Beijing Gas Blue Sky Holdings (BG Blue Sky) reported FY2025 revenue of RMB 1.92 billion, a 13.6% increase year on year, driven mainly by stronger natural-gas trading activity. Profit attributable to shareholders rose 2.5% to RMB 87.17 million, while group net profit slipped 2.0% to RMB 83.23 million on higher other expenses and lower gross margin.

Gross profit fell 16.0% to RMB 41.76 million, and gross margin compressed to 2.2% (FY2024: 2.9%) as input costs outpaced top-line growth. EBITDA declined 12.7% to RMB 266.26 million, reflecting reduced operating leverage.

Segment performance diverged: • Trading & distribution of natural gas revenue surged 41.5% to RMB 1.06 billion on a 29.8% jump in traded volumes to 383.11 million m³. Segment profit was RMB 2.45 million (FY2024: RMB 15.26 million). • City-gas operations generated RMB 838.78 million, down 9.6%, as gas sales to end-users slipped 4.5% to 255.65 million m³ and connection-fee income fell 29.0%. Segment profit declined to RMB 263.49 million (FY2024: RMB 297.45 million). • Integrated clean-energy and new-energy activities nearly doubled revenue to RMB 16.69 million and lifted segment profit to RMB 10.39 million, supported by the Beiqijia energy-center and initial contributions from user-side energy-storage projects.

Share of profit from associates, primarily the 29% stake in PetroChina Jingtang LNG receiving terminal, contributed RMB 264.33 million (FY2024: RMB 302.31 million) to pre-tax earnings. The terminal handled 5.18 billion m³ of LNG during the year, down 18.3% amid softer winter demand.

Total assets stood at RMB 4.18 billion (-6.0%), while total equity edged up to RMB 1.52 billion. Cash and cash equivalents were RMB 287.59 million against total borrowings of RMB 2.29 billion, leaving a net liability ratio of 131.5%. The group reported net current liabilities of RMB 1.93 billion but cited committed revolving facilities, loan extensions and shareholder support to underpin going-concern status.

Capital commitments amounted to RMB 0.76 million at year-end, down from RMB 25.09 million a year earlier. The board proposed no final dividend, consistent with FY2024. Post-year-end, BG Blue Sky disclosed two pending PRC litigations; management, relying on legal advice, does not expect material financial impact at this stage.

Looking ahead, management intends to deepen collaboration with its parent Beijing Gas Group to secure gas supply and accelerate expansion in energy-storage and distributed-energy projects, reinforcing its transition toward a broader clean-energy service platform.