Financial Performance - The company's operating revenue for Q1 2022 was CNY 506,609,460.20, representing a year-on-year increase of 32.19%[2] - The net profit attributable to shareholders for the same period was CNY 12,916,604.19, reflecting a growth of 29.10% compared to the previous year[2] - Total operating revenue for Q1 2022 reached ¥506.61 million, a 32.2% increase from ¥383.25 million in Q1 2021[17] - Net profit for Q1 2022 was ¥24.21 million, representing a 15.3% increase compared to ¥21.06 million in Q1 2021[18] - Basic earnings per share rose by 50.00% to CNY 0.03, attributed to increased net profit and a reduction in share capital from stock buybacks[6] - Diluted earnings per share also increased by 50.00% to CNY 0.03, reflecting the same factors as basic earnings[6] - Earnings per share for Q1 2022 were ¥0.03, compared to ¥0.02 in Q1 2021[18] Cash Flow - The net cash flow from operating activities increased by 38.18%, amounting to CNY 110,700,109.36, driven by higher cash inflows and the consolidation of new entities[6] - Cash inflow from operating activities totaled $670,553,656.45, an increase of 42.7% compared to $469,709,189.16 in the previous year[21] - Total cash inflow from operating activities included $607,212,045.84 from sales and services, up from $466,282,329.73[21] - Total cash outflow from operating activities was $559,853,547.09, compared to $389,597,018.35 in the previous year, indicating a 43.7% increase[21] - The company reported a net cash flow from operating activities of $110,700,109.36, an increase of 38.1% from $80,112,170.81[21] - The company's cash and cash equivalents at the end of the period stood at $209,638,602.41, compared to $175,849,581.32 at the end of the previous year[22] Assets and Liabilities - Total assets reached CNY 4,095,541,379.28, marking a 37.65% increase due to the inclusion of new subsidiaries in the consolidation scope[4] - Current assets totaled RMB 1,094,132,475.92 as of March 31, 2022, compared to RMB 968,113,999.52 at the end of 2021, indicating an increase of about 13.0%[13] - Total liabilities increased significantly, with current liabilities reaching RMB 1,290,000,000.00, up from RMB 1,000,000,000.00, indicating a growth of 29.0%[13] - Total liabilities as of March 31, 2022, amounted to ¥2.43 billion, an increase of 63.3% from ¥1.49 billion at the end of 2021[14] - Non-current liabilities totaled ¥798.31 million, up 60.2% from ¥498.44 million at the end of 2021[14] - The company's total equity reached ¥1.66 billion, a 11.8% increase from ¥1.49 billion at the end of 2021[14] Investments and Expenses - The company reported non-recurring gains totaling CNY 2,015,069.27, with significant contributions from government subsidies and other income[6] - Research and development expenses for Q1 2022 were ¥2.36 million, a 57.6% increase from ¥1.49 million in Q1 2021[17] - The company incurred $61,431,359.37 in cash payments for investments, down from $231,236,000.00 in the previous year[21] Shareholder Information - The company reported a total of 120,950,353 shares held by the largest shareholder, accounting for 32.00% of total shares[9] - The company has a significant number of shares frozen, with Energas Ltd. holding 49,298,878 shares, representing 13.04% of total shares[9] Debt Management - The company completed a debt transfer agreement valued at RMB 91,692,612.50 with its controlling shareholder, Water Development Group Co., Ltd.[10] - Short-term borrowings rose to RMB 402,760,160.45 from RMB 258,961,543.32, representing an increase of about 55.4%[13] - The long-term equity investment increased significantly to RMB 111,989,761.53 from RMB 2,981,544.73, showing a growth of approximately 3,653.5%[13] - The goodwill on the balance sheet increased to RMB 1,107,417,214.86 from RMB 960,780,820.07, reflecting an increase of about 15.3%[13] Strategic Focus - The company is focused on enhancing its financial structure and overall profitability through strategic debt management and operational improvements[6] - The consolidation of Tongliao Longshengfeng and Tieling Longshengfeng provided new profit growth points starting from March 2022[6]

Financial Performance - In 2021, the company achieved a net profit of 76.45 million RMB, with a net profit attributable to shareholders of 41.22 million RMB[4]. - The company achieved operating revenue of CNY 2,607,847,908.94 in 2021, representing a 130.15% increase compared to CNY 1,133,102,343.10 in 2020[22]. - Net profit attributable to shareholders was CNY 41,217,797.72, a year-on-year increase of 72.30% from CNY 23,921,853.23 in 2020[25]. - The net cash flow from operating activities reached CNY 216,999,655.53, up 22.66% from CNY 176,915,178.34 in the previous year[23]. - Basic earnings per share increased to CNY 0.11, an 83.33% rise from CNY 0.06 in 2020[24]. - The weighted average return on equity improved to 4.06%, an increase of 1.55 percentage points from 2.51% in 2020[24]. - The company reported a net profit of CNY 10,004,737.86 in Q1 2021, with total operating revenue of CNY 383,249,647.12 for the same period[28]. - The company recognized non-operating income of CNY 3,771,272.66 from government subsidies in 2021[30]. - The company reported