中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 網址 Website www.clpgroup.com 2025年8月19日 親愛的股東： 1. 2025中期報告 中電控股（中電）2025中期報告的中、英文版已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的「財務報告」；及 （b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。如閣下已選擇收取公司通訊1 的印刷本，隨函附上閣下所選擇 之語文版本的報告。 2. 公司通訊收取方式的安排 閣下可隨時免費（a）要求更改2收取公司通訊的語文版本及╱或收取方式，或（b）若以電子方式查閱公司通訊時出現任何困難， 可要求索取印刷本。 上述有關公司通訊的安排不包括可供採取行動的公司通訊3，可供採取行動的公司通訊之印 ...

中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 網址 Website www.clpgroup.com 2025年8月19日 親愛的股東： 1. 2025中期報告 隨函附上中電控股（中電）2025中期報告的中、英文版，報告已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的 「財務報告」；及（b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。 2. 公司通訊1收取方式的安排 董事會於2025年8月4日宣布派發2025年第二期中期股息每股0.63港元，此股息將於2025年9月15日派發予於2025年9月4日已 登記在股東名冊上的股東。本公司將於2025年9月4日暫停辦理股份過戶登記手續。凡擬收取第二期中期股息的人士，務請於 2025年9月3日星期三下 ...

Group 1 - The core viewpoint of the news is that Shenzhen Teli (Group) Co., Ltd. has experienced a significant decline in revenue and profit in the first quarter of 2025, indicating potential challenges for the company moving forward [1][3] - As of August 15, 2025, Teli A's stock price closed at 17.5 yuan, with a slight increase of 0.17% and a trading volume of 107,500 hands, amounting to a transaction value of 188 million yuan [1] - The company's latest financial report shows total operating revenue of 328 million yuan, a year-on-year decrease of 56.68%, and a net profit attributable to shareholders of 34.23 million yuan, down 2.89% year-on-year [1] Group 2 - The company has a current ratio of 1.266, a quick ratio of 1.078, and a debt-to-asset ratio of 25.12%, indicating a relatively stable liquidity position [1] - Shenzhen Teli has made investments in 41 enterprises and participated in 646 bidding projects, showcasing its active engagement in business expansion [2] - The company holds 45 trademark registrations and has obtained 43 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

Core Viewpoint - UBS downgraded China Electric Power Holdings (00002) from "Buy" to "Neutral" and reduced the target price from HKD 74 to HKD 70 due to short-term pressures on the company's fundamentals from unfavorable overseas factors [1] Summary by Relevant Categories Company Performance - China Electric's Hong Kong operations remain strong and predictable, but earnings pressure from Australia and mainland China is evident in the first half of 2025 [1] - The underperformance of non-local businesses may limit expected earnings growth for the fiscal year 2025, leading to a flat annual dividend per share, contrary to previous forecasts of a 3% increase [1] Dividend Forecast - UBS maintains a long-term forecast of a 3% average annual growth in dividends from 2026 to 2029, anticipating a gradual return to stable growth after the stabilization of non-local businesses [1] Market Comparison - The forward dividend yield of 4.8% for China Electric has narrowed to below the historical average by one standard deviation, compared to a 49 basis point yield on U.S. 10-year Treasury bonds, indicating reduced attractiveness relative to the industry average of 73 basis points [1] Earnings Projections - UBS has lowered its earnings forecasts for China Electric for 2025 to 2027 by 11%, 8%, and 7% respectively, reflecting last year's performance and the disappointing results of non-local businesses, particularly in mainland China and Australia [1]

