Financial Performance - Revenue decreased by approximately 27.8% to about RMB 1,406.1 million (2022: approximately RMB 1,947.9 million) [2] - Gross profit decreased by approximately 3.1% to about RMB 84.6 million (2022: approximately RMB 87.3 million) [2] - Net profit increased by approximately 9.8% to about RMB 6.7 million (2022: approximately RMB 6.1 million) [3] - Profit attributable to equity holders decreased by approximately 20.7% to about RMB 8.8 million (2022: approximately RMB 11.1 million) [3] - Total revenue for 2023 reached RMB 1,406,112 thousand, a decrease from RMB 1,947,946 thousand in 2022, representing a decline of approximately 28% [45] - The total pre-tax consolidated profit for the year was CNY 10,043,000, showing a slight increase compared to the previous year [40] - The group's gross profit for the year ended December 31, 2023, was approximately RMB 84.6 million, down from about RMB 87.3 million in 2022, a decrease of approximately RMB 2.7 million attributed to lower sales volume of liquefied petroleum gas [90] Sales and Revenue Breakdown - Liquefied petroleum gas sales decreased by approximately 18.7% to about 250.9 thousand tons (2022: approximately 308.5 thousand tons) [2] - Natural gas sales decreased by approximately 0.8% to about 62.4 million cubic meters (2022: approximately 62.9 million cubic meters) [2] - Revenue from liquefied petroleum gas (LPG) was RMB 1,147,077 thousand in 2023, down from RMB 1,652,837 thousand in 2022, indicating a decrease of about 31% [45] - For the year ended December 31, 2023, the company recorded compressed natural gas sales revenue of approximately RMB 244.0 million, a decrease of approximately RMB 24.7 million compared to RMB 268.7 million in 2022 [71] - The liquefied natural gas sales revenue for the year ended December 31, 2023, was approximately RMB 4.3 million, down by approximately RMB 6.3 million from RMB 10.6 million in 2022, primarily due to a decrease in sales volume [73] Assets and Liabilities - Total assets decreased from CNY 737,646,000 to CNY 769,101,000, reflecting a growth of 4.3% [9] - Current liabilities increased from CNY 544,424,000 to CNY 544,728,000, a slight increase of 0.6% [9] - Cash and cash equivalents increased significantly from CNY 91,833,000 to CNY 157,872,000, a growth of 71.8% [9] - The company’s total liabilities remained stable at CNY 544,728,000 compared to CNY 544,424,000, indicating effective management of debt levels [9] - The company's total liabilities for trade payables were RMB 36,178,000 in 2023, slightly up from RMB 35,749,000 in 2022 [56] Operational Efficiency - Total operating expenses decreased, with employee costs at RMB 31.1 million (2022: RMB 33.1 million) [5] - The company reported a pre-tax profit of RMB 10.0 million (2022: RMB 9.8 million) [5] - The company’s operating income showed a significant increase, reflecting strong market demand and operational efficiency [7] - The group has made provisions for trade and other receivables amounting to CNY 6,587,000, reflecting a cautious approach to credit risk management [40] Market and Strategic Initiatives - The company plans to explore new market opportunities and enhance product offerings in the upcoming fiscal year [5] - The group aims to enhance its market presence in South China by leveraging its established business foundation and brand reputation [63] - The group is committed to expanding its gas source procurement channels to stabilize gas prices and strengthen the infrastructure at its terminals [63] - The company plans to explore digital management platforms to improve operational efficiency and safety management standards [84] Risk Management - The group identifies key risks including reliance on major suppliers for liquefied petroleum gas and natural gas, which could significantly impact business operations if supply becomes unstable [125] - The group faces potential volatility in gross margin and profit growth due to external factors affecting the purchase and sale prices of fuel products [125] - The group has implemented various policies and procedures to ensure effective risk management across all operational aspects, including financial reporting and compliance with applicable environmental laws [123] Corporate Governance - The board believes that the company has adhered to the corporate governance code as outlined in the listing rules throughout the year ending December 31, 2023 [130] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting policies and the consolidated financial statements for the year ending December 31, 2023, with no objections raised [133] Future Outlook - The company anticipates stable growth in domestic supply and continued increase in import volumes for 2024, driven by the integration of upstream and downstream resources and optimization of logistics [84] - The new natural gas utilization policy introduced in 2023 is expected to promote high-quality development in the natural gas sector, enhancing demand in urban gas, industrial fuel, and power generation sectors [86] - The geopolitical environment remains complex, impacting the liquefied petroleum gas market, with OPEC's production control expected to influence oil price trends in 2024 [84]
中油洁能控股(01759) - 2023 - 年度业绩