天伦燃气2025年中期报告

(Incorporated in the Cayman Islands with limited liability) 2025INTERIM REPORT 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 5.3% The year 2025 marks both the conclusion of the “14th Five-Year Plan” andthe inception of the “15th Five-Year Plan”, representing a pivotal juncture.Despite an increasingly complex and severe external environment, China’seconomy has shown strong resilience and sustained vitality. In the first halfof the year, China’s economy maintained stable and positive developmentwith continuously optimized structure, achieving a steady 5.3% growth rate.In the process of ensuring and improving people’s livelihoods and meetingtheir needs for a better life, more new growth points and key areas forstabilizing economic performance have been identified. Among these, thedemand for higher-quality green and low-carbon products and services hasshown significant growth. Guided by the new development philosophy andthe “dual carbon” goals, green development has become a new highlightin China’s economic development, with green and low-carbon consumptiongradually gaining popularity among the people. On the journey toward carbon neutrality, natural gas, with its unique low-carbon endowment, has become an indispensable transitional bridge fornational green development, injecting strong momentum into the low-carbontransformation of urban energy use and the clean replacement of industrialfuels. 58,00014 In the first half of the year, the central government has sustained policyimpetus for the renewal and transformation of aging urban gas pipelines. Thecore objective is to systematically resolve safety risks arising from outdatedpipelines and ensure the safe operation of urban lifelines, while enhancingenergy supply efficiency and promoting sustainable urban development. InApril, the Ministry of Housing and Urban-Rural Development (MOHURD)convened a video coordination conference on workplace safety and theThree-Year Fundamental Improvement Campaign. The ministry called foraccelerated implementation of the National Special Campaign on UrbanGas Pipeline Safety with intensified efforts to advance the National UrbanGas Safety Rectification Program, while reinforcing gas “safety valves”.This initiative marks China’s transition toward preventive and smart urbansafety governance systems, establishing essential public safety foundationsfor concluding the “14th Five-Year Plan” period. In May, the GeneralOffice of the Communist Party of China Central Committee and the GeneralOffice of the State Council jointly issued the Opinions on ContinuouslyPromoting Urban Renewal Actions (),which signifies that China’s urban renewal has been formally elevated fromlocal-level exploration to a national strategy. The document sets 2030phased targets, aiming to build livable, resilient and smart cities that willbecome an important pillar of Chinese modernization. Simultaneously, in2025, the National Development and Reform Commission is acceleratingthe advancement of “dual-priority” project construction, with a full-yearcumulative investment of RMB800 billion specifically focused on therenovation of underground pipelines such as gas, water supply and drainagenetworks. The plan targets annual pipeline construction and renovationexceeding 140,000 kilometers, to enhance urban safety resilience. Management Discussion and Analysis (Continued) 4+ On the foundation of strengthening long-term safe operation of urban gassystems, promoting market-based reform of natural gas pricing and guidingthe implementation of natural gas price were equally focal priorities for thestate in directing the sustainable, efficient and safe development of thenatural gas industrial chain during the first half-year period. In April, theGeneral Office of the Communist Party of China Central Committee andthe General Office of the State Council jointly issued the Guidelines onImproving Price Regulation Mechanisms (),which mandates the establishment of a “gas cost plus reasonable return”pricing model. The guidelines aim to address cost-pass-through constraintsvia price indexation, break up monopolies through pipeline networkderegulation, expand new growth spaces with green development policies,and enhance the urban gas sector’s sustainable development capacitythrough balanced dynamic adjustments and livelihood protections. Simultaneously, the state is vigorously advancing digital and intelligentconstruction in the gas sector, incorporating the entire supply-marketing-storage-transportation chain of natural gas into smart supervision systems.This continues the policy guidance of the Guiding Opinions on