Financial Performance - The company's operating revenue for the first half of 2022 was RMB 911,796,704.56, an increase of 16.1% compared to RMB 785,182,665.72 in the same period of 2021[8]. - The net profit for the first half of 2022 was RMB 1,718,848.22, a significant recovery from a net loss of RMB 7,005,206.84 in the first half of 2021[8]. - Total revenue for the first half of 2022 reached RMB 862,939,300.40, an increase from RMB 809,820,754.32 in the same period of 2021, representing a growth of approximately 6.4%[15]. - The company’s basic earnings per share for the first half of 2022 was RMB 0.001, compared to a loss per share of RMB 0.004 in the same period of 2021[8]. - The company reported a total of RMB 12,568,431.42 in taxes paid during the first half of 2022, down from RMB 18,792,129.56 in the same period of 2021, reflecting a decrease of approximately 33.0%[15]. - Investment income for the first half of 2022 was RMB 3.96 million, a recovery from an investment loss of RMB 0.22 million in the first half of 2021[24]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 2,191,695,038.24, down from RMB 2,345,374,239.46 at the end of 2021, representing a decrease of 6.5%[2]. - Current assets totaled RMB 1,207,366,854.03, a decrease of 13.1% from RMB 1,389,247,365.73 at the end of 2021[2]. - The company's total liabilities decreased to RMB 533,791,364.37 from RMB 691,715,886.33, reflecting a reduction of 22.8%[4]. - Cash and cash equivalents decreased to RMB 838,469,238.88 from RMB 1,150,947,998.99, a decline of 27.1%[2]. - The company reported an increase in accounts receivable to RMB 258,798,390.10, up 64.5% from RMB 157,289,566.44 in the previous year[2]. - The company’s long-term equity investments increased to RMB 53,285,238.27 as of June 30, 2022, compared to RMB 49,135,974.84 at the end of 2021, showing a growth of approximately 8.7%[21]. Cash Flow - Operating cash flow for the first half of 2022 showed a net outflow of RMB 296,447,489.18, compared to a net outflow of RMB 84,786,954.68 in the first half of 2021, indicating a significant increase in cash outflow[15]. - The net cash flow from investment activities for the first half of 2022 was RMB (15,208,623.91), a significant improvement from RMB (152,448,638.47) in the same period of 2021[17]. - The net increase in cash and cash equivalents for the first half of 2022 was RMB (311,978,636.01), compared to RMB (237,230,635.95) in the same period of 2021, reflecting a decrease in cash reserves[34]. - The ending balance of cash and cash equivalents as of June 30, 2022, was RMB 624,533,900.63, up from RMB 262,057,392.59 at the end of June 2021, showing a significant increase of 138.5% year-over-year[34]. Shareholder Equity - The total equity attributable to shareholders of the parent company increased slightly to RMB 1,658,788,376.93 from RMB 1,654,488,717.13[6]. - The company reported a total equity of RMB 1.67 billion as of June 30, 2022, slightly up from RMB 1.66 billion at the end of 2021[23]. Operational Strategy - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming periods[8]. - The company continues to focus on expanding its infrastructure, particularly in pipeline renovations and gas station upgrades, to enhance service delivery and operational efficiency[200]. Accounting Policies - The financial statements were approved by the board of directors on August 26, 2022[47]. - The accounting policies used in the financial report are consistent with those applied in the 2021 financial statements[50]. - The company follows the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of financial conditions[53]. - The group classifies financial assets at initial recognition based on the business model for managing financial assets and the contractual cash flow characteristics, including those measured at amortized cost and fair value[72]. Inventory and Fixed Assets - The company’s inventory as of June 30, 2022, was RMB 4,969,475.93, slightly up from RMB 4,661,939.14 at the end of 2021, indicating a growth of about 6.6%[21]. - Fixed assets as of June 30, 2022, amounted to RMB 828,521,011.91, a slight decrease from RMB 856,344,015.45 as of December 31, 2021, reflecting a reduction of approximately 3.24%[187]. - The accumulated depreciation for fixed assets increased to RMB 55,271,315.18 as of June 30, 2022, compared to RMB 53,000,093.42 at the beginning of the period, showing an increase of about 4.29%[194]. Revenue Recognition - Revenue is recognized when the company fulfills its performance obligations in contracts, specifically when customers gain control over the related goods or services[122]. - The company confirms revenue from sales contracts when the control of natural gas, gas meters, and gas stoves is transferred to customers[123]. - For construction contracts related to gas pipeline connections, revenue is recognized based on the progress of performance, using the input method to determine the progress based on incurred costs[125]. Bad Debts and Provisions - The provision for bad debts was RMB 14,339,664.89 as of June 30, 2022, down from RMB 16,013,828.04 on December 31, 2021, indicating a reduction of about 10.5%[167]. - The company recognized a bad debt provision of RMB 268,442.83 for the first half of 2022, compared to RMB 4,793,272.42 in the same period of 2021[172]. - The company has not recognized any new bad debt provisions for other receivables in 2022, maintaining the previous year's provision level[180].
天津津燃公用(01265) - 2022 - 中期财报