a total revenue of 76.3 million, reflecting a significant increase compared to the previous year[128]. - The company achieved a net profit margin of 397.82%, indicating strong profitability in its operations[128]. Dividend Distribution - The company plans to distribute a cash dividend of 0.25 RMB per 10 shares, totaling approximately 9.32 million RMB[4]. - The company has proposed a cash dividend of 0.2 RMB per 10 shares for the 2020 fiscal year, totaling approximately 7.56 million RMB[161]. Assets and Liabilities - The company's total assets decreased by 1.91% to CNY 2,975,321,472.93 at the end of 2021, compared to CNY 3,033,385,058.60 at the end of 2020[23]. - The company’s net assets attributable to shareholders increased by 3.65% to CNY 1,032,968,901.67 at the end of 2021[23]. - The company's total assets as of December 31, 2021, were CNY 2,975.32 million, a decrease of 1.91% year-on-year[36]. - The company's short-term borrowings increased significantly to 258,961,543.32, representing 8.70% of total assets, a 139.55% increase compared to the previous period[79]. - The company reported a 455.41% increase in accounts payable to 130,000,000.00, which is 4.37% of total assets[79]. Business Expansion and Acquisitions - The company expanded its profit sources through the acquisition of two urban gas companies, which contributed to the revenue growth in 2021[25]. - The company completed the acquisition of controlling stakes in the "Changtu-Tongliao-Holin Gol" natural gas long-distance pipeline project, which has a maximum transmission capacity of 1.8 billion cubic meters per year[38]. - The company acquired a 51% stake in the "Changtu-Tongliao-Holin Gol" natural gas long-distance pipeline project, which has a design capacity of 1.8 billion m³/year[87]. - The company acquired 51% equity in Tongliao Longshengfeng and Tieling Longshengfeng, gaining control of the "Changtu-Tongliao-Holin Gol" natural gas long-distance pipeline, which has a length of over 570 kilometers and a maximum gas transmission capacity of 1.8 billion m³/year[88]. Research and Development - The company invested CNY 12.79 million in R&D in 2021, with 15 patents applied for and 27 patents granted during the year, highlighting its commitment to technological innovation[54]. - The company achieved an annual technology investment of 12.79 million yuan, applying for 15 patents and obtaining 27 patents, which indicates a strong focus on innovation and cost reduction[41]. - Investment in R&D increased by 30% year-over-year, focusing on new technologies in gas turbine systems[133]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[130]. Market Trends and Future Outlook - The global LNG trade volume reached 377 million tons in 2021, marking a 6% year-on-year increase, showcasing a stable growth trend in the industry[43]. - The global natural gas consumption grew by 4.6% in 2021, with Asian demand increasing by 7%, indicating a robust market environment[44]. - During the "14th Five-Year Plan" period, natural gas is expected to play a crucial role in China's clean energy transition, with consumption projected to reach 4,300-4,500 billion cubic meters by 2025 and 5,500-6,000 billion cubic meters by 2030[101]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[133]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[130]. Risk Management - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report[5]. - The company has detailed potential risk factors in the section discussing future development[8]. - The company faces policy risks due to potential changes in natural gas industry regulations, which could impact market supply and demand[112]. - LNG prices are subject to significant market fluctuations, which could impact the profitability of the company's LNG business[114]. Governance and Compliance - The report includes a standard unqualified audit opinion from the accounting firm[7]. - The company has established a comprehensive governance structure, ensuring effective operation and compliance with regulatory requirements[51]. - The company has implemented a transparent performance evaluation and incentive mechanism for its management team[119]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder rights[118]. Employee Development and Training - The total number of employees in the parent company and major subsidiaries is 524, with 167 in the parent company and 357 in subsidiaries[155]. - The company conducted a total of 225 training sessions, accumulating 710 hours of training for employees in 2021[158]. - The company’s training plan for 2022 focuses on enhancing management capabilities and technical skills to support high-quality development[158]. Sustainability and Social Responsibility - The company is committed to reducing carbon emissions through projects like the helium extraction initiative, which utilizes BOG gas recovery[170]. - The company donated 100,000 yuan to the Ordos Education Foundation to support local impoverished students and 200,000 yuan to the Ordos Revolutionary Old Area for maintenance and construction[172]. - The company completed the installation of clean heating systems for 8,286 households in just 5.5 months, covering 7 towns and 49 villages[174].

