该行认为，期内香港业务营运稳健，盈利同比增长7.3%至95.44亿元，占总盈利91%，占比同比上升15 个百分点。不过，澳洲业务经营盈利大幅下跌85.6%至8,500万元，主要受零售市场压力及转型成本影 响，未能被发电及灵活产能收益所抵消。而中国业务盈利则同比下跌13.7%至15.98亿元，新增可再生能 源产能的收益，被核电因市场电价下跌导致的较低贡献所抵消。 智通财经APP获悉，花旗发布研报称，中电控股(00002)2025年盈利同比下跌10.8%至104.68亿元，较市 场预期低6%。撇除一次性项目，未计公允值变动前的经营盈利同比下跌2.4%至106.85亿元。另外，全 年股息同比增加1.6%至3.2港元，其中第四季股息为1.31港元，同比增加4%。该行目前予目标价76港元 及"买入"评级。 ...

Financial Data and Key Metrics Changes - The group's operating earnings before fair value movements decreased by 2% to over HKD 10.6 billion, while total earnings fell by 11% to HKD 11.5 billion due to coal plant-related items affecting comparability [5][7] - Capital investment declined by 13% to HKD 16.4 billion, with higher growth CapEx offset by the absence of the headquarters acquisition booked in 2024 [7][8] - Total dividends for financial year 2025 were HKD 3.20 per share, representing an increase of 1.6% from 2024 [5][7] Business Line Data and Key Metrics Changes - In Hong Kong, core earnings rose by 7% to just over HKD 9.5 billion, driven by capital investment and high operational reliability [9] - In the Chinese mainland, earnings declined by 12% to HKD 1.6 billion, primarily due to lower contributions from Yangjiang Nuclear and renewables [10][11] - EnergyAustralia's operating earnings were impacted by tough retail conditions, resulting in a net operating earning of AUD 85 million [12][14] Market Data and Key Metrics Changes - Electricity send-out in Hong Kong declined by 3%, reflecting lower coal outputs, while non-carbon capacity rose by 3% due to renewables and battery investments [6] - In Australia, intense competition and cost of living pressures led to margin compression and loss of customer accounts [12][14] - The renewable energy market in China added nearly 450 gigawatts of solar and wind in 2025, with the government pledging to reduce emissions by 7%-10% from peak levels [22][24] Company Strategy and Development Direction - The company is focused on energy security and decarbonization, with strategic priorities centered on balanced growth, decarbonization, and financial discipline [21][22] - A HKD 52.9 billion 5-year development plan is being executed to deliver safe, reliable, and affordable power while supporting Hong Kong's economic and infrastructure agenda [21] - The company aims to build durable, recurring earnings while ensuring diversification, with a disciplined approach to capital allocation [22][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the fundamentals of the business remain strong despite market headwinds in China and Australia [3] - The outlook for renewables in China is sound, with market fundamentals stabilizing and tariff pressure looking manageable [11][12] - EnergyAustralia is focused on optimizing its generation portfolio and improving retail margins through targeted customer strategies [14][26] Other Important Information - Free cash flow generation was strong, up HKD 1.6 billion to HKD 22.6 billion, driven by solid EBITDAF and fuel cost recovery [17][18] - The company has a strong financial structure with around HKD 29 billion in available facilities to meet business needs [19][20] - The Clean Energy Fund in China aims to attract partners, including potential insurance companies, to support renewable energy projects [88][89] Q&A Session Summary Question: EnergyAustralia's earnings below expectations and increase in corporate expenses - Management clarified that the increase in depreciation and amortization is recurrent, linked to increased CapEx, while some enterprise expenses are one-off related to IT outsourcing and customer platform contracting [35][39] Question: CapEx outlook for 2026 in Australia and China - Management indicated that CapEx for growth in China will be slightly reduced due to the lowered renewable target, while investments in Australia will depend on project timelines [42][63] Question: Future capital strategy and Clean Energy Fund - The Clean Energy Fund aims to attract partners for renewable energy projects, with a target fund size of around HKD 4 billion [88][89]

