Group 1 - The company, China Gas (00384), announced a capital increase agreement involving its wholly-owned subsidiary, Zhongran Hongming Power Sales Co., Ltd., with China Shuang Carbon, Huiguang Lianzhi, and Meiya, which will result in these parties acquiring a 23% stake in the target company for a total consideration of RMB 216 million [1] - The target company primarily engages in electricity sales and clean energy development, consulting services, and investment, focusing on expanding its business in the energy sector and promoting clean energy and low-carbon solutions [1] - Following the capital increase, the company's ownership in the target will be diluted from 100% to 77% [1] Group 2 - The proceeds from the capital increase will primarily be used for the ongoing business development of the target company's electricity and new energy divisions [2] - The involvement of key management members in the capital increase indicates their long-term commitment to the target company's electricity and new energy divisions, aligning their interests with the company's long-term strategic goals [2] - The capital increase will provide funding for ongoing projects, research and development, and the expansion of energy service products, ensuring long-term growth and sustainability [2] - The company emphasizes the importance of business integration within its electricity and new energy divisions, aiming to transform from a single electricity supplier to a green urban operator, thereby redefining customer value and enhancing customer loyalty [2] - The integration and optimization of processes within the division will establish a responsive collaborative system, improving resource allocation and decision-making efficiency [2] - The company believes that these strategic initiatives are crucial for enhancing operational efficiency, setting new industry standards, and promoting the sustainable development of its electricity and new energy divisions [2]

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。 （股 份 代 號：384） 有 關 本集團電力及新能源分部的 關連交易 增 資 於 二 零 二 五 年 六 月 二 十 日，目 標 公 司 與 中 燃 燃 氣（各 為 本 公 司 全 資 附 屬 公 司）、中 國 雙 碳、輝煌聯智與美亞訂立增資協議，據此，中國雙碳、輝煌聯智及美亞同意認購目標公 司 之 新 發 行 註 冊 資 本，佔 完 成 後 目 標 公 司 合 共23%之 股 權，總 代 價 為 人 民 幣216,000,000 元。 上市規則之涵義 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） – 1 – 由於增資會將本公司於目標公司之股權由100%攤 ...

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 6.70, indicating a potential downside of 11.4% from the current price of HKD 7.56 [4][17]. Core Insights - The company is expected to experience a decline in profit for the fiscal year 2025 due to the impact of a warm winter, with a focus on the certainty of profit improvement in the following year [2][7]. - The forecast for fiscal year 2025 has been adjusted downwards by approximately 2% to reflect the impact of the warm winter on gas sales volume, with an expected core profit decrease of 6.4% to HKD 3.712 billion [7][8]. - The company anticipates a slight increase in retail gas volume of about 1% year-on-year, which is below the company's guidance of 2% [7][8]. Financial Overview - Revenue is projected to decline from HKD 91,988 million in 2023 to HKD 75,183 million in 2025, reflecting a year-on-year decrease of 7.6% [3][18]. - Net profit is expected to decrease from HKD 4,293 million in 2023 to HKD 3,712 million in 2025, with a year-on-year decline of 6.4% [3][18]. - The earnings per share (EPS) is forecasted to drop from HKD 0.76 in 2023 to HKD 0.68 in 2025, indicating a decrease of 6.4% [3][18]. Operational Insights - The company expects retail gas volume to grow by 2% year-on-year in fiscal year 2026, with a projected gas margin increase to RMB 0.54 per cubic meter [7][10]. - The number of new residential connections is anticipated to decline by approximately 21% to 1.25 million households in fiscal year 2025 [7][9]. - The company maintains a dividend of HKD 0.35 for the final period, with an annual payout of HKD 0.50 [7][8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 11.1 times for fiscal year 2025, with an expected price-to-book (P/B) ratio of 0.75 [3][18]. - The company has a dividend yield of 6.6%, which is considered defensive [7][8]. - The target price has been adjusted to HKD 6.70 from the previous HKD 5.92, reflecting a more favorable valuation compared to other gas companies [7][8].

