Core Viewpoint - China Resources Gas (01193) reported a 30% year-on-year decline in net profit to 2.4 billion yuan in the first half of the year, which was below expectations due to higher-than-expected sales, administrative, and management expenses, as well as poor performance in its integrated services business [1] Group 1 - The company plans to maintain its annual dividend unchanged and will repurchase up to 3% of its shares within the year [1] - The target price for China Resources Gas has been lowered to HKD 23.38 while maintaining a "Buy" rating [1] - It is expected that the company's profit will decline by 52% in the second half of the year compared to the first half, primarily due to significant increases in accounting costs typically occurring in the latter half [1] Group 2 - The earnings forecast for the group has been adjusted downward by 18% to 19% for the years 2025 to 2027 [1]

Core Viewpoint - The report from Citi indicates that while China Resources Gas (01193) may experience short-term stock price volatility due to negative performance, its year-to-date performance has largely reflected industry challenges. The earnings per share forecasts for fiscal years 2025 to 2027 have been reduced by 15%, 7%, and 3% respectively, with the target price lowered from HKD 28.5 to HKD 21. Despite these adjustments, the potential for recovery remains, and the rating is maintained at "Outperform" [1]. Group 1 - China Resources Gas reported weak performance in the first half of the year, primarily impacted by cyclical headwinds in its core gas business, which accounts for 74% of EBIT [1]. - The comprehensive service business (CSB) significantly underperformed expectations, contributing to the overall weak results [1]. - Although the interim dividend increased year-on-year, management did not commit to raising the full-year dividend [1].

Core Viewpoint - Citi has downgraded the target price for China Resources Gas (01193) from HKD 28.5 to HKD 21, reflecting a negative outlook on the company's performance due to industry challenges and weak earnings forecasts for the fiscal years 2025 to 2027 [1] Financial Performance - The company's earnings for the first half of the year were weak, primarily impacted by cyclical headwinds in the core gas business, which accounts for 74% of EBIT, and significantly underperforming comprehensive service business (CSB) [1] - Earnings per share forecasts have been reduced by 15%, 7%, and 3% for the fiscal years 2025, 2026, and 2027 respectively [1] Dividend Policy - Although the interim dividend has increased year-on-year, management has not committed to raising the full-year dividend [1] Market Position - Despite the negative performance, the stock has shown relative weakness this year, which has largely reflected the challenges faced by the industry [1] - The company maintains a recovery potential, leading to a "outperform" rating despite the downgrade in target price [1]

Core Viewpoint - China Resources Gas (01193) experienced a stock price increase of over 5%, currently trading at 20.02 HKD with a transaction volume of 1.88 billion HKD following the release of its mid-year results for 2025 [1] Financial Performance - The company reported a revenue of 49.785 billion HKD, representing a year-on-year decline of 4.4% [1] - Profit attributable to shareholders was 2.403 billion HKD, down 30.5% year-on-year [1] - Basic earnings per share were 1.05 HKD, with an interim dividend proposed at 0.30 HKD per share, an increase of 20% compared to 0.25 HKD per share in the same period last year [1] Gas Sales Breakdown - Total natural gas sales reached 20.76 billion cubic meters, with industrial gas sales at 9.45 billion cubic meters, a decrease of 2.2%, accounting for 45.5% of total sales [1] - Commercial gas sales were 4.88 billion cubic meters, down 2.6%, representing 23.5% of total sales [1] - Residential gas sales increased by 4.2% to 6.00 billion cubic meters, making up 28.9% of total sales [1]

智通财经APP获悉，华润燃气(01193)涨超5%，截至发稿，涨5.09%，报20.02港元，成交额1.88亿港元。 上半年，集团共销售207.6亿立方米天然气，其中工业销气量取得94.5亿立方米，下降2.2%，占集团销 气量的45.5%；商业销气量取得48.8亿立方米，下降2.6%，占集团销气量的23.5%；而居民销气量取得 60.0亿立方米，增长4.2%，占集团销气量的28.9%。 消息面上，华润燃气发布2025年中期业绩，营收497.85亿港元，同比下降4.4%；公司拥有人应占溢利 24.03亿港元，同比下降30.5%；每股基本盈利1.05港元，拟派中期股息每股30港仙，上年同期派25港 仙，同比增长20%。 ...

