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Lanyan Holdings 2026 interim report: revenue and profit both decline, main gas well depletion drags performance
Lanyan Holdings released its 2026 interim report on August 25. Affected by natural decline of main gas wells and insufficient replacement of high-quality resources, the company's revenue and profit both fell. During the reporting period, operating revenue was 975 million yuan, down 12.29 percent year on year; net profit attributable to the parent was 198 million yuan, down 15.49 percent; and non-GAAP net profit was 192 million yuan, down 15.12 percent. Among these, the oil and natural gas extraction business, as the core segment, recorded revenue of 952 million yuan, accounting for 97.68 percent of total revenue, down 11.16 percent year on year, mainly because coalbed methane sales volume fell to 566 million cubic meters, a decrease of 8 percent. Construction business revenue shrank sharply to 4.1967 million yuan, a decline of 88.38 percent. The company used measures such as well-by-well management and completing 45 wells to offset production cuts, but it is difficult to make up the existing decline gap in the short term. Going forward, with the National Energy Administration issuing the Action Plan for Increasing Reserves and Production of Coalbed Methane in the Eastern Ordos Basin Region 2026 to 2030, the policy environment is favorable, but progress in developing deep blocks remains a key variable.