智通财经APP获悉，大摩发布研报称，维持对长江基建集团(01038)盈利预测大致不变，但考虑到主要相 关资产的最新监管资产价值(RAV)，以及将估值时间框架从2025年延展至2026年，因此将目标价由48港 元上调至54港元，评级"与大市同步"。 ...

大摩发布研报称，维持对长江基建集团(01038)盈利预测大致不变，但考虑到主要相关资产的最新监管 资产价值(RAV)，以及将估值时间框架从2025年延展至2026年，因此将目标价由48港元上调至54港元， 评级"与大市同步"。 ...

FF301 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9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: CK Infrastructure Holdings Limited 長江基建集團有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01038 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 1 HKD | | 4,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 1 HK ...

FF301 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: CK Infrastructure Holdings Limited 長江基建集團有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01038 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 1 HKD | | 4,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 1 HKD ...

CK Infrastructure Holdings Limited 長江基建集團有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 1038) 28th August, 2025 Dear Non-registered Holder(s) (Note), CK Infrastructure Holdings Limited ("Company") – Notice of publication of Interim Report 2025 The Company's Interim Report 2025 (both English and Chinese versions) is available on the Company's website at https://www.cki.com.hk and the website of Hong Kong Exchanges and Clearing Limited ("HKEX") at https://www.hkexnews. ...

28th August, 2025 Dear Shareholder(s), CK Infrastructure Holdings Limited ("Company") – Notice of publication of Interim Report 2025 CK Infrastructure Holdings Limited 長江基建集團有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 1038) NOTIFICATION LETTER 通 知 信 函 CK Infrastructure Holdings Limited 長江基建集團有限公司 謹啟 二零二五年八月二十八日 The Company's Interim Report 2025 (both English and Chinese versions) is available on the Company's website at https://www.cki.com.hk and the website of Ho ...

[Report Cover and Overview](index=1&type=section&id=Report%20Cover%20and%20Overview) This section provides an overview of the company, its global infrastructure business, and a summary of its half-year financial performance [Report Cover](index=1&type=section&id=Report%20Cover) The report cover displays the company name, stock codes, and highlights its global infrastructure business - Company Name: **CK Infrastructure Holdings Limited** 长江基建集团有限公司[2](index=2&type=chunk) - Stock Codes: **HKEX: 1038 / LSE: CKI**[2](index=2&type=chunk) - Report Type: **Interim Report 2025**[2](index=2&type=chunk) [Company Overview and Half-Year Performance at a Glance](index=2&type=section&id=Company%20Overview%20and%20Half-Year%20Performance%20at%20a%20Glance) CK Infrastructure is a leading global infrastructure group with diversified businesses across energy, transportation, and water, operating in multiple countries. In H1 2025, the company achieved a profit attributable to shareholders of HKD 4.348 billion - CK Infrastructure is one of the largest global infrastructure groups, with diversified businesses including energy, transportation, water treatment, and waste management[3](index=3&type=chunk)[6](index=6&type=chunk) - Investments and operations span Hong Kong, Mainland China, the UK, Continental Europe, Australia, New Zealand, Canada, and the US[3](index=3&type=chunk)[7](index=7&type=chunk) 2025 Half-Year Performance Overview | Indicator | Amount (HKD) | | :--- | :--- | | Profit attributable to shareholders | 4,348 million | | Earnings per share | 1.73 | | Interim dividend per share | 0.73 | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the interim report, covering the Chairman's Statement, Financial Review, Directors' Biographical Details, Consolidated Financial Statements, Notes to Financial Statements, Directors' and Major Shareholders' Interests, Corporate Governance, Other Information, and Risk Factors - The report's table of contents includes the Chairman's Statement, Financial Review, Directors' Biographical Details, Consolidated Statement of Profit or Loss, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity, Condensed Consolidated Statement of Cash Flows, Notes to the Condensed Consolidated Interim Financial Statements, Statement of Directors' Responsibilities, Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures, Shareholders' Interests and Short Positions, Corporate Governance, Other Information, and Risk Factors[9](index=9&type=chunk) [Company Information and Important Dates](index=4&type=section&id=Company%20Information%20and%20Important%20Dates) This section provides essential company information, including board members, committee compositions, company secretary, principal bankers, brokers, auditors, legal advisors, registered office, principal place of business, share registrar, stock codes, and key dates such as the interim dividend payment date - Board members include Chairman **Victor T K Li**, Group Managing Director **Kam Hing Lam**, Deputy Chairman **H Y Yeh**, and **Canning Fok**, with Audit, Remuneration, Nomination, and Sustainability Committees established[10](index=10&type=chunk) - The company's registered office is in Bermuda, with its principal place of business in Cheung Kong Center, Hong Kong[12](index=12&type=chunk) - Stock codes are **HKEX: 1038** and **LSE: CKI**[12](index=12&type=chunk) 2025 Important Dates | Event | Date | | :--- | :--- | | Announcement of Interim Results | August 13, 2025 | | Interim Dividend Record Date | September 11, 2025 | | Interim Dividend Payment | September 24, 2025 | [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) This statement provides an overview of the Group's performance, strategic direction, and outlook amidst global economic and geopolitical uncertainties [Overall Performance and Dividends](index=6&type=section&id=Overall%20Performance%20and%20Dividends) Despite geopolitical and economic uncertainties, CK Infrastructure demonstrated stable performance in H1 2025, with profit attributable to shareholders increasing by 1% year-on-year, and an interim dividend per share declared at HKD 0.73, up 1.4% - In H1 2025, the Group delivered **stable performance** despite market uncertainties from volatile political situations, complex interest rate outlooks, trade barriers, and inflationary pressures[14](index=14&type=chunk) 2025 Half-Year Financial Performance and Dividends | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit attributable to shareholders | HKD 4.348 billion | HKD 4.311 billion | Increased by 1% | | Interim dividend per share | HKD 0.73 | HKD 0.72 | Increased by 1.4% | [Business Review](index=6&type=section&id=Business%20Review) This section reviews CK Infrastructure's performance across various regions and business segments, including Power Assets, the UK, Australia, Continental Europe, Canada, New Zealand, and Hong Kong and Mainland China infrastructure businesses, noting strong UK performance and declines in Australia and Canada due to exchange rates and contract expirations - **UK infrastructure business** profit contribution significantly **increased by 19%** (17% in local currency), driven by higher contributions from Northumbrian Water, three gas distribution networks, and UK Power Networks[17](index=17&type=chunk) - **Australian infrastructure business** profit contribution **decreased by 8%** (5% in local currency), primarily due to a weaker exchange rate, expiration of several profitable Energy Developments contracts, and low market electricity prices[21](index=21&type=chunk) - **Canadian business** profit contribution **decreased by 9%** (5% in local currency), mainly due to lower power generation and electricity prices from Canadian Power in Alberta[25](index=25&type=chunk) [Power Assets Holdings Limited](index=6&type=section&id=Power%20Assets%20Holdings%20Limited) Power Assets contributed HKD 1.095 billion in profit to the Group, an increase of 1% year-on-year, with its international businesses and Hongkong Electric maintaining stable operations Power Assets Profit Contribution | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 1.095 billion | HKD 1.082 billion | Increased by 1% | - Its international businesses and Hongkong Electric maintained **stable operational performance**[16](index=16&type=chunk) [UK Infrastructure Business](index=7&type=section&id=UK%20Infrastructure%20Business) UK business profit contribution significantly increased by 19%, driven by enhanced