香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 ( 根據公司條例在香港註冊成立之有限公司 ) (股份代號: 3) 2 0 2 5 年 中 期 業 績 公 布 業績摘要 整體售氣量持平 增長型業務穩健發展 - 1 - 2025 年上半年，集團營業額達港幣 275.14 億元，稅後經營利潤增長 3%至港幣 39.96 億元，計入非經營性損益後，股東應佔溢利下降 3%至港幣 29.64 億元。 若剔除借貸匯兌損益，業務核心利潤實質上升 4%。 香港公用業務方面，本港上半年平均氣溫低於去年同期，帶動住宅燃氣銷售增長。 集團期內完成多項甲級商廈、體育場館、酒店及醫院的燃氣應用設施，加上旅遊業 恢復暢旺等因素下，期內香港整體售氣量保持穩定。同時集團穩步推進氫能商業化 進程，包括工地供氫及氫能充電等項目，預期將成為未來利潤增長新動力。 內地公用業務方面，雖面對關稅問題影響，經濟環境及北方暖冬等因素挑戰，城市 燃氣售氣量仍保持穩定。另外通過順價工作、精細化管理及積極 ...

The Hong Kong and China Gas Company Limited (0003.HK) 2025 Interim Results 20 August 2025 1 The Hong Kong and China Gas | 2025 Interim Results 2025: Overall Operating Environment and Group Strategy Macro Environment Group Strategy Uncertainty in tariff policies affects industrial energy consumption Weak economy and slight decline in PMI affect exports "Launching the Construction of Zero-Carbon Parks" brings positive impacts to green energy The government boosts consumption through fiscal subsidies and consu ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements based on short-selling ratios and amounts. Group 1: Top Short-Selling Ratios - The top three stocks with the highest short-selling ratios are New World Development (100.00%), Hang Seng Bank (95.70%), and JD.com (92.60%) [1][2] - Other notable stocks with high short-selling ratios include Lenovo Group (90.03%) and Xiaomi Group (89.73%) [2] Group 2: Top Short-Selling Amounts - Tencent Holdings leads in short-selling amount with 2.243 billion, followed by Xiaomi Group at 1.941 billion and Alibaba at 1.288 billion [1][2] - Other significant short-selling amounts include Meituan (842 million) and Ctrip Group (815 million) [2] Group 3: Top Short-Selling Deviation Values - Hang Seng Bank has the highest deviation value at 47.89%, followed by Xiaomi Group at 40.17% and Lenovo Group at 35.95% [1][2] - Other stocks with notable deviation values include JD.com (35.62%) and New World Development (35.46%) [2]

Core Viewpoint - The China Securities Hong Kong 300 Infrastructure Index (H300 Infrastructure) has shown positive performance, with a 2.81% increase over the past month, a 5.08% increase over the past three months, and an 11.50% increase year-to-date [2] Group 1: Index Performance - The H300 Infrastructure Index is currently reported at 1935.88 points [1] - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [2] Group 2: Index Composition - The top ten weighted companies in the H300 Infrastructure Index are: China Mobile (33.75%), Cheung Kong (8.46%), CLP Holdings (8.25%), China Telecom (5.48%), Hong Kong and China Gas (4.88%), Power Assets Holdings (4.68%), China Unicom (3.86%), ENN Energy (3.12%), China Resources Power (2.53%), and CK Infrastructure Holdings (2.48%) [2] - The index is composed entirely of companies listed on the Hong Kong Stock Exchange, with a sector breakdown of 53.10% in telecommunications services, 41.42% in utilities, 4.22% in construction and decoration, and 1.27% in transportation [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

