Financial Performance - In 2024, the company recorded revenue of RMB 1,688.4 million, a decrease of 12.8% year-on-year[9]. - The net profit attributable to shareholders for the year was RMB 85.1 million, an increase of 3.5% year-on-year[9]. - The gross profit for 2024 was RMB 49.7 million, a decrease of 15.5% from RMB 58.8 million in 2023, with a gross margin of 2.9%[19][21]. - The net profit for 2024 was RMB 84.9 million, down 8.0% from RMB 92.4 million in 2023, while the profit attributable to shareholders increased by 3.5% to RMB 85.1 million[19][21]. - The company reported a cash and cash equivalents balance of RMB 360.3 million as of December 31, 2024, a slight decrease of 0.9% from RMB 363.7 million in 2023[21]. - The total assets of the company decreased by 2.5% to RMB 4,450.6 million as of December 31, 2024, compared to RMB 4,564.4 million in 2023[21]. - The current ratio as of December 31, 2024, was 0.31, a decrease from 0.55 in 2023, indicating a decline in liquidity[55]. - The group recorded a total revenue of RMB 1,688.4 million for the year 2024, a decrease of 12.8% compared to RMB 1,935.6 million in 2023, primarily due to reduced income from natural gas trading and distribution[36]. - EBITDA for 2024 reached RMB 305.0 million, a decline from RMB 371.0 million in 2023[38]. - Other income and gains for 2024 amounted to RMB 54.8 million, down from RMB 69.7 million in 2023, including bank interest income of RMB 2.3 million and government subsidies of RMB 16.6 million[39]. - Administrative expenses for 2024 were RMB 136.3 million, slightly lower than RMB 146.8 million in 2023, indicating stable operational costs[40]. - Financing costs decreased by 36.3% to RMB 110.7 million in 2024 from RMB 173.7 million in 2023, attributed to the shift to RMB bank loans[43]. - The company has no reserves available for distribution to equity holders as of December 31, 2024[198]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the year 2024[194]. Market and Operational Highlights - China's apparent natural gas consumption reached 426.05 billion cubic meters in 2024, growing by 8% year-on-year[8]. - The total gas sales volume of the company was 546.7 million cubic meters, a decrease of 25.5% compared to 733.6 million cubic meters in 2023[19]. - The company has six urban gas projects primarily located in Guangxi Zhuang Autonomous Region and Shanxi Province, with gas sales volume of 267.8 million cubic meters in 2024, down 6.0% from 284.8 million cubic meters in 2023[22]. - The residential gas sales volume increased by 8.1% to 82.3 million cubic meters in 2024, while non-residential gas sales volume decreased by 11.2% to 185.5 million cubic meters[22]. - The total natural gas sales volume to residential and non-residential users reached 267.8 million cubic meters in 2024, a decrease of 6% compared to 2023[23]. - The total trade volume for LNG and CNG in 2024 was 269.1 million cubic meters, a decrease of 37.9% from 433.2 million cubic meters in 2023[24]. - The LNG receiving station project had a total unloading volume of 6,340.6 million cubic meters in 2024, down 8.2% from 6,906.9 million cubic meters in 2023[27]. - The company added 33,084 new gas pipeline users in 2024, bringing the total to 569,369 users, with residential users accounting for 565,467[23]. Strategic Initiatives and Acquisitions - The company acquired 49% of Beijing Unait Energy Engineering Technology Co., Ltd., enhancing its core competitiveness in the new energy sector[12]. - The company completed the acquisition of assets related to the North Seven Business Park Energy Center project, aligning with national dual carbon policy[12]. - The company is actively expanding its clean and low-carbon business and positioning itself in the new energy sector to contribute to the new energy supply structure[18]. - The acquisition of assets related to the Beiqijia Business Park Energy Center generated revenue of RMB 8.7 million in 2024, with a segment profit of RMB 4.1 million[31]. - The company is focusing on energy storage business development, with the Yangzhou project generating revenue of RMB 0.4 million in 2024[32]. - The group plans to focus on the "dual carbon" strategy, enhancing its clean energy and renewable energy business while optimizing energy structure and accelerating industrial upgrades[35]. Governance and Management - The company has adopted corporate governance practices in compliance with the corporate governance code for the fiscal year ending December 31, 2024[89]. - The management team has extensive experience in gas network operations and safety management, with over 20 years in the industry[80]. - The board is committed to high standards of corporate governance and has implemented self-regulatory practices[89]. - The company has appointed Mr. Li Weiqi as the Chairman of the Board and Mr. Wu Haipeng as the CEO for the year 2024[109]. - The board held a total of 5 meetings in 2024, with all directors attending 100% of the meetings[93]. - The company emphasizes the importance of corporate governance and has adopted internal guidelines requiring board approval for significant matters such as major asset acquisitions and dividend distributions[92]. - The company has established a formal and transparent procedure for the selection and nomination of new directors[122]. - The company has arranged appropriate liability insurance for its directors and executives[108]. - The company secretary ensures smooth communication within the board and provides necessary professional development assistance[148]. Risk Management and Compliance - The group has established a risk management framework to assess and prioritize risks based on their potential financial impact and management's focus[156]. - The board has confirmed the effectiveness of the risk management and internal control systems for the year 2024[154]. - The group has a zero-tolerance policy towards bribery, extortion, fraud, and money laundering, maintaining high standards of integrity and transparency[158]. - The company has implemented reporting procedures for employees and the public to raise concerns about potential misconduct internally[157]. - The company has not faced any significant fines or penalties due to non-compliance with laws and regulations during 2024[184]. Shareholder Communication - The company emphasizes regular, effective, timely, and fair communication with shareholders regarding all significant matters affecting the group[169]. - The company is committed to clear, detailed, and timely disclosure of information to shareholders, including regular updates and responses to shareholder concerns[170].
北京燃气蓝天(06828) - 2024 - 年度财报