ENN ENERGY(02688)2025-04-15 14:04Operational Growth - The company operates 261 city gas projects, an increase from 259 in 2023, demonstrating continuous growth in its operations[14] - The number of urban gas projects in China increased to 261 in 2024, up from 259 in 2023, representing a growth of 0.8%[26] - The total number of household users connected reached 31,379 thousand, an increase of 5.4% from 29,775 thousand in 2023[26] - The company has 356 comprehensive energy projects, up from 296 in 2023, indicating expansion in its service offerings[14] - The company added 1.217 million cubic meters per day of industrial customer gas volume, reaching a total of 18.5 million cubic meters per day, promoting a 5.2% growth in industrial user gas volume[54] - The company developed 25,000 commercial users in 2024, with a cumulative total of 227,000 commercial users and an opening gas volume of 2.93 million cubic meters per day, resulting in a 4.5% growth in commercial user gas volume[55] Financial Performance - The total revenue for 2024 was RMB 109,853 million, a decrease of 3.5% compared to RMB 113,858 million in 2023[38] - The core profit from domestic infrastructure business increased by 10.2% to RMB 6,712 million from RMB 6,091 million in 2023[31] - The annual profit attributable to the company's owners was RMB 5,987 million in 2024, a decrease of 12.2% from RMB 6,816 million in 2023[38] - The gross profit margin for the energy business increased to 16.4% in 2024, up from 13.9% in 2023, reflecting improved operational efficiency[31] - The company's total operating revenue for 2024 was RMB 110.051 billion, a decrease from RMB 113.858 billion in 2022[57] - The profit attributable to shareholders was RMB 5.987 billion, down 12.2% year-on-year, with basic earnings per share of RMB 5.35, a decrease of 11.6%[73] Environmental Performance - The company achieved a carbon emission intensity of 6,103 tons of CO2 equivalent per billion cubic meters, down from 6,969 tons in 2023, indicating improved environmental performance[14] - The proportion of renewable energy projects within the comprehensive energy projects increased to 42.4% from 44.9% in 2023[14] - In 2024, the company achieved natural gas sales of 33.651 billion cubic meters, equivalent to a reduction of 15.13 million tons of standard coal, resulting in a decrease of 45.2 million tons of CO2 emissions[69] - The company has established a climate risk dynamic management mechanism and aims for a full-scenario net-zero pathway[69] Customer Satisfaction and Service Quality - Customer satisfaction rate improved to 92.5%, up from 90.8% in 2023, reflecting enhanced service quality[14] - The online gas purchase ratio increased to 97%, up from 85% in 2023, showcasing digital transformation efforts[14] - The company aims to enhance customer satisfaction by restructuring its service system, utilizing smart technology to optimize customer service processes[67] Safety and Compliance - The company invested 1,252 million RMB in safety measures, a decrease from 1,430 million RMB in 2023, suggesting a focus on cost efficiency[14] - The company has 86 project companies certified with ISO 14001 and ISO 45001, an increase from 76 in 2023, highlighting commitment to quality and safety standards[14] - The company has developed a safety digital management system covering all business scenarios, enhancing safety risk prevention capabilities[66] Strategic Initiatives and Future Plans - The company plans to expand its urban gas projects and aims to increase the number of connected users in the coming years[24] - The company aims to leverage AI technologies like DeepSeek to enhance energy service ecosystems and drive growth in the smart era by 2025[44] - The company plans to expand its comprehensive energy solutions for major energy-consuming customers, achieving an additional installed capacity of 1.7 GW[62] - The company is actively pursuing market expansion and operational efficiency in the natural gas sector, with a focus on full-scenario business collaboration[111] Governance and Management - The company has established a comprehensive risk management policy and commodity hedging system to mitigate price volatility risks associated with LNG procurement[84] - The board consists of 11 members, including 6 executive directors, 1 non-executive director, and 4 independent non-executive directors[164] - The company has received eight awards in the 2024 Institutional Investor's Asia Best Management Team awards, including "Best CEO" and "Best CFO," showcasing recognition in management and investor relations[86] - The company is committed to improving corporate governance, emphasizing transparency and stakeholder engagement to create long-term value[134] Employee and Talent Management - The company emphasizes employee performance and provides comprehensive benefits, including medical coverage and retirement plans[88] - The company aims to enhance its human resources strategy to align closely with business objectives, ensuring effective talent retention and performance management[130] - The company has implemented a policy to promote gender diversity, aiming for 25.6% female employees by the end of 2024[167] Financial Health and Debt Management - The net debt ratio improved to 23.2% in 2024, down from 25.3% in 2023, indicating better financial health[31] - As of December 31, 2024, the company's total borrowings amounted to RMB 195.32 billion, a decrease of RMB 23.91 billion from the previous year[78] - The company has hedged USD 820 million of its borrowings, achieving a hedging ratio of 78.9% for long-term USD debt[79]