2024 ANNUAL REPORT 年 報 CHINA GAS INDUSTRY INVESTMENT HOLDINGS CO. LTD. ANNUAL REPORT 2024 年報 獨立非執行董事 蕭志雄先生 肖煥偉先生 李雋女士 公司秘書 CONTENTS 目錄 | 公司資料 | | | --- | --- | | Corporate Information | 2 | | 釋義 | 5 | | Definitions | | | 主席報告 | 8 | | Chairman's Statement | | | 五年財務概要 Five Year Financial Summary | 11 | | 管理層討論與分析 Management Discussion and Analysis | 12 | | 董事及高級管理層履歷詳情 Biographical Details of Directors and Senior Management | 25 | | 企業管治報告 Corporate Governance Report | 37 | | 董事會報告 | | | Directors' Report | ...

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 何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA GAS INDUSTRY INVESTMENT HOLDINGS CO. LTD. （於開曼群島註冊成立的成員有限公司） （股份代號：1940） 截至2024年12月31日止年度的年度業績公告 財務摘要 1 • 截至2024年12月31日止年度（「報告期」）的收益約人民幣1,313.61百萬元，較 截至2023年12月31日止年度約人民幣1,491.15百萬元減少約11.91%。 • 報告期的毛利約人民幣315.25百萬元，較截至2023年12月31日止年度約人民 幣332.10百萬元減少約5.07%。 • 報告期的純利約人民幣130.05百萬元，較截至2023年12月31日止年度約人民 幣128.08百萬元增加約1.54%。 • 報告期內，本公司權益股東應佔每股基本及攤薄盈利分別約人民幣0.11元 及人民幣0.11元，而截至2023年12月31日止年度本公司權益股東應佔每股基 本及攤薄盈利分 ...

CHINA GAS INDUSTRY INVESTMENT HOLDINGS CO. LTD. (於開曼群島註冊成立的成員有限公司) (Incorporated in the Cayman Islands with members' limited liability) 股份代號 Stockcode : 1940 2024 INTERIM REPORT 中 期 報 告 CONTENTS 目錄 中期報告 Interim Report 2024 1 公司資料 Corporate Information 2 釋義 Definitions 5 管理層討論及分析 Management Discussion and Analysis 7 其他資料 Other Information 22 中期簡明合併財務報表審閱報告 Report on Review of Interim Condensed Consolidated Financial Statements 30 中期簡明合併綜合收益表 Interim Condensed Consolidated Statement of Comprehensive Income 32 ...

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 何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA GAS INDUSTRY INVESTMENT HOLDINGS CO. LTD. （於開曼群島註冊成立的成員有限公司） （股份代號：1940） 截至2024年6月30日止六個月的中期業績公告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 本集團於報告期的收益約人民幣 640.75 百萬元，較截至 2023 年 6 月 30 日止六 個月的收益約人民幣 708.08 百萬元減少約 ...

12 CHINA GAS INDUSTRY INVESTMENT HOLDINGS CO. LTD. 為儘量利用集團的設計產能並增加收益， 本集團亦從事液化工業氣體的供應。本集 團的液化工業氣體產品包括氧氣、氮氣、 氬氣和二氧化碳。於空氣分離裝置生成氣 體形式的氧氣及氮氣及液態的氧氣、氮氣、 氬氣，液態氧氣、氮氣、氬氣可作為液態 產品直接出售，而空氣分離裝置生成氣體 形式的氧氣及氮氣可以通過液化裝置進行 進一步處理後可獲得液化的氧氣和氮氣。 氣體形式的氧氣及氮氣在滿足管道氧氣的 所有需求後，本集團利用剩餘設計產能生 產及銷售液化氮氣從而儘量增加利用空氣 分離裝置。二氧化碳在獨立的生產線中生 產，與氧氣、氮氣和氬氣的生產無關。 Services 本集團的液化天然氣相關業務包括液化天 然氣供應及提供氣體傳輸服務。供應液化 天然氣指本集團生產及銷售液化天然氣產 品。提供氣體傳輸服務指集團的焦爐煤氣 增壓及輸送服務，而該服務乃透過獨立於 供應管道工業氣體的管道提供。本集團的 灤縣廠房生產液化天然氣。亦提供氣體傳 輸服務，有本集團液化天然氣供應業務所 用的設備及機器。 Revenue and gross profit ...

1. 一般資料 本公司為一家投資控股公司。本公司及其附屬公司（統稱「本集團」）主要於中國從事工業氣 體的生產及供應。 (a) 合規聲明 (b) 計量基準 | --- | --- | --- | --- | --- | --- | |----------|-------------------------------|-----------------------------------------|----------------------------------------------|--------------|---------------| | | 供應工業氣體 \n（管道及液化） | 截至 2023 \n液化天然氣及 \n氣體輸送服務 | 年 12 月 31 日止年度 \n技術支援及 \n管理服務 | 對銷 | 本集團 | | | 人民幣元 | 人民幣元 | 人民幣元 | 人民幣元 | 人民幣元 | | 分部收益 | 1,203,621,320 | 305,356,594 | 2,917,278 | (20,741,204) | 1,491,153,988 | | 毛利 | 320,611,59 ...

