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].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥38.45 billion, a decrease of 14.89% compared to ¥45.17 billion in the same period last year[15]. - Net profit attributable to shareholders was ¥727.56 million, down 61.74% from ¥1.90 billion in the previous year[15]. - The net profit after deducting non-recurring gains and losses was -¥190.99 million, a decline of 120.19% compared to ¥945.75 million in the same period last year[15]. - Basic earnings per share decreased by 61.64% to CNY 0.28 compared to CNY 0.73 in the same period last year[16]. - The weighted average return on equity dropped by 8.03 percentage points to 4.26% from 12.29% year-on-year[16]. - The company reported a net profit decline, with undistributed profits at CNY 477,923,384.39, down from CNY 813,152,259.62, a decrease of 41.2%[178]. - The company’s net profit for the first half of 2020 was approximately ¥3.30 billion, a decrease of 33.3% compared to ¥4.95 billion in the same period of 2019[181]. - The total comprehensive income for the period showed a decrease of CNY 351.12 million, while the net profit was CNY 727.56 million[193]. Cash Flow and Investments - The net cash flow from operating activities was ¥4.07 billion, a decrease of 5.60% from ¥4.32 billion in the previous year[15]. - Cash received from investment activities decreased by 36.52% to ¥7,098,000,000.00, mainly due to reduced financial product business from subsidiaries[51]. - Cash paid for investments fell by 36.10% to ¥7,262,521,127.25, reflecting a decrease in financial product activities[52]. - Net cash flow from investment activities was negative CNY 4.42 billion, worsening from negative CNY 1.02 billion in the previous year[188]. - Financing cash inflow reached CNY 20.92 billion, an increase of 3.2% from CNY 20.27 billion in the first half of 2019[188]. Assets and Liabilities - The total assets at the end of the reporting period were ¥104.31 billion, a slight decrease of 1.75% from ¥106.16 billion at the end of the previous year[15]. - The total liabilities at the end of the reporting period were approximately CNY 39.90 billion, reflecting a decrease of CNY 9.36 billion compared to the previous period[193]. - The company's equity attributable to shareholders decreased to CNY 6.371 billion from CNY 16.703 billion at the end of 2019[175]. - The company's total liabilities are reported at CNY 33,117,695,842.84, indicating a high leverage ratio[195]. Operational Developments - The company is actively expanding its natural gas retail and wholesale businesses, focusing on industrial and residential markets in key pollution prevention areas[21]. - The company has completed all necessary approvals for its major asset restructuring, enhancing its operational capabilities in the energy sector[19]. - The company is implementing technological upgrades for its gasification processes to enhance performance reliability[26]. - The company is pursuing a strategy of replacing coal with natural gas in rural areas, aligning with national policies on clean energy[21]. Risks and Challenges - The company faces risks from macroeconomic changes, which significantly impact product prices and demand in the energy sector[73]. - Policy risks may arise from government adjustments to natural gas pricing, potentially squeezing profit margins[75]. - Environmental regulations are tightening, increasing potential costs for compliance and waste management[76]. - Safety risks are inherent in the natural gas and coal industries, with potential for accidents impacting operations[77]. Environmental Compliance - The company has reported zero wastewater discharge and complies with the national wastewater discharge standards[123]. - The company has a total of 281 tons of sulfur dioxide emissions, which is within the permitted limits according to the air pollution discharge standards[123]. - The company has implemented a "zero discharge" wastewater treatment process using SBR biological treatment technology, enhancing water reuse rates[126]. - Noise control measures include using low-noise equipment and installing silencers at key points, effectively reducing noise pollution from major sources[127]. Shareholder and Governance - The company held two shareholder meetings during the reporting period, complying with legal and regulatory requirements[87]. - The company has not reported any changes in the shareholding of directors and senior management during the reporting period[149]. - The company has no strategic investors or general legal entities becoming top shareholders due to new share placements[148]. - The company has committed to avoid competition with its controlling shareholder and subsidiaries post-restructuring, effective from December 9, 2019[96].