Investment Rating - The report suggests a cautious outlook on the chemical industry, with a focus on price increases for specific products and potential investment opportunities in companies like Kangkuan and nitrated cotton [1][2]. Core Insights - The chemical market is experiencing price increases, with notable price adjustments for products such as chlorantraniliprole and Bacillus thuringiensis, indicating a favorable pricing environment [1][2]. - Geopolitical tensions, particularly the Iran-Israel conflict, have led to increased oil prices, which in turn affects the chemical sector positively by raising the prices of related products like methanol and strontium carbonate [2][3]. - The report highlights significant events impacting the industry, including the launch of a new production facility by China Pingmei Shenma Group, which could alter the competitive landscape in the nylon industry [3][4]. Summary by Sections Market Overview - The basic chemical index fell by 0.01%, outperforming the CSI 300 index by 0.24% this week, with strong performances from specific stocks [1][11]. - Brent crude oil averaged $69.45 per barrel, up 6.22% week-on-week, while WTI crude oil averaged $67.89 per barrel, up 7.17% [11]. Key Events - The report notes the successful negotiation of a major potassium fertilizer contract at $346 per ton, indicating a positive outlook for the potassium fertilizer market [1]. - The establishment of a new 100,000 tons/year production facility by China Pingmei Shenma Group marks a significant development in the nylon supply chain [3]. Price Movements - The report tracks price changes for various chemical products, with significant increases noted in sectors such as textile chemical products and compound fertilizers [11][12]. - The report indicates that the prices of methanol and strontium carbonate are gaining attention due to their correlation with rising oil prices [2][11]. Industry Trends - The report emphasizes the ongoing recovery in domestic and international demand for chemicals, particularly in the tire and rubber sectors, which are seeing a resurgence in production rates [27][28]. - The AI industry is also highlighted, with significant investments being made, indicating a broader trend of technological integration within the chemical sector [4].

董事會會議通告 中國燃氣控股有限公司*（「本公司」）董事會（「董事會」）謹 此 公 告，董 事 會 會 議 將 於 二 零 二五年六月二十七日（星 期 五）舉 行，藉 以（其 中 包 括）批准本公司及其附屬公司截至二零 二 五 年 三 月 三 十 一 日 止 年 度 業 績 及 其 公 告，並 考 慮 派 發 末 期 股 息（如 有）。 承董事會命 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） * 僅供識別 中國燃氣控股有限公司* 主席及總裁 劉明輝 香 港，二 零 二 五 年 六 月 十 日 於 本 公 告 日 期，劉 明 輝 ...

CHINA GAS HOLDINGS LIMITED （股 份 代 號：384） 有關成立合資公司之關連交易最新進展 茲提述中國燃氣控股有限公司*（「本公司」）日期為二零二四年十二月六日之公告（「該 公 告」），內 容 有 關 成 立 合 資 公 司。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 本公告由本公司根據上市規則第14A.35條 之 附 註 作 出，以 提 供 有 關 合 資 協 議 之 最 新 資 料。 經修訂及重列合資協議 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。 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） – 2 – 於二零二五年五月三十日（交 易 時 段 後）， ...

Core Viewpoint - China Gas's major shareholder is Beijing Enterprises Group, and the company has transformed its business model from engineering connections to a dual-driven approach of pipeline gas sales and value-added services. The pipeline gas sales business is expected to benefit from the continuous growth of domestic gas consumption and the ongoing improvement of pricing mechanisms for residential users, enhancing gas sales margins. The value-added services have upgraded from kitchen scenarios to family scenarios, indicating long-term growth potential. The company's current PE/PB valuations are at the 29% and 6% percentiles of the past decade, respectively, with dividend yields for fiscal years 2022, 2023, and 2024 at 5.48%, 4.52%, and 7.08%, showcasing a clear advantage of high dividends and low valuations. The company forecasts net profits attributable to shareholders for fiscal years 2025, 2026, and 2027 to be HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [1][6]. Company Background - The major shareholder of the company is Beijing Enterprises Group, holding approximately 23.5% of the shares. The company has rapidly expanded its urban gas business operations across 27 provinces, municipalities, and autonomous regions in China through both organic growth and acquisitions. Additionally, the company is actively developing value-added services to create new performance growth points [1]. Business Transition - The company's main business has shifted from engineering connections to pipeline gas sales, with a noticeable slowdown in performance decline. In the first half of 2025, the company achieved revenue of HKD 35.11 billion, a year-on-year decrease of 2.62%, and a net profit attributable to shareholders of HKD 1.761 billion, down 3.81% year-on-year. The segment profit from pipeline gas sales reached HKD 1.658 billion, accounting for 42.99% of total profits, while value-added services contributed 25.99% [2]. Residential User Impact - The company has a high proportion of residential users, which enhances its revenue elasticity. The trend of natural gas consumption in China has shown consistent growth over the past decade, with a return to growth in 2022. The company expects steady growth in gas consumption in the future. With the gradual decline in overseas natural gas prices, the company anticipates a moderate decrease in contract gas prices, which will strengthen its pricing advantage [3]. Connection Business Decline - The company's connection business has seen a rapid decline due to the post-real estate cycle downturn and slow progress in coal-to-gas conversions. The contribution of connection business to overall profits has decreased significantly, with operating profit from this segment accounting for only 19.43% in fiscal year 2024. Despite the decline, the company has connected 48.37 million pipeline gas users, with a residential user penetration rate of 70.9% [4]. Value-Added Services Growth - The company focuses on value-added services through its subsidiary, Yipinhui, which operates in the family living technology sector. As of March 2024, Yipinhui's business has expanded to 27 provinces and municipalities, covering over 600 cities. The revenue from value-added services reached HKD 3.655 billion in fiscal year 2024, a year-on-year increase of 5.78%, indicating a successful strategic upgrade from kitchen to family scenarios [5]. Profit Forecast and Investment Rating - The company is expected to see steady growth in pipeline gas sales, contributing to long-term profit increases. The residential pricing mechanism is anticipated to help restore gas sales margins, while the rapid development of value-added services is expected to create a second growth curve. The company forecasts revenues of HKD 82.293 billion, HKD 85.958 billion, and HKD 89.909 billion for fiscal years 2025, 2026, and 2027, with net profits of HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [6].

