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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國燃氣控股有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

公司公布1HFY26业绩 1HFY26公司收入345亿港元，归母净利润13.3亿港元，天然气零售量91.9亿方，其中工业气量48.9亿 方，商业气量15.5亿方，零售气毛差0.58元/方;新增居民接驳67.6万户;增值业务经营性利润10亿港元， 同比基本持平。自由现金流方面，1HFY25公司自由现金流26亿港元，YoY+3.8亿港元，主因公司完成 部分低效资产处置，1HFY26公司投资性现金流出同比减少9.4亿港元至-5.2亿港元。 2HFY26气量增速或迎边际改善 向前看，考虑到2025/2026采暖季气温或有望恢复常态，管理层指引2HFY26气量增速出现修复，全年气 量同比增速有望修复至+0-2%。毛差方面，基于居民顺价比例提升，公司维持全年毛差0.55元/方 (YoY+0.01元/方)指引不变。 中金发布研报称，考虑到中国燃气(00384)现金流情况向好，股息分配有望维持稳定，1HFY26公司拟派 发中期股息0.15港元/股，同比持平。维持跑赢行业评级和10港元目标价，对应FY26/FY2718.4x/17.3x P/E(5%股息收益率)，较当前股价有16.3%的上行空间。当前股价对应FY26/FY27 ...

智通财经APP获悉，中金发布研报称，考虑到中国燃气(00384)现金流情况向好，股息分配有望维持稳 定，1HFY26公司拟派发中期股息0.15港元/股，同比持平。维持跑赢行业评级和10港元目标价，对应 FY26/FY27 18.4x/17.3x P/E(5%股息收益率)，较当前股价有16.3%的上行空间。当前股价对应 FY26/FY27 15.8x/14.9x P/E。 向前看，考虑到2025/2026采暖季气温或有望恢复常态，管理层指引2HFY26气量增速出现修复，全年气 量同比增速有望修复至+0-2%。毛差方面，基于居民顺价比例提升，公司维持全年毛差0.55元/方 (YoY+0.01元/方)指引不变。 公司公布1HFY26业绩 2HFY26气量增速或迎边际改善 1HFY26公司收入345亿港元，归母净利润13.3亿港元，天然气零售量91.9亿方，其中工业气量48.9亿 方，商业气量15.5亿方，零售气毛差0.58元/方;新增居民接驳67.6万户;增值业务经营性利润10亿港元， 同比基本持平。自由现金流方面，1HFY25公司自由现金流26亿港元，YoY+3.8亿港元，主因公司完成 部分低效资产处置，1HFY ...

Major Events - Excellence Risen (02687) plans to offer 6.6667 million H-shares globally from November 28 to December 3 [1] - Naxin Micro (02676) plans to offer 19.0684 million shares globally from November 28 to December 3 [1] - Stone Four Pharmaceutical Group (02005) received production registration approval for the sustained-release capsule of Tofacitinib (4mg) [1] - Innovent Biologics (01801) received approval from the National Medical Products Administration for its drug, Xinmeiyue® (Pikankizumab injection), for treating moderate to severe plaque psoriasis [1] - Jiangxi Copper (00358) intends to acquire shares of the overseas-listed company SolGold Plc [1] - ZTO Express-W (02057) plans to acquire 100% equity of Zhejiang Xinglian for 178 million yuan to enhance end-to-end domestic and international air logistics capabilities [1] - China Shenhua (01088) completed 168 hours of trial operation for the Beihai Phase II Unit 3 and transferred it to commercial operation [1] - Zhidatech (02650) signed a major contract worth over 100 million yuan for electric vehicle charging stations with Saudi Controls Ltd, expanding into the Middle East market [1] - Hendry (03389) received a voluntary cash offer from Junya at a 12% premium and will resume trading on December 1 [1] - Zijin Mining (02899) donated 20 million HKD to support post-fire reconstruction in Hong Kong's Tai Po District [1] - Guoquan (02517) donated 10 million HKD for fire rescue efforts in Hong Kong's Tai Po [1] - InnoCare Pharma (02577) donated 2 million HKD to assist in fire rescue efforts in Hong Kong's Tai Po [1] Operating Performance - Meituan-W (03690) reported Q3 revenue of approximately 95.5 billion HKD, a year-on-year increase of about 2%, with highlights in flash purchase and global expansion [1] - China Gas (00384) reported a mid-term profit attributable to shareholders of 1.334 billion HKD, with an interim dividend of 0.15 HKD per share [1] - Zhixing Group Holdings (01539) reported a mid-term profit attributable to shareholders of 27.533 million HKD, a year-on-year increase of 35.68%, with gross margin rising to approximately 67.3% [1] - Guofu Quantum (00290) reported mid-term revenue of 1.027 billion HKD, a year-on-year increase of 4564.52% [1] - Yuhua Education (06169) reported an annual adjusted profit attributable to shareholders of 914 million HKD, a year-on-year increase of 95.6% [1] - China Water Affairs (00855) achieved mid-term revenue of approximately 5.183 billion HKD, with a dividend of 0.13 HKD per share [1] - Zhonghui Group (00382) reported annual revenue of approximately 2.489 billion HKD, a year-on-year increase of 7.7% [1]

