股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 電能實業有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00006 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,131,105,154 | | | 0 | | 2,131,105,154 | | 增加 / 減少 ( ...

Financial Performance - The company's total revenue for the first half of 2025 was 1.883 billion yuan, ranking 25th among disclosed peers [1] - The net profit attributable to shareholders was -70.9766 million yuan, an increase of 275 million yuan compared to the same period last year [1] - The net cash inflow from operating activities was 727 million yuan, ranking 10th among disclosed peers, with an increase of 761 million yuan year-on-year, marking two consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio is 65.10%, ranking 28th among disclosed peers, a decrease of 3.79 percentage points from the same period last year [3] - The latest gross profit margin is 16.32%, an increase of 8.26 percentage points compared to the same period last year [4] - The latest return on equity (ROE) is -1.33%, an increase of 3.89 percentage points from the same period last year [4] Earnings Per Share - The diluted earnings per share is -0.05 yuan, an increase of 0.20 yuan compared to the same period last year [5] Asset Efficiency - The latest total asset turnover ratio is 0.11 times, ranking 6th among disclosed peers [6] - The latest inventory turnover ratio is 0.16 times, ranking 19th among disclosed peers [6]

Group 1 - The company reported a total operating revenue of 1.883 billion yuan for the first half of 2025, representing a year-on-year decline of 41.83% [1] - The net loss attributable to shareholders of the listed company was 70.9766 million yuan, with a net loss of 75.6277 million yuan after deducting non-recurring gains and losses [1] - The basic loss per share was 0.0526 yuan [1]

Market Overview - The Shanghai Composite Index reached a new high of 3784.58 points during the session, marking a 0.35% increase by the close [2] - The market saw a total turnover exceeding 1.59 trillion yuan in the first half of the trading day [2] Sector Performance - The digital currency sector experienced significant gains, driving strength in software and certain financial sectors [2] - Other sectors that saw increases include oil and gas extraction, beauty care, e-commerce, agriculture, and gaming [2] Notable Stocks - Major stocks such as ZTE Corporation (000063), North Huachuang, Muyuan Foods, Mindray, Luxshare Precision, Wanhua Chemical, and Fuyao Glass showed significant upward movement [2] - ZTE Corporation surged by 6.36% with a trading volume of 16.418 billion yuan, leading the A-share market [4] AI Computing Sector - The AI computing sector displayed a mixed performance, with North American computing chains adjusting downwards while domestic computing concepts strengthened [4] - Notable gains were seen in stocks like Aojie Technology, Shengke Communication, and Wantong Development, with Wantong Development hitting a price limit [5] Semiconductor Sector - The semiconductor sector was active, with stocks like Zhaoyi Innovation hitting the price limit and North Huachuang and Demingli also rising [7] State-Owned Enterprises - "State-owned enterprises" stocks performed well, with notable increases in China Oil Capital, China Software, China Rare Earth, and China CRRC [8] Telecommunications Sector - The three major telecom operators, China Mobile, China Telecom, and China Unicom, all saw gains, benefiting from stable business performance and digital transformation [10] - The oil and gas extraction sector also rose, driven by the performance of major companies like China National Offshore Oil Corporation, China Petroleum, and China Petrochemical [10]

Market Overview - The Shanghai Composite Index reached a new high of 3784.58 points during the session, marking a 0.35% increase by the close [1] - The market saw a strong performance in the digital currency sector, which boosted software and some financial sectors [1] - Major sectors that experienced gains included oil and gas extraction, beauty care, e-commerce, agriculture, and gaming [1] Key Stocks Performance - Notable large-cap stocks such as ZTE Corporation (000063), North China Innovation, Muyuan Foods, Mindray Medical, Luxshare Precision, Wanhua Chemical, and Fuyao Glass showed significant increases [1] - ZTE Corporation surged by 6.36% with a trading volume of 16.418 billion yuan, leading the A-share market [2][3] AI Computing Sector - The AI computing sector exhibited a mixed performance, with North American computing chains adjusting downwards while domestic computing concepts gained strength [2] - ZTE Corporation's stock hit the daily limit up shortly after market open, reflecting strong investor interest [2] Semiconductor Sector - The semiconductor sector was active, with stocks like Zhaoyi Innovation hitting the daily limit up, and other leading stocks such as North China Innovation and Demingli also rising [5] - The report highlighted that AI chips, as a core upstream segment, have high technical barriers and strong customer stickiness, benefiting companies with R&D and system integration capabilities [5] State-Owned Enterprises - "State-owned enterprises" stocks performed well, with notable increases in stocks like Zhong Oil Capital, China Software, China Rare Earth, and China CRRC [7] - The three major telecom operators, China Mobile, China Telecom, and China Unicom, also saw gains, supported by stable mid-year reports and a focus on digital transformation [8] Oil and Gas Sector - The oil and gas extraction sector experienced a significant rise, driven by the performance of major companies like China National Offshore Oil Corporation, China Petroleum, and China National Petroleum [8]

