Revenue and Profitability - Revenue for the six months ended June 30, 2024, increased by approximately 5.90% to RMB 1.36 billion compared to RMB 1.29 billion in 2023, primarily due to increased revenue from pipeline gas distribution business[1] - Profit for the period was approximately RMB 666 million, a decrease of about RMB 130 million from RMB 796 million in the same period of 2023, mainly due to reduced profit contributions from joint ventures[2] - Basic earnings per share for the period were RMB 0.49, down from RMB 0.76 in 2023[3] - Total comprehensive income for the period was RMB 58 million, down from RMB 76 million in 2023[4] - The group achieved a pre-tax profit of RMB 76,193,000 for the current period, compared to RMB 89,845,000 in the same period last year, indicating a decrease of 15.4%[12][13] - The pipeline gas distribution segment generated a profit of RMB 39,980,000, while the liquefied gas supply segment reported a profit of RMB 17,069,000 for the six months ended June 30, 2024[12] Dividends and Shareholder Returns - The board of directors did not recommend the payment of an interim dividend for the period, consistent with 2023[1] - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[24] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 2.42 billion, a decrease from RMB 2.45 billion as of December 31, 2023[5] - Current assets totaled RMB 938 million, an increase from RMB 898 million as of December 31, 2023[5] - The company's total equity increased to RMB 2.77 billion as of June 30, 2024, compared to RMB 2.72 billion at the end of 2023[6] - The company reported a net cash position of RMB 518 million as of June 30, 2024, compared to RMB 393 million at the end of 2023[5] - Total trade and other payables decreased to RMB 224,838,000 as of June 30, 2024, down from RMB 274,020,000 at the end of 2023, a reduction of 18%[28] - Total borrowings as of June 30, 2024, amounted to approximately RMB 71,725,000, down from RMB 81,775,000 as of December 31, 2023, primarily consisting of local bank loans[45] Revenue Segmentation - Revenue from external customers for the pipeline gas distribution segment was RMB 637,608,000, while the total revenue for all segments amounted to RMB 1,361,691,000 for the six months ended June 30, 2024[12] - The pipeline gas distribution business generated revenue of approximately RMB 637.6 million, an increase of about 15.30% year-on-year, accounting for approximately 46.82% of total revenue[32] - The pipeline gas sales revenue was approximately RMB 597.1 million, an increase of about 23.24% year-on-year, with sales volume reaching approximately 23.36 million cubic meters, up about 5.02%[34] - The company sold approximately 52,094 tons of packaged gas, a year-on-year increase of about 12.01%, with sales revenue of approximately RMB 331.5 million, a slight increase of 0.02%[35] - The gas distribution business generated revenue of approximately RMB 347.6 million, a decrease of about 0.76% year-on-year, while sales volume increased by approximately 13.95%[36] Income and Expenses - The company recognized a tax expense of RMB 9,585,000 for the six months ended June 30, 2024, compared to RMB 10,210,000 in the same period of 2023, indicating a decrease of 6.1%[21] - The company reported a net loss of RMB 2,258,000 from expected credit loss provisions for customer contracts and other receivables in the first half of 2024[16] - The company's total other income for the first half of 2024 was RMB 19,863,000, down from RMB 22,526,000 in the same period of 2023, a decline of 12%[17] - Financial costs decreased to approximately RMB 1.9 million, down about RMB 490,000 from RMB 2.4 million in 2023, primarily due to lower bank borrowing interest[40] - The company's administrative expenses were approximately RMB 61.7 million, a slight decrease of about RMB 346,000 compared to RMB 62.1 million in 2023[41] Joint Ventures and Other Income - The share of profits from joint ventures was approximately RMB 12.8 million, a decrease of about RMB 11.1 million from RMB 23.9 million in 2023, due to reduced profits from joint ventures[43] - The company reported a loss of RMB 3,700,000 from the sale of property, plant, and equipment during the current period[12] - The company reported a loss of RMB 3,700,000 from the sale of properties, plants, and equipment for the six months ended June 30, 2024, compared to a loss of RMB 178,000 in the same period of 2023[16] Market Outlook and Strategy - The company remains confident in the future market for pipeline gas distribution, supported by government policies encouraging the development of the natural gas industry[48] - The demand for bottled gas continues to be significant in various sectors, including residential, catering, and tourism, serving as an effective supplement to pipeline gas supply[49] - The company aims to expand its gas distribution scale and steadily increase gas sales and revenue, leveraging advancements in liquefied natural gas technology[50] - The food supply and marketplace business is a new venture for the company, focusing on improving operational models and service quality to meet market demand[51] Compliance and Governance - The company has fully complied with the corporate governance code as of June 30, 2024, ensuring adherence to the principles and provisions set forth[53]
中民控股(00681) - 2024 - 中期业绩