Beijing Enterprises (392) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached RMB44.53 billion, up 5.2% year-over-year, with profit attributable to shareholders rising 8.1% to RMB3.404 billion.

• Recurring profit attributable to shareholders increased 4.1%, and basic/diluted EPS grew 8.4% to RMB2.71.

• Interim dividend per share remained unchanged at HKD 0.85, with share price up 23.6% in H1 2025, outperforming major indices.

Financial highlights

• Gas operation revenue grew 6.2% to RMB32.564 billion; LNG trade revenue surged 52.7% year-over-year.

• Beer operation revenue rose 3.7% to RMB7.394 billion; profit before tax up 42.7% due to premium product sales and cost control.

• Gross profit margin slightly decreased to 15.55% from 15.69% year-over-year.

• Finance costs dropped 10.6% to RMB1.083 billion due to effective debt management.

• Headquarters interest expenses decreased by over RMB100 million year-over-year.

Outlook and guidance

• Focus on high-quality, sustainable development, cost reduction, and efficiency improvement.

• Emphasis on technological innovation, optimizing capital structure, and expanding in clean energy and digital operations.

• Each business segment to pursue targeted growth, with emphasis on market expansion, operational efficiency, and product innovation.

• Plans to replace maturing bonds with long-term debt and maintain strong liquidity.