SL Gemini Energy (2481) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 8.9% YoY to RMB759.6m; gross profit rose 2.5% to RMB239.6m, while profit attributable to owners eased 0.5% to RMB111.7m.

• Heat-service area grew 3.5% YoY to 50.2m sq.m.; H2 priorities include selective expansion, steam supply, digitalisation and cleaner heating.

Financial highlights

• Revenue was RMB759.6m, down 8.9% YoY; cost of sales fell 13.4% to RMB520.0m, mainly reflecting lower engineering-construction activity.

• Gross profit rose 2.5% to RMB239.6m; operating profit was RMB184.3m versus RMB199.2m, profit before tax was RMB175.9m versus RMB190.6m, and period profit was RMB148.7m versus RMB154.7m.

• Profit attributable to owners was RMB111.7m, down 0.5% YoY; basic and diluted EPS were RMB0.37. Lower impairment reversals, RMB3.4m versus RMB19.4m, primarily drove the period-profit decline.

• Operating cash outflow was RMB138.8m versus RMB154.8m in H1 2024; cash and cash equivalents were RMB309.1m at June-end.

Outlook and guidance

• H2 strategy targets growth in scale and quality, including heat-service and steam-supply expansion, with focus on the Bohai Economic Rim, Inner Mongolia and Shanxi, plus selective pilots elsewhere.

• Priorities include diversified heat sources, waste-heat recovery, intelligent dispatching, reduced pipeline losses, service quality, and continued safety and environmental standards.

• Digital platform development and Heating Technology Center research will support intelligent operations and carbon-neutral heating solutions.