Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,192.0 million, an increase of 2.88% compared to the same period in 2023[1] - Gross profit for the same period was RMB 151.3 million, representing a significant increase of 28.99% year-over-year[1] - Profit attributable to owners of the parent for the six months was RMB 58.6 million, up 8.72% from RMB 53.9 million in the prior year[1] - Basic earnings per share for the period was RMB 0.29, compared to RMB 0.27 for the same period in 2023[2] - The group reported a pre-tax profit of RMB 115.9 million, an increase from RMB 100.0 million in the previous year[2] - Total revenue for the six months ended June 30, 2024, was RMB 1,192,008 thousand, an increase of 2.9% compared to RMB 1,158,561 thousand for the same period in 2023[15] - Revenue from the sale of goods was RMB 1,087,845 thousand, up from RMB 1,049,911 thousand, reflecting a growth of 3.6% year-over-year[15] - Revenue from distributed photovoltaic electricity increased significantly to RMB 6,022 thousand, compared to RMB 2,984 thousand, marking a growth of 101.3%[15] - The company reported a pre-tax profit of RMB 1,191,794 thousand for the six months ended June 30, 2024, compared to RMB 1,158,424 thousand for the same period in 2023[16] - The income tax expense for the six months ended June 30, 2024, was RMB 27,172 thousand, an increase from RMB 24,239 thousand in the same period of 2023[21] - The profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 58,562,000, compared to RMB 53,888,000 for the same period in 2023, representing an increase of approximately 8.1%[23] - Basic earnings per share for the six months ended June 30, 2024, was RMB 28.9 cents, up from RMB 26.6 cents in the same period of 2023, reflecting a growth of about 8.6%[23] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 2,237.9 million, compared to RMB 2,201.7 million as of December 31, 2023[4] - Current liabilities increased to RMB 702.8 million from RMB 650.8 million in the previous year[5] - Non-current liabilities totaled RMB 280.3 million, up from RMB 273.1 million as of December 31, 2023[5] - The net asset value of the company was RMB 1,254.9 million, a decrease from RMB 1,277.8 million in the previous year[5] - Cash and cash equivalents increased to RMB 918.4 million from RMB 857.6 million as of December 31, 2023[4] - As of June 30, 2024, the company's current assets amounted to RMB 1,030.5 million, with a current ratio of 1.47 and a debt-to-asset ratio of 43.93%[40] - The carrying amount of property, plant, and equipment as of June 30, 2024, was RMB 1,019,423,000, compared to RMB 1,006,754,000 at the end of 2023, indicating a slight increase[24] - Trade receivables and notes receivable totaled RMB 55,077,000 as of June 30, 2024, down from RMB 77,858,000 at the end of 2023, showing a decrease of approximately 29.2%[25] - The company reported a decrease in trade payables to RMB 112,963,000 as of June 30, 2024, compared to RMB 121,879,000 at the end of 2023, a reduction of about 7.4%[28] - The total bank loans as of June 30, 2024, amounted to RMB 14,950,000, with a repayment schedule indicating that RMB 200,000 is due within one year[27] Business Operations - The company primarily engages in the sale of pipeline natural gas and liquefied natural gas, as well as providing construction and installation services[13] - The group operates only one reportable segment, which includes the sale of gas and related services[13] - The company has not faced "high seasonality" in its business operations, despite higher gas consumption during winter months[14] - The natural gas consumption in China for the first half of 2024 reached 210.8 billion cubic meters, representing a year-on-year increase of 8.7%[30] - The company is positioned to benefit from the rapid development and transformation of the natural gas industry, which is crucial for supporting green and low-carbon transitions in various sectors[30] - The company is actively participating in initiatives to promote low-carbon development and has outlined strategies to enhance its green energy capabilities[31] - The number of residential and industrial users served by the company reached 299,000 and 3,581 respectively, with gas sales volume of 297 million cubic meters, an increase of 12.12% year-on-year[33] Corporate Governance and Compliance - The financial data for the six months ended June 30, 2024, was prepared in accordance with International Accounting Standard 34, which does not include all information and disclosures required in annual financial statements[7] - The company has maintained consistent accounting policies with those applied in the annual consolidated financial statements for the year ended December 31, 2023[8] - There were no significant impacts on the group's financial position or performance due to the adoption of revised International Financial Reporting Standards during the reporting period[11] - The company has not engaged in any supplier financing arrangements, thus the related disclosures do not impact the interim financial data[12] - The audit committee has reviewed the interim financial results and found them to comply with applicable accounting standards[50] - The company has maintained compliance with corporate governance codes throughout the reporting period[47] - No significant litigation or arbitration has occurred during the reporting period[44] Employee and Operational Costs - The total employee cost for the period was approximately RMB 52.5 million[44] - The company employed a total of 438 staff as of June 30, 2024, compared to 435 staff a year earlier[43] - The company's financing costs decreased by 15.79% to RMB 1.6 million from RMB 1.9 million in the previous year, primarily due to a reduction in bank borrowings[37] Dividend and Shareholder Information - The company declared a dividend of RMB 0.30 per share, consistent with the previous year, totaling RMB 60,814 thousand[22] - The company did not recommend an interim dividend for the six months ended June 30, 2024, compared to zero for the same period in 2023[22] - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2024[49] Use of Proceeds - The net proceeds from the H-share global offering amounted to approximately HKD 276.3 million (equivalent to RMB 236.9 million)[45] - 20% of the net proceeds (RMB 47.4 million) is allocated for upgrading pipeline and operational facilities to increase natural gas sales[45] - 30% of the net proceeds (RMB 71 million) is designated for strategic acquisitions to expand the business into other regions by 2025[45] - 30% of the net proceeds (RMB 71 million) is allocated for expanding into distributed photovoltaic power generation[45] - 10% of the net proceeds (RMB 23.8 million) is intended for promoting the use of steam generated from natural gas boilers[45]
湖州燃气(06661) - 2024 - 中期业绩