Beijing Enterprises (392) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached RMB44.53 billion, up 5.2% year-over-year, with net profit attributable to shareholders at RMB3.40 billion, an 8.1% increase year-over-year.

• Recurring profit attributable to shareholders increased 4.1% to HK$3.279 billion; basic and diluted EPS was RMB2.71.

• Share price rose 23.6% in H1 2025, outperforming major indices and reflecting strong market confidence.

• Interim dividend declared at HK85 cents per share, unchanged from the previous year.

Financial highlights

• Gas operation revenue grew 6.2% to RMB32.56 billion; profit before tax stable at RMB3.04 billion.

• Water operation revenue declined 20.1% to RMB3.69 billion; profit also decreased 20.1%.

• Environmental operation revenue increased 0.8% to RMB4.53 billion; profit before tax fell 15.4%.

• Beer operation revenue rose 3.7% to RMB7.39 billion; profit before tax surged 42.7% due to higher gross margin and cost control.

• Overall gross profit margin was 15.55%, down slightly by 0.14 percentage points year-over-year.

Outlook and guidance

• Focus remains on high-quality, sustainable development, technological innovation, and risk management.

• Strategic emphasis on consolidating core businesses, optimizing capital structure, and expanding into green, clean energy, and digital sectors.

• Each business segment to pursue targeted growth, with emphasis on market expansion, operational efficiency, and product innovation.

• Plans to replace maturing bonds with long-term debt and maintain strong liquidity.