Financial Performance - The company's revenue increased by 33.04% to RMB 154.044 billion as of December 31, 2022, with a net profit attributable to shareholders of RMB 5.844 billion, resulting in a basic earnings per share of RMB 1.90[2] - The company's operating revenue for 2022 was CNY 15,404,417, an increase of 33.04% compared to CNY 11,578,863 in 2021[20] - The net profit attributable to shareholders for 2022 was CNY 584,391, reflecting a growth of 26.17% from CNY 463,178 in 2021[20] - The net profit after deducting non-recurring gains and losses increased by 33.83% to CNY 467,089 in 2022, compared to CNY 349,005 in 2021[21] - The core profit attributable to shareholders rose by 48.17% to CNY 606,671 in 2022, up from CNY 409,456 in 2021[21] - Basic earnings per share for 2022 were CNY 1.90, representing a 25.83% increase from CNY 1.51 in 2021[22] - The weighted average return on net assets for 2022 was 33.43%, an increase of 2.34 percentage points from 31.09% in 2021[22] - The cash flow from operating activities for 2022 was CNY 1,500,578, a 5.94% increase from CNY 1,416,504 in 2021[21] - The company's total revenue for 2022 reached 855,081 million, an increase of 24.89% compared to the previous year[87] - The company's net cash received from tax refunds increased by 359.04% year-on-year, amounting to 226,539,000 RMB, mainly due to increased VAT refunds and import VAT returns[101] Dividends and Shareholder Returns - A cash dividend of RMB 5.1 per 10 shares (including tax) is proposed, amounting to a total cash dividend distribution of RMB 1.577 billion[8] - The total cash dividend amount for the reporting period was 1,577,220,386.43 RMB, representing 26.99% of the net profit attributable to ordinary shareholders in the consolidated financial statements[198] - The total dividend amount, including cash dividends, reached 1,677,867,552.39 RMB, which is 28.71% of the net profit attributable to ordinary shareholders[198] - The company approved the shareholder dividend return plan for the next three years (2022-2024) during the annual general meeting[157] Strategic Developments - The company plans to accelerate the development of clean energy and smart products, focusing on the integration of demand, resources, and facilities[4] - The company is committed to sustainable development and has established over 40 smart operation centers to enhance safety and compliance[3] - The company is actively pursuing low-carbon technologies in hydrogen production and energy storage, with over 40 hydrogen-related engineering projects completed[47] - The company has signed long-term purchase agreements totaling 7.64 million tons per year with international suppliers including Total and Chevron for natural gas procurement[41] - The company is enhancing its infrastructure capabilities by providing LNG unloading, storage, and emergency peak-shaving services, maximizing energy value across various scenarios[54] Market and Economic Outlook - The company anticipates a positive economic recovery in 2023, leveraging opportunities in the natural gas sector and digital transformation[4] - The demand for LNG imports is expected to rebound significantly in 2023, with a projected year-on-year growth of 5.41% in natural gas demand[136] - By 2030, China's natural gas consumption is expected to reach approximately 600 billion cubic meters, with a significant growth potential in the direct sales gas market, projected to exceed 150 billion cubic meters of incremental market size[128] Risk Management - The company aims to enhance its risk control by constructing a comprehensive risk management system covering all business areas and product categories[4] - The company faces risks related to gas source acquisition and price fluctuations, heavily relying on international procurement and major domestic suppliers[145] - The company has established multiple foreign currency and commodity derivative contracts to hedge against foreign exchange exposure and commodity price risks, primarily using these contracts as hedging tools[150] Governance and Management - The company has established a governance system that includes a shareholders' meeting, board of directors, supervisory board, and management team, ensuring clear responsibilities and coordinated operations[152] - The board of directors consists of 11 members, including 4 independent directors, and held 13 meetings in 2022, passing 77 resolutions on key issues like stock repurchase and internal control reports[153] - The company has a structured remuneration decision process based on industry standards and performance metrics, ensuring compliance with its remuneration management system[173] Operational Efficiency and Innovation - The company is focused on expanding its LNG trading and procurement capabilities, leveraging its expertise in international markets[163] - The company is investing in new technologies to improve operational efficiency and reduce costs in its LNG operations[163] - The company has developed a digital platform for the natural gas industry, focusing on data-driven smart trading and delivery, which has improved operational efficiency and facilitated industry collaboration[60] Employee and Workforce Development - The company has established a tiered training system to enhance employee capabilities and promote stable development[193] - The company reported a total of 38,967 employees, with 24,044 in production, 2,326 in sales, 7,530 in technology, 2,246 in finance, and 2,821 in administration[190] - The number of R&D personnel is 4,548, representing 11.67% of the total workforce[97] Environmental, Social, and Governance (ESG) Initiatives - The company has enhanced its ESG management, achieving a MSCI rating upgrade to BBB and being included in the Hang Seng A-Share Sustainable Development Enterprises Index, ranking among the top 30 in A-share ESG performance[63] - The company reviewed the 2021 annual environmental, social, and governance (ESG) report and set future ESG work directions in the March 17 meeting[187]

