Chinese People Holdings delivered a subdued QQ1 2025, with revenue of 614.0 million CNY and gross profit of 74.7 million CNY, yielding a gross margin of 12.17%. Despite a 9.8% YoY revenue decline, the company reported a positive net income of 32.1 million CNY for the quarter, supported by 29.29 million CNY of other income and a favorable tax outcome. Operating profitability remained modest (operating income 14.8 million CNY; EBITDA 27.2 million CNY), reflecting a low-margin, regulated-gas-based business model. The firm maintains a strong liquidity position, ending QQ1 2025 with a net cash balance of approximately 469.4 million CNY (net debt negative), substantial cash and short-term investments (cash and cash equivalents 561.4 million CNY; short-term investments 180.0 million CNY; total cash and equivalents 741.4 million CNY). The balance sheet remains solid, with total assets of about 3.39 billion CNY and total equity of 2.58 billion CNY. Net income progression has been supported by non-operating income and a relatively low effective tax rate estimated around 12%. Going forward, the company faces a difficult revenue trajectory (QoQ decline depth in Q1) but benefits from a robust liquidity cushion and manageable leverage, positioning it to weather regulatory and demand cyclicality in China’s gas utilities market.