contributions from Northumbrian Water, three gas distribution networks, and UK Power Networks, with UKPN and Northumbrian Water receiving industry accolades and strong operational performance UK Infrastructure Business Profit Contribution | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 2.223 billion | HKD 1.865 billion | Increased by 19% (17% in local currency) | - **UK Power Networks (UKPN)** recorded **ideal earnings growth**, with strong performance in both regulated and non-regulated businesses, and received awards such as "Data Centre Energy Solution of the Year"[17](index=17&type=chunk) - **Northumbrian Water (NWG)** profit contribution increased, primarily benefiting from higher returns due to the rising capital value from inflation, with plans to invest approximately **GBP 6 billion** over the next five years[19](index=19&type=chunk) - Three gas distribution networks (NGN, WWU, Phoenix Energy) showed **strong operational performance**, and NGN and WWU received draft proposals for increased allowed returns in the new regulatory period[18](index=18&type=chunk) [Australia Infrastructure Business](index=8&type=section&id=Australia%20Infrastructure%20Business) Australian infrastructure business profit contribution decreased by 8%, mainly due to a weaker exchange rate, the expiration of several profitable Energy Developments contracts, and low market electricity prices, while SA Power Networks commenced a new regulatory period with increased allowed returns and asset base Australia Infrastructure Business Profit Contribution | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 793 million | HKD 864 million | Decreased by 8% (5% in local currency) | - **Energy Developments (EDL)** performance was affected by several profitable contracts expiring and weak market electricity prices[23](index=23&type=chunk) - **SA Power Networks (SAPN)** commenced a new regulatory period on July 1, 2025, with **increased allowed returns and asset base**[21](index=21&type=chunk) - Victoria Power Networks (VPN)'s non-regulated business, Beon, completed its solar farm project[22](index=22&type=chunk) [Continental Europe Infrastructure Business](index=9&type=section&id=Continental%20Europe%20Infrastructure%20Business) Continental Europe business profit contribution increased by 3%, with ista recording strong performance and acquiring a meter installation company, and Dutch Enviro Energy's waste-to-energy facility reconstruction progressing well Continental Europe Infrastructure Business Profit Contribution | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 432 million | HKD 419 million | Increased by 3% (broadly similar in local currency) | - **ista** recorded **strong performance** and acquired a meter installation company to enhance installation capabilities and EV charging services[24](index=24&type=chunk) - Dutch Enviro Energy's waste-to-energy facility's first phase of reconstruction is complete, with all seven incineration units back in operation[24](index=24&type=chunk) [Canada Infrastructure Business](index=9&type=section&id=Canada%20Infrastructure%20Business) Canadian business profit contribution decreased by 9%, primarily due to lower power generation and electricity prices from Canadian Power in Alberta, while Reliance Home Comfort achieved ideal growth and completed two US home services acquisitions Canada Infrastructure Business Profit Contribution | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 275 million | HKD 301 million | Decreased by 9% (5% in local currency) | - **Canadian Power's** facilities in Alberta were negatively impacted by **decreased power generation and electricity prices**[25](index=25&type=chunk) - **Reliance Home Comfort** achieved **ideal growth** and completed two acquisitions in the US home services industry, executing its US business expansion strategy[25](index=25&type=chunk) [New Zealand Infrastructure Business](index=10&type=section&id=New%20Zealand%20Infrastructure%20Business) New Zealand business profit contribution remained similar to the prior period, with Enviro NZ showing strong performance and securing multiple contracts, and Wellington Electricity approved for increased allowed returns and significant capital investment New Zealand Infrastructure Business Profit Contribution | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 80 million | HKD 80 million | Similar (4% growth in local currency) | - **Enviro NZ** recorded **strong performance**, successfully securing multiple contracts, including a ten-year waste collection service contract renewal with Taupo District Council[26](index=26&type=chunk) - **Wellington Electricity** commenced a new regulatory period on April 1, 2025, with **approved increased allowed returns and significant capital investment**[26](index=26&type=chunk) [Hong Kong and Mainland China Business](index=10&type=section&id=Hong%20Kong%20and%20Mainland%20China%20Business) Hong Kong and Mainland China business portfolio profit contribution slightly increased by 2%, with Mainland China transportation projects performing steadily and infrastructure materials manufacturing business remaining similar to the prior period Hong Kong and Mainland China Business Profit Contribution | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit Contribution | HKD 98 million | HKD 96 million | Slightly increased by 2% | - Mainland China's transportation projects performed **steadily**, while the infrastructure materials manufacturing business remained **similar to the prior period**[27](index=27&type=chunk) [Financial Strength and Sustainability](index=10&type=section&id=Financial%20Strength%20and%20Sustainability) CK Infrastructure maintains a robust financial foundation with HKD 4.7 billion in cash and a stable net debt-to-total capital ratio of 10.6%, while continuously expanding sustainability projects in its UK and Australian distribution networks - The Group's financial foundation remains **strong**, holding **HKD 4.7 billion in cash** as of June 30, 2025[28](index=28&type=chunk) Gearing Ratio as of June 30, 2025 | Indicator | Ratio | | :--- | :--- | | Net debt to total capital ratio | 10.6% | | Net debt to total capital ratio (on a look-through basis including infrastructure investment portfolio) | 48.7% | - The Group continues to be assigned an **"A/Stable" credit rating** by Standard & Poor's[29](index=29&type=chunk) - The Group's distribution networks in the UK and Australia continue to expand **sustainability projects**, including smart grid solutions, EV charging infrastructure, and integrated renewable energy systems[31](index=31&type=chunk) - Canadian Power's Okanagan wind power project, UK Renewables Energy's wind farms, UK Power Networks Services, and the Australian non-regulated business's solar portfolio, as well as Hongkong Electric's gas-fired generating units, are also progressing well[31](index=31&type=chunk) [Outlook](index=11&type=section&id=Outlook) Facing global geopolitical tensions and economic uncertainties, CK Infrastructure demonstrates resilience with strong recurring income and predictable cash flows, continuing to seek growth and expansion opportunities through internal growth and acquisitions while balancing prudence and growth - Global geopolitical tensions and economic uncertainties persist, but **growth and expansion opportunities remain** available[33](index=33&type=chunk)[34](index=34&type=chunk) - CK Infrastructure has once again demonstrated **resilience** with its strong recurring income sources and predictable cash flows[33](index=33&type=chunk) - The Group will leverage its **strong financial position** and extensive track record of success to capitalize on competitive advantages and acquisition opportunities arising from infrastructure modernization needs[34](index=34&type=chunk) - While actively expanding, the Group consistently strives for a **balance between prudence and growth**, avoiding a "must-win" mentality in acquisition processes[34](index=34&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) This section details the Group's financial resources, treasury arrangements, gearing ratio, asset pledges, contingent liabilities, and employee information [Financial Resources, Treasury Arrangements and Gearing Ratio](index=13&type=section&id=Financial%20Resources,%20Treasury%20Arrangements%20and%20Gearing%20Ratio) The