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Public company info - Chinese People Holdings Co. Ltd. , 00681.HK
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Chinese People Holdings Co. Ltd., 00681.HK - Company Profile
Chairman Mo Shikang
Share Issued (share) 8,935,000,000
Par Currency Hong Kong Dollar
Par Value 0.07
Industry Gas Supply
Corporate Profile Business Summary: The Group is principally engaged in (i) the sales and distribution of gas fuel including the provision of piped gas, construction of gas pipelines and the operation of city gas pipeline network; (ii) the sales and distribution of cylinder gas and (iii) fast moving consumer goods (“FMCG”) and food ingredients supply business including the operation of chain stores including supermarket and convenience stores in China. Performance for the year: Revenue of the Group for the 9 Months Reporting Period amounted to approximately RMB1,748 million (the Previous Year: RMB2,233 million). Profit for the 9 Months Reporting Period amounted to approximately RMB145 million (the Previous Year: RMB217 million). Basic earnings per share for the 9 Months Reporting Period was RMB1.21 cents (the Previous Year: RMB2.04 cents). Business Review For the 9 Months Reporting Period, revenue from operations of the Group amounted to approximately RMB1,748 million (the Previous Year: RMB2,233 million), while profit for the 9 Months Reporting Period was approximately RMB145 million (the Previous Year: RMB217 million). Basic earnings per share for the 9 Months Reporting Period was RMB1.21 cents (the Previous Year: RMB2.04 cents). The overall gross profit margin of the Group for the 9 Months Reporting Period was approximately 16.40% (the Previous Year: 17.14%), representing an decrease of 0.74 percentage point (“ppt”) as compared with the Previous Year. The main reason for the decrease in gross profit margin was that the proportion of revenue from gas distribution business with lower gross profit increased compared with the Previous Year, while the proportion of revenue from piped gas transmission and distribution business and cylinder gas supply business with higher gross profit declined. Piped gas transmission and distribution business The piped gas transmission and distribution business mainly relies on the gas pipeline which were built by the Group to transport flammable gas fuels to end-users. The Group’s piped gas transmission and distribution business is categorised into piped gas connection and piped gas sales. Currently, natural gas is the main gas supply of the Group’s piped gas transmission and distribution business. As a clean energy, natural gas can help to improve the environmental pollution problem and simultaneously it has the advantages of safety, high unit heat value and low price. It has become an important development direction of international clean energy. Piped gas transmission and distribution business is our main business and our main source of income. During the 9 Months Reporting Period, revenue of approximately RMB545 million (the Previous Year: RMB731 million) was recorded from our piped gas transmission and distribution business. The revenue accounted for approximately 31.19% (the Previous Year: 32.72%) of our total revenue. The overall gross profit margin of piped gas transmission and distribution business for the 9 Months Reporting Period was approximately 23.27% (the Previous Year: 25.45%). Piped gas connection During the 9 Months Reporting Period, revenue from piped gas connection was approximately RMB102 million (the Previous Year: RMB147 million) and revenue from piped gas connection represented approximately 18.72% (the Previous Year: 20.06%) of the total revenue of the piped gas business. The gross profit margin of piped gas connection fee for the 9 Months Reporting Period was approximately 59.36% (the Previous Year: 56.01%). During the 9 Months Reporting Period, our subsidiary companies had an addition of 34,489 units of residential household customers and 733 units of commercial and industrial customers, respectively. At the end of the 9 Months Reporting Period, our subsidiary companies had an accumulated number of connected residential household customers and commercial and industrial customers of 470,049 units and 9,965 units respectively, representing a growth of approximately 7.92% and 7.94% over the Previous Year, respectively. The decrease in connection revenue was caused by the slowdown in demand from industrial and commercial users and adjustments in connection charges for residential users. The overall connection rate of the Group’s piped gas projects continues to rise, it is expected that the number of newly connected residential household customers will increase steadily, bringing the Group a steady increase in piped gas connection income. Piped gas sales During the 9 Months Reporting Period, revenue from piped gas sales was approximately RMB443 million (the Previous Year: RMB584 million) and revenue from piped gas sales accounted for approximately 81.28% (the Previous Year: 79.94%) of the total revenue from the piped gas business. The gross profit margin of piped gas sales was approximately 14.95% (the Previous Year: 17.79%). During the 9 Months Reporting Period, our sales volume of piped gas from subsidiary companies was 220.43 million m3, among the total sales, 74.75 million m3 (the Previous Year: 112.25 million m3) were sold to residential household customers; 145.68 million m3 (the Previous Year: 172.06 million m3) were sold to commercial and industrial customers. The main reason of decrease in revenue due to the reporting period is less than a year and the impact of the market price of gas. The piped gas sales business of the Group is stable, the