Core Viewpoint - EVE Energy and China Gas Holdings have signed a strategic cooperation agreement to enhance collaboration in the energy sector, focusing on energy storage technology innovation and the implementation of carbon neutrality goals [2][5][8]. Group 1: Strategic Cooperation - The strategic cooperation agreement was signed by key executives from both companies, establishing a deep partnership based on mutual benefits and resource sharing [2][5]. - The collaboration aims to create a comprehensive strategic partnership, focusing on energy storage technology innovation and large-scale application of clean energy [5][7]. Group 2: Areas of Focus - The partnership will concentrate on three core areas: technology research and development, project development, and resource sharing, to maximize industrial synergy [7]. - In technology R&D, both companies will collaborate on key innovations in battery materials and energy coupling, as well as digital management [7]. - The project development will involve integrating industry chain resources to expand diverse applications of new energy [7][8]. Group 3: Future Outlook - The agreement is seen as a response to the green and low-carbon development trend, with both companies committed to accelerating energy storage technology innovation and clean energy applications [8]. - Future efforts will focus on deepening cooperation in the comprehensive energy sector, expanding the breadth and depth of collaboration [8].

Core Viewpoint - China Gas reported a decline in revenue and net profit for 1H FY2025/26, primarily due to reduced new user connections and slower industrial gas demand, although free cash flow increased significantly [1][5]. Group 1: Financial Performance - The company achieved a revenue of HKD 34.481 billion, a year-on-year decrease of 1.8% [1]. - Net profit attributable to shareholders was HKD 1.334 billion, down 24.2% year-on-year, falling short of expectations [1]. - Free cash flow reached HKD 2.6 billion, representing a year-on-year increase of 17.2% [1][4]. - The company proposed an interim dividend of HKD 0.15 per share, unchanged from the previous year [1]. Group 2: Gas Sales and Margins - Natural gas sales volume was 17.41 billion m³, a year-on-year increase of 1.7%, with town gas sales volume at 9.19 billion m³, down 1.5% [2]. - The retail gas gross margin was HKD 0.58 per m³, a slight decrease of HKD 0.01 per m³, mainly due to a decline in high-margin industrial gas [2]. - The company maintains a gross margin target of HKD 0.55 per m³ for the full fiscal year, indicating potential for a HKD 0.01 per m³ increase compared to FY2024/25 [2]. Group 3: User Connections and Impact - The company added 676,300 new residential users, a decline of 25.2% year-on-year, with new building connections accounting for 67.9% of the total [3]. - The pre-tax profit from connection and engineering services constituted only 16.0% of total business segment profits, indicating a decreasing contribution to overall profitability [3]. - The forecast for new user connections in FY2025/26 is expected to be between 1 million and 1.2 million, suggesting a continued decline in the impact of connection services on overall performance [3]. Group 4: Value-Added and Comprehensive Energy Business - Revenue from value-added services reached HKD 2.02 billion, a year-on-year increase of 0.3%, with operating profit at HKD 1.02 billion, up 1.3% [4]. - The company saw significant growth in commercial user energy storage, reaching 617.7 MWh, a year-on-year increase of 693.5% [4]. - Electricity sales volume increased by 25.5% year-on-year, with green certificate trading volume rising by 709% [4]. Group 5: Financing and Cost Management - The company achieved a record high free cash flow of HKD 2.6 billion due to reduced capital expenditures [4]. - Financing costs decreased to 3.39%, down 0.45 percentage points from FY2024/25, reflecting improved debt structure management [4]. Group 6: Investment Rating - The company maintains a "Buy" rating despite a slowdown in gas sales growth and ongoing pressure on connection services, with revised net profit forecasts for FY2025/26 to FY2027/28 [5]. - The current stock price corresponds to a PE ratio of 14, 12, and 11 for FY2025/26 to FY2027/28, respectively, with a stable dividend policy and a competitive dividend yield in the industry [5].

