Sino Prima Gas(SZ:300483)2024-04-21 07:56Financial Performance - The company reported a net profit attributable to shareholders of -246.01 million yuan, a decrease of 697.95% year-on-year, primarily due to a decline in natural gas sales volume and prices, leading to a decrease in gross margin from natural gas extraction and sales [4]. - The company's operating revenue for 2023 was ¥1,353,859,872.55, a decrease of 33.80% compared to ¥2,045,089,632.02 in 2022 [19]. - The net profit attributable to shareholders was -¥246,011,783.29, representing a decline of 697.95% from a profit of ¥41,013,942.57 in the previous year [19]. - The net cash flow from operating activities decreased by 39.24% to ¥397,459,366.53 from ¥654,160,117.03 in 2022 [19]. - The basic earnings per share for 2023 was -¥0.916, a decrease of 698.69% from ¥0.1530 in 2022 [19]. - The company's quarterly revenue showed a declining trend, with the fourth quarter revenue at ¥329,960,325.56, down from ¥370,364,214.51 in the first quarter [23]. - The gross profit margin for the natural gas extraction and sales segment decreased to 9.41%, down 9.89% year-on-year [73]. - The average selling price of natural gas in 2023 was 2.53 yuan per cubic meter, down 10.96% year-on-year, contributing to a 36.49% decrease in revenue from the natural gas business, which totaled 1.1402569 billion yuan [60]. - The company reported a significant increase in trial gas production from the Benxi formation, with one well achieving a maximum output of 195,000 cubic meters per day [63]. Business Strategy and Operations - The company plans to leverage industry development opportunities and deepen its main business layout to ensure stable performance in the future [4]. - The company has divested its gardening supplies business, completing the transfer of equity related to this segment on December 30, 2023 [32]. - The company aims to enhance its energy supply security by integrating oil and gas exploration with new energy development [36]. - The company plans to continue exploring and developing various natural gas resources in accordance with its strategic planning, leveraging its rich reserves for future growth [53]. - The company is focusing on the clean and low-carbon transition of its energy supply, aligning with national carbon neutrality goals [117]. - The company plans to increase investment in natural gas exploration and production, particularly in the Shilou West Block, to enhance resource development and production capacity [117]. - The company aims to expand its natural gas sales channels and leverage the national gas network to enhance market presence [118]. - The company has formed a comprehensive natural gas industry chain in Shanxi Province, with five national-level main gas pipelines passing through the region, facilitating extensive distribution [57]. Research and Development - The company has invested over 200 million yuan in R&D over the past three years, resulting in 111 authorized patents and 17 software copyrights by the end of 2023 [55]. - R&D investment amounted to ¥61,579,635.54 in 2023, representing 4.55% of operating revenue, an increase from 2.53% in 2022 [87]. - The number of R&D personnel decreased by 25% from 72 in 2022 to 54 in 2023, with the proportion of R&D personnel increasing from 17.96% to 22.22% [86]. - The company plans to enhance geological research and technology trials to improve development effectiveness and increase single well recovery rates [120]. Corporate Governance - The company maintains an independent governance structure, ensuring no interference from controlling shareholders in decision-making processes [142]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with regulatory requirements [143]. - The company actively engages with stakeholders to balance interests and fulfill corporate social responsibilities [144]. - The company adheres to the information disclosure obligations as per the Shenzhen Stock Exchange regulations, ensuring timely and clear communication with investors [145]. - The company has established an independent financial department with a complete financial accounting system, ensuring no financial guarantees or shared bank accounts with the controlling shareholder [149]. Market and Industry Trends - The natural gas consumption in China increased by 7.2% in 2023, contributing to a total energy consumption of 5.72 billion tons of standard coal, which grew by 5.7% year-on-year [35]. - The proportion of coal consumption in total energy consumption decreased by 0.9 percentage points to 55.3%, while the share of clean energy consumption rose by 0.5 percentage points to 26.4% [35]. - The competitive landscape for natural gas exploration is evolving, with increased marketization and stricter regulations being implemented by the government [39]. - The company is facing risks related to the marketization of natural gas pricing, which is influenced by government policies despite ongoing reforms [133]. Financial Management - The company reported a total investment of CNY 2,450,000.00 during the reporting period, representing a 100% increase compared to the previous year [100]. - The company issued CNY 137,949.71 million in convertible bonds, with a net amount of CNY 135,949.71 million after deducting issuance costs [104]. - The company has not reported any issues or other circumstances regarding the use and disclosure of raised funds [109]. - The total amount of capitalized R&D expenditures was ¥52,957,981.65, accounting for 86% of total R&D investment [87]. Employee Management - The total number of employees at the end of the reporting period is 243, with 374 employees receiving compensation during the period [183]. - The company has a fixed monthly salary combined with allowances and bonuses, ensuring competitive compensation levels to motivate employees [184]. - The company has implemented a training system to enhance employee skills and professional development [185]. - The company does not have any employee stock ownership plans or other incentive measures in place during the reporting period [187]. Environmental and Social Responsibility - The company has established and maintained a QHSE management system, achieving certifications in quality, occupational health and safety, and environmental management [200]. - In 2023, the company implemented 26 sets of gas well enhancement technology, utilizing solar panels to generate 70,100 kWh of electricity, resulting in a reduction of 105.15 tons of CO2 emissions [197]. - The company is committed to corporate social responsibility by supporting local economic development and job creation [128].