Group 1 - The core viewpoint of the article highlights Tianlun Gas Holdings Limited's financial performance for the first half of 2025, showing a total revenue of 4.24 billion yuan, representing a year-on-year growth of 10.6% [2] - The revenue from gas sales increased by 12.8% to 3.64 billion yuan, while value-added business revenue surged by 27.6% to 230 million yuan, indicating a strong growth trajectory in these segments [2] - The company's revenue structure is improving, with gas sales and value-added business now accounting for 86% and 5.4% of total revenue, respectively, while the share of engineering installation and service revenue has decreased to 7% due to the downturn in the real estate sector [2] Group 2 - Tianlun Gas has reduced its foreign currency borrowing ratio, increasing the proportion of RMB borrowings from 71.0% at the end of the previous year to 80.7% [2] - The overall cost of funds for the company is 5.0%, which is a decrease of 0.5 percentage points compared to the end of 2024, indicating an improvement in debt structure [2]

Core Viewpoint - Tianlun Gas (1600.HK) held a mid-year performance conference for 2025, summarizing the operating conditions of the first half of the year and addressing investor and media inquiries [1] Group 1: Sales Performance - In July, the total gas sales volume and retail gross margin level remained stable compared to the same period last year [1] - The retail business, a key component of urban gas sales, achieved slight growth both month-on-month and year-on-year, attributed to the company's diversified and user-centric gas development and usage solutions for commercial users [1] - For the first half of 2025, the total gas sales volume increased to 1.27 billion cubic meters, representing a year-on-year growth of 15.3% [1] Group 2: Business Outlook - Both retail and wholesale gas sales volumes experienced positive growth, laying a solid foundation for achieving the overall performance targets for 2025 [1] - The sales results in July also contributed positively to the performance expectations for the second half of the year [1]

Core Viewpoint - Tianlun Gas (01600) reported a 12.8% year-on-year increase in gas sales revenue for the first half of the year, reaching 3.64 billion yuan, indicating strong growth potential in the gas sales business [1] Group 1: Financial Performance - Gas sales revenue increased by 12.8% year-on-year to 3.64 billion yuan, with retail gas sales contributing 2.56 billion yuan and wholesale gas sales 1.08 billion yuan [1] - The average retail gas selling price was 2.91 yuan per cubic meter, with a comprehensive gas price difference of 0.41 yuan per cubic meter, which is an increase of 0.01 yuan per cubic meter compared to the same period last year [1] - The company expects the gross margin for retail gas sales to reach between 0.47 and 0.50 yuan per cubic meter for the full year of 2025, indicating a positive long-term growth outlook [1] Group 2: Management Strategy - The management emphasized the importance of optimizing gas sources in the second half of the year and outlined future management directions [1] - The core of the subsequent gas source management work will be to continuously optimize the gas source structure and achieve diversified gas supply [1] - The company plans to strengthen cooperation with the national pipeline network and the "three major oil companies" to reduce resource transmission layers, enhance interconnectivity with regional member companies and surrounding pipelines, and utilize gas storage facilities to improve gas supply security during winter peak periods [1]

Core Insights - Tianlun Gas (01600) reported a 12.8% year-on-year increase in gas sales revenue for the first half of the year, reaching 3.64 billion yuan [1] - Retail gas sales revenue amounted to 2.56 billion yuan, while wholesale gas sales revenue was 1.08 billion yuan [1] - The average retail gas selling price was 2.91 yuan per cubic meter, with a comprehensive gas price difference of 0.41 yuan per cubic meter, reflecting a growth of 0.01 yuan per cubic meter compared to the same period last year [1] - The company anticipates that the gross margin for retail gas sales will reach between 0.47 and 0.50 yuan per cubic meter for the full year of 2025, indicating strong long-term growth potential in gas sales [1] Business Strategy - The management emphasized the importance of optimizing gas sources in the second half of the year and outlined future management directions [1] - The core of the subsequent gas source management work will focus on continuously optimizing the gas source structure and achieving diversified gas supply [1] - The company plans to strengthen cooperation with the national pipeline network and the "three major oil companies" to further reduce resource transmission levels [1] - Efforts will be made to enhance interconnectivity with regional member companies and surrounding pipelines to facilitate multi-channel resource exchange and supplementation [1] - The company aims to utilize gas storage and peak-shaving facilities to expand pipeline gas and LNG trading channels, thereby improving gas source security during winter peak periods [1]

Core Insights - Tianlun Gas (01600.HK) reported a total gas sales volume of 1.268 billion cubic meters for the first half of 2025, a 15.3% increase from 1.1 billion cubic meters in the same period last year [1] - The company's revenue reached RMB 4.242 billion, up 10.6% from RMB 3.835 billion year-on-year, with a profit attributable to owners of RMB 120 million [1] - The board declared an interim dividend of RMB 0.046 per share, corresponding to a core profit payout ratio of 35.0% [1] Retail and Wholesale Performance - Retail gas sales volume remained stable at 880 million cubic meters [1] - Wholesale gas sales volume surged to 388 million cubic meters, a significant increase of 74.7% from 222 million cubic meters year-on-year [1] - Retail business revenue was RMB 2.562 billion, unchanged from the previous year, while wholesale business revenue rose by 68.2% to RMB 1.078 billion [2] Additional Business Segments - Engineering installation and service revenue amounted to RMB 311 million, down from RMB 387 million year-on-year [2] - Other business revenue, primarily from value-added services, increased by 32.3% to RMB 291 million from RMB 220 million in the previous year [2] - As of June 30, 2025, the company held cash and cash equivalents totaling RMB 1.185 billion to support project expansion and acquisition funding needs [2]

从上半年售气表现上看，公司的用户顺价及气源管理工作均获得一定成效，据公开资料显示，天伦燃气 致力于构建多气源供应格局，从而降低单一依赖风险，并通过技术升级，实现可降低输气损耗的智能化 管网运行，以及推动区域管网燃气管网互联互通，增强应急调配能力。 销气毛差是燃气行业的核心财务指标，指燃气销售价格与采购成本之间的差额。根据中期业绩表现，天 伦燃气管理层对于2025全年城燃销气毛差指引为0.47元/方至0.50元/方，可见公司管理层对于下半年居 民气顺价进一步改善及工商业销气提升持正向积极态度，销气毛差有望持续反弹。 8月28日，在港上市的天伦燃气发布2025年上半年业绩，数据显示，截至今年6月底天伦燃气实现营业总 收入42.4亿元，同比增长10.6%，核心业务天然气销售业务收入增长12.8%至36.4亿元，平均零售销气价 格2.91元/方。 ...

