Ge Long Hui·2025-08-21 19:59Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth but declines in profit metrics, alongside a notable increase in natural gas sales volume and stable LNG processing performance [1][2][3]. Revenue and Profitability - The company's revenue for H1 2025 was RMB 97.543 billion, an increase of RMB 4.621 billion or 4.97% year-on-year [1] - Profit before tax was RMB 6.737 billion, a decrease of RMB 0.512 billion or 7.06% year-on-year [1] - Net profit attributable to shareholders was RMB 3.161 billion, down RMB 0.144 billion or 4.36% year-on-year [1] - The interim dividend was set at RMB 0.166 per share, slightly up from RMB 0.164 per share in the same period last year [1] Natural Gas Sales Performance - The company achieved a natural gas sales volume of 29.095 billion cubic meters, a year-on-year increase of 10.05% [1] - Retail gas volume was 16.666 billion cubic meters, up 2.23% year-on-year [1] - The average natural gas sales price was RMB 2.77 per cubic meter, a decrease of RMB 0.1 per cubic meter year-on-year [1] LNG Processing and Storage - The LNG processing and storage segment generated revenue of RMB 4.371 billion, a decrease of 1.58% year-on-year [2] - Profit before tax for the LNG segment was RMB 1.836 billion, an increase of 11.41% year-on-year [2] - The average production load rate for 14 operational plants was 57.1%, indicating stable high-load operations [2] Oil and LPG Sales - The average selling price of crude oil fell from USD 67.77 per barrel to USD 62.88 per barrel, leading to a revenue decline of 15.91% to RMB 0.74 billion [3] - LPG sales volume increased by 4.87% to 3.0684 million tons, with revenue rising by 1.03% to RMB 13.02 billion [3] Cost Management and Capital Expenditure - The company reduced other sales, general, and administrative expenses to approximately RMB 1.121 billion, down 8.86% year-on-year [3] - Capital expenditure for H1 2025 was RMB 1.926 billion, a decrease of 31.6% year-on-year [3] Profit Forecast and Valuation - The profit forecasts for 2025, 2026, and 2027 have been revised down to RMB 6.229 billion, RMB 6.696 billion, and RMB 7.213 billion respectively [4]