Investment Rating - The report maintains a "Buy" rating for China Gas [4][5]. Core Views - China Gas reported a significant improvement in cash flow, with operating cash flow reaching HKD 11.34 billion, a year-on-year increase of 13.1%. The company proposed a final dividend of HKD 0.35 per share, resulting in an annual dividend of HKD 0.5 per share, maintaining a dividend yield of 7% based on the closing price on June 24 [4][5]. - Despite a decline in net profit, the company's historical cash flow supports high dividends. The net profit decreased primarily due to a 28% drop in new user connections, a 3.4% depreciation of the RMB, and increased financial costs from foreign debt. However, the company's gas sales volume showed positive growth, with a 6.2% year-on-year increase [4][5]. - The retail gas sales volume recovered, with a gross margin improvement. The company sold 41.7 billion cubic meters of gas, with a retail gas gross margin of HKD 0.5 per cubic meter, an increase of HKD 0.08 year-on-year [4][5]. - The connection business faced challenges, but its impact on overall performance is expected to be limited. The number of new residential users decreased by 28%, but the company anticipates a stabilization in this area moving forward [4][5]. - Value-added services and integrated energy solutions are seen as new growth drivers for the company. The value-added business revenue reached HKD 3.655 billion, a year-on-year increase of 5.8% [4][5]. Summary by Sections Financial Performance - For the fiscal year 2023/24, China Gas achieved operating revenue of HKD 81.41 billion, a year-on-year decrease of 11.5%. The net profit attributable to shareholders was HKD 3.185 billion, down 25.82% [4][5]. - The company’s operating profit for the same period was HKD 11.304 billion, with a gross profit margin improvement noted in gas sales [4][5]. Future Projections - The report adjusts the net profit forecast for 2024/25 and 2025/26 to HKD 4.495 billion and HKD 5.643 billion, respectively, down from previous estimates. The EPS estimates for the same periods are revised to HKD 0.83 and HKD 1.04 [4][5].

Investment Rating - The investment rating for the company is maintained as "Buy" [6]. Core Views - The company reported a FY24 revenue of HKD 81.4 billion, a decrease of 11.5% year-on-year, and a core profit attributable to shareholders of HKD 3.97 billion, down 4.3% year-on-year, which was below the forecast of HKD 4.68 billion [1][11]. - The company’s free cash flow increased by 70% year-on-year, supported by a decline in accounts receivable and capital expenditures [1]. - The target price for the company is set at HKD 8.47, based on an 11x FY25 forecast PE, which aligns with the historical average of the company's PE-FTM [12]. Revenue and Profitability - The retail gas volume for FY24 increased by 2.2% year-on-year to 23.5 billion cubic meters, with residential gas volume up by 3.4% and industrial gas volume up by 0.3% [2]. - The retail gas gross margin for FY24 increased by HKD 0.08 per cubic meter to HKD 0.50 per cubic meter, benefiting from the implementation of residential gas pricing policies [2]. - The company’s operating profit margin improved year-on-year, although impairment and exchange losses negatively impacted profitability [1]. Gas Connection and Value-Added Services - The number of new gas connections decreased by 28% year-on-year to 1.66 million in FY24, reflecting a significant drop from historical peaks [3]. - The revenue from value-added services increased by 5.8% year-on-year to HKD 3.65 billion, with operating profit also rising by 5.7% to HKD 1.58 billion [4]. - The total installed capacity for integrated energy reached 221.6 MWh, with a focus on commercial and industrial users [4]. Future Earnings Forecast - The earnings forecast for FY25-27 is adjusted to HKD 4.19 billion, HKD 4.64 billion, and HKD 5.18 billion respectively, with EPS projected at HKD 0.77, HKD 0.85, and HKD 0.95 [1][11]. - The retail gas volume growth rates for FY25-27 have been revised down to 5%, 5%, and 4% respectively [2]. Valuation Metrics - The company’s market capitalization is approximately HKD 38.81 billion, with a closing price of HKD 7.14 as of June 24 [7]. - The PE ratio for FY24 is projected at 12.19, with a PB ratio of 0.72 [5].

Investment Rating - The report maintains a neutral rating for China Gas (384 HK) with a target price adjusted down to HKD 6.82, indicating a potential downside of 4.5% from the current closing price of HKD 7.14 [1][11]. Core Insights - The core profit for the fiscal year 2024 is expected to decline by 4.3% year-on-year, which is approximately 10% lower than previous expectations. This is primarily due to lower-than-expected gross margins from retail gas sales and increased financial costs from non-RMB loans [2][4]. - Despite the weak profit levels, the company has improved its free cash flow to HKD 4.3 billion, a 70% increase year-on-year, and has maintained a final dividend of HKD 0.40 [2][4]. - The company anticipates further improvement in gas sales margins in fiscal year 2025, projecting a retail gas margin increase to RMB 0.53 per cubic meter, driven by cost optimization and higher pricing for residential gas [2][7]. Financial Performance Summary - For fiscal year 2023, the company reported revenues of HKD 91,988 million, which is expected to drop to HKD 81,410 million in fiscal year 2024, reflecting an 11.5% decline. The net profit is projected to decrease from HKD 4,293 million in 2023 to HKD 3,185 million in 2024 [4][12]. - The company’s core profit is expected to recover in fiscal year 2025, with a projected increase of 10% year-on-year, supported by improved gas sales margins and a stabilization in new connection volumes [2][4]. - The retail gas volume is expected to grow by 4.2% year-on-year in fiscal year 2025, with management maintaining a conservative outlook on new residential connections, estimating a range of 1.2 to 1.4 million new connections [2][6]. Operational Overview - The report indicates that the retail gas volume for fiscal year 2024 is projected at 23,513 million cubic meters, with a slight increase from the previous year. The gross margin for gas sales is expected to improve to RMB 0.50 per cubic meter [6][12]. - The company has seen a significant drop in new residential connections, down 28% year-on-year to 1.66 million, which is higher than previous expectations [2][6]. - The operational profit margin for the gas sales segment has stabilized at around 47%, while the connection segment accounts for approximately 20% of the profit structure [2][4].

