Binhai Investment (02886)'s net profit increased 12% year-on-year in the first half of the year, and the core gas business maintained steady growth

Zhitong Finance App News, on August 24, Binhai Investment (02886) announced the interim results for the six months ended June 30, 2026. During the period, the company achieved revenue of about 2,940 billion yuan (RMB, same below), up 8% year on year; gross profit of 296 million yuan, up 3% year on year; profit attributable to company owners of 180 million yuan, up 12.5% year on year; basic earnings per share of 13.16 points, up 13% year on year, and overall performance continued the steady growth trend.

The outstanding performance of the core gas business is the main driving force behind the company's performance growth. During the period, pipeline gas sales revenue was about 2,805 billion yuan, up 10.3% year on year, accounting for more than 95% of the group's total revenue; related segment performance was about 209 million yuan, up 18.9% year on year. The profit growth rate was significantly faster than revenue, indicating that the profitability of the core business remained strong and resilient. China's apparent consumption of natural gas fell 2.4% year on year in the first half of the year, but with multiple gas source advantages and efficient operation strategies, the company achieved total natural gas sales volume of 1.24 billion cubic meters, an increase of 5.6% year on year. Among them, tube gas sales reached 920 million cubic meters, up 11.2% year on year.

At the same time, revenue from value-added services was about 38.99 million yuan, up 11.6% year on year, achieving gross profit of 28.02 million yuan, up 18.9% year on year, and comprehensive gross margin increased to 71.9%. Continue to expand the growth space beyond the traditional gas business. The company continues to promote the optimization of the business structure and the development of value-added services. According to the report, the company has further integrated businesses such as gas appliance sales, small installation, maintenance and insurance agency into four major categories: smart home, home service, extended maintenance and insurance business to expand one-stop services, which is expected to further enhance user value and non-gas business contribution.

Binhai Investment continued to optimize the financing structure and reduce financing costs. The financing interest rate was reduced to 4.0%, down 40 basis points from the end of '25. The financing cost was reduced from about 42.19 million yuan in the same period last year to 32.06 million yuan, a year-on-year decrease of about 24%, effectively improving profit performance.

Looking ahead to the second half of the year, as the core gas sales business continues to grow, the Group continues to focus on the three core lines of “consolidating the basic market of the urban combustion business, vigorously developing value-added services, and accelerating transformation to a comprehensive energy supplier” to optimize the business structure and enhance operational resilience. At the same time, the company continues to promote capital investment and business expansion to lay the foundation for medium- to long-term growth and return long-term value to shareholders with high-quality development.

Overall, in the first half of the year, Binhai Investment showed steady revenue growth, outstanding core gas business performance, and double-digit net profit growth. As the scale of gas sales expands, value-added services continue to develop, and financing costs decline, the company's profitability is expected to continue to be supported, and the stability of performance growth is worth paying attention to.