Guizhou Gas(600903)2023-04-20 16:00Financial Performance - The net profit attributable to shareholders for 2022 was CNY 25,491,689.19, a decrease of 85.54% year-on-year[5]. - The net profit for the parent company in 2022 was CNY 20,621,049.04, down 51.44% compared to the previous year[5]. - The company plans to not distribute profits for 2022, with no cash dividends or stock bonuses proposed[5]. - The statutory surplus reserve fund for 2022 was CNY 2,062,104.90, representing 10% of the net profit[5]. - As of the end of 2022, the undistributed profits of the parent company amounted to CNY 709,796,236.91[5]. - The company's operating revenue for 2022 was CNY 6,163,167,090.48, representing a 21.14% increase compared to CNY 5,087,656,198.23 in 2021[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 92.61% to CNY 12,194,168.81 from CNY 164,906,717.36 in 2021[25]. - The net cash flow from operating activities increased by 50.17% to CNY 480,008,045.35 compared to CNY 319,645,837.36 in 2021[25]. - The total assets at the end of 2022 were CNY 10,309,539,088.99, a 2.41% increase from CNY 10,066,968,698.10 at the end of 2021[25]. - The basic earnings per share for 2022 were CNY 0.02, down 86.67% from CNY 0.15 in 2021[26]. - The diluted earnings per share also decreased by 86.67% to CNY 0.02 from CNY 0.15 in the previous year[26]. - The weighted average return on equity for 2022 was 0.86%, a decline of 5.17 percentage points from 6.03% in 2021[26]. Operational Challenges - The company faced challenges in gas supply and rising procurement costs, impacting profitability in the first three quarters of 2022[25]. - The revenue from gas engineering installation services decreased due to a reduction in new housing deliveries, affecting overall profit margins[25]. - The company faced challenges in securing low-cost pipeline gas resources, leading to high-priced spot gas procurement to meet demand[38]. - The company is actively advancing gas infrastructure projects to enhance supply capacity and network coverage, addressing the growing user demand[39]. - The company is exploring opportunities in renewable energy and transitioning towards a comprehensive energy supplier, including projects in distributed energy and solar power[43]. Investment and Expansion - The company expanded its franchise operation rights to five towns in Renhuai City, increasing its franchise areas to 38, further enhancing its market share in Guizhou Province[35]. - The company is actively investing in the construction of natural gas branch pipelines and related facilities to meet future demand for over 10 years[49]. - The company has established 4 natural gas branch pipelines in Guizhou province, covering 37 specific areas and one area outside the province[44]. - The company is committed to expanding its market presence and enhancing its service offerings in response to evolving consumer energy needs[103]. - The company plans to sell 1.86 billion cubic meters of natural gas in 2023, targeting a revenue of 7 billion yuan and a total profit of 186 million yuan[107]. - The company is focusing on expanding into new regions and user bases to increase market share[106]. Corporate Governance - The company has implemented a performance evaluation and incentive mechanism for senior management, linking personal compensation to company performance[119]. - The board of directors held 8 meetings during the reporting period, ensuring compliance with relevant laws and regulations[119]. - The company ensures equal treatment of all shareholders and upholds their rights during shareholder meetings[118]. - The company has not disclosed any significant differences in governance compared to regulatory requirements[120]. - The company has maintained a stable leadership structure with no changes in the number of shares held by key executives[123]. Environmental and Social Responsibility - The company invested CNY 939.90 million in environmental protection during the reporting period[173]. - The company reduced carbon emissions by 6,394,500 tons through the use of natural gas, which helps decrease CO2 and SO2 emissions[176]. - A total of CNY 260.73 million was invested in poverty alleviation and rural revitalization projects, including CNY 180.36 million in funds and CNY 80.37 million in material donations[178]. - The company signed a strategic cooperation framework agreement with the government of Xiuwen County to enhance gas infrastructure and services in rural areas[179]. Legal and Compliance - The internal control audit report received a standard unqualified opinion, indicating effective internal control systems[170]. - There were no significant lawsuits or arbitration matters reported for the year, indicating a stable legal standing[190]. - The company is involved in a legal dispute with Guizhou Xinda Yuanyang Investment Co., Ltd. regarding unpaid gas fees totaling CNY 5,363,834.76, with additional penalties of CNY 4,282,136.40[191]. - The court ruled that Guizhou Xinda Yuanyang Investment Co., Ltd. must pay CNY 2,683,066.68 within ten days of the judgment, along with interest calculated at four times the People's Bank of China loan rate from April 1, 2016[192]. Future Outlook - The company has set a performance guidance for the next year, aiming for a revenue target of CNY 1.8 billion, which would represent a growth of 20%[125]. - The company plans to provide guarantees for subsidiaries as part of its financial strategy[143]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its service offerings[125]. - The company faces risks related to policy changes, including potential increases in gas procurement costs due to market fluctuations[108]. - The company is committed to sustainable development, aligning with national strategies for carbon neutrality[105].