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Public company info - China Resources Gas Group Ltd. , 01193.HK
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China Resources Gas Group Ltd., 01193.HK - Company Profile
Chairman Wang Chuandong
Share Issued (share) 2,314,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Gas Supply
Corporate Profile Business Summary: China Resources Gas Group Limited (“CR Gas”), substantially owned by China Resources (Holdings) Company Limited, one of the largest state-owned conglomerates in China, is a leading gas utilities group in China, which is principally engaged in downstream city gas distribution business including piped natural gas distribution, natural gas filling stations operation and sales of gas appliances. Its operations are strategically located in areas of China, which are economically more developed and densely populated and areas with rich reserves of natural gas. Performance for the year: The Group’s turnover fell slightly by 1.95% to HK$55.864 billion. Business Review SALE OF NATURAL GAS In 2020, the government continued to intensify its efforts in environmental governance in a bid to promote natural gas as a clean energy source to replace coal in key areas for civil, heating, and industrial usage. With the reform of China’s natural gas market being further facilitated, the Group seized opportunities arising from the reform of China’s natural gas market, and accurately grasped international and domestic LNG price trends. In November, the Group won the window period for receiving terminals for the first time, and carried out the first independent procurement of 64,000 tons international LNG, which effectively alleviated the operating pressure brought along by the rising LNG market price during the heating season. By rationally allocating domestic and overseas LNG resources, the Group optimized the gas source procurement structure During the year, the Group sold 29.024 billion cubic meters of natural gas, of which industrial gas sales recorded 14.866 billion cubic meters, an increase of 6.41%, accounting for 51.22% of the Group’s gas sales; commercial gas sales recorded 5.800 billion cubic meters, a decrease of 5.38%, accounting for 19.98% of the Group’s gas sales, and residential gas sales increased by 10.66% to 6.988 billion cubic meters, accounting for 24.08% of the Group’s gas sales. DEVELOPMENT OF NEW USERS China is at a critical stage of building a well-off society in an all-round way. By 2020, the urbanization rate of the national permanent population will exceed 60%. The government aims to increase the urbanization rate to 65% during the “14th Five-Year Plan” period. While urbanization is accelerating, the government is also paying more attention to the construction of major strategic regions, central cities and urban agglomerations. Central cities will experience continuous geographic expansion and more inflows of immigrants. Benefiting from the relatively high proportion of the Group’s large-scale city gas projects, most of which are located in the Beijing-Tianjin-Hebei region, the Yangtze River Delta region, the Chengdu-Chongqing Two Cities Economic Zone, the Guangdong-Hong Kong-Macao Greater Bay Area and other national major strategic regions, the Group believes that in the future it will have a large room for market development in terms of new users. The Group continued to focus on the development of new users for city gas projects, also vigorously assisted local governments in pollution prevention and control, continued to develop industrial and commercial “coal-to-gas conversion” users, prudently developed rural “coal-togas conversion” users surrounding the project, and optimized the energy structure through the replacement of bulk coal. The Group had 41,900 new industrial and commercial users and 3.0526 million new residential users connected during the year, including the connection to 2,347,900 new houses users, 540,700 old houses users and 164,000 rural “coal-to-gas conversion” users. Thanks to the constant acquisition and merger by the Group and expansion of more operation areas by the project companies of the Group, during the year, the growth rate in the number of connectable users outpacing the number of newly connected users. As of the end of 2020, the average gas penetration rate of city gas projects operated by the Group in China decreased from 53.00% at the end of 2019 to 52.40%. EXPANSION OF NEW PROJECTS The Group continued to focus on its core business of city gas operation. Leveraging on its strong market development capabilities, reputable corporate brand image and outstanding operation capabilities. In 2020, a total of 28 project registrations were completed. Meanwhile, the Group and its subsidiaries had 32 new contracted projects. The new contracted projects are expected to bring in 883 million cubic meters of gas sales per year. The number of new users was 663,100, and the newly expanded business area was 18,200 square kilometers. The newly registered and contracted projects cover business areas such as city gas, integrated energy, charging posts and hydrogen refueling stations. During the year, the Group successfully registered the Ningbo project. Ningbo is a sub-provincial city in Zhejiang Province, which is planned as a separate provincial city, an economic center, and a chemical industry base in the southern wing of the Yangtze River Delta. In 2019, Ningbo achieved a regional GDP of RMB1,198.51 billion, ranking 12th in China. In 2020, the Ningbo Project has 770,000 pipeline natural gas users and 510,000 bottled natural gas users, with gas sales volume of 890 million cubic meters per annum, a turnover of RMB2.25 billion and a net profit of RMB170 million. As of 31st December 2020, the number of registered city gas projects at the Group level reached 257, spanning across 22 provinces, 3 direct administrative municipalities and 75 prefecture-level cities. The ever expanding operational regions and prime geographic locations where the projects are located have