BINHAI INV (02886): Gas sales volume for the first three quarters increased by approximately 4% year-on-year; value-added services broaden growth space.

After the market close on October 26, BINHAI INV (02886) released its business update for the first three quarters ended September 30, 2026. Based on the unaudited operating data disclosed in the announcement, the company's traditional piped gas main business maintained steady growth, with the customer base continuing to expand, while two new business segmentsvalue-added services and integrated energywere implemented in an orderly manner, as the group advanced business structure optimization along its established strategy. The announcement shows that the group's piped gas sales volume for the first three quarters was approximately 1.7 billion cubic meters, up approximately 4% year-on-year. Among this, piped gas sales volume was approximately 1.2 billion cubic meters, up approximately 5% year-on-year, including approximately 970 million cubic meters sold to industrial and commercial users, up approximately 5% year-on-year; residential gas sales volume was approximately 230 million cubic meters, up approximately 6% year-on-year; and piped natural gas transmission was approximately 500 million cubic meters, up approximately 1% year-on-year. In terms of connection business, the group added approximately 26,500 connected households in the first three quarters, bringing the cumulative number of connected households to approximately 2.47 million. The group continued to seize opportunities from urban renewal and the renovation of old residential communities, actively stepped up market development efforts, and continuously expanded its customer base. In terms of value-added services, the group has formed four major business segments: smart home, home services, extended maintenance services, and insurance business. As of September 30, 2026, the group continued to advance pilot grid-based customer service, while adhering to both deepening penetration within its existing service area and expanding outside it, helping value-added services achieve large-scale penetration from private-domain customers to public-domain customers and further broadening room for business growth. In terms of integrated energy business, leveraging its customer resources and advantages in government coordination, the group's joint venture company Deqing Qiyuan Zhikong Energy Service Co., Ltd., which is used to carry out integrated energy business, has invested in and built two photovoltaic projects in the Yangtze River Delta region, achieving the first implementation of integrated energy projects and accumulating experience for subsequently forming a replicable and scalable integrated energy business model. The group stated that, in the face of a complex and volatile external environment, it will focus on three core mainlines: "consolidating the foundation of the city gas business, vigorously developing value-added services, and accelerating the transformation into an integrated energy supplier," optimize its business structure, enhance operational resilience, continue to expand the scale of end-user service customers, grow the volume of the value-added services business, and further improve overall profitability.