Huzhou Gas (6661) H1 2025 earnings summary

Executive summary

• H1 revenue fell 8.52% YoY to RMB1,090.4m; owners’ profit declined 10.41% to RMB52.5m, as lower PNG volumes and non-residential prices weighed on results.

• Gas sales volume declined 5.22% to 281.5m m³; energy sales, appliance sales and distributed photovoltaic revenue grew.

Financial highlights

• Gross profit fell 8.13% to RMB139.0m; profit before tax was RMB105.4m versus RMB115.9m, and profit for the period was RMB82.4m versus RMB88.7m.

• Basic and diluted EPS was RMB0.26 versus RMB0.29; income tax expense declined 15.07% to RMB23.1m and the effective tax rate was 21.92% versus 23.47%.

• Operating cash flow was RMB77.4m versus RMB93.4m; cash and cash equivalents were RMB296.6m at period-end.

• Other income and gains declined 16.43% to RMB11.7m, mainly due to lower interest income; finance costs fell 31.25% to RMB1.1m.

Outlook and guidance

• Strategy prioritizes safety, reform, competitively priced gas sources, digital operations and coordinated gas and clean-energy businesses.

• Plans include gate-station upgrades, pipeline inspection robot pilots and improved energy efficiency; no numerical forecast was stated.

• Kitchen renovation and value-added services are supported by home-renewal and renovation subsidy policies.