Production and Operations - As of December 31, 2023, the Group has completed the groundwork and drilling of a total of 229 CBM wells, with 164 operating wells contributing to stable production[20] - The Group's focus on improving production well capabilities has positively impacted revenue, profit, and cash flow from natural gas exploitation, with expectations for further improvement as production well numbers increase[20] - The Group has made significant investments in resources exploration and exploitation at coalbed methane blocks in Yangcheng, Shanxi, enhancing its position in China's unconventional gas market[16] - The commercial production of coalbed gas has transformed the Group into a vertically integrated natural gas company, stabilizing its natural gas supply[16] - The Group's profitability and cash flow position are expected to improve further as the capabilities of production wells increase[20] - As of December 31, 2023, the company has completed groundwork and drilling of 229 wells in the Yangcheng gas block, resulting in a stable increase in production wells and gas output[67] - The average daily production of the Group's LNG plants was approximately 180,000 cubic meters, while the production capacity remained at about 500,000 cubic meters per day[69] - The Group's upstream business is steadily improving, with ongoing enhancements in well construction and gas output[105] - The upstream business is steadily improving, with daily gas output insufficient to fully utilize the 500,000 cubic meters daily production capacity of the liquefaction plant[149] Financial Performance - The Group recorded a consolidated turnover of approximately RMB239,421,000 for the year ended 31 December 2023, representing a decrease of approximately 26.67% compared to RMB325,680,000 for the year ended 31 December 2022[83] - Profit attributable to equity shareholders for the year ended 31 December 2023 was approximately RMB2,530,000, a significant decrease from RMB127,293,000 for the year ended 31 December 2022[83] - The decrease in profits was primarily due to the absence of a gain on disposal of a business in 2023, which was approximately RMB100,797,000 in 2022[83] - The total staff cost recognized in the profit or loss account for the year was approximately RMB 25,612,000, down from approximately RMB 31,848,000 in 2022[124] - The Group's net assets as of December 31, 2023, were approximately RMB 160,801,000, including cash and bank balances of approximately RMB 45,444,000[122] - The Group's gearing ratio was approximately 11.78% as of December 31, 2023, compared to 6.59% in 2022[122] Technology and Innovation - The company has commenced R&D on High-temperature-water Activate C-H to Synthesis of Natural-gas Technology, with small-scale production expected to start by the end of 2021[59] - The first pilot equipment for the new technology underwent trial runs in June 2021, with an improved design plan proposed in November 2021[59] - The Group is investing heavily in developing and advancing its coalbed methane extraction technology and techniques to maintain its technological leadership[71] - The Group has initiated the development of a hydrocarbon gas production project, with plans for small-scale production by the end of 2021, although delays have occurred due to supply chain disruptions[105] - The successful development of the C-H to Synthesis technology will allow the Group to directly supply natural gas to urban gas networks, creating new revenue opportunities[150] Market and Demand - The demand for natural gas in China is increasing, with the government emphasizing the development of clean energy, which presents significant growth potential for the company[55] - The existing conventional natural gas production is unlikely to meet China's strong demand in the coming years, necessitating encouragement for unconventional gas production[55] - The Group is positioned as a leading player in the unconventional natural gas market in China, benefiting from favorable government policies[55] - The Group's focus on clean energy development aligns with the increasing demand for natural gas in China, driven by government support for unconventional gas production[79] Corporate Governance and Compliance - The Group's annual performance announcement complies with the GEM Listing Rules, ensuring transparency and accuracy in reporting[24] - The Company declared a special dividend of HK$0.2576 per share on June 19, 2023, payable on July 26, 2023, with no other dividends recommended for the year ended December 31, 2023[173] - The Group has applied new and amendments to HKFRSs for the first time, which are effective for the annual period beginning on January 1, 2023, with no material impact on financial positions and performance[170] - The Company has received annual confirmations of independence from each independent non-executive Director, who are considered to have remained independent[175] - The Group did not allocate any interest to capital during the year, aside from what has been disclosed in the report[183] Environmental and Social Responsibility - The Group is committed to fulfilling its environmental and social responsibilities to ensure sustainable business development[56] - The Group is committed to environmental and social responsibility, ensuring compliance with relevant laws and regulations[74] - The Group anticipates that the upstream gas supply will stabilize, reducing external risk factors and providing new profit growth points through collaboration with urban gas networks[150]
中国煤层气(08270) - 2023 - 年度业绩