研究报告 Research Report 22 Aug 2025 长江基建 CK Infrastructure Holdings (1038 HK) 2025 年上半年业绩符合预期，股息增长节奏保持稳定 Performance in Line With Expectation With Dividend Growing Steadily [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$52.65 目标价 HK$61.37 HTI ESG 2.9-3.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$132.66bn / US$16.98bn 日交易额 (3 个月均值) US$11.69mn 发行股票数目 2,520mn 自由流通股 (%) 24% 1 年股价最高最低值 HK$58.20-HK$46.35 注：现价 HK$52.65 为 2025 年 08 月 22 ...

Core Viewpoint - Daiwa's report indicates that Changjiang Infrastructure Group's net profit attributable to shareholders for the first half of the year is HKD 4.348 billion, representing a year-on-year growth of 1% [1] - The company has confirmed the completion of the sale of its UK Rails assets, with performance and merger progress aligning with expectations [1] Financial Performance - The interim dividend per share is HKD 0.73, an increase of HKD 0.01 year-on-year [1] - The forecast for the second half indicates a slight slowdown in profit growth from the UK business [1] Strategic Moves - The company is not expected to declare a special dividend from the sale of the UK Rails assets [1] - There are rumors regarding the company's withdrawal from bidding for the UK National Grid's LNG project, which will be closely monitored [1] Analyst Rating - The target price has been raised from HKD 59 to HKD 63.5, with a reiterated "Buy" rating [1]

长江基建发布半年报，1H25 实现营收22.09 亿港元（yoy -10.9%），归母净利43.48 亿港元（yoy +0.9%）。公司分派中期股息18.39 亿港元，占归母净利的42.3%；对应DPS 0.73 港元（1H24 0.72 港 元）。考虑公司业务模式具有强抗风险能力，多个资产有望于2025/26 年迎来回报率上调窗口期，我们 认为未来公司利润或稳中有增，维持"买入"评级。 1H25 英国/电能实业溢利贡献同比+19/+1%，澳洲/加拿大同比-8/9%受益于受规管资产与2024 年收购的 可再生能源组合的稳健运营及英镑汇率走强，1H25 英国业务贡献溢利22.23 亿港元（yoy +19.2%），考 虑到RIIO-2约定超支费用回收周期自2 年调整为1 年内，UK Power Networks（UKPN）于2H24 迎来超支 费用回收高峰期（RIIO-ED2 自2023/4/1 开始），2H25溢利贡献或同比承压。1H25 电能实业稳健运营， 贡献溢利10.95 亿港元（yoy+1.2%）。1H25 澳洲业务贡献溢利7.93 亿港元（yoy -8.2%），主要系 EnergyDevelopmen ...

长江基建集团 (1038 HK) 港股通 证券研究报告 多个资产有望迎来回报率上调窗口 期，或释放业绩弹性 2025 年 8 月 15 日│中国香港 发电 长江基建发布半年报，1H25 实现营收 22.09 亿港元（yoy -10.9%），归母 净利 43.48 亿港元（yoy +0.9%）。公司分派中期股息 18.39 亿港元，占归 母净利的 42.3%；对应 DPS 0.73 港元（1H24 0.72 港元）。考虑公司业务 模式具有强抗风险能力，多个资产有望于 2025/26 年迎来回报率上调窗口 期，我们认为未来公司利润或稳中有增，维持"买入"评级。 1H25 英国/电能实业溢利贡献同比+19/+1%，澳洲/加拿大同比-8/9% 受益于受规管资产与 2024 年收购的可再生能源组合的稳健运营及英镑汇率 走强，1H25 英国业务贡献溢利 22.23 亿港元（yoy +19.2%），考虑到 RIIO-2 约定超支费用回收周期自 2 年调整为 1 年内，UK Power Networks（UKPN） 于 2H24 迎来超支费用回收高峰期（RIIO-ED2 自 2023/4/1 开始），2H25 溢利贡献或同比 ...

