格隆汇7月31日丨长江基建集团(01038.HK)宣布，公司将于2025年8月13日（星期三）于香港举行董事会 会议，以（其中包括）批准刊发公司及其附属公司截至2025年6月30日止六个月的中期业绩，以及考虑 派发中期股息。 ...

董事會召開日期 CK Infrastructure Holdings Limited 長江基建集團有限公司（「本公司」）之董事會（「董事 會」）謹此宣佈，本公司將於二零二五年八月十三日（星期三）於香港舉行董事會會議， 以（其中包括）批准刊發本公司及其附屬公司截至二零二五年六月三十日止六個月之 中期業績，以及考慮派發中期股息。 承董事會命 CK Infrastructure Holdings Limited 長江基建集團有限公司 公司秘書 楊逸芝 二零二五年七月三十一日 於本文件日期，本公司之執行董事為李澤鉅先生（主席）、甘慶林先生（集團董事總經理）、 葉德銓先生（副主席）、霍建寧先生（副主席）、陸法蘭先生、甄達安先生（副董事 總經理）、陳來順先生（財務總監）及陳建華小姐；非執行董事為張英潮先生（獨立非執 行董事）、郭李綺華女士（獨立非執行董事）、孫潘秀美女士（獨立非執行董事）、藍鴻震 先生（獨立非執行董事）、 Paul Joseph Tighe 先生（獨立非執行董事）、李王佩玲女士及 麥理思先生；及替任董事為文嘉強先生（為葉德銓先生之替任董事）及楊逸芝女士（為 甘慶林先生之替任董事）。 香港交易及結算所有限公 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Utilities Index, which has shown an increase of 4.62% over the past month, 3.60% over the past three months, and 2.49% year-to-date [1] - The index is classified according to the China Securities industry classification standards, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with thermal power accounting for 61.92% and gas accounting for 38.08% of the holdings [1] Group 2 - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Adjustments to the index occur in response to changes in the parent index, special events affecting industry classification, or the delisting of sample companies [2]

Group 1 - The core viewpoint of the news is that the China Hong Kong 300 Infrastructure Index has shown positive performance, with a 4.41% increase over the past month, a 7.48% increase over the past three months, and a 7.41% increase year-to-date [1] - The index is composed of selected securities from the China Hong Kong 300 Index, focusing on various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten weighted holdings in the China Hong Kong 300 Infrastructure Index include China Mobile (34.26%), CLP Holdings (8.4%), Cheung Kong (7.42%), China Telecom (5.2%), Hong Kong and China Gas (4.89%), Power Assets Holdings (4.71%), China Unicom (3.61%), ENN Energy (3.12%), China Resources Power (2.52%), and CK Infrastructure Holdings (2.41%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - In terms of industry composition, telecommunications services account for 52.05%, utilities for 40.92%, construction and decoration for 4.75%, and transportation for 2.28% [1] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are fixed until the next scheduled adjustment unless a special circumstance arises [2] - Companies that are delisted or undergo mergers, acquisitions, or spin-offs are handled according to the calculation and maintenance guidelines [2]

Core Viewpoint - The company expresses cautious optimism regarding its business outlook, supported by a total shareholder return of approximately 28% since the beginning of 2024, indicating strong investor support for its stable operations [1] Group 1: Business Performance - The company has consistently increased its dividends annually since its listing in 1996, demonstrating a commitment to creating stable and sustainable value for shareholders [1] - The majority of the company's investment portfolio consists of regulated projects, which provide resilient earnings and cash flow [1] Group 2: Acquisitions and Financial Position - The company completed several acquisitions last year, including projects in Northern Ireland and the UK, which were deemed successful [2] - As of the end of 2024, the company holds approximately 8 billion HKD in cash, with a healthy net debt to net total capital ratio of 7.8%, positioning it well for future growth and acquisition opportunities [1][2] Group 3: Regulatory Environment and Market Conditions - The company’s operations are primarily in regulated sectors, which are relatively stable and less affected by tariffs [2] - The company is preparing for regulatory resets for nine of its regulated businesses in 2025 or 2026, with recent resets showing improved allowed profits and return rates due to inflation and rising capital expenditure [2] Group 4: Future Listing and Financial Discipline - The company is set to officially list on the London Stock Exchange on August 19, 2024, which is expected to enhance financing channels for future acquisitions [2] - The company emphasizes strict financial prudence and discipline in its acquisition strategy, avoiding a "must-win" mentality [2]