Group's capital commitments and investment projects are funded by cash on hand, internal cash generation, and various loans. As of June 30, 2025, total cash and deposits were HKD 4.721 billion, and total loans were HKD 20.706 billion, resulting in a net debt-to-total capital ratio of 10.6%, or 48.7% on a look-through basis - The Group's capital commitments and investment projects are funded by its **cash on hand, internal cash generation, loans, notes, bonds, share placements, and other project loans**[36](index=36&type=chunk) Financial Resources as of June 30, 2025 | Indicator | Amount (HKD) | | :--- | :--- | | Total cash and deposits | 4.721 billion | | Total loans | 20.706 billion | | Net debt to total capital ratio | 10.6% | | Net debt to total capital ratio (on a look-through basis) | 48.7% | - The Group adopts a **prudent treasury policy** for cash and financial management, utilizing currency and interest rate swap contracts to manage exchange rate and interest rate risks[36](index=36&type=chunk)[38](index=38&type=chunk) [Details of Group's Assets Pledged](index=14&type=section&id=Details%20of%20Group's%20Assets%20Pledged) As of June 30, 2025, certain Group assets were pledged to secure bank loans totaling HKD 1.492 billion Assets Pledged as of June 30, 2025 | Purpose of Pledge | Amount (HKD) | | :--- | :--- | | Bank loans | 1.492 billion | [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group's total contingent liabilities amounted to HKD 169 million, primarily comprising performance guarantees and subcontractor guarantees Contingent Liabilities as of June 30, 2025 | Item | Amount (HKD) | | :--- | :--- | | Performance guarantees | 145 million | | Subcontractor guarantees | 24 million | | **Total** | **169 million** | [Employees](index=14&type=section&id=Employees) Excluding associated companies, the Group employed 2,277 staff, with employee expenses (excluding directors' emoluments) totaling HKD 510 million. The Group ensures competitive remuneration based on performance and qualifications - The Group (excluding associated companies) employed a total of **2,277 staff**[41](index=41&type=chunk) 2025 Half-Year Employee Expenses | Item | Amount (HKD) | | :--- | :--- | | Employee expenses (excluding directors' emoluments) | 510 million | - The Group ensures **competitive employee remuneration** and has no employee share option scheme[41](index=41&type=chunk) [Biographical Details of Directors](index=15&type=section&id=Biographical%20Details%20of%20Directors) This section provides detailed biographical information for CK Infrastructure's board members, including their age, positions, tenure, roles in other listed companies, educational backgrounds, and relationships with major shareholders - **Mr. Victor T K Li** serves as Chairman and is also Chairman or Executive Director of CK Hutchison, CK Asset, and other companies, holding Bachelor's and Master's degrees in Civil Engineering and an honorary Doctor of Laws degree[42](index=42&type=chunk) - **Mr. Kam Hing Lam** serves as Group Managing Director and is also Deputy Managing Director or President of CK Hutchison, CK Asset, and other companies, holding a Bachelor's degree in Engineering and an MBA[43](index=43&type=chunk) - The Board comprises **15 directors**, including 8 Executive Directors, 2 Non-executive Directors, and 5 Independent Non-executive Directors, with 2 alternate directors[105](index=105&type=chunk) - Several directors possess extensive experience in accounting, financial management, and law, holding significant positions in multiple listed companies[45](index=45&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) [Financial Statements](index=26&type=section&id=Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss, comprehensive income, financial position, changes in equity, and cash flows for the period [Consolidated Statement of Profit or Loss](index=26&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's turnover was HKD 20.359 billion, a 6.6% increase year-on-year. Profit for the period was HKD 4.565 billion, up 0.9%, with profit attributable to shareholders at HKD 4.348 billion and earnings per share of HKD 1.73 Key Data from Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HKD million) | 2024 (HKD million) | YoY Change | | :--- | :--- | :--- | :--- | | Turnover | 20,359 | 19,090 | +6.6% | | Sales and interest income from infrastructure investments | 2,209 | 2,478 | -10.8% | | Other income | 182 | 347 | -47.5% | | Operating costs | (1,827) | (1,918) | -4.7% | | Finance costs | (432) | (415) | +4.1% | | Exchange gain | 71 | 108 | -34.3% | | Share of results of associates | 1,382 | 1,351 | +2.3% | | Share of results of joint ventures | 3,034 | 2,626 | +15.5% | | Profit before tax | 4,619 | 4,577 | +0.9% | | Taxation | (54) | (53) | +1.9% | | Profit for the period | 4,565 | 4,524 | +0.9% | | Attributable to shareholders of the Company | 4,348 | 4,311 | +0.9% | | Earnings per share | HKD 1.73 | HKD 1.71 | +1.2% | [Consolidated Statement of Comprehensive Income](index=27&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period significantly increased to HKD 8.898 billion from HKD 2.966 billion in the prior period, primarily due to a favorable shift from exchange loss to gain on translation of financial statements of overseas operations Key Data from Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Profit for the period | 4,565 | 4,524 | | Loss from fair value changes of derivative financial instruments designated as effective cash flow hedges | (48) | (15) | | (Loss) / gain from fair value changes of derivative financial instruments designated as effective net investment hedges | (3,702) | 617 | | Exchange differences on translation of financial statements of overseas operations | 7,041 | (1,339) | | Share of other comprehensive income of associates | 850 | 16 | | Share of other comprehensive (expense) / income of joint ventures | (229) | 425 | | Related income tax on components of other comprehensive income | 199 | (158) | | Other comprehensive income / (expense) for the period | 4,333 | (1,558) | | **Total comprehensive income for the period** | **8,898** | **2,966** | | Attributable to shareholders of the Company | 8,678 | 2,755 | - **Exchange differences on translation of financial statements of overseas operations** shifted from a loss of HKD 1.339 billion in 2024 to a gain of **HKD 7.041 billion** in 2025, which is the primary reason for the significant increase in total comprehensive income[59](index=59&type=chunk) [Consolidated Statement of Financial Position](index=28&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to HKD 156.676 billion from HKD 146.639 billion at the end of 2024. Net assets increased to HKD 135.235 billion from HKD 131.243 billion at the end of 2024 Key Data from Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Total non-current assets | 159,050 | 148,365 | | Total current assets | 5,572 | 9,472 | | Total current liabilities | 7,946 | 11,198 | | Net current liabilities | (2,374) | (1,726) | | Total assets less current liabilities | 156,676 | 146,639 | | Total non-current liabilities | 21,441 | 15,396 | | **Net assets** | **135,235** | **131,243** | | Equity attributable to shareholders of the Company | 125,271 | 121,280 | | Total equity | 135,235 | 131,243 | - Interests in associates and interests in joint ventures are the **primary components of the Group's non-current assets**, reaching **HKD 39 billion** and **HKD 112.04 billion**, respectively[60](index=60&type=chunk) - Non-current liabilities for bank and other loans increased from HKD 14.639 billion at the end of 2024 to **HKD 20.195 billion** as of June 30, 2025[60](index=60&type=chunk) [Consolidated Statement of Changes in Equity](index=29&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to shareholders of the Company increased from HKD 121.28 billion at the beginning of the year to HKD 125.271 billion. Total comprehensive income for the period was HKD 8.898 billion, but equity was reduced by dividends paid and distributions to perpetual capital securities Key Data from Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Equity attributable to shareholders of the Company at January 1 | 121,280 | 123,293 | | Profit for the period | 4,348 | 4,311 | | Total comprehensive income for