Towngas Smart Energy Company Limited · HKEX:1083
Towngas Smart Energy — FY2025 Earnings Presentation
27 slides from Towngas Smart Energy's earnings presentation, Mar 18, 2026
Slide 1: Towngas Smart Energy Company Limited 2025 Annual Results
Towngas Smart Energy Company Limited (1083.HK) 2025 Annual Results 18 March 2026 1
Slide 2: 2025 Business Highlights
2025 Business Highlights Gas Business Renewable Energy • Gas sales volume remained steady growth • Strengthened AuM cooperation to self-balance cash flow and issued 259 MW quasi-REITs in 2025 • Dollar margin increased by 0.02 RMB/m³ • Electricity trading licenses cover 9 provinces • “Gas+” momentum
Slide 3: 2025 Business Operations Overview
2025 Business Operations Overview Gas Business Renewable Energy Gas Sales Volume: Accumulated PV Grid-connected: 17.37 billion m 3 +1% 2.8 GW +0.5 GW Customers: Power Generation Volume: 18.39 million +0.75 million 2.48 billion kWh +36 % City Gas Dollar Margin: Electricity Trading Volume: 0.58 RMB/m
Slide 4: Agenda
AGENDA Financial Highlights P. 5 Business Review Gas Business P. 9 Renewable Energy P. 15 ESG P. 21 4
Slide 5: Financial Highlights
3 33 2S ER Towngas Smart Energy Financial Highlights
Slide 6: 2025 Annual Results
2025 Annual Results (Unit: HK$ million) 2024 2025 Changes (%) Revenue 21,314 20,912 -2 Operating Profit 2,319 2,176 -6 - Gas Business Net Profit 1,840 1,763 -4 - Renewable Energy Business Net Profit 479 413 -14 Corporate Financial Expenses (566) (519) +8 Core Operating Profit 1,601 1,573 -2 Profit A
Slide 7: Financial Position
Financial Position (Unit: HK$ billion) 2024 2025 Total Assets 53.0 55.2 Net Assets 25.8 28.2 Borrowings 17.3 17.2 Net Gearing Ratio* 36% 34% *Note: Net Debt / (Net Debt + Equity） Credit Rating: BBB+ Baa1 AAA 7 Towngas Smart Energy Limited | 2025 Annual Results
Slide 8: Capital Expenditure
Capital Expenditure (Unit: HK$ billion) 2024 2025 - Gas Business 2.1 1.2 - Renewable Energy Business 1.2 1.2* Capital Expenditure 3.3 2.4 *Note: AuM financing enough to cover capital expenditure 8 Towngas Smart Energy Limited | 2025 Annual Results
Slide 9: Business Review
Business Review Gas Business Renewable Energy 9
Slide 10: Gas Sales Volume Remains Steady Growth
Gas Sales Volume Remains Steady Growth Gas Sales Volume (Unit: billion m3) +1% • PRC NG usage remains steady YoY 17.20 17.37 Residential 3.23 3.26 19% • Warm winter, real estate market downturn and 1.75 10% traditional industry production cuts reduced Commercial 1.87 C&I gas volume Industrial 8.54 8
Slide 11: Steadily Rising Dollar Margin
Steadily Rising Dollar Margin Selling Price, Gas Cost and City Gas Dollar Margin (Unit: RMB/m3) 2024 2025 Changes • Dollar margin improved Residential 2.80 2.82 +0.02 Selling Commercial 3.59 3.58 -0.01 • Dynamic sourcing optimised gas supply costs Price Industrial 3.42 3.39 -0.03 • C&I cost pass-thr
Slide 12: Connection Business Revenue
Connection Business Revenue PRC real estate market remained weak, new connections under pressure Number of household connections • Affected by weak PRC real estate market, (Unit: thousands) new connections declined User Type 2024 2025 Changes (%) Residential 845 690 -18 Industrial & • Expanding cove
Slide 13: Market Expansion
Market Expansion Introduced HK Experience - Dishwasher “Electricity-to-gas” Retrofit, Saving 30% Energy • Deepening existing markets, advancing gas-for-steam/electricity substitution. Secured 89 major clients in 2025, adding 0.3 billion m³annual volume • Gas+ business rapid growth; strategic push in
Slide 14: Gas Supply Chain: Assurance of Gas Supply
