Core Viewpoint - Daiwa has revised its earnings forecast for Hong Kong and China Gas (00003) for the fiscal years 2025 to 2026, lowering the per-share earnings estimate by 1% to 9%, while also introducing a forecast for fiscal year 2027 and raising the 12-month target price from HKD 6.1 to HKD 7.1, maintaining a "Hold" rating [1] Financial Performance - Hong Kong and China Gas reported a core profit of HKD 3.084 billion for the first half of the year, representing a year-on-year decline of 3%, primarily due to weak pricing from renewable fuel producer EcoCeres' sustainable aviation fuel (SAF) [1] - The after-tax net operating profit increased by 3% year-on-year, but core profit decreased by 3%, largely impacted by foreign exchange factors that resulted in an increase of HKD 213 million in financial expenses [1] - The interim dividend per share is HKD 0.12, unchanged from the same period last year [1] Business Outlook - The performance for the first half of 2025 and the revised guidance align with Daiwa's expectations [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.63, up from the previous HKD 7.04 [6][26]. Core Insights - The company's 1H25 performance showed stable revenue at HKD 27.5 billion, with core profit slightly down by 3% year-on-year to HKD 3.08 billion, primarily due to higher financial costs from exchange rate factors [1][5]. - Gas sales in Hong Kong remained flat year-on-year, with residential gas volume increasing by 2.5% due to lower average temperatures, while commercial gas volume decreased by 2.3% [2][3]. - The company is expected to benefit from a stable local demand in Hong Kong, with an EBITDA margin projected to remain around 52% for 2025 [2]. - The growth rate of city gas sales in mainland China has slowed, with a slight increase in residential gas volume and a decrease in commercial gas volume due to warm winter conditions [3]. - The renewable energy and green fuel segments show growth potential, with net profit from renewable energy reaching HKD 116 million, up 6% year-on-year [4]. Summary by Sections Financial Performance - 1H25 revenue was HKD 27.5 billion, core profit was HKD 3.08 billion, and net profit attributable to shareholders was HKD 2.96 billion, both down 3% year-on-year [1]. - The company maintains a stable interim dividend per share (DPS) of HKD 0.12, with an expected full-year DPS of HKD 0.35, corresponding to a dividend yield of 5.0% [1]. Gas Sales - Hong Kong gas sales volume for 1H25 was 14,935 TJ, remaining flat year-on-year, with residential gas volume increasing by 2.5% and commercial gas volume decreasing by 2.3% [2]. - The company expects gas sales in Hong Kong to remain stable in 2025, benefiting from a well-established pricing mechanism [2]. Mainland City Gas - The company reported city gas sales volume of 18.58 billion cubic meters in 1H25, remaining flat year-on-year, with industrial gas volume stable and commercial gas volume declining [3]. - The average city gas price difference was RMB 0.54 per cubic meter, up 0.04 RMB year-on-year, with expectations for price difference recovery to converge [3]. Renewable Energy and Green Fuel - The renewable energy business net profit reached HKD 116 million in 1H25, with expectations for continued growth in carbon services and asset management [4]. - The green energy business is expanding, with partnerships for green methanol and sustainable aviation fuel (SAF) production [4]. Profit Forecast Adjustments - The report adjusts the company's net profit forecasts for 2025-2027, with a projected CAGR of 6% [5][26]. - The target price is raised to HKD 7.63 based on a revised price-to-book ratio of 2.5x for 2025, reflecting the potential of renewable energy and green fuel businesses [5][26].

Investment Rating - The report maintains a "Buy" rating for Hong Kong and China Gas Company Limited [1] Core Views - The company's revenue for the first half of 2025 was HKD 27.514 billion, a year-on-year increase of 0.1%, while the net profit attributable to shareholders was HKD 2.964 billion, a decrease of 2.5%. Excluding foreign exchange losses, the net profit increased by 5% year-on-year, aligning with expectations [4][6] - The company proposed an interim dividend of HKD 0.12 per share, maintaining a stable annual dividend of HKD 0.35 per share, resulting in a dividend yield of 4.97% based on the closing price on August 20 [4][6] - The gas sales volume in Hong Kong remained stable, with a slight increase in residential gas usage offsetting the negative impact of residents consuming gas in mainland China. The company has strong pricing power in Hong Kong, with recent price adjustments enhancing profitability [6] - The mainland business showed a slight decline in gas sales volume, but the gross margin improved. The company effectively controlled the decline in connection business, minimizing its impact on overall performance [6] - The company's extended business segment saw a significant profit increase, and strategic investments are expected to support growth [6] - Renewable energy initiatives are gaining traction, with solar power generation increasing by 44% year-on-year. The company is also expanding its green fuel business, with expectations for future growth [6] Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: HKD 56,971 million (2023), HKD 55,473 million (2024), HKD 54,725 million (2025E), HKD 56,732 million (2026E), and HKD 58,295 million (2027E) [5][7] - Net profit projections for the same period are: HKD 6,070 million (2023), HKD 5,712 million (2024), HKD 6,131 million (2025E), HKD 6,543 million (2026E), and HKD 6,912 million (2027E) [5][7] - The price-to-earnings ratio for 2025-2027 is projected to be 21.4, 20.1, and 19.0 respectively, indicating a stable valuation outlook [6]