Financial Performance - The company's operating revenue for Q3 2021 reached ¥679,889,393.70, representing a year-on-year increase of 156.10%[5] - The net profit attributable to shareholders was ¥5,606,511.76, reflecting a growth of 10.02% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥4,627,955.23, up by 5.24% year-on-year[5] - Basic earnings per share for Q3 2021 were ¥0.02, a 125.00% increase compared to the previous year[6] - The diluted earnings per share also stood at ¥0.02, marking a 125.00% rise year-on-year[6] - Net profit for the third quarter of 2021 was ¥55,737,144.34, a substantial rise from ¥9,837,506.79 in Q3 2020, reflecting an increase of approximately 465.5%[19] - The net profit attributable to shareholders of the parent company for the third quarter of 2021 was ¥34,714,680.51, compared to ¥15,125,217.35 in the same quarter of 2020, marking an increase of about 129.5%[19] - The total comprehensive income for the third quarter of 2021 was ¥55,699,974.84, a notable increase from ¥9,810,978.24 in the same quarter of 2020, reflecting a growth of approximately 467.5%[19] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period increased by 266.27%, totaling ¥137,556,438.06[5] - In the first three quarters of 2021, the company generated cash inflows from operating activities amounting to CNY 1,782,293,364.24, a significant increase from CNY 624,074,087.54 in the same period of 2020, representing a growth of approximately 185%[20] - The net cash flow from operating activities for the first three quarters of 2021 was CNY 137,556,438.06, compared to CNY 37,555,891.87 in the previous year, indicating an increase of about 267%[20] - The company's cash and cash equivalents as of September 30, 2021, amount to RMB 379,356,916.46, a decrease from RMB 449,463,081.84 as of December 31, 2020[14] - The company's cash and cash equivalents at the end of the third quarter of 2021 stood at CNY 113,770,821.11, down from CNY 390,040,660.70 at the end of the same period in 2020, indicating a decrease of approximately 71%[21] Assets and Liabilities - Total assets at the end of Q3 2021 amounted to ¥2,992,391,699.75, a decrease of 1.35% from the end of the previous year[6] - The company's total liabilities as of the end of the third quarter of 2021 amounted to ¥1,520,558,017.78, a decrease from ¥1,598,927,514.86 at the end of the previous year[17] - Total current assets are RMB 1,007,205,906.70, down from RMB 1,053,466,728.07 year-over-year[15] - The total assets of the company as of September 30, 2021, were CNY 3,033,385,058.60, remaining stable compared to the previous year[22] - The total liabilities of the company were CNY 1,598,927,514.86, showing no significant change from the previous year[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 34,584[12] - The largest shareholder, Shuidai Zhongxing Group Co., Ltd., holds 120,950,353 shares, accounting for 32.00% of total shares[12] - The total equity attributable to shareholders of the parent company was ¥1,028,030,590.82, up from ¥996,636,916.42 year-over-year, indicating a growth of approximately 3.5%[17] Operating Costs and Expenses - Total operating costs for the first three quarters of 2021 were ¥1,423,279,240.36, compared to ¥614,754,674.59 in the previous year, indicating an increase of about 131.9%[18] - Research and development expenses for the first three quarters of 2021 were ¥9,588,206.72, compared to ¥7,038,597.82 in the same period of 2020, reflecting an increase of about 36.1%[18] - The company reported a significant increase in financial expenses, totaling ¥35,855,632.10 for the first three quarters of 2021, compared to ¥22,941,128.26 in the previous year, which is an increase of approximately 56.2%[18] Other Financial Metrics - The weighted average return on equity was 0.56%, an increase of 1.77 percentage points compared to the previous year[6] - The significant increase in operating revenue and net profit was attributed to the improved profitability of the company's subsidiary in Ordos and the expanded consolidation scope due to major asset restructuring[10] - The company has implemented new leasing standards starting from 2021, which may impact future financial reporting and cash flow management[21]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[19]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[19]. - Future guidance indicates a projected revenue growth of 18% for the full year 2021, with a target of RMB 2.5 billion[19]. - Operating revenue reached CNY 837.20 million, representing a growth of 172.53% year-on-year[21]. - Net profit attributable to shareholders was CNY 29.11 million, up 190.23% from the previous year[21]. - The company's basic earnings per share increased to CNY 0.07, a 250% increase compared to the same period last year[20]. - The company's operating revenue for the reporting period reached 837 million yuan, representing a year-on-year increase of 172.53%[39]. - The total profit for the first half of 2021 was CNY 66,304,126.00, compared to CNY 5,801,811.66 in the same period of 2020, showing substantial growth[140]. - The total comprehensive income for the first half of 2021 was CNY 45,299,997.00, compared to CNY 7,163,377.70 in the previous year, reflecting overall improved performance[140]. Market Expansion and Strategy - The company plans to expand its market presence in the southern regions of China, targeting a 25% growth in market share by the end of 2022[19]. - The company has launched its "14th Five-Year" strategic development plan, focusing on urban gas, distributed energy, and LNG as its main business directions[38]. - The company has successfully entered new markets, including Guangdong and Xinjiang, and established joint ventures for LNG supply and gas power generation projects[41]. - The company is expanding into new business areas such as LNG point supply and helium extraction, which are subject to market and policy