快查APP显示，香港中华煤气相关公司深圳市燃气集团股份有限公司于2025年9月23日发布一则招标信 息，项目名称为龙华能源生态园项目配套燃气管道工程-明浪路，预算金额为413.90万元。 来源：市场资讯 （来源：快查一企业中标了） 快查股权穿透数据显示，该公司由香港中华煤气持股，出资比例为16.36%。 ...

快查APP显示，香港中华煤气相关公司深圳市燃气集团股份有限公司于2025年9月23日发布一则招标信 息，项目名称为龙华能源生态园项目配套燃气管道工程-浪荣路，预算金额为477.54万元。 快查股权穿透数据显示，该公司由香港中华煤气持股，出资比例为16.36%。 来源：市场资讯 （来源：快查一企业中标了） ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

王宏志局长对李家杰博士一行的到访表示欢迎，也对公司在能源科技创新、绿色低碳发展等方面取得的成绩给予了肯定，并表示国家能源局将积极贯彻"一 国两制"方针、粤港澳大湾区发展规划和相关政策，支持在发展能源新质生产力方面的探索和业务发展。集团规划契合国家能源发展理念，未来双方将加强 沟通交流，共同为香港、内地能源绿色转型作出贡献。 李家杰博士率领香港中华煤气执行董事暨首席投资总裁、怡斯莱(EcoCeres)联合主席陈英龙，及香港中华煤气高级副总裁暨北京代表处首席代表谷静等高级 管理层代表，前往国家能源局拜会王宏志局长及科技司、新能源司、国际司主要负责人。李家杰博士对国家能源局局长拨冗接待以及对集团能源业务给予的 宝贵指导和大力支持表示诚挚感谢，随後陈英龙介绍了集团内地业务的最新进展、成果以及发展计划，并就助力国家双碳战略及能源转型的探索寻求指导。 9月15日下午，香港中华煤气主席李家杰博士率团拜会国家能源局局长王宏志。双方就集团如何通过发展新质生产力更好融入国家能源发展大局，包括推动 能源转型、科技创新和绿色发展等议题进行了深入交流。 香港中华煤气作为香港历史最悠久、规模最大的综合能源企业将继续和国家能源局加强交流与 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

(Incorporated in Hong Kong under the Companies Ordinance with limited liability) ( 根據公司條例在香港註冊成立之有限公司 ) (Stock Code 股份代號: 3) 23rd September 2025 Dear Non-registered Holders (Note 1) , The Hong Kong and China Gas Company Limited (the "Company") - Publication of 2025 Interim Report (the "Current Corporate Communications") Please be informed that the English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.towngas.com and the HKEXnews website ...

(Incorporated in Hong Kong under the Companies Ordinance with limited liability) 根據公司條例在香港註冊成立之有限公司 ) (Stock Code 股份代號: 3) 23rd September 2025 Dear Shareholders, The Hong Kong and China Gas Company Limited (the "Company") - Publication of 2025 Interim Report (the "Current Corporate Communications") Please be informed that the English and Chinese versions of the Company's Current Corporate Communications are available on t he Company's website at www.towngas.com and the HKEXnews website at www.hkexnews.hk, o ...

智慧 燃展未來 公司資料 2025 中期報告 （股份代號：3） 董事會 非執行董事 李家傑（主席） 李家誠（主席） 林高演 馮孝忠 獨立非執行董事 李國寶 潘宗光 鄭慕智 黃慧群 執行董事 黃維義（常務董事） 楊磊明（首席財務總裁） 陳英龍（首席投資總裁） 公司秘書 黃麗堅 審核及風險委員會 李國寶（主席） 潘宗光 鄭慕智 黃慧群 薪酬委員會 李國寶（主席） 李家傑 李家誠 潘宗光 鄭慕智 黃慧群 提名委員會 李家傑（主席） 李家誠（主席） 李國寶 潘宗光 鄭慕智 黃慧群 環境、社會及管治委員會 黃維義（主席） 鄭慕智 黃慧群 楊磊明 註冊辦事處 香港北角 渣華道363 號23 樓 公司網址 www.towngas.com 股份登記處 香港中央證券登記有限公司 香港灣仔皇后大道東183 號 合和中心17 樓1712-1716 舖 電話號碼： 2862 8555 傳真號碼： 2865 0990 核數師 羅兵咸永道會計師事務所 執業會計師及註冊公眾利益實體核數師 香港中環 太子大廈22 樓 投資者關係 集團投資者關係部 電話號碼： 2963 2739 傳真號碼： 2911 9005 電郵地址： invrelati ...

Group 1 - Hong Kong and China Gas Company Limited is committed to deepening cooperation with mainland China [2] - The company is actively promoting energy technology innovation and green low-carbon transformation, achieving positive results [2] - The National Energy Administration supports the company's integration into the national development framework to contribute to the country's "dual carbon" goals [2] Group 2 - The meeting between the National Energy Administration Director Wang Hongzhi and Hong Kong and China Gas Company Limited Chairman Li Jiajie focused on topics such as new energy production capacity [3]

Group 1: Dividend Policy and Financial Performance - The company has maintained a fixed dividend policy since 2009, consistently paying HKD 0.35 per share, with a dividend payout ratio increasing from 44% in 2009 to 114% in 2024, and total dividends rising from HKD 2.3 billion to HKD 6.5 billion, reflecting a compound annual growth rate (CAGR) of 7.2% [1] - The projected net profit attributable to shareholders for 2025-2027 is estimated at HKD 5.848 billion, HKD 6.044 billion, and HKD 6.456 billion, representing year-on-year growth rates of 2.4%, 3.4%, and 6.8% respectively [1] Group 2: Hong Kong Gas Operations - The company is the sole gas supplier in Hong Kong, serving 2.04 million users by the end of 2024, achieving a penetration rate of 74% [2] - Despite a decline in gas consumption from 28,556 TJ to 27,159 TJ (a decrease of 4.9%) from 2013 to 2024, the company's EBITDA from Hong Kong operations increased from HKD 4.2 billion to HKD 5.8 billion, with a CAGR of 3.0% [2] - The company benefits from a price adjustment mechanism that allows for biannual rate increases, which helps maintain stable revenue despite consumption declines [2] Group 3: Mainland China Business Expansion - The company has expanded its mainland operations since 1994, covering 23 provincial regions, primarily in first and second-tier cities along the eastern coast and Chengdu-Chongqing area [3] - From 2019 to 2024, the gas sales volume grew at a CAGR of 7.3%, while the national apparent consumption volume grew at 7.0% [3] - The company is expected to benefit from a projected CAGR of 5.9% in national natural gas consumption from 2024 to 2030, with an anticipated increase in gas price differentials [3] Group 4: Business Diversification and Green Energy - The company is restructuring its extended business, which includes smart kitchens, insurance, and home safety, with significant market shares in Hong Kong but lower penetration in mainland China [4] - The company plans to integrate its extended business operations in mainland China and Hong Kong and is looking to attract strategic investors [4] - The company is also focusing on green energy initiatives, including green methanol, sustainable aviation fuel, and hydrogen, with production capacity expected to be released gradually from 2025 to 2028 [4] Group 5: Capital Expenditure and Cash Flow Management - Operating cash flow decreased slightly from HKD 10.5 billion to HKD 9.0 billion between 2021 and 2024, while capital expenditure reduced from HKD 10.2 billion in 2023 to HKD 6.0 billion in 2024 [5] - The company is optimizing non-core business operations and may pursue asset restructuring, which could improve free cash flow to cover annual fixed dividends of HKD 6.5 billion [5]