上 市 公 司 公用事业 2026 年 03 月 22 日 港华智慧能源 (01083) ——毛差稳步回升 低碳利好可再生能源业务 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 20 日 | | --- | --- | | 收盘价（港币） | 3.52 | | 恒生中国企业指数 | 8574.07 | | 52 周最高/最低（港币） | 4.36/3.16 | | H 股市值（亿港币） | 129.24 | | 流通 H 股（百万股） | 3,671.69 | | 汇率（港币/人民币） | 0.8792 | 一年内股价与基准指数对比走势： -19% 1% 21% 41% HSCEI 港华智慧能源 资料来源：Bloomberg 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 投资要点： 财务数据及盈利预测 | | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 21,314 | 20,912 | 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a slight decline in revenue for 2025, achieving HKD 20.912 billion, down 1.9% year-on-year, with a core profit of HKD 1.573 billion, also down 1.7% [7]. - The gross margin is steadily recovering, with a guidance for 2026 indicating an increase in city gas price difference to HKD 0.59 per cubic meter, up from HKD 0.58 in 2025 [7]. - The renewable energy business is experiencing significant profit growth, with a 36% increase in photovoltaic power generation to 2.48 billion kWh, despite a decrease in profit due to lower unit margins [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: HKD 21,314 million - 2025: HKD 20,912 million - 2026E: HKD 21,852 million - 2027E: HKD 21,908 million - 2028E: HKD 22,392 million - Net profit forecasts are: - 2024: HKD 1,606 million - 2025: HKD 1,585 million - 2026E: HKD 1,605 million - 2027E: HKD 1,714 million - 2028E: HKD 1,837 million [6][8].

（於開曼群島註冊成立之有限公司） （股份代號：1083） 董事名單與其角色和職能 港華智慧能源有限公司董事會（「董事會」）成員載列如下﹕ 薪酬委員會 李家傑博士 （主席） 廖己立先生 獨立非執行董事 鄭慕智博士 李民斌先生 陸恭蕙博士 執行董事 黃維義先生 （行政總裁） 邱建杭博士 （營運總裁 – 可再生能源業務） 周衡翔先生 （營運總裁 – 内地燃氣業務） 董事會設立 4 個委員會，各委員會成員載列如下﹕ 審核及風險委員會 李民斌先生 （主席） 鄭慕智博士 陸恭蕙博士 非執行董事 鄭慕智博士 （主席） 李民斌先生 陸恭蕙博士 提名委員會 李家傑博士 （主席） 鄭慕智博士 李民斌先生 陸恭蕙博士 - 1 - 環境、社會及管治委員會 陸恭蕙博士 （主席） 黃維義先生 邱建杭博士 周衡翔先生 香港，自 2026 年 3 月 20 日生效 - 2 - ...

（於開曼群島註冊成立之有限公司） （股份代號：1083） 董事委員會組成變動 港華智慧能源有限公司（「本公司」）董事會（「董事會」）宣布，本公司獨立非執行 董事陸恭蕙博士已由本公司環境、社會及管治委員會（「ESG 委員會」）成員調任為 ESG 委員會主席，以接替黃維義先生，惟黃維義先生仍留任為 ESG 委員會成員，該等變 動自 2026 年 3 月 20 日起生效。 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，概不對因本公告全部或任何部分內容 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。 於本公告日期，董事會成員包括： 非執行董事︰ 李家傑博士 （主席） 廖己立先生 李民斌先生 獨立非執行董事︰ 鄭慕智博士 陸恭蕙博士 執行董事︰ 黃維義先生 （行政總裁） 邱建杭博士 （營運總裁 – 可再生能源業務） 周衡翔先生 （營運總裁 – 內地燃氣業務） 承董事會命 港華智慧能源有限公司 公司秘書 黃麗堅 香港，2026 年 3 月 20 日 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 5.12 [1][5] Core Insights - The company reported a slight decline in revenue and core profit for FY25, with total revenue at HKD 20.912 billion, down 2% year-on-year, and core profit at HKD 1.573 billion, also down 2% year-on-year. The net profit attributable to shareholders was HKD 1.585 billion, a decrease of 1% year-on-year, which was below the forecast of HKD 1.683 billion due to lower-than-expected margins in connection and renewable energy [1][5] - The gas sales volume for FY25 increased by 1% to 17.37 billion cubic meters, with residential demand up by 1% and commercial demand down by 6%. The city gas price margin improved by RMB 0.02 to RMB 0.58 per cubic meter, benefiting from a 90% coverage rate for residential pricing and diversified gas sourcing [2][5] - The company is optimistic about the continuous improvement in city gas business margins and the optimization of gas source contract policies, which will further solidify the profit foundation. The renewable energy asset under management (AuM) model is expected to contribute incremental management fee income [1][5] Summary by Sections Gas Business - The company achieved a gas sales volume of 17.37 billion cubic meters, with residential sales up by 1% and commercial sales down by 6%. The city gas price margin improved to RMB 0.58 per cubic meter, supported by a 90% residential pricing coverage and reduced procurement costs [2][5] - The number of residential connections decreased by 18% to 690,000 due to real estate adjustments, with connection business contributing only 20% to net gas profits, indicating a structural optimization in the business [2][5] Gas Source Contract Policy - The new gas contract policy from PetroChina for 2026-2027 maintains stability in the overall framework, with marginal adjustments aimed at reducing settlement burdens and improving contract flexibility. The expected price increase for PetroChina contracts is around 2 cents, while LNG spot prices have significantly increased, indicating a favorable environment for cross-regional city gas companies like the report's subject [3][5] Renewable Energy - The company reported a 0.5 GW increase in photovoltaic capacity to 2.8 GW, with power generation up by 36% to 2.48 billion kWh. However, net profit decreased by 14% to HKD 413 million due to lower electricity prices. The company is increasing its AuM collaborations, selling 457 MW of photovoltaic assets and raising RMB 1.8 billion, which is expected to generate additional income in 2026 [4][5] - The company plans to add 1 GW of new capacity in 2026 and aims to achieve cash flow balance through asset sales [4][5] Profit Forecast Adjustments - The profit forecast for 2026 has been revised down by 5% to HKD 1.61 billion, with expectations for 2027 and 2028 at HKD 1.76 billion and HKD 1.96 billion, respectively. The target market value is set at HKD 18.8 billion, with a target price adjustment reflecting the updated earnings estimates [5][5]

