Financial Performance - For the first half of 2022, the Group's revenue was approximately RMB 1,477 million, an increase of approximately 17.41% compared to RMB 1,258 million in the same period last year[9]. - The Group's profit for the Period was approximately RMB 16.68 million, representing a decrease of approximately 86.01% from RMB 119.24 million in the previous year, primarily due to losses from joint ventures[9]. - Basic earnings per share for the Company were RMB 0.05 cents, down from RMB 1.18 cents in the previous year[9]. - Gross profit decreased to RMB 153,855, down 17.2% from RMB 185,839 in the prior year, indicating a decline in profitability[83]. - Profit for the period attributable to owners of the company was RMB 4,070, a significant drop of 96.1% from RMB 105,701 in the same period last year[85]. - Total comprehensive income for the period was RMB 11,658, down 89.7% from RMB 113,390 in the previous year[85]. Revenue Breakdown - The piped gas transmission and distribution business generated revenue of approximately RMB 484.42 million, an increase of approximately 11.87% compared to the previous year, accounting for approximately 32.79% of total revenue[16]. - Revenue from piped gas sales was approximately RMB 438,206,000, representing an increase of approximately RMB 67,740,000 or 18.29% compared to the same period last year, with sales volume reaching approximately 202.21 million m³, an increase of approximately 17.31%[22]. - Revenue from gas distribution business was approximately RMB 527,953,000, an increase of approximately RMB 195,886,000 or 58.99% compared to the same period last year, accounting for approximately 35.74% of total revenue[35]. - Revenue from cylinder gas supply business was approximately RMB 414,878,000, a decrease of approximately RMB 25,332,000 or 5.75% compared to the same period last year, with a sales volume of approximately 51,527 tons, down approximately 35.19%[29]. - The company’s food ingredients supply and FMCG business generated revenue of approximately RMB 49,954,000, accounting for approximately 3.38% of total revenue[37]. Cost and Expenses - The overall gross profit margin decreased to approximately 10.42%, down 4.36 percentage points from 14.78% in the previous year, attributed to rising costs of sales and services[9]. - Selling and distribution expenses decreased to approximately RMB 68,427,000 from RMB 73,308,000 in 2021, a decrease of approximately RMB 4,881,000 due to cost control measures[56]. - Administrative expenses increased to approximately RMB 67,400,000 from RMB 62,627,000 in 2021, an increase of approximately RMB 4,773,000 mainly due to higher salaries[56]. - Finance costs decreased to approximately RMB 2,038,000 from RMB 2,932,000 in 2021, a reduction of approximately RMB 894,000[56]. Customer Growth - As of June 30, 2022, the accumulated number of connected residential household customers was 519,666 units, representing a growth of approximately 6.01% compared to the previous year[17]. - The accumulated number of connected commercial and industrial customers was 11,125 units, reflecting a growth of approximately 7.33% compared to the same period last year[17]. - The company added 12,746 new residential users and 282 new commercial users during the period, with total residential users reaching 519,666, an increase of approximately 6.01% year-on-year[19]. Economic Outlook - The Group remains cautious about future economic development due to ongoing global uncertainties, including the US-China trade war and the impact of the coronavirus pandemic[64]. - The Group maintains a cautious outlook on future economic development due to ongoing negative factors such as the US-China trade war, the COVID-19 pandemic, and the Russia-Ukraine conflict[67]. - The Group's management remains confident in the long-term healthy development of China's economy despite recent challenges[71]. Acquisitions and Investments - The company acquired a 70% equity interest in Kunming Shengjian Hengtong Gas Products Co., Ltd. for a total consideration of RMB 9,352,000 in March 2022[41]. - The net assets of the acquired company were approximately RMB 13,360,000, subject to adjustment upon completion of the initial accounting for the business combination[43]. - The company acquired property, plant, and equipment amounting to approximately RMB 36,319,000 during the six months ended June 30, 2022, down from RMB 61,087,000 in the same period of 2021[167]. Segment Performance - The Group operates in four main segments: piped gas transmission and distribution, cylinder gas supply, gas distribution, and food ingredients supply and FMCG[121]. - Segment revenue from external customers for piped gas transmission and distribution was RMB 484,421,000, cylinder gas supply was RMB 414,878,000, gas distribution was RMB 527,953,000, and food ingredients supply was RMB 49,954,000, totaling RMB 1,477,206,000[126]. - The segment profit for piped gas transmission and distribution was RMB 39,133,000, while the gas distribution segment incurred a loss of RMB 5,439,000[126]. Cash Flow and Financial Position - For the six months ended June 30, 2022, the net cash used in operating activities was RMB (2,394,000), a decrease from RMB 23,600,000 in the same period of 2021[101]. - The net cash used in investing activities was RMB (20,432,000), compared to RMB (79,115,000) in the prior year, indicating a reduction in investment outflows[101]. - Cash and cash equivalents at the end of the period were RMB 529,047,000, down from RMB 540,369,000 at the end of June 2021[101]. - Total current liabilities increased to RMB 626,222, compared to RMB 586,389 at the end of 2021, indicating a rise in short-term financial obligations[88]. Trade and Receivables - Trade receivables (net of allowance for credit loss) rose to RMB 97,710,000 as of June 30, 2022, compared to RMB 52,925,000 as of December 31, 2021, reflecting a significant increase of 84.6%[171]. - The gross carrying amount of trade receivables was approximately RMB 297,214,000 as of June 30, 2022, up from RMB 242,715,000 at the end of 2021, indicating a growth of 22.5%[171]. - Total trade, bills, and other receivables and prepayments amounted to RMB 261,902,000 as of June 30, 2022, compared to RMB 204,644,000 at the end of 2021, representing an increase of 28%[173].
中民控股(00681) - 2022 - 中期财报