fluctuations, presenting investment risks[65]. Research and Development - The company has allocated RMB 200 million for research and development in new technologies related to energy efficiency[19]. - The company added 5 new patent authorizations and initiated 5 new research projects in the first half of 2021, enhancing its technological capabilities[35]. - R&D expenses surged by 231.20% year-on-year to RMB 6.11 million, primarily due to late project initiation in the previous year[48]. - Research and development expenses for the first half of 2021 were ¥6,109,316.51, compared to ¥1,844,599.47 in the same period of 2020, indicating an increase of approximately 231%[139]. Operational Efficiency and Governance - The company has strengthened its governance structure and management systems, enhancing operational efficiency and compliance with regulatory requirements[33]. - The board of directors confirmed the accuracy and completeness of the financial report, with no major omissions[7]. - The company has implemented a quality assurance system certified by ISO9001:2008, ensuring compliance with national product quality standards[36]. - The company maintained a zero major accident record during the reporting period, emphasizing safety production and risk management[37]. Financial Position and Assets - The total assets at the end of the reporting period were CNY 3.02 billion, a slight decrease of 0.39% from the previous year[21]. - The company's current assets totaled CNY 1,054,450,940.79, showing a marginal increase from CNY 1,053,466,728.07 at the end of 2020[130]. - The total liabilities of the company were CNY 1,558,372,730.52, down from CNY 1,598,927,514.86 at the end of 2020[132]. - The company's total equity increased to CNY 1,463,276,800.38 from CNY 1,434,457,543.74, reflecting a growth of about 2.0%[132]. Environmental and Social Responsibility - The company has established comprehensive environmental management protocols, including waste and pollution control measures, and has conducted environmental monitoring through a third-party agency[75][76]. - A donation of 250,000 yuan was made to support women's and children's charitable initiatives in Shandong Province, reflecting the company's commitment to social responsibility[82]. - The company has committed to proper disposal of hazardous waste through a partnership with Dalian Dongtai Industrial Waste Treatment Co., Ltd[75]. Related Party Transactions and Governance - The company has committed to reducing and regulating related party transactions, ensuring fair transactions and protecting the rights of shareholders[96]. - The company will not use related party transactions to transfer or deliver profits, and any violations will result in compensation for losses incurred by Water Development Gas[89]. - The management has pledged to adhere to the company's articles of association, ensuring equal rights and obligations among shareholders[87]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,678[120]. - The largest shareholder, Shui Fa Zhong Xing Group Co., Ltd., holds 120,950,353 shares, accounting for 32.00% of total shares[121]. - The company reported no profit distribution or capital reserve increase plans for the first half of 2021, with no dividends or stock bonuses proposed[72]. Risks and Challenges - The company faces risks from policy changes affecting natural gas supply and pricing, which could impact market demand and operational costs[62]. - LNG prices have shown significant volatility, with domestic prices rising sharply in the second quarter of 2021, affecting the company's LNG business profitability[63]. - The company has incurred substantial goodwill from acquisitions, which may pose a risk of impairment in the future[64].

Financial Performance - Operating revenue increased by 177.60% to CNY 383,249,647.12 compared to the same period last year[6] - Net profit attributable to shareholders was CNY 10,004,737.86, reversing from a loss of CNY 9,636,464.69 in the same period last year[6] - Basic and diluted earnings per share were both CNY 0.02, compared to a loss of CNY 0.02 per share in the previous year[6] - Total operating revenue for Q1 2021 reached ¥383,249,647.12, a significant increase of 177.7% compared to ¥138,056,130.12 in Q1 2020[29] - Net profit for Q1 2021 was ¥21,061,533.39, compared to a net loss of ¥9,636,464.69 in Q1 2020, marking a turnaround[30] - The total comprehensive income for Q1 2021 was ¥21,067,836.24, compared to a loss of ¥9,647,536.03 in Q1 2020[31] Cash Flow and Liquidity - Net cash flow from operating activities surged to CNY 80,112,170.81, a significant increase from CNY 413,259.41 in the previous year[6] - The company reported a significant increase in cash flow from operations, contributing to improved liquidity and financial stability[30] - Cash flow from operating activities generated a net inflow of CNY 80,112,170.81, a substantial increase from CNY 413,259.41 in Q1 2020[38] - Total cash inflow from operating activities was CNY 469,709,189.16, compared to CNY 121,284,379.5 in the previous year, reflecting a growth of approximately 287%[38] - Cash outflow from operating activities totaled CNY 389,597,018.35, up from CNY 120,871,120.1 in Q1 2020[38] - The company experienced a net cash outflow of CNY 169,441,205.96 in Q1 2021, compared to a smaller outflow of CNY 7,396,088.42 in Q1 2020[39] Assets and Liabilities - Total assets decreased by 5.84% to CNY 2,856,155,932.48 compared to the end of the previous year[6] - Current assets totaled ¥892,212,244.50, down from ¥1,053,466,728.07, indicating a decrease of about 15.29%[22] - Total liabilities decreased to ¥1,399,414,795.63 from ¥1,598,927,514.86, a reduction of about 12.47%[23] - The company reported a total liability of ¥1,195,038,724.99 as of Q1 2021, a decrease from ¥1,321,028,359.85 in the previous year[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,964[12] - The largest