Financial Performance - The company's operating revenue for 2022 was ¥8,505,667,254.60, representing a 12.47% increase compared to ¥7,562,633,312.26 in 2021[23]. - Net profit attributable to shareholders increased by 46.31% to ¥616,357,535.79 in 2022 from ¥421,256,963.59 in 2021[23]. - The net profit after deducting non-recurring gains and losses was ¥613,612,739.01, up 54.84% from ¥396,290,964.14 in the previous year[23]. - The cash flow from operating activities reached ¥1,125,433,671.94, a 45.89% increase from ¥771,406,271.88 in 2021[23]. - Basic and diluted earnings per share were both ¥0.5542, reflecting a 46.30% increase from ¥0.3788 in 2021[23]. - The weighted average return on equity rose to 9.60%, up from 6.74% in the previous year[23]. - Total assets at the end of 2022 were ¥12,997,982,822.68, a slight increase of 0.04% from ¥12,993,310,176.30 at the end of 2021[23]. - The net assets attributable to shareholders decreased by 0.79% to ¥6,313,576,842.73 from ¥6,363,826,637.71 in 2021[23]. Dividend Distribution - The company plans to distribute a cash dividend of 3.00 CNY per 10 shares to all shareholders, based on a total of 1,112,075,445 shares[4]. - The company distributed a cash dividend of RMB 3.00 per 10 shares, totaling RMB 333,622,633.50, executed in July 2022[137]. - The company maintained a consistent cash dividend policy, with another similar distribution approved in September 2022 for the first half of the year[137]. - The total distributable profit for the company was 3,035,406,207.35 CNY, with the cash dividend amounting to 100% of the total profit distribution[138]. Market Expansion and Strategy - The natural gas industry is expected to grow due to increasing consumption and infrastructure development, supporting the company's market expansion strategy[34]. - The company plans to achieve a gas transmission volume of 7.45 billion cubic meters and expects to generate operating revenue of 6.8 billion yuan with a total profit of 650 million yuan in 2023[84]. - The company aims to enhance its pipeline infrastructure, focusing on interconnecting provincial and national gas pipelines to improve transmission capacity[84]. - The company is actively pursuing mergers and acquisitions to expand its market presence and enhance value-added services[84]. - The company is exploring opportunities for market expansion in underserved regions to increase its customer base[172]. Research and Development - Research and development expenses rose significantly by 59.10% to 37,984,296.55 yuan[43]. - The company’s R&D investment amounted to ¥53,236,492.45 in 2022, representing a 31.82% increase from ¥40,386,852.64 in 2021[61]. - The number of R&D personnel increased by 63.64% to 108 in 2022, up from 66 in 2021[61]. - The company completed a feasibility study on hydrogen blending in existing natural gas pipelines, resulting in one project report and two patent applications[60]. - The company is focusing on digitalization and smart monitoring systems for long-distance pipelines to enhance safety and operational efficiency[61]. Operational Efficiency - Operating cash inflow increased by 14.76% to CNY 9.79 billion, driven by significant growth in cash received from sales of goods and services[64]. - Net cash flow from operating activities rose by 45.89% to CNY 1.13 billion, reflecting improved operational efficiency[64]. - The company aims to reduce operational costs by 8% through process optimization initiatives in 2023[111]. - The company is committed to optimizing its existing purchasing and transportation model while exploring various sales models to strengthen its sales business and improve operational efficiency[86]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has ensured that all board members attended the meeting to review the annual report[4]. - The company has established a robust governance structure, ensuring compliance with relevant laws and regulations, and enhancing information disclosure practices[91]. - The company held five shareholder meetings during the reporting period, reviewing 20 proposals to protect shareholders' rights[92]. - The company has a dedicated audit department that reports directly to the audit committee, enhancing internal control[95]. - The company has established and revised several governance systems to enhance operational transparency and accountability[140]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions and has obtained ISO 14001 environmental management system certification[149]. - The company has actively engaged in poverty alleviation and rural revitalization, assisting 41 households and 102 individuals in Hanjiakyan Village to achieve stable income growth[153]. - The company completed the construction of two water wells in Yan'an County as part of its poverty alleviation and rural revitalization efforts[154]. - The company donated 310,000 yuan to support the "Five Revitalizations" initiative in Yao Ke Village, contributing to community infrastructure and services[155]. Risks and Challenges - The company acknowledges potential risks in its future development and has detailed these risks and corresponding countermeasures in the management discussion section[4]. - The company faces risks related to dependency on upstream gas suppliers and potential adjustments in natural gas transportation pricing[85]. - The company faces increased market competition risks due to ongoing oil and gas system reforms and the entry of upstream resource enterprises into the terminal market[86]. Legal and Financial Matters - The company is involved in ongoing legal disputes, with a total claim of RMB 25.4776 million related to construction project payments[169]. - The company has incurred compensation liabilities totaling RMB 3.9454 million for damages to Yuxin Mining Factory[168]. - The company has recognized a bad debt provision of 80% for receivables from Xilan Company, amounting to RMB 13.808 million[168]. - The appointed accounting firm, Sigma Accounting Firm, has an audit fee of 1.01 million yuan, with 710,000 yuan for the annual financial statement audit and 300,000 yuan for internal control audit[165].

