长春燃气(600333) - 2024 Q2 - 季度财报

Section I Definitions This section defines key terms, clarifying "Changchun Gas/Company/This Company/This Group" as Changchun Gas Co., Ltd., and "Controlling Shareholder" as Changchun Changgang Gas Co., Ltd | Common Terms | Meaning | | :--- | :--- | | Changchun Gas / Company / This Company / This Group | Changchun Gas Co., Ltd | | Controlling Shareholder | Changchun Changgang Gas Co., Ltd | Section II Company Profile and Key Financial Indicators This section outlines Changchun Gas Co., Ltd.'s basic information, disclosure channels, and stock profile, detailing key financial indicators including a 16.34% revenue growth and narrowed net loss I. Company Information Changchun Gas Co., Ltd. is the company's official Chinese name, abbreviated as Changchun Gas, with Dong Zhiyu as its legal representative - The company's Chinese name is Changchun Gas Co., Ltd., and its legal representative is Dong Zhiyu[6] II. Contact Person and Information The company's Board Secretary is Li Donghui, and the Securities Affairs Representative is Zhao Yong, both located at No. 421 Yanan Street, Chaoyang District, Changchun City - The Board Secretary is Li Donghui, the Securities Affairs Representative is Zhao Yong, and the contact address is No. 421 Yanan Street, Chaoyang District, Changchun City[7] III. Brief Introduction to Changes in Basic Information The company's registered and office address is No. 421 Yanan Street, Chaoyang District, Changchun City, postal code 130021, and its website is http://www.ccrq.com.cn - The company's registered and office address is No. 421 Yanan Street, Chaoyang District, Changchun City, postal code 130021, and its website is http://www.ccrq.com.cn[8](index=8&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company's designated information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News", with reports available on http://www.sse.com.cn and at the company's Board Office - Information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News", the website is http://www.sse.com.cn, and the custody location is the company's Board Office[9][10] V. Company Stock Profile The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Changchun Gas and stock code 600333 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Changchun Gas and code 600333[11] I. Company's Main Accounting Data and Financial Indicators During the reporting period, operating revenue increased by 16.34% to 1.13 billion yuan, net loss attributable to shareholders narrowed to -52.78 million yuan, and net cash flow from operating activities turned positive to 32.09 million yuan Main Accounting Data (January-June 2024 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Period (yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,129,964,688.57 | 971,268,718.86 | 16.34 | | Net Profit Attributable to Listed Company Shareholders | -52,777,060.15 | -105,472,421.69 | - | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | -62,340,643.70 | -116,281,583.43 | - | | Net Cash Flow from Operating Activities | 32,087,707.18 | -86,154,192.59 | - | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 1,907,348,394.21 | 1,949,257,149.30 | -2.15 | | Total Assets (Period-end) | 6,551,328,138.71 | 6,881,721,232.10 | -4.80 | Main Financial Indicators (January-June 2024 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.09 | -0.17 | - | | Diluted Earnings Per Share (yuan/share) | -0.09 | -0.17 | - | | Basic Earnings Per Share (Excluding Non-recurring Gains/Losses) (yuan/share) | -0.10 | -0.19 | - | | Weighted Average Return on Net Assets (%) | -2.74 | -5.37 | Increased by 2.63 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | -3.24 | -5.91 | Increased by 2.67 percentage points | II. Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, there were no differences in accounting data under domestic and overseas accounting standards III. Non-recurring Gains and Losses Items and Amounts During the reporting period, total non-recurring gains and losses amounted to 9.56 million yuan, primarily from government subsidies recognized in current profit or loss Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss (excluding those with continuous impact) | 11,689,540.02 | | Other non-operating income and expenses apart from the above | 315,823.83 | | Less: Income tax impact | 2,393,289.35 | | Impact on minority interests (after tax) | 48,490.94 | | Total | 9,563,583.55 | Section III Management Discussion and Analysis This section details the company's operations, main business, operating model, industry trends, core competitiveness, and financial performance, highlighting increased revenue and sales, narrowed losses, and strategic advantages I. Description of the Company's Industry and Main Business during the Reporting Period The company's main business includes urban pipeline gas, municipal engineering, and comprehensive energy, operating within an industry facing price pass-through challenges and evolving regulatory priorities for natural gas utilization 1. Main Business The company primarily engages in urban pipeline gas, municipal engineering construction (design, construction, supervision), comprehensive energy utilization, and extended services - The company's main business encompasses urban pipeline gas, municipal engineering construction, comprehensive energy utilization, and extended services[15] 2. Operating Model The company operates as a regional urban pipeline natural gas supplier with exclusive rights, a full-service municipal engineering provider, a joint-venture-based clean energy solution provider, and an expanded service provider for kitchen appliances and community retail - The urban pipeline natural gas business holds exclusive operating rights in 8 cities and 1 national-level development zone in Jilin Province, continuously developing industrial and commercial users[15] - The municipal engineering construction business possesses complete professional qualifications and a talent pool for design, construction, supervision, and project general contracting[15] - The clean energy business provides comprehensive energy services, adopting a win-win joint venture model with suppliers, technology providers, and heating companies[15] - Extended services cover four major areas: kitchen appliances, community retail, home