shareholder, Shui Fa Zhong Xing Group Co., Ltd., held 30.08% of the shares, with 120,950,353 shares[13] Research and Development - Research and development expenses skyrocketed by 848.05% to ¥1,494,958.28, as the previous year was impacted by the pandemic[15] - Research and development expenses increased to ¥1,494,958.28 in Q1 2021, compared to ¥157,687.04 in Q1 2020, reflecting a focus on innovation[30] Acquisitions and Investments - The company is actively pursuing acquisitions, with a recent agreement to extend payment deadlines for the acquisition of 100% equity in two companies[19] - The company completed the repurchase and cancellation of 24,151,122 shares at a price of ¥7.32 per share, reducing total share capital[16] Financial Obligations - Short-term borrowings increased by 114.73% to ¥232,123,674.17, primarily due to new bank loans[15] - The company raised CNY 382,200,000.00 through borrowings in Q1 2021, significantly higher than CNY 115,000,000.00 in Q1 2020[39] - The company incurred financial expenses of ¥12,457,560.98 in Q1 2021, up from ¥7,797,566.11 in Q1 2020, indicating higher interest costs[30] Inventory and Equity - Inventory levels were reported at ¥173,767,823.67, up from ¥162,387,297.95, reflecting an increase of about 7.99%[22] - The total owner's equity increased slightly to ¥1,456,741,136.85 from ¥1,434,457,543.74, an increase of about 1.79%[23]

Financial Performance - In 2020, the company achieved a net profit of 31.31 million RMB, with a net profit attributable to shareholders of 23.92 million RMB[5]. - The company achieved operating revenue of CNY 1,133,102,343.10 in 2020, representing a 250.15% increase compared to the previous year, primarily due to the LNG production and sales business, gas equipment business, and the inclusion of acquired projects in the consolidation scope[25]. - The net profit attributable to shareholders was CNY 23,921,853.23, a turnaround from a loss of CNY 120,107,151.05 in 2019, driven by increased order volume and improved gross margins in the gas equipment business[25]. - The net cash flow from operating activities was CNY 176,915,178.34, up 149.71% year-on-year, reflecting improved operational performance and effective cash management strategies[25]. - The weighted average return on equity increased to 2.51% in 2020, up 14.99 percentage points from -12.48% in 2019, indicating a significant recovery in profitability[24]. - The company’s total assets reached CNY 3,033,385,058.60 at the end of 2020, an 83.88% increase from CNY 1,649,642,374.30 at the end of 2019[24]. - The company reported a quarterly revenue of CNY 560,430,091.17 in Q4 2020, attributed to the peak sales season for LNG and the consolidation of acquired projects[27]. - The company’s net profit for Q4 2020 was CNY 8,796,635.88, marking a significant improvement compared to previous quarters[27]. - The basic earnings per share for 2020 was CNY 0.06, a recovery from a loss of CNY 0.3 per share in 2019[24]. Dividend Distribution - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares, totaling 7.56 million RMB[5]. - The company reported a net profit attributable to ordinary shareholders of RMB 23,921,853.23 for the year 2020, with a dividend payout ratio of 31.60%[143]. - The company has not proposed any cash dividend distribution for the years 2019 and 2018, indicating a focus on reinvestment[143]. - The company did not distribute cash dividends for the years 2014 and 2015, emphasizing long-term development over immediate shareholder returns[141]. Business Operations - The company has established a complete industrial chain in the natural gas sector, including LNG production, urban gas operation, gas equipment manufacturing, and distributed energy services[31]. - The LNG production and sales segment produced 123,600 tons, generating sales revenue of CNY 370 million[62]. - The urban gas segment supplied 230 million cubic meters of gas and developed 59,000 new users, with a gas pipeline network of 1,440 kilometers[62]. - The company completed the acquisition of 80% equity in two urban gas projects, enhancing its core business capabilities[63]. - The company has engaged in new business areas such as LNG point supply and helium extraction, which are subject to market and policy risks[136]. Market and Industry Trends - In 2020, China's apparent natural gas consumption reached 325.91 billion cubic meters, a year-on-year increase of 7.5%[36]. - Domestic natural gas production in 2020 was 188.8 billion cubic meters, up 9.8% year-on-year, maintaining a production increase of over 10 billion cubic meters for four consecutive years[36]. - The urban gas penetration rate in China is 72%, with only 44% in county-level cities, indicating significant growth potential[39]. - The company anticipates that the ongoing urbanization and infrastructure improvements will drive further growth in natural gas consumption[41]. - The company is positioned to benefit from the "coal-to-gas" policy, which is expected to accelerate industrial gas consumption growth[39]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the report[9]. - The company faces risks from policy changes affecting natural gas supply and pricing, which could impact market demand and operational costs[132]. - The LNG business may experience profitability fluctuations due to market price volatility, with expectations of a gradual price rebound in the future[134]. - Safety management remains a priority, as the company aims to prevent accidents related to gas leaks and ensure operational safety[134]. Research and Development - The total R&D expenditure amounted to ¥11,143,578.55, representing 0.98% of operating revenue, with 45 R&D personnel, accounting for 9.32% of the total workforce[81]. - The company obtained 21 authorized patents in 2020, bringing the total to 38, along with 11 software copyrights and 30 registered trademarks[52]. - The company aims to apply for at