the period (attributable to shareholders of the Company) | 8,678 | 2,755 | | Dividends paid | (4,687) | (4,661) | | Distributions to perpetual capital securities | (219) | (219) | | Equity attributable to shareholders of the Company at June 30 | 125,271 | 121,387 | - The **exchange reserve** improved significantly from a negative HKD 9.789 billion to a negative **HKD 5.223 billion** in H1 2025, reflecting a substantial improvement in exchange differences arising from the translation of financial statements of overseas operations[61](index=61&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's cash and cash equivalents decreased by HKD 3.384 billion. Net cash from operating activities was HKD 586 million, net cash from investing activities was HKD 920 million, and net cash from financing activities was a negative HKD 4.89 billion Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Net cash from operating activities | 586 | 641 | | Net cash from investing activities | 920 | 443 | | Net cash used in financing activities | (4,890) | (4,981) | | Net decrease in cash and cash equivalents | (3,384) | (3,897) | | Cash and cash equivalents at January 1 | 8,105 | 13,077 | | Cash and cash equivalents at June 30 | 4,721 | 9,180 | - **Net cash outflow from financing activities** was the primary reason for the decrease in cash and cash equivalents, mainly due to the payment of dividends and distributions to perpetual capital securities[61](index=61&type=chunk)[63](index=63&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=32&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes explaining the basis of preparation, turnover, other income, operating costs, taxation, profit for the period, segment information, earnings per share, interim dividend, receivables, payables, share capital, cash flow notes, fair value measurement of financial instruments, commitments, contingent liabilities, comparative figures, and review of the interim financial statements [Basis of Preparation](index=32&type=section&id=Basis%20of%20Preparation) These condensed consolidated interim financial statements are prepared in accordance with relevant standards issued by the Hong Kong Institute of Certified Public Accountants and the International Accounting Standards Board, and the disclosure requirements of the Hong Kong Stock Exchange Listing Rules. The accounting policies adopted are consistent with the 2024 consolidated financial statements, and newly adopted amended standards have no significant impact on current period results or financial position - The statements are prepared in accordance with **Hong Kong Accounting Standard 34** and **International Accounting Standard 34**, as well as the disclosure requirements of the Hong Kong Stock Exchange Listing Rules[64](index=64&type=chunk) - The accounting policies adopted are **consistent** with those used in the consolidated financial statements for the year ended December 31, 2024[64](index=64&type=chunk) - Newly adopted amended Hong Kong Financial Reporting Standards and International Financial Reporting Standards will **not have a significant impact** on the Group's results or financial position for the current or prior periods[64](index=64&type=chunk) [Turnover](index=33&type=section&id=Turnover) Turnover primarily comprises sales of infrastructure materials, interest income from loans to associates and joint ventures, sales of waste management services, and share of turnover of joint ventures. In H1 2025, turnover was HKD 20.359 billion, an increase from HKD 19.09 billion in H1 2024 - Turnover refers to **sales of infrastructure materials, interest income from loans to associates and joint ventures, sales of waste management services, and share of turnover of joint ventures**[65](index=65&type=chunk) Turnover Composition (For the six months ended June 30) | Item | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Sales of infrastructure materials | 722 | 751 | | Interest income from loans to associates | 37 | 52 | | Interest income from loans to joint ventures | 515 | 698 | | Sales of waste management services | 935 | 977 | | Sales and interest income from infrastructure investments | 2,209 | 2,478 | | Share of turnover of joint ventures | 18,150 | 16,612 | | **Turnover** | **20,359** | **19,090** | [Other Income](index=34&type=section&id=Other%20Income) Other income for H1 2025 was HKD 182 million, primarily consisting of bank interest income, a decrease from HKD 347 million in H1 2024 Other Income Composition (For the six months ended June 30) | Item | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Bank interest income | 152 | 303 | [Operating Costs](index=34&type=section&id=Operating%20Costs) Operating costs for H1 2025 were HKD 1.827 billion, a decrease from HKD 1.918 billion in H1 2024, with major components including cost of inventories sold, cost of services provided, depreciation of property, plant and equipment, and amortization of intangible assets Operating Costs Composition (For the six months ended June 30) | Item | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Cost of inventories sold | 629 | 702 | | Cost of services provided | 395 | 425 | | Depreciation of property, plant and equipment | 148 | 149 | | Amortization of intangible assets | 8 | 9 | [Taxation](index=35&type=section&id=Taxation) Total taxation for H1 2025 was HKD 54 million, similar to HKD 53 million in H1 2024, primarily comprising overseas taxation and deferred tax - Taxation is provided based on estimated assessable profits after deducting available tax losses, calculated at applicable tax rates[69](index=69&type=chunk) Taxation Composition (For the six months ended June 30) | Item | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Current – Hong Kong | 1 | 1 | | Current – Outside Hong Kong | 37 | 33 | | Deferred tax | 16 | 19 | | **Total** | **54** | **53** | [Profit for the Period and Segment Information](index=36&type=section&id=Profit%20for%20the%20Period%20and%20Segment%20Information) The Group's profit for the period was HKD 4.565 billion, with HKD 4.348 billion attributable to shareholders of the Company. Segment information shows the UK business contributed the most profit at HKD 2.223 billion, followed by Power Assets and Australian businesses - Segment profit attributable to shareholders of the Company represents the profit earned by the Group in each segment after deducting profit attributable to holders of perpetual capital securities and non-controlling interests, excluding profit or loss from Group head office treasury activities, administration, and other expenses[74](index=74&type=chunk) 2025 Half-Year Profit Contribution by Business Segment (HKD million) | Business Segment | 2025 | 2024 | | :--- | :--- | :--- | | Power Assets Holdings Limited | 1,095 | 1,082 | | United Kingdom | 2,223 | 1,865 | | Australia | 793 | 864 | | Continental Europe | 432 | 419 | | Hong Kong and Mainland China | 98 | 90 | | Canada | 275 | 301 | | New Zealand | 80 | 80 | | **Total Profit Attributable to Shareholders of the Company** | **4,348** | **4,311** | [Earnings Per Share](index=37&type=section&id=Earnings%20Per%20Share) Earnings per share for H1 2025 was HKD 1.73, an increase from HKD 1.71 in H1 2024 Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Earnings per share | HKD 1.73 | HKD 1.71 | - Earnings per share is calculated based on the profit attributable to shareholders of the Company and **2,519,610,945 shares** in issue during the period[75](index=75&type=chunk) [Interim Dividend](index=37&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HKD 0.73 per share for 2025, totaling HKD 1.839 billion, an increase from HKD 0.72 per share in 2024 Interim Dividend (For the six months ended June 30) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Interim dividend of HKD 0.73 per share (2024: HKD 0.72 per share) | 1,839 | 1,814 | [Trade and Other Receivables](index=38&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables (net of loss allowance) were HKD 237 million, a slight decrease from HKD 250 million as of December 31, 2024. Most trade receivables are aged within one month Ageing Analysis of Trade Receivables (HKD million) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 196 | 189 | | 1 to 3 months | 35 | 42 | | 3 to 12 months | 8 | 20 | | Over 12 months | 10 | 8 | | **Total** | **249** | **259** | | Loss allowance | (12) | (9) | | **Total after allowance** | **237** | **250** | - The Group's transactions with customers are primarily on credit, with payments generally due within **one month** of invoice date[77](index=77&type=chunk) [Trade and Other Payables](index=39&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade payables were HKD 237 million, largely consistent with HKD 236 million as of December 31, 2024. Most trade payables are current or due within one month Ageing Analysis of Trade Payables (HKD million) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current | 116 | 132 | | 1 month | 59 | 56 | | 2 to 3 months | 29 | 15 | | Over 3 months | 33 | 33 | | **Total** | **237** | **236** | [Share Capital](index=39&type=section&id=Share%20Capital) There was no change in the Company's share capital during the six months ended June 30, 2025 - The Company's share capital remained **unchanged** during the six months ended June 30, 2025[79](index=79&type=chunk) [Notes to the Condensed Consolidated Cash Flow Statement](index=40&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash from operating activities was HKD 586 million, and net cash from investing activities was HKD 920 million. Cash flow from operations (including net cash from operating activities and dividends received from associates and joint ventures) totaled HKD 3.184 billion Key Cash Flow Data (For the six months ended June 30) | Item | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Net cash from operating activities | 586 | 641 | | Dividends received from associates | 1,648 | 1,566 | | Dividends received from joint ventures | 950 | 1,126 | | **Cash flow from operations** | **3,184** | **3,333** | | Investment in joint ventures | (93) | (1,377) | [Financial Instruments Measured at Fair Value](index=40&type=section&id=Financial%20Instruments%20Measured%20at%20Fair%20Value) The carrying amounts of the Group's financial assets and liabilities approximate their fair values. The fair values of investment properties, unlisted investment securities, and other investments are measured based on valuation inputs that are directly or indirectly observable or unobservable market data - The carrying amounts of the Group's financial assets and financial liabilities **approximate their fair values**[82](index=82&type=chunk) - The fair values of investment properties, unlisted investment securities, and other investments are measured based on valuation inputs that are **directly or indirectly observable or unobservable market data**[83](index=83&type=chunk) [Commitments](index=41&type=section&id=Commitments) As of June 30, 2025, the Group's total capital commitments, unfulfilled and not provided for in the condensed consolidated interim financial statements, amounted to HKD 254 million, primarily for plant and machinery Capital Commitments (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Plant and machinery | 193 | 198 | | Buildings | 2 | - | | Other financial assets | 59 | 91 | | **Total** | **254** | **289** | [Contingent Liabilities](index=42&type=section&id=Contingent%20Liabilities_2) As of June 30, 2025, the Group's total contingent liabilities amounted to HKD 169 million, primarily comprising performance guarantees and subcontractor guarantees Contingent Liabilities (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Performance guarantees | 145 | 144 | | Subcontractor guarantees | 24 | 24 | | **Total** | **169** | **168** | [Comparative Figures](index=42&type=section&id=Comparative%20Figures) Certain comparative figures have been reclassified to conform with the current period's presentation - Certain comparative figures have been **reclassified** to conform with the current period's presentation[86](index=86&type=chunk) [Review of Condensed Consolidated Interim Financial Statements](index=42&type=section&id=Review%20of%20Condensed%20Consolidated%20Interim%20Financial%20Statements) These condensed consolidated interim financial statements are unaudited but have been reviewed by the Audit Committee - These condensed consolidated interim financial statements are **unaudited** but have been **reviewed by the Audit Committee**[87](index=87&type=chunk) [Statement of Directors' Responsibilities](index=43&type=section&id=Statement%20of%20Directors'%20Responsibilities) The Board confirms that the financial statements are prepared in accordance with relevant accounting standards, provide a true and fair view, and contain information on significant events, principal risks, and related party transactions as required by the UK Financial Conduct Authority's disclosure guidance and transparency rules - The Board confirms that the financial statements have been prepared in accordance with standards issued by the Hong Kong Institute of Certified Public Accountants and the International Accounting Standards Board, and the Hong Kong Stock Exchange Listing Rules, providing a **true and fair view**[89](index=89&type=chunk) - This interim report contains information on **significant events, principal risks, and uncertainties** as required by the UK Financial Conduct Authority's disclosure guidance and transparency rules[89](index=89&type=chunk) - The report also discloses **related party transactions** that occurred in the first six months of the financial year ending December 31, 2025, and had a significant impact on the Group's financial position or performance[89](index=89&type=chunk) [Directors' and Major Shareholders' Interests](index=44&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) This section details the interests and short positions of the Company's directors and chief executive, as well as major shareholders, in the shares, underlying shares, and debentures of the Company and its associated corporations [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=44&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, the Company's directors and chief executive held interests or short positions in the shares, underlying shares, and debentures of the Company and its associated corporations. Mr. Victor T K Li held approximately 0.22% equity interest in the Company and significant interests in CK Hutchison, Power Assets, and other companies - As of June 30, 2025, the Company's directors and chief executive held **interests or short positions** in the shares, underlying shares, and debentures of the Company or any of its associated corporations[90](index=90&type=chunk) Directors' Long Positions in Company Shares (As of June 30, 2025) | Director Name | Capacity | Total Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Victor T K Li | Interests of child or spouse and beneficiary of a trust | 5,655,000 | 0.22% | | Kam Hing Lam | Beneficial owner | 100,000 | 0.003% | - **Mr. Victor T K Li** is deemed to be interested in the Company's shares held by TUT1 as trustee of UT1, through his capacity as a beneficiary of a trust[95](index=95&type=chunk) - **Mr. Canning Fok** and **Mr. Frank John Sixt** accepted the offer for their shares in Hutchison Telecommunications (Australia) Limited and ceased to hold relevant interests from July 9, 2025[92](index=92&type=chunk) [Shareholders' Interests and Short Positions](index=50&type=section&id=Shareholders'%20Interests%20and%20Short%20Positions) As of June 30, 2025, major shareholders, including Hutchison Infrastructure Holdings Limited and its controlled corporations (such as Aspire Rich Limited, Robust Faith Limited, CK Hutchison Capital Securities (2) Limited, CK Hutchison Capital Securities (3) Limited, CK Hutchison Global Investments Limited, and CK Hutchison Holdings Limited), held approximately 75.67% long positions in the Company's shares - As of June 30, 2025, **Hutchison Infrastructure Holdings Limited** and its controlled corporations held interests or short positions in the Company's shares or underlying shares[101](index=101&type=chunk) Major Shareholders' Long Positions in Company Shares (As of June 30, 2025) | Name | Capacity | Number of Ordinary Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Hutchison Infrastructure Holdings Limited | Beneficial owner | 1,906,681,945 | 75.67% | | Aspire Rich Limited | Interest of controlled corporation | 1,906,681,945 | 75.67% | | Robust Faith Limited | Interest of controlled corporation | 