该行表示，鉴于利率上升的环境、以及激励受监管公司投资的需要，预计在即将到来的重设期间，更优 惠的条款将推动单一资产的盈利增长，预计集团将在未来2至3年内实现9%至10%的年均盈利增长。 智通财经APP获悉，高盛发布研报称，长江基建集团(01038)今年上半年净利润为43.5亿港元，扣除外汇 收益和其他非经常性项目，其核心净利润同比增长2%至42.8亿港元，符合市场预期，受惠于英国业务 的稳健表现。该行将公司在2025年至2027年每股盈利预测下调4%至5%，其目标价由60.2港元下调至60 港元，维持"中性"评级。 ...

智通财经APP获悉，里昂发布研报称，长江基建集团(01038)上半年纯利为43.48亿港元，分别达到机构 及里昂对其全年预测的50%和46%，符合预期。该行相信，公司下半年受到英镑和澳元走强、高通胀以 及来自英国铁路部门的3亿英镑处置收益所支持，应将录得更强盈利。该行表示，长江基建的现金流具 有高收益能见度、投资级信用评级及经营往绩坚韧，应该能够支持公司股息持续增长。该行将公司目标 价由62港元略为上调至63港元，并重申跑赢大市评级。 ...

智通财经APP获悉，大和发布研报称，长江基建集团(01038)上半年股东应占溢利43.48亿港元，同比增 长1%，中期每股派息0.73港元，同比增加1港仙;公司确认已完成出售英国Rails资产，业绩表现及并购进 展均符合本行预期。该行料下半年英国业务的盈利增长将略为放缓，并认为公司不太可能就出售UK Rails资产派息特别息。至于有传公司放弃收购参与英国国家电网公司LNG项目的竞标，该行表示会密 切关注;目标价由59港元上调至63.5港元，重申"买入"评级。 ...

里昂发表研究报告指，长江基建上半年纯利为43.48亿港元，分别达到彭博及里昂对其全年预测的50% 和46%，符合预期。该行相信，公司下半年受到英镑和澳元走强、高通胀以及来自英国铁路部门的3亿 英镑处置收益所支持，应将录得更强盈利。 该行表示，长江基建的现金流具有高收益能见度、投资级信用评级及经营往绩坚韧，应该能够支持公司 股息持续增长。该行将公司目标价由62港元上调至63港元，并重申"跑赢大市"评级。 ...

| 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 CK Infrastructure Holdings Limited 長江基建集團有限公司 | | | 股份代號 | 01038 | | 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2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月13日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.73 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0. ...

