Dividend Policy - The company plans to distribute a cash dividend of 2.445 RMB per 10 shares to all shareholders, based on the total share capital at the time of distribution [6]. - The company has a cash dividend policy that mandates a minimum of 20% of distributable profits to be distributed as cash dividends, with higher percentages for mature stages without major capital expenditures [99]. - In mature stages without significant capital expenditures, the company aims for cash dividends to constitute at least 80% of the profit distribution [102]. - In 2019, the company distributed a cash dividend of 2.445 CNY per 10 shares, totaling 217,333,605.00 CNY, which accounted for 48.17% of the net profit attributable to ordinary shareholders [105]. - The cash dividend for 2018 was 1.25 CNY per 10 shares, amounting to 100,000,000.00 CNY, representing 23.40% of the net profit attributable to ordinary shareholders [105]. - The company did not propose a cash dividend plan for 2019 despite having a positive profit available for distribution to ordinary shareholders, and it is required to disclose the reasons and intended use of retained earnings [109]. - The board of directors must seek written opinions from all independent directors regarding cash dividend proposals, ensuring that minority shareholders' opinions are considered [103]. - The company must complete the distribution of dividends within two months after the shareholders' meeting approves the profit distribution plan [103]. - The profit distribution policy must comply with regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [104]. Financial Performance - The company's operating revenue for 2019 was CNY 4,818,531,347.5, representing an 8.80% increase compared to CNY 4,428,794,808.40 in 2018 [22]. - Net profit attributable to shareholders of the listed company reached CNY 451,161,320.70, a 5.56% increase from CNY 427,392,647.20 in the previous year [22]. - The net cash flow from operating activities was CNY 774,508,435.08, showing a significant increase of 14.38% compared to CNY 677,142,730.83 in 2018 [22]. - Total assets increased by 29.07% to CNY 6,695,067,911.28 from CNY 5,186,977,917.16 in 2018 [22]. - Basic earnings per share for 2019 was CNY 0.56, up 5.66% from CNY 0.53 in 2018 [22]. - The weighted average return on net assets decreased by 2.19 percentage points to 19.57% compared to 21.76% in 2018 [22]. - The company reported a net profit of CNY 147,851,652.22 in Q1 2019, with a total operating revenue of CNY 1,413,979,951.41 for the same quarter [26]. - Non-recurring gains and losses amounted to CNY 26,559,662.60 in 2019, compared to CNY 23,284,886.46 in 2018 [29]. Governance and Compliance - The company has received a standard unqualified audit report from Deloitte Huayong Accounting Firm [5]. - The company has maintained a consistent governance structure with all board members present at meetings [5]. - The company has appointed Deloitte Huayong as its accounting firm and CITIC Securities as its sponsor for continuous supervision [21]. - The company is committed to enhancing its governance structure and internal control systems in compliance with regulatory requirements [91]. - The board and supervisory committee must review and approve any changes to the profit distribution policy before submitting it to the shareholders' meeting for approval [104]. - The company has a long-term commitment to share repurchase and compensation obligations as stated in its IPO prospectus [111]. - The company has no reported penalties from securities regulatory agencies in the past three years [194]. Operational Highlights - The company achieved a natural gas sales volume of 1.679 billion cubic meters, representing a year-on-year growth of 5.14% [39]. - The company serves over 2.9 million customers, with a daily gas supply capacity of 11.3 million cubic meters [39]. - The company operates a pipeline network of 6,850 kilometers and has built 12,600 pressure regulating facilities [40]. - The company has established a comprehensive management system, enhancing operational efficiency and standardization in gas production and distribution [40]. - The company has developed advanced remote gas meter technology, significantly reducing the need for manual meter reading and improving operational efficiency [40]. - The company has successfully implemented various information technology systems to enhance operational efficiency and safety management [44]. - The company has expanded its LNG refueling station business and is actively promoting key projects such as the high-pressure gas pipeline project along Chengdu's ring expressway, ensuring a stable supply of clean natural gas to a broader user base [148]. Research and Development - R&D expenses increased by 29.44% to CNY 31.89 million, highlighting the company's commitment to innovation [48]. - The subsidiary Qianjia Technology holds 211 national patents and has developed multiple smart gas management systems [42]. - Research and development investments have increased by 40%, focusing on innovative gas technologies [186]. Market and Strategic Initiatives - The company aims for a revenue of 5.413 billion CNY and a net profit of 514 million CNY for 2020 [91]. - The company plans to enhance its gas supply business and expand into strategic emerging businesses such as vehicle gas and value-added services [91]. - The company will implement market integration in the Chengdu area through mergers and acquisitions to strengthen its market position [91]. - The