CHINA GAS HOLD (00384) announced updates on its business developments:
(1) Policy-Driven Market Opportunities and Rapid Growth in Energy Storage Business This year, Chinese authorities have introduced policies to deepen market-oriented reforms in renewable energy pricing, accelerate power spot market development, and enhance renewable energy integration. These measures have driven explosive demand for energy storage among industrial and commercial users. Leveraging its first-mover advantage and integration capabilities, the company has capitalized on policy incentives, accelerating project execution and market expansion.
As of September 30, 2025, CHINA GAS HOLD's industrial and commercial energy storage business has demonstrated strong growth, with operational capacity reaching 617.7 MWh and contracted capacity hitting 1.2 GWh. Key projects are concentrated in Jiangsu, Zhejiang, and Guangdong. Additionally, amid growing green power trading and marketization, the company has applied AI to improve power trading accuracy and adopted innovative models like virtual power plants to aggregate distributed energy resources, enhancing profitability in renewable energy operations.
(2) Strategic Direction and Collaborative Ecosystem The company remains committed to its "Green City Operator" strategy, aligning with China's "Dual Carbon" goals. It integrates distributed photovoltaic, charging stations, biomass energy, and energy-saving services, supported by its established electricity retail business. This approach fosters synergies in green power trading and virtual power plants, delivering low-carbon, diversified energy solutions.
On December 2, 2025, CHINA GAS HOLD signed a strategic agreement with Eve Energy Co., Ltd. (300014), establishing a comprehensive partnership. Both parties will collaborate in energy storage innovation, biomass technology, and green energy to support national carbon neutrality goals.
The agreement focuses on three key areas: - **Technology R&D**: Combining CHINA GAS HOLD's expertise in distributed energy and biomass with Eve Energy's battery solutions to develop integrated energy storage and biomass technologies. - **Project Development**: Joint ventures in industrial/commercial energy storage, mobile storage, heavy-duty truck battery swapping, and zero-carbon industrial parks, with plans to expand overseas. The partners aim to exchange 1 GWh of battery or storage product orders within a year. - **Green Energy Ecosystem**: CHINA GAS HOLD will provide biomass gas, steam, and renewable power to Eve Energy's production bases in Yunnan, Hubei, and Malaysia.
This partnership unites industry leaders to drive high-quality development in the renewable energy sector. Moving forward, CHINA GAS HOLD will systematically deploy across the energy value chain, from generation to storage, to achieve multi-energy synergy and closed-loop management. By offering carbon measurement and energy-saving services, along with digital platforms for smart industrial parks, the company aims to build a unique carbon-neutral ecosystem, fulfilling its vision as a "Green City Operator."