CHUNCHENG HEAT announced its interim results, with a net profit of approximately 107 million yuan, a year-on-year decrease of 27.84%

According to the Zhitong Finance APP, CHUNCHENG HEAT (01853) announced its interim results for 2025, with revenue of approximately 935 million yuan, a year-on-year increase of 3.14%. Gross profit was approximately 190 million yuan, a year-on-year decrease of 13.8%; the estimated net profit attributable to equity holders of the company was approximately 107 million yuan, a year-on-year decrease of 27.84%. Earnings per share were 0.23 yuan.

As of June 30, 2025, the group's heating area was 69.826 million square meters, an increase of 2.389 million square meters compared to 67.437 million square meters in the same period of 2024, representing a growth rate of 3.54%. In terms of heating customers, as of June 30, 2025, the group served 572,273 heating customers, an increase of 19,825 customers compared to 552,448 customers in the same period of 2024, representing a growth rate of 3.59%. For the six months ended June 30, 2025, the group's heating business revenue was approximately 926 million yuan, a year-on-year increase of 2.89%.

The announcement stated that the decrease in gross profit was mainly due to the addition of peak-shaving coal-fired boilers during the period, which increased the proportion of coal-fired heating and led to rising costs. The decrease in net profit was mainly due to the reduction in gross profit and an additional provision for bad debts of 23.8351 million yuan compared to the same period last year