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 就 因 本 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。 （於百慕達註冊成立的有限公司） （股 份 代 號：384） (1)有關股權轉讓的關連交易 及 (2)有關燃氣錶及水錶產品採購框架協議的持續關連交易 (1) 有關股權轉讓的關連交易 CHINA GAS HOLDINGS LIMITED 中國燃氣控股有限公司 * 於 二 零 二 六 年 二 月 六 日，賣 方（本 公 司 全 資 附 屬 公 司）與買方（本 公 司 非 全 資 附 屬 公 司）訂 立 股 權 轉 讓 協 議，據 此，賣 方 已 同 意 出 售，而 買 方 已 同 意 購 買 股 權，代 價 為人民幣52,668,000元（相 當 於 約58,520,000港 元）。於 完 成 後，賣 方 將 不 再 持 有 目 ...

Core Insights - The textile industry is recognized as a traditional high-energy-consuming sector, and its green transformation is essential for high-quality development [2] Group 1: Company Overview - Hai'an Qihong Textile Technology, established in 2005, is a private textile technology enterprise located in Hai'an Economic Development Zone, Nantong, Jiangsu Province [1] - The company specializes in the research and production of knitted and warp-knitted plush fabrics, with a comprehensive industrial system covering weaving, dyeing, printing, and finishing [1] - Its products are widely used in soft sofas, clothing, and home textiles, providing fabrics, services, and end solutions to global customers [1] - The company has developed high-tech products such as the patented plush fabric and high-density ultra-soft fabrics, which are well-known in the market [1] Group 2: Energy Solutions and Sustainability - The newly operational energy storage station, designed to address the long production processes and stable electricity load of the textile industry, employs a "valley electricity storage and peak electricity release" operational model [1] - This energy storage solution has significantly reduced the company's peak-to-valley electricity cost difference and has saved considerable electricity expenses, while also reducing carbon dioxide emissions by approximately 180 tons [1][3] - The project enhances the company's ability to respond to grid fluctuations, ensuring the continuous and stable operation of key production processes such as dyeing and weaving [1] - The energy storage station is a significant practice for China Gas in the textile industry's energy storage sector, providing economic, efficient, and reliable energy services tailored to the industry's needs [2][3]

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 11 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 優先股A | | | | | | | | 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 | | | 68,500,000 | | 0 | | 68,500,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 68,500,000 | | 0 | | 68,500,000 | | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 否 | | ...

Core Viewpoint - The global energy system is undergoing significant transformation, with energy storage becoming a crucial component in building a new power system, driven by dual forces of "dual carbon" goals and accelerated market reforms [1] Group 1: Company Initiatives - China Gas has strategically positioned itself as a "green city operator" and is actively implementing a comprehensive "source-network-load-storage" integration layout, providing practical examples for the sustainable evolution of energy storage business models [1] - The company has established a diverse project matrix in the energy storage sector, collaborating with various industries and regions, including a smart energy storage station developed with BASF, which can store a total capacity of 80 MWh, equivalent to the daily electricity consumption of approximately 10,000 households [1][2] - China Gas has successfully penetrated multiple high-energy-consuming industries, such as lithium batteries and chemicals, demonstrating the extensive application value of energy storage across different scenarios [2] Group 2: Technological and Economic Impact - The "source-network-load-storage" integrated model promoted by China Gas enhances the stability and economic efficiency of regional power grids, improving the acceptance of intermittent power sources like distributed photovoltaics and reducing voltage fluctuations [3] - The implementation of optimized energy dispatch strategies allows for balanced management of electricity loads, effectively controlling overall electricity costs and mitigating the impact of peak electricity prices [3] - The deployment of digital technologies in these projects accelerates the development of smart grids, enhancing automation and intelligence levels within the power grid [3] Group 3: Industry Perspective - Recent local policies, such as the "Sichuan Electric Power Market Settlement Rules V1.0," clarify the rules and value realization paths for energy storage participation in the electricity market, attracting more participants to the sector [4] - China Gas has established several competitive advantages to address potential revenue fluctuations, including large-scale procurement and refined design to lower initial investment and operational costs [4] - The company’s comprehensive service and safety control system covering the entire project lifecycle ensures reliable long-term operation, allowing it to maintain superior economic performance even amid market adjustments [4]

Core Insights - The global energy system is undergoing significant transformation, with energy storage becoming a crucial component in building a new power system driven by dual carbon goals and market reforms [1][2] - China Gas (00384) is positioning itself as a "green city operator" through an integrated "source-network-load-storage" strategy, actively participating in the sustainable evolution of energy storage business models [1][2] Group 1: Project Developments - China Gas has established a diverse project matrix in the energy storage sector, collaborating with various industries and regions [1][2] - A notable project includes a smart energy storage station developed with BASF and Shanshan, featuring 16 energy storage battery units and 8 power conversion systems, capable of storing 80 MWh of renewable energy, equivalent to the daily electricity consumption of 10,000 households [1] - The company has also implemented energy storage solutions in high-energy-consuming industries such as lithium batteries, non-ferrous metals, and precision manufacturing, demonstrating the broad application value of energy storage [2] Group 2: International Expansion - The Rosersberg energy storage station in Stockholm represents China Gas's first overseas project, providing frequency regulation services to the regional grid and showcasing its international competitiveness [2] - This project marks a significant step in exporting domestic "source-network-load-storage" collaborative experiences to global markets [2] Group 3: System Integration Benefits - The integrated "source-network-load-storage" model enhances the stability and economic efficiency of regional grids, improving the acceptance of intermittent power sources like distributed photovoltaics [3] - The model allows for balanced management of electricity loads, reducing costs associated with peak electricity prices and enhancing overall electricity cost control [3] - The deployment of digital technologies in these projects accelerates the development of smart grids, improving automation and intelligence levels [3] Group 4: Industry Perspective - Recent local policies, such as the "Sichuan Electric Power Market Settlement Rules V1.0," clarify the rules and value realization paths for energy storage participation in the electricity market [4] - China Gas has established several competitive advantages to address potential revenue fluctuations, including large-scale procurement and refined design to lower initial investment and operational costs [4] - The company’s comprehensive service and safety control system covering the entire project lifecycle ensures reliable long-term operation, allowing it to maintain economic advantages even in a changing market [4]