Core Viewpoint - UBS downgraded China Electric Power Holdings (00002) from "Buy" to "Neutral" and reduced the target price from HKD 74 to HKD 70 due to adverse overseas factors impacting the company's short-term fundamentals [1] Group 1: Business Performance - The report indicates that while China Electric's Hong Kong operations remain strong and predictable, there is profit pressure from Australia and mainland China affecting the performance in the first half of 2025 [1] - The underperformance of non-local businesses may limit the expected profit growth for the fiscal year 2025, leading to a forecast of flat annual dividends per share, previously expected to grow by 3% [1] Group 2: Long-term Outlook - UBS maintains a long-term forecast of an average annual dividend growth of 3% from 2026 to 2029, anticipating a gradual return to stable growth once non-local business stabilizes [1] Group 3: Dividend Yield and Market Comparison - The forward dividend yield of 4.8% for China Electric has narrowed to below the historical average by one standard deviation, compared to a 49 basis point yield for the US 10-year Treasury, indicating reduced attractiveness relative to the industry premium of 73 basis points [1] Group 4: Earnings Forecast Adjustments - UBS has adjusted its earnings forecasts for China Electric for 2025 to 2027 down by 11%, 8%, and 7% respectively, reflecting last year's performance and the disappointing results from non-local businesses, particularly in mainland China and Australia [1]

Core Viewpoint - The China Hong Kong 300 Infrastructure Index (H300) has shown positive performance, with a 3.89% increase over the past month, a 5.97% increase over the past three months, and an 11.51% increase year-to-date [1] Group 1: Index Performance - The H300 Infrastructure Index is currently at 1936.08 points [1] - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1] Group 2: Index Composition - The top ten holdings of the H300 Infrastructure Index are: China Mobile (33.39%), Cheung Kong (8.5%), CLP Holdings (8.39%), China Telecom (5.31%), Hong Kong and China Gas (4.94%), Power Assets Holdings (4.9%), China Unicom (3.82%), ENN Energy (3.16%), CK Infrastructure Holdings (2.61%), and China Resources Power (2.54%) [1] - The index is composed entirely of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown of 52.60% in telecommunications services, 42.02% in utilities, 4.13% in construction and decoration, and 1.25% in transportation [1] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - Bid International Holdings (01949) has announced the sale of 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025, to optimize its surplus funds for better returns [1] Group 1 - The company sold 159,000 shares of CLP Holdings and 1,292,000 shares of Hong Kong and China Gas [1] - The sale is part of the company's strategy to maintain a certain level of surplus funds to meet operational needs [1] - The company aims to invest in highly liquid and low-volatility listed securities to ensure immediate liquidity when necessary [1] Group 2 - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains [1]

Core Viewpoint - Bid International Holdings (01949) announced the sale of certain listed securities on the Hong Kong Stock Exchange, including 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025 [1] Group 1 - The company maintains a certain level of surplus funds during its operational period to meet operational needs [1] - To maximize returns on surplus funds and for inventory purposes, the company invests in highly liquid and low-volatility listed securities, allowing for immediate liquidation when necessary [1] - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains for the group [1]

Group 1 - The core point of the article highlights the financial performance and stock activity of Shenzhen Economic Special Zone Real Estate (Group) Co., Ltd. (Deepin Real Estate A) as of August 8, 2025, showing significant revenue and profit growth [1][3] - As of the latest quarterly report, the company reported total revenue of 330 million yuan, a year-on-year increase of 457.38%, and a net profit attributable to shareholders of 72.42 million yuan, a year-on-year increase of 3718.51% [1] - The company's liquidity ratios are strong, with a current ratio of 2.364 and a quick ratio of 0.785, while the debt-to-asset ratio stands at 39.13% [1] Group 2 - The company has made investments in 31 enterprises and participated in 402 bidding projects, indicating active engagement in the market [2] - The company holds 6 trademark registrations and has obtained 27 administrative licenses, reflecting its operational capabilities and compliance [2]

