学标杆，提服务，新质发展 2025年报

學標杆, 提服務, 新質發展Bench-marking andEnhancing Services forHigh-quality Development 2025Annual Report年報 Corporate Profile THE PRC CITY GAS DISTRIBUTION FLAGSHIPOF CHINA RESOURCES GROUP China Resources Gas Group Limited (“CR Gas”), substantially ownedby China Resources (Holdings) Company Limited, one of the largeststate-owned conglomerates in China, is a leading gas utilities groupin China, the principal businesses of which include the purchasesand sales of natural gas, the construction and operation of pipelinefacilities, comprehensive services, combined cooling, heating andpower, and gas for vehicles and vessels, etc. Its operations arestrategically located in areas of China, which are economically moredeveloped and densely populated and areas with rich reserves ofnatural gas. 275251576401.86,271.9 Leveraging on the excellent industry fundamentals and the Group’sexecution competency, CR Gas continues to expand steadily in2025 via organic growths. At the end of 2025, CR Gas’s portfolioconsisted of 275 city gas projects in 25 provinces of China including15 provincial capitals and 76 prefecture-level cities with an annualgross gas sales volume of some 40.18 billion cubic meters and 62.719million customers. ·2035 The optimization of energy structure and environmental pollutioncontrol will promote the sustainable growth of natural gas consumptionin China. The PRC government has, in recent years, taken variousmeasures to promote the development and utilization of less pollutingenergy sources. The natural gas industry is in sync with the coredevelopment idea of innovation, harmony, green, open and sharingas compared with conventional energy resources such as coal andcrude oil. In “The 14th Five-Year Plan” and the draft of “Long-RangeObjectives through the Year 2035”, the state once again emphasizedthatthe promotion of green and low-carbon development,theenhancement of the construction of ecological civilization and thepromotion and application of natural gas played an important role inprotecting the ecological environment and promoting the transition togreen development. The natural gas market in China is still in the important developmentperiod, as China remains the most important region in the globalrise of natural gas development. CR Gas is well placed to takeadvantageof such a favorable operating environment and tobecome the most respectable leader in the PRC’s gas industryby continuously expanding through organic and external growths;diligentlyenhancing its operational efficiency in pursue ofexcellence; delivering a safe and reliable supply of clean energy aswell as the caring, competent and efficient service to our customers;offeringgrowing and sustainable performance to shareholders;creatingextensive professional and personal developmentopportunities to employees; and contributing to the protection andimprovement of the Chinese and global environment. CONTENTS Chairman’s Statement2Report from the Chief Executive Officer10Financial & Operational Highlights22Management Discussion and Analysis25Biographical Details of Directors and Senior Management29Corporate Governance Report44Directors’ Report65Independent Auditor’s Report88Consolidated Statement of Profit or Loss andOther Comprehensive Income95Consolidated Statement of Financial Position97Consolidated Statement of Changes in Equity99Consolidated Cash Flow Statement102Notes to the Consolidated Financial Statements106Five-Year Financial Summary250Corporate Information251 The Group will expandsteadily via sustainableorganic growth and qualityexternal acquisitions whileat the same time proactivelyexploring new opportunitiesarising from its gas valuechain and customer base. (GDP)5 . 0 %4,265.5LNG+ In2025,amid a complex global landscape marked by divergingeconomicrecovery momentum,rising trade protectionism,andpersistent geopolitical conflicts, China’s economy demonstrated strongresilience and vitality. Its gross domestic product (GDP) grew by 5.0%year-on-year, operating within a reasonable range, and progress inhigh-quality development continued steadily. The state elevated theconstruction of a new energy system and the safeguarding of energysecurity to a strategic level, clarifying the supportive role of natural gasas a clean, low-carbon energy source in the energy transition, therebylaying a solid policy foundation for the long-term, stable developmentof the industry. During the year, China’s natural gas sector entered aperiod of structural adjustment characterized by “supply growth amiddemand moderation.” On the supply side, the domestic “Seven-YearAction Plan for Increasing Reserves and Production” was successfullyconcluded,with domestic gas production achieving annual growthexceeding 10 billion cubic meters for nine consecutive years. On thedemand side, national apparent consumption reached 426.55 billioncubicmeters,maintaining a moderate growth trend.However,theindustry also faced multiple challenges, including weak downstreamindustrialdemand,flu