证券代码： 002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2021005 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 \n□现场参观 \n√其他（电话会议） | | | 参与单位名称及 人员姓名 | 中金公司：陆辰； | Tiger Pacific Capital ：钟铭昌 | | 时间 | 2021 年 9 月 24 日 | 1 ...

证券代码： 002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2021004 | --- | --- | --- | |-------------------------|-----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码： 002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2022001 | --- | --- | --- | |-------------------------|----------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 类别 | □新闻发布会 □路演活动 \n√现场参观 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 | | 参与单位名称及 人员姓名 | 其他（电话会议） | 华夏基金：戴方哲；玄元投资：赵仲鹏；长江证券：徐科、任楠；国信 证券：张朝、何丽妍、蔡静、马静静、黄玉玲、董学涛、何斌；中金财 富：曾一、霍子祺； ...

证券代码： 002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2022002 | --- | --- | --- | |-----------------------|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 | 业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | 其他 | | | | | | | 活动参与人员 | 业绩说明会的广大投资者 | 通过全景网"投资者关系互动平台"网络远程参与公司 2021 年度网上 | | | | | | 时间 | 2022 年 5 月 17 ...

证券代码： 002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2022003 | --- | --- | --- | |-------------------------------|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

佛燃能源集团股份有限公司 2022 年第三季度报告 同一控制下企业合并 证券代码：002911 证券简称：佛燃能源 公告编号：2022-099 佛燃能源集团股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------------------|---------- ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥8,243,680,839.58, representing a 51.27% increase compared to ¥5,449,508,324.76 in the same period last year[26]. - The net profit attributable to shareholders of the listed company was ¥268,148,299.06, a 2.82% increase from ¥260,791,187.99 in the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥258,922,200.86, up 3.02% from ¥251,321,061.98[26]. - The net cash flow from operating activities was ¥336,479,271.97, a significant increase of 388.67% compared to ¥68,855,933.55 in the same period last year[26]. - Basic earnings per share were ¥0.2837, reflecting a 2.83% increase from ¥0.2759[26]. - Total assets at the end of the reporting period were ¥14,443,452,693.56, a 3.63% increase from ¥13,936,991,567.93 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company were ¥4,312,395,738.25, down 3.30% from ¥4,459,608,033.18[26]. - The weighted average return on equity was 5.92%, a decrease of 1.70% from 7.62% in the previous year[26]. - The operating cost increased by 56.23% to ¥7,346,328,486.33, up from ¥4,702,301,256.36, primarily due to a significant rise in gas source costs[67]. - Research and development investment rose by 11.56% to ¥132,590,208.08, up from ¥118,851,227.71[67]. Business Operations - The company achieved operating revenue of 8.244 billion yuan, a year-on-year increase of 51.27%[36]. - The natural gas supply volume was 1.853 billion cubic meters, a decrease of 2.13% year-on-year[36]. - The net profit from the natural gas business in Foshan decreased by 76.12%, while other businesses saw a profit increase of 86.16%[36]. - The company is actively expanding its energy services, including gas supply, hydrogen energy, and thermal energy, to optimize its business structure[36]. - The company supplied a total of 326,000 kWh of electricity and 290,000 kWh of cooling energy through its energy storage projects during the reporting period[44]. - The company has established a "mother-son station" model for hydrogen energy, providing over 14,000 refueling services and 150,000 kilograms of hydrogen during the reporting period[39]. - The company has invested in three distributed photovoltaic power stations with a total installed capacity of approximately 2 MW, contributing to a cumulative capacity of 23.68 MW[43]. - The company plans to construct a distributed energy station project with a capacity of 2×120 MW, approved by the local development and reform bureau[42]. - The company has signed natural gas procurement contracts with domestic and international suppliers to ensure stable gas supply[38]. - The company is expanding its gas service business, which includes engineering construction, design supervision, and cost consulting, to support various energy projects[48]. Environmental and Social Responsibility - The company supplied 1.853 billion cubic meters of natural gas, reducing carbon dioxide emissions by 1.01 million tons compared to coal[146]. - The company has developed and operated distributed photovoltaic projects with a total capacity of 23.68 MW, generating 9.644 million kWh of electricity[145]. - The company replaced approximately 900,000 liters of fuel with hydrogen, resulting in a