来源：格隆汇APP 格隆汇8月28日｜天伦燃气(01600.HK)8月28日发布截至2025年6月30日止6个月的中期业绩。报告期内， 总销气量同比提升15.3%达到12.7亿立方米，零售销气业务保持稳健微升，上半年实现销气量8.8亿立方 米；批发销气业务同比增长74.7%达到3.9亿立方米。 总体上看，尽管面对宏观经济下行与能源结构调整的双重压力，天伦燃气的半年度销气业绩依然表现良 好。 据悉，天伦燃气通过对工商业用户提供高效的用气保供与用能服务，稳定核心客户需求，并依托"油改 气""瓶改管"等政策拓展新增用户，实现零售销气量的稳定增长，其中，居民销气量增长表现亮眼，同 比增长8.5%至3.1亿立方米，工商业销气量达到5.4亿立方米。同时，为应对采暖季调峰需求，保障气源 稳定供应，以及加速市场开拓，精准分析用户需求，上半年，本集团大力推进能源贸易业务，使批发业 务销气量达到3.9亿立方方，同比增长74.7%。 ...

Core Insights - Tianlun Gas (01600) reported a total revenue of RMB 4.24 billion for the first half of 2025, representing a year-on-year increase of 10.6% from RMB 3.835 billion in the same period last year [1] - The gas sales revenue increased by 12.8% to RMB 3.64 billion, while value-added business revenue grew significantly by 27.6% to RMB 230 million [1] - The total gas sales volume reached 1.268 billion cubic meters, up 15.3% from 1.1 billion cubic meters in the previous year, with retail gas sales volume remaining stable at 880 million cubic meters [1] - The company improved its gas price differential by RMB 0.01 through effective pricing strategies and gas source optimization, maintaining robust retail gas sales profits [1] - The board announced an interim dividend of RMB 0.046 per share, corresponding to a core profit payout ratio of 35.0% [1]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 天倫燃氣控股有限公司 | | 股份代號 | 01600 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.046 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | | ...

[Performance Summary](index=1&type=section&id=Performance%20Summary) The company achieved a 15.3% increase in total gas sales volume and a 10.6% rise in revenue for the first half of 2025 | Metric | H1 2025 | H1 2024 | YoY Growth | Remarks | | :--- | :--- | :--- | :--- | :--- | | **Total Gas Sales Volume** | 1.268 billion cubic meters | 1.100 billion cubic meters | 15.3% | Retail gas sales volume remained stable at 880 million cubic meters | | **Revenue** | RMB 4.242 billion | RMB 3.835 billion | 10.6% | | | **Integrated Gas Sales Spread** | Increased by RMB 0.01 | - | - | Retail gas profit remained robust | | **Interim Dividend** | RMB 0.046 per share | - | - | Corresponding to a core profit payout ratio of 35.0% | [Condensed Interim Consolidated Financial Statements](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) [Condensed Interim Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue increased by 10.6% to RMB 4.242 billion, but gross profit, profit for the period, and profit attributable to owners of the Company all decreased | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,241,575 | 3,834,807 | 10.6% | | Cost of Sales | (3,729,003) | (3,291,460) | 13.3% | | Gross Profit | 512,572 | 543,347 | (5.7)% | | Operating Profit | 352,711 | 377,589 | (6.7)% | | Profit Before Income Tax | 183,289 | 211,122 | (13.2)% | | Income Tax Expense | (53,496) | (67,709) | (21.0)% | | Profit for the Period | 129,793 | 143,413 | (9.5)% | | Profit Attributable to Owners of the Company | 120,287 | 132,210 | (9.0)% | | Basic Earnings Per Share (RMB cents) | 12.41 | 13.64 | (9.0)% | [Condensed Interim Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets slightly increased, non-current assets remained stable, and current assets rose, while total liabilities increased, notably non-current borrowings | Metric | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 9,905,600 | 9,912,541 | (0.1)% | | Current Assets | 6,286,014 | 5,997,512 | 4.8% | | **Total Assets** | 16,191,614 | 15,910,053 | 1.8% | | **Equity** | | | | | Equity Attributable to Owners of the Company | 5,969,722 | 5,944,273 | 0.4% | | Non-controlling Interests | 301,914 | 318,210 | (5.1)% | | **Total Equity** | 6,271,636 | 6,262,483 | 0.1% | | **Liabilities** | | | | | Non-current Liabilities | 6,003,708 | 5,152,757 | 16.5% | | Current Liabilities | 3,916,270 | 4,494,813 | (12.9)% | | **Total Liabilities** | 9,919,978 | 9,647,570 | 2.8% | | **Total Equity and Liabilities** | 16,191,614 | 15,910,053 | 1.8% | [Notes to the Unaudited Condensed Interim Consolidated Financial Information](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Information) [1 General Information of the Group](index=7&type=section&id=1%20General%20Information%20of%20the%20Group) Tian Lun Gas Holdings Limited, incorporated in the Cayman Islands and listed in Hong Kong in 2010, primarily engages in gas pipeline engineering, infrastructure network construction, and natural gas transmission, sales, and wholesale/retail in China - The Company was incorporated in the Cayman Islands on **May 20, 2010**, and listed on the Main Board of the Hong Kong Stock Exchange on **November 10, 2010**[10](index=10&type=chunk) - The Group primarily provides engineering construction and services, as well as gas transmission and sales, including production, wholesale, and retail of natural gas, compressed natural gas, and liquefied natural gas in China[10](index=10&type=chunk) [2 Segment Information](index=7&type=section&id=2%20Segment%20Information) The Group's operating segments are primarily categorized by product type, including retail gas, wholesale gas, engineering installation and services, and all other segments, all provided in China, with management assessing performance based on segment profit before tax - Operating segments are classified by product, mainly including retail gas, wholesale gas, and engineering installation and services, all provided in China[12](index=12&type=chunk)[13](index=13&type=chunk) Total Revenue by Segment | Segment | H1 2025 Total Revenue (RMB thousands) | H1 2024 Total Revenue (RMB thousands) | | :--- | :--- | :--- | | Retail Gas Business | 2,561,799 | 2,587,049 | | Wholesale Gas Business | 1,077,846 | 640,964 | | Engineering Installation and Services | 310,626 | 386,994 | | All Other Segments | 539,455 | 400,113 | | Inter-segment Eliminations | (248,151) | (180,313) | | **Total** | **4,241,575** | **3,834,807** | Segment Profit | Segment | H1 2025 Segment Profit (RMB thousands) | H1 2024 Segment Profit (RMB thousands) | | :--- | :--- | :--- | | Retail Gas Business | 156,378 | 158,259 | | Wholesale Gas Business | 5,638 | 18,143 | | Engineering Installation and Services | 118,151 | 165,615 | | All Other Segments | 96,357 | 79,229 | | **Total** | **376,524** | **421,246** | [3 Other Losses — Net](index=10&type=section&id=3%20Other%20Losses%20%E2%80%94%20Net) For the six months ended June 30, 2025, the Group's other losses — net significantly decreased to RMB 3.307 million from RMB 19.178 million in the prior period, primarily due to improved net exchange gains | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Exchange Gain/(Loss) | 13,858 | (27,821) | | Financial Assets at Fair Value Through Profit or Loss (Loss) | (28,339) | (6,176) | | Others | 11,174 | 14,819 | | **Total** | **(3,307)** | **(19,178)** | [4 Profit Before Income Tax](index=10&type=section&id=4%20Profit%20Before%20Income%20Tax) Profit before income tax includes raw materials and consumables used, depreciation and amortization of various assets, and gains on disposal of assets | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw Materials and Consumables Used | 3,380,048 | 2,955,831 | | Depreciation of Property, Plant and Equipment | 106,539 | 104,228 | | Depreciation of Investment Properties | 1,591 | 1,429 | | Amortization of Right-of-Use Assets | 6,723 | 7,238 | | Amortization of Intangible Assets | 66,106 | 63,001 | | Gain on Disposal of Property, Plant and Equipment and Right-of-Use Assets | (7,439) | (14,707) | [5 Income Tax Expense](index=11&type=section&id=5%20Income%20Tax%20Expense) The Group's income tax expense primarily comprises PRC enterprise income tax and deferred income tax, with some subsidiaries benefiting from Western Development or small and micro enterprise preferential tax policies | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax — PRC Enterprise Income Tax | 80,123 | 97,168 | | Deferred Income Tax | (26,627) | (29,459) | | **Total** | **53,496** | **67,709** | - PRC subsidiaries are subject to an enterprise income tax rate of **25%**, with some enjoying a **15%** preferential tax rate under the Western Development policy or a **5%** preferential tax rate for small and micro enterprises[20](index=20&type=chunk) [6 Finance Costs — Net](index=12&type=section&id=6%20Finance%20Costs%20%E2%80%94%20Net) The Group's net finance costs primarily consist of interest expense on borrowings, partially offset by capitalized amounts, remaining largely stable compared to the prior period | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Income (Bank Deposits, Wealth Management Products) | (2,187) | (5,373) | | Interest Expense on Borrowings | 195,381 | 199,308 | | Lease Interest | 282 | 297 | | Other Finance Costs | 5,065 | 3,917 | | Less: Amount Capitalized on Qualifying Assets | (8,575) | (10,173) | | **Finance Costs — Net** | **189,966** | **187,976** | [7 Earnings Per Share](index=12&type=section&id=7%20Earnings%20Per%20Share) For the six months ended June 30, 2025, the Company's basic and diluted earnings per share were both RMB 12.41 cents, a decrease from the prior period, with no dilutive potential ordinary shares during the period | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (RMB thousands) | 120,287 | 132,210 | | Weighted Average Number of Ordinary Shares in Issue (thousands) | 969,066 | 969,066 | | Basic Earnings Per Share (RMB cents per share) | 12.41 | 13.64 | | Diluted Earnings Per Share (RMB cents per share) | 12.41 | 13.64 | - As of June 30, 2025, the Company had no dilutive potential ordinary shares[24](index=24&type=chunk) [8 Property, Plant and Equipment, Investment Properties, Right-of-Use Assets and Intangible Assets](index=13&type=section&id=8%20Property%2C%20Plant%20and%20Equipment%2C%20Investment%20Properties%2C%20Right-of-Use%20Assets%20and%20Intangible%20Assets) During the reporting period, the Group's total net book value of property, plant and equipment, investment properties, right-of-use assets, and intangible assets slightly decreased, mainly due to depreciation, but new additions were made | Asset Category | Net Book Value as of Jan 1, 2025 (RMB thousands) | Net Book Value as of June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Property, Plant and Equipment | 3,830,652 | 3,819,182 | | Investment Properties | 36,617 | 35,026 | | Right-of-Use Assets | 278,511 | 271,258 | | Intangible Assets | 4,705,766 | 4,643,283 | | **Total** | **8,851,546** | **8,768,749** | - Total new additions for the period amounted to **RMB 101,914 thousands**, and total depreciation expense was **RMB 180,959 thousands**[25](index=25&type=chunk) [9 Investments Accounted for Using the Equity Method](index=14&type=section&id=9%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) The Group's investments accounted for using the equity method had a period-end balance of RMB 906.221 million, primarily influenced by the share of results of associates, while joint ventures generated unrecognized losses | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Beginning Balance | 885,677 | 866,050 | | Share of Results of Associates | 31,894 | 32,841 | | Share of Results of Joint Ventures | (11,350) | (11,332) | | **Period-End Balance** | **906,221** | **887,559** | - The Group has unrecognized losses related to its equity in joint ventures totaling **RMB 47,258 thousands**, as the Group has no obligation for these losses[26](index=26&type=chunk) [10 Trade and Other Receivables](index=15&type=section&id=10%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables increased significantly to RMB 2.922 billion from the end of 2024, with a notable increase in amounts due from related parties Trade and Other Receivables Breakdown | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 723,466 | 611,042 | | Amounts Due from Related Parties | 1,837,470 | 1,363,511 | | Less: Impairment Allowance | (236,192) | (232,019) | | Bills Receivable | 17,515 | 13,239 | | Other Receivables | 146,513 | 99,566 | | Prepayments | 402,962 | 458,344 | | **Total** | **2,921,913** | **2,335,716** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 1,443,044 | 884,925 | | 1 to 2 years | 930,290 | 910,406 | | 2 to 3 years | 143,779 | 136,686 | | Over 3 years | 27,976 | 28,939 | | **Total** | **2,545,089** | **1,960,956** | [11 Financial Assets at Fair Value Through Other Comprehensive Income](index=16&type=section&id=11%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) The Group's financial assets at fair value through other comprehensive income include unlisted equity instruments in the gas industry and bills receivable, with a significant increase in bills receivable | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets - Equity Instruments in Gas Industry | 36,800 | 36,800 | | Current Assets - Debt Instruments (Bills Receivable) | 34,373 | 14,539 | | **Total** | **71,173** | **51,339** | - The fair value of unlisted equity securities and bills receivable is measured using market approach or discounted cash flow method, and classified as Level 3 in the fair value hierarchy[28](index=28&type=chunk) [12 Financial Instruments at Fair Value Through Profit or Loss](index=17&type=section&id=12%20Financial%20Instruments%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group's financial assets at fair value through profit or loss primarily include total return swaps and currency/interest rate swap contracts, while financial liabilities mainly consist of currency/interest rate swap contracts, with new non-current and current financial liabilities recognized this period | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Financial Assets** | | | | Non-current Assets (Currency and Interest Rate Swap Contracts) | 6,470 | 6,175 | | Current Assets (Total Return Swaps) | 221,147 | 235,474 | | Current Assets (Currency and Interest Rate Swap Contracts) | 984 | 15,205 | | **Financial Liabilities** | | | | Non-current Liabilities (Currency and Interest Rate Swap Contracts) | 8,150 | — | | Current Liabilities (Currency and Interest Rate Swap Contracts) | 92 | — | - Total return swap transactions are measured at fair value, determined by quotes for similar assets in active markets, and used to hedge future share price appreciation risks related to share award schemes[31](index=31&type=chunk)[34](index=34&type=chunk) - The Group enters into RMB/USD and RMB/HKD foreign exchange instruments to diversify foreign exchange risk[34](index=34&type=chunk) [13 Share Capital, Share Premium and Treasury Shares](index=18&type=section&id=13%20Share%20Capital%2C%20Share%20Premium%20and%20Treasury%20Shares) As of June 30, 2025, the Company's share capital, share premium, and treasury shares remained stable with no changes | Item | Number of Shares (thousands) | Ordinary Shares (RMB thousands) | Share Premium (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Issued and Fully Paid (June 30, 2025) | 981,885 | 8,264 | 81,317 | 89,581 | | Treasury Shares (June 30, 2025) | 12,819 | - | - | 73,233 | [14 Borrowings](index=19&type=section&id=14%20Borrowings) As of June 30, 2025, the Group's total borrowings increased to RMB 7.504 billion, with non-current borrowings accounting for 70.2%, and a significant amount of new borrowings raised during the period Total Borrowings | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Borrowings | 5,267,915 | 4,396,432 | | Current Borrowings | 2,235,603 | 2,595,749 | | **Total Borrowings** | **7,503,518** | **6,992,181** | Borrowings Movement Analysis (H1 2025) | Item | RMB thousands | | :--- | :--- | | Beginning Balance (Jan 1, 2025) | 6,992,181 | | New Borrowings Raised | 2,796,150 | | Repayment of Borrowings | (2,253,494) | | Exchange (Gain) | (24,100) | | **Period-End Balance (June 30, 2025)** | **7,503,518** | - Interest expense on borrowings for the six months ended June 30, 2025, was **RMB 195,381 thousands**, a decrease from the prior period[35](index=35&type=chunk) [15 Deferred Tax Liabilities](index=20&type=section&id=15%20Deferred%20Tax%20Liabilities) The Group's deferred tax liabilities decreased during the reporting period, primarily due to adjustments recognized in profit or loss | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Balance as of Jan 1 | 711,079 | 735,906 | | Credited to Profit or Loss | (19,919) | (20,363) | | **Period-End Balance as of June 30** | **691,160** | **715,543** | [16 Trade and Other Payables](index=20&type=section&id=16%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables decreased to RMB 805.411 million from the end of 2024, mainly due to a reduction in trade payables Trade and Other Payables Breakdown | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 294,191 | 370,077 | | Amounts Due to Related Parties | 5,790 | 8,906 | | Bills Payable | 222,000 | 204,846 | | Accrued Salaries and Welfare | 3,096 | 7,651 | | Other Taxes Payable | 192,076 | 215,979 | | **Total** | **805,411** | **907,982** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 241,470 | 320,882 | | 1 to 2 years | 25,055 | 23,667 | | 2 to 3 years | 7,883 | 8,332 | | Over 3 years | 19,783 | 17,196 | | **Total** | **294,191** | **370,077** | [17 Dividends](index=21&type=section&id=17%20Dividends) The Board of Directors proposed an interim dividend of RMB 4.60 cents per share