[Performance Summary](index=1&type=section&id=2025%20Interim%20Results) This section provides an overview of the Group's financial performance and dividend policy for the first half of 2025 [Overall Performance](index=1&type=section&id=Overall%20Performance) CK Infrastructure recorded solid performance in the first half of 2025, with profit attributable to shareholders at HKD 4.348 billion, a 1% year-on-year increase, maintaining robust financial strength despite geopolitical and economic uncertainties Key Financial Data for H1 2025 | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Profit Attributable to Shareholders | HKD 4.348 billion | +1% | - The Group's performance remained robust despite market uncertainties including volatile political situations, complex interest rate outlooks, trade barriers, and inflationary pressures[3](index=3&type=chunk) [Dividend Growth](index=1&type=section&id=Dividend%20Growth) The Board declared an interim dividend of HKD 0.73 per share for 2025, a 1.4% increase from the prior year, reflecting the company's stable shareholder return policy 2025 Interim Dividend | Item | Amount/Date | | :--- | :--- | | Interim Dividend | HKD 0.73 per share | | YoY Growth | +1.4% | | Register Closing Date | September 11, 2025 | | Payment Date | September 24, 2025 | [Business Review](index=1&type=section&id=Business%20Review) This section details the performance of the Group's various infrastructure operations across different geographical segments [Power Assets](index=1&type=section&id=Power%20Assets) Power Assets contributed HKD 1.095 billion in profit to the Group, a 1% year-on-year increase, with its international operations and HK Electric maintaining stable performance Power Assets Profit Contribution | Item | Amount | YoY Change | | :--- | :--- | :--- | | Profit Contribution | HKD 1.095 billion | +1% | [UK Operations](index=2&type=section&id=UK%20Operations) UK operations' profit contribution increased by 19% year-on-year to HKD 2.223 billion, driven by enhanced contributions from Northumbrian Water, three gas distribution networks, and UK Power Networks UK Operations Profit Contribution | Item | Amount | YoY Change (HKD) | YoY Change (Local Currency) | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 2.223 billion | +19% | +17% | - Draft determinations for the new regulatory period for NGN and WWU gas networks propose increased returns[7](index=7&type=chunk) - NWG's profit growth benefited from inflation-linked capital value increases, with the company seeking a redetermination from the CMA on new regulatory terms[8](index=8&type=chunk) [Australia Infrastructure Operations](index=3&type=section&id=Australia%20Infrastructure%20Operations) Australia operations' profit contribution decreased by 8% year-on-year to HKD 793 million, impacted by a weak exchange rate, expiry of high-margin contracts, and declining market electricity prices Australia Operations Profit Contribution | Item | Amount | YoY Change (HKD) | YoY Change (Local Currency) | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 793 million | -8% | -5% | - SA Power Networks (SAPN) commenced a new regulatory period on July 1, 2025, with increased allowed returns and asset base growth[10](index=10&type=chunk) [Continental Europe Infrastructure Operations](index=3&type=section&id=Continental%20Europe%20Infrastructure%20Operations) Continental Europe operations' profit contribution grew 3% year-on-year to HKD 432 million, driven by strong ista performance and progress in Dutch Enviro Energy's waste-to-energy facility reconstruction Continental Europe Operations Profit Contribution | Item | Amount | YoY Change (HKD) | YoY Change (Local Currency) | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 432 million | +3% | Largely Similar | - The first phase of Dutch Enviro Energy's waste-to-energy facility reconstruction is complete, with power generation expected to resume early next year[13](index=13&type=chunk) [Canada Infrastructure Operations](index=4&type=section&id=Canada%20Infrastructure%20Operations) Canada operations' profit contribution declined 9% year-on-year to HKD 275 million, primarily due to reduced power generation and prices from Canadian Power, despite strong growth from Reliance Home Comfort Canada Operations Profit Contribution | Item | Amount | YoY Change (HKD) | YoY Change (Local Currency) | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 275 million | -9% | -5% | [New Zealand and Hong Kong/Mainland China Operations](index=4&type=section&id=New%20Zealand%20and%20Hong%20Kong%2FMainland%20China%20Operations) New Zealand operations contributed HKD 80 million in profit, consistent with the prior year, while Hong Kong and Mainland China operations saw a slight 2% increase to HKD 98 million New Zealand, Hong Kong, and Mainland China Operations Profit Contribution | Region | Profit Contribution (HKD) | YoY Change | | :--- | :--- | :--- | | New Zealand | 80 million | Similar | | Hong Kong and Mainland China | 98 million | +2% | [Financial Position and Outlook](index=5&type=section&id=Financial%20Position%20and%20Outlook) This section outlines the Group's financial strength, ongoing sustainable development initiatives, post-balance sheet events, and future strategic outlook [Continued Strong Financial Position](index=5&type=section&id=Continued%20Strong%20Financial%20Position) The Group maintains a robust financial position with HKD 4.7 billion in cash and a stable net debt to total capital ratio of 10.6%, retaining an 'A/Stable' credit rating from S&P Financial Position (June 30, 2025) | Indicator | Value | | :--- | :--- | | Cash Holdings | HKD 4.7 billion | | Net Debt to Total Capital Ratio | 