least 5 new intellectual property rights in 2021, maintaining its high-tech enterprise status and enhancing its innovation capabilities[131]. Financial Management - The company’s cash and cash equivalents increased by 34,311.42 million RMB, a growth of 322.63%, due to higher net cash flow from operating activities and external borrowings[44]. - Accounts receivable decreased by 10,532.50 million RMB, a decline of 43.85%, primarily due to collections and the first-time application of new revenue accounting standards[44]. - The company’s long-term equity investments increased by 144.72 million RMB, a growth of 34.69%, due to significant asset restructuring[44]. - The company’s prepayments increased by 2,330.21 million RMB, a growth of 50.75%, primarily due to major asset restructuring and acquisition projects[44]. Corporate Governance - The company has committed to maintaining its independence in procurement, production, and sales systems following acquisitions[144]. - The company has established a commitment to avoid any related party transactions that could harm its interests or those of its shareholders[150]. - The company will ensure that any business dealings with related parties are conducted at market-recognized prices and will fulfill information disclosure obligations[150]. - The company has committed to transparency in its operations and will publicly disclose any breaches of its commitments[150]. Social Responsibility - The company actively engaged in social responsibility initiatives, including a targeted poverty alleviation plan[64]. - The company maintained a zero major accident record throughout the year, emphasizing safety management and risk control[55].

2020 年第三季度报告 公司代码：603318 公司简称：派思股份 大连派思燃气系统股份有限公司 2020 年第三季度报告正文 2020 年 10 月 1 / 9 2020 年第三季度报告 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人尚智勇、主管会计工作负责人安振民及会计机构负责人（会计主管人员）周树旺 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 一、 公司主要财务数据和股东变化 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增 | | | --- | --- | --- | --- | --- | --- | | | | | | 减(%) | | | 总资产 | 2,236,190,058.20 | 1,649,642,374.30 | | | 35.56 | | 归属于上市公司 | 1,002,340,070.59 | ...

Financial Performance - Net profit attributable to shareholders reached CNY 15,125,217.35, a significant recovery from a loss of CNY 66,215,214.07 in the same period last year[6] - Operating revenue for the first nine months increased by 122.28% to CNY 572,672,251.93 compared to the same period last year[6] - The company reported a basic earnings per share of CNY 0.04, recovering from a loss of CNY 0.16 per share in the previous year[7] - The company's net profit for the first three quarters of 2020 was not explicitly stated but can be inferred from the increase in total revenue and costs[32] - Net profit for Q3 2020 reached CNY 2,712,156.18, compared to a net loss of CNY 22,098,978.14 in Q3 2019[34] - The total comprehensive income for Q3 2020 was CNY 2,647,600.54, compared to a loss of CNY 21,644,850.39 in Q3 2019[34] - Basic earnings per share for Q3 2020 were CNY 0.02, compared to a loss of CNY 0.05 per share in Q3 2019[34] - The company’s net profit attributable to shareholders for the reporting period was positive, but there is uncertainty regarding the sustainability of performance improvement in the next reporting period, highlighting investment risks[19] Assets and Liabilities - Total assets increased by 35.56% to CNY 2,236,190,058.20 compared to the end of the previous year[6] - The total liabilities as of September 30, 2020, were RMB 869,375,074.69, compared to RMB 745,062,542.77 at the end of 2019[26] - The company's equity attributable to shareholders increased to RMB 1,002,340,070.59 from RMB 904,579,831.53 at the end of 2019[26] - Long-term payables rose to RMB 444,467,046.57 from RMB 311,928,178.64, indicating increased long-term financial obligations[26] - The total assets as of Q3 2020 were ¥2,038,707,761.98, compared to ¥1,418,297,452.22 in the previous year, showing a growth of approximately 43.6%[30] - Total liabilities for Q3 2020 were ¥1,041,002,760.82, significantly higher than ¥460,298,313.86 in Q3 2019, indicating an increase of about 126.5%[30] Cash Flow - The net cash flow from operating activities decreased by 54.01% to CNY 37,555,891.87 compared to the previous year[6] - The net cash flow from financing activities was RMB 485,959,634.96, a significant change from a net outflow of RMB 258,697,899.27 in the previous year, mainly due to new capital received[15] - Total cash inflow from operating activities for the first three quarters of 2020 was CNY 624,074,087.54, up from CNY 541,883,170.56 in the same period of 2019, representing an increase of approximately 15.1%[40] - Cash flow from investing activities showed a net outflow of CNY 162,788,039.81 in the first three quarters of 2020, compared to a net inflow of CNY 21,081,191.49 in the same period of 2019[41] - The net cash flow from operating activities for Q3 2020 was ¥507,388,243.13, a significant increase from ¥136,500,809.70 in Q3 2019, representing a growth of approximately 271%[44] Shareholder Information - The number of shareholders reached 25,659, indicating a broadening of the shareholder base[11] - The top three shareholders hold a combined 59.68% of the shares, with Shandong Water Development Group Co., Ltd. holding 30.08%[11] Operational Insights - The company's cash and cash equivalents increased by 359.48% to RMB 488,656,051.06, primarily due to increased receivables and financing lease payments[13] - The company's operating costs rose by 133.16% to RMB 541,174,476.20, reflecting the increased scale of LNG operations[14] - The company completed a major asset acquisition, obtaining 100% equity of Meiyuanchen Energy Co., Ltd. and 100% equity of Haomai New Energy Co., Ltd. through cash payments[15] - The company has committed to a net profit of no less than RMB 60 million for the year 2020 as part of its performance