newly added piped gas connected commercial and industry customers in the previous years keep positive effect to the Group. Cylinder gas supply business Cylinder gas business is another major business of the Group. Currently, the Group’s cylinder gas business is mainly the sales of liquefied natural gas (LNG), liquefied petroleum gas (LPG), and liquefied dimethyl ether (DME). During the 9 Months Reporting Period, while maintaining established customers, we actively developed new users and expanded the sales market For the 9 Months Reporting Period, our subsidiary companies sold 139,737 tons of cylinder gas (the Previous Year: 167,374 tons) and the revenue was approximately RMB576 million (the Previous Year: RMB806 million). During the 9 Months Reporting Period, revenue from cylinder gas business accounted for approximately 32.95% (the Previous Year: 36.08%) of our total revenue. The gross profit margin of cylinder gas supply business was approximately 24.60% (the Previous Year: 22.16%). During the 9 Months Reporting Period, the sale volume decreased due to the fact of the reporting period is less than a year. The growth trend in sale volume was generally contributed by the newly added customers. Gas distribution business During the 9 Months Reporting Period, our subsidiary companies in the gas distribution business sold a total of 193,068 tons of gas (the Previous Year: 170,438 tons), and realized a total revenue of approximately RMB540 million (the Previous Year: RMB552 million). During the 9 Months Reporting Period compared with the Previous Year, gas sales volume increased by approximately 13.28%, revenue decreased by approximately 2.17%, and gross profit margin decreased by approximately 0.32 percentage points. During the 9 Months Reporting Period, gas distribution business revenue accounted for approximately 30.91% of our total revenue (the Previous Year: 24.74%). The gross profit margin of gas distribution business was approximately 0.77% (the Previous Year: 1.09%). As the Group continued to develop and serve customers, sales volume increased, but due to the impact of gas market conditions, market prices generally fell, resulting in a decline in revenue and gross profit margin. Fast Moving Consumer Goods (“FMCG”) and food ingredients supply business The FMCG and food ingredients supply business is the new business vigorously developed by the Group in recent years. The food ingredients supply is mainly a one-stop service providing to commercial consumers through the combination of online and offline operations, supplying fruits and vegetables, fresh produce, seasoning, dry foods and oil and other ingredients. The supply of FMCG is mainly comprised of the chain of community supermarket and convenience stores. The consumer group targeted by the community supermarket is mainly the residents community population. The community supermarket provides convenient goods and services for the fixed community residents through the combination of online and offline operations; the convenience stores chain is aimed at the consumer group which is a mobile population, and provides goods and services that are convenient for the mobile population by selling FMCG. For the 9 Months Reporting Period, the Group’s FMCG and food ingredients supply business realised revenue of approximately RMB86.49 million (the Previous Year: RMB144 million), accounting for approximately 4.95% (the Previous Year: 6.46%) of our total revenue. We have been optimizing various sections under FMCG and food ingredients supply business including cost controlling, improving gross profit, the loss has been reduced gradually. Prospects: Despite the ongoing COVID-19 epidemic and the political and economic situation remaining severe and complex, but the fundamentals for the sustained and stable development of China’s natural gas have not changed, and the factors and conditions that support the development of high-quality natural gas maintain increasing. The “13th Five-Year Plan” period witnessed the complex and changing political and economic situation in the world, and rising deglobalization trade protectionism, which was worsened by the global outbreak of COVID-19 in 2020. However, as a global commodity, natural gas remained an overall loose supply pattern. During the “14th Five-Year Plan” period, China will be committed to the strategic goal of “Gradually Developing Natural Gas as one of Major Energy Sources of China”, and be endeavor the deployment of various decisions made by the Party Central Committee on the natural gas industry, as well as the implementation of related policies including “Six Stabilities” and “Six Guarantees”. It will also continue to promote the development of high-quality natural gas, and build a comprehensive natural gas security system with safe, stable, and coordinated development. However, the Group still faces competition caused by direct supply to customers by upstream gas companies and alternative energy suppliers. The Group has formulates corresponding strategies to response to business risks. While improving operational productivity and cost-effectiveness, we will also remain cautious in capital investment and maintain strong credit monitoring to minimize the risk of customer default. Although gas sales have been hit by the COVID-19, business is expected to recover as the industrial output returns to the normal level in the future. Piped gas business 2020 marked the most extraordinary year in Chinese history. Facing the severe and complex domestic and foreign environment, especially the severe impact of the COVID-19 epidemic, through the joint efforts of the whole country, China has taken the lead in controlling the epidemic, resuming work and production, and