Financial Performance - The company's operating revenue for 2019 was approximately ¥13.54 billion, a decrease of 0.65% compared to ¥13.63 billion in 2018[17]. - The net profit attributable to shareholders for 2019 was approximately ¥1.20 billion, down 8.82% from ¥1.32 billion in 2018[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥966.65 million, a decrease of 26.50% compared to ¥1.32 billion in 2018[17]. - Basic earnings per share decreased by 10.81% to CNY 0.99 in 2019 from CNY 1.11 in 2018[18]. - Diluted earnings per share also decreased by 10.81% to CNY 0.99 in 2019 from CNY 1.11 in 2018[18]. - The company achieved total operating revenue of CNY 1,354,405.35 million, with a net profit attributable to shareholders of CNY 120,464.51 million, representing a year-on-year decrease of 8.82%[43]. - The company reported a total revenue of 484,747.99 million, with actual revenue for the year being 292,506.27 million, indicating a significant difference in expected versus actual performance[174]. Cash Flow and Dividends - The net cash flow from operating activities increased by 15.25% to approximately ¥1.41 billion in 2019, compared to ¥1.22 billion in 2018[17]. - The company plans to distribute a cash dividend of ¥2.1 per 10 shares, totaling approximately ¥254.31 million[4]. - The company reported a total of 1,497,500 tons of methanol production in 2019, indicating a strong operational performance[33]. - The company distributed cash dividends totaling ¥394,154,741.37, which accounted for 32.72% of the net profit attributable to shareholders[149]. - The cash dividend per 10 shares was ¥2.10 for both 2018 and 2019, with a total cash dividend of ¥254,313,300.15 in both years[149]. Assets and Liabilities - The net assets attributable to shareholders at the end of 2019 were approximately ¥9.35 billion, an increase of 9.50% from ¥8.54 billion at the end of 2018[17]. - The total assets at the end of 2019 were approximately ¥24.35 billion, reflecting a 3.56% increase from ¥23.51 billion at the end of 2018[17]. - The asset-liability ratio decreased from 60.29% at the beginning of the year to 58.41% by the end of the year[51]. - The company reduced its total debt by 400 million RMB compared to the beginning of the year, with total credit facilities of 8.62 billion RMB, of which 4.44 billion RMB was utilized[51]. Production and Capacity - The company has an annual LNG production capacity of approximately 100,000 tons, with an average daily production of 450,000 cubic meters from two operational coalbed methane LNG facilities[28]. - The company is expanding its LNG production capacity, with plans to reach a total annual capacity of 240,000 tons after the completion of ongoing projects[29]. - The company's methanol production capacity reached 1,497,500 tons in 2019, with a stable operation of its facilities[33]. - The company improved natural gas production efficiency with a capacity conversion rate of 97.39%, achieving a production volume of 14,405.13 million cubic meters[45]. Market and Industry Trends - Global natural gas consumption reached 3.98 trillion cubic meters in 2019, with a growth rate of 3.5%, down from 5.3% the previous year[79]. - China's natural gas apparent consumption for January to November 2019 was 273.5 billion cubic meters, a year-on-year increase of 9%, with a growth rate decrease of 9.2 percentage points compared to the same period in 2018[80]. - In 2019, China's LNG imports reached 61.92 million tons, a year-on-year increase of approximately 15%, with Australia being the largest supplier[82]. - The company anticipates a generally loose global natural gas supply and demand in 2020, with global demand expected to rise to 4.08 trillion cubic meters, an increase of about 2.5%[80]. Environmental and Safety Measures - The company invested a total of 5.38 million RMB in environmental protection measures in 2019, including water treatment expansion[95]. - The company is classified as a key pollutant discharge unit and is subject to environmental protection regulations[195]. - The company reported a total emission of 661.7 tons of sulfur dioxide (SO2) with a concentration of 150.09 mg/m³, which is below the standard limit of 200 mg/m³[196]. - The company has implemented low nitrogen combustion technology and SNCR denitrification systems to control NOx emissions[199]. Strategic Initiatives - The company aims to become a leading integrated clean energy enterprise, focusing on both upstream natural gas resource acquisition and downstream distribution capabilities[42]. - The company is actively pursuing acquisitions to strengthen its position in the clean energy market, including a 32.80% stake in New Energy[42]. - The company plans to achieve a sales revenue of 12 billion yuan in 2020, with a target to control the expense ratio within 11.4%[131]. - The company will implement a strategy to secure international upstream gas resources at competitive prices and flexible market conditions[131]. Risks and Challenges - The company faces risks related to macroeconomic changes, policy risks, environmental protection, and safety production, which may impact future performance[6]. - The company faces risks related to safety production in the coal and energy chemical industries, despite having established safety management systems and training programs[138]. - The company has identified risks associated with potential changes in accounting policies between Australia and China, particularly regarding asset impairment reversals[140].