ENN Energy (2688) H2 2025 earnings summary

Executive summary

• Core profit reached RMB6.74 bn, with gross profit share from integrated energy and smart home businesses rising to 41%, up 2.3 percentage points year-over-year.

• Revenue grew 1.9% year-over-year to RMB111.91 bn, driven by wholesale gas volume expansion.

• Customer base expanded to 32.76 mn residential and 316,000 C/I customers, supporting business resilience.

• Significant progress made on privatisation proposal, pending regulatory approvals.

• MSCI ESG rating upgraded to AAA; issued a carbon-neutral green asset-backed scheme and Quasi-REITs of 129MW.

Financial highlights

• Revenue increased 1.9% year-over-year to RMB111.91 bn.

• EBITDA rose 0.5% to RMB12.69 bn year-over-year.

• Profit attributable to shareholders decreased 1.4% to RMB5.90 bn; core profit declined 3.0% to RMB6.74 bn.

• Operating cash flow improved 1.4% to RMB10.43 bn; free cash flow reached RMB3.87 bn.

• Gross profit was RMB13.29 bn, with a margin of 11.9%, slightly down from 12.2% last year.

Outlook and guidance

• Strategy focuses on expanding sales volume, leveraging intelligent capabilities, and optimizing resource portfolios to drive profit growth.

• Plans to further develop integrated energy and smart home businesses, with emphasis on digital intelligence and customer-centric innovation.

• Anticipates continued operational uncertainties due to global geopolitical conflicts and weak domestic demand, but expects policy support from the 15th Five-Year Plan.