Financial Performance - For the first half of 2023, the Group's revenue was approximately RMB1,286 million, a decrease of approximately 12.93% compared to RMB1,477 million in the same period last year[6]. - The Group's profit for the Period was approximately RMB79.64 million, representing an increase of approximately 377.46% compared to RMB16.68 million in the previous year[6]. - Basic earnings per share increased to RMB0.76 cents from RMB0.05 cents year-on-year[6]. - The overall gross profit margin improved to approximately 12.74%, up by 2.32 percentage points from 10.42% in the same period last year[6]. - The total comprehensive income for the period was RMB 75,787, compared to RMB 11,658 in the same period of 2022[95]. - Profit for the period attributable to owners of the Company increased significantly to RMB 67,475,000 from RMB 4,070,000, representing a growth of 1,558%[98]. - Total comprehensive income attributable to owners of the Company improved to RMB 63,368,000 from a loss of RMB 623,000, marking a substantial turnaround[98]. - The group reported a profit before tax of RMB 89,845,000 for the six months ended June 30, 2023, compared to RMB 28,854,000 for the same period in 2022, indicating a significant increase[145][146]. Revenue Breakdown - The piped gas transmission and distribution business generated revenue of approximately RMB552.98 million, an increase of approximately 14.15% compared to the previous year[11]. - Revenue from piped gas connection was approximately RMB68.51 million, representing an increase of approximately 48.24% year-on-year[12]. - Revenue from piped gas sales was approximately RMB 484,466,000, representing an increase of approximately RMB 46,260,000 or 10.56% compared to the same period last year, accounting for approximately 87.61% of total revenue from the piped gas transmission and distribution business[17]. - Revenue from gas distribution business was approximately RMB 350,240,000, a decrease of approximately RMB 177,713,000 or 33.66% compared to the same period last year, accounting for approximately 27.24% of the Group's total revenue[25]. - Revenue from food ingredients supply and FMCG business was approximately RMB 51,134,000, an increase from RMB 49,954,000 in the previous year, accounting for approximately 3.97% of the Group's total revenue[31]. Operational Metrics - Domestic natural gas consumption reached approximately 194.1 billion m³, a year-on-year increase of approximately 5.6%[5]. - The number of connected residential household customers increased by approximately 6.38% to 552,795 units as of June 30, 2023[12]. - Total sales volume of piped gas reached approximately 222.43 million m³, an increase of approximately 10.00% compared to the same period last year, with residential sales increasing by approximately 2.55% and C/I customer sales increasing by approximately 13.64%[17]. - Sales of cylinder gas decreased to approximately 46,508 tons, a decrease of approximately 9.74% compared to the same period last year, with total sales revenue of approximately RMB 331,427,000, representing a decrease of approximately RMB 83,451,000 or 20.11%[23]. Cost and Expenses - Finance costs for the period amounted to approximately RMB2,387,000, representing an increase of approximately RMB349,000 compared to the corresponding period of last year[40]. - Selling and distribution expenses for the period amounted to approximately RMB71,994,000, representing an increase of approximately RMB3,567,000 compared to the corresponding period of last year[41]. - Administrative expenses for the period amounted to approximately RMB62,082,000, representing a decrease of approximately RMB5,318,000 compared to the corresponding period of last year[42]. - The gross profit margin for the piped gas transmission and distribution business was approximately 12.12%, down from 16.12% in the previous year due to increased costs[11]. Assets and Liabilities - Non-current assets totaled RMB 2,770,518,000 as of June 30, 2023, compared to RMB 2,718,804,000 at the end of 2022, indicating a growth of 1.9%[101]. - Current assets increased to RMB 904,168,000 from RMB 884,502,000, showing a rise of 2.9%[101]. - Total equity attributable to owners of the Company reached RMB 2,812,547,000, up from RMB 2,749,179,000, reflecting an increase of 2.3%[103]. - Current liabilities decreased to RMB 581,382,000 from RMB 587,381,000, indicating a reduction of 1.3%[101]. - Trade payables decreased to RMB 95,623,000 as of June 30, 2023, down from RMB 109,406,000 at December 31, 2022, a decline of 12.6%[193]. Cash Flow - For the six months ended June 30, 2023, the net cash generated from operating activities was RMB 35,060,000, compared to a net cash used of RMB 2,394,000 in the same period of 2022[109]. - The cash and cash equivalents at the end of the period were RMB 546,420,000, a decrease from RMB 575,164,000 at the beginning of the period[109]. - The net cash used in investing activities was RMB 27,481,000, an increase from RMB 20,432,000 in the same period of 2022[109]. - The net cash used in financing activities was RMB 16,274,000, compared to RMB 23,291,000 in the same period of 2022[109]. Future Outlook - The economic environment in China is expected to gradually improve, with a positive outlook for the demand for gas resources[73]. - The Group remains confident in the long-term development of piped gas, emphasizing its role in achieving carbon peak and carbon neutrality goals[81]. - The Group plans to actively develop industrial gas and expand market share while ensuring safe and efficient gas operations[89]. - The company plans to continue its market expansion and product development strategies in the upcoming periods[108]. Corporate Governance - The Group did not initiate any new projects during the period[32]. - The Group will continue to follow government policy guidelines to achieve sustainable development in its gas business[92]. - No dividend was paid or proposed during the six months ended June 30, 2023, consistent with the previous year[177].
中民控股(00681) - 2023 - 中期财报