Natural Gas Industry Performance - For the six months ended June 30, 2024, the national natural gas consumption reached 210.8 billion cubic meters, an increase of 8.7% year-on-year[5]. - Natural gas production stood at 123.5 billion cubic meters, up 4.4% year-on-year[5]. - Natural gas imports were 90.2 billion cubic meters, reflecting a year-on-year increase of 14.8%[5]. - The ongoing energy transformation in China provides new opportunities for the development of natural gas[7]. - The natural gas industry is expected to continue enhancing supply security and market system improvements[7]. Financial Performance - The Group's revenue for the six months ended June 30, 2024, was RMB3,835 million, a decrease of 3.3% compared to RMB3,967 million for the same period last year[17]. - Gross profit for the same period was RMB543 million, representing a year-on-year decrease of 12.7% from RMB622 million, with an overall gross profit margin of 14.2%[17]. - Profit attributable to owners of the Company was RMB132 million, down 29.2% from RMB187 million in the previous year[17]. - Basic earnings per share decreased to RMB0.14, a decline of 26.3% compared to RMB0.19 for the same period last year[17]. - The Group's profit for the Period amounted to RMB143 million, representing a decrease of 27.4% from RMB198 million in the same period last year[35]. Customer and Revenue Insights - The total number of new pipeline gas customers added was 130,092, a decrease of 12.6% from 148,894 in the previous year[17]. - Revenue from value-added services reached RMB181 million, an increase of 18.4% compared to RMB153 million for the same period last year[15]. - Revenue from the gas retail business was RMB2,587 million, remaining flat compared to the same period last year[24]. - Revenue from the gas wholesale business increased by 3.2% to RMB641 million from RMB621 million in the previous year[25]. - Revenue from engineering construction services decreased by 31.6% to RMB387 million from RMB566 million in the previous year[23]. Capital Expenditure and Financial Position - The Group incurred capital expenditure of RMB147 million for the six months ended June 30, 2024, aimed at improving city gas and long-haul pipeline businesses[37]. - The Group's total borrowings as of June 30, 2024, were RMB7,602 million, with a gearing ratio of 61.9%[38]. - The Group held cash and cash equivalents of RMB1,265 million as of June 30, 2024, to support project expansion and business acquisition needs[38]. - The Group's interest expense on borrowings was RMB199 million, representing a decrease of 1.9% compared to the same period last year[40]. - The total assets of the company reached RMB 44,760,668 as of June 30, 2024, up from RMB 42,073,660 as of December 31, 2023, reflecting a growth of 6.4%[162]. Shareholder Information and Dividends - The Group declared an interim dividend of RMB 4.79 cents per share for the six months ended 30 June 2024[94]. - The total interim dividend recommended for the six months ended June 30, 2024, is RMB47,032,000 (RMB4.79 cents per share), down from RMB66,965,000 (RMB6.82 cents per share) for the same period in 2023, a decrease of approximately 30%[195]. - The Company will close its register of members from 28 October 2024 to 31 October 2024 to determine entitlement to the interim dividend[95]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code during the reporting period[99]. - The Audit Committee reviewed the unaudited consolidated financial statements for the reporting period[100]. Strategic Initiatives and Future Outlook - The company aims to accelerate the transformation towards cleaner, lower carbon, and distributed energy services[9]. - The company is committed to aligning with China's long-term goals of carbon peaking and carbon neutrality, enhancing its renewable energy initiatives[55]. - The company aims to strengthen its sustainable business system to seize opportunities and improve profitability in the face of complex market conditions[56]. - The company is committed to fulfilling its social responsibilities, serving as a leader in ensuring public welfare and contributing to ecological civilization and rural revitalization[60]. Employee and Management Information - The Group employed 3,060 employees as of June 30, 2024, with a training coverage rate of 100%[41]. - The company continues to strengthen its internal management mechanisms and enhance safety levels through digital technology[57].
天伦燃气(01600) - 2024 - 中期财报