Financial Performance - The Group's total revenue for the first half of 2023 was approximately RMB708.08 million, representing a year-on-year increase of 11.25% from RMB636.43 million in the same period of 2022[41]. - The gross profit for the Group in the first half of 2023 was approximately RMB164.10 million, with a gross profit margin of 23.18%, compared to RMB143.45 million and a margin of 22.54% in the same period of 2022[41]. - Operating profit increased to RMB98,546,648 from RMB74,653,780, representing a growth of 32.0%[161]. - Profit attributable to owners of the Company for the period was RMB69,501,507, compared to RMB41,630,615 in the previous year, marking a significant increase of 67.0%[161]. - Total comprehensive income for the period was RMB68,390,164, up from RMB36,667,290, indicating strong overall performance[161]. Trade Receivables and Impairment - As of June 30, 2023, the provision for impairment loss for trade receivables was approximately RMB13.79 million, an increase from RMB8.14 million as of December 31, 2022[15]. - Approximately 97% of trade receivables were payable by HBIS and HBIS Group as of June 30, 2023, consistent with the figure from December 31, 2022[15]. - The management believes that the inherent credit risk of the Group's unsettled trade receivables balance is insignificant due to a sound history of receivables[15]. - The Group has made an impairment provision for trade receivables in accordance with the principle of prudence[15]. - The Group's management evaluated forward-looking information and concluded that there is no significant increase in credit risk[15]. Liquidity and Financial Position - As of June 30, 2023, the total cash and bank balances were approximately RMB301.39 million, down from RMB360.74 million as of December 31, 2022[136]. - The Group's bank and other borrowings amounted to approximately RMB618.72 million as of June 30, 2023, compared to RMB585.79 million as of December 31, 2022[136]. - The gearing ratio was approximately 42.55% as of June 30, 2023, slightly up from 42.27% as of December 31, 2022[136]. - The Group aims to maintain an appropriate level of current assets to satisfy its liquidity needs, with expected cash flow from operations to meet future demands[31]. - The Group's liquidity risk is managed through regular monitoring of cash flow and bank positions, ensuring it can meet short-term and long-term liquidity needs[31]. Investments and Capital Commitments - As of June 30, 2023, the Group's total capital commitments amounted to approximately RMB129.05 million, compared to RMB126.13 million as of December 31, 2022, primarily for the purchase of property, plant, and equipment[38]. - The Group has utilized RMB246,950,000 of the IPO proceeds, representing approximately 83.0% of the total, with RMB50,553,000 remaining unutilized, which is about 17.0%[26]. - There were no significant investments, acquisitions, or disposals during the reporting period[37]. - The Group plans to actively develop noble gas and special gas products to enhance its market share in electronic special gas products[43]. Corporate Governance - The Company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the Reporting Period[88]. - The Company is committed to maintaining high standards of corporate governance to safeguard the interests of shareholders[87]. - The Audit Committee has maintained thorough discussions with the Auditor regarding the Audit Qualifications and Review Qualifications, with no disagreements noted[79]. - The Company has adopted a code of conduct regarding directors' securities transactions that meets or exceeds the required standards[89]. Auditor's Opinion and Investigations - The Company acknowledged the qualified opinion issued by the Auditor regarding the write-off of three overdue loan receivables totaling RMB50,000,000, RMB53,522,000, and RMB14,478,000[59]. - The Auditor issued a qualified review conclusion on the Company's unaudited interim condensed consolidated financial statements for the six months ended 30 June 2023, affecting the comparability of figures with the previous year[70]. - The Independent Investigation was completed in March 2022, revealing key findings that impacted the financial statements preparation for the year ended December 31, 2020[185]. - The investigation included a review of internal control policies and procedures related to transactions, with interviews conducted with relevant personnel to assess the business rationale behind the transactions[183]. Future Outlook and Strategic Initiatives - The industrial gas industry in China is expected to grow steadily, driven by national policies and foreign investment, with a projected increase in industrial gas consumption over the next five years[43]. - The Group's future outlook includes potential expansions and investments in new technologies related to industrial gases[175]. - The Group is engaged in strategic initiatives to enhance its market presence and operational efficiency in the industrial gas sector[175]. Share Option Scheme - The Share Option Scheme was adopted on June 17, 2020, and is effective for a period of 10 years from December 29, 2020[115]. - The total number of shares that may be issued under the Share Option Scheme shall not exceed 10% of the shares in issue as at the Listing Date, which is capped at 120,000,000 shares[119]. - No options were granted under the Share Option Scheme since its adoption, and there were no outstanding share options as of June 30, 2022[126].