Gas Supply Chain: Assurance of Gas Supply • Enhance gas supply security & cost efficiency management The Group’s total gas sales volume to sustain business growth reached 17.4 billion m³in 2025 1 Fully implemented a 15 billion m³(1.5 billion m³/year) pipeline gas LTA with the “Three Majors” Jincheng
Slide 15: Business Review
Business Review Gas Business Renewable Energy 15
Slide 16: Challenges & Opportunities under New Policy
Challenges & Opportunities under New Policy PV Installed Capacity Growth Trend (GW) Electricity Supply and Demand Growth Trend (%) 12% 500 High-speed Deceleration Acceleration Supply exceeds demand Supply-demand adjustment Supply-demand balance 6% 0% 2022 2023 2024 2025 (E) 2026 (E) 2027 (E) 2028 (E
Slide 17: Operational Performance
Operational Performance Operational Data 2024 2025 Changes PV Grid-connected (GW) 2.3 2.8 +0.5 Power Generation Volume (billion kWh) 1.83 2.48 +36% Energy Storage Grid-connected Capacity (MWh) 60 487 +712% Gross Margin per kWh (RMB/kWh) 0.294 0.242 -0.052 Financial Data (RMB million) BU Profit Contr
Slide 18: Performance Affected by Electricity Tariff Policies
Performance Affected by Electricity Tariff Policies Equity scale: +200 MW YoY; power generation profit: up RMB50 million PV AuM management fees: RMB33 million (up RMB27 million) PV Business Net Profit With implementation of “Midday Off-peak Tariff” in 28 provinces, Decreased by RMB39 million g
Slide 19: Significant Growth in AuM Performance
Significant Growth in AuM Performance Reinvestment 457 MW of PV assets sold under AuM model, 1 100% Management with a cumulative total of 910 MW Investment Management AuM AuM financing in 2025: RMB1.8 billion, High Return Cost Reduction Quasi-REITs 2 including RMB1.3 billion from 2 tranches of Quasi
Slide 20: 2026 Development Strategy
2026 Development Strategy Mitigated PV investment risks; investment in high-return 1 GW PV projects requires RMB3.5 billion Expand AuM cooperation; dispose 0.8 GW AuM to meet RMB3.5 billion financing needs Strengthen gas collaboration; electricity trading signed exceed 20 billion kWh, supporti
Slide 21: ESG
3 33 2S ER Towngas Smart Energy ESG
Slide 22: Recognition for Outstanding ESG Performance
Recognition for Outstanding ESG Performance In 2025, the Group’s ESG practices received widespread recognition, securing over 11 prestigious ESG awards from various authoritative institutions 2024 2025 Hang Seng Corporate Sustainability Index Series AA AA+ 66 69 A A 3.0 3.1 Medium Medium Risk Risk B
Slide 23: 2025 Challenges & Solutions; 2026 Business Guidance
2025 Challenges & Solutions 2026 Business Guidance 23
Slide 24: 2025: Overall Operating Environment and Group Strategy
2025: Overall Operating Environment and Group Strategy Macro Environment Group Strategy Mainland real estate market downturn, Optimising gas resources structure, industrial energy transition, and slower improving dollar margin, and vigorously economic growth developing “Gas+” business Market-driven
Slide 25: 2026 Business Guidance
2026 Business Guidance Gas Business Renewable Energy Gas Sales Volume: Accumulated PV Grid-connected: 17.54 billion m 3 +1% 3.8 GW +1.0 GW Customers: Power Generation Volume: 18.89 million +0.50 million 3.2 billion kWh +29 % City Gas Dollar Margin: Electricity Trading Volume: 0.59 RMB/m 3 +0.01 RMB/
Slide 26: Thank You
3 33 2S ER Towngas Smart Energy THANK YOU
Slide 27: Disclaimer
Disclaimer This presentation and corresponding discussion may contain certain forward-looking statements, including statements regarding our intent, belief or current expectations with respect to Towngas Smart Energy’s businesses and operations, market conditions, results of operation and financial
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