证券代码：002267 证券简称：陕天然气 陕西省天然气股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------------|----------------------------------------------| | | | | | 投资者关系活动 | √ 特定对象调研 □分析师会议 | | | 类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 民生证券 陶贻功 | | | 人员姓名 | 招商基金 李锦文 | | | 时间 | 2015 年 1 月 15 | 日 | | 地点 | 陕西省天然气股份有限公司 | 12 楼会议室 | | 上市公司接待人 | 董事会秘书 梁 倩 | | | 员姓名 | 市场营销部部长 王新安 | | | | 财务 部职员 苏 波 | | | | 董事会办公室职员 刘曜维 | | | 投资者关系活动 | 1、2014 | 年陕西天然气 ...

Group 1: Pricing Policies - The current gas pricing policy in Shaanxi Province differentiates prices based on user categories, with the lowest price for fertilizer use, residential use in the middle, and the highest for industrial use [2][3] - The company is working to improve pipeline utilization by increasing off-peak gas usage and actively developing peak-shifting users [3] Group 2: Natural Gas Power Generation - According to the 2012 National Development and Reform Commission's "Natural Gas Utilization Policy," natural gas power generation projects in certain coal base areas are classified as prohibited, limiting the possibility of establishing natural gas power plants in Shaanxi [3][4] - However, there is no restriction on coalbed methane power plants, leaving some potential for development in this area [3] Group 3: Financial Metrics - The company recognizes revenue based on sales prices rather than transportation fees [3][4] - The diameter of the Jingxi No. 3 pipeline is 914mm, with a length of over 400 kilometers [4] Group 4: Urban Gas Business Potential - Current policies in Shaanxi Province are favorable for urban gas business development, driven by pollution control and gasification initiatives [4]

证券代码：002267 证券简称：陕天然气 陕西省天然气股份有限公司投资者关系活动记录表 编号：2016-003 | --- | --- | --- | |----------------|----------------------------|------------------------------------------------| | | | | | 投资者关系活动 | √ 特定对象调研 □分析师会议 | | | 类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | | 中信建投证券股份有限公司 万炜 | | 人员姓名 | | | | 时间 | 2016 年 4 月 | 28 日 | | 地点 | 陕西省天然气股份有限公司 | 10 楼会议室 | | 上市公司接待人 | 董事会办公室职员 刘曜维 | | | 员姓名 | 董事会办公室职员 王 岳 | | | 投资者关系活动 | 1. | 你好，请介绍一下公司主营业务。 | | 主要内容介绍 | 公司自 1 ...

