SL Gemini Energy reported unaudited interim revenue of RMB 892.85 million for the six months ended 30 June 2026, a 17.5% year-on-year rise. Gross profit increased 10.7% to RMB 265.24 million, but the gross margin slipped to 29.7% from 31.5% due to higher heat-purchase costs driven by colder weather and stricter local temperature requirements.
Period profit reached RMB 154.64 million, up 4.0%. Profit attributable to shareholders declined 1.8% to RMB 109.72 million, reflecting lower contributions from subsidiaries with higher ownership stakes.
Segment performance • Heat services: Revenue grew 12.4% to RMB 814.15 million, supported by a 4.8% expansion in serviced area to 52.6 million sq m and the start-up of the Baotou steam-supply project, which contributed RMB 30.70 million. Residential customers accounted for 57.0% of heat-supply income. • Engineering construction: Revenue tripled to RMB 67.55 million, mainly from pipeline and heat-exchange-station work, including a large waste-heat recovery project in Lanzhou. Segment margin improved to 13.3%. • EMC services: Revenue remained stable at RMB 1.49 million. • Other businesses: Design and equipment sales generated RMB 9.67 million, down 2.0%.
Cost dynamics Cost of sales rose 20.7% to RMB 627.62 million, led by heat procurement (+RMB 38.81 million) and construction costs (+RMB 36.78 million). Administrative expenses fell 2.9% to RMB 70.15 million after lower consulting fees. Finance costs increased 6.0% to RMB 19.54 million on higher bank borrowings, while finance income dropped 34.7% to RMB 4.95 million.
Balance-sheet highlights Total assets stood at RMB 5.91 billion with cash and equivalents of RMB 626.60 million. Net current liabilities totaled RMB 349.58 million, including contract liabilities of RMB 300.67 million relating to customer advances. Borrowings were RMB 866.67 million, of which RMB 499.64 million are current. The company held undrawn bank facilities of RMB 321.09 million at period-end.
Capital deployment Of the HK$ 187.50 million net proceeds from the July 2023 listing, RMB 137.20 million had been utilized by 30 June 2026, primarily for Lanzhou peak-shaving boiler construction, Xinmi project expansion and Baotou project build-out. RMB 33.40 million remains earmarked for the Lanzhou project, with an extended completion target of 31 December 2026.
Outlook Management will pursue a “scale × quality” strategy in 2H26, focusing on new heat and steam-supply concessions in the Bohai Economic Rim, Inner Mongolia and Shanxi. Operational priorities include diversifying clean heat sources, expanding digital and AI-enabled dispatch, and strengthening cost control to enhance efficiency and service quality. No interim dividend was declared.