Company Operations - The company operates in Gaomi City, Shandong Province, with a 30-year franchise agreement for pipeline natural gas sales, covering approximately 70% of the city's administrative area[8]. - As of the reporting period, the company has 150,161 residential, 385 industrial, and 5,407 commercial active end-users, representing increases of approximately 3.5%, 4.3%, and 8.8% respectively compared to December 31, 2023[8]. - The company's urban pipeline network includes approximately 729.4 kilometers of completed medium-pressure pipelines[8]. Sales and Revenue - The total sales volume of pipeline natural gas for the period was approximately 47.6 million cubic meters, remaining stable compared to 47.7 million cubic meters in the same period of 2023[8]. - The total revenue from pipeline natural gas sales was RMB 167.5 million, a decrease of 4.1% compared to RMB 174.6 million in the same period of 2023[9]. - The sales revenue from retail customers for pipeline natural gas was RMB 163.5 million, down 3.9% from RMB 170.2 million in the same period of 2023[9]. - The revenue from compressed natural gas and liquefied natural gas sales was RMB 10.0 million, a decrease of 23.7% from RMB 13.1 million in the same period of 2023[10]. - Revenue from construction and installation services was RMB 12.0 million, down 11.1% from RMB 13.5 million in the same period of 2023[11]. - Revenue from gas appliance sales increased by 24.2% to RMB 4.1 million, compared to RMB 3.3 million in the same period of 2023[12]. - The total revenue for the period was RMB 193.6 million, a slight decrease of 5.3% from RMB 204.5 million in the same period of 2023[13]. Profitability and Financial Performance - Gross profit was RMB 28.1 million, down 9.4% from RMB 31.0 million in the same period of 2023, with a gross margin of 14.5% compared to 15.2% in the same period of 2023[14]. - The profit attributable to the owners of the company was RMB 15.2 million, a decrease of 18.7% from RMB 18.7 million in the same period of 2023[18]. - Operating profit decreased to RMB 21,363,000, a decline of 17.5% from RMB 25,929,000 in the previous year[41]. - Net profit attributable to the owners of the company was RMB 15,248,000, down 18.5% from RMB 18,723,000 in 2023[41]. Financial Position - As of June 30, 2024, the group's current assets amounted to RMB 315.1 million, a 4.2% increase from RMB 302.4 million as of December 31, 2023[21]. - The group's cash and bank balances stood at RMB 225.9 million as of June 30, 2024[21]. - The current ratio was 123.5% as of June 30, 2024, down from 128.0% as of December 31, 2023[21]. - The debt-to-asset ratio increased to 47.6% as of June 30, 2024, compared to 46.0% as of December 31, 2023[21]. - Total assets as of June 30, 2024, amounted to RMB 571,178,000, an increase from RMB 549,287,000 as of December 31, 2023[42]. - Total equity attributable to owners of the company was RMB 283,033,000, slightly up from RMB 281,011,000 at the end of 2023[43]. Cash Flow - Cash flow from operating activities for the six months ended June 30, 2024, was RMB 13,370 thousand, down from RMB 15,564 thousand in the previous year, representing a decline of approximately 14.0%[47]. - The company reported a significant increase in cash flow from investing activities, with a net inflow of RMB 56,019 thousand for the six months ended June 30, 2024, compared to a net outflow of RMB 13,219 thousand in the same period of 2023[47]. - The total cash and cash equivalents at the end of the reporting period were RMB 210,786 thousand, up from RMB 142,263 thousand at the end of June 30, 2023, marking an increase of approximately 48.1%[47]. Employee and Management - The group employed a total of 137 employees in China as of June 30, 2024, up from 104 employees a year earlier[25]. - Total employee costs for the period amounted to RMB 5.8 million[25]. - The total compensation for key management personnel increased to RMB 323 for the six months ended June 30, 2024, compared to RMB 265 in the same period of 2023[122]. Corporate Governance - The company has adopted high standards of corporate governance and has complied with all applicable provisions of the corporate governance code during the reporting period[30]. - The company has implemented all recommended remedial measures from internal control consultants to ensure compliance with applicable listing rules and regulations[30]. - The company’s governance framework emphasizes continuous monitoring of risk management and internal control systems by the board[30]. Risks and Compliance - The group faces various financial risks, including market risk (foreign exchange, interest rate, and price risks), credit risk, and liquidity risk, managed through financial management policies[54]. - The company’s internal control review identified deficiencies in compliance process management and fund management, with corresponding recommendations provided[30]. - The group has not made any changes to its risk management policies since the end of the previous financial year[54]. Dividends - The company did not declare an interim dividend for the six months ended June 30, 2024[40]. - The company declared dividends amounting to RMB 13,226 thousand during the reporting period, which is a decrease from RMB 17,651 thousand declared in the same period last year[46]. - The company declared a final dividend of HKD 0.033 per share, totaling HKD 14,520,000 (approximately RMB 13,226,000) for the year ended December 31, 2023[106].
交运燃气(01407) - 2024 - 中期财报