Core Insights - The company reported stable gas sales and a 3% increase in after-tax operating profit for the first half of 2025, reaching 4 billion RMB [15][16][30] - The renewable energy segment showed a 6% profit growth, with significant increases in solar power generation and energy storage contracts [12][57][60] - The company is expanding its hydrogen energy initiatives, with projects aimed at producing green hydrogen and establishing charging stations [26][29][82] Utility Business - Gas sales volume remained stable, with a slight increase in price differential of 0.04 RMB per cubic meter [9][30] - The water business showed robust performance, with an 8% profit increase, driven by expansion into community and rural projects [10][44] - The company secured long-term gas supply contracts totaling 15 billion cubic meters per year, enhancing its supply chain stability [11][41] Growth Business - The renewable energy sector, particularly solar power, saw a 44% increase in generation, with a total of 1.18 billion kWh produced [12][57] - The company is actively pursuing strategic partnerships and financing, raising 450 million USD for its extended business initiatives [50][53] - The advanced biofuels segment is expanding, with a new joint venture aimed at producing green methanol and sustainable aviation fuel (SAF) [14][97] Financial Overview - The company declared an interim dividend of 0.12 HKD per share, reflecting a stable financial position [15] - The net profit attributable to shareholders for the first half of 2025 was 2.96 billion HKD, marking a 3% increase [16][19] - Capital expenditures for the first half of 2025 were reported at 2.5 billion HKD, down from 3.3 billion HKD in the previous year [22] Environmental and Social Governance (ESG) - The company achieved an MSCI rating of AA, indicating strong performance in sustainability practices [100] - It has been recognized as a leader in the gas utility sector for three consecutive years in the Sustainable Development Yearbook [100]

Core Viewpoint - The Hong Kong stock market has shown a "slow bull" trend since 2025, with the Hang Seng Index rising 25.45% year-to-date, entering a technical bull market, driven by the "AI+" technology narrative, while the utility sector attracts long-term capital due to its high dividends and stable growth [1] Group 1: Gas Business Performance - The gas business of Hong Kong and mainland China has shown steady performance in the first half of 2025, with Hong Kong's gas sales remaining stable despite external challenges [2][3] - Hong Kong and mainland gas operations have maintained stability, with Hong Kong's gas sales benefiting from a solid customer base and the development of the Northern Metropolis, which is expected to increase gas demand significantly [3][4] - In mainland China, despite a 0.9% year-on-year decline in natural gas consumption, the company managed to keep sales volume stable and improve gross margin by 0.04 RMB per cubic meter [4][5] Group 2: Supply Chain and Resource Management - The company has made significant progress in integrating supply chain resources, securing long-term gas supply contracts totaling 15 billion cubic meters per year and establishing a robust storage and peak-shaving infrastructure [6][7] - The integration of supply chain resources enhances the company's bargaining power and ability to meet customer demands effectively [7] Group 3: Diversified Business Development - The company has expanded its business model beyond traditional gas supply, launching the "Mingqi Home" brand to offer smart kitchen solutions, which saw a 25% year-on-year increase in sales due to government subsidies [9] - The company is actively developing renewable energy, achieving 2.6 GW of cumulative photovoltaic grid connection and a 44% year-on-year increase in photovoltaic power generation in the first half of 2025 [10] - The company is also focusing on energy storage solutions and has initiated projects to enhance its energy management capabilities, including a partnership for a sulfur-based liquid flow battery storage system [11] Group 4: Green Fuel Initiatives - The company is investing in green methanol production, with plans to reach a capacity of 30,000 tons by 2028, and has successfully completed large-scale green methanol refueling operations [13][15] - The company is also involved in hydrogen energy projects, including a green hydrogen initiative expected to supply households by 2026, and has established partnerships to develop sustainable aviation fuel (SAF) [14][15] Conclusion - The company's dual-driven model of relying on a stable traditional business while innovating in new growth areas demonstrates strong resilience and adaptability in the face of market fluctuations, providing a valuable reference for sustainable development in the energy sector [15][16]

