Core Insights - Tianhao Energy reported a significant decline in revenue and net profit for the first half of 2025, with operating income of 1.372 billion yuan, down 32.15% year-on-year, and a net profit attributable to shareholders of 69.01 million yuan, a decrease of 32.08% [1][2] - The decrease in profit is primarily attributed to a reduction in gas sales volume compared to the previous year, leading to lower gross and operating profits [1] Financial Performance - The total assets of the company amounted to 7.952 billion yuan, with net assets attributable to the listed company at 4.287 billion yuan [1] - The asset-liability ratio stood at 43.25%, a decrease of 3.05 percentage points from the end of the previous year [1] Business Development - The company has successfully launched the Xinxian Dongmen Station project, expanding its operational reach beyond the original Shan'an pipeline coverage in Shanxi and Hebei [1] - The gas supply project in the Chifeng Tongrui Yuanbao Mountain Industrial Park has made significant progress and has entered the trial operation phase, with an expected annual gas consumption of 500 million cubic meters [1] - Sales revenue from membrane products increased by 22.54% year-on-year, reaching 44.21 million yuan, with a corresponding gross profit of 14.81 million yuan, reflecting an increase of over 80% compared to the previous year [1] Market Expansion - Since its transformation, the company has leveraged the Shan'an pipeline to further expand its gas market and pipeline operation business, establishing subsidiaries with gas franchise rights in key regions such as Shanxi, Hebei, Guangdong, and Fujian, thereby increasing market share and business scale [2]