证券代码：002267 证券简称：陕天然气 陕西省天然气股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------------|--------------------------------------| | | | | | 投资者关系活动 | √ 特定对象调研 □分析师会议 | | | 类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 国海证券 傅鸿浩 | | | 人员姓名 | | | | 时间 | 2016 年 4 月 | 11 日 | | 地点 | 陕西省天然气股份有限公司 | 13 楼会议室 | | 上市公司接待人 | 董事会办公室职员 刘曜维 | | | 员姓名 | 董事会办公室职员 王 岳 | | | 投资者关系活动 | 1.2014、2015 | 年，公司天然气销气量增长幅度较大 | | 主要内容介绍 | 原因。 | | | | 2014 | 年下半年， ...

Group 1: Company Performance - The company's natural gas sales volume saw significant growth in 2014 and 2015 due to the addition of industrial users, particularly from Shaanxi Yanchang Coal and Chemical Company [2][3] - In 2015, the long-distance pipeline gas transmission business accounted for approximately 90% of the company's operations, while urban gas business made up about 10% [3] Group 2: Market Presence and Strategy - The company is involved in urban gas markets in several cities, including Yan'an, Tongchuan, Xianyang, Weinan, Hanzhong, Ankang, and Shangluo [3] - There is an intention to acquire urban gas companies with strong asset conditions and profitability [3] - The company currently sources gas from two main supply sources: Changqing and Yanchang, with Changqing being the primary supplier [3] Group 3: Pricing and Customer Strategy - Pricing for non-residential users varies based on pipeline length, with certain large industrial users receiving discounts due to policy reasons [3] - Future growth points for the company include expanding downstream markets, offering discounts to new non-residential users, and promoting coal-to-gas projects [4] Group 4: Management and Employee Ownership - Company executives do not hold shares in the company, and there are currently no plans for an employee stock ownership program, which will be considered based on future development needs [4]

Group 1: Company Overview - The company is responsible for the construction of long-distance natural gas pipelines in Shaanxi Province, generating 91% of its revenue from upstream gas purchases and downstream sales to gas retailers and direct users [1] - The company operates 11 long-distance natural gas pipelines, covering over 3,000 kilometers, with an annual gas transmission capacity of 13.5 billion cubic meters [1] Group 2: Future Supply Growth - Residential gas consumption is projected to grow annually by approximately 6-8% [3] - Non-residential gas consumption will increase due to new large and medium-sized industrial customer contracts, with individual gas orders potentially reaching tens of millions of cubic meters, and the promotion of coal-to-gas initiatives [3] Group 3: Gas Supply Situation - The company has established a multi-source gas supply system, primarily relying on the Changqing gas field, with additional support from the Yanchang gas source and transit pipelines [3] - As of the end of 2013, the proven recoverable reserves of conventional natural gas in Shaanxi Province reached 0.8 trillion cubic meters, with shale gas reserves at 40 billion cubic meters and coalbed methane reserves exceeding 1 trillion cubic meters [3] Group 4: Pricing and Cost Management - The non-residential gas pipeline transportation fee was reduced by 0.121 yuan per cubic meter, a decrease of 27%, which is expected to impact the 2016 performance for two months [4] - The company has implemented refined management practices, resulting in a 20% year-on-year decrease in management expenses in the third quarter [4]

Pricing and Sales - The pricing structure for natural gas includes procurement price, pipeline transportation fee, and distribution fee, with residential prices at 0.49 CNY/m³ and non-residential prices at 0.77 CNY/m³ [3] - The pipeline transportation fee for non-residential users was reduced by 10% in 2016, impacting the company's profit margins, with a projected profit decline of 25-45% for the first half of 2017 [3] - The total tax amount for the company was approximately 400 million CNY in 2016, with expectations of a decrease due to price adjustments [3] Market Position and Growth - The company is the only long-distance pipeline construction, management, and operation company in Shaanxi Province, holding a significant market share [4] - The annual gas sales volume is expected to grow by around 10%, driven by increasing demand for natural gas as part of environmental protection efforts [4] - The company has established long-term partnerships with major gas suppliers, ensuring a stable resource supply [4] Financial Adjustments and Regulations - The company plans to issue a total of 1.5 billion CNY in new shares, with a cap of 20% of the existing share capital due to new regulatory changes [4] - The pricing benchmark for the stock issuance will be adjusted to the issuance date, with a maximum of 222 million shares to be issued [4] Operational Insights - The company’s receivables and payables are settled within one year, with upstream settlements occurring monthly and downstream settlements every 10-20 days [4] - The decline in gross profit margin over the past five years is attributed to market expansion strategies and increased fixed asset depreciation [4]