Financial Performance - Shareholders' profit attributable to the company reached HKD 8,115 million in 2024, reflecting a 1.1% increase from HKD 8,027 million in 2023[25] - The company declared an interim dividend of HKD 1,814 million and a proposed final dividend of HKD 4,687 million for 2024, resulting in a total dividend of HKD 6,501 million, up from HKD 6,450 million in 2023[25] - The earnings contribution from operational businesses recorded a strong growth of 10% year-on-year[26] - The company’s earnings per share for 2024 was HKD 3.22, slightly up from HKD 3.19 in 2023[22] - CK Infrastructure Holdings Limited reported a strong operational profit growth of 10% year-on-year, with a net profit of HKD 8.115 billion for the year ending December 31, 2024, representing a 1% increase from the previous year[29] - The full-year dividend for 2024 was HKD 2.58 per share, marking 28 consecutive years of dividend growth since the company's listing in 1996[55][57] Financial Position - Total assets amounted to HKD 157,837 million in 2024, a decrease from HKD 165,873 million in 2023[22] - The net debt to total equity ratio stood at 7.8%, indicating stable financial leverage[7] - The company’s cash balance was HKD 8,115 million, reflecting a solid liquidity position[7] - The company held cash of HKD 8 billion as of December 31, 2024, with a net debt to total capital ratio of 7.8%, indicating strong financial stability[49] Business Operations - The company operates a diversified business portfolio across energy infrastructure, transportation, water treatment, and waste management, with investments spanning multiple regions including Hong Kong, mainland China, the UK, and Australia[3] - The company completed several acquisitions, including Phoenix Energy in Northern Ireland and UK Renewables Energy, which immediately contributed to revenue post-transaction[29] - The company launched a brand revitalization initiative for ista, including acquisitions in the electric vehicle charging sector and expanding international operations[42] - The company is focused on sustainable development, with ongoing projects in smart grids and renewable energy integration in the UK and Australia[51] - The company is committed to environmental sustainability and aims to lead the industry in net-zero energy systems through innovative infrastructure projects[83] Regional Performance - The UK business segment recorded a profit contribution of HKD 3.981 billion, a 31% increase year-on-year, with regulated businesses performing well[34] - The Australian business segment's profit contribution decreased by 4% to HKD 1.784 billion, primarily due to increased tax expenses from new capital rules, although profit would have increased by 6% without this tax impact[38] - The European business segment's profit contribution grew by 13% to HKD 670 million, driven by strong performance from ista, which set internal growth records during the year[42] - Canadian business profit contribution fell by 19% to HKD 524 million, attributed to a significant decline in Canadian Power profits and new financing regulations[43] - The profit contribution from New Zealand operations was HKD 185 million, an increase of 10% year-on-year (12% in local currency) driven by strong performance from Enviro NZ[47] - Profit contribution from Hong Kong and mainland China was HKD 132 million, up 13% from last year, with higher contributions from the concrete business in Hong Kong[48] Strategic Initiatives - The company maintains a cautious optimism regarding business prospects for 2025 amid global uncertainties and geopolitical tensions[53] - The group aims to maintain a disciplined investment approach to optimize risk-adjusted returns and generate consistent cash flow[81] - The company focuses on acquiring high-quality businesses that provide substantial recurring returns to strengthen its investment portfolio[81] - The group emphasizes internal growth and value creation within its existing business portfolio, leveraging capital allocation opportunities in energy and water networks[80] - The company promotes a corporate culture that emphasizes health, safety, creativity, diversity, and innovation among its employees[84] Sustainability and Innovation - The company is committed to eliminating coal-fired power generation by 2035, aligning with the government's carbon reduction target of a 50% decrease from 2005 levels[167] - UK Power Networks has set a target to achieve net-zero emissions by 2040, with a verified goal of reducing long-term emissions by at least 90% from a 2019 baseline year[179] - Northumbrian Water launched the UK's first smart sewer system project in 2024, utilizing AI technology and smart sensors to mitigate flooding issues, with an investment of £20 million[185] - Wales & West Gas Networks aims to reduce methane emissions by 16% by utilizing 21 biomethane gas production facilities connected to its pipeline network during the new regulatory period RIIO-GD3[193] - The NextGen Electrolysis project by Wales & West Gas Networks aims to produce green hydrogen from industrial wastewater, significantly reducing energy consumption and financial costs[194] Awards and Recognition - The company was recognized as the UK's Best Big Company to Work For and received multiple awards for its workplace culture and customer service excellence[177] - Phoenix Energy received a five-star rating and 99% score in a GRESB assessment, recognizing its environmental, social, and governance (ESG) performance[197] - Phoenix Energy was awarded the Great Place to Work certification in December 2024, acknowledging its commitment to creating an excellent work environment for employees[199]