Revenue and Profit Performance - Revenue for the fiscal year ending March 31, 2024, decreased by 11.5% to HKD 81,410,133 thousand compared to HKD 91,988,445 thousand in the previous year[2] - Gross profit declined by 6.1% to HKD 11,304,123 thousand from HKD 12,034,675 thousand year-over-year[2] - Adjusted net profit attributable to the company's owners decreased by 4.3% to HKD 3,965,514 thousand from HKD 4,144,052 thousand[2] - Annual profit attributable to the company's owners dropped to HKD 3,184,939 thousand from HKD 4,293,484 thousand[5] - Revenue decreased by 11.5% year-on-year to HKD 81,410,133,000[41] - Net profit attributable to shareholders declined by 25.8% to HKD 3,184,939,000[41] - Adjusted net profit (excluding non-operating or one-time factors) decreased by 4.3% to HKD 3,965,514,000[41] - Revenue for the year ended March 31, 2024, was HK$81.41 billion, a decrease of 11.5% compared to HK$91.99 billion in 2023[46] - Net profit attributable to the company's owners was HK$3.18 billion, a decrease of 25.8% from HK$4.29 billion in 2023[46] - Adjusted net profit attributable to the company's owners was HK$3.97 billion, a slight decrease of 4.3% from HK$4.14 billion in 2023[46] - Revenue for the fiscal year ending March 31, 2024, was HKD 81,410,133,000, a decrease of 11.5% compared to the previous year's HKD 91,988,445,000[59] - Gross profit for the fiscal year ending March 31, 2024, was HKD 11,304,123,000, a decrease of 6.1% compared to the previous year's HKD 12,034,675,000[59] - Net profit attributable to the company's owners for the fiscal year ending March 31, 2024, was HKD 3,184,939,000, a decrease of 25.8% compared to the previous year's HKD 4,293,484,000[59] - Earnings per share for the fiscal year ending March 31, 2024, was HKD 0.59, a decrease of 25.8% compared to the previous year's HKD 0.80[59] Cash Flow and Financial Position - Operating cash flow increased by 13.1% to HKD 11,340,195 thousand compared to HKD 10,027,284 thousand in the previous year[2] - Free cash flow surged by 70.2% to HKD 4,288,773 thousand from HKD 2,519,991 thousand[2] - Free cash flow reached HKD 4.29 billion during the period[41] - Free cash flow for the fiscal year ending March 31, 2024, was HKD 4,288,773,000, an increase from the previous year's HKD 2,519,991,000[66] - Total assets decreased to HKD 103,450,545 thousand from HKD 105,070,770 thousand year-over-year[6] - Current liabilities increased to HKD 50,382,257 thousand from HKD 51,780,203 thousand[7] - Equity attributable to the company's owners decreased to HKD 53,927,655 thousand from HKD 57,900,584 thousand[7] - Non-current liabilities decreased to HKD 37,568,114 thousand from HKD 40,720,627 thousand[7] - The company's net current liabilities as of March 31, 2024, amounted to HKD 5,135,078,000, with available but unused bank financing of HKD 91,255,455,000[9] - Total assets as of March 31, 2024, were HKD 148,697,724,000, a decrease from the previous year's HKD 157,291,209,000[67] - The group has secured over RMB 70 billion in medium to long-term credit facilities from major banks, with the longest term extending up to 15 years[68] - As of March 31, 2024, the group's total bank and other loans amounted to HKD 59,065,355,000, with short-term trade financing at HKD 2,531,826,000[68] - The group has issued RMB 7.7 billion in corporate bonds and medium-term notes as of March 31, 2024[68] - Contract assets decreased to HKD 10,260,982,000 as of March 31, 2024, from HKD 12,706,697,000 in the previous year[70] - Trade receivables decreased to HKD 5,623,799,000 as of March 31, 2024, from HKD 6,282,627,000 in the previous year[70] - The group's mortgaged property, plant, and equipment, along with investment properties, increased to HKD 8,562,336,000 as of March 31, 2024, from HKD 5,907,983,000 in the previous year[72] - Capital commitments for property, plant, and equipment, construction materials, and properties under development totaled HKD 388,631,000 as of March 31, 2024[73] Segment Performance - Total segment revenue for the year ended March 31, 2024, was HKD 85,090,165,000, with external customer revenue of HKD 81,410,133,000[13] - Segment profit for the year ended March 31, 2024, was HKD 6,711,223,000, with a pre-tax profit of HKD 4,612,445,000[13] - The company's revenue is derived from natural gas sales, gas connections, engineering design and construction, LPG sales, value-added services, and other businesses[11] - The company's operating segments include natural gas sales, gas connections, engineering design and construction, LPG sales, value-added services, other businesses, and Zhongyu Energy[12] - Total segment revenue for the year reached 97,481,630 thousand HKD, with external customer revenue at 91,988,445 thousand HKD[18] - Segment profit amounted to 6,640,987 thousand HKD, with significant contributions from natural gas and gas connection sales[18] - The company recorded a pre-tax profit of 6,038,002 thousand HKD[18] - Total natural gas sales volume reached 41,698.4 million cubic meters, an increase of 6.2% compared to 39,249.1 million cubic meters in 2023[46] - The company added 1,656,570 new residential gas connections, a decrease of 28.0% compared to 2,299,452 in 2023[46] - Cumulative residential gas connections reached 47.05 million, an increase of 3.6% from 45.39 million in 2023[46] - The company's gas pipeline network reached 554,755 kilometers as of March 31, 2024[49] - The company operates 662 pipeline gas projects, 516 CNG/LNG refueling stations, and 119 LPG distribution projects as of March 31, 2024[48] - Residential gas penetration rate in urban gas projects increased to 70.9%, up 2.3 percentage points from 68.6% in 2023[46] - Natural gas sales volume reached 41.7 billion cubic meters, a year-on-year increase of 6.2%[52] - City and township pipeline natural gas sales volume was 23.51 billion cubic meters, up 2.2% year-on-year[52] - Trade and direct supply pipeline natural gas sales volume was 18.19 billion cubic meters, up 12.0% year-on-year[52] - LPG sales volume was 3.996 million tons, a year-on-year decrease of 3.3%[54] - LPG wholesale sales volume was 3.222 million tons, down 5.1% year-on-year[54] - LPG terminal retail sales volume was 774,000 tons, up 5.3% year-on-year[54] - LPG sales revenue totaled HKD 17,980,918,000, a year-on-year decrease of 20.1%[54] - Value-added service revenue reached HKD 3,654,898,000, a year-on-year increase of 5.8%[55] - Value-added service operating profit was HKD 1,582,032,000, up 5.7% year-on-year[55] - Total installed capacity of comprehensive energy services reached 221.6 MWH, with 112.7 MWH completed for commercial and industrial user-side energy storage[57] Dividend and Share Repurchase - The company proposed a final dividend of 0.35 HKD per share for the year ending March 31, 2024, totaling 1,902,451 thousand HKD[27] - Proposed annual dividend per share is 50 HK cents, with a payout ratio of 84.7%[41] - The company declared a final dividend of HKD 0.35 per share, bringing the total dividend for the year to HKD 0.50 per share, consistent with the previous year[35] - The group repurchased 4,762,600 shares at a total cost of HKD 43,911,086 during the fiscal year ending March 31, 2024[79] - The company repurchased a total of 4,762,600 shares in May 2023 at a total cost of HKD 43,723,460, with the