China Gas Holdings Limited 中國燃氣控股有限公司* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 384) N O T I F I C AT I O N L E T T E R 通 知 信 函 Arrangement of Electronic Dissemination of Corporate Communications and Solicitation of Electronic Contact Details Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate c ...

We hereby notify you that the English and Chinese versions of the Current Corporate Communications have been published and are now available on the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk (the "HKEX's website") and the website of the Company at www.chinagasholdings.com.hk (the "Company's website"). If you have any difficulty in receiving or accessing the Current Corporate Communications posted on the Company's website for any reason, please send your request (specifying your n ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$34,481,081, a decrease of 1.8% from HK$35,105,202 in the same period of 2024[16] - Gross profit for the same period was HK$5,505,527, down 6% from HK$5,855,695 year-on-year[16] - Profit for the period was HK$1,768,085, representing a decline of 21.9% compared to HK$2,263,915 in the previous year[16] - Total comprehensive income for the period was HK$2,766,547, down 28.7% from HK$3,879,660 in the prior year[16] - Other income decreased to HK$401,381 from HK$646,889, reflecting a decline of 38%[16] - Profit for the period attributable to owners of the Company decreased to HK$1,334,217, a decline of 24.2% compared to HK$1,760,747 in the same period last year[17] - Total comprehensive income attributable to owners of the Company was HK$2,162,953, down 32.2% from HK$3,194,275 year-over-year[17] - Basic and diluted earnings per share decreased to HK$24.73, down 24.2% from HK$32.71 in the previous year[17] Cash Flow and Liquidity - For the six months ended September 30, 2025, net cash from operating activities was HK$3,127,333, a decrease of 15.1% compared to HK$3,683,318 for the same period in 2024[23] - Net cash used in investing activities improved to HK$522,370 from HK$1,461,225, indicating a reduction of 64.3%[23] - The net cash from financing activities was HK$1,036,961, a significant recovery from a net cash used of HK$1,707,196 in the previous year[23] - The total cash and cash equivalents at September 30, 2025, increased to HK$12,707,137, up 38.5% from HK$9,188,743 at the same date in 2024[23] - Current liabilities decreased slightly to HK$46,559,151 from HK$46,902,284, indicating improved liquidity management[20] - The company reported a net current assets position of HK$1,646,508, a significant improvement from a net liability of HK$2,354,784[20] Assets and Liabilities - Non-current assets increased to HK$104,031,353, up from HK$103,673,070 as of March 31, 2025[19] - Total equity increased to HK$63,421,331, up from HK$60,726,705, reflecting a growth of 4.5%[20] - The Group's total liabilities increased to HK$16,106,015,000 as of September 30, 2025, from HK$16,746,886,000[76] - The Group's total trade and other receivables amounted to HK$16,384,764,000 as of September 30, 2025, an increase from HK$15,562,499,000 as of March 31, 2025[68] - Trade receivables from contracts with customers were HK$6,850,639,000, with a net amount of HK$5,814,442,000 after deducting an allowance for credit losses of HK$1,036,197,000[68] Revenue Breakdown - Revenue from the sale of natural gas reached HK$20,381,866, an increase of 3.8% from HK$19,641,836 in 2024[33] - Engineering design, construction, and installation revenue was HK$3,161,112, a decrease of 5.2% from HK$3,335,525 in the previous year[33] - Sales of liquefied petroleum gas (LPG) decreased to HK$8,382,600, down 12.3% from HK$9,557,976 in 2024[33] - Total revenue for the six months ended September 30, 2025, was HK$34,481,081, a decline of 1.8% compared to HK$35,105,202 in 2024[33] Operational Highlights - The Group reorganized its internal reporting structure, combining the gas connection segment with the engineering design and construction segment for better resource allocation[39] - The Group connected 676,347 new residential users during the period, a decrease of 25.2% year-on-year, while cumulative connections reached 49,128,135, up by 2.4%[116] - The Group has cumulatively built 564,972 km of gas pipelines as of September 30, 2025[115] - The Group secured 662 piped gas projects across 30 provinces, with no new city piped gas projects added during the period[114] Strategic Initiatives - The Group is focused on improving the natural gas pricing mechanism to alleviate cost pressures in the gas industry[100] - The Group is advancing organizational reforms and integrating AI into business scenarios to enhance operational efficiency[108] - The Group aims to enhance its value-added services by adapting operations strategies to align with consumption trends, thereby increasing market share[194] - The Group plans to explore new business areas such as user-side energy storage and biomass, contributing to performance growth[191] Market and Economic Context - China's GDP grew by 5.2% year-on-year in the first three quarters, indicating a stable economic recovery[100] - China's apparent natural gas consumption decreased by 0.2% year-on-year to 317.75 billion m³ from January to September 2025[103] - The Chinese government is expected to implement more robust economic stimulus policies to stabilize the economy, which will benefit the Group's operations[190] Dividend and Shareholder Returns - The proposed interim dividend was set at HK15.0 cents per share[107] - The Group declared an interim dividend of HK15.0 cents per share for the six months ended 30 September 2025, consistent with the previous year[200]