智通财经APP获悉，摩根大通发布研报称，随着美国十年期国库券收益率达到约4%，并且该行的美国 经济学家预计未来可能有150个基点的降息，该行建议在当前水平吸纳长江基建集团(01038)和电能实业 (00006)。该两股份本年至今表现较指数和同行分别落后28%和17%。该行认为，这种低迷表现可能在第 二季度逆转。 该行看到三个买入理由：(1)对关税和地缘政治紧张局势的担忧可能导致资金流向防守型股票，而长江 基建和电能实业是该行覆盖的香港公用事业股票中最便宜的，收益率约5.5%至5.9%，相较于同行的约 5%;(2)宏观环境利好这两家公司，美国10年期收益率年至今下降50个基点，美元(美汇指数本年至今累 跌5%)，降息以及可能的监管重置利好。2024年下半年疲软的业绩部分由11月和12月的美元强势推动， 这种情况可能在2025年上半年逆转;(3)当前估值较该行的估计显示其监管资产价值(RAV)有约20%的折 让，比历史平均水平低约10个百分点。这与基本面不符，因为该行预测2022年至2026年间RAV将至少增 长25%，且下一次监管重置的回报率可能趋于上升。 该行的美国经济学家预测今年将降息150个基点，美国10 ...

190亿还没到账，李嘉诚吃下苦果：官方喊话5次后，损失快近千亿 商人在商言商看起来似乎没有错，但是一个人在拥有商人的身份之前，他首先应该是一个中国人，其所谓的"商业行为"如果损害了国家的利益，那虽然他可 能会短期内收获一点蝇头小利，但是最终一定是会"捡了芝麻丢了西瓜"。李嘉诚及其近期的一系列"抽象"操作，就是一个很好的例子，在官方连续五次对李 嘉诚及其麾下企业进行喊话之后，市场的反应已经让李嘉诚吃了大亏。 总的来看，就在大家十分关注的抛售巴拿马港口事件发酵后，仅仅长和、长江基建集团、电能实业、长实集团这四家公司市值蒸发超过781亿港元。 中方作为巴拿马运河的重要用户，若是巴拿马运河区港口设施全部落入美国手中，那么这对中方的海外贸易乃至整个中方的经济都会带来极大的不确定性。 再进一步考虑，若是美国将掌控巴拿马运河区的"成功经验"复制粘贴，那么美国很有可能能够借此一步步控制全球商贸要道，这对中方这个世界第一贸易大 国而言，并不是什么好消息。因此，李嘉诚此举可谓是"牵一发而动全身"，确实需要三思而后"不行"。 因此在这种情况下，在交易还未完成，190亿美元的巨额资金还未到账的情况下。中方官方层面，包括国务院港澳办、 ...