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]

Short Selling Ratios - New World Development Co. Ltd. (80016) has the highest short selling ratio at 100.00% [1][2] - Li Ning Company Limited (82331) follows with a short selling ratio of 95.64% [1][2] - JD Health International Inc. (86618) has a short selling ratio of 90.55% [1][2] Short Selling Amounts - Tencent Holdings Limited (00700) leads in short selling amount with 1.598 billion [3] - Xiaomi Corporation (01810) has a short selling amount of 1.255 billion [3] - Alibaba Group Holding Limited (09988) follows closely with a short selling amount of 1.135 billion [3] Deviation Values - CLP Holdings Limited (00006) has the highest deviation value at 46.95% [3] - Tencent Holdings Limited (80700) has a deviation value of 42.72% [3] - New World Development Co. Ltd. (80016) has a deviation value of 37.35% [3]

Core Viewpoint - The company reported a revenue of HKD 3.52 billion for 1H25, a year-on-year decrease of 22.5%, while the net profit attributable to shareholders was HKD 30.42 billion, reflecting a slight increase of 1.2% year-on-year, aligning closely with previous forecasts [1] Group 1: Financial Performance - The company declared an interim dividend of HKD 16.62 billion, unchanged year-on-year, representing 54.6% of the net profit attributable to shareholders, with a corresponding DPS of HKD 0.78, also unchanged year-on-year [1] - The UK and Hong Kong segments contributed profit increases of 11.2% and 5.7% respectively, while the Australian segment saw a profit decrease of 4.3% due to expiring contracts and declining market electricity prices [2] - The company expects profit contributions from regulated assets to improve in the future, particularly as several assets enter new regulatory periods in 2025/26 [3] Group 2: Regulatory Environment and Future Outlook - The company anticipates an increase in allowed return rates for regulated assets entering new regulatory periods, which is expected to support stable profit growth [3] - In the UK, Northumbrian Water is set to enter a new regulatory period in April 2025, with an appeal for better terms currently pending [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of HKD 61.6 billion, HKD 65.7 billion, and HKD 68.7 billion respectively, with a target price of HKD 67.13 based on a projected PB of 1.64x for 2025 [3]

大和预计，电能实业在英国的利润增长将在今年下半年将略为放缓。2024年是UKPN(UK Power Networks)强劲对比的一年，大和估计是电能实业在英国业务利润的最大贡献者。此外，出售UK Rails如 预期确认。长江基建集团(01038)及电能实业报告称，其于2025年7月达成协议出售UK Rails业务，预计 在完成某些条件后于2025年底完成交易。大和上调电能实业2025年盈利预测，以反映此次处置收益(电 能实业拥有10%股权)，主要因电能实业出售UK Rails业务所即将实现的处置收益，大和上调电能实业 2025年每股盈利预测2%。 智通财经APP获悉，大和发布研报称，电能实业(00006)英国业务支持其今年上半年业绩增长，此外公司 出售UK Rails项目，并准备参与并购以推动股息增长下，该行维持电能实业跑赢大市评级，12个月目标 价从55港元上调至57.8港元。 ...

证券研究报告 电能实业 (6 HK) 港股通 1H25 业绩符合预期，派息稳定 2025 年 8 月 15 日│中国香港 发电 电能实业发布半年报，1H25 实现营收 3.52 亿港元（yoy -22.5%），归母净 利 30.42亿港元（yoy +1.2%），基本符合我们此前业绩前瞻报告预期的 30.96 亿港元。公司分派中期股息 16.62 亿港元，同比持平，占归母净利的 54.6%； 对应 DPS 0.78 港元，同比持平。考虑公司业务模式具有强抗风险能力，多 个资产有望于 2025/26 年迎来回报率上调窗口期，我们认为未来公司利润或 稳中有增，维持"买入"评级。 1H25 英国/港灯溢利贡献同比+11/+6%，澳洲溢利贡献同比-4% 受益于受规管资产与 2024 年收购的可再生能源组合的稳健运营及英镑汇率 走强，1H25 英国业务贡献溢利 17.24 亿港元（yoy +11.2%），考虑到 RIIO-2 约定超支费用回收周期自 2 年调整为 1 年内，UK Power Networks（UKPN） 于 2H24 迎来超支费用回收高峰期（RIIO-ED2 自 2023/4/1 开始），2H25 溢利贡 ...