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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
SL Gemini Energy
SL Gemini Energy (2481) investor relations material
SL Gemini Energy H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary20 Mar, 2026
Executive summary
FY2025 revenue fell 8.6% YoY to RMB1,506.3m, mainly on lower engineering construction activity; profit attributable to owners rose 3.7% to RMB170.2m.
Heat services expanded, with actual service area up 5.2% to 52.6m sq.m.; lower-margin construction revenue declined sharply, improving the overall gross margin.
Financial highlights
Revenue was RMB1,506.3m versus RMB1,648.3m; gross profit was RMB443.7m versus RMB459.3m.
Operating profit increased to RMB304.1m from RMB297.7m; profit before tax was RMB297.1m versus RMB288.6m.
Net income was RMB240.9m versus RMB237.4m; profit attributable to owners was RMB170.2m versus RMB164.2m.
Outlook and guidance
In 2026, priorities include expanding heat and steam services in northern China, with the Bohai Economic Rim, Inner Mongolia and Shanxi identified as focus areas.
Plans include optimizing heat sources, recovering waste heat, reducing pipeline energy losses, improving operational efficiency and applying digital and AI tools to forecasting, dispatch and monitoring.
Market expansion will emphasize project screening, feasibility assessment and controlled investment and operating risks.
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Latest events from SL Gemini Energy
- FY2023 profit growth and wider margins underpin expansion in clean heat services.2481
H2 2023 - Heat-service expansion lifted H1 profit, while cash flow and short-term liquidity weakened.2481H1 2024
- Heat-led growth lifted profit; IPO proceeds and facilities supported liquidity.2481H1 2023
- Higher heat and engineering activity lifted FY2024 profit and gross margin.2481H2 2024
- Heat-service growth lifted margins, but construction weakness and liquidity demands persist.2481H1 2025
SL Gemini Energy
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