机构：东吴证券 研究员：袁理/谷玥 事件：2025 年11 月28 日，公司发布2025/2026 财年中期业绩。2025/26财年中期，公司实现营业总收入 344.8 亿港元，同比减少1.8%；归母净利润13.34 亿港元，同比下降24.2%；中期股息每股15 港仙，维持 稳定派息水平。 零售气、接驳业务承压，增值业务微增；补贴收入减少影响业绩。2025/26财年中期，公司实现分部利 润33.81 亿港元，同比下降10.3%；归母净利润13.34 亿港元，同比下降24.2%，除业务变化之外，补贴 收入减少影响业绩。分业务来看：1）天然气销售收入203.8 亿港元，同比增长3.8%；分部利润15.7 亿 港元，同比-5.3%。城镇燃气项目销气量91.9 亿立方米，同比下降1.5%；其中，居民用户气量微增0.1% 至25.9 亿方，工业/商业用户气量分别下降1.1%/2.2%至48.8/15.5 亿方，主要受房地产相关行业（钢铁 业、化工业、建材业）低迷及餐饮消费疲软影响，加气站气量下降24.6%至1.7 亿方。居民顺价比例从 25 财年的68%提升至74%，平均调价幅度0.20 元/立方米，带动居民用户整体气 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-12-03 宏观策略 [Table_MacroStrategy] 金融产品深度报告 20251202：恒生科技 ETF， 2025 年 11 月复盘及 12 月展望 事件驱动盘点： 宏观层面：宏观层面，海外与国内因素共同压制市场。 国内需求数据虽有改善，但 10 月制造业 PMI 回落打击市场信心；海外因 美国关键数据缺失及 9 月非农数据背离，导致宏观能见度骤降，影响流 动性宽松预期并压制全球投资者的风险偏好。在内外双重不确定性下，资 金避险情绪浓厚，致使指数重心下移并进入缩量盘整。 政策层面：政策 层面，流动性支持与产业指引为市场提供支撑。国内"财政发债+货币续 作"有效对冲资金扰动，海外美联储释放鸽派信号，共同稳定估值环境； 新能源、卫星物联网等产业政策密集出台，为相关板块基本面修复提供了 长期的利好支持。 行业层面：行业层面，消费科技板块财报呈现结构性 分化。美团、京东、阿里等因竞争激烈，战略投入扩大致利润回调甚至转 亏；腾讯、小米等通过出海与高端化实现盈利提升。AI 领域技术突破为 商业化开辟新路径，企业盈利差异成为影响市场预期的关键变量。 ...

Core Viewpoint - China Gas and EVE Energy have signed a strategic cooperation agreement to enhance collaboration in three key areas: technology development, project development and market expansion, and green energy ecosystem construction [1] Group 1: Technology Development - The two companies will jointly develop energy storage systems and biomass energy coupling technology, aiming to promote the commercialization of low-carbon energy management platforms [1] Group 2: Project Development and Market Expansion - China Gas and EVE Energy plan to collaborate on projects in commercial and industrial energy storage, mobile energy storage, heavy-duty vehicle battery swapping, and zero-carbon parks, with a gradual expansion into overseas markets [1] Group 3: Green Energy Ecosystem Construction - China Gas will provide biomass gas, steam, and new energy power supply solutions to EVE Energy's factories in Yunnan, Hubei, and Malaysia, ensuring energy supply and support [1] Group 4: Previous Collaborations - The companies have successfully launched projects such as the 40MW/80MWh energy storage station at BASF Shanshan's Changsha base and the 20MW/45MWh energy storage station at Jiangyin Haida Rubber and Plastic [1]

Core Viewpoint - China Gas has established a strategic partnership with EVE Energy to enhance collaboration in energy storage technology, biomass technology applications, and green clean energy, supporting the national "dual carbon" goals [1][2] Group 1: Strategic Cooperation Agreement - The strategic cooperation agreement was signed on December 2, 2025, focusing on three core areas: technology research and development, project development and market expansion, and green energy ecosystem construction [1][2] - The partnership aims to leverage the strengths of both companies in distributed energy, biomass, and low-carbon platforms, combining them with EVE Energy's leading battery solutions to develop energy storage systems and biomass energy coupling technology [1] Group 2: Project Development and Market Expansion - Both companies plan to jointly develop projects in commercial energy storage, mobile storage, heavy-duty vehicle battery swapping, and zero-carbon parks, with a goal to achieve 1 GWh of orders for energy storage products within one year [1] - The collaboration will also explore market opportunities in the next three years, focusing on commercial user-side storage, electric heavy-duty vehicle batteries, and mobile storage [1] Group 3: Green Energy Ecosystem Construction - China Gas will provide comprehensive energy support, including biomass gas, steam, and new energy power, to EVE Energy's production bases in Yunnan, Hubei, and Malaysia [2] - The partnership aims to deepen collaboration in the comprehensive energy sector, promoting high-quality development of the new energy industry chain and contributing to global energy transition [2] Group 4: Zero Carbon Layout - The company will focus on creating zero-carbon cities and parks, implementing a systematic layout across the entire industry chain of "source-network-load-storage" [2] - The initiative includes providing carbon measurement and energy-saving services throughout the building lifecycle and developing smart low-carbon industrial parks through digital management platforms [2]