1,906,681,945 | 75.67% | | CK Hutchison Capital Securities (2) Limited | Interest of controlled corporation | 1,906,681,945 | 75.67% | | CK Hutchison Capital Securities (3) Limited | Interest of controlled corporation | 1,906,681,945 | 75.67% | | CK Hutchison Global Investments Limited | Interest of controlled corporation | 1,906,681,945 | 75.67% | | CK Hutchison Holdings Limited | Interest of controlled corporation | 1,906,681,945 | 75.67% | - These companies are deemed to hold the same number of share interests through **tiered control relationships**[103](index=103&type=chunk) [Corporate Governance](index=52&type=section&id=Corporate%20Governance) This section outlines the Group's commitment to maintaining robust corporate governance practices, including board composition, securities trading codes, risk management, internal controls, and the roles of its various committees [Corporate Governance Overview](index=52&type=section&id=Corporate%20Governance%20Overview) CK Infrastructure is committed to maintaining sound corporate governance practices and procedures, complying with the Corporate Governance Code in Appendix C1 of the Hong Kong Listing Rules, and has adopted various policies to ensure effective management, a sound corporate culture, and enhanced shareholder value - The Company has applied the principles of the Corporate Governance Code in Appendix C1 of the Hong Kong Listing Rules and has **complied with all code provisions and recommended best practices**[104](index=104&type=chunk) - The Group has adopted and regularly reviews its comprehensive corporate governance policies, such as the **"Anti-Fraud and Anti-Bribery Policy," "Anti-Money Laundering Policy," and "Employee Code of Conduct"**[104](index=104&type=chunk) - Internal and external auditors, along with other professional advisors, are **important pillars** in maintaining the Group's accountability[104](index=104&type=chunk) [Board Composition and Practices](index=53&type=section&id=Board%20Composition%20and%20Practices) The Board comprises 15 directors, including 8 Executive Directors, 2 Non-executive Directors, and 5 Independent Non-executive Directors, ensuring diversity and independence. The roles of Chairman and Group Managing Director are separate, with the Chairman responsible for overall strategic direction and the Group Managing Director for daily management and operations - The Board comprises **15 directors**, including 8 Executive Directors, 2 Non-executive Directors, and 5 Independent Non-executive Directors, with 2 alternate directors[105](index=105&type=chunk) - **One-third of the Board members are Independent Non-executive Directors**, and more than one Independent Non-executive Director possesses appropriate professional qualifications or financial management expertise[105](index=105&type=chunk) - The roles of Chairman and Group Managing Director are held by **different individuals**, ensuring segregation of duties[106](index=106&type=chunk) - The Chairman holds **two meetings annually with Independent Non-executive Directors** without the presence of other directors, providing an exclusive platform to discuss company matters[107](index=107&type=chunk) [Code for Securities Transactions by Directors](index=55&type=section&id=Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code for securities transactions largely similar to Appendix C3 of the Hong Kong Listing Rules, updated for UK secondary listing requirements. All directors confirmed compliance with this code during the reporting period - The Company has adopted a code for securities transactions largely similar to **Appendix C3 of the Hong Kong Listing Rules**, updated in accordance with relevant provisions of (EU) Regulation No. 596/2014[110](index=110&type=chunk) - All directors have confirmed their **compliance with the required standards** for dealing in the Company's securities during the six months ended June 30, 2025[110](index=110&type=chunk) - The Company has established **written guidelines for employees** dealing in the Company's securities and adopted policies for handling confidential information, disclosure of inside information, and securities dealing, in compliance with Hong Kong and UK Listing Rules[110](index=110&type=chunk) [Risk Management and Internal Control](index=56&type=section&id=Risk%20Management%20and%20Internal%20Control) The Internal Audit Department independently assesses risk management and internal control systems, reporting directly to the Audit Committee and Group Managing Director. Audit work focuses on the Group's highest-risk activities and closely monitors the implementation of corrective actions - The Internal Audit Department independently assesses risk management and internal control systems, reporting directly to the **Audit Committee and Group Managing Director**[111](index=111&type=chunk) - Audit work focuses on the Group's foreseeable **highest-risk activities** and closely monitors the implementation of agreed corrective actions[111](index=111&type=chunk) - The Board, through the Audit Committee, has reviewed the **effectiveness of the Group's risk management and internal control systems** for the six months ended June 30, 2025[111](index=111&type=chunk) [Audit Committee](index=56&type=section&id=Audit%20Committee) The Audit Committee, composed of four Independent Non-executive Directors, oversees financial reporting, risk management, and internal control systems, and monitors the relationship with external auditors. The Committee has reviewed this interim report - The Audit Committee comprises **four Independent Non-executive Directors**, with more than one member possessing expertise in accounting or related financial management[112](index=112&type=chunk) - The Committee is responsible for overseeing the Company's **financial reporting system, risk management, and internal control systems**, and monitoring the Company's relationship with external auditors[112](index=112&type=chunk) - The Audit Committee has **reviewed the Group's interim report** for the six months ended June 30, 2025[113](index=113&type=chunk) [Remuneration Committee](index=57&type=section&id=Remuneration%20Committee) The Remuneration Committee, primarily composed of Independent Non-executive Directors, advises the Board on remuneration policies and structures for all directors and senior management, and determines the remuneration packages for individual executive directors and senior management - The Remuneration Committee is predominantly composed of Independent Non-executive Directors, with **Mr. Cheung Ying Chow** serving as Chairman[114](index=114&type=chunk) - The Committee's primary responsibilities include advising the Board on the **remuneration policy and structure** for all directors and senior management, and determining the remuneration packages for individual executive directors and senior management[114](index=114&type=chunk) [Nomination Committee](index=57&type=section&id=Nomination%20Committee) The Nomination Committee, primarily composed of Independent Non-executive Directors, reviews the Board's structure, size, and composition at least annually, assesses the independence of Independent Non-executive Directors, and makes recommendations on the appointment, re-appointment, and succession planning of directors - The Nomination Committee is predominantly composed of Independent Non-executive Directors, with **Ms. Kwok Lam Kwai Chun, Catherine** serving as Chairman[115](index=115&type=chunk) - The Committee's primary responsibilities include reviewing the Board's **structure, size, and composition** at least annually, assessing the independence of Independent Non-executive Directors, and making recommendations on the appointment, re-appointment, and succession planning of directors[115](index=115&type=chunk) [Sustainability Committee](index=58&type=section&id=Sustainability%20Committee) The Sustainability Committee, comprising three directors (mostly Independent Non-executive Directors) and the company secretary, oversees the management of the Group's sustainability initiatives and advises the Board on related policies and practices - The Sustainability Committee comprises **three directors** (mostly Independent Non-executive Directors) and the company secretary, with **Mr. H Y Yeh** serving as Chairman[117](index=117&type=chunk) - The