reduction of 2,468 tons of carbon dioxide emissions[145]. - The company has implemented energy-saving renovation projects with an average energy-saving rate of 60%[145]. - The company has planted 170,000 trees as part of its environmental responsibility initiatives[146]. - The company participated in community support during the pandemic, sending 180 volunteers to assist in nucleic acid testing for 50,000 residents[147]. - The company provided 500,000 RMB in support for rural revitalization initiatives, including infrastructure development and educational programs[148]. - The company purchased local agricultural products worth approximately 640,000 RMB to support poverty alleviation efforts in Guizhou province[148]. - A total of 221,000 RMB was donated for youth care and educational assistance programs, including scholarships for university students[148]. - The company has established partnerships with local villages to enhance community support and development[148]. Risk Management - The management has highlighted potential risks and countermeasures in the report, urging investors to be cautious[5]. - The company faces significant risks from fluctuations in raw material prices, particularly in the natural gas sector, due to geopolitical tensions affecting global oil and gas markets[118]. - The company is exposed to exchange rate risks, particularly with the potential for significant fluctuations in the RMB to USD exchange rate, impacting international procurement costs[119]. - Changes in national policies regarding gas pricing and energy consumption may adversely affect the company's operations and customer base, particularly in high-energy-consuming industries[120]. - The company plans to enhance its risk management strategies, including hedging against price fluctuations and utilizing financial instruments to mitigate exchange rate impacts[119]. Corporate Governance - The company will not distribute cash dividends or issue bonus shares for the half-year period, indicating a focus on reinvestment[126]. - The company has conducted multiple shareholder meetings with high participation rates, indicating strong investor engagement[125]. - The company has implemented a stock option incentive plan to align employee interests with company performance, which was approved by relevant authorities[130]. - The company has established several new subsidiaries during the reporting period, which did not significantly impact overall operational performance[114]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[153]. - The half-year financial report has not been audited[155]. - The company has not reported any violations regarding external guarantees during the reporting period[154]. Related Party Transactions - The total amount of daily related party transactions for the reporting period did not exceed the estimated total amount, indicating effective management of related transactions[169]. - The company reported a total of 18,498.1 million in related party transactions during the period[169]. - The company engaged in the procurement of raw materials from related parties, with specific transactions including 3,889.55 million for steam procurement and 1,513.76 million for natural gas purchases[166]. - The company has not experienced significant discrepancies between transaction prices and market reference prices, maintaining compliance with market standards[169]. - The company has established contracts for procurement at market prices, ensuring transparency and fairness in transactions[166]. Investment and Fund Management - The company reported a total investment of ¥1,204,140,886.82 during the reporting period, a decrease of 10.25% compared to ¥1,341,721,683.40 in the same period last year[79]. - The total amount of raised funds in the first half of 2022 was RMB 714.88 million, with RMB 1.40 million utilized during the period, leaving RMB 74.81 million unutilized[88]. - As of June 30, 2022, 83.22% of the raised funds had been allocated for specific projects, with RMB 59.49 million being repurposed[88]. - The company has established a dedicated account for managing raised funds, ensuring compliance with regulatory agreements[88]. - The company has not used any raised funds for financial products during the reporting period[88]. - The company has not encountered any issues with the use and disclosure of raised funds, and all unused funds remain in a dedicated account[101].