Financial Performance - For the six months ended June 30, 2022, the company reported revenue of RMB 2,681,756 thousand, an increase of 17.0% compared to RMB 2,291,301 thousand for the same period in 2021[6]. - Gross profit for the same period was RMB 176,804 thousand, resulting in a gross margin of 7%, down from 14% in the previous year[6]. - The net profit attributable to equity shareholders was RMB 5,708 thousand, a significant decrease of 95.0% from RMB 113,502 thousand in the prior year[6]. - Basic and diluted earnings per share were RMB 0.02, compared to RMB 0.30 in the previous year, reflecting a decline in profitability[6]. - The company reported a total comprehensive income of RMB 12,265 thousand for the period, down from RMB 116,116 thousand in the same period last year[10]. - The company experienced a decrease in operating profit to RMB 31,235 thousand, down from RMB 175,464 thousand in the previous year[8]. - The company reported a profit of RMB 5,708 thousand for the six months ended June 30, 2022, compared to a profit of RMB 113,502 thousand in the same period last year[16]. - The total comprehensive income for the period was RMB 10,671 thousand, down from RMB 113,641 thousand in the prior year[16]. - The company reported a pre-tax profit of RMB 12,528 thousand for the six months ended June 30, 2022, a significant decrease from RMB 157,427 thousand in the same period of 2021, representing a decline of approximately 92.0%[31]. - Net profit for the six months ended June 30, 2022, was approximately RMB 7.4 million, a decrease of about RMB 108.6 million from RMB 116.0 million in the same period of 2021[83]. Revenue Breakdown - Revenue from the sale of refined oil and natural gas reached RMB 2,650,380,000, representing a 17% increase from RMB 2,265,700,000 in the previous year[26]. - Revenue from transportation services amounted to RMB 31,370,000, a growth of 27% compared to RMB 24,620,000 in the same period last year[26]. - The reportable segment revenue for the sale of refined oil was RMB 2,575,701 thousand, for the sale of natural gas was RMB 86,971 thousand, and for transportation services was RMB 52,429 thousand, totaling RMB 2,715,101 thousand[30]. - The company's refined oil sales revenue reached approximately RMB 2,563.5 million, up about 19%, accounting for 96% of total revenue during the same period[67]. - Natural gas sales revenue decreased to approximately RMB 87.0 million, a year-on-year decline of about 18%, representing about 3% of total revenue[68]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 1,617,445 thousand, an increase from RMB 1,544,375 thousand at the end of 2021[6]. - Total liabilities reached RMB 850,480 thousand, representing a rise of 15.3% compared to RMB 737,592 thousand in the previous year[12]. - The net asset value stood at RMB 452,659 thousand, slightly up from RMB 448,661 thousand, indicating a growth of 0.4%[13]. - The company's equity attributable to shareholders increased to RMB 414,299 thousand from RMB 411,804 thousand, marking a growth of 0.6%[13]. - Trade receivables increased to RMB 42,879,000 as of June 30, 2022, compared to RMB 35,270,000 as of December 31, 2021, reflecting a growth of 21.5%[43]. - Total bank and other loans amounted to RMB 261,248,000 as of June 30, 2022, compared to RMB 207,453,000 as of December 31, 2021, representing a 26% increase[48]. - Trade payables increased to RMB 121,480,000 as of June 30, 2022, compared to RMB 68,947,000 as of December 31, 2021, showing a growth of 76%[50]. Cash Flow and Investments - For the six months ended June 30, 2022, the operating cash flow was RMB 108,494,000, an increase of 19% compared to RMB 91,251,000 in the same period of 2021[17]. - The net cash generated from operating activities was RMB 91,414,000, up 75% from RMB 52,182,000 year-on-year[17]. - The net cash used in investing activities was RMB (847,000), significantly improved from RMB (7,015,000) in the previous year[17]. - The group reported a net increase in cash and cash equivalents of RMB 15,630,000, contrasting with a decrease of RMB (38,474,000) in the same period last year[17]. - The group’s cash and cash equivalents as of June 30, 2022, stood at RMB 69,667,000, compared to RMB 73,113,000 at the end of the previous year[17]. Operational Metrics - Employee costs for the six months ended June 30, 2022, were RMB 74,959 thousand, down from RMB 77,980 thousand in the same period of 2021, reflecting a reduction of about 3.9%[35]. - Depreciation expenses increased to RMB 43,562 thousand from RMB 40,557 thousand year-on-year, marking an increase of approximately 7.4%[36]. - Other operating expenses decreased by 30% to approximately RMB 28.3 million, down from RMB 40.6 million, mainly due to reduced operations during the COVID-19 outbreak in Northeast China[78]. - The group incurred capital expenditure of RMB 315,000 on property, plant, and equipment, a decrease of 96% compared to RMB 7,792,000 for the same period in 2021[41]. Corporate Governance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022, and confirmed compliance with applicable accounting standards[109]. - The company has complied with all provisions of the corporate governance code, except for the attendance of some independent non-executive directors at the annual general meeting due to overseas commitments[106]. - The company has established a remuneration committee to review the compensation of directors and senior management[110]. - The company’s governance structure is designed to ensure a balance of power and responsibilities, with regular meetings to discuss operational matters[106]. Market Outlook - The National Development and Reform Commission's "14th Five-Year Plan" emphasizes the role of natural gas as a key clean energy source, indicating growth opportunities in the sector[94]. - OPEC forecasts a global oil demand increase of 3.36 million barrels per day in 2022, with average consumption expected to reach 102.9 million barrels per day, slightly above pre-pandemic levels[94]. - The group plans to leverage the recovery in the domestic oil and gas market in the second half of 2022 to enhance its competitiveness in the energy sector[95].
众诚能源(02337) - 2022 - 中期财报