Financial Performance - For the six months ended June 30, 2024, liquefied petroleum gas sales volume increased by approximately 4.2 thousand tons to about 126.2 thousand tons, compared to approximately 122.0 thousand tons for the same period in 2023[1]. - For the same period, revenue decreased by approximately RMB 18.6 million to RMB 677.6 million, compared to RMB 696.2 million for the same period in 2023[2]. - Gross profit for the six months ended June 30, 2024, decreased by approximately RMB 8.9 million to approximately RMB 27.7 million, compared to RMB 36.6 million for the same period in 2023[2]. - The company reported a net loss of approximately RMB 3.8 million for the six months ended June 30, 2024, compared to a profit of RMB 1.0 million for the same period in 2023[2]. - The attributable loss to equity shareholders for the six months ended June 30, 2024, was approximately RMB 3.3 million, compared to a profit of RMB 5.3 million for the same period in 2023[2]. - The company reported a basic and diluted loss per share of RMB (0.02) for the six months ended June 30, 2024, compared to a profit of RMB 0.01 for the same period in 2023[3]. - The total comprehensive loss for the six months ended June 30, 2024, was RMB (3.26 million), compared to a total comprehensive income of RMB 4.45 million for the same period in 2023[3]. - The group reported a total pre-tax consolidated loss of RMB 3,467,000 for the period[9]. - The group reported a pre-tax loss of approximately RMB 3,284,000 for the six months ended June 30, 2024, compared to a profit of RMB 1,985,000 for the same period in 2023[22]. - The group’s total pre-tax consolidated profit for the period was RMB 3,571,000[12]. Revenue Breakdown - The retail segment generated revenue of RMB 72,954,000 for the six months ended June 30, 2024, while the wholesale segment generated RMB 1,335,572,000[10]. - The total revenue recognized before inter-segment sales was RMB 677,584,000, with a gross profit of RMB 27,729,000[10]. - For the six months ended June 30, 2024, total revenue reached RMB 677,584,000, compared to RMB 696,197,000 for the same period in 2023, representing a decrease of approximately 2.3%[14]. - The revenue from liquefied petroleum gas was RMB 582,195,000 for the six months ended June 30, 2024, while the revenue from compressed natural gas was RMB 82,534,000, showing a significant contribution to total revenue[14]. - The revenue from compressed natural gas (CNG) sales for the six months ended June 30, 2024, was approximately RMB 82.5 million, a decrease of about RMB 49.3 million compared to RMB 131.8 million in the same period of 2023, primarily due to a decline in sales volume caused by structural adjustments in energy policies[36]. - The revenue from liquefied natural gas (LNG) sales for the six months ended June 30, 2024, was approximately RMB 4.9 million, an increase of about RMB 3.2 million compared to RMB 1.7 million in the same period of 2023, driven by an increase in sales volume[37]. Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 1,053,632 thousand, an increase from RMB 769,101 thousand as of December 31, 2023[4]. - Current liabilities increased to RMB 824,992 thousand from RMB 544,728 thousand, reflecting a significant rise in interest-bearing loans from RMB 507,500 thousand to RMB 785,000 thousand[4]. - The company's equity attributable to shareholders decreased to RMB 383,508 thousand from RMB 386,208 thousand year-over-year[5]. - The total non-current liabilities decreased from RMB 4,132 thousand to RMB 3,859 thousand, reflecting a reduction in lease liabilities[5]. - The capital debt ratio as of June 30, 2024, was approximately 67.2%, up from 57.4% as of December 31, 2023, mainly due to an increase in bank loans[56]. - The group had approximately RMB 785 million in secured bank loans as of June 30, 2024, compared to RMB 507.5 million as of December 31, 2023[55]. Operational Metrics - The company experienced a decrease in sales volume of compressed natural gas by approximately 12.1 million cubic meters to about 22.6 million cubic meters, compared to 34.7 million cubic meters for the same period in 2023[1]. - The sales volume of compressed natural gas was 16.60 million cubic meters, generating revenue of RMB 65.18 million, accounting for 9.6% of total revenue for the six months ended June 30, 2024[41]. - The sales volume of liquefied petroleum gas was 126,226 tons, generating revenue of RMB 582.20 million, accounting for 85.9% of total revenue for the same period[41]. - The group reported a total demand for liquefied petroleum gas (LPG) of 36.8558 million tons for the first half of 2024, an increase of 3.6804 million tons or 11.09% year-on-year[31]. - The group’s LPG sales volume increased by 3.4% year-on-year, with sales revenue rising by 4.2%[31]. Cost Management - The company’s operating expenses decreased, with employee costs at RMB (14.7 million) compared to RMB (15.67 million) for the same period in 2023[2]. - Employee costs for the six months ended June 30, 2024, totaled RMB 14,702,000, a decrease from RMB 15,670,000 in the same period of 2023, reflecting a reduction of about 6.2%[17]. - The company incurred operating expenses of RMB 10,750,000 for the six months ended June 30, 2024, down from RMB 12,105,000 in the same period of 2023, representing a reduction of about 11.2%[19]. - The depreciation expense for property, plant, and equipment was RMB 5,178,000 for the six months ended June 30, 2024, compared to RMB 6,201,000 in the same period of 2023, indicating a decrease of approximately 16.5%[18]. - The company reported a tax expense of RMB 374,000 for the six months ended June 30, 2024, compared to RMB 2,567,000 for the same period in 2023, indicating a significant decrease of approximately 85.4%[20]. Strategic Initiatives - The company is currently evaluating the potential impact of new accounting standards that will be effective from January 1, 2024, but has not yet estimated their effects on performance[7]. - The company is exploring new growth opportunities while executing its medium to long-term strategic development goals[33]. - The company plans to strengthen risk management strategies in response to global energy market uncertainties, focusing on stable growth and business model transformation[44]. - The company has a comprehensive business model for LPG, including upstream procurement from large suppliers and domestic refineries, which supports its sales operations[35]. - The company has a strong upstream procurement network for LNG, supported by major LNG terminal companies[37]. Corporate Governance - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[69]. - The company has adhered to corporate governance standards as outlined in the listing rules as of June 30, 2024[67]. - The company has established a code of conduct for directors regarding securities trading, which complies with listing rules[68]. - The board believes that good corporate governance enhances financial management and risk control, benefiting long-term interests[67]. Risk Management - The company is exposed to currency risk primarily due to operations in China, with measures in place to mitigate foreign currency exposure[60]. - The company is focused on risk control mechanisms to identify and mitigate potential internal and external risks[33].
中油洁能控股(01759) - 2024 - 中期业绩