Tianjin Jinran Public (1265.HK) Q1 2025 Earnings Report

Tianjin Jinran Public Utilities reported QQ1 2025 revenue of 412.10 million CNY, up 14.18% QoQ from Q4 2024 but down 5.64% YoY versus QQ1 2024. The period delivered a negative gross profit of 10.27 million CNY and a negative operating income of 14.12 million CNY, with net income at -14.32 million CNY and earnings per share of -0.008. Management presented a modest EBITDA of 0.462 million CNY, guided by continued structural costs and regulatory/pipeline maintenance expenses, while depreciation and amortization of 16.55 million CNY underscored ongoing capital spending and asset intensity. The company maintains a robust liquidity profile with cash and cash equivalents of 467.20 million CNY and a net cash position of approximately -465.68 million CNY in terms of gross debt versus cash, indicating substantial financial flexibility despite near-term profitability pressures.

Looking ahead, investors should monitor regulatory tariff dynamics, capex cadence for gas pipeline and infrastructure, and any rate adjustments that could influence gross margins and operating leverage. The QQ1 results imply that revenue growth is supported QoQ by volume/mairgin recovery efforts, but the sustained negative profitability highlights the need for operational efficiency, cost containment, and potential tariff relief or cost pass-through mechanisms to unlock sustainable earnings in a regulated utility framework.