虽然综合服务业务因基数较低有望于下半年恢复正增长，但公司整体盈利仍可能录得按年单位数跌幅， 且2026年的增长能见度依然较低。该行将2025至27年盈利预测下调3%至4%，目标价由18.5港元微升至 19港元，维持"中性"评级。 摩根大通发表研究报告指，华润燃气公布去年度业主后显著跑输大市，相信股价喘定，但未观察到近期 有关键营运指标改善可推动股价上行。该行认为，城市燃汽业务盈利可能持续承压，基于销量增长及毛 利扩张空间有限，且新增接驳量继续下滑。 ...

Core Viewpoint - The performance of the four major city gas companies in China faced pressure in the first half of the year, with only Honghua Smart Energy achieving a net profit growth of 2%, while the others experienced declines in net profit [1][3]. Financial Performance Summary - **Honghua Smart Energy**: Revenue of 10.437 billion HKD (approximately 9.555 billion RMB), a decrease of 0.6% year-on-year; net profit increased by 2% to 758 million HKD (approximately 694 million RMB) [2][3]. - **Kunlun Energy**: Revenue of 97.543 billion RMB, an increase of 4.97% year-on-year; net profit decreased by 4.36% to 3.161 billion RMB [2][3]. - **Xinao Energy**: Revenue of 55.673 billion RMB, an increase of 2% year-on-year; net profit decreased by 5.6% to 2.429 billion RMB [2][3]. - **China Resources Gas**: Revenue of 49.785 billion HKD (approximately 45.579 billion RMB), a decrease of 4.4% year-on-year; net profit decreased by 30.5% to 240.3 million HKD (approximately 220 million RMB), the largest decline among the four companies [2][3]. Market Conditions - The domestic natural gas market was affected by multiple factors, including high temperatures, slow recovery of manufacturing PMI, rising natural gas prices in Europe and the US, and US tariff issues, leading to overall weak performance [3]. - China's apparent natural gas consumption was 211.97 billion cubic meters, a decrease of 0.9% year-on-year, which directly impacted the gas sales revenue growth of city gas companies [3]. Business Segment Performance - **China Resources Gas**: All five business segments saw revenue declines, with the core gas sales and distribution segment generating revenue of 44.298 billion HKD, a decrease of 3.5% year-on-year [6]. - **Kunlun Energy**: Revenue from the natural gas sales segment increased by 6% to 80.078 billion RMB, while the exploration and production segment saw a significant decline of 15.9% to 0.74 billion RMB due to falling international oil prices [8]. - **Xinao Energy**: The company reported a 1.9% increase in natural gas retail sales volume to 12.953 billion cubic meters, but the wholesale business faced pressure with a 17.2% increase in revenue to 14.467 billion RMB, resulting in a loss in gross profit [9]. Strategic Developments - **Honghua Smart Energy**: The company attributed its profit growth to the continuous expansion of renewable energy business and stable gas business profits, with a 5% increase in net profit from renewable energy [10]. - **China Resources Gas**: The company signed 71 new distributed photovoltaic projects and 35 distributed energy projects, indicating a strategic shift towards renewable energy [7]. - **Xinao Energy**: The company advanced its electricity market business, adding significant capacity in solar and energy storage projects [9].

Core Viewpoint - Morgan Stanley reports that China Resources Gas (01193) significantly underperformed the market in the past year, indicating that while the stock price may stabilize, there are no observed key operational indicators that could drive the stock price upward [1] Summary by Category Financial Performance - The company's urban gas business profitability is likely to remain under pressure due to limited sales growth and gross margin expansion potential, alongside a continued decline in new connection volumes [1] - Overall profitability is expected to record a year-on-year decline in single digits, with low visibility for growth in 2026 [1] Forecast Adjustments - The firm has lowered its earnings forecasts for 2025 to 2027 by 3% to 4% [1] - The target price has been slightly increased from HKD 18.5 to HKD 19, while maintaining a "Neutral" rating [1] Business Segments - The comprehensive service business is anticipated to recover to positive growth in the second half of the year due to a low base effect [1]

智通财经APP获悉，摩根大通发布研报称，华润燃气(01193)公布去年度业主后显著跑输大市，相信股价 喘定，但未观察到近期有关键营运指标改善可推动股价上行。该行认为，城市燃汽业务盈利可能持续承 压，基于销量增长及毛利扩张空间有限，且新增接驳量继续下滑。虽然综合服务业务因基数较低有望于 下半年恢复正增长，但公司整体盈利仍可能录得同比单位数跌幅，且2026年的增长能见度依然较低。该 行将2025至27年盈利预测下调3%至4%，目标价由18.5港元稍升至19港元，维持"中性"评级。 ...

