Tianjin Jinran Public (1265.HK) Q2 2025 Earnings Report

Tianjin Jinran Public Utilities reported QQ2 2025 revenue of 412.10 million CNY, with a reported YoY growth of 128.35% and QoQ growth of 100.00% per the disclosed metrics. Notwithstanding the robust revenue base, the quarter delivered a negative gross margin of -2.73% and an operating loss of -14.12 million CNY, resulting in a net loss of -14.32 million CNY and an EPS of -0.008. EBITDA, however, was modest at 0.46 million CNY, producing an EBITDA margin of roughly 0.11%. The dissonance between topline growth and bottom-line profitability signals material cost/price pressure or mix effects within the quarter.

From a balance-sheet perspective, the company remains liquid with cash and cash equivalents of 467.20 million CNY and total assets of 1.837 billion CNY. Total liabilities are 482.07 million CNY, yielding total stockholders’ equity of 1.356 billion CNY and a net debt position of -465.68 million CNY, i.e., net cash. The current ratio stands at 2.07x, underscoring near-term liquidity resilience despite earnings setbacks. The reported ROE is negative, reflective of the per-share loss relative to shareholders’ equity during QQ2 2025.

Management commentary from the QQ2 2025 release is not available in the provided transcript dataset, limiting the ability to incorporate explicit management quotes. Investors should therefore rely on the disclosed financials and qualitative sector dynamics (regulated gas tariffs, capex cycles, and regional policy) to assess the near-to-medium-term outlook. The immediate takeaway is a revenue-growth lead with margin and cash-flow normalization as the key investment focus for the stock in the near term.