中新网南宁2月2日电 (黄令妍 张广权)广西政协委员，中国燃气控股有限公司(下称"中国燃气")董事局主 席、总裁刘明辉2日介绍，天然气在东盟多数国家需求旺盛，而中国在技术、资金、管网建设方面具备 优势。推动跨境能源合作，既能为东盟国家提供低碳转型支持，也能增强我国能源供应链韧性。 广西两会正在进行，刘明辉接受中新网专访时作上述表示。 广西是中国—东盟开放合作的前沿。刘明辉建议，可以广西为枢纽，连接越南、缅甸等资源国与国内市 场，打造区域性能源交易中心，探索人民币结算，提升能源定价话语权；强化民生导向合作，鼓励企业 在东盟开展"气化乡村"示范项目，将广西的惠民工程经验适度输出，兼顾商业效益与社会效益，提升中 国能源合作的国际形象。 近年来，广西为能源企业深耕东盟市场提供了关键支点。据介绍，目前中国燃气扎根马来西亚、印尼等 东盟新兴市场：在绿色能源转型领域，依托马六甲海峡及周边区域布局绿色船舶燃料等业务，有效填补 当地能源供需缺口；在工业园区综合能源方面，以分布式、综合能源服务模式助力当地工业企业降本增 效，推动低碳转型。同时，企业抓住东南亚数字经济发展机遇，推动数字经济与绿色能源产业跨界融 合，构建区域能源生态 ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Core Viewpoint - China Gas Holdings Limited is a leading integrated energy supply and service enterprise in China, focusing on safety, innovation, and comprehensive energy solutions to meet the growing demands of the population [1][15]. Group 1: Company Overview - China Gas has over 80,000 employees and more than 1,700 subsidiaries, providing gas services to over 50 million households and covering a population of over 200 million [1]. - The company has established a comprehensive development pattern that includes pipeline natural gas, liquefied natural gas, liquefied petroleum gas, electricity, renewable energy technologies, and home services [1]. Group 2: Safety Initiatives - China Gas is committed to enhancing pipeline safety, implementing a comprehensive safety management system (HSE) and conducting thorough inspections of gas facilities [2][3]. - The company has completed the renovation of approximately 430,000 old pipelines in Guangxi and installed smart safety devices in over 430,000 households [2]. Group 3: Infrastructure Development - The company is actively involved in the construction of natural gas pipelines, with a significant project in Chongzuo City that will connect all 14 districts to the national gas network, delivering over 150 million cubic meters of gas annually [8]. - China Gas has invested nearly 11 billion yuan in Guangxi, contributing to local economic development and energy structure optimization [14]. Group 4: Technological Advancements - The company utilizes GIS technology for digital management of its underground pipeline network, enhancing monitoring and safety measures [3]. - China Gas is exploring new business opportunities in biomass energy, solar power, and integrated energy services, aiming to expand its market presence in Southeast Asia [10]. Group 5: Community Engagement and Services - The company has launched various community service initiatives, including the "Home Service Comprehensive Operation" to provide home renovation and safety services [15]. - China Gas has introduced a direct drinking water project that utilizes advanced filtration technology to ensure high-quality drinking water for industrial and residential users [17][18].

中国燃气紧扣"科技驱动型综合能源及美好生活服务商"的战略发展规划，结合广西地区得天独厚的自然禀赋，打破业务边 界，拓展能源发展空间，把握综合能源市场发展机遇，重点开拓生物质能源、光伏、售电、绿色低碳、零碳产业等各项新业 务。以广西为"桥头堡"，深化与东盟国家行业协会及能源企业的标准互认与技术交流，优先进入越南、柬埔寨、印尼等燃气需 求快速增长的新兴市场，布局基础民生领域、工业配套服务、新能源融合业务，试点"燃气+分布式光伏""燃气+生物质发电"等 多能互补项目，积极探索跨境能源合作新路径，赋能东南亚国家能源结构转型。 2025年9月份，中国燃气亮相中国—东盟建筑科技展，其间与崇左市高新区、凭祥产业园签订零碳园区投资合作框架协 议，与维尔利环保科技集团股份有限公司、广西中桓能源有限公司签订战略服务协议，探索综合能源在现实场景的推广应用， 携手共建可持续的生物质能源产业链。同时，与百色市德保县人民政府签订战略合作协议，共建"绿铝+"新一代综合能源产业 基地，驱动工业绿色转型。中国燃气倡议提出"广西能耗双控及双碳数字化平台"，并推动平台一期工程完工，实现省级—城市 —企业三级能源数据、碳排放数据整合，接入林业碳汇区 ...