highest and lowest prices being HKD 9.31 and HKD 9.01 respectively[80] - All repurchased shares have been canceled to increase net asset value and earnings per share[80] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the fiscal year ending March 31, 2024, except as disclosed[80] Taxation and Financial Expenses - Corporate income tax for the year was 759,558 thousand HKD, with a deferred tax credit of 432,989 thousand HKD[20] - The company's subsidiaries in China benefited from a preferential tax rate of 15% due to their location in western China and high-tech status[21] - Financial expenses for the year ended March 31, 2024, were HKD 1,139,162,000[13] - Financial expenses for the fiscal year ending March 31, 2024, increased by 14.4% to HKD 2,121,753,000 compared to the previous year's HKD 1,855,358,000[62] - Share of profit from associates for the fiscal year ending March 31, 2024, was HKD 297,253,000, a decrease from the previous year's HKD 344,838,000[63] - Share of profit from joint ventures for the fiscal year ending March 31, 2024, was HKD 398,389,000, compared to a loss of HKD 100,983,000 in the previous year[64] - Income tax expense for the fiscal year ending March 31, 2024, decreased by 17.8% to HKD 759,558,000 compared to the previous year's HKD 923,578,000[65] Impairment and Fair Value Adjustments - The company's investment properties experienced a fair value decrease of HKD 94,639,000 for the year ended March 31, 2024[13] - The company recognized a net impairment loss on trade receivables and contract assets of HKD 685,598,000 for the year ended March 31, 2024[13] - The company's trade receivables and contract assets impairment loss was not allocated to segments for performance evaluation and resource allocation purposes[19] - Trade receivables (net) decreased to HKD 5,623,799K in 2024 from HKD 6,282,627K in 2023, reflecting a reduction in customer contract-related receivables[28] - Credit loss provision for trade receivables increased to HKD 1,060,618K in 2024 from HKD 989,259K in 2023, indicating a higher risk assessment[28] - Trade receivables aged over 365 days increased to HKD 2,647,000K in 2024 from HKD 2,344,254K in 2023, showing a rise in long-outstanding receivables[29] - Receivables from joint ventures decreased significantly to HKD 2,008,153K in 2024 from HKD 3,912,023K in 2023, reflecting reduced trade balances[31] - Receivables from associates decreased to HKD 44,971K in 2024 from HKD 84,671K in 2023, reflecting reduced trade balances with related parties[30] Trade Payables and Credit Terms - Trade payables and bills payable decreased to HKD 12,969,934K in 2024 from HKD 14,647,872K in 2023, indicating improved payment terms or reduced liabilities[33] - The company's credit policy for trade receivables generally ranges from 30 to 180 days, with some major clients granted extended credit terms[28] - Trade payables aged 0 to 90 days decreased to HKD 6,901,648K in 2024 from HKD 9,430,268K in 2023, showing a reduction in short-term liabilities[33] - The company's average credit period for trade purchases and ongoing costs ranges from 90 to 180 days[34] Digital Transformation and Innovation - The company is accelerating data asset construction and utilization, promoting "digital-intelligent" upgrades in its management system[41] - The company will accelerate the implementation of digital transformation to improve operational efficiency and optimize decision-making processes, leveraging big data and cloud computing to enhance data analysis capabilities and resource allocation[43] - The company has established a smart gas supervision platform, enabling a shift from passive response to active protection and from static isolated supervision to dynamic continuous prevention in gas safety management[44] - The company has implemented digital twin technology in the Hangzhou Asian Games Village, achieving visual operation and maintenance of underground pipe corridors and promoting government-enterprise collaborative operations[45] - The company has improved its gas industry safety digital management platform, enabling multi-dimensional and integrated safety production management through data linkage across various levels[44] Strategic Development and Business Model Innovation - The company is focusing on high-quality and sustainable development, with strict control over capital expenditures and cash flow management[41] - The company will focus on upgrading key infrastructure, such as old pipeline networks, to enhance service capabilities and operational efficiency, aligning with national policy support for gas safety standards[42] - The company plans to innovate business models in the LPG sector to achieve synergistic development across the industrial chain[42] - The company will expand its kitchen renovation business and optimize community store operations to drive growth in value-added services[42] - The company aims to implement refined management in the natural gas business to improve operational efficiency and customer service quality[42] - The company will promote the linkage mechanism between upstream and downstream natural gas prices and cost supervision policies to achieve residential gas price adjustments[42] - The company is committed to enhancing safety management and ensuring accident-free production by strengthening safety controls and increasing the renovation and maintenance of old gas pipelines[44] - The company is transitioning some refueling stations to multi-energy stations with a focus on oil and electricity, supplemented by gas and hydrogen[51] Employee Costs and Depreciation - Employee costs for the year were 4,320,091 thousand HKD, slightly lower than the previous year's 4,333,831 thousand HKD[22] - Depreciation of property, plant, and equipment was 2,430,372 thousand HKD, an increase from 2,283,191 thousand HKD in the previous year[22] Regulatory and Compliance - The company applied new and revised Hong Kong Financial Reporting Standards (HKFRS) effective from April 1, 2023, including HKFRS 17 for insurance contracts[10] - The annual report for the fiscal year ending March 31, 2024, will be published on the Hong Kong Exchanges and Clearing Limited (HKEX) website and the company's website[81] - The company's board of directors includes executive directors Liu Minghui, Huang Yong, Zhu Weiwei, Li Jing, Liu Chang, and Zhao Kun, as well as non-executive directors Xiong Bin, Liu Mingxing, Jiang Xinhao, and Ayush Gupta, and independent non-executive directors Zhao Yuhua, Mao Erwan, Chen Yanyan, Zhang Ling, and Ma Weihua[81] Market and Industry Trends - Industrial gas demand weakened due to sluggish industrial output growth, impacting overall city gas volume[40] - Residential and commercial gas consumption grew rapidly, offsetting the decline in industrial gas demand[40]

智通财经APP讯，中国燃气(00384)公布，于2023年12月22日，该公司全资附属中燃燃气实业( 深圳 )有限公司、西部信托与各平台公司订立合作框架协议及有关协议，以成立合资公司，其中附属公司及西部信托将分别拥有合资公司的40%及60%股权。 合资公司合伙人各自的出资乃参考股权转让成本，经订约方公平磋商后厘定。西部信托的初始出资为人民币9.096亿元，附属公司的初始出资为人民币6.064亿元。 作为合作框架协议项下拟进行交易的一部份，将进行股权转让，据此，中保投中燃( 深圳 )清洁能源发展基金( 有限合伙)须将其于各平台公司的全部权益转让予合资公司。股权转让完成后，合资公司将拥有各平台公司不少于99.0%的股权。平台公司的余下股权将继续由附属公司持有。 根据股权转让，合资公司应付基金的总代价将不超过人民币37.9 亿元。合资公司将透过使用其自合资公司合伙人取得的资本及融资以及上述银行贷款为有关收购事项提供资金。 公告称，交易有利于各平台公司( 均主要于中国北方地区从事农村“气代煤”项目 )的业务持续发展及营运，同时利用兴业银行及西部信托的专业知识及资源，透过引进合资公司作为平台公司的控股公司，优化平台公司 ...

