Beijing Enterprises Holdings Ltd. (BEHL) reported FY2025 revenue of RMB 87.23 billion, a 3.8% rise year on year, driven by higher contributions from LNG trading and beer sales. Profit attributable to shareholders slipped 1.31% to RMB 5.06 billion, while basic and diluted EPS came in at RMB 4.02.
The Board proposed a final dividend of HK$0.77 per share; combined with the HK$0.85 interim payout, full-year dividends total HK$1.62 per share.
Segment Performance • Gas Operation: Revenue grew 4.06% to RMB 64.52 billion (74% of group total). Segment profit eased 3.06% to RMB 4.15 billion as margin narrowed 40 bp to 6.22%. Total gas sales by Beijing Gas climbed 5.9% to 25.20 billion m³, with LNG distribution up 21.3% and international LNG trade up 19.2%. • Water Operation: Share of profit from 41.13%-owned BE Water declined 6.96% to RMB 0.64 billion amid softer construction and technology income; free cash flow remained positive for a fourth consecutive year. • Environmental Operation: Revenue advanced 2.54% to RMB 9.46 billion, but segment profit fell 10.10% to RMB 1.02 billion on lower electricity prices in Europe and reduced domestic construction revenue. Group waste-to-energy capacity reached 35,944 tons/day (+3.6%). • Brewery Operation: Revenue rose 3.24% to RMB 13.17 billion; segment profit surged 69.37% to RMB 8.35 billion as gross margin widened 509 bp to 42.52%. Sales of flagship beer Yanjing U8 jumped 29.3% to 0.90 million kL, lifting mid-to-high-end products’ share above 70% of segment revenue.
Operational Highlights • Beijing Gas entered China’s second-tier LNG trading ranks, securing two new mid-to-long-term contracts and signing a three-year 4.5 million-ton tolling deal with a major national oil company at its Tianjin Nangang terminal. • Pipeline affiliate Beijing Pipeline Co. transmitted 97.25 billion m³ of gas (+10.4%). • EEW GmbH hedged energy prices, optimized tariffs and lifted overseas heat sales 17.5% to 1,137 GWh. • Group capex reached RMB 6.09 billion, allocated mainly to gas (RMB 2.26 billion), environment (RMB 2.60 billion) and beer (RMB 1.23 billion).
Financial Position Total assets stood at RMB 214.86 billion (+2.4%), while equity attributable to shareholders rose to RMB 89.04 billion. Cash and cash equivalents amounted to RMB 31.27 billion. Total interest-bearing debt was RMB 78.95 billion; net debt edged down to RMB 47.68 billion, trimming the gearing ratio to 43%. Proactive refinancing and cross-currency swaps cut headquarters’ interest expense by more than RMB 0.20 billion, reducing group finance costs 12.6% to RMB 2.19 billion.
ESG & Innovation BEHL’s S&P Global CSA score improved to 61, surpassing 75% of global peers. The company’s sustainability reports ranked among Beijing’s “Top 10” for state-owned listed firms, and BEHL received the 2025 EY Sustainability Excellence Award. Technology initiatives included LNG terminal service upgrades and AI-driven waste-to-energy optimisation.
Outlook Management plans to strengthen the “Four Strongholds” strategy, focusing on: 1) expanding LNG trading, direct end-user supply and tolling at Nangang; 2) deepening BE Water’s digital operations and cash-flow discipline; 3) extending environmental services into sludge treatment, heat supply and European energy solutions; 4) advancing Yanjing Brewery’s “Beer + Beverages” portfolio and digital supply-chain upgrades.
Subsequent Events In March 2026, BEHL issued two RMB-denominated medium-term notes totalling RMB 4 billion at 1.75%-1.91% coupons to refinance maturing debt, supporting its ongoing balance-sheet optimisation.
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