Financial Performance - Jiaxing Gas Group Co., Ltd. reported a revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[8] - The company achieved a net profit of RMB 300 million, which is a 10% increase compared to the same period last year[8] - The total revenue for the group during the period was RMB 1,304.5 million, an increase of 45.28% compared to RMB 897.9 million in the same period last year[42] - Revenue for the six months ended June 30, 2022, was RMB 1,304,538 thousand, representing a 45.4% increase from RMB 897,895 thousand in the same period of 2021[106] - Gross profit decreased to RMB 94,373 thousand, down 24.9% from RMB 125,631 thousand year-over-year[106] - Profit before tax for the period was RMB 45,481 thousand, a decline of 44.4% compared to RMB 81,711 thousand in 2021[106] - Total comprehensive income for the period was RMB 32,672 thousand, down 47.3% from RMB 61,713 thousand in the previous year[118] - The attributable profit to equity holders of the parent company was RMB 28.6 million, a decrease of 52.57% from RMB 60.3 million in the same period of 2021, mainly due to losses from residential gas price inversion and related subsidies expected to be implemented later this year[48] Revenue Sources - The cumulative revenue from pipeline natural gas sales was RMB 983.1 million, up 44.55% from RMB 680.1 million in the same period of 2021[33] - The cumulative revenue from liquefied natural gas sales was RMB 95.3 million, a growth of 75.83% compared to RMB 54.2 million in the same period of 2021[37] - The cumulative revenue from liquefied petroleum gas sales was RMB 76.0 million, an increase of 103.21% from RMB 37.4 million in the same period of 2021[38] - The cumulative revenue from steam sales was RMB 17.7 million, an increase of 36.15% from RMB 13.0 million in the same period of 2021[40] User Growth and Market Expansion - User data indicates that the total number of gas users increased by 20,000, reaching a total of 1.5 million users[8] - The company plans to expand its market presence by entering two new cities in Zhejiang province by the end of 2023[8] - The group provided gas services to approximately 418,000 residential users and 2,019 industrial and commercial users as of June 30, 2022[29] Investments and R&D - Research and development efforts are focused on enhancing liquefied natural gas (LNG) technology, with an investment of RMB 50 million allocated for this purpose[8] - The group’s LNG receiving terminal at Dushan Port commenced operations with an annual unloading capacity of 1 million tons, marking it as the only natural gas import facility in northern Zhejiang[31] - The group has invested approximately RMB 357.0 million in the joint venture Hangjiaxin, holding a 51% stake, with an investment carrying amount of about RMB 324.2 million, representing 15.66% of the group's total assets[57] Financial Position and Cash Flow - The interim report highlighted a strong cash flow position, with cash and cash equivalents amounting to RMB 400 million as of June 30, 2022[8] - As of June 30, 2022, the group's current assets amounted to RMB 678.8 million, an increase from RMB 589.4 million as of December 31, 2021, with cash and bank balances of RMB 369.3 million[49] - The net cash flow from operating activities for the first half of 2022 was RMB 168,185,000, significantly up from RMB 62,484,000 in the same period of 2021, representing a growth of 168%[152] - The company incurred a net cash outflow from investing activities of RMB 32,377,000, compared to RMB 59,387,000 in the previous period[154] Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors, complying with corporate governance code requirements[98] - The company has committed to maintaining high levels of corporate governance to enhance shareholder value and transparency[90] - The roles of the chairman and CEO are not separated, as both roles are held by the same individual, which the board believes does not disrupt the balance of power[90] Shareholder Information - Major shareholder Sun Lianqing holds 35,045,103 shares, representing 35.05% of the total issued domestic shares[67] - The company has a significant concentration of ownership, with major shareholders holding over 25% of the total share capital[72] - The company has no single controlling shareholder, with the largest shareholder holding approximately 25.42% of the shares[160] Dividend Policy - The company did not declare an interim dividend for the six months ended June 30, 2022, compared to a dividend of RMB 0.12 per share (tax included) for the same period in 2021[97] - The company has not adopted a formal dividend policy due to its developmental stage and the influence of industry and economic outlook on performance[91] - The company declared a final dividend of RMB 20,677,000 for the year 2021, which was paid during the reporting period[145] Operational Challenges - The group's gross profit for the period was RMB 94.4 million, a decrease of 24.84% compared to RMB 125.6 million in the same period of 2021, primarily due to losses from the residential gas sales price inversion[43] - Financing costs for the group were RMB 6.1 million, up 38.64% from RMB 4.4 million in the same period of 2021, primarily due to increased interest expenses on bank acceptance bill discounts[45] - The company reported a loss of RMB 6,473,000 from financial assets measured at fair value through profit or loss during the first half of 2022[152]
嘉兴燃气(09908) - 2022 - 中期财报