(2025年8月20日)香港中华煤气有限公司(股份代号：00003，下称"集团")公布中期业绩。期内，集团营业额达港币275.14亿元，税后经营利润增长3%至港币 39.96亿元，计入非经营性损益后，股东应占溢利下降3%至港币29.64亿元。若剔除借贷汇兑损益，业务核心利润实质上升4%。 煤气公司三位执行董事：常务董事黄维义(中)、首席财务总裁杨磊明(左)及首席投资总裁陈英龙(右)主持2025年中期业绩发布会。 香港公用业务方面，本港上半年平均气温低于去年同期，带动住宅燃气销售增长。集团期内完成多项甲级商厦、体育场馆、酒店及医院的燃气应用设施，加 上旅游业恢复畅旺等因素下，期内香港整体售气量保持稳定。同时集团稳步推进氢能商业化进程，包括工地供氢及氢能充电等项目，预期将成为未来利润增 长新动力。 内地公用业务方面，虽面对关税问题影响，经济环境及北方暖冬等因素挑战，城市燃气售气量仍保持稳定。另外通过顺价工作、精细化管理及积极与上游供 气企业建立紧密合作关系，燃气业务利润保持稳定，城市燃气综合价差提升4仙人民币／立方米至0.54元人民币／立方米。 绿色甲醇业务实现突破，期内与佛燃能源合资成立VENEX，计划在佛山设 ...

每经AI快讯，8月20日，香港中华煤气(00003.HK)在港交所发布中期业绩报告，上半年收入275.14亿港 元，同比增长0.07%；净利润29.64亿港元，同比减少3%。 ...

Core Viewpoint - Hong Kong and China Gas Company Limited reported a stable performance in its mid-term results, with a slight increase in operational profit and a focus on expanding its renewable energy and hydrogen business segments [1][3][4]. Group 1: Financial Performance - The group's revenue reached HKD 27.514 billion, with a 3% increase in post-tax operating profit to HKD 3.996 billion [1]. - Shareholders' profit decreased by 3% to HKD 2.964 billion after accounting for non-operating gains and losses [1]. - Core business profit, excluding foreign exchange losses, increased by 4% [1]. Group 2: Utility Business in Hong Kong - The average temperature in Hong Kong was lower than the previous year, leading to an increase in residential gas sales [3]. - The overall gas sales volume in Hong Kong remained stable, supported by the recovery of the tourism industry and the completion of gas application facilities in various sectors [3]. - The company is advancing its hydrogen commercialization efforts, including hydrogen supply for construction sites and charging projects, which are expected to drive future profit growth [3]. Group 3: Utility Business in Mainland China - Despite challenges such as tariff issues and a warm winter, the urban gas sales volume remained stable [3]. - The gas business profit was stable, with the comprehensive price difference for urban gas increasing by 4 cents RMB per cubic meter to RMB 0.54 per cubic meter [3]. Group 4: Renewable Energy Business - The core profit of Honghua Smart Energy Limited grew by 2% to HKD 719 million, with cumulative photovoltaic grid connection reaching 2.6 GW and commercial energy storage at 260 MWh as of June 30, 2025 [3]. - The company is promoting an integrated decarbonization business model of "photovoltaics + energy storage + electricity sales" to enhance profitability [3]. Group 5: Green Methanol and Sustainable Aviation Fuel - The green methanol business made significant progress with a joint venture established with Fuan Energy to produce 200,000 tons annually, expected to commence production in the second half of 2027 [4]. - The company is collaborating with the Hong Kong government and industry partners to develop a green shipping fuel hub and is expanding into the sustainable aviation fuel market, with a long-term supply agreement with British Airways [4]. Group 6: Business Integration and Innovation - The company successfully merged its Hong Kong and mainland operations and is leveraging its 45 million user base to introduce innovative products and services [4]. - The company secured USD 45 million in financing to support its strategic goals amid ongoing global economic challenges [4]. Group 7: Dividend - The company maintained an interim dividend of HKD 0.12 per share [5].

智通财经APP讯，香港中华煤气(00003)公布，将于2025年9月15日派发中期股息每股0.12港元。 ...

EF001 免責聲明 | 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的內容概不負責，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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 香港中華煤氣有限公司 | | 股份代號 | 00003 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止六個月之中期股息及暫停辦理股份過戶登記 | | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.12 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.12 HKD | | 匯率 | 1 H ...