Revenue and Profit Performance - Revenue for the six months ended 30 September 2023 was HK$36,049.15 million, a decrease of 16.1% compared to HK$42,976.49 million in the same period last year[6] - Gross profit for the period was HK$5,723.57 million, down 17.9% from HK$6,971.86 million in the previous year[6] - Profit before taxation decreased by 42.5% to HK$2,519.23 million from HK$4,384.06 million in the prior year[6] - Profit for the period attributable to owners of the company was HK$1,830.41 million, a decline of 43.8% compared to HK$3,260.04 million in the previous year[7] - Basic earnings per share dropped to HK34.00 cents from HK59.92 cents in the same period last year[7] - Total comprehensive expense for the period was HK$3,396.98 million, an improvement from HK$5,842.11 million in the previous year[7] - Total revenue for the six months ended 30 September 2023 was HK$36,049.154 million, a decrease of 16.1% compared to HK$42,976.485 million in the same period last year[27] - Profit for the period attributable to owners of the company decreased to HK$1,830,412,000 for the six months ended 30 September 2023 from HK$3,260,039,000 in the same period last year[52] - Adjusted net profit for the six months ended 30 September 2023 was HK$2,458,926 thousand, compared to HK$3,289,857 thousand in the same period last year[132] - Profit for the period (Nearest HKFRS Measure) attributable to owners of the Company was HK$1,830,412 thousand for the six months ended 30 September 2023, down from HK$3,260,039 thousand in the previous year[132] Cost and Expenses - The company's cost of sales decreased by 15.8% to HK$30,325.58 million from HK$36,004.63 million in the prior year[6] - Finance costs increased by 22.0% to HK$994.47 million compared to HK$815.11 million in the previous year[6] - Finance costs for the six months ended 30 September 2023 increased to HK$994,471,000 from HK$815,111,000 in the same period last year, primarily due to higher interest on bank and other borrowings[44] - PRC Enterprise Income Tax decreased to HK$490,367,000 for the six months ended 30 September 2023 from HK$844,243,000 in the same period last year[45] - Income tax expenses decreased by 22.7% year-on-year to HK$412,023,000[126] Assets and Liabilities - Non-current assets decreased from HK$105,070,770 thousand to HK$100,925,608 thousand, a decline of 3.9%[10] - Investment properties decreased from HK$2,881,831 thousand to HK$2,602,363 thousand, a decline of 9.7%[10] - Property, plant and equipment decreased from HK$66,891,255 thousand to HK$64,882,376 thousand, a decline of 3.0%[10] - Current assets decreased from HK$52,220,439 thousand to HK$48,429,874 thousand, a decline of 7.3%[10] - Inventories decreased from HK$5,655,445 thousand to HK$5,214,914 thousand, a decline of 7.8%[10] - Contract assets decreased from HK$12,706,697 thousand to HK$10,424,671 thousand, a decline of 18.0%[10] - Trade and other receivables decreased from HK$16,702,411 thousand to HK$15,312,855 thousand, a decline of 8.3%[10] - Net current liabilities increased from HK$440,236 thousand to HK$3,703,076 thousand, a significant shift from net assets to net liabilities[12] - Total equity decreased from HK$64,790,379 thousand to HK$61,318,078 thousand, a decline of 5.4%[12] - Non-current liabilities decreased from HK$40,720,627 thousand to HK$35,904,454 thousand, a decline of 11.8%[12] - Total assets as of 30 September 2023 were HK$149,355,482,000, with bank balances and cash amounting to HK$11,118,020,000[127] - The Group's total bank loans and other loans amounted to HK$55,430,323,000 as of 30 September 2023, a decrease from HK$60,010,801,000 as of 31 March 2023[128] - Contract liabilities decreased to HK$8,820,015,000 as of 30 September 2023 from HK$9,080,132,000 as of 31 March 2023[129] - Trade receivables decreased to HK$5,527,963,000 as of 30 September 2023 from HK$6,282,627,000 as of 31 March 2023[129] - Trade and bill payables increased slightly to HK$14,657,737,000 as of 30 September 2023 from HK$14,647,872,000 as of 31 March 2023[129] - The Group pledged bank deposits of HK$135,651,000 and property, plant, and equipment of HK$6,172,463,000 as of 30 September 2023[129] Cash Flow - Net cash from operating activities for the six months ended 30 September 2023 was HK$7,565,434 thousand, compared to HK$4,736,177 thousand in the same period last year[17] - Net cash used in investing activities for the six months ended 30 September 2023 was HK$2,591,192 thousand, compared to HK$3,895,349 thousand in the same period last year[17] - Net cash used in financing activities for the six months ended 30 September 2023 was HK$3,541,257 thousand, compared to a net cash inflow of HK$3,999,376 thousand in the same period last year[17] - Net increase in cash and cash equivalents for the six months ended 30 September 2023 was HK$1,432,985 thousand, compared to HK$4,840,204 thousand in the same period last year[17] - Cash and cash equivalents at 30 September 2023 were HK$10,982,369 thousand, compared to HK$13,807,999 thousand at 30 September 2022[17] Business Segments and Sales - Sales of natural gas decreased by 12.0% to HK$21,718.489 million from HK$24,675.655 million in the previous year[27] - Sales of liquefied petroleum gas (LPG) dropped by 28.5% to HK$8,421.663 million from HK$11,776.299 million[27] - Gas connection and engineering design and construction revenue declined by 15.4% to HK$3,364.508 million from HK$3,975.623 million[27] - Value-added services revenue increased slightly by 1.1% to HK$1,804.486 million from HK$1,785.589 million[27] - Other businesses revenue decreased by 3.1% to HK$740.008 million from HK$763.319 million[27] - The company's total sales of natural gas increased by 1.7% to 16.97 billion m3 in the first half of the financial year[91] - Total natural gas sales volume increased by 1.7% to 16,971 million m³ in the first half of the fiscal year[94] - Industrial natural gas sales through retail business decreased by 4.3% to 4,896 million m³, while commercial sales increased by 7.6% to 1,517 million m³[97] - CNG/LNG refilling station sales declined by 18.4% to 291 million m³[97] - LPG sales volume amounted to 1.98 million tons, a year-on-year increase of 9.8%, with wholesale business at 1.58 million tons (up 8.7%) and end-user retail at 399,000 tons (up 14%)[111] - LPG sales revenue was HK$8,421,663,000, a year-on-year decrease of 28.5%, while profit before tax increased by 138.4% to HK$194,341,000[111] Investments and Capital Commitments - The Group acquired property, plant and equipment at a total cost of approximately HK$3,729,348,000 during the period[55] - The Group disposed of or wrote-off property, plant and equipment with a carrying amount of HK$198,816,000, resulting in a gain on disposal of HK$5,245,000[55] - The Group recognised approximately HK$62,386,000 of right-of-use assets and HK$42,324,000 of lease liabilities for the six months ended 30 September 2023[55] - The fair value of investment properties decreased