[Financial Summary](index=3&type=section&id=1%20%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) CLP Holdings Group's operating earnings (before fair value changes) decreased by 8.0% to HKD 5,227 million in H1 2025, primarily due to EnergyAustralia's customer business underperformance and reduced contributions from Mainland China's nuclear and renewable energy assets, partially offset by strong Hong Kong business performance. Total profit was HKD 5,624 million, including a one-off favorable impact from introducing a joint venture partner for the Wooreen Battery Energy Storage System project - Group operating earnings (before fair value changes) **decreased by 8.0%** to **HKD 5,227 million**[3](index=3&type=chunk) - Total profit was **HKD 5,624 million**, a **5.5% year-on-year decrease**[3](index=3&type=chunk)[4](index=4&type=chunk) - Underperformance of EnergyAustralia's customer business and reduced contributions from Mainland China's nuclear and renewable energy assets were the primary reasons for the decline, partially offset by strong Hong Kong business performance[3](index=3&type=chunk) - Introducing a joint venture partner for the Wooreen Battery Energy Storage System project had a **one-off favorable impact**[3](index=3&type=chunk) H1 2025 Key Financial Data (HKD million) | Metric | 2025 | 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | **Revenue** | | Hong Kong Electricity Business | 23,515 | 23,732 | (0.9) | | Energy Business Outside Hong Kong | 18,304 | 19,709 | (7.1) | | Other | 1,035 | 645 | - | | **Total Revenue** | **42,854** | **44,086** | **(2.8)** | | **Profit** | | Hong Kong Energy Business | 4,469 | 4,165 | 7.3 | | Mainland China | 870 | 988 | (11.9) | | Australia | 167 | 611 | (72.7) | | India | 79 | 203 | (61.1) | | Taiwan and Thailand | 19 | 79 | (75.9) | | **Operating Earnings before Fair Value Changes** | **5,227** | **5,683** | **(8.0)** | | **Total Profit** | **5,624** | **5,951** | **(5.5)** | | **Earnings Per Share (HKD)** | **2.23** | **2.36** | **(5.5)** | | **Total Interim Dividend (HKD)** | **1.26** | **1.26** | **–** | | **Net Debt to Total Capital (%)** | **35.0** | **33.0** | **-** | [Chairman's Report](index=4&type=section&id=2%20%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) CLP Group demonstrated resilience in H1 2025 amidst geopolitical uncertainties and energy demand fluctuations, with total profit at HKD 5,624 million and operating earnings (before fair value changes) down 8.0% to HKD 5,227 million [Overall Performance and Strategy](index=4&type=section&id=2.1%20%E6%95%B4%E4%BD%93%E8%A1%A8%E7%8F%BE%E4%B8%8E%E7%AD%96%E7%95%A5) CLP Group showed resilience in H1 2025, with total profit at HKD 5,624 million and operating earnings (before fair value changes) down 8.0% to HKD 5,227 million, maintaining a diversified regional portfolio and executing long-term strategic goals - Total profit for H1 2025 was **HKD 5,624 million**, with operating earnings before fair value changes at **HKD 5,227 million**, an **8.0% decrease** from the prior year[10](index=10&type=chunk) - The Board declared a second interim dividend of **HKD 0.63 per share**, consistent with the prior year[10](index=10&type=chunk) - The Group's business is built on a diversified regional portfolio, with the team focused on strict execution of long-term strategic objectives[10](index=10&type=chunk) [Hong Kong Business Highlights](index=5&type=section&id=2.2%20%E9%A6%99%E6%B8%AF%E4%B8%9A%E5%8A%A1%E4%BA%AE%E7%82%B9) Hong Kong business remained robust with a 1.9% reduction in average net electricity tariff, achieving key decarbonization milestones and advancing digital platforms for grid management and EV charging - The average net electricity tariff decreased by **1.9%** in H1 2025, primarily due to falling fuel prices[12](index=12&type=chunk) - Completed Hong Kong's first ship-to-ship LNG bunkering with simultaneous cargo operations, promoting Hong Kong as a green marine fuel bunkering hub[12](index=12&type=chunk)[16](index=16&type=chunk) - Actively promoted customer-centric digital platforms, including supporting the EV charging network and introducing