Financial Performance - The company's operating revenue for the first half of 2024 was RMB 873,429,018.15, a decrease of 4.4% compared to RMB 913,834,027.90 in the first half of 2023[6] - The net loss for the first half of 2024 was RMB 22,144,802.20, compared to a net loss of RMB 25,877,662.77 in the same period of 2023, indicating an improvement[6] - The company's gross profit margin for the first half of 2024 was negative, with operating costs exceeding revenues, leading to a gross loss of RMB 25,287,404.90[6] - The cost of sales for the first half of 2024 was CNY 898.72 million, down from CNY 953.21 million in the first half of 2023[26] - The revenue from pipeline natural gas sales in the first half of 2024 was CNY 863.60 million, compared to CNY 901.39 million in the same period of 2023[27] - The pre-tax loss for the reporting period was approximately RMB 29,100,000, compared to a pre-tax loss of RMB 35,100,000 for the first half of 2023[35] - The loss attributable to shareholders of the parent company was approximately RMB 22,100,000, compared to RMB 25,900,000 in the same period of 2023[35] - The basic and diluted loss per share for the first half of 2024 was RMB (0.012), compared to RMB (0.014) for the same period in 2023[33] Assets and Liabilities - Total current assets as of June 30, 2024, amounted to RMB 1,081,800,217.56, an increase of 31.8% from RMB 821,165,425.73 as of December 31, 2023[2] - Total liabilities increased to RMB 747,664,956.61 as of June 30, 2024, from RMB 492,789,095.11 as of December 31, 2023, reflecting a significant rise[4] - The company's cash and cash equivalents rose to RMB 789,606,526.80 as of June 30, 2024, compared to RMB 347,517,006.08 at the end of 2023, marking a substantial increase of 127.6%[2] - The total equity attributable to shareholders of the parent company was RMB 1,430,673,046.58 as of June 30, 2024, slightly up from RMB 1,409,033,136.77 at the end of 2023[4] - The total accounts receivable as of June 30, 2024, is 176,555,952.56, with an allowance for bad debts of 85,673.51[15] - The balance of receivables financing as of June 30, 2024, is 89,464,158.84, a decrease from 93,811,058.30 as of December 31, 2023[18] - The fixed assets have decreased from 790,024,131.72 at the beginning of the year to 763,080,204.22 at the end of June 2024[19] - The net value of fixed assets as of June 30, 2024, was CNY 857.87 million, reflecting an increase from CNY 884.82 million[21] - The total construction in progress as of June 30, 2024, was CNY 25.74 million, with a net value of CNY 24.30 million after impairment provisions[23] - Accounts payable as of June 30, 2024, totaled CNY 119.62 million, a decrease from CNY 296.88 million as of December 31, 2023[24] Accounts Receivable - The company reported a decrease in accounts receivable from RMB 255,858,546.24 as of December 31, 2023, to RMB 192,300,181.77 as of June 30, 2024, indicating improved collection efficiency[2] - The aging analysis of accounts receivable shows that the balance as of June 30, 2024, is RMB 267.69 million, compared to RMB 204.06 million as of December 31, 2023[12] - The company reported a bad debt provision rate of 4.39% for accounts receivable as of June 30, 2024[12] - The value of accounts receivable classified by credit risk characteristics shows a total of RMB 255.94 million, with a provision of RMB 85,673.51[12] - The aging analysis shows that 99.04% of accounts receivable are within 1 to 6 months, indicating a strong collection performance[15] - The allowance for bad debts for accounts aged 6 months to 1 year is 83,381.38, reflecting a significant increase in risk for this category[16] - The company has no bad debt provisions for the top five debtors, indicating a low risk of default from these key clients[17] - The accounts receivable from related parties amount to 79,388,267.19, with no bad debt provisions recorded[16] Corporate Governance and Management - The company has adhered to all applicable corporate governance codes during the reporting period, emphasizing transparency and accountability[49] - All directors and supervisors confirmed compliance with the securities trading code as per the listing rules[50] - The board of directors consists of three executive directors, three non-executive directors, and three independent non-executive directors as of the announcement date[51] - The company has appointed a new independent auditor, Da Xin Accounting Firm, effective after the 2023 Annual General Meeting[45] - The company appointed Mr. Wang Cong as the new Chairman and Executive Director effective February 19, 2024, succeeding Mr. Chen Tao[46] Future Outlook and Strategy - Future outlook remains cautious due to ongoing market challenges, with no specific guidance provided for the second half of 2024[6] - The company anticipates growth in China's natural gas industry, driven by policies promoting cleaner energy and infrastructure development[43] - The company plans to enhance financial management, reduce operational costs, and maximize project returns[44] - The company aims to address single gas source issues and expand market development by deepening user demand exploration[44] Investments and Contracts - The company has no significant investments or acquisitions during the reporting period, with a total investment limit of RMB 1 billion for bank deposit products[38] - A new gas supply contract with Tianjin Runhua Gas Co., Ltd. was established, with annual limits of RMB 1.326 billion for 2024, RMB 2.282 billion for 2025, RMB 2.473 billion for 2026, and RMB 992 million for the first quarter of 2027[46] - The company entered a procurement framework agreement with Tianjin Yunfu Gas Technology Co., Ltd. for engineering goods and materials, with a maximum total procurement price of RMB 9 million[47] - The company is exploring various options regarding the potential sale of assets from its Jining branch due to an unsuccessful bidding process[48] Employee and Cost Management - The total employee cost for the reporting period was approximately RMB 51.3 million, a decrease from RMB 54.7 million in the first half of 2023, with a total of 596 full-time employees[41] - The company does not recommend the distribution of dividends for the reporting period, consistent with the previous year[42] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[33]
天津津燃公用(01265) - 2024 - 中期业绩