Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Views - The company reported a 6.3% year-on-year increase in revenue for the first half of 2024, reaching HKD 10.501 billion, while operating profit grew by 26.0% to HKD 935 million. However, net profit attributable to shareholders decreased by 33.4% to HKD 743 million due to a non-operating gain of HKD 600 million from exiting a project in Shanghai last year. Excluding this factor, core profit increased by 57.5% [5]. - The company is seeing steady improvement in gas sales margins, with a total gas sales margin of HKD 0.52/m³, benefiting from timely pricing adjustments for industrial and residential gas [5][6]. - The photovoltaic (PV) business is showing significant growth potential, with a 143% increase in PV generation to 680 million kWh in the first half of 2024, contributing to a net profit increase of HKD 148 million in the renewable energy segment [5][6]. Summary by Sections Financial Performance - Revenue (million HKD): 20,073 in 2022, 19,842 in 2023, projected 21,517 in 2024, 23,731 in 2025, and 25,715 in 2026 [4][7]. - Net Profit (million HKD): 965 in 2022, 1,575 in 2023, projected 1,728 in 2024, 1,873 in 2025, and 1,982 in 2026 [4][7]. - Earnings per Share (HKD/share): projected 0.30 in 2024, 0.47 in 2025, 0.51 in 2026 [4]. Business Segments - Gas sales volume increased by 6.2% to 8.74 billion m³ in the first half of 2024, with industrial gas volume growing by 4.6% and commercial gas volume by 9.4% [6]. - The company added three new city gas projects, bringing the total to 190, and increased its user base by 450,000 to 17.22 million [6]. Valuation - The current stock price corresponds to a PE ratio of 5.8 for 2024, 5.3 for 2025, and 5.0 for 2026, with a PB ratio of 0.5, indicating significant valuation upside potential [5].

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has shown significant growth in core profits, with a 57.5% increase in mid-2024 core profits to HKD 707 million, despite a 33.4% decline in shareholder profit [2] - The renewable energy sector has experienced strong growth, with net profits rising to HKD 164 million in H1 2024, compared to HKD 3 million in H1 2023 [3] - The urban gas business has demonstrated steady growth, with gas sales volume increasing by 6% to 8.741 billion cubic meters in H1 2024 [4] Financial Performance Summary - Total revenue for the company in 2023 was HKD 19,842 million, reflecting a slight decrease of 1.15% from 2022 [1] - The net profit attributable to shareholders for 2023 was HKD 1,575 million, marking a significant increase of 63.2% compared to 2022 [1] - Earnings per share (EPS) for 2023 was HKD 0.4774, up from HKD 0.3017 in 2022 [1] - The return on equity (ROE) for 2023 was 6.89%, an improvement from 4.49% in 2022 [1] - The price-to-earnings (PE) ratio for 2023 was 6.81, down from 12.99 in 2022 [1]

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的有限公司） （股份代號：1083） 2024 年中期業績公布 財務及經營摘要 | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

6 (於開曼群島註冊成立之有限公司) (股份代號:1083) 港華智慧能源有限公司 Towngas Smart Energy Company Limited 2023 年報 目錄 港華智慧能源致力發展成為綠色智慧能源之領先 企業，創造可持續的綠色能源世界 。 我們為客户供應安全、可靠、潔淨的智慧能源， 提供優質服務，履行社會責任，確保業務持續增長， 提高股東投資回報， 為地球、社會和持份者帶來 長遠利益。 目錄 目錄 業務概覽 2 獨立核數師報告 102 五年財務概要 4 綜合損益表 107 財務摘要 5 綜合全面收益表 108 主席報告 6 綜合財務狀況報表 109 財務回顧 12 綜合權益變動表 111 公用事業業務 16 綜合現金流量表 113 可再生能源業務 22 綜合財務報表附註 116 環境、社會及管治 26 公司資料 253 獎項及榮譽 30 風險因素 33 董事會 36 董事會報告 44 企業管治報告 78 港華智慧能源有限公司 2023年報 業務概覽 1 2 1 1 2 1 黑龍江 黑龍江 Heilongjiang 14 14 2 1 2 1 吉林 吉林 Jilin 遼寧 遼寧 Liaoni ...

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的有限公司） （股份代號：1083） 2023 年全年業績公布 經營摘要 | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 2023 年，雖然經濟恢復未及預期，但集團以多項舉措增加應變能力和競爭力，業務保持穩 | | 健增長；城市燃氣及可再生能源業務覆蓋內地 25 個省 /自治區/ 直轄市。 集團的整體燃氣銷售量年內錄得可觀增幅，上升 8% 至 165 億立方米。截至 2023 年 12 月 | | 日，集團落實發展 124 個零碳智慧園區，累計簽約 2.96 ...

Stock Performance - The closing price of the company's shares on November 24, 2022, was HKD 3.42 per share[1] Stock Options - The number of stock options authorized for grant under the stock option plan as of January 1, 2022, was zero, and as of December 31, 2022, it was 304,326,534[1] - The number of shares that can be issued under the stock option plan for the fiscal year ended December 31, 2022, was 11,663,000, representing approximately 0.36% of the weighted average number of shares issued by the company during that fiscal year[1]

2023 中 期 報 告 港華智慧能源有限公司 Towngas Smart Energy Company Limited (於開疊群島註冊成立之有限公司) (股份代號:1083) 公司資料 | --- | --- | --- | |---------------------------------------------------------------------------------------|-------------------------|-------------------------------------------------------------------------------------| | | | | | | | | | 董事會 | 核數師 | | | 非執行董事 李家傑(主席) 廖己立 | 香港 | 德勤 · 關黃陳方會計師行 執業會計師及註冊公眾利益 實體核數師 | | 黃維義(行政總裁) | | 太古廣場一座35樓 | | 執行董事 何漢明(公司秘書) 紀偉毅(營運總裁 — 燃氣業務) 邱建杭(營運總裁 — 再生能源業務) | 註冊辦事處 | 金鐘道 88 號 P ...

