中民控股2025 年报

Business Distribution Map in China At 31 December 2025 Contents Financials74Independent Auditor’s Report Consolidated Statement of Profit or Lossand Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity 87Consolidated Statement of Cash Flows 89Notes to the Consolidated Financial Statements OthersCorporate Information 236Five-Year Financial Summary Chairman’s Statement 202512 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 2025 to theshareholders of the Company (the “Shareholder(s)”). ECONOMIC CONDITIONS ANDANNUAL RESULTS 2025140.195.0%20232024130 In 2025, domestic GDP reached approximately RMB140.19 trillion,representingan increase of 5.0%.The domestic economy hasmaintained the momentum of recovery, which has been faster thanthat of most major economies, and has leapt to a new level followinga continuous breakthrough of approximately RMB130 trillion in 2023and 2024. 20252,618.96.2%1.282.8%4,265.50.1%2025LPG5,3411.6%50.123.7% According to public data released by the National Development andReform Commission of the People’s Republic of China (the “NDRC”),National Bureau of Statistics of China, etc., the output of naturalgasin 2025 was approximately 261.89 billion m3,representingan increase of 6.2% as compared to that of last year; the importof natural gas was 128 million tons, representing a year-on-yeardecrease of 2.8%, and the apparent consumption of natural gaswas 426.55 billion m3, representing a year-on-year increase of 0.1%.In 2025, China’s Liquefied Petroleum Gas (“LPG”) production was53.41 million tons, representing a year-on-year decrease of 1.6%;the total retail sales of social consumer goods were approximatelyRMB50.12 trillion, representing a year-on-year increase of 3.7%. 39,9342.79%96,1688.60% With the joint efforts of the management and all employees, theGroup recorded the piped gas sales of 399.34 million m3 for theYear, representing a decrease of 2.79% as compared to last year;the cylinder gas sales of 96,168 tons for the Year, representing andecrease of 8.60% as compared to the corresponding period lastyear. 202512 3122.86202426.351.4320240.59202512 311.731.8320240.1712.37%202411.50%20240.87 The total revenue was increased for the year ended 31 December2025,amounting to approximately RMB2,286 million(2024:RMB2,635 million) and the loss for the Year was approximatelyRMB143 million (2024: earnings of RMB59 million) mainly due tothe share of loss of joint ventures of approximately RMB173 millionfor the year ended 31 December 2025. Basic loss per share wasRMB1.83 cents (2024: basic earnings per share RMB0.17 cents).The overall gross profit margin of the Group for the Year wasapproximately 12.37% (2024: 11.50%), representing an increase of0.87 percentage points as compared with 2024. 202512 3120251231202512 31 Last but not least, assuming if there was no substantial impairmentlosswas made in respect of its assets of property,plant andequipmentand right-of-use assets of joint ventures,our jointventures would recorded net profit for the year ended 31 December2025. In other words, the business of the Group is stable for theyear ended 31 December 2025 and the Group’s net loss was turnedto net profit for the year ended 31 December 2025 if no suchimpairment. FINANCIAL POSITION 202512 312.39%20243.39% While maintaining a sound financial position, the Group deploysits funds prudently to make rational investments, seizes marketopportunities as they arise, and proactively expands its business. Asat 31 December 2025, the debt-to-capitalisation ratio of the Group,representing the ratio of total borrowings to total borrowings andtotal equity attributable to owners of the Company, was 2.39%(2024: 3.39%), remaining at a healthy level. REVIEW AND PROSPECT OF THEINDUSTRY Piped Gas Transmission and Distribution Business In2025,China’s economy continued its momentum of stablegrowth with progressive advancements, and the nation’s energysupply capacity was consistently enhanced, providing strong supportfor stable and healthy economic and social development. Duringthe year, natural gas production reached a record high, and theenergy self-sufficiency rate increased steadily. With the continuedadvancementof the natural gas production,supply,storage,andmarketing system,the overall national natural gas supplyand demand situation remained stable with a positive trajectory.The Group seized the opportunities arising from the high-qualitydevelopment of the natural gas industry to consistently ensure thesafety, efficiency, and reliability of gas supply for its customers.Looking ahead, supported by favorable policies such as the “dualcarbon” goals and energy reform and development plans, the naturalgas industry is poised for broader development prospects