On April 29, Enn Natural Gas Co., Ltd. (Stock Code: 600803.SH) announced its financial results for the first quarter of 2026. During the reporting period, the company achieved a net profit attributable to shareholders of RMB 655 million, a decrease of 32.92% year-on-year. This decline was primarily due to a loss of RMB 301 million from changes in the fair value of derivatives used for hedging natural gas procurement and sales price risks, as well as foreign exchange risks. Excluding the impact of fair value changes and other factors, the operating profit was RMB 944 million, down 12.78% compared to the same period last year. Following the sale of the methanol company's equity in June 2025, and excluding the impact of methanol-related profits, the operating profit actually decreased by 2.98%. Against the backdrop of a year-on-year decline in national apparent natural gas consumption during the first quarter, the company's total natural gas sales volume reached 10.944 billion cubic meters, an increase of 3.8%, indicating sustained resilience in its core operations.
During the reporting period, amidst international gas price fluctuations, periodic tightening of domestic natural gas supply, and varying customer energy demand patterns, Enn Natural Gas focused on customer needs. It dynamically allocated domestic gaseous resources, domestic liquid resources, and international resources across different scenarios such as industrial, city gas, power plants, and transportation. This approach continuously optimized the resource portfolio and service models, enhancing supply-demand matching efficiency. By coordinating domestic and international markets, the company adjusted cargo arrangements in response to market changes, supporting the development of domestic city gas customers and further strengthening its resource allocation flexibility and cost management capabilities. In the first quarter, the total sales gas volume reached 10.944 billion cubic meters, a 3.8% increase year-on-year. For retail gas, the sales volume was 7.294 billion cubic meters, up 0.5% year-on-year; within this, industrial and commercial gas volume was 5.267 billion cubic meters, and residential gas volume was 1.988 billion cubic meters, both maintaining stable growth. For platform trading gas, the sales volume was 1.075 billion cubic meters, comprising 514 million cubic meters from international platform trading and 561 million cubic meters from domestic platform trading. According to the company, although the sales volume saw a slight year-on-year decrease, the price spread advantage due to resource cost benefits expanded significantly.
Regarding infrastructure, Enn Natural Gas continued to leverage the pivotal role of its Zhoushan receiving terminal. Focusing on the integration of international and domestic resources, regional market services, and diversified business expansion, the company enhanced the terminal's comprehensive service capabilities. During the reporting period, resource collection and distribution efficiency was improved through third-party traffic diversion and ecological partnerships. The actual processing volume at the Zhoushan terminal reached 490,700 tonnes. Concurrently, the company actively promoted diversified businesses such as tank capacity leasing, bonded transshipment, small vessel distribution, and ship bunkering, further expanding the service scenarios of the receiving terminal and strengthening its profitability and market responsiveness. Additionally, the company is steadily advancing plans for a zero-carbon receiving terminal, implementing projects in phases including photovoltaic power generation, energy storage, cold energy single-loop power generation, and variable frequency energy-saving retrofits. It is exploring zero-carbon and microgrid models for the terminal, driving the extension of infrastructure capabilities towards green, low-carbon, and integrated services.
In its pan-energy business, affected by adjustments in the external economic structure and optimization of its own business mix, the first-quarter sales volume for the pan-energy business reached 9.338 billion kilowatt-hours. Facing changes in the external environment, Enn Natural Gas will seize opportunities presented by power sector reforms. It aims to promote the integration of "load, source, grid, storage, and carbon," accelerate the development of its power business, continuously optimize the pan-energy business structure, and further refine and enhance its profit model.
For its smart home business, Enn Natural Gas continues to enrich its product and service offerings around the quality-of-life needs of household customers, aiming to increase the penetration rate of its smart home services. During the reporting period, the penetration rate among existing customer groups was 3.6%, while the penetration rate among newly acquired customers reached 63.1%. Against the background of "promoting consumption" remaining a key direction for expanding domestic demand, the company will continue to deepen customer understanding. Leveraging the e-City e-Home platform, it will iterate household demand models, use the platform to precisely coordinate supply from internal and external ecosystems, and better meet household quality-of-life needs through intelligent products and services, thereby driving the upgrade of its smart home business.
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