Financial Data and Key Metrics Changes - The group's operating earnings before fair value movements decreased by 2% to over HKD 10.6 billion, while total earnings fell by 11% to HKD 11.5 billion due to coal plant-related items affecting comparability [5][7] - Capital investment declined by 13% to HKD 16.4 billion, with higher growth CapEx offset by the absence of the headquarters acquisition booked in 2024 [7][8] - Total dividends for financial year 2025 increased by 1.6% to HKD 3.20 per share [5][7] Business Line Data and Key Metrics Changes - In Hong Kong, core earnings rose by 7% to just over HKD 9.5 billion, driven by capital investment and high operational reliability [9] - In the Chinese mainland, earnings declined by 12% to HKD 1.6 billion, primarily due to lower contributions from Yangjiang Nuclear and renewables [10][11] - EnergyAustralia's operating earnings were impacted by tough retail conditions, resulting in a net operating earning of AUD 85 million [12][14] Market Data and Key Metrics Changes - Electricity send-out in Hong Kong declined by 3%, reflecting lower coal outputs, while non-carbon capacity rose by 3% due to renewables and battery investments [6] - In Australia, intense competition led to a decline in customer accounts, although there was improvement in the second half of the year [12][14] - The Taiwanese and Southeast Asian markets saw earnings decline to HKD 179 million, with higher development and corporate expenses [16] Company Strategy and Development Direction - The company is focused on energy security and decarbonization, with strategic priorities centered on balanced growth, decarbonization, and financial discipline [21][22] - A five-year development plan of HKD 52.9 billion is being executed to deliver safe, reliable, and affordable power while supporting Hong Kong's economic agenda [21] - The company aims to participate selectively in the growth of renewable energy in China, adjusting its development targets from 6 GW to 5 GW by 2030 [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the fundamentals of the business remain strong despite market headwinds in China and Australia [3] - The outlook for renewables in China is sound, with market fundamentals stabilizing and tariff pressure manageable [11] - EnergyAustralia is focused on optimizing its generation portfolio and improving retail margins through targeted strategies [14][25] Other Important Information - Free cash flow generation was strong, increasing by HKD 1.6 billion to HKD 22.6 billion, driven by solid EBITDAF and fuel cost recovery [17][18] - The financial structure remains strong, with a slight increase in net debt and around HKD 29 billion in available facilities [19][20] Q&A Session Summary Question: EnergyAustralia's earnings below expectations and increase in corporate expenses - Management clarified that the increase in depreciation and amortization is recurrent, linked to increased CapEx, while some enterprise expenses are one-off related to IT outsourcing and new customer platforms [38][39] Question: CapEx outlook for 2026 in Australia and China - Management indicated that CapEx for growth in China will be slightly reduced due to the lowered renewable target, while investments in Australia will depend on project timelines [42][63] Question: Long-term planning for India and capital allocation - Management confirmed a target of 9 GW of non-carbon projects by 2030, maintaining a capital allocation of HKD 6 billion per annum [52][53] Question: Yallourn coal-fired plant closure and future investments - Management plans to retire Yallourn by mid-2028 and will focus on capital allocation for flexible capacity projects in Australia [58][63] Question: Customer upgrade timeline and wholesale energy segment performance - Management stated that the customer platform upgrade is expected to take about two years, while volatility in the wholesale market is being captured through investments in energy storage [100][104]

Financial Data and Key Metrics Changes - The group's operating earnings before fair value movements decreased by 2% to over HKD 10.6 billion, while total earnings fell by 11% to HKD 11.5 billion due to coal plant-related items affecting comparability [5][7] - Capital investment declined by 13% to HKD 16.4 billion, with higher growth CapEx offset by the absence of the headquarters acquisition booked in 2024 [7][9] - Total dividends for financial year 2025 were HKD 3.20 per share, representing an increase of 1.6% from 2024 [5][8] Business Line Data and Key Metrics Changes - In Hong Kong, core earnings rose by 7% to just over HKD 9.5 billion, driven by capital investment and high operational reliability [10] - In the Chinese mainland, earnings declined by 12% to HKD 1.6 billion, primarily due to lower contributions from Yangjiang Nuclear and renewables [11] - EnergyAustralia's operating earnings were AUD 85 million, impacted by tough retail conditions and one-off tax expenses [16] Market Data and Key Metrics Changes - Electricity send-out in Hong Kong declined by 3%, reflecting lower coal outputs, while non-carbon capacity rose by 3% due to renewables and battery investments [5][6] - In Australia, intense competition led to a decline in customer accounts, while the retail sector faced margin compression and higher bad debts [13][16] - In India, reported earnings were down 29% due to a one-off impairment, but underlying operating earnings improved with higher output from renewables [17] Company Strategy and Development Direction - The company is focused on energy security and decarbonization, with strategic priorities centered on balanced growth, decarbonization, and financial discipline [23] - A HKD 52.9 billion 5-year development plan is being executed to deliver safe, reliable, and affordable power while supporting Hong Kong's economic agenda [23][24] - The company is targeting growth in fast-growing energy transition markets, with a disciplined approach to investments that meet minimum return requirements [24][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the fundamentals of the business remain strong despite market headwinds in China and Australia [3] - The outlook for renewables is sound, with market fundamentals stabilizing and tariff pressure looking manageable [12] - Management emphasized the importance of operational excellence and digital transformation to meet the demands of a rapidly evolving energy sector [31] Other Important Information - Free cash flow generation was strong, up HKD 1.6 billion to HKD 22.6 billion, driven by solid EBITDAF and fuel cost recovery [19][20] - The financial structure remains strong, with a slight increase in net debt and around HKD 29 billion in available facilities [20][21] Q&A Session All Questions and Answers Question: EnergyAustralia's earnings below expectations - The increase in depreciation and amortization is recurrent, linked to increased CapEx, while enterprise expenses are more one-off related to IT outsourcing and customer platform contracting [41][42] Question: CapEx for growth in Australia and China - CapEx is mainly for Chinese renewable projects and EnergyAustralia's wind battery, with expected returns aligned with hurdle rates [45][46] Question: Long-term planning for India and capital allocation - The target for non-carbon projects in India is consistent with previous plans, maintaining a capital allocation of HKD 6 billion per annum [56][57] Question: Yallourn coal-fired plant closure - The current plan is to retire Yallourn by mid-2028, with capital allocation in China expected to be slightly reduced due to the lower target [62][66] Question: Customer upgrade timeframe in Australia - The current plan for the customer platform upgrade is to take about 2 years, targeting completion before the end of 2028 [105]

