為 人 民 幣159.3百 萬 元，較 去 年 同 期 增 加 456.99%。 • 期間每股基本盈利為人民幣1.16元（去年同期：人民幣0.21元）。 • 經股東於股東週年大會授權，董事會決議就截至2023年6月30日止六個 ...

Financial Performance - The company reported a total revenue of RMB 3,466,036,000 for the year, a significant increase from RMB 1,988,553,000 in the previous year, representing a growth of approximately 74.4%[22]. - The gross profit for the year was RMB 165,761,000, down from RMB 237,670,000 in the previous year, indicating a decline of about 30.2%[22]. - The net profit for the year was RMB 76,422,000, compared to RMB 112,448,000 in the previous year, reflecting a decrease of approximately 32.0%[22]. - The company reported other income and gains of RMB 37,557,000, compared to RMB 11,592,000 in the previous year, showing a substantial increase of about 223.5%[22]. - The financial summary indicates a strong performance in 2022, with substantial improvements in key financial metrics compared to 2021[170]. - In 2022, the company's revenue was RMB 3,466.0 million, an increase of 74.29% compared to RMB 1,988.6 million in the previous year, primarily due to growth in LNG sales volume and an increase in average selling price[180]. - The company's gross profit for the year was RMB 165.8 million, a decrease of 30.25% from RMB 237.7 million in the previous year, mainly due to losses from residential gas sales price inversion[181]. - The company reported a net profit attributable to shareholders of RMB 69.3 million for the year, a decrease of 36.13% compared to the previous year[200]. Revenue Sources - Revenue from pipeline natural gas sales was RMB 2,025,701,000, while revenue from construction services was RMB 142,143,000[7]. - The total gas sales volume for the year 2022 reached 701 million cubic meters, representing a growth of 22.13% compared to 2021[94]. - The LNG trading business from the Dushan Port project contributed 193 million cubic meters of gas sales, marking a significant increase of 309.34% year-on-year[94]. - The company reported a significant increase in natural gas sales volume, with figures reaching 3,000,000 thousand cubic meters in 2022[171]. Assets and Equity - The company’s total assets increased to RMB 841,684,000 from RMB 793,144,000, marking a growth of about 6.1%[25]. - The total equity attributable to shareholders rose to RMB 877,509,000, up from RMB 815,879,000, which is an increase of approximately 7.5%[25]. - As of December 31, 2022, the company's current assets amounted to RMB 632.0 million, up from RMB 598.4 million as of December 31, 2021[184]. Cash Flow and Investments - The net cash flow used in investing activities was RMB (115,283) thousand in 2022, a significant improvement from RMB (268,314) thousand in 2021, indicating a reduction of approximately 57%[27]. - The company received dividends from associates amounting to RMB 16,448 thousand in 2022, up from RMB 13,810 thousand in 2021, representing an increase of about 19%[27]. - The cash and cash equivalents at the end of 2022 were RMB 220,691 thousand, a decrease from RMB 258,664 thousand at the end of 2021, reflecting a reduction of approximately 15%[57]. - The company paid dividends of RMB (20,677) thousand in 2022, down from RMB (51,002) thousand in 2021, which is a decrease of about 59%[27]. - The company made investments in joint ventures totaling RMB (1,000) thousand in 2022, compared to RMB (159,000) thousand in 2021, indicating a significant reduction in investment activity[27]. - The financing activities resulted in a net cash outflow of RMB (73,803) thousand in 2022, contrasting with a net inflow of RMB 52,576 thousand in 2021[27]. Strategic Initiatives and Future Outlook - The company aims to expand its market presence and enhance its service offerings through strategic initiatives and potential acquisitions in the upcoming year[22]. - The company is focusing on market expansion and new product development to sustain growth in the upcoming years[173]. - Future outlook includes strategic initiatives aimed at enhancing operational efficiency and increasing market share[173]. - The company plans to invest in new technologies to improve service delivery and customer satisfaction[173]. - There is an emphasis on potential mergers and acquisitions to strengthen the company's market position[173]. - The management team expressed confidence in achieving the performance guidance set for the next fiscal year[173]. Governance and Compliance - The board of directors highlighted the importance of governance and compliance in driving long-term success[173]. - The group has a significant influence from major management personnel, indicating a strong governance structure[81]. - The company has undergone accounting policy changes in line with the latest International Financial Reporting Standards, with no significant impact on its financial performance[67]. Market Conditions and Challenges - Despite the increase in gas sales volume, profit declined due to rising upstream gas prices and government restrictions on residential gas prices[94]. - The engineering installation business faced challenges due to a slowdown in the real estate sector, which is linked to the "housing is for living in, not for speculation" policy[93]. - The impact of unexpected factors such as the pandemic and geopolitical conflicts has significantly affected the global economic landscape and gas market[94]. Accounting Standards and Financial Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards, reflecting the group's financial position as of December 31, 2022[63]. - The company is currently evaluating the impact of the newly issued International Financial Reporting Standards (IFRS) and anticipates no significant impact on its financial statements from the amendments to IAS 1 and IAS 12[121][125]. - The company is committed to ensuring that its financial reporting remains compliant with the latest accounting standards and amendments as they come into effect[124].