协议具体内容包括，双方约定属地政府对企业购销气价倒挂进行补贴，补贴款按双方约定时间节点分批 落实到位，同时约定属地政府进行优质气源协调、推动气价联动疏导企业购气和运营成本；燃气企业则 需承担气源稳定、安全运营等责任。 在大气污染防治攻坚战的大背景下，2017年全国两会正式提出"保卫蓝天战"概念，"煤改气"清洁取暖就 是核心举措之一。彼时，京津冀大气污染传输通道"2+26"城市被列为北方冬季清洁取暖规划首批实施范 围，北方农村"煤改气"自此展开。 庞大的改造项目需要大规模投入。企业投入方面，以中国燃气（00384.HK）为例，该公司在全国推 动"煤改气"力度最大，华北是其业务投资最大的地区。据相关负责人介绍，公司华北区覆盖京津冀及山 西四个省市，占当地煤改气用户总量比重约四成，总投资额已超500亿元。政府投资方面，以天津市静 海区为例，当地政府既要拨付每户1万元左右的管网工程、壁挂炉等基础设施改造费用，还要在价格上 给予每方气超过1元的用气补贴。 为保障"煤改气"项目的可持续性，中国燃气首创"保供协议"模式，推动政企责任共担，解决管制气资源 协调、气价倒挂补贴、居民用气稳定供应等问题。 上述问题导致，在2021 ...

Core Viewpoint - The 29th World Gas Conference highlighted the importance of natural gas as a "bridge energy" in the transition to a green and low-carbon economy, with China Gas Holdings Limited focusing on technological innovation and the shift towards renewable energy [2][3]. Group 1: Company Strategy and Operations - China Gas has established a comprehensive energy service model, primarily focusing on pipeline natural gas, while also engaging in LNG, LPG, smart energy services, electricity, and renewable energy [3]. - The company has actively participated in the "coal-to-gas" initiative to combat air pollution, completing over 8 million rural gas conversions across several provinces by the end of 2024 [3]. - China Gas has developed the first domestic small propane storage gas supply system based on inherent safety and digital operation management, holding numerous patents [3][4]. Group 2: Technological Innovation and Development - The company is positioning itself as a "green city operator," emphasizing the development of electricity and renewable energy to facilitate energy transition and multi-energy collaboration [4]. - China Gas is focusing on low-carbon and efficient energy solutions through the integration of various energy sources and advanced digital technologies for energy management [4]. Group 3: Industry Engagement and Future Outlook - Participation in the World Gas Conference allowed China Gas to showcase its innovative business achievements and establish partnerships, signaling its commitment to energy transition and low-carbon services [5]. - The conference, held in Beijing for the first time since its inception in 1931, attracted over 3,000 representatives and is seen as a significant event for the global gas industry [5].

Core Viewpoint - The global LNG market has entered a growth phase, with a significant increase in the number of LNG receiving station projects under construction and in operation, leading to intensified industry competition [1] Group 1: Industry Trends - By 2030, China's dependence on natural gas imports is expected to exceed 50%, with a substantial portion of this demand relying on LNG [2] - China Gas, as a leading player in the industry, operates over 660 city gas projects across 29 provinces, with an annual natural gas supply and trade scale exceeding 40 billion cubic meters [2] Group 2: Operational Strategies - The company has established long-term supply contracts of 3 million tons per year and has strategically selected LNG receiving stations to ensure stable gas supply [2] - The selection methodology for receiving stations is based on five dimensions: location layout, operational capability, commercial flexibility, circulation efficiency, and policy coordination [2] Group 3: Ideal Characteristics of LNG Receiving Stations - Ideal LNG receiving stations should have strong unloading capacity, efficient gasification, and liquid loading capabilities, as well as comprehensive emergency response capabilities [3] - The operational conditions should include effective communication with users regarding inventory levels, daily loading quantities, and gasification volumes to enhance operational efficiency [3] Group 4: Future Directions - The debate at WGC2025 aims to provide direction for optimizing LNG receiving station operations and addressing future challenges, with the potential to accelerate resource integration and technological innovation in the industry [4]