Investment Rating - The report initiates coverage with a "Buy" rating for Hong Kong and China Gas Company Limited [5] Core Views - The company has a robust profit and cash flow base from its Hong Kong gas business, while its growth-oriented businesses provide new momentum for expansion [2][18] - The flexible pricing adjustment mechanism is a key reason for the high profit margins in the Hong Kong gas business [2][34] - The company is expanding its gas business in mainland China, with significant growth in sales volume and recovery of profit margins [4][57] Summary by Sections Hong Kong Gas Business - The gas tariff consists of an effective charging table and fuel adjustment fee, with a tiered pricing model that encourages higher consumption [2][28] - Hong Kong's natural gas consumption has remained stable, with a projected consumption of 27,159 TJ (approximately 730 million cubic meters) in 2024, reflecting a year-on-year increase of 0.1% [3][35] - The EBIT for the Hong Kong utility business has been stable, with a projected increase to nearly HKD 50 billion in 2024, resulting in an EBIT margin of 46.3% [3][48] Mainland Gas Business - The company has expanded its mainland gas business since 1994, with sales volume increasing from 19.5 billion cubic meters in 2017 to 36.36 billion cubic meters in 2024, representing a CAGR of 9.3% [4][51] - The unit sales price difference in the mainland gas business has improved to HKD 0.52 per cubic meter by the end of 2024 [4][60] Growth-Oriented Businesses - The renewable energy business, primarily through the subsidiary Honghua Smart Energy, has seen rapid growth, with a compound annual growth rate of 154% in distributed photovoltaic installations from 2021 to 2024 [74] - The company is actively developing green methanol and hydrogen fuel supply, with significant production targets set for 2028 [81][84] Financial Projections - The company is expected to achieve revenues of HKD 578.1 billion, HKD 605.6 billion, and HKD 632.8 billion from 2025 to 2027, with respective year-on-year growth rates of 4.2%, 4.7%, and 4.5% [5][92] - The net profit forecast for the same period is HKD 61.6 billion, HKD 65.9 billion, and HKD 69.4 billion, with year-on-year growth rates of 7.9%, 6.9%, and 5.4% [5][92]

在全球能源结构加速转型与"双碳"目标深入推进的背景下，中国天然气产业在保障能源安全、推动绿色转型中承担着愈发重要的角色，国内产量稳步增 长、进口规模持续扩大、管网基础设施不断完善。随着国内天然气市场体制改革进入深水区，产供销储体系建设和"全国一张网"步伐加快，市场供应呈现 多主体、多渠道特征，市场充分竞争的格局逐步形成。 "未来希望通过降低终端用能成本，提升能源可负担性，构建长期可持续的燃气行业生态。"香港中华煤气行政总裁黄维义在第29届世界燃气大会上表示。 作为香港中华煤气气源供应链业务承接体的港华气源，在成立之初就明确了"保供降本"的基本目标，为城燃业务发展激发内生动能，以一体化、协同化、 多元化业务模式，创造可持续的供应链价值。基于集团稳固的下游市场和较均衡的产业链布局，一方面争取上游优质资源，有效整合项目资产，持续优化 气源结构；另一方面加强集团统筹，降低气源成本，提升保供能力。 深化需求统筹，凝聚行业合力 气源供应多样化和贸易门槛降低，提升资源保障能力和储气调峰能力，正成为行业发展的重要趋势。对城燃集团而言，这有助于其获得更多气源自主选择 权，提升议价能力，同时也对气源统筹、需求消纳、内外协作能力提 ...

Core Viewpoint - Hong Kong and China Gas Company Limited (00003.HK) has shown resilience in its stock performance, reaching a near one-year high, while also demonstrating significant net inflow of capital, indicating investor confidence in the company's future prospects [1] Company Overview - Established in 1862, Hong Kong and China Gas Company is the oldest public utility in Hong Kong and one of the largest energy suppliers in the region, with world-class management and operations [1] - The company has evolved from supplying gas for street lighting to providing safe and reliable energy solutions across various sectors in Hong Kong [1] Market Expansion - The company entered the mainland market in 1994 and currently operates over 970 projects across 29 provincial regions in China, including renewable energy solutions such as solar photovoltaic systems, urban pipeline gas, and water supply [1] - Recent initiatives focus on clean energy solutions, including hydrogen energy, marine green methanol, and sustainable aviation fuel, aligning with the company's vision for carbon neutrality [1]

粤港澳即将共同承办第十五届全国运动会(十五运会)和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会(残特奥会)，香港中华煤气大力支持及赞 助，并提供氢能相关方案，为区域体育和绿色城市发展作出积极贡献。 日前，香港中华煤气营运总裁—香港业务郑晓光出席十五运会和残特奥会倒计时100日香港赛区活动，与香港特区行政长官李家超、中央人民政府驻香港 特区联络办公室主任周霁、及十五运会组织委员会副主任兼秘书长、广东省委常委王曦等嘉宾共同迎接此次国家体育盛事。 香港中华煤气营运总裁 — 香港业务郑晓光 ( 左七 ) 出席第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会倒计时 100 日活动 ( 香 港赛区 ) 。 ( 香港特区政府新闻处图片 ) 作为十五运会和残特奥会香港赛区银贡献机构，香港中华煤气全力支持赛事，提供低碳能源方案，实践大会「绿色办赛」理念，推动香港迈向可持续发展 的绿色城市。 ...

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]