for the six months ended June 30, 2025, totaling RMB 45.167 million - The Board of Directors proposed an interim dividend of **RMB 4.60 cents per share** for the six months ended June 30, 2025, totaling **RMB 45,167 thousands**[38](index=38&type=chunk) - The interim dividend will be paid in HKD on or about November 28, 2025, with a further announcement to be made after determining the exact HKD dividend amount[38](index=38&type=chunk) [Basis of Preparation of Financial Report and Accounting Policies](index=22&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Report%20and%20Accounting%20Policies) This condensed interim consolidated financial information is prepared in accordance with HKAS 34 and should be read in conjunction with the annual financial statements; the Group has applied HKAS 21 (amended) with no significant impact - The condensed interim consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[39](index=39&type=chunk) - The Group has applied HKAS 21 (amended) "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," which has no significant impact on this interim report[39](index=39&type=chunk) - The Group has not adopted any new standards or interpretations that are not yet effective for the current accounting period[40](index=40&type=chunk) [Industry and Policy Review](index=23&type=section&id=Industry%20and%20Policy%20Review) [Macroeconomic and Green Development](index=23&type=section&id=Macroeconomic%20and%20Green%20Development) In the first half of 2025, China's economy grew steadily by 5.3% with optimized structure and increased demand for green and low-carbon consumption, positioning natural gas as a key transitional energy in national green development - In the first half of 2025, China's economy achieved a steady growth rate of **5.3%**, with continuous structural optimization[41](index=41&type=chunk) - Green development has become a new highlight of China's economy, with green and low-carbon consumption gaining popularity, and natural gas, as a low-carbon transitional bridge, injecting momentum into urban energy decarbonization and industrial fuel clean substitution[41](index=41&type=chunk) [Urban Gas Policies](index=23&type=section&id=Urban%20Gas%20Policies) The state continues to promote the renovation of aging urban gas pipelines, advance urban renewal actions, accelerate "two major" projects, and guide market-oriented reform of natural gas prices and digital/smart gas infrastructure development - The state continues to advance the renovation of aging urban gas pipelines, aiming to address safety risks of old pipelines and improve energy supply efficiency[42](index=42&type=chunk) - The "Opinions on Continuously Advancing Urban Renewal Actions" elevates urban renewal to a national strategy, setting phased goals for **2030** and planning to invest **RMB 800 billion** in underground pipeline renovation, including gas[42](index=42&type=chunk) - The state promotes market-oriented reform of natural gas prices, establishing a "gas source cost + reasonable profit" pricing model, and resolving cost transmission challenges through price linkage mechanisms[43](index=43&type=chunk) - The state actively promotes digital and smart gas infrastructure development, aiming for significant achievements in urban overall digital transformation by **2027** and full breakthroughs by **2030**[43](index=43&type=chunk) [Business Review and Financial Performance](index=24&type=section&id=Business%20Review%20and%20Financial%20Performance) [Overall Performance and Operating Data](index=24&type=section&id=Overall%20Performance%20and%20Operating%20Data) The Group is committed to transforming from a traditional gas supplier to an energy service provider, with total revenue growing by 10.6% in the first half, but gross profit and profit attributable to owners of the Company decreased, while natural gas sales volume significantly increased, especially in wholesale business - The Group solidifies its natural gas core business with high quality and develops value-added services and integrated energy services, driving strategic transformation towards an energy service provider[44](index=44&type=chunk) Key Performance Indicators | Metric | H1 2025 | H1 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 4,241,575 | 3,834,807 | 10.6% | | Gross Profit (RMB thousands) | 512,572 | 543,347 | (5.7)% | | Profit Attributable to Owners of the Company (RMB thousands) | 120,287 | 132,210 | (9.0)% | | New Piped Gas Users (households) | 95,515 | 128,660 | (25.8)% | | Cumulative Piped Gas Users (households) | 5,933,308 | 5,728,585 | 3.6% | | Natural Gas Sales Volume (tens of thousands of cubic meters) | 126,814 | 110,020 | 15.3% | | Cumulative Medium and High Pressure Pipeline Length (kilometers) | 9,579 | 9,332 | 2.6% | [Gas Sales Business](index=25&type=section&id=Gas%20Sales%20Business) In the first half, retail gas sales volume remained stable, while wholesale gas sales volume significantly increased by 74.7% year-on-year, primarily driven by active promotion of energy trading business - Retail gas sales volume steadily grew to **880 million cubic meters**, expanding new users through policies such as "oil-to-gas" and "cylinder-to-pipe" conversions[46](index=46&type=chunk) - Wholesale gas sales volume reached **388 million cubic meters**, a significant year-on-year increase of **74.7%**, mainly due to vigorous promotion of energy trading business to meet peak heating season demand and accelerate market expansion[46](index=46&type=chunk) [Retail Gas Sales Volume](index=25&type=section&id=Retail%20Gas%20Sales%20Volume) Retail gas sales volume remained stable, with residential user natural gas sales volume increasing by 8.5%, but industrial and commercial, and transportation user