Financial Performance - The company's revenue for the year ended December 31, 2022, was approximately RMB 1,780,359,000, representing an increase of about 13% compared to RMB 1,579,770,000 in the previous year[26]. - The operating loss for the year was RMB 90,708,000, a significant decline from an operating profit of RMB 7,909,000 in the previous year[15]. - The net loss attributable to shareholders for the year was RMB 68,345,000, compared to a profit of RMB 1,432,000 in the previous year[15]. - The gross profit margin decreased from approximately 0.54% in the previous year to a loss margin of about 5.68% in the current year[26]. - As of December 31, 2022, the group had cash and cash equivalents of approximately RMB 964,053,000, an increase of about 3% from RMB 936,590,000 in the previous year[52]. - Accounts payable increased by approximately 117%, reaching RMB 434,171,000 compared to RMB 200,485,000 in the previous year[52]. - In 2022, the company experienced a significant decline in operating performance, with ongoing pressure for growth[40]. Corporate Governance - The company has revised its articles of association to update shareholder information and improve corporate governance[37]. - The major shareholder, Tianjin Huaren, holds approximately 70.54% of the company's issued share capital[36]. - The board consists of one-third independent non-executive directors, ensuring a high level of independence[79]. - The company emphasizes the importance of high corporate governance standards to enhance performance, transparency, and accountability[76]. - The supervisory board is responsible for monitoring the actions of senior management to ensure compliance with laws and company regulations[69]. - The company has appointed independent directors with significant experience in management and finance, enhancing governance quality[68]. - The company has established effective corporate governance practices based on the principles outlined in the corporate governance code[76]. - The supervisory board has the authority to review the company's financial status and ensure corrective actions are taken when necessary[69]. - The company has a dedicated audit committee to oversee financial reporting and compliance[68]. - The board collectively is responsible for appointing and supervising senior management[77]. - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[104]. - The company has established a nomination committee to identify suitable candidates for board membership[84]. - The board maintains gender diversity, ensuring at least one female representative seat[85]. - The board is responsible for setting the group's goals, strategies, policies, and business plans[98]. - The management team is responsible for daily operations, reporting to the board[99]. - The company complies with all applicable corporate governance codes[96]. - The independent non-executive directors possess relevant business, financial, and management skills[86]. - The board's composition includes members with extensive experience in the energy sector and various professional fields[104]. - The company has a balanced board structure that ensures independence and objectivity[104]. - The board of directors has adopted a nomination policy to ensure qualified candidates for board membership, with final responsibility resting with the board[105]. - The nomination committee evaluates candidates based on qualifications and relevant expertise, considering diversity factors such as gender, age, and professional experience[106]. - The company has provided comprehensive materials and training to directors to ensure compliance with regulations and best practices[116]. - The nomination committee will regularly review the effectiveness of the board diversity policy[122]. - The board has maintained a high standard of corporate governance, ensuring all procedures comply with established codes[126]. Strategic Focus and Development - The company anticipates that natural gas will become the primary fuel for urban residents, with significant applications in transportation and industrial sectors[34]. - The company aims to enhance its financial management system to reduce operating costs and maximize project returns[35]. - The company aims to strengthen internal reforms and management to enhance institutional construction and implementation, preventing systemic risks[40]. - The focus will be on expanding the pipeline gas market and deepening user demand within existing market shares[40]. - The company plans to actively coordinate with gas source units and natural gas price management departments to resolve pricing mechanism issues[40]. - The company will continue to emphasize balanced development in the natural gas business while exploring pipeline gas market opportunities through mergers and acquisitions[49]. - The board will implement a new development philosophy to stimulate innovation and enhance value-added services[40]. - The company is committed to sustainable development and will advance ESG responsibilities while enhancing legal compliance and corporate governance[40]. - The company has received annual independence confirmations from all existing independent non-executive directors, ensuring balanced and independent opinions in strategic decisions[137]. - The board is supported by three committees: the remuneration committee, nomination committee, and audit committee, each with clear responsibilities[141]. - Directors participated in various training and professional development activities to enhance their knowledge and skills throughout the year[150]. - The company adopted a strict code of conduct for securities trading by directors and supervisors, in compliance with listing rules[136]. - The company is committed to continuous improvement in corporate governance practices and compliance with applicable laws and regulations[135]. - In 2022, the company focused on strengthening its compliance system, enhancing board construction, and optimizing the institutional framework[185]. - The company aimed to mitigate the impact of COVID-19 by seeking new users transitioning from other energy sources to gas, while also reviewing existing and potential investments[189]. - The company emphasized the importance of internal control and cost management to lower risks during challenging times[189]. Operational Improvements - The company focused on enhancing service quality, optimizing installation services, and streamlining processes to improve operational efficiency[161]. - Significant investments were made in technology and funding for the renovation of old pipelines and indoor equipment to ensure safety and stable gas supply[161]. - The company aims to improve governance structure and enhance public service levels while exploring new growth points[161]. - The board of directors and management are committed to overcoming difficulties and seeking new opportunities for development[161].
天津津燃公用(01265) - 2022 - 年度财报