Group 1 - The company, China Gas (00384.HK), announced a mid-term dividend of HKD 0.15 per share, which will be distributed on February 6, 2026 [1]

01 02 03 04 05 Business FY2025/26 Interim Results 2025.04.01 – 2025.09.30 Contents BBB A 1HFY2024/25 1HFY2025/26 +17.2% 1HFY2024/25 1HFY2025/26 +693.5% 3 • Free cash flow remains stable. • Capacity in operation increased significantly, defining the company as a front-runner in the business, and forming synergies with PV, electricity sales, and green power to deliver integrated energy solutions. • MSCI ESG rating upgraded to A, driven by strong ESG governance, consistent investment in safety and digital- int ...

Core Viewpoint - China Gas (00384) announced that it will distribute an interim dividend of HKD 0.15 per share on February 6, 2026 [1] Summary by Category - **Company Announcement** - The company will pay an interim dividend of HKD 0.15 per share [1]

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，劉明輝先生、黃勇先生、朱偉偉先生、李晶女士、劉暢女士、趙琨先生及劉明興教授為本公司執行董事；熊斌先 生、Ayush GUPTA先生及周雪燕女士為本公司非執行董事；以及趙玉華先生、毛二萬博士、陳燕燕女士、張凌先生及馬蔚華博士 為本公司獨立非執行董事。 EF001 免責聲明 | 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，概不對因 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國燃氣控股有限公司(僅供識別) | | 股份代號 | 00384 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年九月三十日止六個月之中期股息 | | 公告日期 | 2025年11月28日 | | 公告狀態 | 新 ...

Core Viewpoint - China Gas (00384) reported a revenue of HKD 34.481 billion for the six months ending September 30, 2025, with a profit attributable to shareholders of HKD 1.334 billion, reflecting a strategic focus on digital transformation and diversified energy solutions [1][2] Financial Performance - Revenue reached HKD 34.481 billion, with a profit attributable to shareholders of HKD 1.334 billion, and basic earnings per share of HKD 0.2473 [1] - Proposed interim dividend of HKD 0.15 per share [1] - Free cash flow amounted to HKD 2.605 billion, representing a year-on-year increase of 17.2% [1] Business Development - The company emphasized a core operational philosophy of "digital intelligence-driven, strategic restructuring, strengthening the moat, and initiating a new era of technological transformation" [1] - The gas business capitalized on policy opportunities and user demand, while value-added services drove product innovation and new business development [1] - The liquefied petroleum gas (LPG) business accelerated expansion, and innovative trading models achieved breakthroughs [1] Project and Market Expansion - As of September 30, 2025, the company had obtained 662 exclusive pipeline gas projects across 30 provinces, cities, and autonomous regions, with 32 long-distance natural gas pipelines and 485 compressed/liquefied natural gas refueling stations [1] - The company did not initiate any new urban pipeline gas projects during the reporting period, adhering to a prudent investment principle [1] Energy Transition and New Initiatives - The company sold 17.41 billion cubic meters of natural gas, a 1.7% increase year-on-year, with urban and rural networks contributing 9.19 billion cubic meters and trading/direct supply pipelines contributing 8.22 billion cubic meters, a 5.4% increase [2] - The company is actively participating in the global energy transition and national "dual carbon" goals, achieving breakthroughs in combined heat and power, battery cells, lithium carbonate, and co-firing with fruit residue [2] - The company added 410.6 MWh of new operational capacity for industrial and commercial user-side energy storage projects, with a total operational capacity of 617.7 MWh and a signed installed capacity of 1.2 GWh [2]