Jy Gas (1407) H1 2025 earnings summary

Executive summary

• H1 revenue fell 6.9% YoY to RMB180.2m as industrial and commercial gas demand and construction activity weakened; gross profit was RMB28.6m and gross margin rose to 15.9% from 14.5%.

• Profit attributable to owners declined 13.8% to RMB13.1m; net profit decreased 14.1% to RMB13.4m.

• The 30-year PNG concession covers ~70% of Gaomi’s administrative area and runs through August 2039.

Financial highlights

• Operating profit was RMB19.7m versus RMB21.4m; profit before tax was RMB18.4m versus RMB21.2m. Basic and diluted EPS was RMB0.030 versus RMB0.035.

• Profit attributable to owners was RMB13.1m, down 13.8% YoY; income tax expense fell 10.7% to RMB5.0m, with an effective tax rate of 27.1% versus 26.6%.

• Administrative expenses increased 10.8% to RMB11.3m, mainly from employee costs and consultancy fees; net finance costs rose to RMB1.3m from RMB0.2m, mainly as finance income declined.

• Gross profit was RMB28.6m versus RMB28.1m; gross margin improved to 15.9% from 14.5%, supported by cost controls and increased direct PNG procurement.

Outlook and guidance

• Priorities include expanding pipeline access and rural clean-energy projects in Gaomi, alongside improving operating efficiency, safety inspections, technical capability and customer gas-safety training.

• Pipeline expansion and rural clean-energy project completions are expected to support customer-base growth; no numerical financial guidance was stated.