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分內容所產生或因依賴該 等內容而引致的任何損失承擔任何責任。 CHINA GAS INDUSTRY INVESTMENT HOLDINGS CO. LTD. （「本公司」） （於開曼群島註冊成立的成員有限公司） （股份代號：1940） 截至2023年6月30日止六個月的中期業績公告 財務摘要 • 報告期的收益約為人民幣708.08百萬元，較截至2022年6月30日止六個月的 約人民幣636.43百萬元增加約11.26%。 • 報告期的毛利約為人民幣164.10百萬元，較截至2022年6月30日止六個月的 約人民幣143.45百萬元增加約14.40%。 • 報告期的純利約為人民幣69.50百萬元，較截至2022年6月30日止六個月的約 人民幣41.63百萬元增加約66.95%。 • 報告期內，本公司權益股東應佔每股股份基本及攤薄盈利分別約為人民幣 0.06元及人民幣0.06元，而截至2022年6月30日止六個月的每股股份基本及攤 薄盈利分別約為人民幣0.03元及人民幣 ...

Financial Performance - The total revenue of the Group for 2022 was approximately RMB 1,481.64 million, representing an increase of 22.5% compared to RMB 1,209.27 million in 2021[10]. - The gross profit for 2022 amounted to approximately RMB 341.85 million, a 37.8% increase from RMB 248.14 million in 2021, driven by enhanced facilities efficiency and reduced unit power consumption[10]. - The profit attributable to owners of the Company for 2022 was approximately RMB 112.74 million, a turnaround from a loss of approximately RMB 26.82 million in 2021[10]. - Profit before income tax for 2022 was RMB 161,018,000, a significant increase from RMB 14,118,000 in 2021[54]. - Other income decreased by approximately 91.0% to approximately RMB0.97 million in 2022, primarily due to lower government grants received compared to the previous year[44]. - The Group's total assets as of December 31, 2022, amounted to RMB 2,606,676,000, up from RMB 2,406,049,000 in 2021, indicating a growth of 8.3%[54]. - The Group's total liabilities increased to RMB 1,220,843,000 in 2022 from RMB 1,124,019,000 in 2021, reflecting a rise of 8.6%[54]. - The Group recorded total current assets of approximately RMB990.79 million as at 31 December 2022, representing an increase of approximately 22.27% compared to RMB810.32 million as at 31 December 2021[92]. - The total current liabilities of the Group as at 31 December 2022 were approximately RMB860.49 million, an increase of approximately 9.2% from RMB787.83 million as at 31 December 2021[92]. - The Group's current ratio was approximately 1.15 as at 31 December 2022, compared to approximately 1.03 as at 31 December 2021[92]. - The net finance costs of the Group decreased by approximately 7.2% to approximately RMB26.02 million for the Reporting Period, down from approximately RMB28.05 million in 2021[91]. - The income tax expense increased by approximately 17.9% to approximately RMB48.28 million for the Reporting Period, compared to approximately RMB40.93 million in 2021[91]. - The Group had total cash and bank balances of approximately RMB360.74 million as at 31 December 2022, an increase from approximately RMB297.55 million as at 31 December 2021[91]. - As at 31 December 2022, the Group's gearing ratio was approximately 42%, down from 48% as at 31 December 2021[91]. Business Development and Strategy - The Group's new facility in Tangshan has significantly improved production capacity and technology, contributing to profit growth[8]. - The successful development and market introduction of rare gas products (poor krypton-xenon) have filled market gaps in aerospace and high-end electronics, enhancing core competitiveness[8]. - The Group plans to deepen cooperation with HBIS Group Co., Ltd. to enhance market competitiveness and develop high value-added products[12]. - The strategic focus will be on accelerating market expansion and technological innovation to drive high-quality development across China[25]. - The Group's efforts in independent innovation and intellectual property management are aimed at supporting sustainable growth[24]. - The Group's business development is expected to grow steadily, supported by strong customer demand as production capacities expand[41]. - The Group plans to actively develop special gas products and expand its market share in electronic special gas products to enhance future growth prospects[63]. - The company is focused on enhancing its market cultivation and establishing a positive competition system to boost business development[176]. - The company has plans for market expansion and new product development, particularly in the industrial gas sector[176]. Research and Innovation - The Group has established eight new science and technology topics and applied for eight utility model patents and one invention patent in 2022[24]. - The Group has initiated 8 new technology projects in 2022 and received a third-class award for technological progress[50]. - The company is actively involved in the development of new technologies and products to maintain its competitive edge in the market[176]. Human Resources - The Group employed a total of 341 employees as of December 31, 2022, down from 369 employees as of December 31, 2021, with total staff costs