ENN Natural Gas (600803) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 63.99 billion, down 3.03% year-over-year; net profit attributable to shareholders was RMB 2.09 billion, down 13.29%.

• Total gas sales volume reached 20.47 billion m³, up 0.7% year-over-year; retail gas volume grew 0.8%.

• Platform trading gas volume declined, while retail and wholesale segments showed modest growth.

• The company maintained a strong market position, operating 264 gas projects across 20 provinces.

Financial highlights

• Operating income: RMB 63.99 billion, -3.03% year-over-year.

• Net profit attributable to shareholders: RMB 2.09 billion, -13.29% year-over-year.

• Operating cash flow: RMB 4.48 billion, -19.65% year-over-year.

• Basic EPS: RMB 0.67, -14.10% year-over-year.

• Gross margin: 14.1% (calculated from segment data).

• Non-recurring items contributed RMB 346 million to net profit.

Outlook and guidance

• Management expects domestic gas demand to stabilize and recover in H2 2026 as industrial activity rebounds.

• The company will continue to expand integrated energy and smart home businesses, and invest in digital and green transformation.

• Focus remains on risk management, cost control, and customer-centric innovation.