TRE(SZ:300332) Zheng Quan Zhi Xing·2025-08-22 23:20Core Viewpoint - Tianhao Energy (300332) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in sales volume and financial performance [1][3]. Financial Performance - Total revenue for the first half of 2025 was 1.372 billion yuan, a decrease of 32.15% year-on-year [1]. - Net profit attributable to shareholders was 69.01 million yuan, down 32.08% year-on-year [1]. - In Q2 2025, total revenue was 437 million yuan, a decline of 49.63% year-on-year, with net profit of 7.24 million yuan, down 78.02% year-on-year [1]. - The gross profit margin was 15.59%, an increase of 8.14% year-on-year, while the net profit margin was 4.82%, a decrease of 5.69% year-on-year [1]. - Total receivables accounted for 227.06% of the latest annual net profit, indicating a high level of receivables relative to profit [1][4]. Cash Flow and Debt - Operating cash flow per share was -0.23 yuan, a decrease of 57.28% year-on-year, reflecting cash flow challenges [1]. - The company had 8.08 billion yuan in cash and cash equivalents, down 33.20% year-on-year [1]. - Interest-bearing debt was 13.38 billion yuan, a decrease of 23.21% year-on-year [1]. Business Strategy and Market Outlook - The company aims to expand its natural gas sales and enhance its upstream and downstream operations in the energy sector [4][5]. - Tianhao Energy plans to leverage opportunities in the clean energy sector and aims to become a comprehensive clean energy service group [4][5]. - The company is focusing on diversifying its gas supply sources to ensure supply stability [5][6]. Industry Context - The natural gas industry is expected to maintain steady growth, driven by the transition to a low-carbon energy system [6]. - The company is addressing the pressures of industry transformation by enhancing its operational efficiency and expanding its market presence [4][6].