Recently, netizens in Fuzhou raised concerns about CHINA RES GAS's pricing and fee transparency issues. On November 24, the company's Fuzhou branch stated that its Party Committee department is leading efforts to address the matter and will respond after further investigation.
**Public Complaints Over High Prices** "Why does no one question Fuzhou CHINA RES GAS's expensive pricing?" one netizen posted. Their disclosed price chart shows tiered residential natural gas rates: - **First tier** (≤192 m³/year): ¥3.61/m³ - **Second tier** (192–300 m³/year): ¥4.332/m³ - **Third tier** (>300 m³/year): ¥5.415/m³ These are government-set prices.
Comparatively, Fuzhou’s rates are higher than other cities: - **Ningbo, Zhejiang**: - Tier 1 (≤288 m³): ¥2.8/m³ - Tier 2 (289–1800 m³): ¥3.36/m³ - Tier 3 (>1800 m³): ¥4.2/m³ - **Chenzhou, Hunan**: - Tier 1 (≤390 m³): ¥3.14/m³ - Tier 2 (390–600 m³): ¥3.77/m³ - Tier 3 (>600 m³): ¥4.71/m³
**Billing Discrepancies** User "A Bo" reported sudden spikes in gas usage and costs since early 2024, with January consumption jumping to 39 m³ (from 17–24 m³ previously), raising fees from ¥61–86 to ¥141. The company attributed this to higher winter water-heater usage.
Another user, "Li Li," criticized mandatory high-priced installation materials: "They won’t activate service unless you buy their overpriced parts, even if you bring your own pipes." Despite complaints to local authorities, the issue persists.
**Financial Performance** Listed on HKEX in 2008, CHINA RES GAS operates in 270+ cities with 60 million users. In 2024: - Revenue: HK$102.68 billion (+1.4% YoY) - Net profit: HK$4.09 billion (-21.74% YoY) - Operating cash flow: HK$7 billion (-31.06% YoY)
Among major peers, it posted the steepest profit decline: - **Kunlun Energy**: +4.9% - **Towngas Smart Energy**: +2% - **ENN Energy**: -12.2%
For H1 2025, revenue fell 4.4% to HK$49.79 billion, with net profit down 30.5% to HK$2.4 billion.
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