Financial Performance - The revenue from CNG sales increased by 45.7% from RMB 464 million in 2021 to RMB 676 million in 2022[15] - The company generated approximately RMB 33 million from LNG sales and CNG transportation services in 2022, compared to none in 2021[15] - Total revenue increased by approximately RMB 21.2 million or 45.7% from RMB 46.4 million in 2021 to RMB 67.6 million in 2022[21] - Retail business revenue decreased by approximately RMB 1.6 million or 9.8% to RMB 14.8 million, accounting for 22.0% of total revenue in 2022, down from 35.4% in 2021[24] - Wholesale business revenue increased by approximately RMB 14.3 million or 47.5% to RMB 44.4 million, representing 65.7% of total revenue in 2022, up from 64.7% in 2021[25] - Gross profit for the year was approximately RMB 16.3 million, with a gross margin of 24.1%, compared to a gross loss of RMB 1.0 million in the previous year[27] - The net loss decreased by 54.1% from RMB 85 million in 2021 to RMB 39 million in 2022[15] - The company reported a loss attributable to owners of approximately RMB 3.1 million, a decrease of RMB 5.4 million or 63.5% from a loss of RMB 8.5 million in the previous year[35] Expenses and Costs - Administrative expenses rose by 85.9% to RMB 158 million in 2022, primarily due to new business operations and increased maintenance costs[15] - Other income and losses recorded a loss of approximately RMB 3.8 million, primarily due to the write-off of property and equipment[29] - Administrative expenses increased by approximately RMB 7.3 million or 85.9% to RMB 15.8 million, mainly due to increased maintenance costs and new business operations[32] Business Operations and Strategy - The company is optimistic about the growth of CNG consumption in China due to government policies and industry trends promoting natural gas usage[16] - The company is actively exploring various business opportunities to diversify revenue sources and enhance shareholder value[16] - The company aims to provide safe and reliable clean energy supply while contributing to environmental protection in China[16] - The main operational location is in Jingzhou, Hubei Province, China, focusing on CNG and LNG sales and transportation services[19] - The company purchases natural gas from China National Petroleum Corporation (CNPC) for its CNG supply[20] Investments and Projects - The company has made an investment of RM 9.8 million in acquiring all issued shares of Silver Max AP Company Limited for rental income generation[40] - The construction of the "Jinfu Garden" serviced apartment project in Malaysia is expected to be completed by Q1 2025, delayed primarily due to COVID-19[40] - The company plans to complete the construction of the new CNG refueling station by the end of 2023, with ongoing discussions with government officials regarding approvals[59] - The upgrade of the Jingzhou mother station's infrastructure to support LNG refueling capabilities has been completed, allowing simultaneous sales of CNG and LNG[59] Financial Position and Equity - As of December 31, 2022, the total equity of the company was approximately RMB 82.1 million, a decrease from RMB 84.3 million as of December 31, 2021[39] - The company's cash and cash equivalents increased to approximately RMB 33.8 million as of December 31, 2022, compared to RMB 29.6 million as of December 31, 2021[39] - The operating working capital was approximately RMB 39.9 million as of December 31, 2022, up from RMB 37.0 million as of December 31, 2021, with a current ratio of 4.8[39] - Trade receivables decreased by approximately RMB 1.3 million to about RMB 4.7 million as of December 31, 2022, from RMB 6.0 million as of December 31, 2021, with a reduction in trade receivables turnover days to about 29.0 days[45] - The company has no interest-bearing bank borrowings, resulting in an asset-to-liability ratio that is not applicable[39] Corporate Governance - The board of directors will continuously evaluate the company's business objectives and may adjust plans based on changing market conditions[62] - The board presented the annual report and audited financial statements, reflecting the company's operational performance[80] - The company has a strong management team with extensive experience in finance and operations, contributing to its strategic direction[76][72][73] - The company has adopted the corporate governance code as a benchmark for its governance practices[147] - The board consists of six members, including three executive directors and three independent non-executive directors[152] Risk Management - The management discussion and analysis section provides insights into major risks and uncertainties faced by the group, as well as potential future developments[82] - The board has confirmed its responsibility for risk management and internal control systems, which are designed to manage risks rather than eliminate them[196] - The audit and risk management committee assists the board in overseeing the implementation and monitoring of risk management and internal control systems[198] - The company employs a rigorous process for identifying, assessing, and managing significant risks that may impact its business and operations[200] Employee and Diversity - As of December 31, 2022, the company had 64 employees, with employee costs amounting to approximately RMB 5.2 million, an increase from RMB 4.9 million in the previous year[51] - The gender ratio among all employees was approximately 38% male to 62% female, indicating a commitment to gender diversity in hiring practices[189] - The company aims to maintain a balanced approach to diversity related to business growth, ensuring diverse candidates are considered in recruitment practices[187] Shareholder Information - As of December 31, 2022, the total issued shares were 177,255,000, with Liu Yongcheng and Liu Yongqiang each holding 49.43% of the shares[105] - The company has a total of 25,816,009 stock options outstanding, representing approximately 14.56% of the issued shares as of the report date[123] - The fair value of the granted stock options is estimated at RMB 4,655,000, with an expense of RMB 315,000 recognized for the year[126]
TL NATURAL GAS(08536) - 2022 - 年度财报