Guizhou Gas(SH:600903)2022-04-22 16:00Financial Performance - The company's operating revenue for 2021 was CNY 5,087,656,198.23, representing a 19.88% increase compared to CNY 4,244,104,771.79 in 2020[24]. - Net profit attributable to shareholders for 2021 was CNY 176,315,462.27, a decrease of 14.56% from CNY 206,358,548.04 in 2020[24]. - The net cash flow from operating activities was CNY 319,645,837.36, showing a slight increase of 1.34% from CNY 315,427,707.91 in 2020[24]. - The total assets at the end of 2021 were CNY 10,066,968,698.10, which is a 9.64% increase from CNY 9,182,201,087.20 at the end of 2020[24]. - The net assets attributable to shareholders increased by 7.45% to CNY 3,031,073,459.09 at the end of 2021 from CNY 2,820,949,366.67 at the end of 2020[24]. - Basic earnings per share for 2021 were CNY 0.15, down 16.67% from CNY 0.18 in 2020[26]. - The weighted average return on net assets for 2021 was 6.03%, a decrease of 1.36 percentage points from 7.39% in 2020[26]. Dividend Policy - The company proposed a cash dividend of 0.47 CNY per 10 shares, totaling 53,494,696.27 CNY to be distributed to shareholders based on a total share capital of 1,138,185,027 shares as of December 31, 2021[5]. - The company has a stable profit distribution policy, prioritizing cash dividends over stock dividends[182]. - The company plans to distribute cash dividends at a minimum of 15% of the distributable profits if there are no major investment plans or significant cash expenditures[185]. - In the case of major investment plans or significant cash expenditures, the minimum cash dividend distribution will be 10% of the distributable profits[186]. - The board of directors must disclose reasons if no cash dividend proposal is made despite positive distributable profits[191]. - The profit distribution policy requires approval from the shareholders' meeting with at least two-thirds of the voting rights present[187]. Operational Strategy - The company plans to focus on expanding its market presence and enhancing its operational efficiency in the upcoming year[24]. - The company is investing in new technologies and products to improve service delivery and customer satisfaction[24]. - The company is actively responding to the national "dual carbon" policy by exploring opportunities in renewable energy and clean energy utilization[45]. - The company is transitioning towards comprehensive energy supply services, including solar, hydrogen, and biomass energy, to meet diverse consumer energy needs[133]. - The company plans to leverage big data and IoT technologies to enhance operational capabilities and shift from a single natural gas supplier to a digital and intelligent comprehensive energy operator[136]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and development strategies, advising investors to be cautious[6]. - The company has detailed the main operational risks in the report, encouraging investors to review the relevant sections for insights[7]. - Future guidance indicates a cautious outlook due to market volatility and regulatory changes in the energy sector[24]. - The company faces risks related to price fluctuations in gas sourcing due to the market's opening and the potential increase in procurement costs[138]. - The company has significant investment in urban pipeline and branch pipeline projects, which have high financial costs and uncertain revenue generation timelines[144]. Corporate Governance - The company has established a clear and compliant corporate governance structure, ensuring equal rights for all shareholders and adherence to legal requirements[147]. - The board of directors consists of 9 members, including 3 independent directors, and operates in accordance with relevant laws and regulations[148]. - The company has established a comprehensive incentive and constraint mechanism for senior management, linking personal compensation to company performance to enhance operational efficiency[149]. - The company has strengthened its information disclosure management, ensuring timely and accurate communication with investors through various channels[149]. - The company has developed a complete risk management and internal control system to enhance its risk prevention capabilities[151]. Market Expansion - The company achieved natural gas sales of 1.451 billion cubic meters in 2021, representing a year-on-year growth of 19.72%[36]. - The company expanded its operational areas by acquiring gas distribution rights in multiple regions, including Jinping County and 16 towns in Tongzi County[36]. - The company is focused on expanding its market presence through new investments and partnerships in the energy sector, particularly in hydrogen energy technology[113]. - The company plans to increase natural gas consumption in Guizhou Province to approximately 4 billion cubic meters by 2025, and 9.6 billion cubic meters by 2035[123]. - The company is exploring potential acquisitions of smaller gas companies to enhance its market share and operational capabilities[162]. Environmental Responsibility - The company was recognized as one of the first "provincial-level healthy enterprises" in Guizhou, aligning with the national initiative for "Healthy China, Healthy Cities, Healthy Enterprises"[199]. - Throughout the year, Guizhou Gas Group reported no environmental pollution incidents, demonstrating compliance with environmental protection responsibilities[199]. - Natural gas is highlighted as a green product that is clean and environmentally friendly, enhancing users' living quality without producing any residues during use[200].