sales volumes decreased | Retail Gas Sales Volume (tens of thousands of cubic meters) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Retail Gas Business Sales Volume | 87,973 | 87,781 | 0.2% | | — Residential User Natural Gas Sales Volume | 30,568 | 28,168 | 8.5% | | — Industrial and Commercial User Natural Gas Sales Volume | 54,278 | 55,165 | (1.6)% | | — Transportation User Natural Gas Sales Volume | 3,127 | 4,448 | (29.7)% | [Wholesale Gas Sales Volume](index=25&type=section&id=Wholesale%20Gas%20Sales%20Volume) Wholesale gas sales volume achieved a significant growth of 74.7%, reaching 388 million cubic meters | Wholesale Gas Sales Volume (tens of thousands of cubic meters) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Wholesale Gas Business Sales Volume | 38,841 | 22,239 | 74.7% | [Gas Source Optimization](index=26&type=section&id=Gas%20Source%20Optimization) The Group ensures stable and secure gas supply through diversified gas source arrangements, technological upgrades, and pipeline interconnection, effectively reducing transmission losses, with cumulative medium and high-pressure pipeline length reaching 9,579 kilometers - The Group establishes a regional "one network" by developing multi-source gas supplies, upgrading technology for intelligent pipeline network operations, and promoting gas pipeline interconnection, enhancing emergency dispatch capabilities[47](index=47&type=chunk) - As of June 30, 2025, the Group's cumulative medium and high-pressure pipeline length reached **9,579 kilometers**[47](index=47&type=chunk) [Value-Added Services](index=26&type=section&id=Value-Added%20Services) The Group actively expands value-added services, achieving significant growth in revenue and gross profit through a specialized marketing system and diversified service methods, substantially enhancing user stickiness - The Group enhances user experience and builds a value-added service ecosystem through innovative measures such as one-stop services, smart upgrades, and safety extensions[48](index=48&type=chunk) Value-Added Business Performance | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Growth Rate | | :--- | :--- | :--- | :--- | | Value-Added Business Revenue | 231 | 181 | 27.6% | | Value-Added Business Gross Profit | 114 | 81 | 40.7% | [Revenue Composition](index=27&type=section&id=Revenue%20Composition) During the reporting period, the Group's total revenue increased by 10.6% year-on-year, with significant growth in wholesale gas business and other business revenue, while engineering installation and services revenue decreased Revenue by Source | Revenue Source | H1 2025 (RMB billions) | H1 2024 (RMB billions) | YoY Growth | | :--- | :--- | :--- | :--- | | Retail Gas Business Revenue | 2.562 | 2.562 | Stable | | Wholesale Gas Business Revenue | 1.078 | 0.641 | 68.2% | | Engineering Installation and Services Revenue | 0.311 | 0.387 | (19.6)% | | Other Business Revenue | 0.291 | 0.220 | 32.3% | | **Total Revenue** | **4.242** | **3.835** | **10.6%** | [Retail Gas Business Revenue](index=27&type=section&id=Retail%20Gas%20Business%20Revenue) Retail gas business revenue remained stable at RMB 2.562 billion compared to the prior period - For the six months ended June 30, 2025, the Group's retail business revenue was **RMB 2.562 billion**, stable compared to the prior period[50](index=50&type=chunk) [Wholesale Gas Business Revenue](index=27&type=section&id=Wholesale%20Gas%20Business%20Revenue) Wholesale gas business revenue significantly increased by 68.2% year-on-year to RMB 1.078 billion - For the six months ended June 30, 2025, the Group's wholesale business revenue was **RMB 1.078 billion**, an increase of **68.2%** compared to the prior period[51](index=51&type=chunk) [Engineering Installation and Services Revenue](index=27&type=section&id=Engineering%20Installation%20and%20Services%20Revenue) Engineering installation and services revenue decreased by 19.6% year-on-year to RMB 311 million - During the reporting period, the Group's revenue from engineering installation and services was **RMB 311 million**, a year-on-year decrease of **19.6%**[52](index=52&type=chunk) [Other Business Revenue](index=27&type=section&id=Other%20Business%20Revenue) Other business revenue, primarily from value-added services, increased by 32.3% year-on-year to RMB 291 million - Other business revenue, primarily from value-added services, was **RMB 291 million** during the reporting period, a year-on-year increase of **32.3%**[53](index=53&type=chunk) [Profitability Analysis](index=28&type=section&id=Profitability%20Analysis) During the reporting period, the Group's gross profit and profit for the period both decreased, but other losses — net significantly reduced, and finance costs — net remained largely stable Key Profitability Indicators | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit | 513 | 543 | (5.7)% | | Overall Gross Profit Margin | 12.1% | - | - | | Other Losses — Net | 3 | 19 | Decreased by RMB 16 million | | Finance Costs — Net | 190 | 188 | Largely Stable | | Share of Results of Associates and Joint Ventures | 21 | - | - | | Adjusted Core Profit | 129 | 157 | (17.7)% | | Profit for the Period | 130 | 143 | (9.1)% | | Net Profit Attributable to Owners of the Company | 120 | 132 | (9.0)% | [Gross Profit and Profit](index=28&type=section&id=Gross%20Profit%20and%20Profit) Gross profit decreased by 5.7% year-on-year to RMB 513 million during the reporting period, with an overall gross profit margin of 12.1% - During the reporting period, the Group achieved a gross profit of **RMB 513 million**, a year-on-year decrease of **5.7%**, with an overall gross profit margin of **12.1%**[54](index=54&type=chunk) [Distribution Costs and Administrative