皖天然气: 2025年半年度报告

Core Viewpoint - The report highlights the financial performance and operational status of Anhui Natural Gas Development Co., Ltd. for the first half of 2025, indicating a decline in revenue and profit while maintaining a stable cash flow from operating activities [1][3]. Financial Performance - Total revenue for the first half of 2025 was approximately CNY 2.67 billion, a decrease of 8.49% compared to CNY 2.92 billion in the same period last year [3][7]. - Total profit amounted to CNY 248.31 million, down 3.99% from CNY 258.64 million year-on-year [3][7]. - Net profit attributable to shareholders was CNY 184.95 million, a decline of 2.60% from CNY 189.88 million in the previous year [3][7]. - The net cash flow from operating activities increased by 25.84% to CNY 520.11 million compared to CNY 413.30 million in the same period last year [3][7]. Key Financial Indicators - Basic earnings per share decreased by 5.00% to CNY 0.38 from CNY 0.40 [3][7]. - Diluted earnings per share fell by 3.12% to CNY 0.31 from CNY 0.32 [3][7]. - The weighted average return on equity decreased by 0.47 percentage points to 5.57% from 6.04% [3][7]. Business Overview - The company primarily engages in the investment, construction, operation, and sales of natural gas long-distance pipelines, as well as urban gas services and comprehensive energy solutions [4][5]. - The company has established a comprehensive natural gas pipeline network covering 16 cities and 41 counties in Anhui Province, enhancing its market position [5][6]. Operational Highlights - The company is focusing on expanding upstream natural gas resources and enhancing downstream market penetration while improving operational efficiency [4][5]. - The company has made significant investments in research and development, with R&D expenses increasing by 32.06% to CNY 3.80 million [7]. - The company is actively involved in safety management and has implemented various measures to enhance operational safety and efficiency [6][7]. Market Potential - The natural gas industry in China is expected to grow significantly, with projections indicating that natural gas will account for 15% of primary energy consumption by 2030 [5][6]. - The demand for natural gas in Anhui Province is anticipated to exceed 20 billion cubic meters by 2030, indicating substantial growth potential [5][6].