of approximately RMB58.38 million for the year ended December 31, 2022, compared to approximately RMB54.04 million for the previous year[1]. - The Group plans to continue attracting and retaining highly skilled personnel and invest in employee training and professional development programs[1]. - The company continues to focus on training and technology sharing to enhance its operational capabilities[187]. Audit and Compliance - The audit committee confirmed that the audited consolidated financial statements for the year ended December 31, 2022, were prepared in accordance with applicable accounting standards[4]. - The Auditor issued a qualified opinion on the Group's consolidated financial statements for the year ended December 31, 2022, due to three overdue receivables totaling RMB117 million from loan agreements[4]. - The management is working closely with the Auditor to remove the audit qualification in future financial statements[4]. - The management acknowledged the audit qualifications and is considering writing off the outstanding balances of the Loans and the Note Investment for financial reporting purposes[4]. - The Group had no significant contingent liabilities as of December 31, 2022[1]. IPO Proceeds and Investments - The Company has utilized RMB246,950,000 of the IPO Proceeds, representing approximately 83.0% of the total[122]. - The unutilized IPO Proceeds amount to RMB50,553,000, which is approximately 17.0% of the total[122]. - The expected timeline for the use of unutilized IPO Proceeds has been extended to June 30, 2024[120]. - The Company plans to gradually utilize the IPO Proceeds according to the updated expected timeline disclosed in the prospectus[124]. - The first phase of the project includes payments for the procurement and installation of air separation units (ASUs) totaling RMB64,990,000 and RMB101,790,000 for the second ASU[124]. - The third ASU involves relocation and installation costs of RMB80,170,000[124]. - The fourth ASU procurement and installation is budgeted at RMB50,553,000, which is planned for use by June 30, 2024[124]. - The Company’s business remained generally stable in 2022 despite limited impacts from COVID-19 on major customers[121]. - The Board believes that the extension of the expected timeline for using the unutilized IPO Proceeds will not adversely affect the Company's operations[127]. - The Auditor's preliminary view indicates that the Comparative Figures Qualification is expected to be removed in the consolidated financial statements for the year ending December 31, 2024[138]. Leadership and Management - The company has a strong leadership team with extensive experience in the industrial gas industry, including Mr. Yao and Ms. Gao, who have held significant roles in operational management[182][184]. - Ms. Gao has over 27 years of experience in the industrial gas industry, having held various managerial positions within the company since joining in March 2007[184]. - Mr. Zhang Wenli appointed as non-executive Director on January 20, 2023, with over 30 years of accounting experience in the industrial sector[191]. - Mr. Lai Yui has more than 24 years of experience in investment banking and private equity, previously serving as a director of investment at Temasek Holdings[193]. - Ms. Ng Shuk Ming has over 14 years of experience in the private equity industry, responsible for executing and monitoring high-value investments[195]. - Mr. Siu Chi Hung has 25 years of accounting experience, previously a partner at KPMG and head of real estate and capital markets development in Southern China[196]. - The company has a strong board with diverse expertise in finance, investment, and management, enhancing strategic decision-making capabilities[198]. - Mr. Xiao has been the chairman of Secret Garden (Zhangjiakou) Resort since February 2014, overseeing comprehensive operation management and administration[199]. - Ms. Li has over 11 years of experience in global financial institutions, including roles at Deutsche Bank AG and Sun Hung Kai & Co. Limited[199]. - Ms. Li has been a member of the Listing Committee of the Stock Exchange since July 2019[200]. - Ms. Li was qualified as a certified public accountant in the State of New York in January 2002[200].

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分內容所產生或因依賴該 等內容而引致的任何損失承擔任何責任。 CHINA GAS INDUSTRY INVESTMENT HOLDINGS CO. LTD. （「本公司」） （於開曼群島註冊成立的成員有限公司） （股份代號：1940） 截至2022年12月31日止年度 年度業績公告及 更新所得款項用途的預期時間表 財務摘要 • 報告期的收益約人民幣1,482百萬元，較截至2021年12月31日止年度約人民 幣1,209百萬元增加約22.5%。 • 報告期的毛利約人民幣342百萬元，較截至2021年12月31日止年度約人民幣 248百萬元增加約37.8%。 • 報告期的純利約人民幣113百萬元，較截至2021年12月31日止年度的淨虧損 約人民幣27百萬元，轉虧為盈。 • 報告期內，本公司權益股東應佔每股基本及攤薄盈利分別約人民幣0.09元及 人民幣0.09元，而截至2021年12月31日止年度本公司權益股東應佔每股基本 及攤薄虧損分別約人民幣0.02元及人民幣0.0 ...