China Primary Energy Holdings Limited reported full-year 2025 revenue of HK$210.87 million, up 31.1% from 2024, driven chiefly by stronger natural-gas transmission volumes and a firmer renminbi.

Loss attributable to owners widened slightly to HK$27.19 million (2024: HK$26.47 million), translating to a basic loss per share of HK$0.027. The Board recommended no dividend.

Segment performance • Sale and distribution of natural gas: HK$136.91 million (+28.0%). • Heat and biomass gasification products: HK$32.94 million (+40.7%). • Natural-gas transmission services: HK$26.64 million (+83.4%). • Property investment rental income: HK$14.39 million (-9.2%).

Financial position at year-end • Cash and cash equivalents: HK$86.47 million (2024: HK$49.06 million). • Total assets: HK$799.69 million; net assets: HK$245.31 million. • Total borrowings: HK$453.43 million, giving a gearing ratio of 227% (borrowings to equity attributable to owners). • Net current liabilities: HK$78.44 million. • Undrawn banking facilities: RMB36.66 million (approx. HK$40.65 million).

Cost and expense dynamics Cost of inventories sold rose 32.7% to HK$138.75 million, broadly in line with revenue growth. Depreciation and finance costs increased to HK$25.28 million (+29.4%) and HK$17.37 million (+45.1%) respectively, reflecting capacity expansion and higher borrowings.

Other comprehensive income A HK$12.95 million foreign-exchange gain partly offset a HK$2.85 million fair-value loss on equity instruments, resulting in total other comprehensive income of HK$10.10 million.

Business updates and outlook Management highlighted steady demand growth for clean energy in China and ongoing expansion of the Huaining biomass-heating project. The Yichang property portfolio continued to provide stable cash flow despite a softer rental market. The Group will maintain cost discipline and explore additional investment opportunities while monitoring geopolitical and macroeconomic developments.