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 3,301,781,496.87, representing a 56.08% increase compared to CNY 2,115,406,918.37 in the same period last year[3]. - Net profit attributable to shareholders was CNY 74,890,428.83, an increase of 7.81% from CNY 69,468,360.45 in the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 72,648,201.53, up 8.78% from CNY 66,782,998.79 year-on-year[3]. - The total operating revenue for Q1 2022 was CNY 3,301,781,496.87, an increase of 56.06% compared to CNY 2,115,406,918.37 in the same period last year[19]. - The total operating costs for Q1 2022 were CNY 3,139,767,652.27, up 56.77% from CNY 2,001,618,907.57 in Q1 2021[19]. - The net profit for Q1 2022 was CNY 66,875,962.09, a decrease of 16.01% compared to CNY 79,574,039.81 in Q1 2021[20]. - The total comprehensive income for the period was CNY 66,875,962.09, compared to CNY 79,574,039.81 in the previous period, reflecting a decrease of approximately 16%[21]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 8.10% to CNY 135,296,272.35 from CNY 147,220,323.82 in the previous year[3]. - The company's cash and cash equivalents increased to RMB 1,902,938,180.07 from RMB 1,622,042,618.56, reflecting a growth of 17.3%[13]. - The company's cash and cash equivalents at the end of the period amounted to CNY 1,848,998,023.16, up from CNY 1,566,268,434.05 in the previous period, indicating an increase of about 18%[24]. - The company's total cash inflow from operating activities was CNY 3,526,481,330.62, compared to CNY 2,292,254,483.37 in the previous period, marking an increase of approximately 54%[23]. - The net cash flow from investing activities was -CNY 342,870,297.71, an improvement from -CNY 837,227,356.80 in the previous period[24]. - The net cash flow from financing activities was CNY 487,905,606.62, down from CNY 882,545,376.66 in the previous period, showing a decrease of about 45%[24]. - The company received CNY 50,000,000.00 from other financing activities, compared to CNY 690,919,790.00 in the previous period, showing a significant decrease[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 14,990,979,472.75, a 7.56% increase from CNY 13,936,991,567.93 at the end of the previous year[3]. - The total assets increased to CNY 14,990,979,472.75 in Q1 2022 from CNY 13,936,991,567.93 in Q1 2021, reflecting a growth of 7.57%[16]. - The total liabilities rose to CNY 9,342,834,988.93, compared to CNY 8,341,978,131.91 in the previous year, marking an increase of 12.00%[16]. - As of March 31, 2022, the company's total current assets amounted to RMB 4,601,733,304.02, an increase of 21.6% from RMB 3,785,995,509.43 at the beginning of the year[13]. Shareholder Equity - Shareholders' equity attributable to the parent company was CNY 4,539,340,065.40, up 1.79% from CNY 4,459,608,033.18 at the end of the previous year[3]. - The total equity attributable to shareholders increased to CNY 4,539,340,065.40 from CNY 4,459,608,033.18, reflecting a growth of 1.79%[16]. Earnings and Expenses - Basic and diluted earnings per share were both CNY 0.08, reflecting a 14.29% increase from CNY 0.07 in the same period last year[3]. - Research and development expenses for Q1 2022 were CNY 49,177,045.59, up 37.67% from CNY 35,660,247.68 in Q1 2021, indicating a focus on innovation[19]. - The company reported a decrease in employee compensation liabilities to CNY 57,346,621.33 from CNY 127,812,410.31, suggesting a potential restructuring or cost-cutting measures[16]. Other Financial Activities - The company reported a non-operating income of CNY 2,242,227.30, primarily from government subsidies and other income[4]. - The company underwent a retrospective adjustment due to a business combination under common control[3]. - The company completed the issuance of the first phase of ultra-short-term financing bonds for 2022, with a scale of RMB 400 million, which was received on January 12, 2022[11]. - The company issued the second phase of ultra-short-term financing bonds for 2022, also amounting to RMB 400 million, received on March 23, 2022[11]. - The company approved a proposal to sign a liquefied natural gas sales and purchase agreement with Sinochem Singapore International Petroleum Co., Ltd.[11]. - The company plans to manage operational risks arising from natural gas price fluctuations through hedging strategies involving various financial institutions[11]. Asset Composition - The company's inventory rose to RMB 342,718,464.65, up from RMB 283,820,643.09, indicating a 20.7% increase[13]. - The company’s fixed assets increased to RMB 5,677,701,952.92 from RMB 5,656,855,262.16, showing a slight growth[13]. - The company’s long-term equity investments slightly decreased to RMB 138,424,414.97 from RMB 138,574,386.89[13]. - The company’s intangible assets decreased to RMB 1,816,688,928.36 from RMB 1,837,201,779.82, reflecting a decline[13].

