Tian Lun Gas (01600) is poised for steady growth in 2025, with sales of gas and comprehensive services driving significant results.

On March 31, TIAN LUN GAS (01600) released its annual performance for the year ending December 31, 2025. In 2025, facing a complex and changing macro environment and industry challenges, TIAN LUN GAS adhered to prudent management, optimized business layout, and achieved an operating income of 7.937 billion yuan for the year, a year-on-year increase of 2.0%, maintaining steady and healthy overall business development. Core profits reached 285 million yuan, with a proposed dividend of 5.57 cents per share at the end of 2025, a total dividend of 10.17 cents per share for the year, representing 35.0% of core profits, continuing to create stable returns for shareholders. The core business performance was strong, with sales gas revenue reaching 6.813 billion yuan, a year-on-year increase of 4.6%; total gas sales volume increased to 23.86 billion cubic meters, a growth rate of 6.8%, fully demonstrating the comprehensive strength of the group in gas source coordination, supply guarantee dispatch, and refined operation. In addition, the group continued to enhance its business growth capability through diversified approaches such as advancing personalized gas fitting business and increasing user coverage rate, achieving a revenue of 489 million yuan in comprehensive service business, a year-on-year increase of 15.3%. In terms of gas source security, relying on the national "one network" interconnection advantage, the group carried out refined resource allocation, fully utilized the peak-shifting role of gas storage facilities, and formed an efficient operating model of "winter supply guarantee, summer gas storage," providing solid guarantee for stable gas supply throughout the year. The business development path of TIAN LUN GAS revolves around the three dimensions of gas source, gas sales, and comprehensive services in a cycle, aiming to drive the group's transformation from a traditional gas supplier to an energy services provider. By diversifying gas sources to reduce operating costs, supporting the expansion of gas sales volume and price difference repair, and ultimately creating scenarios for comprehensive service business based on user base, the group aims to achieve synergistic growth and value release in the three major links. Looking ahead to 2026, amid the dual wave of energy transformation and market competition, TIAN LUN GAS will seize industry development opportunities, continuously improve operational management level, deepen technological innovation and service upgrade, fully guarantee the safety and stable supply of gas, contribute to local economic and social development with clean energy, and strive to embark on a high-quality development path driven by the strategic engine of "dual-driving of gas sales and comprehensive services."