CDGAS(SH:603053)2025-04-18 09:00Financial Performance - The company's operating revenue for 2024 reached ¥5,273,730,168.17, an increase of 1.95% compared to ¥5,172,823,210.24 in 2023[19] - The net profit attributable to shareholders for 2024 was ¥488,752,288.13, reflecting a decrease of 7.10% from ¥526,130,491.53 in 2023[19] - The net cash flow from operating activities decreased by 50.06% to ¥656,365,290.33 in 2024, down from ¥1,314,391,743.25 in 2023[19] - The total assets as of the end of 2024 amounted to ¥8,198,841,037.76, a slight increase of 1.12% from ¥8,108,124,235.67 at the end of 2023[19] - The net assets attributable to shareholders increased by 5.46% to ¥4,674,046,184.11 at the end of 2024, compared to ¥4,431,986,469.98 at the end of 2023[19] - The basic earnings per share for 2024 was ¥0.55, down 6.78% from ¥0.59 in 2023[20] - The weighted average return on equity decreased to 10.76% in 2024, down from 12.41% in 2023, a reduction of 1.65 percentage points[20] - The net profit after deducting non-recurring gains and losses was ¥471,978,102.71 in 2024, a decrease of 6.59% from ¥505,251,356.29 in 2023[19] Revenue and Sales - The total operating revenue for 2024 was CNY 5,273.73 million, an increase of CNY 100.91 million, or 1.95% year-on-year[29] - The net profit attributable to shareholders of the listed company for 2024 was CNY 488.75 million, a decrease of CNY 37.38 million, or 7.10% year-on-year[29] - The total gas supply for the year reached 1.803 billion m³, representing a year-on-year increase of 6.42%[29] - The residential gas sales volume increased by 8.58% year-on-year, while industrial and commercial gas sales volume rose by 2.33%[29] - The company developed 79,680 new residential users, a year-on-year increase of 5.69%, and 9,514 new non-residential users[30] Cash Flow and Investments - The net cash flow from operating activities for the first quarter was CNY 58.73 million, with a significant increase in the second quarter to CNY 336.87 million[23] - The net cash flow from operating activities decreased by 50.06% to 65,636.53 million CNY[72] - The company's investment activities generated a net cash outflow of 53,874.40 million CNY, an improvement of 45.40% year-on-year[72] - The net cash flow from investing activities in 2024 was CNY -538.74 million, mainly affected by changes in time deposits and structured deposits[73] - The net cash flow from financing activities in 2024 was CNY -322.93 million, primarily due to the repayment of government bonds for the LNG emergency peak-shaving storage project and dividend payments[73] Operational Developments - The company achieved a total revenue of 81.51 million yuan in the integrated energy business, representing a year-on-year growth of 103.35%[32] - The company successfully expanded its distributed energy projects, reaching a total of 20 operational projects, including 6 new projects during the reporting period[32] - The company constructed 25.78 kilometers of new underground pipelines, increasing gas transmission capacity by 1.6 million cubic meters per day[37] - The company achieved a serious hazard rectification rate of 88.68% for residential users, ensuring comprehensive safety training and awareness[40] Strategic Initiatives - The company is committed to green and low-carbon development, exploring distributed energy projects and innovative business models such as hydrogen energy[53] - The company has established a comprehensive energy business model that includes energy management and carbon trading services, aligning with market trends[53] - The company is focused on expanding its service offerings, including gas appliance sales and insurance services, to meet diverse customer needs[52] - The company is actively pursuing the integration of gas pipeline networks with its subsidiaries to improve operational connectivity within its service areas[55] Governance and Management - The company held its 2023 annual general meeting on May 10, 2024, where all proposals were approved without any objections[107] - The company has maintained independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring compliance with legal regulations[106] - The company’s governance level has continuously improved, laying a solid foundation for stable development[106] - The company appointed new independent directors, including Li Jianxun and Wu Jiazhen, effective December 2023[114] Environmental and Social Responsibility - The company invested 8.4 million yuan in environmental protection during the reporting period[152] - The company implemented carbon reduction measures that resulted in a decrease of approximately 30,000 tons of CO2 equivalent emissions[154] - The company actively promotes energy replacement projects, significantly optimizing energy utilization efficiency and contributing to regional green development[154] - The company has committed to fulfilling social responsibilities and has disclosed a sustainable development report[155] Risks and Challenges - The company has identified several risks, including price fluctuations due to market demand and supply, which could impact installation profits and overall financial performance[94] - The company faces competition risks from reduced land supply and slower real estate development, which may affect new project growth and connection business[95] - The company recognizes the risk of alternative energy sources, such as electric and fuel cell vehicles, which may reduce the market share of compressed natural gas (CNG) in transportation[97] - The company must adapt to policy changes that could directly impact gas prices, market access, and overall demand, affecting profitability[99]