天伦燃气2023年中期报告

2023INTERIMREPORT CONTENTS 2162728303234Management Discussion and AnalysisOther InformationInterim Condensed ConsolidatedStatement of Comprehensive IncomeInterim Condensed ConsolidatedBalance SheetInterim Condensed ConsolidatedStatement of Changes in EquityInterim Condensed ConsolidatedStatement of Cash FlowsNotes to Unaudited Condensed ConsolidatedInterim Financial Statements MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY REVIEW The year 2023 is the first year for the full implementation of the spiritof the 20th National Congress and also a critical year for the “14th Five-Year Plan”. The report of the 20th National Congress proposed to furtherpromote the energy revolution, intensify the exploration and developmentof petroleum and gas resources,increase reserves and production,and accelerate the planning and construction of a new energy system,which demonstrated the direction of promoting the green, low-carbontransformation and high-quality development of energy. Especially under thecurrent “dual-carbon” goal, green and low-carbon transformation is still themain direction for China’s energy transformation, and the energy industry isthe main battlefield for promoting green and low-carbon development. Asa high-quality, efficient, clean and low-carbon energy source, natural gas iscomplementary to renewable energy and plays an important role in realizingthe “dual-carbon” goal of guaranteeing energy security and green and low-carbon transformation. It will continue to grow steadily both at present andin the longer term. In the first half of the year, on the basis of stabilizingpetroleum and gas production, China promoted the increase of natural gasreserves and production, accelerated the development of new energy, andstrived to realize the increase of gas, green, and “high”, forming a newmilestone in the green transformation layout. 5.5%1,1555.4%1,9496.7% Since 2023, China’s recovery of production and life have been accelerated,and the national energy supply and demand has been generally stable. Inthe first half of the year, China’s economy has maintained a steady upwardtrend, with GDP growth of 5.5% year-on-year. As the domestic economycontinued to recover, international natural gas prices have fallen, and thegrowth rate of natural gas demand has bottomed out, pushing the domesticnatural gas industry to rebound. The long-term consumption trend of naturalgas has returned to the growth track. According to statistics, in the first halfof the year, natural gas production and imports maintained steady growth,with national natural gas production of 115.5 billion m3, an increase of 5.4%year-on-year. The apparent natural gas consumption in the PRC amountedto 194.9 billion m3, an increase of 6.7% year-on-year. China’s natural gasindustry is still in the stage of rapid development. 2023 In recent years, the full implementation of the petroleum and gas systemreform, the renewal and upgrade of the aging gas pipelines and theacceleration of the construction of gas storage facilities, the gradualconstruction of the multi-source and multi-path gas supply, and thenormalization of frequent fluctuation in gas prices have promoted themarket reform of gas prices, which has been the direction in the PRC. Inthe first half of the year, the National Development and Reform Commission(“NDRC”) issued the Notice on Organizing the Signing of Medium- andLong-Term Natural Gas Contracts in 2023 (2023), and at the same time issued the Letter on the Provisionof Information on Upstream and Downstream Price Linkage Mechanismsfor Natural Gas () tovarious provinces and cities, in order to push forward the implementationof the price linkage mechanism for natural gas. With that, Chongqing,Hebei, Guizhou, Weifang, Mianyang (Sichuan) and many other places issuedrelevant notices to adjust the sales price of residential pipelined naturalgas, which eased the contradiction in gas prices and promoted the healthydevelopment of the gas industry to a certain extent. In the future, withthe improvement of the marketization of natural gas in China, the nationaland provincial natural gas price reforms will be further deepened, with theupstream and downstream price mechanism of natural gas continuing toimprove. BUSINESS REVIEW For the six months ended 30 June 2023, the Group has always kept in mindthe fundamental attribute of a public utility and has actively assumed thesocial responsibility of ensuring supply for people’s livelihood. While takingroot in the gas industry, the Group accelerated the development of newenergy business, so as to improve the gas supply guarantee capability andachieve high-quality development of the gas industry. Management Discussion and Analysis (Continued) The key results and operating data of the Group for the six months ended 30June 2023 and their comparison against the figures for the correspondingperiod of last year are as follows: Gas Source Optimization 9,003 In the first half of the year, with the domestic economic