Financial Performance - The company reported a total revenue of 9.45 billion RMB for the year 2021, with a year-on-year growth of 15%[5] - The company's operating revenue for 2021 was CNY 13,531,177,503.52, representing a 78.71% increase compared to CNY 7,514,573,052.90 in 2020[24] - The net profit attributable to shareholders for 2021 was CNY 594,740,178.12, which is a 26.72% increase from CNY 469,134,527.84 in 2020[24] - Revenue for the reporting period reached 13.531 billion yuan, a year-on-year growth of 78.71%, while net profit attributable to shareholders was 595 million yuan, up 26.72%[49] - The company's natural gas business revenue was 11.994 billion yuan, reflecting an 80.79% increase year-on-year, with a net profit of 314 million yuan, growing by 2%[49] - The company reported a basic earnings per share for 2021 was CNY 0.63, a 26.00% increase from CNY 0.50 in 2020[26] - The company reported a weighted average return on equity of 16.88% for 2021, up from 14.44% in 2020[26] - The gross profit margin for the energy sector was 11.24%, with a slight decrease of 3.58% compared to the previous year[76] Market Expansion and Strategy - The company plans to expand its market presence by increasing the number of gas stations by 20% in the next fiscal year[5] - Future outlook includes a projected revenue growth of 12% for 2022, driven by increased demand for natural gas[5] - The company is actively expanding its market presence, focusing on the "coal-to-gas" initiative in ceramic enterprises in Foshan, Zhaoqing, and Enping[79] - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[200] - Market expansion plans include entering three new international markets by the end of the year, which could potentially increase user base by 30%[200] Research and Development - The company is investing 500 million RMB in R&D for new energy technologies over the next three years[5] - R&D expenses increased by 104% year-on-year to approximately CNY 301 million, with the company holding 243 authorized patents, including 22 invention patents[65] - The company has established a specialized R&D team for SOFC with over 20 professionals, collaborating with domestic manufacturers and foreign design firms to advance SOFC commercialization[56] - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[200] User Engagement and Growth - User data indicates a 25% increase in active users, reaching a total of 1.2 million by the end of 2021[5] - User data showed a 15% increase in active users, reaching 10 million users by the end of the quarter[200] - A new marketing strategy has been implemented, focusing on digital channels, which is expected to increase customer engagement by 40%[200] Sustainability and Future Outlook - The company aims to achieve a net profit margin of 10% in the upcoming year, up from 8% in 2021[5] - The company is committed to transitioning from a single gas provider to a comprehensive energy service provider, focusing on oil, hydrogen, thermal energy, and renewable energy sectors[49] - Future guidance indicates a commitment to sustainability initiatives, with plans to invest $30 million in green technologies over the next two years[200] Risk Management - Risk management strategies have been enhanced to address potential regulatory changes impacting the energy sector[5] - The company acknowledges risks from macroeconomic uncertainties, raw material price fluctuations, and exchange rate volatility, and is implementing risk management strategies to mitigate these impacts[159][160] - The company faces uncertainty in its natural gas international procurement business due to fluctuations in the RMB exchange rate, which may impact performance[163] Governance and Compliance - The company maintains a governance structure that complies with regulatory requirements, ensuring fair treatment of all shareholders and effective decision-making processes[172] - The board of directors consists of 9 members, including 3 independent directors, and operates through specialized committees to enhance decision-making efficiency[173] - The company strictly adheres to information disclosure obligations, ensuring all shareholders have fair access to relevant information[176] Social Responsibility - The company is committed to social responsibility, focusing on community welfare, poverty alleviation, and ecological protection[177] - The company was awarded the "Social Responsibility Award" and "Most Socially Responsible Listed Company" in recognition of its commitment to social responsibility and environmental initiatives[69]

[Main Financial Data](index=1&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) The company reported significant operating revenue growth of 90.23% in Q1-Q3 2021, while net profit remained flat, total assets increased by 53.76% due to consolidation, and operating cash flow sharply declined by 99.32% [Key Accounting Data and Financial Indicators](index=1&type=section&id=%E4%B8%80%E3%80%81%28%E4%B8%80%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first three quarters of 2021, the company's operating revenue significantly increased by 90.23%, but net profit attributable to shareholders remained almost flat, with a slight increase of only 0.08%, total assets significantly rose by 53.76% due to an expanded consolidation scope, while net cash flow from operating activities sharply decreased by 99.32% Key Financial Indicators for Q1-Q3 2021 | Indicator | Year-to-Date as of Reporting Period End | YoY Change | | :--- | :--- | :--- | | Operating Revenue (RMB) | 9,631,213,188.85 | 90.23% | | Net Profit Attributable to Shareholders (RMB) | 393,045,369.02 | 0.08% | | Net Cash Flow from Operating Activities (RMB) | 5,507,999.27 | -99.32% | | Basic Earnings Per Share (RMB/share) | 0.4158 | 0.07% | | Total Assets (RMB) | 13,298,215,126.47 | 53.76% (compared to end of previous year) | | Shareholders' Equity Attributable to Parent (RMB) | 3,422,692,540.16 | 2.23% (compared to end of previous year) | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=%E4%B8%80%E3%80%81%28%E4%BA%8C%29%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In the first three quarters of 2021, the company's total non-recurring gains and losses amounted to RMB 11.43 million, primarily from government grants and capital occupation fees collected from non-financial enterprises Non-Recurring Gains and Losses Items for Q1-Q3 2021 | Item | Year-to-Date Amount as of Reporting Period End (RMB) | | :--- | :--- | | Government Grants Included in Current Period P&L | 9,656,573.87 | | Capital Occupation Fees from Non-Financial Enterprises Included in Current Period P&L | 7,214,600.96 | | Net Other Non-Operating Income and Expenses | 2,004,334.50 | | **Total** | **11,429,020.82** | [Analysis of Changes in Key Financial Indicators](index=2&type=section&id=%E4%B8%80%E3%80%81%28%E4%B8%89%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, the significant increase in operating revenue was primarily due to increased natural gas sales and business expansion from newly acquired subsidiaries, the growth in total assets resulted from an expanded consolidation scope leading to increased non-current assets, and the sharp decline in net cash flow from operating activities was attributed to increased cash outflows for purchasing goods and receiving services - Operating revenue increased by **90.23%** year-over-year, primarily due to increased natural gas sales and business expansion from newly added subsidiaries[7](index=7&type=chunk) - Net cash flow from operating activities decreased by **99.32%** year-over-year, mainly due to increased cash outflows for purchasing goods and receiving services during the reporting period[7](index=7&type=chunk) - Total assets increased by **53.76%** compared to the end of the previous year, primarily due to the addition of consolidated subsidiaries and an increase in non-current assets during the reporting period[7](index=7&type=chunk) [Shareholder Information](index=3&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) As of the reporting period end, the company had 26,603 common shareholders, with a highly concentrated equity structure where the top two shareholders collectively hold over 80% of the shares [Common Shareholder Count and Top Ten Shareholder Holdings](index=3&type=section&id=%E4%BA%8C%E3%80%81%28%E4%B8%80%29%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had 26,603 common shareholders, and the equity structure is highly concentrated, with the top two shareholders, Foshan Gas Group Co., Ltd. (state-owned legal entity) and Towngas Investment Co., Ltd. (domestic non-state-owned legal entity), holding over 80% of the shares combined - As of the end of the reporting period, the company had **26,603** common shareholders[9](index=9&type=chunk) Top Ten Shareholder Holdings | Shareholder Name | Shareholder Type | Holding Percentage | | :--- | :--- | :--- | | Foshan Gas Group Co., Ltd. | State-owned Legal Entity | 42.16% | | Towngas Investment Co., Ltd. | Domestic Non-State-owned Legal Entity | 38.67% | | Foshan Zhongcheng Investment Co., Ltd. | Domestic Non-State-owned Legal Entity | 7.16% | | National Council for Social Security Fund Transfer Account 1 | State-owned Legal Entity | 1.01% | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 0.20% | [Other Significant Matters](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company disclosed several significant matters, including the completion of a share reduction plan by a shareholder holding over 5%, successful issuance of ultra-short-term financing bonds, an increase in the annual related-party transaction limit, a change in accounting estimates, and registration approval for two medium-term notes - Shareholder Foshan Zhongcheng Investment Co., Ltd. completed its share reduction plan, divesting a total of **8,804,000** shares (representing **0.93%** of total share capital) through centralized bidding[12](index=12&type=chunk) - The company completed the issuance of its second tranche of ultra-short-term financing bonds for 2021, totaling **RMB 300 million**, on July 27, 2021[12](index=12&type=chunk) - The company adjusted and increased the estimated annual ordinary related-party transaction amounts with Towngas International Energy Trading Co., Ltd. and Guangzhou Towngas Co., Ltd., with a combined increase not exceeding **RMB 46.10 million**[12](index=12&type=chunk) - The company made a change in accounting estimates regarding the depreciation period of pipeline fixed assets[12](index=12&type=chunk) - The company received notification from the National Association of Financial Market Institutional Investors (NAFMII), approving the registration of two medium-term notes, each valued at **RMB 1.5 billion**, with the registration valid for two years from the date of the notice[12](index=12&type=chunk) [Financial Statements](index=5&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements for Q1-Q3 2021 show a 53.76% increase in total assets driven by non-current assets, an 