Financial Performance - The company's net profit attributable to shareholders for the year was RMB 239 million, an increase of 244.88% compared to the previous year[5]. - The company's revenue for the year was RMB 2,956.5 million, a decrease of 14.7% compared to RMB 3,466.0 million in the previous year[23][31]. - Gross profit increased by 60.19% to RMB 265.6 million, up from RMB 165.8 million, primarily due to diversified gas sources and reduced procurement costs[32]. - Other income and gains decreased by 52.39% to RMB 17.9 million, down from RMB 37.6 million, mainly due to fewer government subsidies recognized[33]. - Financing costs rose by 18.52% to RMB 12.8 million, compared to RMB 10.8 million in the previous year, attributed to increased interest expenses on bank acceptance bills[34]. - The effective tax rate for the year was 24.85%, with income tax expenses increasing from RMB 26.0 million to RMB 31.8 million[35]. - The group reported a total reserve available for distribution of approximately RMB 432.8 million as of December 31, 2023[129]. Dividends - The board proposed a final dividend of RMB 0.40 per share (tax included) for the year[7]. - The proposed final dividend for the fiscal year 2023 is RMB 0.40 per share, totaling RMB 55,137,800, subject to shareholder approval at the annual general meeting on June 7, 2024[144]. - The dividend will be distributed to H-share shareholders in Hong Kong dollars, with the exchange rate based on the average middle rate published by the People's Bank of China one week prior to the dividend declaration[144]. - The company is obligated to withhold a 10% corporate income tax on the dividends distributed to non-resident H-share shareholders[146]. Business Operations - Total natural gas sales volume reached 704 million cubic meters, representing a growth of 0.43% year-on-year[6]. - The company serves approximately 458,000 residential users and 2,447 commercial users as of the end of the reporting period[14]. - The company is positioned to benefit from the increasing demand for natural gas as a low-carbon clean energy source, driven by regional economic recovery and carbon reduction policies[11]. - The company is actively participating in the "Energy Green Low-Carbon Development and Supply Security Project" initiated by Zhejiang Province[11]. - The company has a significant market presence as the largest urban gas operator in Jiaxing City, Zhejiang Province[14]. - The group's natural gas pipeline network spans a total length of 1,157.06 kilometers, including 777.85 kilometers of self-built pipelines[54]. - The company aims to enhance its natural gas supply capacity and competitiveness by optimizing its pipeline and liquefied natural gas resource pool[53]. - The group primarily engages in the sale of pipeline natural gas, liquefied natural gas, and liquefied petroleum gas, along with providing construction and installation services[142]. Strategic Focus and Development - The company aims to enhance its focus on new energy business development and transition towards becoming a comprehensive energy supplier and service provider in 2024[11]. - The company is actively optimizing its business structure and accelerating the development of green low-carbon energy[27]. - The group plans to accelerate its transformation into a comprehensive energy service provider, with two sites already operational in integrated energy station renovations[55]. - Research and development efforts have increased by 30%, with a focus on sustainable energy technologies[95]. - The company is expanding its market presence, targeting new regions in Zhejiang province, aiming for a 25% market share by the end of the next fiscal year[95]. - The company is actively pursuing strategic acquisitions to enhance its service offerings, with a budget of 300 million CNY allocated for potential mergers[95]. Employee and Management - The company employed a total of 408 employees as of December 31, 2023, compared to 367 employees on December 31, 2022, reflecting an increase of approximately 11.2%[77]. - The total employee cost for the year was approximately RMB 79.2 million, indicating a focus on competitive compensation and targeted training programs for staff development[77]. - The management team is committed to enhancing employee training and professional development to improve overall service quality[77]. - The company’s board of directors and management have established a compensation committee to determine remuneration policies based on qualifications, positions, and seniority[162]. Risks and Compliance - The company has significant risks related to the natural gas pricing control system imposed by the Chinese government, which may negatively impact profit margins due to timing differences between procurement and selling price adjustments[154]. - The group is subject to various risks, including the need to obtain multiple licenses and permits for business operations and expansion, which could significantly impact its plans if not secured[130]. - The company may face financial losses if it fails to comply with land transfer contract terms, which could adversely affect its business and financial condition[156]. - The company is subject to government policies that may impact its operations, with no guarantee of timely adaptation[174]. - The company has strengthened its compliance and governance framework, ensuring adherence to regulatory standards[95]. Future Outlook - The company has provided guidance for the next fiscal year, projecting a revenue increase of 10% to 1.32 billion CNY[95]. - New product launches are expected to contribute an additional 200 million CNY in revenue, with a focus on innovative energy solutions[95]. - The company has implemented new strategies to improve operational efficiency, aiming to reduce costs by 5% over the next year[95]. - The group’s management discussion and analysis section outlines future development plans and significant factors affecting its performance[142].
嘉兴燃气(09908) - 2023 - 年度财报