Financial Performance - The company's operating revenue for the first half of 2022 reached CNY 7,301,974, an increase of 41.04% compared to CNY 5,177,299 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 153,543, a decrease of 26.10% from CNY 207,767 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 133,325, down 22.82% from CNY 172,732 in the same period last year[16]. - The net cash flow from operating activities was CNY 676,261, an increase of 21.88% compared to CNY 554,854 in the previous year[16]. - The core profit attributable to shareholders of the listed company was CNY 225,874, an increase of 48.85% from CNY 151,741 in the previous year[16]. - Basic earnings per share decreased by 27.03% to CNY 0.54 compared to the same period last year[18]. - Diluted earnings per share decreased by 28.00% to CNY 0.54 compared to the same period last year[18]. - Operating costs rose by 47.89% to CNY 6,304,724,000, primarily due to increased prices and volumes in the natural gas business[54]. - Financial expenses surged by 919.98% to CNY 140,921,000, mainly due to exchange losses from USD debts caused by RMB depreciation[55]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,094,973, an increase of 2.31% from CNY 12,799,569 at the end of the previous year[16]. - The net assets attributable to shareholders of the listed company were CNY 1,444,655, a decrease of 2.74% from CNY 1,485,339 at the end of the previous year[16]. - The total liabilities reached CNY 8,434,417 million, an increase from CNY 8,176,838 million, marking a growth of 3.1%[186]. - Current liabilities decreased to CNY 5,390,107 million from CNY 5,539,310 million, showing a reduction of 2.7%[186]. - The company's equity attributable to shareholders decreased to CNY 1,444,655 million from CNY 1,485,339 million, a decline of 2.7%[186]. Market and Industry Insights - Operating revenue increased by 41.04% year-on-year, driven by higher prices and volumes in the natural gas business[18]. - The domestic natural gas consumption in the first half of 2022 was approximately 181.1 billion cubic meters, a year-on-year decrease of 1.5%[22]. - Domestic natural gas production in the first half of 2022 reached 109.6 billion cubic meters, an increase of 4.9% year-on-year[22]. - The company expects a rapid recovery in overall natural gas demand in China as economic policies take effect and pandemic control improves[22]. - The company aims to leverage national urban renewal initiatives to explore market potential and enhance business opportunities[24]. Environmental and Social Responsibility - The company has implemented pollution control measures, achieving emissions concentrations for sulfur dioxide at 17.78 mg/m³, well below the standard limit of 50 mg/m³[88]. - The company has adopted a wastewater treatment process that achieves "zero discharge" for saline wastewater, enhancing water reuse rates[92]. - The company has established a noise control system, ensuring daytime noise levels do not exceed 60.96 dB(A) and nighttime levels do not exceed 52.21 dB(A)[93]. - The company has committed to achieving carbon neutrality by 2050 and has set up a comprehensive action plan for its "Green Action 2030" initiative[44]. - New Ao Holdings donated a total of 3.395 million yuan for social welfare projects, including medical assistance and improving sanitation services[125]. Risk Management - The company has outlined various risks and countermeasures in its report, emphasizing the importance of risk awareness for investors[6]. - The company faces risks related to gas source acquisition and price fluctuations, which could adversely affect operations[76]. - The company is exposed to interest rate risks from bank loans, with strategies to adjust the ratio of fixed to floating rate loans and use interest rate swaps for hedging[79]. - The company has implemented a risk management system for commodity trading and developed a mobile risk control product to monitor risks daily[80]. Corporate Governance and Compliance - The company held three shareholder meetings during the reporting period, all conducted in compliance with legal regulations[83]. - The company did not distribute dividends or increase capital reserves during the reporting period, with no plans for stock bonuses or cash dividends[85]. - The company has not faced any administrative penalties or criminal sanctions in the last five years, except for those unrelated to the securities market[143]. - The company guarantees that it will bear legal responsibilities if it violates its commitments regarding the issuance of shares[143]. Strategic Acquisitions and Investments - The company is in the process of acquiring 90% equity of Xin'ao Zhoushan through a combination of issuing shares and cash payments[134]. - The company completed the acquisition of 90% equity in Xin'ao Zhoushan, aiming to minimize unnecessary related party transactions post-restructuring[137]. - The company has committed to avoiding substantial competition with its subsidiaries and will redirect business opportunities to them if they arise[136]. - The company has provided guarantees totaling 1,957,000 RMB for Chongqing Fuling Energy Industry Group Co., Ltd., with a guarantee period until December 31, 2025[168].