83.15% rise in total liabilities, significant revenue growth offset by higher costs, a flat net profit, and a sharp decline in operating cash flow, with adjustments made for new leasing standards [Consolidated Balance Sheet](index=5&type=section&id=%E5%9B%9B%E3%80%81%28%E4%B8%80%291%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2021, the company's total assets reached RMB 13.30 billion, a 53.76% increase from the beginning of the year, primarily driven by increases in non-current assets such as fixed assets, construction in progress, and intangible assets, total liabilities were RMB 8.51 billion, a significant 83.15% increase from the beginning of the year, mainly due to higher long-term borrowings and bonds payable, and equity attributable to the parent company was RMB 3.42 billion, a slight 2.23% increase from the beginning of the year Key Items from Consolidated Balance Sheet (RMB) | Item | September 30, 2021 | December 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 13,298,215,126.47 | 8,648,687,247.31 | +53.76% | | Total Liabilities | 8,506,818,864.75 | 4,644,689,154.07 | +83.15% | | Total Equity Attributable to Parent Company | 3,422,692,540.16 | 3,347,888,587.43 | +2.23% | - Non-current assets increased from **RMB 5.97 billion** at the beginning of the year to **RMB 9.35 billion**, primarily driven by increases in fixed assets, construction in progress, and intangible assets[13](index=13&type=chunk)[14](index=14&type=chunk) - Non-current liabilities significantly increased from **RMB 1.30 billion** at the beginning of the year to **RMB 4.35 billion**, mainly due to higher long-term borrowings and bonds payable[14](index=14&type=chunk)[15](index=15&type=chunk) [Consolidated Income Statement](index=7&type=section&id=%E5%9B%9B%E3%80%81%28%E4%B8%80%292%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first three quarters of 2021, the company achieved total operating revenue of RMB 9.63 billion, a 90.23% year-over-year increase, however, operating costs also rose by 100.33% year-over-year, coupled with significant increases in R&D and financial expenses, narrowing the operating profit growth to 3.65%, and ultimately, net profit attributable to parent company owners was RMB 393.05 million, remaining largely flat compared to the same period last year Key Items from Consolidated Income Statement (Year-to-Date as of Reporting Period End, RMB) | Item | Current Period Amount | Prior Period Amount | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 9,631,213,188.85 | 5,062,877,848.03 | +90.23% | | Total Operating Costs | 9,068,527,722.44 | 4,538,715,344.80 | +99.80% | | Of which: Operating Costs | 8,416,388,649.94 | 4,201,286,256.22 | +100.33% | | R&D Expenses | 264,638,362.70 | 98,030,594.17 | +170.0% | | Financial Expenses | 144,291,281.48 | 36,883,902.59 | +291.2% | | Operating Profit | 611,955,852.44 | 590,373,446.08 | +3.65% | | Net Profit Attributable to Parent Company Owners | 393,045,369.02 | 392,742,214.11 | +0.08% | [Consolidated Cash Flow Statement](index=9&type=section&id=%E5%9B%9B%E3%80%81%28%E4%B8%80%293%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first three quarters of 2021, net cash flow from operating activities was RMB 5.51 million, a significant 99.32% decrease from RMB 807.37 million in the prior year, primarily due to a substantial increase in cash paid for goods and services, net cash outflow from investing activities expanded to RMB 1.38 billion, mainly for the acquisition of fixed assets, intangible assets, and subsidiaries, and net cash inflow from financing activities was RMB 1.35 billion, primarily from borrowings Key Items from Consolidated Cash Flow Statement (Year-to-Date as of Reporting Period End, RMB) | Item | Current Period Amount | Prior Period Amount | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 5,507,999.27 | 807,367,262.71 | -99.32% | | Net Cash Flow from Investing Activities | -1,378,288,862.93 | -583,041,359.36 | -136.39% | | Net Cash Flow from Financing Activities | 1,344,607,998.19 | -9,584,608.89 | N/A | | Net Increase in Cash and Cash Equivalents | -30,221,167.08 | 213,070,672.58 | -114.18% | [Explanation of Financial Statement Adjustments](index=11&type=section&id=%E5%9B%9B%E3%80%81%28%E4%BA%8C%29%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In accordance with Accounting Standard for Business Enterprises No. 21 - Leases issued by the Ministry of Finance, the company adopted the new leasing standard from January 1, 2021, and this accounting policy change resulted in retrospective adjustments to the opening financial statements, primarily recognizing 'right-of-use assets' and 'lease liabilities,' both amounting to RMB 46.90 million - The company adopted the new leasing standard from **January 1, 2021**, and adjusted relevant items in the financial statements at the beginning of the first year of adoption[21](index=21&type=chunk)[25](index=25&type=chunk) Impact of New Leasing Standard Adoption on January 1, 2021 Balance Sheet | Adjusted Item | Adjustment Amount (RMB) | | :--- | :--- | | **Assets** | | | Right-of-Use Assets | +46,895,535.51 | | **Liabilities** | | | Lease Liabilities | +46,895,535.51 | [Audit Report](index=14&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2021 third-quarter report is unaudited [Audit Opinion](index=14&type=section&id=%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81) This quarterly report is unaudited - The company's **2021 Third Quarter Report** is unaudited[26](index=26&type=chunk)