德龙汇能(000593) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board and management guarantee the report's accuracy, and no cash dividends or bonus shares are planned for H1 2025 - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or material omissions[4] - Company responsible officer Zhu Ming, head of accounting Qin Liang, and head of accounting department Chen Jiaxi declare that the financial report herein is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[5] Company Profile and Key Financial Indicators This section provides the company's basic information and presents its key financial performance metrics for the reporting period Company Profile Delong Huineng Group Co., Ltd. (stock code: 000593) is a company listed on the Shenzhen Stock Exchange, with Zhu Ming as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Delong Huineng | | Stock Code | 000593 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | Delong Huineng Group Co., Ltd. | | Legal Representative | Zhu Ming | Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of RMB 889.56 million, a 4.49% increase year-on-year, but net profit attributable to shareholders decreased by 20.25% to RMB 24.71 million, with operating cash flow significantly down by 38.92% Key Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 889,562,105.55 | 851,310,393.35 | 4.49% | | Net Profit Attributable to Shareholders | 24,707,380.75 | 30,980,179.68 | -20.25% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 24,564,133.81 | 26,962,569.87 | -8.90% | | Net Cash Flow from Operating Activities | 38,078,904.35 | 62,337,775.10 | -38.92% | | Basic Earnings Per Share (RMB/share) | 0.070 | 0.087 | -19.54% | | Weighted Average Return on Net Assets | 2.87% | 3.61% | Decreased 0.74 percentage points | | Total Assets | 1,923,975,305.64 | - | -1.71% (vs. prior year-end) | | Net Assets Attributable to Shareholders | 874,393,841.62 | - | 3.02% (vs. prior year-end) | Non-recurring Gains and Losses and Amounts The company's non-recurring gains and losses totaled RMB 0.14 million during the reporting period, primarily from government subsidies and fair value changes from equity transfer Details of Non-recurring Gains and Losses | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 50,851.67 | Gains/losses from disposal of certain fixed assets | | Government Grants Recognized in Current P&L | 942,761.52 | Various government awards and subsidies received | | Fair Value Changes from Financial Assets/Liabilities | -777,600.00 | Loss from transfer of associate company equity during the reporting period | | Other Non-operating Income and Expenses | 88,651.85 | Contract liquidated damages received by subsidiaries | | Total | 143,246.94 | - | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and strategic initiatives Principal Business The company's core business is clean energy supply services, primarily urban gas, with strategic expansion into LNG, hydrogen energy, and distributed PV - The company aims to be a leading clean energy supply service provider, deeply cultivating the gas business while actively expanding into new energy, promoting integrated development[28] - Urban gas business is the company's core, operating an integrated "resource + pipeline + terminal" model with exclusive concessions in multiple regions including Sichuan, Jiangxi, Liaoning, and Hubei; new users increased by 10,000 during the period, serving a total of 558,000 users[30] - The company actively develops its LNG business, becoming a leading supplier in East China and expanding into Southwest China, while steadily developing comprehensive energy services like contract energy management, industrial park hydrogen energy services, and distributed PV in line with "dual carbon" policies[36][37][38] Analysis of Core Competencies The company's core competencies stem from its exclusive operating rights, integrated pipeline and diversified gas sources, centralized procurement, talent strategy, and established brand - The company holds exclusive gas operating rights in multiple cities, a key competitive advantage that secures government support for urban renewal and pipeline upgrades[42] - The company employs a dual-driven strategy of "pipeline infrastructure + gas source management," maintaining strong partnerships with upstream suppliers like the "three major oil companies" to ensure stable gas supply and cost advantages[43] - The company implements centralized material procurement, effectively reducing purchasing costs and inventory risks; during the period, production-related centralized procurement amounted to RMB 26.23 million, with a centralized procurement rate of 79.4%, up 0.7 percentage points year-on-year[44] Analysis of Principal Business Operating revenue increased by 4.49% due to higher gas sales, but a greater