Financial Performance - For the six months ended June 30, 2022, Tianjin Tianbao Energy Co., Ltd. reported a consolidated revenue of approximately RMB 323.94 million, an increase of about 15.0% compared to RMB 281.75 million for the same period last year[5][10]. - The company recorded a loss attributable to equity shareholders of approximately RMB 9.15 million for the six months ended June 30, 2022, compared to a profit of RMB 1.09 million for the same period last year[5][10]. - Basic and diluted loss per share for the six months ended June 30, 2022, was RMB 5.72, a decline from earnings of RMB 0.68 per share in the same period last year[8][10]. - The company reported a pre-tax loss of RMB 8.42 million for the six months ended June 30, 2022, compared to a pre-tax profit of RMB 4.73 million for the same period last year[10]. - The total comprehensive income for the six months ended June 30, 2022, was RMB (9,152) thousand, reflecting a significant decline from the previous year's RMB 1,094 thousand[134]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 829.48 million, down from RMB 873.55 million as of December 31, 2021[10]. - Total liabilities decreased to RMB 423.58 million as of June 30, 2022, from RMB 461.33 million as of December 31, 2021[10]. - The net asset value of the company was RMB 405.91 million as of June 30, 2022, compared to RMB 412.22 million as of December 31, 2021[10]. - Cash and cash equivalents decreased by approximately 41.0% to RMB 109.841 million by June 30, 2022, from RMB 186.141 million at the end of 2021[50]. - The debt-to-equity ratio improved to 1.04 by June 30, 2022, down from 1.12 at the end of 2021, due to repayment of short-term loans and supplier debts[51]. Revenue Segments - The company’s electricity sales were approximately 121.36 million kWh, down about 6.7% from approximately 130.02 million kWh in the previous year, mainly due to reduced electricity demand from users affected by the pandemic[24]. - The company’s revenue from the electricity distribution segment increased by approximately 6.8% to about RMB 90.53 million, driven by a 20% fluctuation in coal-fired electricity prices due to high coal prices[28]. - The revenue from the energy production and supply segment rose by approximately 16.3% to about RMB 220.65 million, attributed to the establishment of a coal-steam price linkage mechanism[29]. Operational Efficiency and Future Plans - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[15]. - Management is committed to ongoing research and development of new technologies to support market expansion and improve product offerings[15]. - The company is actively exploring potential investment projects in solar, wind, geothermal heating, and comprehensive energy management to broaden its development path[21]. - The company is focused on expanding its light asset business and enhancing its energy management capabilities through contract energy management projects[76]. Costs and Expenses - The company’s costs in the energy production and supply segment increased by approximately 24.0% to about RMB 220.27 million, primarily due to significant increases in coal procurement costs[33]. - The gross profit of the energy production and supply segment plummeted by approximately 96.8% to about RMB 0.38 million, mainly due to soaring coal prices impacting steam production costs[37]. - Financial costs increased by approximately 13.9% to RMB 6.941 million in the first half of 2022 from RMB 6.095 million in the same period last year, primarily due to increased interest expenses[40]. - Fuel costs rose by approximately 29.9% to RMB 148.052 million in the first half of 2022 from RMB 113.981 million in the same period last year, driven by significant increases in domestic coal prices[41]. Capital Expenditures and Investments - Capital expenditures in the first half of 2022 amounted to approximately RMB 30.58 million, primarily for the Lingang thermal power gas distributed energy station project[58]. - The company is advancing the Lingang Thermal Power Gas Distributed Energy Station project, procuring five gas boilers with a capacity of 40 tons/hour and two 15MW gas turbines, among other equipment[62]. - The company has initiated the construction of a distributed photovoltaic power generation project in the Tianjin Port Free Trade Zone, with the first phase of 3.9MWp already connected to the grid[77]. Shareholder Information and Governance - Major shareholders include Tianbao Holdings with 68.54% and Tianjin Free Trade Zone Investment Holdings with 72.29% of the shares[92]. - The company did not propose any interim dividend for the six months ended June 30, 2022[99]. - The audit committee consists of three non-executive directors, with a majority being independent[86]. - The independent non-executive directors confirmed that the controlling shareholders complied with the non-competition agreement during the reporting period[95]. Compliance and Risks - The company has not faced significant foreign exchange risks, as its operations are primarily in China, and it does not have any hedging arrangements for currency fluctuations[71]. - The company has not violated any loan covenants as of June 30, 2022, ensuring compliance with financial performance indicators[185]. - The company has not identified any significant uncertainties that could severely impact its ongoing viability[114].
天保能源(01671) - 2022 - 中期财报