compensation agreement[16] - The company plans to continue investing in R&D to enhance product offerings and market competitiveness[32] - Future outlook indicates a continued focus on market expansion and new product development to drive revenue growth[37] Accounting and Reporting - The report indicates that the financial statements have not been audited, which may affect the reliability of the reported figures[5] - The company implemented new revenue recognition standards starting January 1, 2020, affecting accounting policies[54]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 307,191,309.74, representing a 108.23% increase compared to CNY 147,522,602.44 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 10,029,326.74, a significant improvement from a loss of CNY 44,116,235.93 in the previous year[20]. - Basic earnings per share for the first half of 2020 were CNY 0.02, compared to a loss of CNY 0.11 in the same period last year[21]. - The weighted average return on net assets was 1.10%, recovering from -4.41% in the previous year[21]. - The company reported a total non-recurring profit and loss of 922,406.81 million, with government subsidies contributing 447,275.20 million[24]. - The net profit for the first half of 2020 was ¥7,125,350.61, a recovery from a net loss of ¥44,116,235.93 in the same period of 2019[140]. - The total comprehensive income for the first half of 2020 was ¥22,524,400.04, contrasting with a total comprehensive loss of ¥31,552,889.52 in the first half of 2019[144]. Cash Flow and Assets - The net cash flow from operating activities decreased to CNY -43,064,500.33, down 148.06% from CNY 89,604,873.04 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 1,742,528,170.85, an increase of 5.63% from CNY 1,649,642,374.30 at the end of the previous year[20]. - As of June 30, 2020, total assets amounted to CNY 1.74 billion, with total equity of CNY 1.24 billion, resulting in a debt-to-asset ratio of 28.75%[59]. - The total liabilities decreased to RMB 500,894,452.16 from RMB 745,062,542.77, representing a reduction of about 32.8%[133]. - The total equity increased to RMB 1,241,633,718.69 from RMB 904,579,831.53, showing a growth of approximately 37.2%[133]. Business Operations - The increase in revenue was primarily due to the growth in LNG liquid plant and LNG trading business[21]. - The company operates three main business segments: gas transmission and distribution equipment manufacturing, LNG production and trade, and distributed energy comprehensive services[28]. - The company’s LNG production model involves receiving natural gas from suppliers and liquefying it for sale to downstream customers[30]. - The company’s urban gas business supplied 2 million cubic meters of gas and served a cumulative total of 15,000 users[59]. - The company has established a complete industrial chain in the natural gas sector, including LNG production, equipment manufacturing, and urban gas operation[27]. Market and Industry Trends - The company aims to leverage the increasing demand for clean energy as coal is phased out, positioning itself to benefit from the transition to natural gas[31]. - The overall natural gas consumption in China was 9.2% of the total primary energy consumption in 2019, which is below the target of 10% for 2020 and 15% for 2030[45]. - Global natural gas consumption reached approximately 3.98 trillion cubic meters in 2019, with a year-on-year growth of 3.5%, down from 5.3% in the previous year[42]. - The impact of the COVID-19 pandemic led to a significant decrease in industrial gas consumption in early 2020, but recovery is expected in the second half of the year[38]. Risks and Challenges - The company has indicated potential risks in future development, which are detailed in the report[7]. - The company faces policy risks that could impact profitability and financial status due to new industry regulations affecting the natural gas supply chain[71]. - The COVID-19 pandemic has led to a slowdown in global economic growth, affecting market demand for gas equipment and resulting in decreased gross margins and delayed deliveries[71]. Corporate Governance and Compliance - The company is committed to maintaining its independence and compliance with regulatory requirements, ensuring no illegal use of funds or guarantees for related parties[78]. - The company emphasizes that it will not engage in any related party transactions that could harm the interests of the company or its shareholders, ensuring fair and reasonable pricing for any unavoidable transactions[80]. - The company has established strict compliance with its articles of association regarding related party transactions, ensuring transparency and adherence to legal procedures[80]. - The company has committed to avoiding any non-operational fund transactions with its controlling shareholders to prevent any financial mismanagement[80]. Social Responsibility - The company has undertaken social responsibility initiatives, including a donation of over ¥30,000 to support COVID-19 relief efforts[62]. - The company has engaged in targeted poverty alleviation efforts, investing ¥200,000 in a sheep farming project to support local communities[108]. - The company is committed to improving the living conditions of impoverished herders through various support initiatives[109]. Future Commitments and Plans - The company plans to accelerate the investment progress of fundraising projects to achieve expected benefits as soon as possible[84]. - The company has established a shareholder return plan to ensure continuous and stable returns to investors, aligning with the profit distribution policy outlined in its articles of association[85]. - The company has committed to achieving a net profit of no less than RMB 50 million, RMB 60 million, and RMB 70 million for the years 2019, 2020, and 2021 respectively, totaling a commitment of RMB 180 million over three years[88].