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

中国燃气(00384)发布公告，于2025年12月8日，北燃新加坡与China Gas International(公司的间接全资附 属公司)订立主协议，为订约方买卖液化天然气提供框架。于2025年12月10日，China Gas International与 北燃新加坡订立确认备忘录，据此，China Gas International同意购买而北燃新加坡同意出售340万 MMBtu的液化天然气，总代价为3888.58万美元。 ...

格隆汇12月16日丨中国燃气(00384.HK)公告，于2025年12月8日，北燃新加坡与公司的间接全资附属公 司China Gas International订立主协议，为订约方买卖液化天然气提供框架。于2025年12月10日，China Gas International与北燃新加坡订立确认备忘录，据此，China Gas International同意购买而北燃新加坡同 意出售340万MMBtu的液化天然气，总代价为38,885,800美元。 China Gas International与北燃新加坡订立该协议及其项下拟进行交易，标志着集团拓展其国际贸易业务 的里程碑。北燃新加坡为北京控股的海外贸易平台，在国际贸易及三方贸易安排方面具备丰富经验，该 交易属三方国际贸易架构下进行的试点交易，可作为集团日后与其他国际交易对手进行类似交易的参 考。董事(包括独立非执行董事)认为，该交易将使集团能够扩展其国际液化天然气贸易活动、加强其在 国际市场的执行能力，以及增加其整体市场导向国际贸易量，且知悉该交易大致上符合市场惯例。 北燃新加坡为一间于新加坡注册成立的有限公司，主要从事固态、液态及气态燃料及相关产品的批发 ...

智通财经APP讯，中国燃气(00384)发布公告，于2025年12月8日，北燃新加坡与China Gas International(公司的间接全资附属公司)订立主协议，为订约方买卖液化天然气提供框架。于2025年12月 10日，China Gas International与北燃新加坡订立确认备忘录，据此，China Gas International同意购买而 北燃新加坡同意出售340万 MMBtu的液化天然气，总代价为3888.58万美元。 ...

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。 董 事 會 謹 此 宣 佈，於 二 零 二 五 年 十 二 月 八 日，北 燃 新 加 坡 與China Gas International訂 立 主 協 議，為 訂 約 方 買 賣 液 化 天 然 氣 提 供 框 架。於 二 零 二 五 年 十 二 月 十 日，China Gas International與 北 燃 新 加 坡 訂 立 確 認 備 忘 錄，據 此，China Gas International同意購買而北 燃新加坡同意出售3,400,000 MMBtu的 液 化 天 然 氣，總 代 價 為38,885,800美 元（相 當 於 303,309,240港 元）。 上市規則的涵義 於 本 公 告 日 期，北 ...

日前，中国燃气旗下中燃智慧交通与滴滴充电、广汽能源科技有限公司达成战略合作，共同推进充电基 础设施建设以及共筑光储充换绿色能源生态。 根据协议，滴滴充电与中燃智慧交通（深圳）有限公司将整合资源，为物流车、公交车、网约车及私家 车等提供充电服务。其中，滴滴充电将为中燃智慧交通提供包括充电运营管理、光储充停一体化平台、 虚拟电厂平台及安防系统在内的综合能源解决方案。随着合作深入，中燃智慧交通将向滴滴充电开放其 在全国范围内的场站资源，以扩展服务覆盖。 资料显示，中燃智慧交通作为中国燃气集团的全资子公司，服务车用及船用能源市场，在全国运营超过 300座加气站；滴滴充电是滴滴旗下的数智化充电运营商，截至2025年9月底，其网络已覆盖全国270多 座核心城市，接入超过62000家场站，并与11000余家商户建立合作。 另外，中燃智慧交通（深圳）有限公司与广汽能源在广州南沙举行框架合作协议签约仪式，双方将就光 储充换一体化项目开发、多领域能源协同等事宜达成深度合作。具体来看，合作将依托双方在场地资源 与技术运营方面的优势互补，明确合作机制与收益共享模式，按照"一次签约、分批建设"的既定原则稳 步推进各项合作的落地实施，为 ...