Financial Performance - CK Infrastructure Holdings Limited reported a net profit of HKD 8.115 billion for the year ending December 31, 2024, representing a 1% increase compared to the previous year[4]. - The company achieved a strong operational profit growth of 10% from its regulated projects and long-term contracts[4]. - The UK business segment contributed HKD 3.981 billion in profit, a 31% increase year-on-year (27% increase in local currency) due to strong performance across regulated operations[9]. - The Australian business segment reported a profit contribution of HKD 1.784 billion, a decrease of 4% year-on-year, primarily due to increased tax expenses from new capital rules[14]. - The European business segment's profit contribution grew by 13% to HKD 670 million, driven by strong performance from ista[17]. - The profit contribution from Canadian operations decreased by 19% to HKD 524 million, with a local currency decline of 18%, primarily due to a significant drop in Canadian Power profits and new financing cost restrictions[19]. - The New Zealand operations reported a profit contribution of HKD 185 million, an increase of 10% year-on-year, driven by strong performance from Enviro NZ[21]. - The Hong Kong and mainland China operations contributed HKD 132 million in profit, reflecting a 13% increase compared to the previous year, with higher profit contributions from the concrete business[24]. - The company's revenue for the year ended December 31, 2024, was HKD 38,985 million, a slight increase of 1.05% from HKD 38,582 million in 2023[52]. - The profit attributable to shareholders increased to HKD 8,115 million, up 1.09% from HKD 8,027 million in 2023[52]. - Earnings per share for the year were HKD 3.22, up from HKD 3.19 in 2023, indicating a growth of 0.94%[66]. Dividends - The company proposed a final dividend of HKD 1.86 per share, bringing the total dividend for the year to HKD 2.58, an increase of 0.8% from the previous year[6]. - The interim dividend paid was HKD 0.72 per share, compared to HKD 0.71 per share in 2023, marking an increase of 1.41%[67]. - The proposed final dividend is HKD 1.86 per share, slightly up from HKD 1.85 per share in 2023, which is a 0.54% increase[67]. Financial Position - As of December 31, 2024, the company held cash of HKD 8 billion, with a net debt to total capital ratio of 7.8%, indicating a strong financial foundation[25]. - The company has maintained an "A/stable" credit rating from Standard & Poor's, reflecting its robust financial position[26]. - The group's net debt to total equity ratio was 7.8%, compared to 7.7% at the end of 2023, with net debt of HKD 11.136 billion and total equity of HKD 142.379 billion[35]. - The net debt to total equity ratio, when adjusted for the infrastructure investment portfolio, was 47%, with net debt of HKD 116.582 billion and total equity of HKD 247.825 billion, up from 46.4% at the end of 2023[35]. - The group had a total nominal amount of HKD 51.014 billion in derivative instruments as of December 31, 2024, to hedge against currency and interest rate risks[35]. - Certain assets were pledged to secure bank loans totaling HKD 1.388 billion as of December 31, 2024[36]. - The group reported contingent liabilities amounting to HKD 168 million, including performance guarantees of HKD 144 million and subcontractor guarantees of HKD 24 million[37]. - The group employed 2,358 staff members, with employee expenses (excluding director remuneration) amounting to HKD 1.072 billion[38]. Operational Developments - CK Infrastructure completed several acquisitions, including Phoenix Energy and UK Renewables Energy, which immediately contributed to revenue post-transaction[4]. - The company is enhancing network reliability and safety in Australia, with significant upgrades planned for the electricity supply systems[15]. - The company is actively pursuing new investment opportunities in the sustainable development sector, including renewable energy and decarbonization projects[28][29]. - The company extended the energy supply agreement for the Meridian Cogeneration Plant to provide power to SaskPower and thermal energy to Cenovus until 2049[19]. - The company anticipates a cautious but optimistic outlook for business prospects in 2025, despite ongoing global uncertainties and geopolitical tensions[30]. - The company has successfully signed multiple commercial contracts in New Zealand, including significant projects for sludge disposal and hazardous waste treatment[23]. Governance and Compliance - The company adhered to the corporate governance code and principles, ensuring high standards of governance and accountability[41]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's performance for the year ending December 31, 2024[43]. - The annual general meeting for the fiscal year 2025 is scheduled for May 21, 2025[47]. Other Financial Metrics - Infrastructure investment sales and interest income decreased to HKD 4,993 million, down 16.67% from HKD 5,990 million in 2023[52]. - Total non-current assets decreased to HKD 148,365 million from HKD 151,286 million in 2023, reflecting a decline of 1.93%[54]. - The company's total liabilities decreased from HKD 16,503 million in 2023 to HKD 15,396 million in 2024, a reduction of 6.71%[54]. - The total equity attributable to shareholders decreased to HKD 121,280 million from HKD 123,293 million, a decline of 1.64%[54]. - Other income, primarily from bank interest, decreased to HKD 467 million from HKD 616 million, a drop of 24.19%[58]. - Operating costs were reduced to HKD 4,150 million from HKD 4,257 million, a decrease of 2.51%[52]. - The company reported a foreign exchange gain of HKD 113 million, down from HKD 572 million in 2023, a decline of 80.24%[52]. - The pre-tax profit for the year was HKD 8,671 million, compared to HKD 8,578 million in 2023, showing an increase of 1.09%[64]. - The group’s financing costs were HKD 865 million, an increase from HKD 769 million in 2023, reflecting a rise of 12.5%[64].

Investment Rating - The report maintains an "Outperform" rating for CK Infrastructure Holdings [3][12]. Core Insights - The company completed its secondary listing on the London Stock Exchange and is accelerating its M&A activities, including the acquisition of Phoenix Energy and several renewable energy assets [11][12]. - The first half of 2024 saw a profit of HK$4.577 billion, a year-on-year increase of 1.46%, with significant contributions from joint ventures [9][10]. - The target price has been raised to HK$61.37, reflecting a PE ratio of 19 times for 2024, based on expected net profits of HK$8.458 billion, HK$8.764 billion, and HK$8.825 billion for 2024-2026 [12]. Financial Performance - Revenue for 2024 is projected at HK$7.537 billion, with a slight increase of 2% compared to the previous year [4][8]. - Net profit is expected to grow from HK$8.027 billion in 2023 to HK$8.458 billion in 2024, representing a 5% increase [4][8]. - The gross profit margin (GPM) is forecasted to remain stable around 88.8% for 2024 [4][8]. Segment Performance - The UK segment reported a profit of HK$1.865 billion, up 17% year-on-year, driven by lower financing costs [10]. - The Canadian segment experienced a profit decline of 25% to HK$301 million due to falling electricity prices [10]. - The Australian segment's profit increased by 5% to HK$864 million, while the New Zealand segment rose by 11% to HK$80 million [10]. M&A Activities - The company has accelerated its M&A activities, including the acquisition of a solar power station and multiple wind farm assets in the UK, with an estimated investment of HK$3.5 billion [11][12]. - The acquisition of Phoenix Energy, Northern Ireland's largest gas distribution network, was completed at a valuation of HK$7.4 billion [11].