新天然气(603393) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 reached ¥1,631,812,003.87, representing a 60.58% increase compared to ¥1,016,211,041.45 in 2017[22]. - Net profit attributable to shareholders was ¥334,568,720.37, a 26.88% increase from ¥263,697,411.03 in the previous year[22]. - The net cash flow from operating activities significantly increased by 134.33% to ¥684,258,507.29 from ¥292,010,902.28 in 2017[22]. - The total assets of the company surged by 246.07% to ¥7,945,911,568.14 compared to ¥2,296,022,919.30 at the end of 2017[22]. - The basic earnings per share rose to ¥2.09, marking a 26.67% increase from ¥1.65 in 2017[22]. - The weighted average return on equity increased to 16.60%, up by 2.31 percentage points from 14.29% in the previous year[22]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which fell by 11.74% to ¥210,424,105.80[22]. Shareholder Returns - The company reported a profit distribution plan for 2018, proposing a cash dividend of 10 RMB per 10 shares, totaling 160 million RMB, and a capital reserve conversion of 64 million shares, increasing total shares to 224 million[6]. - The company aims for a minimum cash dividend of 20% of distributable profits in the absence of major investment plans or cash expenditures[92]. - The company’s profit distribution policy mandates that at least 30% of the average distributable profits over the last three years must be distributed every three years[92]. - The company plans to maintain a cash dividend ratio of at least 80% if it is in a mature stage without major capital expenditures[92]. - In 2018, the cash dividend represented 47.82% of the net profit attributable to ordinary shareholders, which was 334,568,720.37 RMB[96]. Acquisitions and Expansion - The company successfully acquired Asia Energy Holdings Limited, expanding into coalbed methane exploration and production[30]. - The acquisition of Yamei Energy in 2018 allowed the company to expand its upstream market and gain coalbed methane development resources[40]. - The company acquired 50.5% of Asia Energy's issued shares for approximately 30.54 billion HKD, with a share price of 1.75 HKD[67]. Operational Highlights - The company is actively involved in natural gas sales, installation, and compressed natural gas transportation services across multiple regions in Xinjiang[30]. - The company is currently in the production phase for its coalbed methane projects, with significant areas under development contracts[30]. - The company achieved a total coalbed methane extraction volume of 802 million cubic meters and a sales volume of 781 million cubic meters in 2018[45]. - Natural gas sales volume reached 650 million cubic meters, representing a year-on-year growth of 17.81%[45]. Risk Management - The company confirmed no significant risks affecting normal operations during the reporting period, with detailed risk descriptions provided in the report[7]. - The company has no non-operational fund occupation by controlling shareholders or related parties during the reporting period[7]. - The company faces risks related to government policy changes, which can significantly impact market development and pricing mechanisms[85]. Corporate Governance - The company has established measures to prevent any related party transactions that could harm the interests of shareholders[13]. - The company has committed to not engage in any business activities that directly or indirectly compete with its main business operations[13]. - The company has a mechanism for independent directors to express opinions on the profit distribution policy, ensuring transparency and accountability[95]. Social Responsibility - The company has established a "Love Education Poverty Alleviation Scholarship Fund" to support impoverished students in the regions where it operates, achieving a 100% visit rate to reported families of students[132]. - The company actively engages in social responsibility, focusing on sustainable development and environmental protection[139]. Market Outlook - The company anticipates stable growth in natural gas demand, projecting a consumption of 305 billion cubic meters in 2019, a 10% increase year-on-year[89]. - The company is leveraging the "Belt and Road" initiative to expand its market presence, particularly in Xinjiang, utilizing local natural gas resources[81]. - The natural gas market in China is expected to maintain a growth rate of around 10% in the coming years, driven by urbanization and infrastructure development[77].