achieving positive economic growth. Despite the above, the COVID-19 outbreak had a significant impact on economic and social growth and energy development of China. The natural gas demand registered a significant slowdown. Throughout the year of 2020, natural gas consumption has maintained a positive growth, industrial gas consumption has gradually recovered from a negative growth to the same level of the corresponding period in 2019, and urban gas consumption has maintained a steady growth. Facing the continuous impact of the COVID-19 epidemic, although China’s natural gas industry confronted challenges, the basic conditions and supporting factors that promote the coordinated and stable development of the natural gas industry have not changed, and the overall tone of the sustained and steady development of natural gas industry remains unchanged. In respect of the natural gas industry, the “Three-Year Action Plan to Win the Blue Sky Defense War” and the new version of the “Catalogue of Pricing by the Central Government” etc. successively issued by the State Council and the NDRC have all brought strategic opportunities to the natural gas industry of China. According to the reformative thinking of “controlling the middle and easing the two ends” for natural gas price, the reform progress of natural gas marketisation will be immediately started and liberated the market, which will provide more room for the development of natural gas industry. In light of this, China’s natural gas industry still has a good development momentum in the future. The Group will make full use of policy advantages and the healthy development environment of the natural gas industry, maintain existing users, develop new users, and actively expand value-added businesses, thus steadily further promoting the development of piped gas business. Cylinder gas business Cylinder gas is a clean, efficient and convenient fuel. As one of the urban gas sources, it has played a pivotal role in optimizing the structure of urban civil fuels, and has achieved obvious economic, social and environmental benefits. Due to the outbreak of the epidemic in 2020, various industries have also been affected to varying degrees. With the resumption of work and production, economic benefits of China are gradually on track of recovery. In recent years, various “Coal to Gas” policies issued by the state have greatly improved the market development environment and prospects of cylinder gas. In terms of the cylinder gas business, the Group has been committed to the development concept of safety and efficiency, and seeking steady expansion for its market scale in combination with relevant national policies. We will continue to develop, actively explore new development models, further enhance the scale and management level of the cylinder gas business, and study the application of emerging technologies in the cylinder business. While providing customers with better services, we will actively explore new markets to expand the Group’s market share in the cylinder gas market, thus creating greater revenue for the Group. Gas distribution business Recent years witness consistent national promotion of environmental protection policies such as “Coal to Gas” for environmental governance and increasingly wider and deeper understanding of gas in the market, coupled with the replacement of traditional coal with gas as fuel having been increasingly recognised and accepted in terms of economy and cleanliness, which has led to a continuous increase both in the supply and demand of gas market in China. As both supply and demand are booming, the gas industry has formed a complete industrial chain. Under such environment, the Group has also participated in the gas distribution in the gas circulation field, and conducted gas distribution business, forming a certain scale of business. In the future, the Group will seize the development opportunities of the gas industry and strive to continuously improve the sales volume and revenue of the gas distribution business. FMCG and food ingredients supply business In terms of FMCG supply, the Group will further optimize the existing management information system for FMCG supply business, improve operation efficiency, make full use of Internet technology, to provide users with more convenient services and high-quality food. Besides, the Group strictly supervise every link of FMCG supply, to make our food safer and fresher. The further improvement of online consumption during the epidemic has helped to define the development trend of the FMCG supply chain. Guided by national favorable policies, the Group will gradually expand the development of the FMCG supply chain business for large consumer group in China. In addition, the food ingredients supply business of the Group mainly includes chain community supermarket and chain convenience store. It utilizes the efficiency and easy access of Internet to improve its own services, and strengthens its own brand building through rich resources of big data. Supermarkets and convenience stores integrate consumer groups of community residents and mobile population, fully tap market demand, enrich product supplies, improve sales methods, and enhance service quality. Since the outbreak of the COVID-19 epidemic, while responding to the government’s call to ensure supply, quality, and price, we have actively expanded online our business and strived to minimise the impact of the epidemic. With the gradual stabilisation of the epidemic and the recovery of the consumer market, the Group will gradually expand its food ingredients supply business in the future and create a more competitive brand.

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