services, and insurance, delivered through online and offline channels[15] 3. Industry Overview National natural gas consumption grew by 10.8% from January to May 2024, while the urban pipeline gas sector faces price pass-through challenges, prompting policy efforts to establish price linkage mechanisms and reclassify user priorities - From January to May 2024, national natural gas apparent consumption reached 179.31 billion cubic meters, a 10.8% year-on-year increase[15] - Urban pipeline gas enterprises face a "dual-track system" where upstream gas procurement prices are set by "three major oil companies" and terminal sales prices are government-controlled, making price pass-through a key operational focus[15] - The National Development and Reform Commission and the Ministry of Housing and Urban-Rural Development have issued policies to accelerate the establishment of natural gas upstream and downstream price linkage mechanisms and prudently adjust terminal sales prices[15] - The new "Measures for the Administration of Natural Gas Utilization," effective August 1, 2024, categorizes natural gas users into priority, restricted, prohibited, and permitted classes, adding five new priority user types[16] - Extended services enhance full-产业链 synergy, expanding kitchen products like gas alarms and range hoods, and building an "online + offline" customer experiential marketing platform[16] II. Analysis of Core Competitiveness during the Reporting Period The company's core competitiveness stems from its strategic location, robust natural gas market, stable gas sources, extensive pipeline network, and effective safety and service management systems 1. Location Advantage Changchun City's strong economic power and strategic location in Northeast China, coupled with its industrial transformation, provide significant development opportunities for the company - Changchun City boasts a superior geographical location and strong economic power, advancing towards a "ten million population, trillion yuan output" goal, fostering both traditional and emerging industries[17] 2. Natural Gas Market Advantage National "dual carbon" goals are driving clean energy growth, increasing natural gas's share in primary energy, where the company's mature trigeneration technology offers a significant market advantage - National "dual carbon" goals promote clean energy development, increasing natural gas consumption, and the company's mature trigeneration technology provides a significant market advantage[18] 3. Ample and Stable Gas Source Advantage Domestic natural gas production is growing, with the China-Russia East Line benefiting Northeast China, leading to diversified gas sources, and the company secures annual supply through contracts with major oil companies - Domestic natural gas production is increasing, the China-Russia East Line benefits Northeast China, diversifying gas sources, and the company secures gas supply through contracts with "three major oil companies"[19] 4. Pipeline Network Layout Advantage within Franchised Areas The company has established an integrated high, sub-high, medium, and low-pressure "single network" gas transmission system, ensuring reliable supply for industrial, commercial, and residential users during peak demand - The company has built an integrated high, sub-high, medium, and low-pressure "single network" gas transmission system, ensuring peak gas demand for industrial, commercial, and residential users[20] 5. Safety Management Advantage The company has completed residential riser and courtyard pipe renovations, resolved high and medium-risk pipeline issues, and enhanced safety through proactive management and efficient emergency response - The company completed residential riser and courtyard pipe renovations, resolved high and medium-risk issues in old and hazardous pipelines, and improved safety through "proactive safety management"[21] 6. Quality and Service Advantage The company implements "Five Zeros, One Excellence + Two Services" for gas installation, transitioning to smart services, offering diverse payment channels, and expanding "one-stop" services to kitchen appliances and community retail - The company implements "Five Zeros, One Excellence + Two Services" for gas installation, achieving smart service transformation, providing diverse payment channels, and expanding "one-stop" services to kitchen appliances, community retail, and other areas[22] III. Discussion and Analysis of Operations As of the reporting period, the company served 1.7875 million gas users, achieving 1.13 billion yuan in revenue and 289 million cubic meters in gas sales, with losses narrowing despite increased sales - As of the end of the reporting period, the company had 1.7875 million gas users, including nearly 20,000 industrial and commercial users[23] - During the reporting period, the company achieved total operating revenue of 1.13 billion yuan, a year-on-year increase of 16.34%[23] - Gas sales reached 289 million cubic meters, a year-on-year increase of 10.71%, with commercial user sales growing by 26.40% and industrial user sales by 12.84%[23] - Despite increased sales volume, the additional gross profit was insufficient to fully offset losses, so the company remained unprofitable, though the loss amount decreased[23] IV. Major Operating Conditions during the Reporting Period This section analyzes the company's financial statement changes, asset and liability status, and the operating performance of major controlled and investee companies, noting increased revenue, positive operating cash flow, and varied subsidiary profitability (I) Analysis of Main Business Operating revenue and costs increased due to higher natural gas sales, while selling, administrative, and financial expenses also rose; R&D expenses decreased, and cash flows from operations turned positive, while investing and financing cash flows decreased Financial Statement Related Item Fluctuation Analysis Table | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,129,964,688.57 | 971,268,718.86 | 16.34 | Increase in natural gas sales | | Operating Costs | 938,476,227.74 | 846,187,969.88 | 10.91 | Increase in natural gas sales | | Selling Expenses | 125,560,116.60 | 121,369,970.70 | 3.45 | Increase in maintenance expenses | | Administrative Expenses | 73,100,897.70 | 70,142,147.36 | 4.22 | Increase in salaries and related expenses | | Financial Expenses | 49,024,162.41 | 48,830,639.78 | 0.40 | Increase in loan interest expenses | | R&D Expenses | 2,031,105.69 | 2,347,146.18 | -13.46 | Decrease in R&D projects | | Net Cash Flow from Operating Activities | 32,087,707.18 | -86,154,192.59 | - | Increase in sales of goods | | Net Cash Flow from Investing Activities | -54,824,200.29 | -36,631,371.11 | - | Increase in expenditures for fixed asset construction | | Net Cash Flow from Financing Activities | -272,428,910.00 | 49,612,756.04 | -649.11 | Repayment of loans | (III) Analysis of Assets and Liabilities Monetary funds decreased by 56.44% due to loan repayments, while receivables and investment properties increased; prepayments and taxes payable decreased, and undistributed profits declined due to losses Asset and Liability Fluctuation Analysis | Item Name | Period-end Amount (yuan) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 227,876,547.69 | -56.44 | Primarily due to bank loan repayments during the reporting period | | Accounts Receivable | 237,523,037.36 | 31.75 | Primarily due to an increase in gas receivables during the reporting period | | Investment Properties | 29,293,755.93 | 157.32 | Primarily due to fixed assets transferred to investment properties during the reporting period | | Prepayments | 108,506,799.03 | -41.31 | Primarily due to settlement of natural gas and project payments during the reporting period | | Taxes Payable | 18,110,184.22 | -69.36 | Primarily due to a decrease in VAT payable during the reporting period | | Specific Reserves | 34,634,929.72 | 52.64 | Primarily due to an increase in specific reserve accruals during the reporting period | | Undistributed Profits | 119,054,742.99 | -31.15 | Primarily due to losses during the reporting period | (VI) Analysis of Major Controlled and Investee Companies Most subsidiaries, including Changchun Automobile Gas Development and Changchun Zhenwei Gas Installation, reported losses, while Changchun Gas (Yanji), Jilin Mingshanghui Technology, Changchun Chengran Municipal Natural Gas Pipeline Network, and Changchun Natural Gas Group achieved profitability Operating Performance of Major Controlled and Investee Companies (Partial) | Company Name | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Changchun Automobile Gas Development Co., Ltd. | 29,176,974.83 | -3,759,859.01 | -3,631,657.38 | | Changchun Zhenwei Gas Installation Development Co., Ltd. | 37,135,616.99 | -917,148.25 | -950,669.77 | | Changchun Gas (Dehui) Development Co., Ltd. | 46,738,387.55 | -6,190,033.39 | -6,190,033.39 | | Changchun Gas (Yanji) Co., Ltd. | 66,282,129.03 | 4,707,588.65 | 3,939,128.87 | | Changchun Gas Heating Research and Design Institute Co., Ltd. | 11,552,955.46 | -6,542,885.50 | -6,880,872.87 | | Jilin Clean Energy Development and Utilization Co., Ltd. | 45,147,979.00 | -5,514,096.65 | -5,514,096.65 | | Jilin Mingshanghui Technology Development Co., Ltd. | 12,609,521.51 | 3,503,139.53 | 3,603,881.65 | | Changchun Chengran Municipal Natural Gas Pipeline Network Co., Ltd. | 70,493,142.62 | 18,810,278.47 | 18,772,858.60 | | Changchun Natural Gas Group Co., Ltd. (Associate) | 816,419,252.56 | 15,206,590.42 | 1,991,511.25 | Section IV Corporate Governance This section details the company's corporate governance, including general meeting resolutions, changes in directors, supervisors, and senior management, and the absence of a profit distribution plan for the reporting period I. Brief Introduction to General Meeting of Shareholders The 2023 Annual General Meeting, held on May 28, 2024, approved various proposals including work reports, financial statements, profit distribution, and the election of directors and supervisors - The 2023 Annual General Meeting, held on May 28, 2024, approved the 2023 Board of Directors/Supervisory Board work reports, financial final accounts report, profit distribution plan, annual report and summary, audit firm appointment, Articles of Association revision, and director/supervisor elections[34] II. Changes in Company Directors, Supervisors, and Senior Management Director Zhao Xu and Supervisory Board Chairman Sun Shuhuai resigned due to work changes, while Li Hao was elected as a director and Li Zhongcai as a supervisor and Supervisory Board Chairman Directors, Supervisors, Senior Management Changes | Name | Position Held | Change Type | | :--- | :--- | :--- | | Li Hao | Director | Election | | Li Zhongcai | Chairman of Supervisory Board | Election | | Zhao Xu | Director | Departure | | Sun Shuhuai | Chairman of Supervisory Board | Departure | - Director Zhao Xu and Chairman of the Supervisory Board Sun Shuhuai departed due to work changes, while Li Hao and Li Zhongcai were elected as Director and Chairman of the Supervisory Board, respectively[36] III. Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve conversion plan is no distribution or conversion - The company will not conduct profit distribution or capital reserve conversion for the semi-annual period[36] Section V Environmental and Social Responsibility The company is not a key pollutant-discharging unit and did not disclose further environmental information, carbon reduction measures, or details on poverty alleviation and rural revitalization efforts during the reporting period - The company is not a key pollutant-discharging unit and did not disclose subsequent environmental information, carbon emission reduction measures, or poverty alleviation/rural revitalization work details[36][37] Section VI Significant Matters This section covers the company's commitment fulfillment, fund occupation, illegal guarantees, audit status, litigation, integrity, related party transactions, and major contracts, noting no major issues except for a fund borrowing from a related party I. Fulfillment of Commitments During the reporting period, the company and its related parties had no unfulfilled commitments or commitments continuing into the reporting period - During the reporting period, the company and related parties had no unfulfilled or ongoing commitments[37] II. Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties during the Reporting Period During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties[37] III. Illegal Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company had no illegal external guarantees[37] IV. Semi-Annual Report Audit Status This semi-annual report has not been audited - This semi-annual report is unaudited[37] V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report The company's previous year's annual report did not involve matters with non-standard audit opinions - The company's previous annual report had no matters involving non-standard audit opinions[37] VI. Bankruptcy Reorganization Matters During the reporting period, there were no bankruptcy reorganization matters - During the reporting period, the company had no bankruptcy reorganization matters[37] VII. Major Litigation and Arbitration Matters During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[37] VIII. Suspected Violations, Penalties, and Rectification of Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller During the reporting period, there were no suspected violations, penalties, or rectification situations involving the company or its key personnel - During the reporting period, the company and related personnel had no suspected violations, penalties, or rectification situations[37] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status[38] X. Significant Related Party Transactions The company had no major related party transactions during the reporting period, except for a 60 million yuan fund borrowing from its controlling shareholder, Changchun Changgang Gas Co., Ltd - The company had no major related party transactions involving goods purchase/sale, labor, entrusted management, leasing, guarantees, asset transfers, or debt restructuring[38][39] Related Party Fund Borrowing | Related Party | Borrowing Amount (yuan) | Start Date | Due Date | | :--- | :--- | :--- | :--- | | Changchun Changgang Gas Co., Ltd. | 60,000,000.00 | September 30, 2023 | September 30, 2024 | XI. Significant Contracts and Their Fulfillment During the reporting period, the company had no trusteeship, contracting, leasing, significant guarantees, or other major contracts - During the reporting period, the company had no trusteeship, contracting, leasing, significant guarantees, or other major contracts[39] XII. Explanation of Progress in Use of Raised Funds During the reporting period, there was no explanation of progress in the use of raised funds - During the reporting period, the company had no explanation of progress in the use of raised funds[39] XIII. Explanation of Other Significant Matters During the reporting period, there were no other significant matters requiring explanation - During the reporting period, the company had no other significant matters requiring explanation[39] Section VII Share Changes and Shareholder Information This section details the company's unchanged share capital structure, 41,107 shareholders, and top ten shareholders, with the controlling shareholder, Changchun Changgang Gas Co., Ltd., holding 58.75% I. Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, the company's total share capital and share capital structure remained unchanged[39] II. Shareholder Information As of the reporting period, the company had 41,107 common shareholders, with Changchun Changgang Gas Co., Ltd. as the largest shareholder, holding 58.75% of the shares - As of the end of the reporting period, the company had 41,107 common shareholders[40] Top Ten Shareholders' Holdings | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Changchun Changgang Gas Co., Ltd. | 357,810,876 | 58.75 | State-owned Legal Entity | | Chen Zhiqiang | 1,770,000 | 0.29 | Domestic Natural Person | | Su Fubin | 1,755,700 | 0.29 | Domestic Natural Person | | Jiang Feng | 1,650,000 | 0.27 | Domestic Natural Person | | Xue Dianping | 1,600,000 | 0.26 | Domestic Natural Person | | Beijing Yuanhengliye Technology Co., Ltd. | 1,405,600 | 0.23 | Domestic Non-state-owned Legal Entity | | Qiu Liqin | 1,391,400 | 0.23 | Domestic Natural Person | | Ren Zhoushun | 1,112,300 | 0.18 | Domestic Natural Person | | Xiao Pan | 1,011,600 | 0.17 | Domestic Natural Person | | Zhang Lindu | 996,600 | 0.16 | Domestic Natural Person | III. Information on Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management, nor were they granted equity incentives - During the reporting period, the company's directors, supervisors, and senior management had no changes in shareholdings and were not granted equity incentives[41] IV. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, the company's controlling shareholder or actual controller remained unchanged[41] Section VIII Preferred Share Information The company had no preferred share-related information during the reporting period - The company had no preferred shares during the reporting period[41] Section IX Bond Information The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds during the reporting period - The company had no corporate bonds or convertible corporate bonds during the reporting period[41] Section X Financial Report This section presents unaudited consolidated and parent company financial statements, including detailed notes, showing increased revenue, narrowed net loss, and positive operating cash flow, along with comprehensive disclosures on accounting policies and related party transactions I. Audit Report This semi-annual report has not been audited - This semi-annual report is unaudited[42] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting a slight decrease in assets, but increased revenue, narrowed net loss, and positive operating cash flow Consolidated Balance Sheet As of June 30, 2024, consolidated total assets were 6.55 billion yuan, a 4.80% decrease from year-end 2023; equity attributable to parent company owners was 1.91 billion yuan, a 2.15% decrease Consolidated Balance Sheet Key Data (Period-end vs. Period-beginning) | Item | June 30, 2024 (yuan) | December 31, 2023 (yuan) | | :--- | :--- | :--- | | Total Assets | 6,551,328,138.71 | 6,881,721,232.10 | | Total Equity Attributable to Parent Company Owners | 1,907,348,394.21 | 1,949,257,149.30 | | Total Liabilities | 4,598,929,881.47 | 4,888,477,669.99 | | Monetary Funds | 227,876,547.69 | 523,191,329.38 | | Accounts Receivable | 237,523,037.36 | 180,277,927.17 | | Investment Properties | 29,293,755.93 | 11,384,394.73 | | Short-term Borrowings | 