天伦燃气2024年中期报告

(Incorporated in the Cayman Islands with limited liability) 2142425272931Management 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 StatementsCONTENTS MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY REVIEW 2024 The year 2024 comes as a critical year for realizing the objectives and tasksof the “14th Five-Year Plan” and marks the 10th anniversary of the in-depth implementation of the new energy security strategy marked by “fourrevolutions and one cooperation”. In the first half of the year, weathering thecomplex and severe big picture, China’s economy continued its pickup. Theeffects of China’s macro policies continued to work and external demandrebounded. In the first half of the year, the National Energy Administrationissued the 2024 Energy Work Guidance (2024),which pointed out that efforts shall be made to seek the coordinateddevelopment of new energy and traditional energy, prioritize the green andlow-carbon transformation of energy and deepen the reform and innovationof energy. Under the current “dual-carbon” goal, natural gas serves as anenergy source available to help achieve the goal of carbon neutrality, andit, thanks to flexibility and efficiency, supports the synergistic developmentof various energy sources, which will continue to play its part in the carbonpeaking and even carbon neutrality. In the first half of the year, the Statecontinued to expand the scale of natural gas supply and utilization to securethe orderly and sound development of the natural gas industry. Rampingup its energy, production and consumption reform, China saw acceleratingnew urbanization and the powerful advancement of the reform of the oil andgas system, leaving growing capacities for natural gas supply with betterdevelopment quality and resilience. Natural gas is embracing its rapiddevelopment. 61.75.0%2,1088.7%1,2354.4%90214.8% Over the past decade, China’s natural gas industry has continued to improveits system of production, supply, storage and marketing and solidly pushforward the reform of institutions and mechanisms and market construction,which has yielded a doubled growth across the sectors above, together withremarkable performance in provision guarantee and price stability in theindustry. In the first half of the year, China’s economy withstood the pressureimposed by the global economy and figured prominently as a “stabilizer”and “power source”, with GDP reaching RMB61.7 trillion, up 5.0% year onyear, and the China’s economic operation witnessed steady progress. Withthe back-on-track production and living order and China’s macroeconomicrecovery growth, natural gas production remains high and gas demandrecorded a faster growth, which made possible the ongoing turnaround ofChina’s natural gas market. In the first half of the year, the national naturalgas consumption reached 210.8 billion m3, up 8.7% year on year. Naturalgas production stood at 123.5 billion m3, up 4.4% year on year. Natural gasimports were 90.2 billion m3, up 14.8% year on year. The long-term trendof natural gas consumption has gotten back on track for growth. In 2024, the natural gas industry will commit itself to the new energysecurity strategy. To that end, it will continue to increase storage andproduction and work on the production, supply, storage and marketingsystem to ramp up the integration of natural gas and new energy for furtherdevelopment and better coordinate the high-quality development and high-level security for a solid foundation for energy security. Currently, Chinais working on energy transformation, which presents further space andopportunities for the development of natural gas. In the first half of the year,in order to promote the high-quality development of the natural gas industry,the National Development and Reform Commission issued the Measuresfor the Administration of Natural Gas Utilization (), aiming to “regulate the use of natural gas, optimize the consumptionstructure, improve the efficiency of its use, promote its economic use, andsafeguard energy security” as the goal and further guide the regulated andeffective development of the natural gas market. Going forward, China’snatural gas industry will continue to follow the new energy security strategy.To do that, it will strengthen its ability of supply security, improve themarket system and institutional construction, and stimulate the potential ofthe new quality productive force of the industry for higher-level and higher-quality development, providing strong support for guaranteeing nationalenergy security and green and low-carbon transformation and acceleratingthe construction of a new energy system. BUSINESS REVIEW For the six months ended 30 June 2024, the Group has always followedthe co