Core Viewpoint - China Gas has established a strategic partnership with EVE Energy to enhance collaboration in energy storage technology, biomass technology applications, and green clean energy, supporting the national "dual carbon" goals [1][2] Group 1: Strategic Cooperation Agreement - The strategic cooperation agreement was signed on December 2, 2025, focusing on three core areas: technology research and development, project development and market expansion, and green energy ecosystem construction [1][2] - The partnership aims to leverage the strengths of both companies in distributed energy, biomass, and low-carbon platforms, combining them with EVE Energy's leading battery solutions to develop energy storage systems and biomass energy coupling technology [1] Group 2: Project Development and Market Expansion - Both companies plan to jointly develop projects in commercial energy storage, mobile energy storage, heavy-duty vehicle battery swapping, and zero-carbon parks, with a goal to achieve 1 GWh of orders within one year [1] - The collaboration will also explore market opportunities in the next three years for commercial user-side energy storage, electric heavy-duty vehicle batteries, and mobile energy storage [1] Group 3: Green Energy Ecosystem Construction - China Gas will provide comprehensive energy support, including biomass gas, steam, and new energy power, to EVE Energy's production bases in Yunnan, Hubei, and Malaysia [2] - The partnership aims to deepen collaboration in the comprehensive energy sector, promoting high-quality development of the new energy industry chain and contributing to global energy transition [2] Group 4: Zero Carbon Layout - The company will focus on creating zero-carbon cities and parks, implementing a systematic layout across the entire industry chain of "source-network-load-storage" [2] - The initiative includes providing carbon measurement and energy-saving services throughout the building lifecycle and developing smart low-carbon industrial parks through digital management platforms [2]

智通财经APP讯，中国燃气(00384)发布公告，董事会欣然向公司股东及潜在投资者提供集团业务的最新 发展： (一) 政策驱动市场机遇，储能业务规模化高速发展 今年以来，国家相关部门密集出台关于深化新能源上网电价市场化改革、全面加快电力现货市场建设及 促进新能源消纳和调控等系列政策，有效驱动工商业用户侧储能需求爆发。集团凭借先发优势与整合能 力，精准把握政策红利，加速项目落地与市场拓展，实现了该板块的规模化高速发展。 截至2025年9月30日止，集团工商业用户侧储能业务持续展现强劲增长动能，累计已投运规模达617.7兆 瓦时(MWh)，累计签约装机容量已达到1.2吉瓦时 (GWh)，主要项目集中分布于江苏、浙江及广东等区 域。此外，在当前绿电交易规模和市场化程度不断提升的背景下，集团积极应用人工智能(AI)技术以提 升电力交易的精准度，并通过虚拟电厂等创新模式聚合分散式能源资源，结合储能项目运营，有效拓宽 了电力新能源业务的盈利渠道。 集团将紧密围绕零碳城市(园区)的打造，于"源-网-荷-储"全产业链进行系统布局。在国家"碳达峰、碳中 和"战略强力部署的新形势下，通过能源类资产的运营，致力实现电、气、热、冷等 ...

Group 1 - The company is experiencing rapid growth in its energy storage business, driven by favorable government policies and a strong market demand from commercial users, with a cumulative operational scale of 617.7 MWh and a signed capacity of 1.2 GWh as of September 30, 2025 [1] - The company is leveraging artificial intelligence technology to enhance the accuracy of electricity trading and is exploring innovative models like virtual power plants to aggregate distributed energy resources, thereby expanding its profit channels in the renewable energy sector [1] Group 2 - The company is committed to its "green city operator" strategy, aligning with national carbon neutrality goals, and is integrating various energy services such as distributed photovoltaics, charging stations, and biomass energy to create a collaborative energy ecosystem [2] - A strategic partnership has been established with Yiwei Lithium Energy to focus on technology innovation in energy storage and biomass applications, aiming to support the national carbon goals through joint efforts in three core areas: technology development, project development, and green energy ecosystem construction [2][3] Group 3 - The partnership plans to develop projects in commercial energy storage, mobile storage, and zero-carbon parks, with a target of achieving 1 GWh of orders for battery or energy storage products within a year, covering both domestic and international markets [3] - The company aims to create a zero-carbon city by integrating various energy systems and providing comprehensive energy services throughout the lifecycle of buildings, while also utilizing digital management platforms to promote smart low-carbon industrial parks [4]

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 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 之 任 何 損 失 承 擔 任 何 責 任。 CHINA GAS HOLDINGS LIMITED 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） （股 份 代 號：384） 自願性公告 業務發展最新情況 及 與惠州億緯鋰能股份有限公司 訂立戰略合作協議 本公告由中國燃氣控股有限公司*（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）作出的自 願 性 公 告。 業務發展最新情況 本公司董事會（「董事會」）欣 然 向 本 公 司 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 的 最 新 發 展。 （一）政 策 驅 動 市 場 機 遇，儲 能 業 務 規 模 化 高 速 發 展 今 年 以 來，國 家 相 關 部 門 密 集 出 台 關 ...