Beijing Enterprises Holdings (392) investor relations material

Executive summary

• Revenue for the first half of 2025 reached RMB44.53 billion, up 5.2% year-over-year, with net profit attributable to shareholders at RMB3.40 billion, an 8.1% increase year-over-year.

• Recurring profit attributable to shareholders increased 4.1% to HK$3.279 billion; basic and diluted EPS was RMB2.71.

• All principal business segments—gas, water, environmental, and beer—contributed to growth, with notable improvements in operational efficiency and cost control.

• The interim dividend was maintained at HK85 cents per share, with share price up 23.6% in H1 2025, reflecting strong market confidence.

Financial highlights

• Gas operation revenue grew 6.2% year-over-year to RMB32.56 billion; profit before tax remained stable.

• Water operation revenue declined 20.1% year-over-year, with profit also down due to reduced construction segment profits.

• Environmental operation revenue increased 0.8% year-over-year to RMB4.53 billion; profit before tax decreased 15.4% due to lower electricity prices.

• Beer operation revenue rose 3.7% year-over-year to RMB7.39 billion, with profit before tax up 42.7% on higher margins and cost control.

• Gross profit margin was 15.55%, down slightly by 0.14 percentage points year-over-year.

Outlook and guidance

• The company will continue to focus on high-quality, sustainable development, technological innovation, and management upgrades.

• Strategic priorities include advancing the "Four Strongholds" plan, optimizing capital structure, and expanding in green, clean energy, and digital sectors.

• Each business segment has targeted initiatives for growth, efficiency, and risk management in the second half of 2025.