港華智慧能源有限公司 （「本公司」） 環境、社會及管治委員會（「委員會」） 職權範圍 目的 成員 會議 - 1 - - 2 - 11. 委員會獲授權參與在其職權範圍內之任何活動，及進行內外部重要性評估，而委員會 成員可要求所有僱員提供適切之協助。 12. 委員會獲董事會授權，可在委員會要求下尋求外部法律或其他專業意見，有關費用由 本公司負責，並可於需要之情況下，邀請具備相關經驗及專業知識之外部人士列席會 議。 3. 委員會成員必須以由董事會不時委任之董事佔大多數，並須由至少三名成員組成。 4. 董事會可委任董事會主席或其他董事為環境、社會及管治委員會之主席。 5. 委員會可在其不時認為需要的情況下，邀請任何高級管理人員列席委員會會議。外聘 顧問亦可被邀請列席委員會會議。 6. 委員會秘書須由委員會主席提名出任。 7. 委員會須於每年舉行至少一次會議。如有需要，在委員會之工作需要或董事會要求下 可舉行額外會議。 8. 委員會主席可酌情召開額外會議。 9. 委員會會議法定人數為兩名委員會成員。 10. 委員會會議程序受本公司組織章程細則（經不時修訂）之相關條文規範。 權力 職責 匯報程序 2026 年 3 月 註 ...

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，概不對因本公告全部或任何部分內容 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。 （於開曼群島註冊成立之有限公司） （股份代號：1083） 非執行董事： 港華智慧能源有限公司 公司秘書 黃麗堅 香港，2026 年 3 月 18 日 -1- 於本公告日期，董事會成員包括︰ 建議採納 新組織章程大綱及細則 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.51(1) 條，港華智慧 能源有限公司（「本公司」）董事會（「董事會」）宣佈，董事會建議，透過採納本公司的 新組織章程大綱及細則（「新組織章程大綱及細則」）修訂本公司現有組織章程大綱及細 則（「現有組織章程大綱及細則」），旨在（其中包括）(i) 反映上市規則有關進一步擴大 無紙化上市機制的修訂，包括允許本公司股東（「股東」）進行電子通訊，以及以電子方 式支付公司行動款項；(ii) 明確允許本公司根據開曼群島法律及上市規則持有及使用庫存 股份；及 (iii) 根據上市規則及開曼群島法例的規定作出相應及其他若干整理性修訂（「建 ...

免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | 股票發行人現金股息（可選擇以股份代替）公告 | | 發行人名稱 | 港華智慧能源有限公司 | | 股份代號 | 01083 | | 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12月31日止年度的末期股息 | | 公告日期 | 2026年3月18日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 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12月31日 | | 宣派股息 | 每 股 0.14 HKD | | 股東批准日期 | 2026年5月27日 | | 預設選項 | 現金 | | 代息股份信息 | | | 現金股息轉換為代息股份的價格 | 有待公佈 | | 寄發股票 ...