by HK$59,161,000, recognised directly in the condensed consolidated statement of profit or loss and other comprehensive income[54] - Capital commitments for property, plant, and equipment increased to HK$227,044,000 as of 30 September 2023 from HK$179,574,000 as of 31 March 2023[130] - Capital commitments for construction materials increased to HK$171,207,000 as of 30 September 2023 from HK$134,206,000 as of 31 March 2023[130] - Capital commitments for properties under development decreased to HK$188,211,000 as of 30 September 2023 from HK$235,176,000 as of 31 March 2023[130] Legal and Contingent Liabilities - The company faced a legal claim of approximately HK$140 million from a former director, including alleged salary and bonus losses[86][87] - The company has been advised by legal advisors that there is a sound basis for defending the claims, and no provision for contingent liabilities was made as of 30 September 2023[86][87] Strategic Initiatives and Future Plans - The company leveraged digital-twin technology for visualization-based operations and delicacy management in the intelligent pipeline networks of the Hangzhou Asian Games Village[90] - The company implemented price pass-through policies and gas price adjustments for residential users to bolster industry reform and steady dollar margin recovery in gas sales[90] - The Group invested in the Safety Control Digital and Intelligent System, including the Safety Alert program, which provides data collection, assessment, monitoring, and early warning functions, enhancing workplace safety[99][100] - China Gas is diversifying its business portfolio by developing commercial and industrial PV, energy storage, and energy-conservation services[136] - The Group is enhancing its HSE Management System and digitalizing workplace safety to improve intrinsic safety[136] - China Gas is transitioning from a natural gas supplier to an integrated energy supplier and service provider, focusing on "multi-energy integration and gas-power coordination"[136] - The Group has joined the Oil and Gas Methane Partnership (OGMP) and has formulated mid- to long-term strategies for methane emissions reduction[138] - China Gas is aligning its operations with the UN Sustainable Development Goals (SDGs) and China's clean energy strategies, focusing on carbon peaking and neutrality goals[138] - The company declared an interim dividend of HK15.0 cents per share for the six months ended 30 September 2023, up from HK10.0 cents per share in the same period last year[142][143] - The company will focus on growing new businesses, including value-added services and integrated energy, while strengthening its core natural gas business[140][141] - The company aims to transform into a leading clean energy supplier and low-carbon transformation contributor, emphasizing innovation, green development, and social responsibility[140][141] - The company has adopted a methane emission reduction strategy as the first Chinese member and gold member of the Oil and Gas Methane Partnership (OGMP)[139] - The company will leverage national policies such as old pipeline renovation and the "bottled-to-piped-gas" project to drive growth[140][141] Shareholder Information - Mr. LIU Ming Hui holds 975,745,428 shares, representing 17.95% of the total issued shares of the company[151] - Mr. HUANG Yong holds 168,783,200 shares, representing 3.11% of the total issued shares of the company[151] - Mr. ZHU Weiwei holds 6,000,000 shares, representing 0.11% of the total issued shares of the company[151] - Ms. LI Ching holds 2,000,000 shares, representing 0.04% of the total issued shares of the company[151] - Mr. LIU Mingxing holds 800,000 shares, representing 0.01% of the total issued shares of the company[153] - Mr. ZHAO Yuhua holds 2,400,000 shares, representing 0.04% of the total issued shares of the company[153] - Dr. MAO Erwan holds 2,200,000 shares, representing 0.04% of the total issued shares of the company[153] - Mr. LIU holds 189,356,089 shares in China Gas Fortune Marine, representing 60.00% of the total issued shares of the associated corporation[154] - Mr. LIU holds 29 shares in Electronic Business Development Company Limited, representing 29% of the total issued shares of the subsidiary[156] - China Gas Group Limited beneficially owns 569,262,200 shares, with 50% ownership by Joint Coast, which is wholly-owned by Mr. LIU[157] - Mr. HUANG is deemed to be interested in a total of 168,783,200 shares, including 168,013,200 shares beneficially owned by him and 770,000 shares held by his spouse[157] - The percentage of shares is calculated based on 315,593,482 shares of China Gas Fortune Marine in issue as of 30 September 2023[157] - Mr. LIU is deemed to be interested in 189,356,089 shares of China Gas Fortune Marine beneficially owned by China Gas Group Limited (incorporated in Anguilla), with 50% ownership by Joint Coast, which is wholly-owned by Mr. LIU[157] - The percentage of shares is calculated based on 100 shares of Electronic Business in issue as of 30 September 2023[157] - Mr. LIU holds a 29% interest in Yipin Smart Living (BVI) Company Limited, a wholly-owned subsidiary of the company, which holds a 71% interest in Electronic Business[157] - As of 30 September 2023, the outstanding share options exercisable under the 2013 Share Option Scheme is 3,000,000[163] - Total share options granted to directors and eligible employees as of 30 September 2023 amounted to 245,017,600, with 3,000,000 new options granted during the period[169] - All share options granted to directors and eligible employees on 23 April 2020 were lapsed or cancelled, totaling 245,017,600 options[169] - Service providers were granted 3,000,000 new share options on 24 May 2023, with an exercise price of HK$10.50 and an exercise period until 23 May 2025[169] - The 2013 Share Option Scheme expired on 30 September 2023, and no further share options may be granted under this scheme[170] - The fair value of 3,000,000 share options granted on 24 May 2023 was approximately HK$5,796,000, with a closing price of HK$9.55 per share before the grant date[172] - The 2023 Share Option Scheme allows a maximum of 544,033,577 share options to be granted, representing approximately 10% of the total issued shares as of 30 September 2023[173] - The maximum number of share options permitted to be granted to service providers under the 2023 Share Option Scheme is 54,403,357, representing 1.00% of the total issued shares as of 30 September 2023[173] - No share options were granted, exercised, lapsed, or canceled under the 2023 Share Option Scheme during the six months ended 30 September 2023[176] - The maximum number of share options available for grant under the 2023 Share Option Scheme as of 30 September 2023 is 544,033,577, representing approximately 10% of the total issued shares of the company[176] - The service provider sub-limit for the 2023 Share Option Scheme is 54,403,357, representing approximately 1% of the total issued