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 ...

Group 1 - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown a strong increase of 1.54% as of June 3, 2025, with notable gains in stocks such as China CITIC Bank (00998) up 4.88%, Swire Properties (01972) up 3.94%, and Agricultural Bank of China (01288) up 3.41% [2] - The Bosera Hang Seng High Dividend ETF (513690) has risen by 0.72%, with a latest price of 0.99 yuan and a trading volume of 61.74 million yuan [2] - The Bosera Hang Seng High Dividend ETF has a recent scale of 4.005 billion yuan and has seen a net financing amount of 1.201 million yuan in the previous trading day [3] Group 2 - The Bosera Hang Seng High Dividend ETF has achieved a net value increase of 32.41% over the past two years, ranking 120 out of 2187 in the index stock fund category [4] - The ETF has a maximum monthly return of 24.18% since inception, with an average monthly return of 4.99% [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, with a tracking error of 0.055% over the past six months [4] Group 3 - As of June 2, 2025, the top ten weighted stocks in the Hang Seng High Dividend Yield Index account for 28.55% of the index, including Yanzhou Coal Mining Company (01171) and Cheung Kong Infrastructure Holdings (00008) [5][7] - The weight of the top stock, Yanzhou Coal Mining Company, is 4.39%, while the second, Cheung Kong Infrastructure Holdings, has a weight of 2.66% [7]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Weak demand has led to a decline in domestic gas prices, while storage levels are pushing down European gas prices [1][5] - The report highlights the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, with a focus on cost optimization for gas companies [5][48] Price Tracking - As of May 30, 2025, the weekly price changes for various gas markets are as follows: US HH +0.6%, European TTF -7%, East Asia JKM -2.6%, China LNG ex-factory -1.1%, and China LNG CIF -4.2% [10][11] - Domestic gas prices have slightly decreased by 1.1% due to slow demand recovery and the upcoming Dragon Boat Festival [24] Supply and Demand Analysis - In the US, total gas supply increased by 0.6% week-on-week to 1,125 billion cubic feet per day, while total demand decreased by 0.8% to 973 billion cubic feet per day [15] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year, but supply decreased by 10.8% week-on-week [16] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price gap recovery in city gas companies [34] Important Events - The US LNG import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][43] - The European Commission has voted to introduce more flexible natural gas storage filling targets to avoid supply shortages [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies like Xinao Energy and China Gas [48] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xinao [48]

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）， ...

在5月27日至28日由卓创资讯举办的第十三届中国天然气产业发展大会上，来自国家管网集团、卓创资讯等产业人士提出了上述观点。随着"十五五"国内 LNG接收站投产浪潮来临，产能会否过剩引发行业关注，如何优化接收站运营模式、提升设备设施综合利用率、挖掘盈利潜力等成为行业亟待解决的问 题。 国家管网集团正加快基础设施及管网互联互通建设，并推动旗下接收站运营模式向市场化、多元化方向发展。 "'十五五'期间国内液化天然气（LNG）接收站将密集投产，预计到2030年拟投产接收站项目接卸能力将在当前基础上翻倍增长，但近几年国内接收站利用 率明显下滑，产能利用和需求跟进成为首要问题。" 结合这点看，我国产能较大的接收站等基础设施也为进口大量LNG做足准备。"从能源安全考虑，保留一定灵活的LNG接收能力有利于应对突发状况。"一 名曾供职于新奥国际贸易（新加坡）公司的高管向第一财经记者强调，欧洲2022年天然气供应危机突出了接收站作为调峰储备项目的利用价值，"俄乌冲突 爆发时，德国一个接收站都没有，狼狈得很。同时，接收站产能大，市场才有充分竞争，从另一个角度看利好市场和用户。" 如何提高利用率 "去年冬天，受天气变化和国内管道气销 ...

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].

Core Viewpoint - The "coal-to-gas" project in China faces sustainability challenges, prompting the introduction of a "supply guarantee agreement" model to address issues related to gas resource coordination, price subsidies, and stable supply for residential gas [1][3][4] Group 1: Policy and Government Role - The Chinese government has significantly promoted the "coal-to-gas" initiative, but there is a lack of sufficient natural gas supply domestically, necessitating a focus on supply security in policy formulation [1][2] - Geopolitical factors are reshaping energy rules, making energy supply and security a top priority for governments [1] - The economic affordability of energy transition policies is crucial, especially for developing countries that still rely heavily on coal for power generation [1][2] Group 2: Investment and Financial Pressure - The "coal-to-gas" initiative requires substantial investment, with China Gas leading efforts in the North China region, having invested over 50 billion yuan [2] - Local governments are also investing significantly, providing subsidies for infrastructure upgrades to support the initiative [2] - Companies face increased capital expenditure pressures due to market pricing trends and the inability to secure sufficient low-priced gas, leading to operational challenges [3] Group 3: Supply Guarantee Agreement - The "supply guarantee agreement" model, initiated by China Gas, aims to clarify responsibilities between government and enterprises, ensuring cost subsidies for price discrepancies and stable gas supply [3][4] - The agreement includes provisions for government subsidies to alleviate financial pressures on companies and commitments from enterprises to prioritize residential gas supply [4] - This collaborative approach is seen as a critical strategy to ensure the sustainability of the "coal-to-gas" projects and stabilize residential gas supply [4]