1,440,150,000.00 | 1,620,570,000.00 | | Contract Liabilities | 734,970,655.76 | 818,186,702.15 | Consolidated Income Statement From January to June 2024, consolidated total operating revenue was 1.13 billion yuan, a 16.34% year-on-year increase, with net loss attributable to parent company shareholders significantly narrowing to -52.78 million yuan Consolidated Income Statement Key Data (Current Period vs. Prior Period) | Item | January-June 2024 (yuan) | January-June 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,129,964,688.57 | 971,268,718.86 | | Total Operating Costs | 1,195,515,512.02 | 1,094,052,158.27 | | Operating Profit | -50,730,887.75 | -116,014,614.68 | | Total Profit | -50,415,063.92 | -116,655,816.54 | | Net Profit | -58,213,609.94 | -106,631,315.37 | | Net Profit Attributable to Parent Company Shareholders | -52,777,060.15 | -105,472,421.69 | | Basic Earnings Per Share (yuan/share) | -0.09 | -0.17 | Consolidated Cash Flow Statement From January to June 2024, net cash flow from operating activities turned positive to 32.09 million yuan, while investing activities resulted in -54.82 million yuan and financing activities in -272.43 million yuan due to loan repayments Consolidated Cash Flow Statement Key Data (Current Period vs. Prior Period) | Item | January-June 2024 (yuan) | January-June 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 32,087,707.18 | -86,154,192.59 | | Net Cash Flow from Investing Activities | -54,824,200.29 | -36,631,371.11 | | Net Cash Flow from Financing Activities | -272,428,910.00 | 49,612,756.04 | | Net Increase in Cash and Cash Equivalents | -295,165,403.11 | -73,172,807.66 | III. Company's Basic Information Changchun Gas Co., Ltd., established in 1993 and listed on the Shanghai Stock Exchange in 2000, primarily engages in gas sales, with its controlling shareholder, Changchun Changgang Gas Co., Ltd., holding 58.75% of the equity - The company was established in 1993, underwent several name changes, was named Changchun Gas Co., Ltd. in 1998, and listed on the Shanghai Stock Exchange in 2000[64] - The controlling shareholder, Changchun Changgang Gas Co., Ltd., holds 58.75% of the company's equity[64] - The company primarily engages in gas sales, with a business scope including coal gas, coke, natural gas sales, power project development, gas management, and gas appliance production and sales[64] IV. Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and significant accounting policies, with the Group demonstrating continuous operating capability for at least 12 months - Financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and significant accounting policies and estimates[65] - The Group possesses the ability to continue as a going concern, with no significant matters affecting this ability[66] V. Significant Accounting Policies and Accounting Estimates This section details the company's compliance with Enterprise Accounting Standards, accounting period, functional currency, materiality criteria, and key accounting treatments for business combinations, financial statements, receivables, inventories, investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment, deferred expenses, contract liabilities, employee benefits, government grants, deferred taxes, revenue recognition, contract costs, and leases - The company's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting its financial position[67] - The company's normal operating cycle is 12 months, and its functional currency is Renminbi[68][69][70] - The materiality of financial statement items is determined by their impact on economic decisions, considering both nature and amount, with a quantitative threshold of 5% of the total relevant item[71] - Accounts receivable are categorized by aging for credit risk, with bad debt provisions calculated based on expected credit loss rates; individual bad debt provisions are determined by events such as litigation or customer bankruptcy[79][81] - Inventories are valued using the weighted average method, perpetual inventory system, and low-value consumables and packaging materials are amortized using the one-time write-off method[81] - Revenue is recognized when performance obligations are satisfied and the customer obtains control of goods or services, primarily including natural gas sales, other goods sales, and service income such as gas engineering installation[104] - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in current profit or loss, respectively[106] VI. Taxes This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, property tax, and corporate income tax, with some subsidiaries benefiting from preferential tax rates as high-tech or small and micro-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable sales amount or taxable service income | 13%/9%/5%/3% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Property Tax | Taxable property residual value / Rental income | 1.2%/12% | | Corporate Income Tax | Taxable income | 25%/20%/15% | - Changchun Gas Heating Research and Design Institute Co., Ltd. and Jilin Clean Energy Development and Utilization Co., Ltd., as high-tech enterprises, pay corporate income tax at a preferential rate of 15%[114] - Jilin Public Engineering Supervision Co., Ltd., Changchun Zhuoyue Jinggong Pipe Fittings Co., Ltd., and Jilin Chengran Technology Development Co., Ltd., as small and micro-profit enterprises, enjoy tax incentives including a 50% reduction on certain taxes and a 20% corporate income tax rate[114] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, showing decreases in monetary funds, prepayments, taxes payable, short-term and long-term borrowings, and contract liabilities, while accounts receivable, investment properties, construction in progress, and specific reserves increased, with overall revenue growth and narrowed net loss 1. Monetary Funds Period-end monetary funds totaled 228 million yuan, a significant decrease from 523 million yuan at the beginning of the period, primarily comprising bank deposits Monetary Funds | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 6,275.52 | 4,242.58 | | Bank Deposits | 227,870,272.17 | 523,187,086.80 | | Total | 227,876,547.69 | 523,191,329.38 | 5. Accounts Receivable Period-end accounts receivable book balance was 284 million yuan, with a bad debt