Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,516.5 million, an increase of 24.50% compared to the same period last year[1] - Gross profit for the same period was RMB 124.3 million, up 21.74% year-on-year[1] - Profit attributable to owners of the company decreased by 44.07% to RMB 89.1 million compared to the previous year[1] - Basic earnings per share for the period was RMB 0.65, down from RMB 1.16 in the same period last year[1] - Total comprehensive income for the period was RMB 96.9 million, down from RMB 162.8 million in the previous year[4] - Revenue from mainland China reached RMB 1,516,524 thousand for the six months ended June 30, 2024, up 24.5% from RMB 1,218,105 thousand in the same period of 2023[13] - Total revenue for the group was RMB 1,516,524 thousand, an increase of 24.5% compared to RMB 1,218,105 thousand in the previous year[15] - Sales of liquefied natural gas surged to RMB 440,526 thousand, a significant increase from RMB 73,176 thousand in the same period last year[15] - Interest income rose sharply to RMB 7,447 thousand, compared to RMB 1,097 thousand in the previous year[16] - The group reported a total tax expense of RMB 13,054 thousand for the six months ended June 30, 2024, compared to RMB 8,814 thousand in the same period of 2023[18] - The profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 89,146 thousand, a decrease of 44% compared to RMB 159,302 thousand for the same period in 2023[20] Assets and Liabilities - Non-current assets totaled RMB 1,816.9 million as of June 30, 2024, compared to RMB 1,771.1 million at the end of 2023[5] - Current assets decreased to RMB 785.0 million from RMB 883.6 million at the end of 2023[5] - Total liabilities decreased to RMB 1,492.4 million from RMB 1,586.3 million at the end of 2023[6] - Net assets attributable to owners of the parent increased to RMB 1,059.8 million from RMB 1,025.6 million at the end of 2023[6] - The group's current liabilities net amount is RMB 92,807,000, an increase from RMB 60,845,000 in 2023, indicating a significant rise in financial obligations[8] - The company's interest-bearing bank borrowings as of June 30, 2024, totaled RMB 393,260 thousand, significantly up from RMB 189,340 thousand as of December 31, 2023[23] - The total trade receivables and notes receivable as of June 30, 2024, amounted to RMB 236,376 thousand, slightly down from RMB 236,423 thousand as of December 31, 2023[22] - The total trade payables and notes payable as of June 30, 2024, were RMB 457,121 thousand, a decrease from RMB 494,138 thousand as of December 31, 2023[21] - The aging analysis of trade receivables as of June 30, 2024, showed that receivables due within one year were RMB 208,821 thousand, an increase from RMB 197,156 thousand as of December 31, 2023[21] - The company reported a decrease in the impairment loss on trade receivables, with a provision of RMB 45,537 thousand as of June 30, 2024, compared to RMB 30,310 thousand as of December 31, 2023[22] Dividends and Shareholder Information - The company declared an interim dividend of RMB 0.20 per share (tax included), unchanged from the previous year[1] - The proposed interim dividend per ordinary share is RMB 0.40, compared to RMB 0.20 in the previous year, totaling approximately RMB 55,138 thousand[19] - The board approved an interim dividend of RMB 0.20 per share (tax included) for the six months ending June 30, 2024, totaling approximately RMB 27,568,900 (tax included)[45] - The interim dividend is expected to be distributed on October 10, 2024, to shareholders listed as of September 25, 2024[45] - A 10% corporate income tax will be withheld for non-resident H-share shareholders receiving the interim dividend[46] - The company will suspend share transfer registration from September 20 to September 25, 2024, to determine H-share shareholders' eligibility for the interim dividend[48] Operational Overview - The group operates primarily in the sale of gas in Jiaxing, including pipeline natural gas, liquefied natural gas, and liquefied petroleum gas, under a franchise operation[12] - The group provides construction and installation services, as well as other activities including gas transportation services and property leasing[12] - The group has a single reportable operating segment focused on gas sales and related services in Jiaxing, China[12] - The company serves approximately 470,000 residential users and 2,515 industrial users[26] - The total length of the natural gas pipeline network operated by the company is 1,179.43 kilometers, including 790.6 kilometers of self-built pipelines[26] - The company plans to further explore new energy projects to ensure sustainable development[27] - The group plans to expand its market presence and invest in new technologies to enhance service delivery and customer satisfaction[15] - The company continues to focus on strategic acquisitions to bolster its service offerings and market share[15] Governance and Compliance - The company maintained compliance with corporate governance codes, although the roles of Chairman and CEO are held by the same individual[42] - The company has not adopted a formal dividend policy due to its developmental stage and ongoing performance impacts from the industry and economic outlook[43] - The audit committee, along with management and external auditors, has reviewed the unaudited interim results and confirmed compliance with applicable accounting standards[49] - The board of directors includes both executive and non-executive members, ensuring diverse oversight[50] - The board composition includes independent non-executive directors, enhancing governance standards[50] - The document emphasizes compliance with regulatory requirements for transparency[50] Employee and Operational Costs - The group employed a total of 399 employees as of June 30, 2024, compared to 378 employees a year earlier[37] - Employee costs for the period amounted to approximately RMB 34.4 million, an increase from RMB 30.6 million for the same period in 2023[37] Financial Structure and Future Outlook - The financial data is prepared based on the going concern basis, with sufficient cash inflows projected for the upcoming year[8] - The group has not reported any supplier financing arrangements, indicating a stable financial structure without reliance on external financing[11] - The group has adopted revised International Financial Reporting Standards, which do not impact its financial position or performance significantly[10] - The group’s financial statements are prepared in accordance with International Accounting Standard 34, which does not include all disclosures required for annual financial statements[8] - The company is committed to timely disclosure of financial information to shareholders[50] - The report will include performance summaries and future outlooks, which are critical for strategic planning[50]
嘉兴燃气(09908) - 2024 - 中期业绩