Towngas Smart Energy Company Limited (1083.HK) 2025 Annual Results 18 March 2026 1 2025 Business Highlights Gas Business Renewable Energy 2 Towngas Smart Energy Limited | 2025 Annual Results 2 • Gas sales volume remained steady growth • Dollar margin increased by 0.02 RMB/m³ • "Gas+" momentum sustained: ~0.16 billion m³ annual volume • AI drove quality & efficiency across engineering, operations, and customer service • Signed a 15 billion m³ (1.5 billion m³/year) pipeline gas LTA with the "Three Majors" • F ...

Financial Performance - For the fiscal year 2025, the company reported a revenue of HKD 20.91 billion, a decrease of 1.89% from HKD 21.31 billion in 2024[5] - The core operating profit for 2025 was HKD 1.57 billion, down from HKD 1.60 billion in the previous year, reflecting a decline of 1.75%[5] - The total revenue for the company was HKD 20.598 billion, with a net profit of HKD 1.752 billion for the same period[17] - Net profit attributable to shareholders for 2025 was HKD 1.585 billion, a decline of 1% year-on-year[46] - Total operating revenue for 2025 was HKD 20.912 billion, a decrease of 2% from HKD 21.314 billion in 2024[38] Revenue Sources - Revenue from gas sales reached HKD 17.499 billion, while revenue from gas connection services was HKD 1.058 billion for the year ended December 31, 2025[17] - The renewable energy business generated revenue of HKD 1.659 billion in 2025, down from HKD 1.864 billion in 2024, reflecting a decline of 11%[39] - The company reported a total of HKD 1.896 billion in performance from its gas business segment for the year ended December 31, 2025[17] Customer Growth - The number of urban gas customers reached 18.39 million, up from 17.64 million in 2024, reflecting a growth in customer base[5] - The group added 750,000 new customers in 2025, bringing the total customer count to 18.39 million[33] Asset and Liability Management - Non-current assets increased to HKD 47.56 billion from HKD 44.11 billion in the previous year, indicating growth in asset base[9] - As of December 31, 2025, the company's current liabilities exceeded current assets by approximately HKD 7.535 billion[11] - The group’s total assets increased to HKD 55,206,905 as of December 31, 2025, up from HKD 53,042,747 in the previous year, reflecting a growth of approximately 4.1%[19] - Total liabilities decreased to HKD 3.81 billion in 2025 from HKD 4.17 billion in 2024, with accounts payable dropping to HKD 1.99 billion[29] Dividends - The board proposed a final dividend of HKD 0.14 per share, totaling HKD 0.19 per share for the year, including an interim dividend of HKD 0.05[6] - The company declared an interim dividend of HKD 0.05 per share for 2025, totaling approximately HKD 174.1 million, compared to no interim dividend in 2024[25] Operating Expenses - Total operating expenses for 2025 were HKD 19,527,159, compared to HKD 19,419,838 in 2024, indicating a slight increase of 0.6%[20] - Total operating expenses rose to HKD 19.527 billion in 2025, an increase of 1% from HKD 19.420 billion in 2024[40] Financing and Credit - The company has approximately HKD 4.383 billion in borrowings due within one year as of December 31, 2025[11] - The company has unused credit facilities of approximately HKD 11.891 billion from banks and its parent company as of December 31, 2025[11] - The group has unutilized credit facilities of approximately HKD 118.91 billion from banks and China Gas as of December 31, 2025[49] - The group maintained a credit rating of Baa1 from Moody's and BBB+ from S&P, both with a stable outlook, reflecting strong business fundamentals[51] Renewable Energy Initiatives - The company achieved a 36% increase in photovoltaic power generation, reaching 2.48 billion kWh, up from 1.83 billion kWh in 2024[5] - The cumulative installed capacity of distributed photovoltaic systems reached 2.8 GW, an increase from 2.3 GW in the previous year[5] - The renewable energy business expanded significantly, with a total installed capacity of 2.8 GW and a 36% increase in photovoltaic generation to 2.48 billion kWh[31] - The company is advancing the "Energy as a Service" model and has developed an AI energy management platform in collaboration with Tencent and Tsinghua University[32] Other Financial Metrics - The net other income for 2025 was HKD 390,039, significantly higher than HKD 179,587 in 2024, representing an increase of approximately 117%[21] - Financing costs decreased to HKD 648,436 in 2025 from HKD 728,603 in 2024, showing a reduction of about 11%[22] - The income tax expense for 2025 was HKD 419,112, compared to HKD 408,654 in 2024, reflecting a year-over-year increase of approximately 2.9%[23] - The group’s effective corporate income tax rate in China remains between 15% and 25%, with certain subsidiaries benefiting from a reduced rate of 15% due to local tax incentives[24] Employee and Corporate Governance - The group employed 21,677 employees as of December 31, 2025, offering performance-based compensation and comprehensive benefits[53] - The group has no significant contingent liabilities as of December 31, 2025[52]