provision of 46.92 million yuan, resulting in a book value of 238 million yuan, an increase from 180 million yuan at the beginning of the period, with the highest proportion in the 1-year aging category Accounts Receivable by Aging Group and Bad Debt Provision | Aging | Period-end Accounts Receivable (yuan) | Bad Debt Provision (yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Within 1 year (inclusive) | 222,361,895.85 | 15,765,174.81 | 7.09 | | 1 to 2 years (inclusive) | 18,621,632.37 | 3,299,753.26 | 17.72 | | 2 to 3 years (inclusive) | 19,098,374.17 | 7,121,783.73 | 37.29 | | 3 to 4 years (inclusive) | 3,116,421.66 | 1,889,486.45 | 60.63 | | 4 to 5 years (inclusive) | 9,452,407.69 | 7,051,496.14 | 74.60 | | Over 5 years | 10,651,892.64 | 10,651,892.64 | 100.00 | | Total | 283,302,624.38 | 45,779,587.03 | - | 10. Inventories Period-end inventory book value was 406 million yuan, a slight decrease from 421 million yuan at the beginning of the period, primarily composed of raw materials and project costs, with project costs being the largest component Inventory Classification | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 95,683,227.10 | 111,902,146.67 | | Merchandise Inventory | 16,495,856.13 | 12,796,936.17 | | Revolving Materials | 9,014.11 | 20,515.85 | | Project Costs | 293,689,277.95 | 296,131,135.47 | | Total | 405,877,375.29 | 420,850,734.16 | 17. Long-term Equity Investments Period-end long-term equity investments totaled 333 million yuan, primarily an investment in the associate Changchun Natural Gas Group Co., Ltd., with 0.40 million yuan in investment income recognized under the equity method for the current period Long-term Equity Investments | Investee Company | Period-beginning Balance (yuan) | Current Period Change (Investment Income Recognized under Equity Method) (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Changchun Natural Gas Group Co., Ltd. | 332,481,785.16 | 398,302.25 | 332,880,087.41 | | Subtotal | 332,481,785.16 | 398,302.25 | 332,880,087.41 | | Total | 332,481,785.16 | 398,302.25 | 332,880,087.41 | 21. Fixed Assets Period-end fixed assets book value was 3.91 billion yuan, a slight decrease from 3.99 billion yuan at the beginning of the period, with additions of 15.60 million yuan and reductions of 34.77 million yuan mainly due to disposals or write-offs Fixed Assets Book Value (Period-end vs. Period-beginning) | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 280,174,338.84 | 305,309,527.91 | | Specialized Equipment | 3,493,241,819.85 | 3,539,206,553.58 | | General Equipment | 96,179,611.52 | 101,925,835.61 | | Building Improvements | 14,974,256.37 | 15,589,542.70 | | Transportation Equipment | 13,299,759.59 | 15,630,186.03 | | Other Equipment | 9,679,452.22 | 10,248,389.44 | | Total | 3,907,549,238.39 | 3,987,910,035.27 | 22. Construction in Progress Period-end construction in progress book value was 499 million yuan, an increase from 407 million yuan at the beginning of the period, primarily comprising pipeline, gas station, and other projects, with the Changchun City Natural Gas Replacement Coal Gas Comprehensive Utilization Project having a cumulative investment of 84.50% of its budget Construction in Progress | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Pipeline Projects | 382,409,500.65 | 296,044,868.57 | | Gas Station Projects | 71,316,051.81 | 66,240,897.31 | | Other Projects | 45,145,936.14 | 45,145,936.14 | | Total | 498,871,488.60 | 407,431,702.02 | - The Changchun City Natural Gas Replacement Coal Gas Comprehensive Utilization Project has a cumulative investment of 84.50% of its budget, with cumulative capitalized interest of 82.33 million yuan[147] 31. Assets with Restricted Ownership or Use Rights Period-end restricted assets primarily consisted of monetary funds, totaling 1.57 million yuan, due to frozen bank accounts, with no fixed assets restricted by finance leases as in the prior period Assets with Restricted Ownership or Use Rights | Item | Period-end Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,572,164.71 | Frozen | Bank account frozen | | Total | 1,572,164.71 | / | / | 32. Short-term Borrowings Period-end short-term borrowings totaled 1.44 billion yuan, a decrease from 1.62 billion yuan at the beginning of the period, all of which were credit borrowings Short-term Borrowings Classification | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Credit Borrowings | 1,440,150,000.00 | 1,620,570,000.00 | | Total | 1,440,150,000.00 | 1,620,570,000.00 | 38. Contract Liabilities Period-end contract liabilities totaled 735 million yuan, a decrease from 818 million yuan at the beginning of the period, primarily comprising advance receipts for gas, engineering installation, and materials/engineering for urban gas pipeline renovation projects Contract Liabilities | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Advance Receipts for Gas | 99,112,627.28 | 113,523,247.38 | | Advance Receipts for Engineering Installation | 418,063,868.55 | 435,600,863.50 | | Advance Receipts for Urban Gas Pipeline Renovation Project Materials | 82,572,690.43 | 82,572,690.43 | | Advance Receipts for Urban Gas Pipeline Renovation Project Engineering | 114,460,998.80 | 140,509,357.80 | | Advance Receipts for Heating Fees | - | 24,637,114.84 | | Other | 20,760,470.70 | 21,343,428.20 | | Total | 734,970,655.76 | 818,186,702.15 | 40. Taxes Payable Period-end taxes payable totaled 18.11 million yuan, a significant decrease from 59.10 million yuan at the beginning of the period, mainly due to a reduction in VAT payable Taxes Payable | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Value-Added Tax (VAT) | 3,512,553.09 | 19,579,700.13 | | Corporate Income Tax | 3,611,631.86 | 25,343,615.39 | | Flood Control Fund | 5,948,324.22 | 6,438,103.54 | | Total | 18,110,184.22 | 59,097,925.70 | 45. Long-term Borrowings Period-end long-term borrowings totaled 1.11 billion yuan, a slight decrease from 1.14 billion yuan at the beginning of the period, all of which were credit borrowings Long-term Borrowings Classification | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Credit Borrowings | 1,113,000,000.00 | 1,140,000,000.00 | | Total | 1,113,000,000.00 | 1,140,000,000.00 | 58. Specific Reserves Period-end specific reserves totaled 34.63 million yuan, an increase from 