ENN Natural Gas (600803) H2 2025 earnings summary

Executive summary

• Achieved stable growth across core businesses, with cumulative installed capacity reaching 14.3 GW (up 7.5% YoY) and total gas sales volume at 42.218 bcm (up 7.6% YoY).

• Smart home business expanded, with 6.52 million household trading customers (up 2.0% YoY) and own-brand appliance sales up 63.9% YoY.

• Profit attributable to equity shareholders rose 4.2% YoY to RMB 4.681 billion.

Financial highlights

• FY2025 revenue was RMB 131,507 million, down 3.2% YoY; gross profit was RMB 18,893 million, down 3.3% YoY.

• Net profit attributable to parent was RMB 4,681 million, up 4.2% YoY; net profit after non-recurring items was RMB 4,407 million, up 18.8% YoY.

• Operating profit reached RMB 5,191 million, up 2.0% YoY; operating cash flow was RMB 14,267 million, up 0.7% YoY.

• Maintained robust debt structure with net gearing ratio at 23.5% and total debts at RMB 30,838 million.

• Free cash flow was RMB 7,462 million; CAPEX focused on gas distribution, integrated energy, and infrastructure.

• Cash dividend per share for 2025 set at no less than RMB 1.14, with payout ratio of no less than 50% for 2026-2028.

Outlook and guidance

• Global natural gas demand projected to reach 4.23–4.37 trillion m³ in 2026, with LNG trade volume surging.

• China's natural gas consumption expected to grow to 566 bcm by 2030, with LNG imports exceeding 100 million tons.

• Strategic focus on customer demand, intelligence-driven business model, and green transformation.