Financial Performance - Operating revenue for the reporting period reached approximately CNY 138.06 million, representing a significant increase of 144.81% year-on-year[6] - The net profit attributable to shareholders of the listed company was approximately -CNY 9.84 million, an improvement from -CNY 25.99 million in the same period last year[6] - The weighted average return on net assets was -1.07%, improving from -2.54% in the same period last year[6] - The basic and diluted earnings per share were both -CNY 0.02, improving from -CNY 0.06 in the same period last year[6] - Net profit for the period was a loss of ¥9,636,464.69, an improvement from a loss of ¥25,617,677.68 in the same period last year[14] - The net loss for Q1 2020 was ¥9,636,464.69, an improvement compared to a net loss of ¥25,617,677.68 in Q1 2019, reflecting a reduction of 62.4%[31] - The comprehensive loss for Q1 2020 was ¥9,647,536.03, compared to a comprehensive loss of ¥25,913,312.33 in Q1 2019, showing a decrease of 62.8%[31] - Total operating revenue for Q1 2020 was ¥138,056,130.12, a significant increase from ¥56,392,579.93 in Q1 2019, representing a growth of 144.4%[29] Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 1.66 billion, an increase of 0.40% compared to the end of the previous year[6] - Current assets totaled RMB 696,142,313.68, compared to RMB 687,499,251.17 at the end of 2019, indicating an increase of about 1.0%[21] - The company's total liabilities reached RMB 761,010,581.34, up from RMB 745,062,542.77, reflecting an increase of approximately 2.1%[23] - Total liabilities amounted to 745,062,542.77 RMB, remaining stable compared to the previous year[44] - Total assets amounted to approximately $1.42 billion as of March 31, 2020[48] - Current assets totaled approximately $514.52 million, with cash and cash equivalents at approximately $42.64 million[47] - Non-current assets reached approximately $903.77 million, primarily driven by long-term equity investments of approximately $747.10 million[48] - Total liabilities were approximately $460.30 million, with current liabilities at approximately $206.53 million[48] Shareholder Information - The company had a total of 26,122 shareholders at the end of the reporting period[10] - The largest shareholder, Shui Fa Zhong Xing Group Co., Ltd., held 30.08% of the shares, with 120,950,353 shares pledged[10] - Energas Ltd. held 18.65% of the shares, with 75,000,600 shares also pledged[10] - Shareholders' equity stood at approximately $958.00 million, reflecting a strong capital position[49] Cash Flow - The net cash flow from operating activities was approximately CNY 413.26 thousand, a decrease of 98.76% compared to the previous year[6] - Cash flow from operating activities generated a net inflow of RMB 413,259.41, down from RMB 33,420,748.43 in Q1 2019[37] - Total cash inflow from operating activities was 82,844,174.04 RMB, down 81.6% from 445,976,462.50 RMB in the same period last year[39] - Cash outflow from operating activities totaled 103,539,881.45 RMB, a decrease of 68.2% compared to 325,677,876.34 RMB in Q1 2019[39] - The net cash flow from financing activities was 12,916,339.04 RMB, a turnaround from a net outflow of -58,480,428.64 RMB in the previous year[40] Operational Highlights - Operating costs rose by 154.03% to ¥126,407,686.90 from ¥49,761,817.59, attributed to the same factors as revenue growth[14] - The company reported non-recurring gains and losses totaling approximately CNY 208.42 thousand for the period[11] - Research and development expenses decreased to ¥157,687.04 in Q1 2020 from ¥2,484,749.21 in Q1 2019, a reduction of 93.7%[29] - Financial expenses for Q1 2020 were ¥7,797,566.11, down from ¥12,696,765.13 in Q1 2019, indicating a decrease of 38.5%[29] - The company incurred credit impairment losses of RMB 8,829,504.17 in Q1 2020, compared to RMB 5,296,368.11 in Q1 2019, an increase of 67.4%[33] Future Outlook - The company warns of potential losses in the upcoming reporting period, indicating uncertainty in performance improvement[19] - The company is facing uncertainty regarding the repayment of ¥62.5 million for the repurchase of OPRA gas turbines due to financial difficulties of the buyer[19] - The company is in the process of a non-public stock issuance to acquire 100% equity of Yinchuan Zhongyou Jingcheng Gas Co., Ltd. and repay bank loans[15] - The company has committed to a net profit of no less than ¥50 million, ¥60 million, and ¥70 million for the years 2019, 2020, and 2021 respectively, totaling ¥180 million over three years[16]