company is focused on maintaining a strong financial position while exploring strategic growth opportunities [162]. - A strategic acquisition of a local competitor is in progress, which is expected to increase market share by 30% [186]. Community and Social Responsibility - The company provided poverty alleviation funding of CNY 50,000 to Heqiao Village in Pingquan Town, Jianyang City [132]. - A total of CNY 323,820 was spent on purchasing agricultural products from Heqiao Village for poverty alleviation efforts [132]. - The company assisted one impoverished student in Wuhou District with a scholarship of CNY 6,000 [132]. - The company invested CNY 379,820 in poverty alleviation projects, helping one registered impoverished individual to escape poverty [136]. - The company plans to continue increasing financial and human resources for poverty alleviation in response to government initiatives [137]. Employee and Management - The total remuneration for the company's directors, supervisors, and senior management during the reporting period amounted to 10.4532 million yuan (pre-tax) [191]. - The total number of employees in the parent company and major subsidiaries is 3,208, with 2,102 in the parent company and 1,106 in subsidiaries [197]. - The company adheres to a salary system based on performance, with remuneration consisting of salary, allowances, and performance bonuses [198]. - The company has implemented a 3P salary model based on position, ability, and performance [198]. - The company aims to continuously improve its salary system to motivate employees and reflect their job value [198]. Risks and Challenges - The company faces risks related to pricing, particularly due to regulatory changes that may impact installation profits and upstream price stability, potentially affecting gross margins [95]. - The company anticipates a decline in installation revenue due to reduced new projects in its operating area, influenced by slower real estate development and land supply constraints [95]. - The company is at risk of increased fixed asset depreciation if ongoing projects do not meet expected profitability levels, impacting overall earnings [95].

Financial Performance - Net profit attributable to shareholders was CNY 142,834,764.42, representing a decrease of 3.39% year-on-year[18]. - Operating revenue for the period was CNY 1,144,645,078.88, down 19.05% from the same period last year[18]. - Basic earnings per share decreased by 15.79% to CNY 0.16 from CNY 0.19 in the previous year[21]. - The company reported a decrease in net profit from non-recurring gains and losses, amounting to CNY 138,371,335.79, down 3.57% year-on-year[18]. - The company reported a net profit of CNY 998,150,307.32, up from CNY 877,798,099.58, indicating an increase of approximately 13.7%[50]. - Net profit for Q1 2020 was ¥145,627,562.35, a decline of 7% from ¥155,758,192.87 in Q1 2019[55]. Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 149,422,833.06, a significant decline compared to negative CNY 3,480,608.53 in the previous year[18]. - Cash flow from operating activities showed a significant decline of 4193.01%, resulting in a net outflow of -¥149,422,833.06 compared to -¥3,480,608.53 in the previous year[35]. - The company experienced a net decrease in cash and cash equivalents of -130,688,122.70 RMB in Q1 2020, compared to -184,882,989.29 RMB in Q1 2019[68]. - The ending balance of cash and cash equivalents was 949,979,158.55 RMB as of the end of Q1 2020, up from 662,370,039.42 RMB at the end of Q1 2019[68]. - The company reported a cash balance of RMB 1,734,460,098.01, indicating strong liquidity[83]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 6,718,216,314.01, a 0.35% increase compared to the end of the previous year[18]. - Total liabilities decreased to CNY 2,487,467,942.16 from CNY 2,620,542,883.49, a reduction of approximately 5.1%[50]. - Owner's equity increased to CNY 3,350,783,873.84 from CNY 3,230,431,666.10, reflecting a growth of about 3.7%[50]. - Accounts receivable increased by 102.27% to ¥345,255,111.28 from ¥170,692,253.78 due to delayed payments caused by the pandemic[33]. - The company’s long-term payables surged by 8812.57% to ¥35,397,160.00 from ¥397,160.00, due to the receipt of special bond funds[33]. - Total assets amounted to approximately $6.7 billion, with current assets at about $2.86 billion[80]. - Total liabilities reached approximately $3.1 billion, with current liabilities totaling around $2.73 billion[79]. Shareholder Information - The total number of shareholders at the end of the reporting period was 35,182[27]. - The largest shareholder, Chengdu Urban Construction Investment Management Group, holds 36.90% of the shares[27]. Expenses and Costs - Total operating costs for Q1 2020 were ¥985,634,482.73, down 21% from ¥1,245,069,996.62 in Q1 2019[53]. - Research and development expenses for Q1 2020 were ¥6,605,646.47, down 19% from ¥8,140,896.12 in Q1 2019[53]. - Sales expenses for Q1 2020 were ¥64,075,980.96, down 12% from ¥72,478,827.88 in Q1 2019[53]. - Management expenses for Q1 2020 were ¥39,788,259.75, a decrease of 8% compared to ¥43,308,089.53 in Q1 2019[53]. Market and Product Development - The company has not disclosed any new product developments or market expansion strategies in this report[18]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the provided data[80]. - The company is focused on expanding its market presence and enhancing product offerings through ongoing research and development efforts[87].