Revenue and Sales Performance - For the first half of 2022, Sino Gas Holdings Group recorded revenue of approximately RMB 1,116.5 million, an increase of about RMB 355.0 million compared to RMB 761.5 million for the same period in 2021, driven by increased sales volume of liquefied petroleum gas (LPG) and higher sales prices of LPG and compressed natural gas (CNG) [16]. - The sales volume of liquefied petroleum gas reached 3,658.09 million tons, reflecting a year-on-year increase of 5.06% [10]. - The liquefied petroleum gas segment's sales revenue grew by 58.3% compared to the previous year [10]. - The natural gas segment's sales revenue increased by 17.7% year-on-year [11]. - For the six months ended June 30, 2022, the company recorded revenue from liquefied petroleum gas (LPG) sales of approximately RMB 972.3 million, an increase of approximately RMB 358.3 million compared to RMB 614.0 million for the same period in 2021 [18]. - The company reported revenue from compressed natural gas (CNG) sales of approximately RMB 134.0 million for the six months ended June 30, 2022, which is an increase of approximately RMB 20.4 million from RMB 113.6 million in the same period of 2021 [19]. - Revenue from liquefied natural gas (LNG) sales decreased to approximately RMB 5.3 million for the six months ended June 30, 2022, down approximately RMB 24.0 million from RMB 29.3 million in the same period of 2021 [23]. - The total revenue for the six months ended June 30, 2022, was approximately RMB 990.1 million, representing an increase from RMB 637.4 million for the same period in 2021 [38]. - Revenue for the six months ended June 30, 2022, was RMB 1,116,492 thousand, an increase from RMB 761,521 thousand in the same period of 2021, representing a growth of approximately 46.8% [167]. Financial Performance - The company's sales cost increased to approximately RMB 1,068.2 million for the six months ended June 30, 2022, up about RMB 355.8 million from RMB 712.4 million in the same period of 2021, mainly due to increased procurement volume and prices of LPG and CNG [48]. - The gross profit for the six months ended June 30, 2022, was approximately RMB 48.3 million, a decrease of about RMB 0.9 million from RMB 49.2 million in the same period of 2021, attributed to a decline in sales volume of higher-margin automotive LPG [48]. - Other income for the same period was approximately RMB 6.9 million, down about RMB 2.3 million from RMB 9.2 million in 2021, mainly due to a decrease in interest income and a shift from foreign exchange gains to losses [49]. - The company's pre-tax profit for the six months ended June 30, 2022, was approximately RMB 4.5 million, a decrease of about RMB 0.2 million from RMB 4.7 million in the same period of 2021, primarily due to the reduction in gross profit [58]. - The net profit for the six months ended June 30, 2022, was RMB 1,799 thousand, compared to RMB 2,059 thousand in 2021, reflecting a decline of approximately 12.6% [167]. - The company reported a total comprehensive income of RMB 724 thousand for the six months ended June 30, 2022, down from RMB 2,059 thousand in 2021 [171]. - The company incurred financing costs of RMB 7,884 thousand during the reporting period, compared to RMB 8,411 thousand in the previous year [167]. Assets and Liabilities - As of June 30, 2022, the total assets of the company were approximately RMB 995.5 million, an increase of about RMB 76.0 million from RMB 919.5 million as of December 31, 2021 [64]. - The company's total liabilities decreased to RMB 591,327 thousand, down 17.5% from RMB 504,668 thousand at the end of 2021 [177]. - Net assets increased to RMB 391,328 thousand, a rise of 1.8% from RMB 384,438 thousand as of December 31, 2021 [181]. - The company's equity attributable to shareholders rose to RMB 365,281 thousand, up 2.0% from RMB 356,597 thousand in the previous period [181]. - The company reported a significant increase in restricted cash, which rose to RMB 465,500 thousand, up 18% from RMB 394,500 thousand [177]. - The company's lease liabilities decreased to RMB 10,962 thousand, down 61.5% from RMB 28,552 thousand as of December 31, 2021 [181]. Market and Strategic Decisions - The company's exit from the LPG vehicle refueling market was a strategic decision influenced by structural adjustments in transportation energy policies, leading to the closure of one LPG refueling station [17]. - The company emphasizes a comprehensive business model for LPG, integrating upstream procurement and logistics to ensure stable supply and customer service [17]. - The company plans to close and dispose of one LNG gas station in the second half of the year due to operational losses and expects to close another LNG gas station in the future [22]. - The company plans to leverage its market advantages in South China and maintain active collaboration with upstream suppliers to optimize logistics and storage capabilities [44]. - The company aims to strengthen its energy supply and sales system and deepen its business coverage in response to the dual carbon goals set by the government [45]. Employee and Shareholder Information - As of June 30, 2022, the group had a total of 439 employees, a decrease from 482 employees as of June 30, 2021 [68]. - Major shareholders include UBS Trustees holding 121,500,000 shares, representing 56.25% of total shares [104]. - The total number of issued shares as of June 30, 2022, is 216,000,000 [106]. - The company is fully owned by VISTA Company, which is indirectly owned by UBS Trustees [107]. - As of June 30, 2022, there are no other major shareholders or individuals with recorded interests in the company's shares [109]. Stock Option Plan - The company has a stock option plan that allows for the issuance of shares up to 30% of the company's issued share capital [124]. - The stock option plan was adopted on November 22, 2018, to incentivize selected participants for their contributions [114]. - The plan allows for options to be granted to various categories of participants, including employees and suppliers [116]. - The maximum number of shares that can be issued under the stock option plan is capped at 21,600,000 shares, which is 10% of the issued shares at the time of listing [128]. - The company aims to reward contributions from a broad base of participants through the stock option plan [115]. - The stock option plan is designed to enhance the company's growth and development through contributions from various stakeholders [116]. Future Plans and Investments - The group plans to acquire the operating rights of a liquefied petroleum gas station, with an allocation of HKD 20.5 million, expected to be fully utilized by the end of 2023 [73]. - The construction of storage facilities to enhance liquefied petroleum gas logistics and storage capacity is allocated HKD 21.7 million, also expected to be fully utilized by the end of 2023 [73]. - The group has not identified suitable acquisition targets due to the impact of the pandemic on the global economy and business environment [74]. - The group has no significant future plans for major investments or capital assets as of June 30, 2022 [85].
中油洁能控股(01759) - 2022 - 中期财报