TG SMART ENERGY (01083) announced its interim results for 2025, with the group achieving revenue of HK$10.437 billion, down 0.6% year-on-year; core business profit of HK$719 million, up 1.7% year-on-year; profit attributable to shareholders of HK$758 million, an increase of 2.02% year-on-year; basic earnings per share of 21.8 HK cents, and proposed interim dividend of 5 HK cents per share.
Amid a complex and volatile domestic and international environment, benefiting from continued growth in renewable energy business and stable gas business profits, combined with effective quality and efficiency enhancement measures and successful reduction in financing costs, the group's core business profit increased by 2% to HK$719 million during the period. After including non-operating items, profit attributable to shareholders grew 2% to HK$758 million.
The renewable energy business continued its rapid development with net profit growing 5% to approximately HK$172 million. As of June 30, 2025, the group had cumulatively connected 2.6 gigawatts of solar photovoltaic capacity to the grid and 260 megawatt-hours of commercial and industrial energy storage. The group continues to vigorously promote an integrated carbon reduction business model of "solar PV + energy storage + electricity sales" to further enhance profitability.
Building on the successful issuance of its first asset-backed securitization (REIT-like) product last year, the group issued the "Zero Carbon Smart Phase 2" REIT-like product in the first half of this year. The two phases successfully raised RMB 1 billion in total, continuing to receive market welcome and recognition from rating agencies, further increasing cash flow and reinvestment capacity. The raised funds will continue to be used for investing in renewable energy projects.
In the city gas business, despite the dual challenges of a warm winter and the broader external environment, the group maintained stable gas sales volume in the first half, with customer numbers increasing by 380,000 households. Through price pass-through work, refined management, and actively establishing close cooperative relationships with upstream gas supply enterprises, the city gas comprehensive price spread increased by 1 RMB cent to RMB 0.57 per cubic meter, keeping overall gas business profits stable.