Revenue and Profitability - Revenue for the year ended December 31, 2023, was RMB 7.725 billion, a slight increase of 2.4% from RMB 7.543 billion in the same period last year[2]. - The company achieved a net profit of RMB 506.3 million for the year, compared to RMB 469.3 million in the previous year, marking an increase of 7.9%[10]. - The company’s gross profit was RMB 1.453 billion, up from RMB 1.393 billion in the previous year[10]. - Operating profit for the year was RMB 1,037,692 thousand, compared to RMB 936,808 thousand in 2022, indicating an increase of about 10.8%[25][26]. - The net profit for the year ended December 31, 2023, was RMB 506,277 thousand, up from RMB 469,272 thousand in 2022, reflecting a growth of approximately 7.9%[25][26]. - The gas retail business generated revenue of RMB 5.120 billion, an increase of 4.4% year-on-year, with industrial and commercial user gas sales revenue reaching RMB 3.481 billion, up 4.8%[46]. - The gas wholesale business revenue was RMB 1.029 billion, reflecting a significant growth of 24.5% compared to RMB 826 million in the previous year[47]. User Growth and Market Presence - The company added over 280,000 residential users during the year[2]. - Retail gas sales volume reached 1.741 billion cubic meters, up 4.5% from 1.666 billion cubic meters in the previous year[2]. - Cumulative pipeline gas users reached 5,599,925, marking a growth of 5.8% year-on-year[44]. - The company added 305,610 new pipeline gas users, a decrease of 14.1% from the previous year, with residential users in towns dropping by 75.8%[44]. - As of December 31, 2023, the group operates 69 city gas projects, serving over 5.55 million urban and rural households and more than 40,000 industrial and commercial users[6]. Financial Position and Liabilities - Total assets decreased to RMB 15.691 billion from RMB 15.959 billion year-on-year[13]. - Total liabilities as of December 31, 2023, amounted to RMB 9,578,703, a decrease from RMB 10,136,064 in the previous year, reflecting a reduction of approximately 5.5%[15]. - The group’s total equity decreased by approximately 1.7% year-over-year, indicating a need for strategic financial management[15]. - The group’s borrowings rose to RMB 3,687,581, compared to RMB 2,915,286 in the previous year, marking an increase of approximately 26.4%[15]. - The group’s current liabilities, including accounts payable and other payables, increased to RMB 980,052 from RMB 1,161,991, showing a significant rise of approximately 20%[15]. Dividends and Shareholder Returns - The proposed final dividend for 2023 is RMB 0.1082 per share, with a total dividend of RMB 0.1764 per share for the year[2]. - The proposed final dividend for the year ended December 31, 2023, is RMB 0.1082 per share, totaling approximately RMB 106,240,000, compared to RMB 0.11 per share in 2022, which amounted to RMB 105,336,000[42]. - The board proposed a final dividend of RMB 10.82 per share, totaling RMB 17.64 per share for the fiscal year ending December 31, 2023, including an interim dividend[58]. Strategic Initiatives and Future Outlook - The company aims to enhance gas supply capacity and promote the transformation from "gas" to "energy" services, focusing on renewable energy and comprehensive energy services[4]. - The company is committed to expanding its low-carbon energy business in response to the national "dual carbon" strategy and the "3060" goals[6]. - The company plans to leverage opportunities from the national "carbon peak and carbon neutrality" strategy to transition towards comprehensive clean energy services[9]. - The company plans to strengthen safety management and risk assessment in gas supply, ensuring the safety of urban gas operations[4]. Financial Reporting and Compliance - The group has adopted several new accounting standards, including HKFRS 17 on insurance contracts, which may impact future financial reporting[19]. - The group’s financial statements are prepared based on historical cost, with adjustments for fair value measurements, ensuring compliance with applicable financial reporting standards[18]. - KPMG has confirmed that the figures in the preliminary results announcement are consistent with the audited financial statements for the year ending December 31, 2023[62]. - The annual report for the fiscal year ending December 31, 2023, will be published on the Hong Kong Stock Exchange and the company's website[63].
天伦燃气(01600) - 2023 - 年度业绩