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的有限公司） （股份代號：1083） 2023 年中期業績公告 2023 年上半年度業務經營概況 | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | • 2023 年上半年，經濟恢復未及預期，集團以多項舉措增加應變能力和競爭力，業務保持穩 健增長；城市燃氣及可再生能源業 ...

Business Operations - The company operates 369 pipeline gas projects across various provinces in China, including Anhui, Guangdong, and Sichuan[8]. - The company has expanded its distributed energy projects in regions such as Jiangsu, Shandong, and Zhejiang, enhancing its renewable energy portfolio[10]. - The photovoltaic projects are distributed in key areas like Guangdong, Fujian, and Anhui, contributing to the company's green energy initiatives[11]. - The company is focusing on energy storage and charging stations, with projects located in Guangdong and Jiangsu, aiming to support sustainable energy solutions[12]. - The company has a strong presence in the clean energy sector, with various projects aimed at reducing carbon emissions across multiple provinces[10]. - The company is actively involved in the development of zero-carbon smart industrial parks, promoting innovative energy solutions[10]. - The company has over 500 renewable energy projects across 22 provinces, autonomous regions, and municipalities[34]. - The company aims to establish 80 zero-carbon smart parks by 2025, contributing to the national "3060 dual carbon target" initiative[30]. - The company aims to provide smart energy solutions to 200 industrial parks by 2025, representing approximately 8% of the total number of industrial parks in China[79]. Financial Performance - The company's revenue for 2022 reached HKD 20.073 billion, an increase of 17% compared to the previous year[32]. - The company's profit attributable to shareholders decreased by 23% to HKD 964.855 million in 2022[32]. - The total assets as of December 31, 2022, were HKD 52.944 billion, while total liabilities were HKD 29.081 billion[32]. - The basic earnings per share for 2022 was HKD 30.17, down from HKD 41.53 in 2021[32]. - The net profit for the fiscal year 2022 was HKD 1.201 billion, a decrease of 21.3% year-on-year, with attributable profit to shareholders down 23.0% to HKD 965 million[65]. - The basic earnings per share decreased by 27.4% to HKD 0.3017[65]. - The total number of customers reached 15.93 million, with 840,000 new customers added during the year, including 10,000 new industrial customers and 830,000 new residential customers[100]. - The company proposed a final dividend of HKD 0.15 per share for the year ended December 31, 2022, consistent with the previous year[184]. Environmental and Sustainability Initiatives - The company is committed to developing a sustainable green energy world, aligning with global environmental goals[4]. - The company is enhancing its comprehensive energy services, including carbon management and energy digitalization, to meet the growing demand for clean energy[31]. - The group launched a 10 billion zero-carbon technology investment fund focusing on hydrogen energy, photovoltaics, energy storage, and new energy internet sectors[35]. - The company aims to reduce methane emissions from natural gas production to below 0.25% by 2025, as part of its membership in the China Oil and Gas Methane Emission Control Alliance[124]. - The company organized a large-scale environmental campaign with over 130 participating enterprises, resulting in the planting of more than 10,000 trees[125]. - The company has received multiple awards for its outstanding performance in ESG, including recognition as a low-carbon model and a green development case enterprise[131][133][135]. Strategic Development and Market Expansion - The company is exploring potential mergers and acquisitions to further expand its market reach and enhance operational capabilities[4]. - The company anticipates steady growth in residential gas demand and new opportunities in the natural gas market due to post-pandemic recovery[49]. - The company is actively enhancing its product and service quality for zero-carbon smart parks by publishing foundational technical standards for energy use and emissions[90]. - The company is exploring new gas supply sources and assessing the feasibility of developing LNG receiving and regasification terminals along the coast to diversify suppliers[150]. - The company is actively promoting integrated energy services, transitioning from equipment sales to energy sales models to enhance revenue from commercial hot water services[104]. Governance and Management - 港华智慧能源有限公司的董事会由李家杰博士担任主席，自2021年10月起任职[159]. - 公司董事会成员包括多位在金融和法律领域具有丰富经验的独立非执行董事，增强了公司治理结构[162][165]. - 港华智慧能源有限公司的高管团队包括多位在国际和本地市场具有深厚背景的专业人士，增强了公司的市场竞争力[173]. - 公司在2022年报告中强调了其在燃气和再生能源领域的战略布局，旨在提升市场份额[179]. - 公司在可持续发展和环境管理方面的战略由陆恭惠博士主导，强调生态文明建设[168]. Community Engagement and Social Responsibility - The company has contributed over 3.5 million yuan in funds and materials to support more than 30 schools since the launch of its community program[129]. - The company donated over 320,000 yuan in rice dumplings and supplies to underprivileged communities during the Dragon Boat Festival[127]. - The company continues to promote gas safety knowledge by providing free installation and safety checks for gas appliances to underprivileged families[129]. - The company has over 8,000 volunteers, contributing more than 410,000 service hours in community and environmental activities[117]. Future Outlook - The group anticipates a recovery in customer gas demand in 2023, driven by favorable market conditions and the gradual recovery of the economy[99]. - The global economic growth outlook is overshadowed by various factors, including a 3.0% GDP growth in mainland China despite challenges from the pandemic and geopolitical tensions[146]. - The manufacturing PMI in China decreased from 48 in November to 47 in December, remaining below the critical level of 50[146].

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的有限公司） （股份代號：1083） 2022 年度業績公告 經營摘要 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...