Committee's primary responsibilities include overseeing the management of the Group's **sustainability initiatives** and advising the Board on the formulation and implementation of related measures[117](index=117&type=chunk) [Investor Relations and Shareholder Engagement](index=58&type=section&id=Investor%20Relations%20and%20Shareholder%20Engagement) The Company is committed to maintaining effective communication with stakeholders through various channels, including its website, general meetings, press conferences, and investor analyst briefings, to understand their needs and expectations - The Company's **Shareholder Communication Policy** is published on its website and regularly reviewed to ensure its execution and effectiveness[118](index=118&type=chunk) - The Company communicates with shareholders and investors through various channels, including its **website, general meetings, press conferences, and investor analyst briefings**[119](index=119&type=chunk) - The Share Registrar handles all share registration and related matters for shareholders, while the Corporate Affairs Department addresses general inquiries from shareholders and investors[119](index=119&type=chunk) [Other Information](index=60&type=section&id=Other%20Information) This section provides additional information, including details on the purchase, sale, or redemption of listed securities and disclosures required under Chapter 13 of the Hong Kong Listing Rules [Purchase, Sale or Redemption of Listed Securities](index=60&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**[121](index=121&type=chunk) - As of June 30, 2025, the Company and its subsidiaries held **no treasury shares** in the Central Clearing and Settlement System or otherwise[121](index=121&type=chunk) [Disclosure under Chapter 13 of the Hong Kong Listing Rules](index=60&type=section&id=Disclosure%20under%20Chapter%2013%20of%20the%20Hong%20Kong%20Listing%20Rules) As of June 30, 2025, the Group's financial assistance to certain associated companies exceeded 8% of the asset percentage ratio. The net assets of these associated companies totaled HKD 195.916 billion, with the Group's aggregate attributable interest being HKD 86.741 billion - As of June 30, 2025, the Group's financial assistance to certain associated companies **exceeded 8% of the asset percentage ratio**[122](index=122&type=chunk) Consolidated Statement of Financial Position of Associated Companies (HKD million) | Item | Amount | | :--- | :--- | | Non-current assets | 532,512 | | Current assets | 27,966 | | Current liabilities | (52,914) | | Non-current liabilities | (311,648) | | **Net assets** | **195,916** | - The Group's aggregate attributable interest in these associated companies totaled **HKD 86.741 billion**[122](index=122&type=chunk) [Risk Factors](index=61&type=section&id=Risk%20Factors) This section details various risks and uncertainties that could affect CK Infrastructure's business, financial condition, operating results, and development prospects, covering macroeconomic, operational, financial compliance, environmental, social, and investment market aspects [Risk Factors Overview](index=61&type=section&id=Risk%20Factors%20Overview) This section elaborates on various risks and uncertainties that could impact the Group's business, financial condition, operating results, and development prospects, encompassing macroeconomic, business operations, financial compliance, environmental, social, and investment market aspects - The Group's business, financial condition, operating results, and development prospects may be affected by **risks and uncertainties directly or indirectly related to its operations**[123](index=123&type=chunk) - The list of risk factors is **not exhaustive or comprehensive**, and other risks unknown to the Group or currently not material may become material in the future[123](index=123&type=chunk) - The report does not constitute investment advice, and investors should exercise their **own judgment or consult investment advisors**[123](index=123&type=chunk) [Macroeconomic and Market Risks](index=61&type=section&id=Macroeconomic%20and%20Market%20Risks) Macroeconomic and market risks include global economic slowdown, trade tensions, policy uncertainties, exchange rate fluctuations, supply chain disruptions, inflationary pressures, geopolitical tensions, and climate risks, all of which could adversely affect the Group's business, financial condition, and asset values - The global economy and financial markets face challenges such as **tense trade relations, policy uncertainties, exchange rate fluctuations, supply chain disruptions, inflationary pressures, and geopolitical tensions**[124](index=124&type=chunk) - The Group operates in multiple countries, and any adverse economic, social, and/or political factors could potentially impact its **business, financial condition, operating results, asset values, and liabilities**[124](index=124&type=chunk) [Global Economy](index=61&type=section&id=Global%20Economy) Persistent global economic slowdown may lead to market contraction, increased defaults, weak consumer confidence, heightened market volatility, and asset value declines. As a diversified infrastructure investment company, the Group's business may be affected by adverse economic, social, and political factors in its operating countries and regions - Persistent global economic slowdown may lead to **economic contraction in certain markets, commercial and consumer defaults, weak consumer confidence, heightened market volatility, and asset value declines**[124](index=124&type=chunk) - Should any adverse economic, social, and/or political factors arise in the countries and regions where the Group operates, they could potentially impact the Group's **business, financial condition, operating results, asset values, and liabilities**[124](index=124&type=chunk) [Economic Conditions and Interest Rates](index=62&type=section&id=Economic%20Conditions%20and%20Interest%20Rates) Economic conditions, population growth, market values, monetary environments, and interest rate cycles in the regions where the Group invests or operates affect its business. Interest rate fluctuation risks may impact the returns of the Group's regulated businesses and its financial and treasury income - Economic conditions, population growth rates, market values of investment securities, monetary environments, and interest rate cycles in different regions where the Group invests or operates all impact the industries in which the Group operates[126](index=126&type=chunk) - Interest rate cycles affect overall demand across industries; although the Group regularly reviews interest rate fluctuation risks and can use hedging instruments to manage them, there is **no guarantee** that the Group will not be affected by interest rate fluctuation risks[126](index=126&type=chunk) - Certain Group businesses are subject to their respective regulatory regimes, which consider local interest rates when calculating the cost of regulated capital, thereby affecting the determination of allowed returns. Additionally, the Group's financial and treasury income depends on capital markets, interest rates, and monetary environments[126](index=126&type=chunk) [Concentration in Market Locations and Business Types](index=63&type=section&id=Concentration%20in%20Market%20Locations%20and%20Business%20Types) The Group's operations may be concentrated in specific market locations or business types, and any deterioration in economic, social, or political environments, or occurrences of social unrest or disasters in these areas, could significantly disrupt the Group's revenue, profitability, and financial condition - The Group's business operations can be considered primarily concentrated in **certain market locations or specific types of businesses**[127](index=127&type=chunk) - Should any deterioration occur in the economic, social, or political environment of these market locations or related industries, or if any social unrest, strikes, riots, civil disturbances, civil disobedience, or terrorist activities, or even epidemics, occur, the Group's business could suffer **significant disruption**, thereby affecting its revenue, profitability, and financial condition[127](index=127&type=chunk) [Intense Market