shares of the company as of 30 September 2023[176] - No shares were awarded under the Share Award Scheme during the six months ended 30 September 2023[179] - 15,000 awarded shares vested on 18 June 2023, with a weighted average closing price of HK$9.37 before the vesting date[182] - The total balance of awarded shares as of 30 September 2023 is 15,000, all of which are for employees[181] - The Share Award Scheme allows for a maximum award of 1% of the company's issued share capital to any selected participant within any 12-month period[177] - The Share Award Scheme is valid for 10 years from its adoption date, with no further awards involving new shares allowed after the amendment on 23 August 2023[177] - The number of shares available for grant under the Share Award Scheme at the beginning and end of the period ended 30 September 2023 was 271,971,788 shares, representing approximately 5.00% of the total issued shares of the Company[184] - The number of shares that may be issued in respect of options and awards granted under all schemes of the Company during the period divided by the weighted average number of shares of the relevant class in issue for 30 September 2023 is approximately 0.06%[184] - Beijing Enterprises Group Company Limited holds 1,277,935,143 shares, representing approximately 23.51% of the total issued shares of the Company[186] - Beijing Enterprises Group (BVI) Company Limited holds 1,274,965,143 shares, representing approximately 23.46% of the total issued shares of the Company[186

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 36,049,154, a decrease of 16.1% compared to HKD 42,976,485 for the same period in 2022[2]. - Gross profit for the same period was HKD 5,723,573, down 17.9% from HKD 6,971,860 in the previous year[2]. - Core profit attributable to shareholders was HKD 2,458,926, a decline of 25.3% from HKD 3,289,857 year-on-year[2]. - Total comprehensive income for the period attributable to shareholders was HKD 1,830,412, down from HKD 3,260,039 in the previous year[5]. - The group reported a profit attributable to shareholders of HKD 1,830,412,000, a decrease of 43.9% compared to HKD 3,260,039,000 in the previous year[47]. - Financial expenses increased by 22.0% to HKD 994,471,000 due to rising average financing costs of foreign currency debts[48]. Cash Flow - Operating cash flow increased significantly to HKD 7,565,434, up 59.7% from HKD 4,736,177 in the prior period[2]. - Free cash flow surged to HKD 4,974,242, a remarkable increase of 491.6% compared to HKD 840,828 in the same period last year[2]. - The group maintained a cash balance of HKD 11,118,020,000, up from HKD 10,617,686,000 as of March 31, 2023, with a current ratio of 0.93 compared to 1.01 previously[52]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 100,925,608, a decrease from HKD 105,070,770 as of March 31, 2023[6]. - Current liabilities amounted to HKD 52,132,950, slightly up from HKD 51,780,203 at the end of March 2023[7]. - The net current liabilities position was HKD (3,703,076), compared to a positive net current assets position of HKD 440,236 as of March 31, 2023[7]. - As of September 30, 2023, the total assets of the group amounted to HKD 149,355,482,000, a decrease from HKD 157,291,209,000 as of March 31, 2023[52]. - The total bank loans and other loans amounted to HKD 55,430,323,000, down from HKD 60,010,801,000 as of March 31, 2023[54]. Revenue Segmentation - The total revenue from the segments for the six months ended September 30, 2023, was HKD 37,931,068 thousand, with external customer revenue amounting to HKD 36,049,154 thousand[13]. - The revenue from natural gas sales was HKD 21,718,489 thousand, while the revenue from liquefied petroleum gas (LPG) sales was HKD 8,421,663 thousand[13]. - The segment revenue from engineering design and construction was HKD 2,938,326 thousand, and from value-added services was HKD 1,804,486 thousand[13]. - The group achieved LPG sales of 1.98 million tons, a year-on-year increase of 9.8%, with wholesale sales at 1.58 million tons (up 8.7%) and retail sales at 399,000 tons (up 14%)[41]. Operational Highlights - The company reported a restructuring of its internal reporting structure, leading to changes in the composition of its operating and reportable segments[12]. - The company identified urban heating, integrated energy services, and supply chain services as independent operating and reportable segments[12]. - The company added 1,051,976 residential users, a decline of approximately 31.2% year-on-year, bringing the total to 46,446,673 users, which is a 4.0% increase from the previous year[33][37]. - The total number of industrial users reached 23,296, an increase of 8.7%, while commercial users grew by 9.8% to 344,577[33][37]. - The company sold 16.97 billion cubic meters of natural gas, a 1.7% increase compared to the previous year, with city and town networks accounting for 9.20 billion cubic meters, down 1.9%[40]. Dividends and Share Repurchase - The interim dividend declared was HKD 0.15 per share, reflecting a 50% increase from the previous interim dividend[2]. - The company has repurchased a total of 4,762,600 shares at a total cost of HKD 43,911,086 during the six months ended September 30, 2023[65]. - The repurchase was aimed at enhancing the net asset value per share and earnings per share[66]. Strategic Initiatives - The company is committed to green development and actively responds to the United Nations Sustainable Development Goals and national clean energy strategies[61]. - The company aims to improve the proportion of renewable energy and provide multi-energy coupling solutions[61]. - The company has established a detailed and executable long-term strategy for methane emission reduction as a member of the Oil and Gas Methane Partnership[61]. - The company aims to transition from a single natural gas supply service to a comprehensive energy supply service, enhancing its market presence and service offerings[60]. Market Context - The International Monetary Fund (IMF) projects a global economic growth of 3% for 2023, with a downward revision to 2.9% for 2024, indicating ongoing economic pressures[60]. - The overall apparent consumption of natural gas in China increased by 6.7% year-on-year to 194.9 billion cubic meters[26]. - The domestic retail sales of consumer goods reached RMB 34.2 trillion, a year-on-year increase of 6.8%, reflecting a 15.2% growth compared to the pre-pandemic level in 2019[43].

[1 -> 10] 好那么现在11点20分我们进入今天上午的第三场第三场也就是中国燃气的录演那么有请嘉宾 [11 -> 32] 大家好,我们是中国人言气的IR5,我叫金妮。那位是我的同事。我们今天是给大家讲一下我们全年的业绩。为什么呢?因为我们的中报纪跟普通的公司不大一样。我们的中报纪是在今年的11月底的时候发布。 [32 -> 59] 所以我们全年业绩呢是我们在六月份的时候六月底的时候发布了那么我现在跟大家讲的呢就是我们去年六月份发布的这个全年业绩的情况那么这个时间区间呢就是从去年的这个四月一号到今年的三月三十一号整个财年的一个情况我先跟大家讲解一下那么首先呢 [60 -> 80] 我们去年全年的这个情况可以看到我们有三个业绩亮点首先第一个就是我们的现金流我们的去年全财年的记忆性现金流金额是突破了100亿港元那么这个100亿港元是我们历史的一个最高的水平 [80 -> 95] 那么其次呢我们的自由现金流在去年全年的时候转正了达到了25.2亿港元也是历史最好水平为什么这么说呢是因为我们从2017年开始做这个农村煤改期的时候 [96 -> 124] 因为那个时候我们有很大的这个资本开支然后累积了比较多的这个应收 ...