CLP Holdings 2025 Annual Results Presentation 26 February 2026 Disclaimer CLP Holdings Limited (the "Company", together with its subsidiaries, the "Group", or "we", "our" or "us" as the context requires) is providing this document and making an oral presentation thereon (together, this presentation) for information only. We do not represent or warrant (expressly or impliedly) the fairness, accuracy, completeness or correctness of the information contained in this presentation. You should not rely on this pr ...

Core Viewpoint - Morgan Stanley suggests investors take profits on certain Hong Kong utility stocks due to their outperformance compared to the Hang Seng Index, driven by local bank and property stock momentum [1] Group 1: Market Performance - The Hong Kong utility sector has outperformed the Hang Seng Index by 5% year-to-date and by 7% since the second half of last year, primarily influenced by the performance of local banks and real estate stocks [1] - The average dividend yield of Hong Kong utility stocks is 4.4%, which is only about 30 basis points higher than the U.S. Treasury yield of approximately 4% [1] Group 2: Company Ratings and Recommendations - Morgan Stanley downgraded the ratings of CLP Holdings (00002) and Hong Kong and China Gas (00003) to "Neutral" due to limited dividend growth potential, with target prices raised to HKD 74 and HKD 7.6 respectively [1] - The preferred stock is Cheung Kong Infrastructure (01038), which, despite a lower dividend yield of 4.1%, has room for dividend increases due to favorable earnings from its UK and Australian operations benefiting from a weaker dollar and regulatory resets; the target price has been raised from HKD 58 to HKD 69 with a rating of "Overweight" [1]

消息面上，中电控股午间发布截至2025年12月31日止年度业绩，该集团取得收入880.18亿港元，同比减 少3.24%；公司股东应占盈利104.68亿港元，同比减少10.85%；每股盈利4.14港元，宣派第四期中期股 息每股1.31港元。 本文源自：智通财经网 智通财经获悉，中电控股(00002)午后跌逾2%，截至发稿，跌2.13%，报73.5港元，成交额3.58亿港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，2月26日，中电控股(00002.HK)午后跌逾2%，截至发稿跌2.13%，报73.5港元，成交额3.58 亿港元。 ...

消息面上，中电控股午间发布截至2025年12月31日止年度业绩，该集团取得收入880.18亿港元，同比减 少3.24%；公司股东应占盈利104.68亿港元，同比减少10.85%；每股盈利4.14港元，宣派第四期中期股 息每股1.31港元。 中电控股(00002)午后跌逾2%，截至发稿，跌2.13%，报73.5港元，成交额3.58亿港元。 ...

消息面上，中电控股午间发布截至2025年12月31日止年度业绩，该集团取得收入880.18亿港元，同比减 少3.24%；公司股东应占盈利104.68亿港元，同比减少10.85%；每股盈利4.14港元，宣派第四期中期股 息每股1.31港元。 智通财经APP获悉，中电控股(00002)午后跌逾2%，截至发稿，跌2.13%，报73.5港元，成交额3.58亿港 元。 ...