在"以案释法"环节，市住建局、京口区住建局结合近期办理的物业领域违法行为、燃气安全管理等 方面典型案例，深入剖析法律法规，引导物业服务企业进一步增强法治观念，压实主体责任，规范服务 行为。镇江华润燃气有限公司还围绕住宅小区燃气设施保护、安全管理责任等作专题宣传，强化各方燃 气安全意识与应急处理能力。 此次普法活动紧密结合整治群众身边不正之风和腐败问题的工作要求，系统梳理并解读了物业、燃 气领域相关法律法规，帮助物业企业"学法、懂法、用法"。（王亚鹏 记者 朱秋霞 见习记者 杨紫婷） "针对小区内多栋洋房的一楼区域出现破坏绿化、改造圈建院子的行为，物业劝阻无效后未向有关 主管部门报告，最终镇江高新区建设和交通局对该企业作出了处人民币2000元罚款的行政处罚……"8月 26日，在镇江市物业、燃气领域专项普法宣传活动现场，执法人员结合高新区某小区的真实案例，向在 场的物业服务企业负责人详细解读法律条款，引得台下人员纷纷提笔记录。 此次活动由市住建局联合京口区住建局、镇江高新区建设和交通局、镇江华润燃气有限公司共同举 办，京口区、高新区辖区内近60家物业服务企业、90余名物业项目经理和企业相关负责人参加活动。 活动现 ...

证券研究报告 公用事业 | 燃气Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 09 月 02 日 投资评级： 买入（维持） ——业绩短期承压 分红回购彰显信心 投资要点： 风险提示：上游气价格波动风险、售气量增长不及预期、双综业务增长低于预期、接驳户数低于预期等。 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 联系人 秦雨茁 qinyuzhuo@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 08 | 29 | | 日 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 20.02 | | ...

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 | 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) | 01193 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易 ...

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 华润燃气（01193.HK） 2025 年中期业绩公告点评：经营数据不及预 期，DPS 同增 20% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 101,272 | 102,676 | 92,872 | 95,666 | 99,044 | | 同比(%) | 7.35 | 1.39 | (9.55) | 3.01 | 3.53 | | 归母净利润（百万港元） | 5,224 | 4,088 | 3,728 | 3,973 | 4,288 | | 同比(%) | 10.36 | (21.74) | (8.82) | 6.59 | 7.91 | | EPS-最新摊薄（港元/股） | 2.26 | 1.77 | 1.61 | 1.72 | 1.85 | | P/E（现价&最新摊薄） | 8.82 | 11.26 | 12.35 | 11.59 | 10.74 | [ ...

星展发布研报称，华润燃气(01193)上半年净利润同比跌30.5%，逊预期，主要受新接驳量及综合服务业 务疲弱所拖累。该行预期综合服务收入将呈负增长，因公司调整发展策略，同时低迷的房地产市场持续 压制新接驳需求。该行将2025及26年盈利预测分别下调6%及12%;基于审慎展望，维持"持有"评级，目 标价由24.3港元下调至20.5港元，并认为该股仍提供超过5%具吸引力的股息收益率。 ...

Core Viewpoint - DBS reported that China Resources Gas (01193) experienced a 30.5% year-on-year decline in net profit for the first half of the year, falling short of expectations, primarily due to weak new connection volumes and comprehensive service business [1] Financial Performance - The company's net profit decreased by 30.5% year-on-year, which was below market expectations [1] - The forecast for comprehensive service revenue is expected to show negative growth due to a strategic adjustment by the company and ongoing weakness in the real estate market, which continues to suppress new connection demand [1] Earnings Forecast - DBS has revised down its earnings forecasts for 2025 and 2026 by 6% and 12% respectively [1] Investment Rating - Based on a cautious outlook, DBS maintains a "Hold" rating and has lowered the target price from HKD 24.3 to HKD 20.5 [1] - The stock is still considered to provide an attractive dividend yield of over 5% [1]