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

2025年上半年，集团新开发居民用户83.1万户，其中：新房接驳用户66.7万户，旧房接驳用户16.4万 户。 格隆汇8月28日丨华润燃气(01193.HK)公布中期业绩，2025年上半年，实现营业额497.9亿港元，同比下 降4.4%。接驳业务营收占比从2024年上半年5.8%下降至2025年上半年5.6%，公司拥有人应占溢利为 24.03亿港元，同比减少30.5%，每股基本盈利1.05港元。2025年上半年，集团经营性现金流为30.1亿港 元，保持高品质经营质量。董事议决派付中期股息每股30港仙。 2025年上半年，集团持续提升气源统筹能力；统筹规模超35亿方，同比增长100%，获取2.0亿方非常规 资源；不断提升气源保障能力，集团储气能力提升至3.75%；推动资源获取能力提升的同时进一步提升 集团保供能力。2025年上半年，集团共销售207.6亿立方米天然气，其中工业销气量录得94.5亿立方米， 下降2.2%，占集团销气量的45.5%；商业销气量录得48.8亿立方米，下降2.6%，占集团销气量的 23.5%；而居民销气量录得60.0亿立方米，增长4.2%，占集团销气量的28.9%。 2025年上半年，综 ...

每经AI快讯，8月28日，华润燃气(01193.HK)在港交所发布中期业绩报告，期内收入497.85亿港元，同 比下降4.4%；净利润24.03亿港元，同比下降30.5%。 （文章来源：每日经济新闻） ...

华润燃气(01193)发布2025年中期业绩，营收497.85亿港元，同比下降4.4%;公司拥有人应占溢利24.03亿 港元，同比下降30.5%;每股基本盈利1.05港元，拟派中期股息每股30港仙。 2025年上半年，集团持续提升气源统筹能力;统筹规模超35亿方，同比增长100%，获取2.0亿方非常规资 源;不断提升气源保障能力，集团储气能力提升至3.75%;推动资源获取能力提升的同时进一步提升集团 保供能力。 2025年上半年，集团共销售207.6亿立方米天然气，其中工业销气量取得94.5亿立方米，下降2.2%，占 集团销气量的45.5%;商业销气量取得48.8亿立方米，下降2.6%，占集团销气量的23.5%;而居民销气量取 得60.0亿立方米，增长4.2%，占集团销气量的28.9%。 2025年上半年，集团新开发居民用户83.1万户，其中：新房接驳用户66.7万户，旧房接驳用户16.4万 户。 2025年上半年，综合服务营业额14.5亿港元，同比下降18.1%，分部溢利5.9亿港元，同比下降22.6%。 集团相信综合服务业通过持续深入推广，未来仍有巨大发展空间，成为集团重要业务组成部分。 ...

格隆汇8月28日丨华润燃气(01193.HK)公布中期业绩，2025年上半年，实现营业额497.9亿港元，同比下 降4.4%。接驳业务营收占比从2024年上半年5.8%下降至2025年上半年5.6%，公司拥有人应占溢利为 24.03亿港元，同比减少30.5%，每股基本盈利1.05港元。2025年上半年，集团经营性现金流为30.1亿港 元，保持高品质经营质量。董事议决派付中期股息每股30港仙。 2025年上半年，集团持续提升气源统筹能力；统筹规模超35亿方，同比增长100%，获取2.0亿方非常规 资源；不断提升气源保障能力，集团储气能力提升至3.75%；推动资源获取能力提升的同时进一步提升 集团保供能力。2025年上半年，集团共销售207.6亿立方米天然气，其中工业销气量录得94.5亿立方米， 下降2.2%，占集团销气量的45.5%；商业销气量录得48.8亿立方米，下降2.6%，占集团销气量的 23.5%；而居民销气量录得60.0亿立方米，增长4.2%，占集团销气量的28.9%。 2025年上半年，集团新开发居民用户83.1万户，其中：新房接驳用户66.7万户，旧房接驳用户16.4万 户。 2025年上半年，综 ...