Economic Performance - In 2023, the domestic GDP reached RMB 126.06 trillion, representing a growth of 5.2% compared to the previous year[5]. - The total retail sales of social consumer goods in China were approximately RMB 47.15 trillion, marking a year-on-year increase of 7.2%[6]. - The economic growth in China has reached a new level after surpassing RMB 110 trillion and RMB 120 trillion in 2021 and 2022 respectively[5]. - The Group's performance indicates a stable recovery in the domestic economy, which has been faster than that of most major economies[5]. Natural Gas and Energy Production - The output of natural gas in 2023 was approximately 232.43 billion m³, an increase of 5.6% year-on-year; natural gas imports rose to 120 million tons, up 9.9% year-on-year[6]. - The apparent consumption of natural gas in China was 394.53 billion m³, which increased by 9.5% year-on-year[6]. - The import of natural gas in 2023 reached a record high, with the proportion of non-fossil energy in total energy consumption increasing by 0.2 percentage points compared to the previous year[25][27]. - In 2023, non-fossil energy accounted for over 40% of total new energy production, accelerating the development of a low-carbon energy production and supply system[112]. Group Financial Performance - For the year ended December 31, 2023, the Group's revenue was approximately RMB 2,514 million, a decrease from RMB 2,868 million in 2022, resulting in a loss of approximately RMB 227 million compared to a profit of RMB 62 million in 2022[13][16]. - The basic loss per share for the year was RMB 2.59 cents, down from earnings per share of RMB 0.40 cents in 2022[13][16]. - The overall gross profit margin increased to 12.44% in 2023, up from 10.11% in 2022, representing an increase of 2.33 percentage points[13][16]. - The Group's debt-to-capitalization ratio as of December 31, 2023, was 3.17%, slightly up from 3.02% in 2022[15][17]. Sales and Revenue Breakdown - Revenue from the piped gas transmission and distribution business was approximately RMB 1,169 million, accounting for 46.53% of the Group's total revenue, up from 33.28% in 2022[45]. - Revenue from piped gas sales was approximately RMB 1,045 million, representing 89.40% of the total revenue from the piped gas business, with a sales volume of 418.35 million m³[47]. - Cylinder gas supply business generated revenue of approximately RMB 656 million, down from RMB 744 million in 2022, while sales volume decreased to 96,332 tons from 99,717 tons[54]. - The gross profit margin for the cylinder gas supply business improved to 23.52% from 19.76% in 2022, despite a decrease in sales volume due to reduced customer demand[54]. Operational Challenges and Losses - The Group's joint ventures incurred a significant net loss of approximately RMB 243 million due to substantial impairment losses recognized on property, plant, and equipment[37]. - If not for the impairment, the Group's net loss would have turned into a net profit for the year[38]. - The increase in loss was primarily due to a substantial one-off impairment loss recognized in respect of property, plant and equipment, right-of-use assets, and intangible assets[81]. Strategic Plans and Market Development - The Group plans to expand its market share in the natural gas industry and integrate low carbonization and clean energy strategies for healthier development[18][21]. - The Group aims to enhance its canned gas business by optimizing its business model and expanding market coverage in response to the dual carbon target[20][22]. - The Group will leverage Internet technology to optimize its piped gas and cylinder gas supply business models, improving service efficiency and market competitiveness[31]. - The Group aims to enhance its market size and share while maintaining cautious capital investment and effective credit monitoring to minimize customer default risks[111]. Corporate Governance - The Company maintains high standards of corporate governance practices to enhance confidence among shareholders, investors, and business partners[154]. - The Board of Directors is committed to regularly enhancing corporate governance practices to ensure ethical standards and long-term sustainability[154]. - The Company complies with all aspects of the Corporate Governance Code for the year ended December 31, 2023[155]. - The audit committee comprises only independent non-executive directors, meeting the Listing Rules requirements[175]. Employee and Community Engagement - The Group acknowledges the support of shareholders and the community throughout the year[32]. - The company had approximately 4,900 employees as of December 31, 2023, with salaries determined based on duties, business performance, and market conditions[96].
中民控股(00681) - 2023 - 年度财报