Financial Performance - For the six months ended June 30, 2021, the Group's revenue was approximately RMB1,258 million, representing an increase of approximately 25.58% compared to the previous period's RMB1,001 million[8]. - The Group's profit for the period was approximately RMB119.24 million, reflecting a year-on-year increase of approximately 2.30% from RMB116.55 million in the previous period[8]. - Basic earnings per share increased to RMB1.18 cents, up from RMB1.04 cents in the previous period[8]. - The total comprehensive income for the period was RMB 113,390,000, down from RMB 124,250,000 in the same period last year[91]. - Profit for the period attributable to owners of the Company was RMB 105,701,000, an increase from RMB 93,155,000 in the same period last year, representing a growth of 13.8%[94]. - Total comprehensive income attributable to owners of the Company was RMB 99,694,000, compared to RMB 100,968,000 in the previous year, showing a slight decrease of 1.3%[94]. Revenue Breakdown - Revenue from the piped gas transmission and distribution business was approximately RMB433.03 million, an increase of approximately 44.55% compared to the previous period[14]. - Piped gas transmission and distribution accounted for approximately 34.43% of total revenue, up from 29.91% in the previous period[14]. - Piped gas sales revenue was approximately RMB 370,466,000, representing an increase of approximately RMB 126,443,000 or 51.82% compared to the previous period, with sales volume reaching approximately 172.37 million m³, a 31.91% increase[20]. - Revenue from the gas distribution business was approximately RMB 332,067,000, an increase of approximately RMB 25,096,000 or 8.18% compared to the previous period, despite a decrease in sales volume of approximately 21.38%[31]. - Revenue from the cylinder gas supply business accounted for approximately 35.00% of total revenue, slightly up from 34.52% in the previous period[27]. - The FMCG and food ingredients supply business generated revenue of approximately RMB52,298,000, an increase from RMB49,172,000 in the previous period, accounting for about 4.17% of the Group's total revenue[37]. Cost and Profit Margins - The overall gross profit margin decreased to approximately 14.78%, down 3.62 percentage points from 18.40% in the previous period, primarily due to increased costs of sales and services[8]. - The gross profit margin for the piped gas transmission and distribution business was approximately 23.55%, down from 28.12% in the previous period[14]. - The gross profit margin for the cylinder gas supply business was approximately 17.67%, down from 26.12% in the previous period, impacted by increased procurement costs[26]. Expenses and Financial Costs - Finance costs for the period decreased to approximately RMB2,932,000 from RMB5,627,000 in the previous period, a reduction of approximately RMB2,695,000 due to lower interest on borrowings[50]. - Selling and distribution expenses increased to approximately RMB73,308,000 from RMB71,040,000 in the previous period, an increase of approximately RMB2,268,000 attributed to higher revenue[50]. - Administrative expenses rose slightly to approximately RMB62,627,000 from RMB61,852,000 in the previous period, an increase of approximately RMB775,000[52]. Assets and Liabilities - As of June 30, 2021, the total borrowings of the Group were approximately RMB95,841,000, a decrease from RMB99,416,000 as of December 31, 2020[57]. - The Group's capital commitments amounted to approximately RMB13,597,000 as of June 30, 2021, down from RMB19,932,000 as of December 31, 2020[59]. - The company reported a decrease in bank balances and cash to RMB 540,369,000 from RMB 614,866,000, a decline of 12.1%[97]. - The company’s total liabilities were reported at RMB 2,689,976,000, indicating a manageable debt level relative to its assets[101]. Market and Industry Insights - Natural gas consumption in China reached approximately 182.7 billion cubic meters, representing a year-on-year increase of approximately 17.4%[13]. - The gas pipeline industry is projected to increase by 88% by 2021, supported by local policies aimed at enhancing industry penetration[75]. - The domestic economy has gradually recovered, contributing to a rebound in natural gas consumption and maintaining rapid growth[70]. - The Group aims to expand its market share and leverage policy advantages for sustainable development in the natural gas industry[75]. Operational Developments - The Group implemented various epidemic prevention measures to ensure employee health and safety during the ongoing COVID-19 pandemic[44]. - The Group had approximately 5,100 employees as of June 30, 2021, with salaries determined based on duties, business performance, and market conditions[69]. - The Group's operations are organized into four segments: piped gas transmission and distribution, cylinder gas supply, gas distribution, and FMCG and food ingredients supply[125]. Cash Flow and Investment - Net cash generated from operating activities for the six months ended June 30, 2021, was RMB 23,600, compared to RMB 150,390 for the same period in 2020, representing a decrease of approximately 84.3%[107]. - Net cash used in investing activities was RMB (79,115) for the six months ended June 30, 2021, compared to RMB 160,738 for the same period in 2020, indicating a significant shift in investment strategy[107]. - The company acquired property, plant, and equipment amounting to approximately RMB 61,087,000 during the six months ended June 30, 2021, compared to RMB 56,702,000 in the previous period, indicating a growth of 7.7%[172]. Shareholder Information - The company paid dividends of RMB 9,675,000 to non-controlling interests of subsidiaries during the reporting period[101]. - No dividends were paid or proposed during the six months ended June 30, 2021, consistent with the previous period[165]. - The company had issued and fully paid 8,934,561,203 ordinary shares, maintaining the same number as at December 31, 2020[191].
中民控股(00681) - 2021 - 中期财报