increase in operating costs led to a 2.65 percentage point decline in gas supply gross margin, with Sichuan and Jiangsu showing strong revenue growth while Jiangxi and Yunnan declined Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 889,562,105.55 | 851,310,393.35 | 4.49% | Increase in gas sales, sales, installation, and service revenue | | Operating Cost | 789,291,649.98 | 738,301,673.65 | 6.91% | Increase in gas sales, related procurement and operating costs | | Net Cash Flow from Operating Activities | 38,078,904.35 | 62,337,775.10 | -38.92% | Subsidiary received large pipeline renovation funds in prior period, no such item this period | Principal Business by Industry/Product | Industry/Product Segment | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gas Supply and Related Revenue | 842,442,591.70 | 768,868,780.40 | 8.73% | 4.15% | 7.26% | -2.65% | Principal Business by Region | Region | Operating Revenue (RMB) | Proportion of Total Revenue | YoY Change in Operating Revenue | Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Sichuan Province | 297,152,121.54 | 33.40% | 14.16% | 18.18% | | Jiangsu Province | 215,882,974.05 | 24.27% | 11.31% | 4.77% | | Jiangxi Province | 132,611,160.15 | 14.91% | -16.15% | 13.15% | | Yunnan Province | 97,879,644.37 | 11.00% | -6.49% | -1.20% | Analysis of Assets and Liabilities Total assets were RMB 1.92 billion, a slight decrease of 1.71% from year-end, with stable asset structure and a significant reduction in long-term borrowings due to reclassification and repayment - Long-term borrowings at period-end were RMB 82.315 million, a significant decrease from RMB 151 million at year-end, primarily due to reclassification of some long-term borrowings to non-current liabilities due within one year and loan repayments[54] - Receivables financing increased from RMB 49.68 million at the beginning of the period to RMB 68.18 million, mainly due to an increase in bank acceptance bills received during the reporting period[54] - As of the end of the reporting period, RMB 82.06 million in assets were restricted due to security deposits, letters of guarantee, and bank borrowings[58] Analysis of Investment Status The company's investment amounted to RMB 5.64 million, a 93.80% increase year-on-year, with the natural gas-to-hydrogen project still in early stages Investment Amount Change | Investment in Current Period (RMB) | Investment in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | | 5,641,440.97 | 2,910,947.00 | 93.80% | - The company's significant ongoing non-equity investment is a self-built natural gas-to-hydrogen project, with a progress of 2.35% and an investment of RMB 0.17 million during the reporting period[60] Significant Asset and Equity Disposals The company sold a 3.60% stake in Sichuan Senpu Pipe Industry Co., Ltd. for RMB 3.73 million, resulting in a RMB 0.661 million reduction in consolidated net profit Significant Equity Disposal Details | Counterparty | Equity Disposed | Transaction Price (RMB million) | Impact on Company Net Profit (RMB million) | | :--- | :--- | :--- | :--- | | Sichuan Jiannanchun (Group) Co., Ltd. | 3.60% equity in Sichuan Senpu Pipe Industry Co., Ltd. | 3.7325 | -0.6610 | Analysis of Major Holding and Associate Companies The primary profit contributor was Deyang Jingneng Natural Gas Co., Ltd. with RMB 25.90 million net profit, while some subsidiaries like Qujing Malong Shengneng Gas Co., Ltd. and Dalian New Century Gas Co., Ltd. incurred losses Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Deyang Jingneng Natural Gas Co., Ltd. | 347,464,097.88 | 30,392,943.31 | 25,902,446.61 | | Shangrao Datong Gas Engineering Co., Ltd. | 133,267,933.83 | 6,250,186.26 | 5,044,461.54 | | Suzhou Tianhong Gas Co., Ltd. | 216,561,227.75 | 3,671,302.62 | 2,643,212.60 | | Qujing Malong Shengneng Gas Co., Ltd. | 97,879,644.37 | -2,921,648.19 | -2,902,159.69 | | Dalian New Century Gas Co., Ltd. | 44,838,377.67 | -3,031,724.29 | -3,030,094.29 | Risks and Countermeasures The company faces risks from macroeconomic and policy fluctuations, natural gas price volatility, investment and M&A, safety management, and human resources, with corresponding mitigation strategies in place - The company faces risks including: - Macroeconomic and Policy Risks: The natural gas industry is highly correlated with the macroeconomy and susceptible to policy adjustments - Price Risks: Lagging upstream and downstream price linkage mechanisms may prevent timely cost pass-through - Investment and M&A Risks: Uncertainties exist regarding competition, integration synergy, and value realization - Safety Risks: Safety management is critical for gas companies, as any oversight could lead to significant risks - Human Resources Risks: Company expansion necessitates urgent demand for specialized and