Expenses](index=28&type=section&id=Distribution%20Costs%20and%20Administrative%20Expenses) Distribution costs were RMB 41 million and administrative expenses were RMB 114 million during the reporting period - During the reporting period, distribution costs were **RMB 41 million**, and administrative expenses were **RMB 114 million**[55](index=55&type=chunk) [Other Losses — Net](index=28&type=section&id=Other%20Losses%20%E2%80%94%20Net) Other losses — net amounted to RMB 3 million, a decrease of RMB 16 million compared to the prior period - During the reporting period, the Group's other losses — net amounted to **RMB 3 million**, a decrease of **RMB 16 million** compared to the prior period[56](index=56&type=chunk) [Finance Costs — Net](index=28&type=section&id=Finance%20Costs%20%E2%80%94%20Net) Net finance costs were RMB 190 million, largely stable compared to the prior period - During the reporting period, the Group's finance costs — net amounted to **RMB 190 million**, largely stable compared to **RMB 188 million** in the prior period[57](index=57&type=chunk) [Share of Results of Associates and Joint Ventures](index=28&type=section&id=Share%20of%20Results%20of%20Associates%20and%20Joint%20Ventures) The Group's share of post-tax profit from associates and joint ventures was RMB 21 million during the reporting period - During the reporting period, the Group's share of post-tax profit from associates and joint ventures was **RMB 21 million**[58](index=58&type=chunk) [Profit for the Period and Net Profit Attributable to Owners of the Company](index=28&type=section&id=Profit%20for%20the%20Period%20and%20Net%20Profit%20Attributable%20to%20Owners%20of%20the%20Company) Profit for the period was RMB 130 million, a 9.1% year-on-year decrease; net profit attributable to owners of the Company was RMB 120 million, a 9.0% year-on-year decrease - During the reporting period, the Group achieved a profit for the period of **RMB 130 million**, a **9.1%** decrease compared to the prior period[59](index=59&type=chunk) - Net profit attributable to owners of the Company was **RMB 120 million**, a **9.0%** decrease compared to the prior period[60](index=60&type=chunk) [Financial Position and Risk Management](index=29&type=section&id=Financial%20Position%20and%20Risk%20Management) The Group maintains prudent financial management policies with ample cash and credit lines; as of June 30, 2025, total borrowings were RMB 7.504 billion, with a gearing ratio of 61.3%, and continues to monitor financing costs and exchange rate risks - As of June 30, 2025, the Group's capital expenditure was **RMB 113 million**, and cash and cash equivalents totaled **RMB 1.185 billion**[61](index=61&type=chunk) - The Group's total borrowings amounted to **RMB 7.504 billion**, with **70.2%** being non-current liabilities, and a gearing ratio of **61.3%**[61](index=61&type=chunk) - Interest expense on borrowings was **RMB 195 million**, a **2.0%** year-on-year decrease; the Group will continue to monitor exchange rate market changes and take hedging measures to reduce exchange rate risks[62](index=62&type=chunk) [Outlook and Strategy](index=30&type=section&id=Outlook%20and%20Strategy) [Macroeconomic Outlook](index=30&type=section&id=Macroeconomic%20Outlook) China's economy is expected to continue its recovery momentum in the second half of 2025, with policy support and unleashed consumption potential solidifying growth, though global trade restructuring and domestic demand recovery still pose challenges - In the second half of 2025, China's economy is expected to continue its steady pace, with the effects of stable growth policies becoming more apparent, and residents' consumption potential likely to be further unleashed[63](index=63&type=chunk) - Challenges include the restructuring of the global trade landscape, the recovery of domestic effective demand, and the cultivation and growth of strategic emerging industries such as green, low-carbon, and smart IoT[63](index=63&type=chunk) [Group Strategic Objectives and Management Optimization](index=30&type=section&id=Group%20Strategic%20Objectives%20and%20Management%20Optimization) The Group's core strategic objectives for the second half are more efficient organizational operations, a more stable business structure, and more abundant cash flow, achieved through standardized management systems, efficient decision-making, and talent pipeline development to enhance risk resistance and market competitiveness - The core strategic objectives for the second half are "**more efficient organizational operations, a more stable business structure, and more abundant cash flow**"[64](index=64&type=chunk) - Full business chain refined management will be achieved through continuously optimized safety management systems, smart customer service platforms, and engineering control processes[64](index=64&type=chunk) - Focus on capability matching and structural optimization, improve talent development mechanisms, and implement "old-to-new" practical training to ensure talent supply aligns with strategic transformation[64](index=64&type=chunk) [Main Business Development Strategies](index=31&type=section&id=Main%20Business%20Development%20Strategies) The Group will support main business growth by promoting residential gas price adjustments, deepening refined management, and expanding value-added services, while strengthening online and offline marketing and after-sales services [Gas Sales Business Strategy](index=31&type=section&id=Gas%20Sales%20Business%20Strategy) In the second half, the Group will actively promote residential gas price adjustments to enhance integrated price spreads, reduce transmission losses through refined management, and provide customized solutions for large industrial