A：In the first half of 2026, the domestic macro-economy showed a steady repair trend, and the real economic capacity continued to pick up. Driven by the national dual-carbon strategy, natural gas, as a clean alternative to the main energy source, has maintained a sound and positive long-term development fundamentals of the industry. However, the urban gas industry is facing multiple uncertainties and phased challenges, such as the adjustment of the real estate market and the fluctuation of international oil and gas prices, which puts forward higher requirements for the fine cost control and resource structure optimization of enterprises.

A：In the complex and changeable macro environment, Tianlun Gas adheres to the mission of clean energy development, continues to cultivate the main natural gas industry, expand the scale of retail and wholesale business, and enhance the resilience of the main business. At the same time, the company actively cultivated high value-added integrated service track, optimized business structure and profit structure, promoted the transformation of enterprises to integrated energy service operators, effectively hedged the downward pressure of traditional business, and realized the stable and orderly development of overall operation. In the first half of the year, the group's operating income increased by 2.1 year-on-year, of which news income increased by 8%, comprehensive service business income increased slightly, and total sales volume increased by 6.1 to 1.35 billion cubic meters. Retail gas volume remained stable, with a comprehensive price difference of 0.39 yuan per party, and the performance of the comprehensive service business increased by 10% year-on-year. In addition, the board of directors announced an interim dividend of 3.48 cents per share, maintaining the star earnings dividend rate of 35%, reflecting a prudent shareholder return policy.

A：In the first half of the year, the Group's business structure was optimized significantly, the overall operating chassis was solid, and the profit model was healthier. With the steady growth of retail gas volume and the rapid improvement of wholesale trade business, the proportion of main business revenue increased from 86% to 91% in the same period last year, and the focus and operational certainty of the main business increased significantly. At the same time, the integrated services business has become the second largest business segment, through the deep cultivation of the stock of users and the introduction of personalized services, to achieve simultaneous growth in revenue and performance, has become an important growth gene to support the company's profitability resilience.

A：In the first half of the year, the group's total news volume increased by 6.1, of which retail gas volume increased by 1.5. Wholesale news grew by 16.7 per cent, despite a 35.6 per cent decline in traffic gas due to market conditions. The overall purchase and sale price difference remained stable and controllable, with the average retail gas price of 2.92 yuan per cubic meter and the comprehensive price difference of 0.39 yuan per cubic meter. Although it was slightly lower than that of the same period last year, the company effectively hedged the risk of external price fluctuation through strategies such as diversified sources, scientific and technological innovation and facility linkage.

A：In the first half of the year, the revenue of integrated service business increased by 1.8 year-on-year, and the performance achieved a 10% year-on-year growth. Relying on the huge user base of gas stock, the Group continuously extends the service chain, enriches service categories and improves service quality. Through the normalization of home security, standardized human pipeline personalized modification and personalized kitchen, beauty makeup and other high value-added business, integrated service business has become an important growth engine for the Group's sound operation.

A：Although the downturn in the real estate industry has led to a decline in new residential connection users, the Group has taken the initiative to look for structural opportunities and vigorously promote the replacement of industrial and commercial users. In the first half of the year, new industrial and commercial users increased by 13.7 year-on-year.

A：Judging from the operating conditions in the first half of the year, retail gas consumption increased by 1.51 year-on-year, of which industrial and commercial gas consumption increased by 3% year-on-year. In the second half of the year, it is expected that the gas demand of core large industrial users will remain stable and increase, laying a solid foundation for the growth of retail gas volume. The company will continue to push forward from two aspects of deep stock cultivation and incremental expansion, stabilize the stickiness of large industrial users through targeted gas incentive schemes, increase the market development efforts of industrial and commercial users, simplify the installation process of small industrial and commercial users, and reduce the entry threshold and installation cost, so as to achieve a steady increase in retail gas volume throughout the year and strive to achieve a growth target of 1% to 2%.

A：The combined cost of capital for the first half of 2026 was 4.5 per cent, down 24 bp from the previous year. This is due to the Group's continuous adjustment of its debt structure, the flexibility to handle the ratio of domestic and foreign currencies in the light of the obvious difference between RMB and US dollar, and the implementation of prudent and prudent debt and financial management strategies to reduce the overall cost of funds. It is expected that the second half of 2026 and even the whole year will continue to maintain a sound debt structure adjustment, maintain the stability of capital costs, and even further optimize the level of capital costs.

A：The company will continue to deepen its stock of users in 2026, while upgrading its basic business and increasing innovation in new business areas. In the first half of the year, the performance of the integrated service business increased by 10%, and the proportion of high value-added business continued to increase through deepening service upgrading, landing safety transformation and personalized modification business. In the second half of the year, the company will broaden the business boundary, focus on personalized modification and kitchen old change business, optimize the package content and the whole process service quality, improve customer conversion rate and customer unit price. The company will operate in compliance, optimize the comprehensive service business structure, promote high-quality innovation and development, and strive to achieve the goal of 10% improvement in annual performance.

A：The Company has maintained a stable dividend policy since 2016 and proposes to declare an interim dividend of 3.48 cents per share in 2026, with a dividend rate of 35% based on core profits. In the future, the company will continue to increase the level of dividends to return to shareholders and maintain a dividend policy in line with industry trends. Regarding the capital expenditure in the first half of 2026, the capital expenditure in the first half of 2026 was 0.138 billion yuan, and it is expected to remain in the range of 2 to 0.3 billion yuan for the whole year, mainly for daily investment projects such as pipe network laying and maintenance of regional project companies.