Financial Performance - Total revenue for the six months ended June 30, 2022, was RMB 113,536,000, with a cost of sales of RMB 118,129,000, resulting in a loss of RMB 4,593,000[2] - The group reported a total loss of RMB 27,150,000 for the period[2] - Revenue for the six months ended June 30, 2023, was RMB 127,376 thousand, representing an increase of 11.9% compared to RMB 113,780 thousand for the same period in 2022[47] - The total comprehensive income for the period was RMB 41,249 thousand, a significant increase of 251.9% from a loss of RMB 27,150 thousand in the previous year[47] - The net profit attributable to the owners of the company was RMB 34,648 thousand, compared to a loss of RMB 25,579 thousand in the same period last year, marking a 235.5% improvement[47] - The gross loss margin improved to (2.7%) from (3.8%) year-on-year, indicating better cost management[65] - The net profit margin for the period was 32.4%, a significant recovery from (23.9%) in the previous year[65] - Earnings per share for the period was RMB 0.009, compared to a loss per share of RMB (0.007) in the previous year, representing a turnaround of 228.6%[47] - The company recorded a profit attributable to owners of RMB 34,648,000 for the six months ended June 30, 2023, compared to a loss of RMB 25,579,000 in the same period of 2022[72] - The company reported a decrease in administrative expenses to RMB 12,508 thousand for the six months ended June 30, 2023, compared to RMB 10,419 thousand in the same period of 2022[72] Revenue and Business Segments - The group provides diversified integrated energy services, including heating and coal-to-gas solutions, LNG supply, and property leasing in Shanghai, China[28] - Revenue from energy business for the six months ended June 30, 2023, was RMB 127,290 thousand, an increase from RMB 113,290 thousand in the same period of 2022[106] - The energy business accounted for over 99% of the total revenue, primarily from LNG supply and management of LNG supply stations[171] Assets and Liabilities - The total assets as of June 30, 2023, amounted to RMB 395,267 thousand, up from RMB 346,729 thousand at the end of 2022[60] - Trade and other receivables were approximately RMB 233,500,000, a decrease of 9.2% from approximately RMB 257,000,000 as of December 31, 2022, mainly due to the reversal of impairment provisions and the collection of trade receivables[1] - Trade and other payables amounted to RMB 113,816,000 as of June 30, 2023, slightly down from RMB 114,403,000 as of December 31, 2022[135] - The company's asset-liability ratio as of June 30, 2023, was 51.0%, down from 59.5% as of December 31, 2022[1] - The net asset value of the company as of June 30, 2023, was approximately RMB 184,200,000, an increase from approximately RMB 143,000,000 as of December 31, 2022, mainly due to the net profit recorded during the period[1] Cash Flow and Financial Position - Net cash generated from operating activities for the six months ended June 30, 2023, was RMB 74,529 thousand, compared to a net cash used of RMB 4,477 thousand in the same period of 2022[76] - Cash and cash equivalents increased to RMB 116,990 thousand as of June 30, 2023, up 118.5% from RMB 53,429 thousand as of June 30, 2022[76] - The company had no significant contingent liabilities as of June 30, 2023, aside from disclosed claims totaling approximately RMB 6,972,000[171] Debt and Financing - The group’s bank borrowings as of June 30, 2023, were subject to a 5% annual interest rate and are due within one year[17] - The convertible bonds issued amounted to HKD 97,800,000 with an annual interest rate of 8%[18] - The fair value loss of convertible bonds for the six months ended June 30, 2023, was RMB (1,685) thousand, compared to RMB (5,243) thousand for the same period in 2022[101] - As of June 30, 2023, no convertible bonds had been converted into new shares[195] Government Support and Market Outlook - The company recognized government subsidies totaling RMB 28,000 thousand for employment support and RMB 228,000 thousand under the employment protection scheme during the reporting period[107] - The government emphasizes the need for green transformation and aims to increase the share of natural gas and LNG in China's energy structure from 7% to 12% or more by 2040[154] - The company anticipates significant growth potential in the domestic green energy sector, aligning with national policies to replace oil and coal with natural gas[158] - The company expects China's actual GDP growth to rise from 3% in 2022 to 4.5% in 2023, with substantial increases in renewable energy production[158] Management and Corporate Governance - The management's compensation for the period was RMB 1,910,000, compared to RMB 1,537,000 in the previous period[169] - The company did not declare any dividends for the period, maintaining a focus on reinvestment[47] - The company plans to expand its business through the establishment of new joint ventures and acquisitions to ensure stable LNG supply and management services[1] - The company is focusing on the recovery and development of its energy business, particularly in the northern regions of China, to provide safer, greener, and more efficient natural gas energy to end customers[1]
中华燃气(08246) - 2023 - 中期财报