Yuanheng Gas (00332.HK) Full-Year Loss Widens to RMB1.916 Billion; Interim Loss Narrows but Operational Difficulties Persist

Yuanheng Gas (00332.HK) is a Hong Kong-listed company focused on liquefied natural gas production and sales as well as oil and gas trading [0]. According to its 2025 interim results, the loss attributable to shareholders narrowed to RMB115 million, a year-on-year decrease of 38.14% [1][2][7], with revenue of approximately RMB270 million, a year-on-year drop of 49.3% [4], mainly due to a decrease of about RMB202 million in revenue from oil and gas trading business [0]. However, the full-year results as of the end of March showed the loss widened to RMB1.916 billion [5], with revenue plummeting 83.7% [0]. The company previously issued a profit warning predicting a full-year loss of RMB2.1-2.5 billion, mainly due to a significant increase in impairment loss provisions under the expected credit loss model [6]. In terms of financial indicators, the company’s earnings per share (TTM) is -0.32, net asset per share is -0.18, and net profit margin reaches -246.71% [3][0], reflecting serious profitability issues and financial distress. The current share price is HKD0.017 [0][8].

1. Contrast Between Interim and Full-Year Performance
   : The narrowing of interim loss may stem from cost control or improvement in some businesses [0], but the widening full-year loss is mainly affected by large impairment provisions, indicating serious asset quality issues for the company [6][5].
2. Deterioration of Financial Health
   : Negative net asset per share (-0.18) and extremely high negative net profit margin (-246.71%) indicate that the company has fallen into financial distress [3][0], and continuous losses may further erode shareholder equity.
3. Insufficient Market Confidence
   : The current share price of HKD0.017 is at a low level, consistent with the company’s operating performance and financial status [8][0].

• Continuous Loss Risk
  : The full-year loss widened to RMB1.916 billion, and the profit warning predicted a higher loss; future profitability still faces major challenges [5][6].
• Financial Distress Risk
  : Negative net asset per share and high negative net profit margin may lead to debt default or liquidity problems [3][0].
• Impairment Provision Risk
  : Large impairment under the expected credit loss model indicates significant uncertainty in the company’s assets [6][5].

• The narrowing of interim loss may imply room for improvement in some business lines, but continuous observation is needed to see if it can translate into long-term profitability [1][2].

Yuanheng Gas (00332.HK) faces severe operational challenges. The full-year loss widened to RMB1.916 billion, and although the interim loss narrowed to RMB115 million, it failed to reverse the overall downward trend. Significant revenue decline, large impairment provisions, and deteriorating financial indicators (negative net asset per share, extremely high negative net profit margin) are the main issues. The current share price is at a low level, reflecting market concerns about the company’s prospects. Investors need to carefully assess the company’s going-concern ability and financial health.