ENN Natural Gas (600803) Q3 2025 earnings summary

Executive summary

• Total revenue for 9M2025 was RMB 95.89 billion, down 2.9% year-over-year, with Q3 revenue at RMB 2,986,530,000, down 5.93% year-over-year.

• Net profit attributable to parent for 9M2025 was RMB 3.43 billion, down 1.9% year-over-year; Q3 net profit was RMB 101,816,000, up 5.89% year-over-year.

• Net profit after deducting non-recurring gains and losses rose 11.4% year-over-year to RMB 3.28 billion.

• Maintained a customer-oriented strategy, expanding scale in natural gas, integrated energy, and smart home businesses.

• Total assets at quarter-end were RMB 13,664,297,000, up 3.14% from the previous year-end.

Financial highlights

• Gross profit was RMB 13.93 billion, down 1.2% year-over-year.

• Core profit reached RMB 3.78 billion, a 1.0% decrease year-over-year.

• Operating cash flow for 9M2025 was RMB 6.55 billion, down 8.4% year-over-year; Q3 net cash flow from operating activities was RMB 655,146,000, down 8.39%.

• Net debt increased to RMB 18.32 billion, with a net gearing ratio of 33.0%.

• Basic EPS for Q3 was RMB 0.33, up 6.45% year-over-year; YTD basic EPS was RMB 1.11, down 1.77% year-over-year.

Outlook and guidance

• Cumulative cash dividend per share for 2025 is projected at no less than RMB 1.14, with a payout ratio of 48%.

• From 2026 to 2028, annual cash dividend will be at least 50% of core profit attributable to parent.

• The company is pursuing a privatization and re-listing of a key subsidiary (ENN Energy) in Hong Kong to strengthen market integration and competitiveness.

• A new restricted stock incentive plan was launched in October 2025 to align management interests.