Financial Performance - The company's revenue for the year reached RMB 3,466.0 million, an increase of 74.29% compared to the previous year[3]. - The profit attributable to the company's owners for the year was RMB 69.3 million, a decrease of 36.13% from the previous year[3]. - The total natural gas sales volume for the year was 701 million cubic meters, representing a growth of 22.13% year-on-year[3]. - The gross profit for the year was RMB 165.8 million, down from RMB 237.7 million in the previous year[5]. - The total comprehensive income for the year was RMB 76.3 million, compared to RMB 112.4 million in the previous year[5]. - The pre-tax profit for the year was RMB 102.4 million, down from RMB 149.2 million in the previous year[5]. - The basic and diluted earnings per share for the year were RMB 0.50, compared to RMB 0.79 in the previous year[8]. - The group's revenue from continuing operations was approximately RMB 311,487,000 in 2022, a slight decrease from RMB 313,097,000 in 2021[35]. - The group reported a pre-tax profit of RMB 69,344,000 for 2022, down from RMB 108,486,000 in 2021[50]. - The group’s revenue from construction services was RMB 28,322,000 in 2022, compared to RMB 48,317,000 in 2021[40]. - The group reported a total of RMB 31,160 thousand in other income, a significant increase from RMB 4,310 thousand in the previous year[70]. - The group's net profit attributable to equity holders for the year was RMB 69.3 million, a decrease of 36.13% from RMB 108.5 million last year[127]. Dividends and Shareholder Returns - The board recommended a final dividend of RMB 0.20 per share (tax included) for the year ended December 31, 2022[3]. - The proposed final dividend for the year 2022 is RMB 0.20 per share, totaling RMB 27,568,900, subject to shareholder approval[165]. - The board believes that it is not appropriate to adopt a formal dividend policy at this stage due to the company's ongoing development[172]. Assets and Liabilities - The company's total equity as of December 31, 2022, was RMB 877.5 million, an increase from RMB 815.9 million in the previous year[10]. - Non-current assets increased to RMB 1,444,837 thousand in 2022 from RMB 1,374,294 thousand in 2021, representing a growth of 5.1%[22]. - Current liabilities increased to RMB 525,536 thousand in 2022, compared to RMB 435,127 thousand in 2021, reflecting a rise of 20.8%[23]. - Total liabilities decreased to RMB 1,199,318 thousand in 2022 from RMB 1,184,842 thousand in 2021, indicating a slight reduction of 1.2%[23]. - The company's equity attributable to owners increased to RMB 877,509 thousand in 2022, up from RMB 815,879 thousand in 2021, a growth of 7.5%[23]. - The company’s total non-current liabilities decreased to RMB 673,782 thousand in 2022 from RMB 712,715 thousand in 2021, a reduction of 5.5%[23]. - The company's current ratio as of December 31, 2022, was 1.2, down from 1.35 in the previous year, while the debt-to-asset ratio was 57.75% compared to 58.45% in 2021[152]. Cash Flow and Financing - The company incurred financing costs of RMB 10.8 million, compared to RMB 9.0 million in the previous year[5]. - The interest expense on bank loans for 2022 was RMB 13,208 thousand, up from RMB 6,648 thousand in 2021, highlighting rising financing costs[95]. - The group utilized bank loans totaling RMB 223.8 million, with an unused bank credit line of RMB 747.0 million as of December 31, 2022[152]. Trade Receivables and Credit Risk - Trade receivables rose significantly to RMB 207,459 thousand in 2022, up from RMB 144,942 thousand in 2021, marking an increase of 43.2%[22]. - The expected credit loss rates for overdue receivables are 1.80% for less than 6 months, 8.36% for 6 to 12 months, 23.71% for 1 year, and 55.97% for over 1 year[80]. - The expected credit loss for bank acceptance notes is close to zero, indicating a strong credit quality of the issuing banks[81]. - The group maintains strict control over overdue balances, with senior management regularly reviewing and actively managing credit risks[77]. - The impairment loss on trade receivables for 2022 was RMB 5,116 thousand, compared to RMB 2,129 thousand in 2021, reflecting increased credit risk[95]. Market and Operational Insights - The group is focused on expanding its market presence in line with Zhejiang Province's energy development plan, which aims for a natural gas consumption of 31.5 billion cubic meters by 2025[90]. - The total gas sales volume for 2022 reached 701 million cubic meters, an increase of 22.13% compared to 2021, primarily driven by the rapid growth of liquefied natural gas trading after the operation of the Dushan Port project, which achieved a sales volume of 193 million cubic meters, up 309.34% year-on-year[92]. - The company plans to accelerate its transformation into a comprehensive energy service provider, leveraging the integration of the provincial gas network into the national grid to enhance gas supply capabilities and competitiveness[93]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as its corporate governance standard[171]. - The company emphasizes maintaining high levels of corporate governance as a foundation for effective management and successful business growth[179]. - The roles of the Chairman and CEO are not separated, with Mr. Sun Lianqing holding both positions since 1998, responsible for overall strategic planning and management[180]. - The company has established an audit committee composed of three independent non-executive directors, in compliance with corporate governance standards[183].