Financial Performance - Revenue for the fiscal year ending March 31, 2023, increased by 4.3% to HKD 91,988,445 thousand compared to HKD 88,225,193 thousand in 2022[10] - Gross profit decreased by 23.5% to HKD 12,034,675 thousand in 2023 from HKD 15,738,992 thousand in 2022[10] - Net profit attributable to the company's owners dropped by 44.0% to HKD 4,293,484 thousand in 2023 from HKD 7,662,036 thousand in 2022[10] - Basic earnings per share fell by 42.4% to HKD 0.80 in 2023 from HKD 1.39 in 2022[10] - Operating cash flow increased by 1.5% to HKD 10,027,284 thousand in 2023 from HKD 9,876,339 thousand in 2022[10] - Free cash flow improved significantly to HKD 2,519,991 thousand in 2023 from a negative HKD 2,328,703 thousand in 2022[10] - Total assets decreased by 3.6% to HKD 157,291,209 thousand in 2023 from HKD 163,146,352 thousand in 2022[10] - Bank balances and cash increased by 4.2% to HKD 10,617,686 thousand in 2023 from HKD 10,188,486 thousand in 2022[10] - Shareholders' equity declined by 8.9% to HKD 57,900,584 thousand in 2023 from HKD 63,577,893 thousand in 2022[10] - The company's average financing cost increased to 4.5% in 2023 from 3.7% in 2022[11] - Revenue increased by 4.3% to HKD 91.99 billion, while profit decreased by 41.8% to HKD 5.11 billion[41] - Revenue for the year ended 31 March 2023 increased to HK$91,988.445 million, up from HK$88,225.193 million in the previous year[196] - Gross profit decreased to HK$12,034.675 million from HK$15,738.992 million year-over-year[196] - Profit before taxation dropped to HK$6,038.002 million compared to HK$10,787.316 million in the prior year[196] - Profit for the year attributable to owners of the company was HK$4,293.484 million, down from HK$7,662.036 million in 2022[198] - Basic earnings per share decreased to HK$0.80 from HK$1.39 in the previous year[198] - Total comprehensive income for the year showed a loss of HK$1,755.313 million, compared to a gain of HK$11,287.791 million in 2022[196] - Non-current assets decreased to HK$105,070.770 million from HK$107,722.980 million year-over-year[200] - Current assets decreased to HK$52,220.439 million from HK$55,423.372 million in the previous year[200] - Net current assets dropped significantly to HK$440.236 million from HK$1,136.224 million in 2022[200] - Total assets less current liabilities decreased to HK$105,511.006 million from HK$108,859.204 million year-over-year[200] Gas Business Operations - Total number of pipeline gas projects increased to 661, a 0.2% growth compared to the previous year[12] - City gas projects reached 53.9 million connectable residential users, a 0.7% increase from 53.5 million[12] - Total natural gas sales volume grew by 6.9% to 39,249.1 million cubic meters[12] - Residential user gas sales volume increased by 14.0% to 8,382.8 million cubic meters[12] - Industrial user gas sales volume rose by 3.8% to 11,211.5 million cubic meters[12] - New residential user connections decreased by 21.8% to 2,299,452[12] - Cumulative residential user connections grew by 5.3% to 45,394,697[12] - The company signed long-term LNG contracts with Energy Transfer and Next Decade for 25 and 20 years respectively[16] - The company expects domestic natural gas consumption to rebound post-COVID-19, driven by the "dual carbon" policy[14] - The company is focusing on optimizing price management and enhancing customer stickiness to drive stable growth in natural gas sales[16] - Total natural gas sales volume reached 39.25 billion cubic meters, a year-on-year increase of 6.9%[41] - Urban pipeline network sales volume was 23.0 billion cubic meters, up 5.0% year-on-year[47] - Trade and direct supply pipeline sales volume was 16.24 billion cubic meters, up 9.9% year-on-year[47] - The company added 2,299,452 new residential users, bringing the total to 45,394,697, a year-on-year increase of 5.3%[45] - The company added 2,300 new industrial users and 31,671 new commercial users, with total industrial and commercial users reaching 22,108 and 329,335, respectively, representing year-on-year growth of 11.6% and 10.6%[45] - The company has built a total of 551,688 kilometers of gas pipelines[44] - The company operates 533 CNG/LNG refueling stations, with plans to transform some into multi-energy stations[46] - The company secured 1 new urban pipeline gas project, bringing the total to 661 projects across 30 provinces, municipalities, and autonomous regions[43] - The company's smart gas project in Wuhu, Anhui, was recognized as a national demonstration project for smart gas[42] LPG Business Operations - Domestic LPG production in 2022 was 48.67 million tons, a year-on-year increase of 2.3%, and imports were 26.6 million tons, a year-on-year increase of 8.6%[25] - The company operates 7 LPG dedicated terminals and 7 large petrochemical storage logistics bases, with an annual handling capacity of over 12 million tons and storage capacity of over 800,000 cubic meters[25] - The company has 106 LPG terminal distribution projects and over 863 retail stores, with bottle gas sales and user numbers ranking first in the country[26] - The company has built a large VLGC ocean-going fleet and dozens of professional hazardous chemical transport fleets with advanced logistics management systems[26] - The company's LPG distribution business covers 19 provinces in China, making it the largest vertically integrated LPG operator in the country[25] - The company has launched an intelligent micro-pipeline network model, which has been promoted and applied in 9 provinces including Qinghai, Hubei, and Guangdong[27] - The company's LPG business has formed a nationwide import gas source layout, covering coastal and riverine chemical industrial parks[26] - The company's LPG smart micro-pipeline network utilizes automation, IoT, cloud platforms, and AI technologies to enhance safety and intelligence levels[27] - The company's LPG business has a total annual distribution volume exceeding 4.13 million tons[25] - The company's LPG terminals and retail stores are densely distributed in core regions such as Guangxi, Guangdong, and Fujian, as well as in key cities like Beijing and Shanghai[26] - LPG sales volume was 4.132 million tons, a year-on-year decrease of 3.2%[48] - LPG wholesale sales volume was 3.397 million tons, down 4.3% year-on-year[48] - LPG terminal retail sales volume was 735,000 tons, up 2.1% year-on-year[48] - LPG sales revenue totaled HKD 22,499,530,000, a year-on-year decrease of 2.5%[48] Value-Added and Diversified Business - The company's value-added business covers over 700 cities across 30 provinces, municipalities, and autonomous regions, reaching over 50 million household and commercial users, covering a population of 200 million[31] - The company has established 4 major centers (Shenzhen Yipinhui Headquarters, Hangzhou New Retail Operations Center, Product and Manufacturing Center, Dual Carbon Center) and 7 modules to drive value-added business growth[31] - The company has signed high-quality distributed photovoltaic self-investment projects in 6 key cities: Nanjing, Hangzhou, Wuhu, Wuhan, Nanning, and Guangzhou[32] - The company is actively expanding charging station and hydrogen-blended gas businesses in provinces such as Guangdong, Guangxi, Hainan, Fujian, Zhejiang, Jiangsu, Anhui, and Shandong[32] - The company has completed 10 comprehensive energy efficiency demonstration projects, including the "Carbon Neutral" energy demonstration base for Unilever Guangzhou and the near-zero carbon renovation of Shenzhen Luohu District Hospital of Traditional Chinese Medicine[32] - The company has established the Zero Carbon Environment Energy Research Institute in collaboration with the Shanghai Environment and Energy Exchange to explore carbon finance and carbon credit businesses[32] - Value-added business revenue was HKD 3,455,031,000, a year-on-year decrease of 27.9%[50] - Pre-tax profit from value-added business was HKD 1,496,217,000, a year-on-year decrease of 6.5%[50] - Electricity trading volume reached 5.5 billion kWh[51] Coal-to-Gas Project and Environmental Impact - The company has connected over 8.42 million rural households to the "coal-to-gas" project since 2017, providing 8.85 billion cubic meters of natural gas for winter heating[17] - The "coal-to-gas" project has contributed 26%, 39%, and 35% to PM2.5 concentration reduction nationwide, in the Beijing-Tianjin-Hebei region, and the Fenwei Plain, respectively[17] - The National Development and Reform Commission emphasized the importance of ensuring stable and affordable natural gas supply for rural "coal-to-gas" projects in 2023[17] - The company