Competition](index=63&type=section&id=Intense%20Market%20Competition) Some of the Group's non-regulated businesses, such as waste management and airport peripheral parking, face intense market competition, where new entrants and existing competitors' price competition could adversely affect the Group's business, financial condition, and development prospects - Some of the Group's non-regulated businesses, such as its **waste management, airport peripheral parking, train leasing, cement, and building services infrastructure businesses**, face competition in their respective operating markets[128](index=128&type=chunk) - The entry of new operators into the market and intensified price competition from existing competitors could **adversely affect** the Group's business, financial condition, operating results, or development prospects[128](index=128&type=chunk) [Business Operations and Industry-Specific Risks](index=64&type=section&id=Business%20Operations%20and%20Industry-Specific%20Risks) Business operations and industry-specific risks include the highly regulated infrastructure market, the impact of crude oil price fluctuations on midstream businesses, and the risk of budget overruns for substantial capital expenditure investments - The infrastructure market is **highly regulated**, and price controls and strict license conditions may affect the Group's returns[129](index=129&type=chunk) - Crude oil price fluctuations could **adversely affect** the operating results and financial condition of the Group's investment in Husky Midstream Limited Partnership business[131](index=131&type=chunk) - Maintaining existing business assets involves **substantial capital expenditure**, with unforeseen risks that could lead to budget overruns and impact the Group's business[132](index=132&type=chunk) [Infrastructure Market](index=64&type=section&id=Infrastructure%20Market) The infrastructure market is highly regulated, with the Group's investments in power and infrastructure subject to price controls and strict license conditions. Violations could lead to fines or license revisions. High interest rates, inflation, energy costs, and a tough regulatory stance may affect returns. Service disruption risks and regulatory reforms could also adversely impact business - The infrastructure industry is **highly regulated**, and some of the Group's investments in power and infrastructure are subject to price controls and strict license conditions, codes, and guidelines[129](index=129&type=chunk) - High interest rates and inflation, elevated energy costs, energy windfall taxes, price caps on energy retail in certain markets, coupled with a tough regulatory stance, may affect the **returns of the Group's infrastructure businesses**[129](index=129&type=chunk) - The distribution and transmission networks used by the Group's utility investment projects may also be subject to **supply disruption risks**. In the event of extreme weather and climate incidents, earthquakes, storms, floods, fires, severe damage, terrorist attacks, epidemics, or any other unforeseen circumstances leading to service disruptions, the resulting cash flow losses and network repair expenditures could be substantial[130](index=130&type=chunk) [Crude Oil Market](index=65&type=section&id=Crude%20Oil%20Market) The Group's investment in Husky Midstream Limited Partnership (HMLP) is influenced by refined petroleum product and crude oil prices produced by Cenovus Energy Inc. Crude oil price fluctuations, driven by global supply and demand, geopolitics, and natural disasters, could adversely affect the Group's financial condition and operating results - The Group's investment in **Husky Midstream Limited Partnership ("HMLP")** operates oil pipelines, storage facilities, and other ancillary assets in Canada. Its operating results and financial condition may be influenced by the prices of refined petroleum products and crude oil produced by Cenovus Energy Inc. ("Cenovus")[131](index=131&type=chunk) - Refined petroleum product and crude oil prices are driven by local and global supply and demand conditions, as well as transportation arrangements and costs. Supply and demand conditions may be affected by various factors, including but not limited to actions taken by OPEC, non-OPEC crude oil supply, social and political conditions in oil-producing countries, natural disasters, general and specific economic conditions, technological developments, current weather patterns, and the emergence of alternative energy sources[131](index=131&type=chunk) - HMLP is also susceptible to unforeseen crude oil spills in rivers or nature reserves. Should such incidents occur or recur, they could **adversely affect** the Group's financial condition and operating results[131](index=131&type=chunk) [Capital Expenditure Investments](index=65&type=section&id=Capital%20Expenditure%20Investments) Capital expenditure investment plans for regulated businesses face concerns regarding customers' ability to bear increased charges, labor and supply constraints, and rising costs. Maintaining existing business assets also involves substantial capital expenditure, with the risk of exceeding budgets, which could impact the Group's business and development prospects - Capital expenditure investment plans for re

Investment Rating - The report maintains an "Outperform" rating for CK Infrastructure Holdings [2][11]. Core Views - The performance in the first half of 2025 was in line with expectations, with a net profit attributable to shareholders of HK$4.348 billion, reflecting a 1% year-on-year increase. The company declared an interim dividend of HK$0.73 per share, a 1.4% increase from the previous year [3][9]. - The UK portfolio showed strong performance, contributing HK$2.223 billion, a 19% year-on-year increase, driven by various operational strengths. In contrast, the Australian and Canadian sectors underperformed [4][10]. - The company is undergoing a dynamic portfolio rebalancing, including the sale of UK Rails, which is expected to significantly reduce its net debt ratio [5][11]. Summary by Sections Financial Performance - For the first half of 2025, CK Infrastructure achieved a net profit of HK$4.348 billion, with cash on hand at HK$4.7 billion and a net debt to net total capital ratio of 10.6% [3][9]. - Revenue projections for 2025-2027 are estimated at HK$7.665 billion, HK$7.733 billion, and HK$7.683 billion respectively, with net profits expected to be HK$9.332 billion, HK$9.580 billion, and HK$9.688 billion [2][8]. Regional Performance - The UK infrastructure portfolio's contribution was HK$2.223 billion, up 19% year-on-year, while the Australian portfolio contributed HK$793 million, down 8% year-on-year [4][10]. - The Canadian portfolio contributed HK$275 million, a decrease of 9% year-on-year, primarily due to lower generation and prices [10]. Investment Strategy - The company plans to continue advancing various investment projects, including smart grids and renewable energy integration, while the sale of UK Rails is expected to enhance financial flexibility [5][11]. - The target price is maintained at HK$61.37, reflecting a positive outlook for the company's future performance [2][11].

Core Viewpoint - The China Securities Hong Kong 300 Infrastructure Index (H300 Infrastructure) has shown positive performance, with a 2.81% increase over the past month, a 5.08% increase over the past three months, and an 11.50% increase year-to-date [2] Group 1: Index Performance - The H300 Infrastructure Index is currently reported at 1935.88 points [1] - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [2] Group 2: Index Composition - The top ten weighted companies in the H300 Infrastructure Index are: China Mobile (33.75%), Cheung Kong (8.46%), CLP Holdings (8.25%), China Telecom (5.48%), Hong Kong and China Gas (4.88%), Power Assets Holdings (4.68%), China Unicom (3.86%), ENN Energy (3.12%), China Resources Power (2.53%), and CK Infrastructure Holdings (2.48%) [2] - The index is composed entirely of companies listed on the Hong Kong Stock Exchange, with a sector breakdown of 53.10% in telecommunications services, 41.42% in utilities, 4.22% in construction and decoration, and 1.27% in transportation [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

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]