Group 1: Company Overview - The main business of Shaanxi Natural Gas Company includes long-distance pipelines and urban gas distribution, accounting for 91% of revenue [2] - The company operates 11 long-distance natural gas pipelines with a total length of 3,000 kilometers and an annual transmission capacity of 13.5 billion cubic meters [2] Group 2: Revenue Breakdown - Urban gas distribution contributes 9% to the company's revenue, with a market coverage of 26% across 107 districts and counties [3] - In 2015, the company sold 4.748 billion cubic meters of gas, a year-on-year increase of 21%, with non-residential users accounting for 36% and residential users 64% [3] - The planned gas sales volume for 2016 is 5.633 billion cubic meters, with future demand growth expected from the increase in liquefied natural gas [3] Group 3: Pricing Analysis - Non-residential pipeline transportation fees were reduced by 10% in June 2015, while residential fees remained unchanged at 0.49 [4] - The company’s selling price for non-residential users is 1.526, while for residential users, it is 1.98 [4] Group 4: Asset Injection Expectations - There are expectations for asset injections from the urban gas companies in Weinan and Tongchuan to avoid competition [4] - Weinan's revenue in 2015 was 170 million, accounting for 3% of the listed company's revenue during the same period [4] Group 5: Cost Management - Management expenses decreased by 20% year-on-year in Q3, attributed to improved management and reduced spending on vehicles and employee benefits [5] - Financial expenses also dropped by 14% year-on-year due to more financing through low-interest short-term loans [5] Group 6: Capital Expenditure - The company has primarily relied on short-term financing recently, with significant capital raised through various debt instruments since its IPO in 2008 [5]

Financial Performance - The net profit for the third quarter decreased by 51.87% year-on-year, while the total profit for the first three quarters declined by 3.23% [1] - The reduction in profit is primarily attributed to the adjustment of non-residential pipeline transportation fees by the Shaanxi Provincial Price Bureau on October 20, 2016, which decreased by 10% [3] - The non-residential pipeline transportation fee was adjusted to 0.32 CNY per cubic meter [3] Pricing Structure - The gas price for direct supply customers is calculated as 1.206 CNY + 0.32 CNY = 1.526 CNY per cubic meter [3] - The residential gas price is set at 1.98 CNY, with the provincial pipeline transportation fee at 0.49 CNY [3] Supply Capacity - The company relies on the Longqing Gas Field as its primary source, supplemented by other gas sources, ensuring a diversified supply structure [3] - As of the end of 2013, Shaanxi Province had proven recoverable reserves of 0.8 trillion cubic meters of conventional natural gas, 40 billion cubic meters of shale gas, and over 1 trillion cubic meters of coalbed methane and dissolved gas [4] Demand Growth - The natural growth rate for residential gas usage is between 6-8%, while non-residential gas usage has a growth rate of less than 10% [5] - The company has been actively developing new industrial users, with significant growth in industrial gas consumption, such as a new user contributing an additional 500 million cubic meters [5] Urban Gas Business - The company has stakes in urban gas companies in cities like Xianyang, Hanzhong, Ankang, Shangluo, and Yan'an [5] - Future plans may involve injecting assets from two urban gas companies into the listed company to avoid competition [5] Management Efficiency - Management expenses decreased by 20% year-on-year in the third quarter, reflecting the company's focus on refined management practices [6] - The company is also replacing high-interest financing with low-interest short-term financing to reduce financial costs [6]