China Gas Industry Investment Holdings (CGII HLDGS) reported a robust first-half performance for FY-2026. Revenue for the six months ended 30 June 2026 rose 42.36% year on year to RMB 999.14 million, while gross profit advanced 36.05% to RMB 229.17 million. Profit attributable to owners surged 53.57% to RMB 114.57 million, lifting basic earnings per share to RMB 0.10.
Industrial gas remained the growth driver: pipeline and liquefied products generated RMB 846.58 million, up 45.94% and accounting for 84.7% of group turnover, with a gross margin of 25.20%. LNG and gas transmission services delivered RMB 143.15 million, 26.83% higher, though margin stayed low at 6.89%. Technical support and management services added RMB 9.41 million, up 10.09%, boasting a 63.63% margin.
Operating volumes expanded markedly. Pipeline gas sales climbed 36.3% to 2.64 billion Nm³, fuelled by the November 2025 start-up of a 60,000 Nm³/hr ASU, while liquefied industrial gas shipments jumped 60.6% to 155,905 tonnes. Revenue from LNG products and gas transmission rose in tandem with higher prices.
Cost discipline supported profitability. Net finance costs fell 68.71% to RMB 2.67 million owing to reduced borrowings and lower interest rates. Research and development expenses increased to RMB 41.15 million as the group continued product diversification, notably into rare gases.
Liquidity strengthened. Cash and cash equivalents more than doubled to RMB 318.81 million from RMB 150.04 million at year-end 2025. Bank borrowings edged up to RMB 288.66 million, trimming the gearing ratio to 14.45% from 15.41%. Net cash stood at RMB 26.84 million versus net debt of RMB 126.69 million six months earlier. Unutilised banking facilities totalled approximately RMB 580 million.
Key event: On 15 April 2026, CGII HLDGS assigned three loan receivables totalling RMB 118 million to controlling shareholder Tangde Gas, classed as a discloseable and connected transaction. Proceeds boosted other reserves, directly enhancing net assets and liquidity.
Capital expenditure commitments amounted to RMB 10.79 million at period-end, mainly for property, plant and equipment. Two strategic projects are planned: a 48,000 Nm³/hr VPSA oxygen unit supporting HBIS Tangshan Branch and a rare-gas refining facility.
Management withheld an interim dividend, citing industry headwinds such as weaker steel demand and external trade uncertainties, but remains confident in sustained gas-demand growth from steelmakers and new specialty-gas opportunities.
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