On August 28, TIAN LUN GAS (01600) released its interim results, revealing a steady performance amid a stable natural gas market and recovering demand. The company successfully leveraged its dual-engine strategy of gas sales and integrated services, achieving solid operational scale growth while enhancing overall earnings quality and resilience through continuous business mix optimization.
In terms of gas sales volume, the company recorded a total of 1.35 billion cubic meters, up 6.1% year-on-year. Retail gas sales reached 890 million cubic meters, growing 1.5%, underpinning a stable core business foundation. Meanwhile, wholesale operations demonstrated robust momentum, with volumes surging 16.7% to 450 million cubic meters, reflecting the company’s flexible gas sourcing and market execution capabilities.
Revenue from the core sales segment expanded steadily, with gas sales income climbing 8.0% to RMB 3.93 billion in the first half. Retail revenue posted a modest 1.9% increase to RMB 2.61 billion, maintaining a steady trajectory, while wholesale revenue jumped 22.3% to RMB 1.32 billion. Notably, the share of gas sales revenue in total revenue rose to 91% from 86% in the prior-year period, underscoring a sharper focus on the main business and a clearer, more resilient operating model.
The integrated services segment delivered high-quality growth during the period. Revenue edged up 1.8% to RMB 230 million, while gross profit expanded 9.9% to RMB 130 million. The relatively flat revenue growth was primarily attributed to a natural decline in traditional new-connection and gas-connection supporting services. However, gross profit surged as the company continued to refine its business structure, prioritizing high-value-added offerings such as personalized kitchen renovations. This strategic shift drove an increasing contribution from higher-margin businesses, significantly boosting the segment’s profitability. Integrated services have now solidified their position as the company’s second core business pillar.
Concurrently, TIAN LUN GAS continued to streamline its operational mix, reducing the revenue share of traditional engineering installation and services to 3%. This structural change reflects a deliberate transformation, effectively diminishing reliance on short-term connection income. By decoupling from the adverse impacts of the real estate market on gas utilities, the company has pivoted toward a high-quality growth model focused on deepening existing customer relationships and unlocking long-term service value, thereby enhancing operational stability and sustainability.
Overall, in the first half of 2026, TIAN LUN GAS posted steady growth in its core business, with distinctive profitability improvements in integrated services and continued optimization of its business structure. Moving forward, the company plans to remain anchored in its gas core operations, intensively cultivate comprehensive customer services, and consolidate its growth foundations to achieve robust and sustainable development.