diversified talent[70][71][72][73][74] Corporate Governance, Environment, and Society This section details changes in the company's governance structure, its environmental initiatives, and social responsibility efforts Changes in Directors, Supervisors, and Senior Management During the reporting period, there were significant changes in the Board of Directors, Supervisory Board, and senior management, including several departures and the appointment of new directors, a supervisor, and a new President - During the reporting period, several directors, supervisors, and senior management personnel resigned due to personal reasons or job transfers[77] - Zhu Ming was elected as a director and appointed as President, while Guo Xiaopeng and Zhang Fu were newly elected as directors, and Wei Peiqi as a supervisor[77] Social Responsibility (ESG) The company actively fulfills its social responsibilities by ensuring energy supply, enhancing safety, promoting human-centric governance, fostering shared value, and driving green transformation - The company fully ensures residential gas supply, achieving the goal of "zero gas supply interruptions for residential users"[80] - Regarding safety, the company completed 187,000 household safety inspections, 205,600 kilometers of pipeline patrols, identified and rectified 5,331 safety hazards, and participated in drafting the "Safety Production Risk Prevention and Control Guide for Piped Gas Operators"[81] - The company explores a "gas + new energy" dual-driven low-carbon strategy, with the Jiangsu Huineng distributed PV project operating stably, and a natural gas-to-hydrogen and supporting pipeline integration project being developed in cooperation with Yangzhou Chemical Industrial Park[85] Significant Matters This section covers major legal proceedings, related party transactions, significant contracts, and other important corporate actions Litigation Matters The company is involved in two major lawsuits: a RMB 59.15 million contract dispute where a subsidiary appealed an unfavorable first-instance ruling, and a RMB 149.5 million equity repurchase dispute against former shareholders, currently in first-instance proceedings Significant Litigation and Arbitration Matters | Plaintiff/Applicant | Defendant/Respondent | Amount Involved (RMB million) | Litigation Progress | | :--- | :--- | :--- | :--- | | Subsidiary Ruiheng Energy, Beijing Baixiang | Guanghuan New Network, Kexin Shengcai | 59.1508 | First-instance judgment dismissed plaintiff's claims, second-instance appeal filed, no judgment yet | | Delong Huineng | Gao Ge, Ai Xue, Hao Mengyu (former shareholders of Shengneng Gas) | 149.50 | Lawsuit filed and pre-trial preservation applied for, defendant's jurisdiction objection dismissed, first-instance case not yet judged | Significant Related Party Transactions The company engaged in RMB 14.60 million in energy management services with Beijing Longyuan Weide Energy Technology Co., Ltd., a related party controlled by the ultimate controlling shareholder, remaining within the annual approved limit Related Party Transactions in Ordinary Course of Business | Related Party | Relationship | Transaction Content | Transaction Amount (RMB million) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Beijing Longyuan Weide Energy Technology Co., Ltd. | Enterprise controlled by ultimate controlling shareholder | Provision of labor (energy management services) | 14.6016 | 28.00 | Significant Contracts and Their Performance The company's significant contracts primarily involve guarantees for subsidiaries, totaling RMB 191.5 million in actual outstanding guarantees, and a long-term lease agreement generating RMB 5.998 million in rental income - Subsidiary Chengdu Hualian leased its Donghuan Plaza shopping mall assets to Chengdu Yilian Niuke Commercial and Trade Co., Ltd. for twenty years; during the reporting period, this lease generated RMB 5.998 million in rental income and RMB 2.017 million in net profit[104] Summary of Company Guarantees | Guarantee Type | Total Approved Guarantee Limit at Period-End (RMB million) | Total Actual Guarantee Balance at Period-End (RMB million) | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 466.10 | 191.50 | | Subsidiary Guarantees for Other Subsidiaries | 39.99 | 24.975 | | Total | 506.09 | 216.475 | - As of the end of the reporting period, the company's total actual guarantees accounted for 24.76% of its net assets[109] Other Significant Matters The company completed its share repurchase plan on March 24, 2025, repurchasing 3.23 million shares, or 0.8998% of total share capital, for RMB 17 million, intended for equity incentives or employee stock ownership plans - The company's share repurchase plan has been completed, repurchasing 3,226,800 shares, or 0.8998% of total share