SL Gemini Energy (2481) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 8.6% YoY to RMB1,506.3m, mainly on lower engineering construction activity; profit attributable to owners rose 3.7% to RMB170.2m.

• Heat services expanded, with actual service area up 5.2% to 52.6m sq.m.; lower-margin construction revenue declined sharply, improving the overall gross margin.

Financial highlights

• Revenue was RMB1,506.3m versus RMB1,648.3m; gross profit was RMB443.7m versus RMB459.3m.

• Operating profit increased to RMB304.1m from RMB297.7m; profit before tax was RMB297.1m versus RMB288.6m.

• Net income was RMB240.9m versus RMB237.4m; profit attributable to owners was RMB170.2m versus RMB164.2m.

Outlook and guidance

• In 2026, priorities include expanding heat and steam services in northern China, with the Bohai Economic Rim, Inner Mongolia and Shanxi identified as focus areas.

• Plans include optimizing heat sources, recovering waste heat, reducing pipeline energy losses, improving operational efficiency and applying digital and AI tools to forecasting, dispatch and monitoring.

• Market expansion will emphasize project screening, feasibility assessment and controlled investment and operating risks.