users - Actively seize policy benefits, continuously promote residential gas price adjustment in operating regions, and further enhance the integrated price spread level[65](index=65&type=chunk) - Deepen refined management, strengthen metering management, effectively reduce transmission losses; implement a "one enterprise, one policy" model for large industrial users[65](index=65&type=chunk) [Value-Added Business Strategy](index=31&type=section&id=Value-Added%20Business%20Strategy) The Group will advance the standardization of home improvement business and the development of insurance business, expand extended services, build an integrated "online + offline" marketing strategy, and seize opportunities in old residential community renovations - Actively promote the standardization of home improvement business and the development of insurance business, expanding extended services[65](index=65&type=chunk) - Build an integrated "online + offline" marketing strategy, increase brand promotion, and seize opportunities in old residential community renovations to actively promote product replacement business[65](index=65&type=chunk) - Improve the after-sales service system and comprehensively enhance customer service capabilities[65](index=65&type=chunk) [Future Outlook](index=31&type=section&id=Future%20Outlook) The Group will continue to uphold its mission of safe gas supply, actively embrace energy transformation, and through continuous technological investment, management optimization, and service upgrades, strive to inject greener, smarter, and more efficient energy into urban development - The Group will continue to uphold its core mission of safe gas supply, considering the safe and stable operation of urban energy lifelines as its primary responsibility[65](index=65&type=chunk) - Actively embrace energy transformation, and through continuous technological investment, management optimization, and service upgrades, strive to inject greener, smarter, and more efficient energy into urban development[65](index=65&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the reporting period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[66](index=66&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board of Directors announced an interim dividend of RMB 4.60 cents per share for the six months ended June 30, 2025, to be paid in HKD on or about November 28, 2025 - The Board of Directors announced an interim dividend of **RMB 4.60 cents per share** for the six months ended June 30, 2025[67](index=67&type=chunk) - The interim dividend will be paid in HKD on or about **November 28, 2025 (Friday)** to shareholders registered in the Company's register of members on **October 31, 2025 (Friday)**[67](index=67&type=chunk) [Closure of Register of Members](index=32&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the Company will suspend the registration of share transfers from October 24 to October 31, 2025 - To determine eligibility for the proposed interim dividend, the Company will suspend the registration of share transfers from **October 24, 2025 (Friday)** to **October 31, 2025 (Friday)**[68](index=68&type=chunk) [Standard Code for Securities Transactions by Directors](index=32&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all directors confirmed strict compliance during the reporting period - The Company has adopted the Standard Code as set out in Appendix C3 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as the code for securities transactions by directors[69](index=69&type=chunk) - All directors have confirmed their strict compliance with the relevant provisions of the Standard Code during the reporting period[69](index=69&type=chunk) [Corporate Governance Code](index=32&type=section&id=Corporate%20Governance%20Code) The Company has adopted and complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the reporting period - The Company has adopted and complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the reporting period[70](index=70&type=chunk) [Audit Committee](index=33&type=section&id=Audit%20Committee) The Company's Audit Committee comprises three independent non-executive directors and has reviewed this announcement and the Group's unaudited consolidated financial statements for the reporting period - The Company's Audit Committee comprises three independent non-executive directors: **Mr. Li Liuqing** (Chairman of the Committee), **Mr. Lei Chunyong**, and **Ms. Zhou Lin**[71](index=71&type=chunk) - The Audit Committee has reviewed this announcement and the Group's unaudited consolidated financial statements for the reporting period[71](index=71&type=chunk) [Publication of Interim Report](index=33&type=section&id=Publication%20of%20Interim%20Report) The Company's interim report for the reporting period will be published on the websites of The Stock Exchange of Hong Kong Limited and the Company in due course - The Company's interim report for the reporting period will be published in due course on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company's website (www.tianlungas.com)[72](index=72&type=chunk) [Board of Directors Information](index=33&type=section&id=Board%20of%20Directors%20Information) As of the date of this announcement, the Board of Directors includes executive directors, non-executive directors, and independent non-executive directors - The executive directors are **Mr. Xian Zhenyuan** (Chairman and Chief Executive Officer), **Ms. Li Tao**, **Mr. Xiao Hui**, and **Ms. Zhang Baixuan**; the non-executive directors are **Ms. Chen Hong** and **Mr. Zhang Daoyuan**; and the independent non-executive directors are **Mr. Li Liuqing**, **Mr. Lei Chunyong**, **Ms. Zhou Lin**, and **Ms. Tao Xiaohui**[74](index=74&type=chunk)