ENN Energy (2688) Q1 2025 earnings summary

Executive summary

• Retail gas sales volume rose 0.3% year-over-year to 7,258 million m³, with 2.5 million m³ added in daily installed capacity.

• Integrated energy sales volume increased 9.9% year-over-year to 10,039 million kWh.

• Value added business penetration reached 3.7% among existing customers and 49.8% among new customers.

• 287,000 new residential customers were added, down 16.3% year-over-year.

• 12 new projects acquired, including 1 city gas project.

Segment performance

• Gas sales to commercial and industrial customers grew 0.1% year-over-year to 5,229 million m³.

• Gas sales to residential households increased 1.1% year-over-year to 1,969 million m³.

• 367 scalable integrated energy projects in operation, 73 under construction as of March 31, 2025.

• Cumulative photovoltaic capacity at 1,029 MW, energy storage at 200 MWh.

• Value added business: Revenue per existing household increased to RMB338.4 from RMB300.3 year-over-year.

Outlook and guidance

• Focus on expanding gas and integrated energy business scale, increasing value added business penetration, and leveraging digital and low-carbon solutions.

• Macroeconomic recovery and supportive policies are expected to sustain steady core business development.

• Continued resource optimization through long-term contracts and hedging to stabilize procurement costs.

• The company aims to deepen customer resource development and enhance value added business penetration.