中民控股2024年报

Distribution of business in China At 31 December 2024 Contents 2Chairman’s Statement6Management Discussion and Analysis16Biography of Directors21Corporate Governance Report54Report of the Directors FinancialsIndependent Auditor’s Report Consolidated Statement of Profit or Lossand Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements OthersCorporate Information 232Five-Year Financial Summary Chairman’s Statement 202412 31 Onbehalf of the board of directors(the“Board”)of ChinesePeople Holdings Company Limited (the “Company”) and all ofits subsidiaries (collectively the “Group” or “we”), I present theGroup’s annual report for the year ended 31 December 2024 to theshareholders of the Company (the “Shareholder(s)”). ECONOMIC CONDITIONS ANDANNUAL RESULTS 2024134.915.0%20222023120 In 2024, domestic GDP reached 134.91 trillion, representing anincreaseof 5.0%.The domestic economy has maintained themomentum of recovery, which has been faster than that of mostmajor economies. In 2022 and 2023, after a series of breakthroughsof 120 trillion, China’s economic growth has leapt to a new level. 20242,464.56.0%;1.39.9%;4,260.58.0%2024LPG5,4184.7%;48.793.5% According to public data released by the National Development andReform Commission of the People’s Republic of China (“NDRC”),National Bureau of Statistics of China, etc., the output of naturalgas in 2024 was approximately 246.45 billion m3, increased by 6.0%as compared to that of last year; the import of natural gas was130 million tons, increased by 9.9% year-on-year, and the apparentconsumption of natural gas was 426.05 billion m3, increased by8.0%year-on-year.In 2024,China’s Liquefied Petroleum Gas(“LPG”) production was 54.18 million tons, representing a year-on-year increase of 4.7%; the total retail sales of social consumer goodswere approximately RMB48.79 trillion, representing a year-on-yearincrease of 3.5%. 41,0791.81%;105,2199.23% With the joint efforts of the management and all employees, theGroup recorded the piped gas sales of 410.79 million m3 for theYear, representing a decrease of 1.81% as compared to last year;the cylinder gas sales of 105,219 tons for the Year, representing anincrease of 9.23% as compared to the corresponding period lastyear. ECONOMIC CONDITIONS ANDANNUAL RESULTS(Continued) 202412 3126.35202325.140.5920232.27202312 312.430.1720232.5911.50%202312.44%20230.94 The revenue was increased for the year ended 31 December 2024,the revenue of the Group was approximately RMB2,635 million(2023:RMB2,514 million)and the earnings for the Year wasapproximately RMB59 million (2023: loss of RMB227 million) mainlydue to the share of loss of joint ventures of approximately RMB243million for the year ended 31 December 2023. Basic earnings persharewas RMB0.17 cents(2023:basic loss per share RMB2.59cents). The overall gross profit margin of the Group for the Year was11.50% (2023: 12.44%), representing a decrease of 0.94 percentagepoints as compared with 2023. FINANCIAL POSITION 202412313.39%20233.17% By ensuring the stability of the financial position, the Group carefullyutilises fund for reasonable investment and seizes the opportunityof business development. As at 31 December 2024, the debt-to-capitalisation ratio of the Group, representing the ratio of totalborrowings to total borrowings and equity attributable to owners ofthe Company, was 3.39% (2023: 3.17%). REVIEW AND PROSPECT OF THEINDUSTRY Piped Gas Transmission and Distribution Business Proactively and securely promoting peak carbon dioxide emissionsand carbon neutrality and implementing dual control of energyconsumption are the important institutional arrangements for Chinato accelerate the construction of ecological civilization and promotehigh-quality development. To accelerate the construction of a dual-control system for carbon emissions, China is adapting to the newsituation of economic and social development, taking the decreasein energy intensity as a binding indicator, and promoting the shift todual-control for carbon emissions. The Group forged ahead with highquality development in the natural gas industry, so as to safeguardthe safety, efficiency and continuity of gas users. As supported bymultiple dividend policies, such as energy reform and developmentplanning under the “dual carbon” target in the future, the Group’sstrategicdevelopment goal in the natural gas industry will becontinuously strengthened in the future. The Group will also continueto expand its market share in the natural gas industry, fully integrateits development strategies and objectives such as low carbonisationand clean energy to develop the piped gas industry in a healthier andsafer manner. Chairman’s Statement REVIEW AND PROSPECT OF THEINDUSTRY(Continued) Cylinder Gas Supply Business Recently,China accelerates the development of a green andlo