heavy-duty electric crane trucks with charging services[13](index=13&type=chunk) - Utilized AI technology for real-time grid monitoring and expanded drone applications for inspections, enhancing safety management and operational efficiency[13](index=13&type=chunk) - The new headquarters building was completed in the Kai Tak new development area, demonstrating the Group's long-term commitment and confidence in Hong Kong's future development[13](index=13&type=chunk)[14](index=14&type=chunk) [Mainland China Business Challenges and Development](index=6&type=section&id=2.3%20%E4%B8%AD%E5%9B%BD%E5%86%85%E5%9C%B0%E4%B8%9A%E5%8A%A1%E6%8C%91%E6%88%98%E4%B8%8E%E5%8F%91%E5%B1%95) Mainland China operations faced challenges from slowing electricity demand growth and accelerated new generation capacity, with new tariff mechanisms requiring renewable energy projects to fully participate in market transactions - The Group's asset operations were impacted by slowing electricity demand growth and an accelerated increase in new generation capacity[14](index=14&type=chunk) - Mainland authorities issued a revised electricity tariff mechanism, requiring renewable energy projects to fully participate in market transactions[14](index=14&type=chunk) [Australia Business Transformation and Collaboration](index=6&type=section&id=2.4%20%E6%BE%B3%E6%B4%B2%E4%B8%9A%E5%8A%A1%E8%BD%AC%E5%9E%8B%E4%B8%8E%E5%90%88%E4%BD%9C) EnergyAustralia completed major maintenance works, prioritized customer affordability amidst retail profit pressure, and enhanced energy transition capabilities through partnerships for the Wooreen BESS and Lake Lyell pumped hydro projects - EnergyAustralia completed several major outage maintenance works to maintain stable and reliable power supply[14](index=14&type=chunk) - Retail business margins remained under pressure, with the company prioritizing customer affordability and focusing on reducing operating costs[14](index=14&type=chunk) - Partnered with Banpu Energy Australia to advance the Wooreen Battery Energy Storage System project and formed a joint venture with EDF Power Solutions Australia to explore the feasibility of the Lake Lyell pumped hydro project, enhancing energy transition capabilities[15](index=15&type=chunk) [India Business Growth and Safety](index=6&type=section&id=2.5%20%E5%8D%B0%E5%BA%A6%E4%B8%9A%E5%8A%A1%E5%A2%9E%E9%95%BF%E4%B8%8E%E5%AE%89%E5%85%A8) Apraava Energy's zero-carbon assets performed steadily with increased renewable generation and high transmission network availability, despite a fatal accident at Sidhpur wind farm, reaffirming commitment to safety - Apraava Energy's zero-carbon assets performed steadily, with increased renewable energy generation and extremely high transmission network availability[15](index=15&type=chunk) - Construction of new solar and wind projects progressed steadily, and smart meters were installed for more customers[15](index=15&type=chunk) - A fatal accident occurred at the Sidhpur wind farm; the company extended condolences to the bereaved families and colleagues and reaffirmed its commitment to the highest operational safety standards[15](index=15&type=chunk) [Technology Investment and Talent Development](index=6&type=section&id=2.6%20%E7%A7%91%E6%8A%80%E6%8A%95%E8%B5%84%E4%B8%8E%E4%BA%BA%E6%89%8D%E5%9F%B9%E5%85%BB) CLP Group invested in technology for sustainable development, achieving significant digital transformation milestones in ERP and fostering talent through a partnership with Tsinghua University for student internships - In H1 2025, the Group made significant progress in its digital transformation, completing the first phase of ERP-driven transformation, enhancing flexibility and efficiency in finance, human resources, supply chain management, and procurement[15](index=15&type=chunk)[17](index=17&type=chunk) - Partnered with Tsinghua University to establish its first 'Undergraduate Practical Teaching Base' in Hong Kong, offering summer internships to **10 undergraduates** annually[17](index=17&type=chunk) [Financial Review](index=8&type=section&id=6%20%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a