Financial Performance - The operating revenue for 2020 was CNY 8,809,877, a decrease of 0.62% compared to 2019[19]. - The net profit attributable to shareholders was CNY 210,696, down 27.49% from the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 65.86% to CNY 130,528[20]. - The net cash flow from operating activities was CNY 1,244,768, a decrease of 13.02% year-on-year[19]. - The total assets at the end of 2020 were CNY 10,952,385, an increase of 3.17% from the previous year[19]. - The basic earnings per share for 2020 was CNY 0.82, a decrease of 26.79% compared to 2019[20]. - The weighted average return on net assets was 16.51%, a decrease of 1.85 percentage points from the previous year[20]. - The company reported a total revenue of 730,727 million, a decrease of 24,305 million compared to the previous year[27]. - The company’s financial expenses amounted to -29,942 million, indicating a significant cost in financing operations[27]. - The company achieved a total of 120.42 billion kWh in comprehensive energy sales, representing a 75.9% year-on-year growth, with 21 comprehensive energy projects operational during the reporting period[61]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.9 RMB per 10 shares, totaling approximately 537.23 million RMB, based on a total share count of 2,827,513,551 shares after excluding repurchased shares[4]. - The company distributed cash dividends of 2.10 RMB per 10 shares in 2019, totaling 254,313,300.15 RMB, which is 32.72% of the net profit attributable to shareholders[132]. - In 2020, the cash dividend per 10 shares was 1.90 RMB, amounting to 537,227,574.69 RMB, representing 25.50% of the net profit attributable to shareholders[133]. - The company has a cash dividend policy ensuring at least 10% of distributable profits are paid out annually, with a cumulative distribution of at least 30% over three years[132]. - The company has not proposed a cash profit distribution plan for the reporting period despite positive profits available for distribution[135]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongxi Accounting Firm[3]. - The company has confirmed that all board members attended the board meeting, ensuring accountability for the report's accuracy[3]. - The company has not experienced any non-operating fund occupation by controlling shareholders or their affiliates[5]. - The company has not violated decision-making procedures for external guarantees[5]. - The company has not disclosed any significant changes in its stock structure or shareholder situation during the reporting period[8]. - The company has maintained its registered office and operational addresses in Hebei Province, ensuring compliance with regulatory requirements[14]. - The company has appointed Zhongxi Accounting Firm as its auditor, with specific partners responsible for the audit[18]. Business Operations and Strategy - The company is transitioning its business model from single gas sales to a comprehensive energy service model, integrating various energy sources[31]. - The company has signed long-term LNG import contracts with international suppliers, including TOTAL and Chevron, to secure gas sources[30]. - The company is actively developing the hydrogen energy industry chain, with its first hydrogen supply project under construction in Huludao, Liaoning[48]. - The company is positioned as a "smart ecological operator" in the natural gas industry, leveraging a large customer base and a mature international sourcing capability[44]. - The company plans to expand its natural gas market, which has seen an average annual growth of over 10% since the 13th Five-Year Plan, with consumption reaching 325.9 billion cubic meters in 2020[96]. Market and Industry Trends - The global natural gas demand is expected to recover post-COVID-19, with strong growth driven by the transition from coal to low-carbon economies in developing Asian countries[37]. - In 2020, China's apparent natural gas consumption reached 325.93 billion cubic meters, an increase of 22.87 billion cubic meters or 7.6% year-on-year[38]. - Domestic natural gas production in China grew by 9.8% in 2020, reaching 188.8 billion cubic meters[38]. - The total natural gas import volume in China for 2020 was 101.66 million tons, an increase of 5.3% compared to 2019[38]. - The liquefied natural gas (LNG) import volume increased by 11% year-on-year in 2020, while pipeline gas imports decreased by 4.9%[38]. Risks and Challenges - The company has faced risks related to interest rates, exchange rates, and derivative products, which are detailed in the "Discussion and Analysis of Operating Conditions" section[6]. - The company faces risks related to macroeconomic uncertainties, particularly due to the ongoing global pandemic, which may impact business operations[124]. - There is a significant reliance on upstream suppliers for gas sourcing, and fluctuations in natural gas prices could adversely affect the company's financial performance[125]. - Safety risks associated with the storage and transportation of natural gas remain a concern, as any incidents could disrupt operations and impact business continuity[126]. - The market-oriented reform of the natural gas sector poses risks, particularly regarding the operational experience of the newly established national pipeline company, which may affect the company's procurement activities[127]. Environmental and Social Responsibility - The company is committed to expanding its clean energy coverage and supporting urbanization efforts, targeting a reduction in carbon emissions to 10.6 billion tons by 2025[190]. - The company has established a robust environmental management system, increasing investment in environmental protection and safety measures[190]. - The company reported a total of 106,207.12 tons of general solid waste generated, with no violations of pollution control standards[193]. - The company actively participates in disaster relief and social welfare initiatives, promoting community engagement through its volunteer service brand[191]. - The company donated RMB 500,000 to support local agricultural projects and RMB 525,000 for assisting 20 individuals in need in Langfang City[181]. Related Party Transactions - The actual amount of daily related transactions in 2020 was CNY 2,511.66 million, which is a decrease of CNY 1,162.09 million compared to the estimated amount[159]. - The company’s related transactions with Xin'ao Energy Holdings Co., Ltd. amounted to CNY 539.25 million, matching the estimated amount[160]. - The company’s related transactions for administrative logistics services with Xin'ao (Zhoushan) LNG Co., Ltd. amounted to CNY 2.99 million in 2020[160]. - The company signed a management entrustment agreement with Xin'ao (Zhoushan) LNG Co., Ltd. on October 29, 2020[159]. - The company reported a related transaction amount of CNY 61.55 million with Xin'ao (Zhoushan) Natural Gas Pipeline Co., Ltd. in 2020[160].