laid a solid foundation for the sustained and rapid growth of the Group’s core business. DEVELOPMENT OF NEW BUSINESS In 2020, the Group seized the opportunities brought by national development and industry reforms. Riding on the government supported policies and the advantage of its own huge market and existing customer base, the Group continued to develop new clean energy supply business to meet the diversified energy demand of customers. During the year, the Group steadily promoted the development of distributed energy business, newly signed 14 projects, with an estimated total investment of approximately HK$295 million, the cumulative number of projects reaching 46. With the rapid development of the new energy automobile industry, the Group continued to attach great importance to the field of charging stations. During the year, 38 charging stations were newly put into operation, resulting in the total number of charging stations into operation amounting to 107. The net generation throughout the year increased by 30.80% to 168 million kWh as compared with the last year. The Group reinforced the development and exploration of the hydrogen energy terminal sales market. During the year, 2 new hydrogen refueling stations were put into operation, bringing the total number of hydrogen refueling stations that had been approved for construction and operation to 9, spreading across Weifang, Xiangyang, Wuxi, Baicheng, Wuhan and Taizhou. In recent years, the demand for central heating in southern cities has become increasingly strong. The traditional heating in the south and north with Qinling and Huaihe River as the boundary can no longer meet the actual heating demand. By the end of 2020, the Group has accumulatively put into operation 18 residential heating pilot projects on a small scale, equivalent to 22.00 million cubic meters per annum. COMPREHENSIVE SERVICE BUSINESS Relying on the scale advantages of city gas business, the Group accelerates the development of comprehensive service business, penetrates into the user gas-related life scenarios, strengthens customer loyalty, and gains customer trust. There are currently 41.5029 million residential users, 25,000 industrial users, and 315,300 commercial users, which constitutes the foundation for the development of comprehensive service business, and the overall market are promising. Therefore, the Group will fully exploit user needs, focus on improving product quality, and diligently build quality services to further enhance the competitiveness of its comprehensive service business. In 2020, through perfecting comprehensive service business management model, the Group met the increasing needs of users for personalization and customization. At the same time, the Group innovated its comprehensive service business sales channels and implemented “online + offline” dual-channel sales. During the year, the total revenue of comprehensive services reached HK$2.463 billion, representing a year-on-year increase of 22.44%. Various comprehensive service businesses, such as gas appliances, gas insurance, and personalized installation achieved robust growth. The penetration rate of the Group’s comprehensive service business is currently still at a low level. The Group believed that through vigorous promotion, the comprehensive service business will step into a stage of rapid development in the future and become an important part of the Group’s business. Prospects: In 2020, the Chinese government reiterated to take domestic demand as the starting point and foothold of its economic development, gradually forming a new pattern of development, according to which domestic circulation would play a leading role while domestic and international dual circulations would complement one another. Based on the stable fundamentals of the Chinese economy and the strong resilience of the economic system, the formation of this new pattern of development will become the main driving force for China’s economic growth in the future. During the year, the Chinese government put forward the carbon neutrality goal at the 75th session of the General Assembly of the United Nations, and formulated a series of policies to promote China’s carbon neutrality standard. Its unwavering focus on environmental governance policies and pollution reduction and carbon reduction goals had a strong impetus on the development of the natural gas industry in the short to medium term. Meanwhile, with the deepening of the marketoriented reforms of the oil and gas industry, China’s natural gas industry will also usher in new strategic opportunities. In 2021, a number of challenges remained in international community to contain the COVID-19 pandemic. China’s invincible position as the world’s factory will continue to become the world’s major industrial production area, driving the growth of energy consumption in the region. Meanwhile, 2021 is the commencement year of the “14th Five-Year Plan” and the promulgation of “Central Government’s No. 1 Document” indicated that the Chinese government will continue to promote green development, endorse the harmonious coexistence of man and nature, and establish a sound environmental governance system, whereby the prospect of market development of natural gas remains clear and promising. Looking forward to 2021, the Group will seize opportunities arising from the development of industry as part of The Group’s efforts to align with the green development policies of governments at all levels, achieving sustained and rapid growth in the core business of city gas projects. Meanwhile, it will extend customer value surrounding the industry chain and step up its efforts in new business expansion including distributed energy, charging posts and hydrogen refueling stations with a view to promoting integrated business, meeting customers’ more diversified energy and service needs, continuously improving shareholder returns, and thereby promoting the long-term sustainable development of the Group.

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