capital, through centralized bidding transactions[114] Share Repurchase Details | Item | Content | | :--- | :--- | | Number of Shares Repurchased | 3,226,800 shares | | Proportion of Total Share Capital | 0.8998% | | Highest Transaction Price | RMB 5.88/share | | Lowest Transaction Price | RMB 4.60/share | | Total Transaction Amount | RMB 16,998,909.00 (excluding transaction fees) | Significant Matters of Subsidiaries Due to Shengneng Gas's underperformance in 2024, the company initiated a lawsuit against former shareholders for RMB 149.5 million in outstanding equity repurchase payments and interest - Shengneng Gas's 2024 performance fell short of expectations, triggering the equity repurchase obligation of former shareholders Gao Ge and others[115] - As of the end of the reporting period, former shareholders had only paid RMB 20.6 million of the repurchase amount and failed to fulfill further obligations; the company has filed a lawsuit to recover the remaining repurchase amount and interest[117] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and their equity pledges Share Change Status The company's total share capital remained unchanged at 358.63 million shares, despite completing a share repurchase plan that added 3.23 million shares to treasury stock - The company's total share capital remained unchanged at 358,631,009 shares during the reporting period[120] - The company completed a share repurchase on March 25, 2025, repurchasing 3,226,800 shares for approximately RMB 17 million, reaching the lower limit of the repurchase plan[122] Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 25,814 common shareholders; controlling shareholder Beijing Dingxin Ruitong Technology Development Co., Ltd. held 32.00% with 74.94% pledged, while second-largest shareholder Tianjin Datong Investment Group Co., Ltd. held 10.80% with 100% frozen and pledged Shareholding of Top Two Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period-End | Share Status | | :--- | :--- | :--- | :--- | | Beijing Dingxin Ruitong Technology Development Co., Ltd. | 32.00% | 114,761,828 | Pledged 86,000,000 shares | | Tianjin Datong Investment Group Co., Ltd. | 10.80% | 38,732,528 | Frozen 38,732,528 shares; Pledged 38,540,000 shares | - Controlling shareholder Beijing Dingxin Ruitong pledged 74.94% of its company shares, accounting for 23.98% of the company's total share capital[126] - Shareholder Tianjin Datong Investment Group Co., Ltd.'s entire shareholding was pledged and frozen; post-reporting period, 16.09 million of its shares were judicially auctioned, reducing its stake to 6.31%[127][641] Bond-Related Information This section confirms the absence of any bond-related activities or outstanding bonds during the reporting period - The company had no bond-related information during the reporting period[133] Financial Report This section presents the company's audited financial statements, including balance sheets, income statements, and cash flow statements Financial Statements As of June 30, 2025, total assets were RMB 1.924 billion, total liabilities RMB 964.11 million, and equity attributable to parent RMB 874.39 million; H1 2025 operating revenue was RMB 889.56 million, net profit RMB 25.31 million, and net cash from operations RMB 38.08 million Consolidated Balance Sheet Key Items (2025-06-30) | Item | Period-End Balance (RMB) | | :--- | :--- | | Total Assets | 1,923,975,305.64 | | Total Liabilities | 964,112,629.89 | | Total Equity Attributable to Parent Company Owners | 874,393,841.62 | | Total Liabilities and Owners' Equity | 1,923,975,305.64 | Consolidated Income Statement Key Items (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 889,562,105.55 | | Operating Profit | 33,569,021.03 | | Total Profit | 33,656,038.53 | | Net Profit | 25,309,202.01 | | Net Profit Attributable to Parent Company Shareholders | 24,707,380.75 | Consolidated Cash Flow Statement Key Items (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 38,078,904.35 | | Net Cash Flow from Investing Activities | -24,787,217.62 | | Net Cash Flow from Financing Activities | -29,908,209.81 | | Net Increase in Cash and Cash Equivalents | -16,616,523.08 | Other Submitted Data This section includes additional data submitted, such as investor relations activities Investor Relations Activities During the reporting period, the company engaged in two investor communication events via phone and online platforms, discussing operations, strategy, and market value management - The company conducted two investor reception activities during the reporting period, including phone calls and online earnings briefings[691] - Key topics discussed with investors included the company's principal business, future development plans, market value management measures, and revenue sustainability[691]