operates in regions including Tianjin, Hebei, Shanxi, Shandong, Henan, and Shaanxi for the "coal-to-gas" initiative[17] - Rural clean heating has significantly improved air quality and living standards in rural areas[17] Corporate Governance and Board Structure - The company adheres to high corporate governance standards, complying with the Hong Kong Stock Exchange's Corporate Governance Code, except for the separation of Chairman and CEO roles[78] - The Board of Directors held a total of 14 meetings during the fiscal year ending March 31, 2023, with attendance records provided for each director[80] - The Board consists of 15 members, including 6 executive directors, 4 non-executive directors, and 5 independent non-executive directors[81] - The company has adopted a Board Diversity Policy since 2013 to ensure a range of skills, experience, and perspectives[82] - The Chairman and CEO roles are both held by Mr. Liu Minghui, a structure that the Board believes does not compromise checks and balances[84] - Directors are subject to retirement by rotation, with one-third required to retire and seek re-election at each Annual General Meeting[85] - The Board has delegated authority to five committees: Executive, Audit, Nomination, Remuneration, and Risk Control Committees[86] - Independent non-executive directors have confirmed their compliance with independence requirements under the Listing Rules[83] - Directors receive meeting agendas and materials at least 3 days before scheduled Board meetings[79] - The company ensures directors have access to all relevant data and the services of the company secretary to comply with procedures and regulations[79] - Management is responsible for providing timely, sufficient, and reliable information to the Board and its committees for informed decision-making[79] - The Executive Committee approved projects, policies, credit limits, and core management team appointments for the company and its subsidiaries for the fiscal year ending March 31, 2023[87] - The Audit Committee reviewed the company's interim and annual financial statements and recommended the reappointment of Deloitte Touche Tohmatsu as the external auditor for the 2022/23 fiscal year[89] - The Audit Committee approved the external auditor's fees and terms of engagement, with audit fees for the fiscal year ending March 31, 2023, amounting to HKD 10.5 million[90] - The Nomination Committee reviewed the board's composition and confirmed the effectiveness of the existing diversity policy[91] - The Nomination Committee follows a structured process for evaluating and selecting board candidates, considering factors such as personal reputation, industry experience, and diversity[92] - The company's board consists of 15 members, with 3 females and 12 males, and 14 of Chinese ethnicity and 1 non-Chinese[94] - The workforce as of March 31, 2023, is 64% male and 36% female[94] - The board members are distributed by age: 1 under 40, 3 aged 41-50, 8 aged 51-60, and 3 over 60[94] - The board members' service tenure: 9 with 1-10 years and 6 with over 10 years[94] - The nomination committee reviewed the board's structure, size, and composition, including gender, age, cultural background, education, skills, knowledge, professional experience, and service tenure[96] - The remuneration committee approved salary adjustments and bonuses for executive directors and employees at the vice president level and above[99] - The company granted 45,000 reward shares to an employee on April 1, 2022, with a vesting period of less than 12 months[99] - The remuneration committee reviewed and recommended bonuses for all non-executive and independent non-executive directors[99] - The company's senior management annual salary ranges: 1 in the HKD 1,000,001 to 1,500,000 bracket and 3 in the HKD 1,500,001 to 2,000,000 bracket[101] - The Risk Control Committee is responsible for assisting the Board in overseeing corporate governance and risk control in the company's business operations and financial management[102] - The Risk Control Committee reviewed the company's internal control and risk management systems, ensuring their adequacy and effectiveness[104] - The company's internal audit function conducted operational and financial reviews to ensure all major controls, including financial, operational, compliance, and risk management functions, were properly executed and effective[110] - The Legal and Compliance Department upgraded the compliance control system to prevent violations and strengthened safety production, financial management, and contract management across regions[110] - The Risk Control Committee received bi-annual reports from both the Audit and Inspection Department and the Legal and Compliance Department, confirming the effectiveness of the company's internal control and risk management systems[110] - The company has adopted an employee whistleblowing policy to strengthen governance and internal controls, with no significant internal control issues identified for the fiscal year ending March 31, 2023[111] Shareholder Communication and Dividend Policy - The company held over 450 meetings with analysts and investors, 2 analyst and investor briefings, and 20 international investor summits and roadshows during the fiscal year ending March 31, 2023[113] - The company's Board of Directors maintains a strong focus on shareholder communication, with multiple formal channels for timely information dissemination[113] - The company's Annual General Meeting serves as a key platform for direct shareholder communication, with the Chairman and Board members participating to address shareholder inquiries[114] - The company has adopted a dividend policy aiming to provide reasonable returns to investors while ensuring long-term sustainable development, with dividends expected to be distributed twice annually[119] - The company proposed a final dividend of 40 HK cents per share, with a total annual dividend of 50 HK cents per share for the fiscal year ending March 31, 2023[35] - The company proposed a final dividend of HKD 0.40 per share for the fiscal year ending March 31, 2023, totaling approximately HKD 2.176 billion[122] - The company's distributable reserves (including accumulated profits) as of March 31, 2023, amounted to approximately HKD 7.384 billion[125] - The company's dividend payout ratio for the year was 62.5%, with a proposed dividend of 50 HK cents per share[41] Share Options and Equity - No share options were granted under the Share Option Scheme during the year ended March 31, 2023[137] - The total number of share options outstanding as of March 31, 2023, was 245,017,600, with 108,000,000 held by directors and 137,017,600 held by eligible employees and consultants[138] - The exercise price for the share options is HKD 23.80, with an exercise period from October 15, 2022, to December 31, 2026[138] - During the year, 10,767,800 share options were forfeited/cancelled, with 10,523,800 from eligible employees and 244,000 from consultants[138] - A total of 700,000 share options were transferred from eligible employees to consultants during the year[138] - The total number of shares issued as of March 31, 2023, is 5,440,335,772 shares[139] - Mr. Liu is deemed to have interests in a total of 1,025,745,428 shares, including 70,000,000 shares owned by Cross-Strait Common Market Development Co., Ltd., 336,483,228 shares owned directly, and 569,262,200 shares owned by China Gas Group Limited[139] - The maximum number of shares that may be issued upon the exercise of all options under the share option plan is 479,253,509 shares, representing 10% of the issued shares as of the adoption date of the plan[140] - As of March 31, 2023, the remaining number of options available for issuance under the share option plan is 245,017,600, representing approximately 4.50% of the company's issued share capital[140] - The share option plan, adopted on August 20, 2013, will expire on August 20, 2023, with less than one year remaining as of March 31, 2023[140] - The company adopted a share award plan on November 27, 2020, which is valid for 10 years from the adoption date, with approximately 7.5 years remaining as of March 31, 2023[141] - Tricor Trust (Hong Kong

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 CHINA GAS HOLDINGS LIMITED 中 國 燃 氣 控 股 有 限 公 司* （於百慕達註冊成立之有限公司） （股份代號：384） 年度業績 截至二零二三年三月三十一日止年度 中國燃氣控股有限公司*（「本公司」）董事會（「董事會」）宣佈，本公司及其附屬公司（「本集 團」）截至二零二三年三月三十一日止年度之經審核綜合財務業績，連同截至二零二二年三 月三十一日止年度之比較數字如下： 綜合損益及其他全面收入報表 截至二零二三年 截至二零二二年 三月三十一日 三月三十一日 止年度 止年度 附註 千港元 千港元 收入 3 91,988,445 88,225,193 銷售成本 (79,953,770) (72,486,201) 毛利 12,034,675 15,738,992 ...