10.6% | | Pro-forma Net Debt to Total Capital Ratio | 48.7% | | S&P Credit Rating | A/Stable | [Sustainable Development Projects](index=5&type=section&id=Sustainable%20Development%20Projects) The Group is actively advancing sustainable development projects in its UK and Australian distribution networks, including smart grids, EV charging, and clean hydrogen/biomethane initiatives, aligning with global decarbonization trends - The Group is advancing sustainable development projects in the UK and Australia, including smart grids, EV charging infrastructure, and clean hydrogen/biomethane initiatives[19](index=19&type=chunk) [Post Balance Sheet Events](index=5&type=section&id=Post%20Balance%20Sheet%20Events) In July 2025, the Group's joint venture signed an agreement to dispose of the UK Rails project, which is expected to significantly reduce the Group's net debt to total capital ratio upon completion - The Group signed an agreement in July 2025 to dispose of the UK Rails project, which is expected to significantly reduce the Group's gearing ratio upon completion[20](index=20&type=chunk) [Outlook](index=6&type=section&id=Outlook) Chairman Mr. Victor Li noted that despite challenging macro conditions, infrastructure modernization and decarbonization present growth opportunities, positioning CK Infrastructure to pursue acquisitions while balancing stability and growth - The company demonstrates strength through its strong recurring income and predictable cash flows amidst global economic uncertainties[21](index=21&type=chunk) - Tightening public finances, rising cost of capital, and infrastructure modernization demands create competitive advantages for financially strong players[21](index=21&type=chunk) - The Group will continue to collaborate with strategic partners like CK Asset and Power Assets to pursue acquisition opportunities, maintaining prudence without a 'must-win' mentality[21](index=21&type=chunk) [Financial Overview and Corporate Governance](index=7&type=section&id=Financial%20Overview%20and%20Corporate%20Governance) This section details the Group's financial resources, treasury management, gearing ratio, and commitment to corporate governance and employee management [Financial Resources, Treasury Arrangements, and Gearing Ratio](index=7&type=section&id=Financial%20Resources%2C%20Treasury%20Arrangements%2C%20and%20Gearing%20Ratio) As of June 30, 2025, the Group held HKD 4.721 billion in cash and deposits and HKD 20.706 billion in total loans, with the net debt to total capital ratio rising to 10.6% due to hedging derivative cash movements Financial Resources Summary (June 30, 2025) | Indicator | Amount (HKD) | | :--- | :--- | | Total Cash and Deposits | HKD 4.721 billion | | Total Loans | HKD 20.706 billion | | Net Debt | HKD 15.985 billion | | Net Debt to Total Capital Ratio | 10.6% | - The Group uses derivatives to hedge currency and interest rate risks, with a total notional amount of **HKD 58.199 billion** for such instruments at period-end[24](index=24&type=chunk) [Employees and Corporate Governance](index=8&type=section&id=Employees%20and%20Corporate%20Governance) As of period-end, the Group employed 2,277 staff with HKD 510 million in employee expenses, maintaining high corporate governance standards and complying with all provisions of the Corporate Governance Code - The Group, excluding associates, employed **2,277 staff** with related expenses of **HKD 510 million**[27](index=27&type=chunk) - The company complied with the Corporate Governance Code under Hong Kong Listing Rules during the reporting period, with established Audit, Remuneration, Nomination, and Sustainability Committees[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the income statement, statement of financial position, and segment information [Consolidated Income Statement](index=12&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue was HKD 20.359 billion, up 6.6% year-on-year, with profit for the period at HKD 4.565 billion and profit attributable to shareholders at HKD 4.348 billion Consolidated Income Statement Summary (Six Months Ended June 30) | Indicator (HKD millions) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 20,359 | 19,090 | +6.6% | | Profit Before Tax | 4,619 | 4,577 | +0.9% | | Profit for the Period | 4,565 | 4,524 | +0.9% | | Profit Attributable to Company Shareholders | 4,348 | 4,311 | +0.9% | | Earnings Per Share (HKD) | 1.73 | 1.71 | +1.2% | [Consolidated Statement of Financial Position](index=13&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 164.622 billion, total liabilities HKD 29.387 billion, and net assets HKD 135.235 billion, with equity attributable to company shareholders at HKD 125.271 billion Consolidated Statement of Financial Position Summary (HKD millions) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-Current Assets | 159,050 | 148,365 | | Total Current Assets | 5,572 | 9,472 | | Net Assets | 135,235 | 131,243 | | Equity Attributable to Company Shareholders | 125,271 | 121,280 | [Segment Information](index=16&type=section&id=Segment%20Information) Geographically, the UK was the largest profit contributor at HKD 2.223 billion, up 19%, while Power Assets contributed HKD 1.095 billion, with Australia and Canada declining and Continental Europe, Hong Kong, and Mainland China growing Segment Profit Attributable to Company Shareholders (HKD millions) | Segment | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Power Assets | 1,095 | 1,082 | +1.2% | | UK | 2,223 | 1,865 | +19.2% | | Australia | 793 | 864 | -8.2% | | Continental Europe | 432 | 419 | +3.1% | | Hong Kong and Mainland China | 98 | 96 | +2.1% | | Canada | 275 | 301 | -8.6% | | New Zealand | 80 | 80 | 0.0% |