22.69 million yuan at the beginning of the period, with 17.00 million yuan extracted and 5.06 million yuan utilized during the period Specific Reserves Changes | Item | Period-beginning Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Specific Reserves | 22,689,937.06 | 17,001,945.90 | 5,056,953.24 | 34,634,929.72 | | Total | 22,689,937.06 | 17,001,945.90 | 5,056,953.24 | 34,634,929.72 | 61. Operating Revenue and Operating Costs Current period operating revenue was 1.13 billion yuan and operating costs were 938 million yuan, representing year-on-year increases of 16.34% and 10.91% respectively, with both main business revenue and costs growing Operating Revenue and Operating Costs | Item | Current Period Revenue (yuan) | Current Period Costs (yuan) | Prior Period Revenue (yuan) | Prior Period Costs (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,092,051,566.99 | 916,869,941.25 | 952,951,870.72 | 836,950,070.99 | | Other Business | 37,913,121.58 | 21,606,286.49 | 18,316,848.14 | 9,237,898.89 | | Total | 1,129,964,688.57 | 938,476,227.74 | 971,268,718.86 | 846,187,969.88 | 67. Other Income Current period other income totaled 11.69 million yuan, primarily from government subsidies for pipeline renovation, natural gas comprehensive utilization projects, and peak-shaving gas source plant engineering Other Income by Nature | By Nature | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Pipeline Renovation Subsidy | 614,571.44 | 614,571.44 | | Natural Gas Comprehensive Utilization Project | 1,830,855.28 | 1,830,855.28 | | Peak-Shaving Gas Source Plant Engineering | 4,802,583.47 | 4,802,583.47 | | VAT Immediate Refund | 2,673,448.08 | 4,521,058.48 | | Job Stabilization Subsidy | 167,120.08 | - | | Municipal/District Level Awards | 343,000.00 | - | | Household Renovation | 358,079.18 | - | | Total | 11,689,540.02 | 13,850,374.65 | 71. Credit Impairment Losses Current period credit impairment losses were 2.73 million yuan, a significant improvement from -8.95 million yuan in the prior period, primarily comprising bad debt losses on accounts receivable and other receivables Credit Impairment Losses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Accounts Receivable Bad Debt Loss | -4,286,293.72 | -6,914,705.74 | | Other Receivables Bad Debt Loss | 7,011,728.56 | -2,035,771.78 | | Total | 2,725,434.84 | -8,950,477.52 | 79. Supplementary Information to Cash Flow Statement Current period net cash flow from operating activities was 32.09 million yuan, primarily adjusted through net profit, with non-cash items like depreciation and amortization positively contributing, and changes in working capital also impacting cash flow Reconciliation of Net Profit to Operating Cash Flow (Partial) | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | -58,213,609.94 | -106,631,315.37 | | Add: Depreciation of fixed assets, depletion of oil and gas assets, depreciation of productive biological assets | 76,797,083.99 | 81,515,959.44 | | Amortization of intangible assets | 5,430,982.44 | 6,912,971.71 | | Financial expenses (income presented with a "－" sign) | 52,035,322.74 | 49,391,308.32 | | Net Cash Flow from Operating Activities | 32,087,707.18 | -86,154,192.59 | VIII. Research and Development Expenses During the reporting period, the company's R&D expenses were 2.03 million yuan, a decrease from 2.35 million yuan in the prior period, with no disclosures on capitalized R&D projects or impairment provisions R&D Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | R&D Expenses | 2,031,105.69 | 2,347,146.18 | | Total | 2,031,105.69 | 2,347,146.18 | IX. Changes in Consolidation Scope The company's consolidation scope changed due to the establishment of Changchun Mingqijia Life Service Co., Ltd. on January 31, 2024, with a registered capital of 20 million yuan, in which the company holds a 55% stake - The consolidation scope changed due to the establishment of a new subsidiary, Changchun Mingqijia Life Service Co., Ltd[206] - Changchun Mingqijia Life Service Co., Ltd. was established on January 31, 2024, with a registered capital of 20 million yuan, and the company holds 55% of its shares[206] X. Equity in Other Entities This section discloses the company's equity in subsidiaries, joint ventures, and associates, including significant non-wholly-owned subsidiaries like Changchun Zhenwei Gas Installation Development Co., Ltd. and Jilin Clean Energy Development and Utilization Co., Ltd., and a 20% stake in the associate Changchun Natural Gas Group Co., Ltd 1. Equity in Subsidiaries The company holds equity in multiple subsidiaries engaged in gas production, construction, and technical services; Changchun Zhenwei Gas Installation Development Co., Ltd. and Jilin Clean Energy Development and Utilization Co., Ltd. are significant non-wholly-owned subsidiaries with minority interests of 25% and 49% respectively, and Changchun Zhenwei has special profit distribution agreements Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Period-end Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | | Changchun Zhenwei Gas Installation Development Co., Ltd. | 25% | -9,506.70 | 7,191,816.97 | | Jilin Clean Energy Development and Utilization Co., Ltd. | 49% | -2,701,907.36 | 26,449,641.52 | - Changchun Zhenwei Gas Installation Development Co., Ltd. has special profit distribution agreements, where the company receives a higher proportion of profits during the cooperation period and acquires all net assets and equity free of charge upon its expiration[208] 3. Equity in Joint Ventures or Associates The company's significant associate is Changchun Natural Gas Group Co., Ltd., with a 20% equity stake accounted for using the equity method, reporting total assets of 4.585 billion yuan, liabilities of 3.347 billion yuan, and net profit of 1.99 million yuan for the current period - The company's significant associate is Changchun Natural Gas Group Co., Ltd., with a 20% equity stake, accounted for using the equity method[212] Key Financial Information of Important Associate Changchun Natural Gas Group Co., Ltd. | Item | Period-end Balance / Current Period Amount (yuan) | | :--- | :--- | | Total Assets | 4,585,160,594.68 | | Total Liabilities | 3,346,958,172.36 | | Equity Attributable to Parent Company Shareholders | 1,238,696,458.96 | | Operating Revenue | 816,419,252.56 | | Net Profit | 1,991,511.25 | | Total Comprehensive Income | 1,991,511.25 | XI. Government Grants During the reporting period, the company did not recognize government grants based on receivable amounts, nor did it disclose related liability items or details of grants recognized in current profit or loss - During the reporting period, the company did not recognize government grants based on receivable amounts, nor did it disclose related liability items or details of grants recognized in current profit or loss[214][215] XIV. Related Parties and Related Party Transactions This section discloses the company's parent company, subsidiaries, joint ventures, and associates, along with related party transactions, including a 60 million yuan fund borrowing from the controlling shareholder, Changchun Changgang Gas Co., Ltd., and key management personnel compensation of 2.11 million yuan 1. Information on the Company's Parent Company The company's parent company is Changchun Changgang Gas Co., Ltd., with a registered capital of 1.022 billion yuan, engaged in urban gas infrastructure, holding 58.75% of the company's shares and voting rights Information on the Company's Parent Company | Parent Company Name | Registered Address | Business Nature | Registered Capital (ten thousand yuan) | Parent Company's Shareholding in the Company (%) | Parent Company's Voting Rights in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changchun Changgang Gas Co., Ltd. | No. 3300 Linhe Street, Changchun Economic and Technological Development Zone | Construction and operation of urban gas infrastructure | 102,189.64 | 58.75 | 58.75 | 5. Related Party Transactions During the reporting period, the company had no major related party transactions except for a 60 million yuan fund borrowing from Changchun Changgang Gas Co., Ltd., and key management personnel compensation totaled 2.11 million yuan - The company had no related party transactions involving goods purchase/sale, labor, entrusted management, leasing, guarantees, asset transfers, or debt restructuring[219][220] Related Party Fund Borrowing | Related Party | Borrowing Amount (yuan) | Start Date | Due Date | | :--- | :--- | :--- | :--- | | Changchun Changgang Gas Co., Ltd. | 60,000,000.00 | September 30, 2023 | September 30, 2024 | Key Management Personnel Compensation | Item | Current Period Amount (ten thousand yuan) | Prior Period Amount (ten thousand yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 210.57 | 224.82 | XIX. Notes to Parent Company Financial Statement Major Items This section details the parent company's accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, showing increases in receivables and long-term equity investments, revenue growth, and a significant rise in investment income 1. Accounts Receivable The parent company's period-end accounts receivable book balance was 173 million yuan, with a bad debt provision of 36.32 million yuan, resulting in a book value of 137 million yuan, an increase from 128 million yuan at the beginning of the period, and accounts receivable from Changchun Zhenbang Chemical Co., Ltd. were fully provided for bad debts Parent Company Accounts Receivable by Bad Debt Provision Method | Category | Period-end Book Balance (yuan) | Bad Debt Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Provision for Bad Debts by Individual Item | 21,348,250.32 | 21,348,250.32 | 0 | | Provision for Bad Debts by Portfolio | 151,860,276.24 | 14,972,192.35 | 136,888,083.89 | | Total | 173,208,526.56 | 36,320,442.67 | 136,888,083.89 | - The 21.35 million yuan accounts receivable from Changchun Zhenbang Chemical Co., Ltd. were fully provided for bad debts due to unrecoverability[227] 2. Other Receivables The parent company's period-end other receivables book balance was 505 million yuan, with a bad debt provision of 160 million yuan, resulting in a book value of 344 million yuan, an increase from 252 million yuan at the beginning of the period, primarily from intercompany balances with subsidiaries Parent Company Other Receivables | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Other Receivables | 504,753,639.44 | 418,379,762.27 | | Less: Bad Debt Provision | 160,359,886.09 | 166,231,315.21 | | Total | 344,393,753.35 | 252,148,447.06 | Top Five Other Receivables by Debtor at Period-end | Unit Name | Period-end Balance (yuan) | Proportion of Total Other Receivables at Period-end (%) | Nature of Amount | | :--- | :--- | :--- | :--- | | Changchun Gas (Yanji) Co., Ltd. | 134,652,869.99 | 26.68 | Natural Gas Payment | | Jilin Peak-Shaving Natural Gas Co., Ltd. | 100,375,159.20 | 19.89 | Natural Gas Payment | | Changchun Gas (Changbaishan Protection and Development Zone) Co., Ltd. | 71,538,908.49 | 14.17 | Natural Gas Payment | | Changchun Gas (Longjing) Co., Ltd. | 54,344,403.07 | 10.77 | Natural Gas Payment | | Changchun Chengran Municipal Natural Gas Pipeline Network Co., Ltd. | 47,792,555.39 | 9.47 | Pipeline Transportation Fee | 3. Long-term Equity Investments The parent company's period-end long-term equity investments totaled 4.214 billion yuan, an increase from 4.208 billion yuan at the beginning of the period, comprising investments in subsidiaries (3.881 billion yuan) and associates/joint ventures (333 million yuan), with new investments in subsidiaries and equity method investment income from associates Parent Company Long-term Equity Investments | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 3,880,842,735.39 | 3,875,042,735.39 | | Investments in Associates and Joint Ventures | 332,880,087.41 | 332,481,785.16 | | Total | 4,213,722,822.80 | 4,207,524,520.55 | - Current period investments in subsidiaries increased by 5.50 million yuan in Changchun Mingqijia Life Service Co., Ltd. and 0.30 million yuan in Changchun Defeng Property Management Co., Ltd[239] - Investment income of 0.40 million yuan was recognized from the associate Changchun Natural Gas Group Co., Ltd. under the equity method[240] 4. Operating Revenue and Operating Costs The parent company's current period operating revenue was 864 million yuan and operating costs were 729 million yuan, representing a year-on-year increase of 2.47% and a decrease of 3.18% respectively, with changes in both main business revenue and costs Parent Company Operating Revenue an