Huzhou Gas (6661) H2 2024 earnings summary

Executive summary

• Natural gas sales volume rose 4.65% YoY to 602.71 million m³; revenue fell 2.58% to RMB2,372.64 million, while profit attributable to owners increased 6.27% to RMB117.79 million.

• Gross profit increased 4.22% to RMB278.19 million, supported by lower natural gas procurement costs and higher gas sales volume.

Financial highlights

• Revenue was RMB2,372.64 million, down 2.58% YoY; lower non-residential natural gas selling prices from 2024 drove the decline.

• Gross profit was RMB278.19 million versus RMB266.93 million; profit before tax was RMB206.02 million versus RMB216.31 million.

• Net income was RMB169.15 million versus RMB164.30 million; profit attributable to owners was RMB117.79 million versus RMB110.84 million.

• Basic EPS was RMB0.58 versus RMB0.55; total comprehensive income was RMB169.17 million versus RMB164.41 million.

• Other income and gains fell to RMB30.65 million from RMB48.95 million, mainly due to lower interest income; finance costs declined to RMB2.46 million from RMB3.57 million.

Outlook and guidance

• Strategy centers on the “1 + 3 + N” industrial model, digital and intelligent technologies, integrated energy supply, storage and sales, and a diversified “steam, gas, heat, cold, and electricity” offering.

• Strategic priorities include improving clean-energy services and responding to incremental demand while advancing energy security, lower carbon intensity, and operational efficiency.