Core Viewpoint - The urban gas industry is facing significant challenges due to stagnation in traditional gas sales and safety production pressures, prompting leading companies to strengthen their integrated energy business and explore new growth avenues [1][2]. Industry Overview - The urban gas sector is under pressure, with several companies divesting gas project subsidiaries since June, including major players like Kunlun Energy [1]. - A total of 8 gas project divestitures have been recorded, surpassing the previous year's figures, indicating a trend of companies exiting underperforming assets [1]. - Financial performance of divested companies shows a notable decline, with all five disclosed projects reporting significant profit drops in the first half of the year [1][2]. Financial Performance - As of July, the net profit of Luoyang PetroChina Kunlun Gas Co. shifted from a profit of 320,000 yuan at the end of 2024 to a loss of 1.27 million yuan [2]. - Fujian Longzhou Haiyou New Energy Co. saw its losses increase by 140% to 621,200 yuan compared to the end of the previous year [2]. - Lulong County Huagang Qiangguo Gas Co. experienced a staggering 430% increase in net losses, reaching 4.174 million yuan [2]. Leading Companies' Performance - Among the four major urban gas companies, only Honghua Smart Energy reported a slight net profit increase of 2% to 758 million HKD (approximately 694 million yuan) [3]. - New Hope Energy, China Resources Gas, and Kunlun Energy all experienced varying degrees of profit decline, with decreases of 5.6% to 2.429 billion yuan, 30.5% to 2.403 billion HKD (approximately 2.2 billion yuan), and 4.36% to 3.161 billion yuan, respectively [3]. - The primary factors affecting performance include declines in gas sales and connection service revenues [3]. Strategic Shifts - Honghua Smart Energy attributes its profit growth to the continuous expansion of its renewable energy business, which saw a 5% increase in net profit to 172 million HKD, surpassing gas connection service revenue [5]. - The company emphasizes the need to enhance integrated energy service capabilities to meet diverse energy demands from industrial clients [5]. - New Hope Energy's management highlights the potential of its diversified energy business as a second growth curve, leveraging existing customer bases and digital capabilities for future growth [5].

Core Viewpoint - China Resources Gas (01193) announced the appointment of Liu Haiyan as an executive director, effective from September 15, 2025 [1] Company Summary - Liu Haiyan has been appointed as an executive director of China Resources Gas [1]

Core Viewpoint - China Resources Gas (01193) announced the appointment of Liu Haiyan as an executive director, effective from September 15, 2025 [1] Company Summary - Liu Haiyan has been appointed as an executive director of China Resources Gas [1]

Core Viewpoint - China Resources Gas (01193.HK) announced the appointment of Liu Haiyan as an executive director, effective from September 15, 2025 [1] Company Summary - Liu Haiyan has been appointed as an executive director of China Resources Gas [1]

楊平 （主席） 秦艷 （總裁） 劉海燕 非執行董事 葛路 李巍巍 （於百慕達註冊成立之有限公司） （股份代號：1193） 董事名單與其角色和職能 華潤燃氣控股有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 1 董事會設立4個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 董事 | 委員會 | | | | | --- | --- | --- | --- | --- | | | 審核與風險管 | | | 環境、社會及 | | | 理委員會 薪酬委員會 | | 提名委員會 | 管治委員會 | | 楊平 | | | C | C | | 秦艷 | | | | | | 劉海燕 | | | | | | 葛路 | | | M | | | 李巍巍 | | | | M | | 張軍政 | | M | | | | 房昕 | M | | | | | 黃得勝 | M | C | M | M | | 俞漢度 | C | M | M | | | 楊玉川 | M | | M | M | | 李博恩 | | M | | M | 附註： C 有關委員會的主席 M 有關委員會的成員 張軍政 房昕 獨立非執行董事 黃 ...

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。 除本公告所披露者外，劉先生確認(i)過往三年並無在香港或海外其他上市公司擔 任任何董事職務；(ii)並無於本公司及本集團其他成員公司中擔任任何其他職務； (iii)與本公司任何董事、高級管理層或主要股東或控股股東（定義見香港聯合交易 所有限公司（「聯交所」）證券上市規則（「上市規則」））並無任何關係；及(iv)並無 任何其他重要委任或專業資格。 （於百慕達註冊成立之有限公司） （股份代號：1193） 執行董事之委任 華潤燃氣控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，劉海燕先生（「劉先生」）獲委任為執行董事，自二 零二五年九月十五日起生效。 以下是劉先生的履歷詳情： 劉海燕先生，現年四十一歲，於二零二五年九月十五日獲委任為本公司執行董 事。劉先生於二零一五年十月至二零二五年八月任華潤（集團）有限公司（「華潤集 團」）董事會事務高級經理、公司治理總監、 ...

FOR THE INTERIM DIVIDEND FOR THE SIX MONTHS ENDED 30 JUNE 2025 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. 閣下如對本文件任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 (Incorporated in the Bermuda with limited liability) （於百慕 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Core Viewpoint - Morgan Stanley's research report indicates that China Resources Gas has significantly underperformed the market in the past year, with expectations that the stock price may stabilize, but no key operational indicators have been observed to drive price increases [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 may record a year-on-year decline in single digits, with low visibility for growth projected until 2026 [1] Business Segments - The comprehensive service business is expected to recover to positive growth in the second half of the year due to a low base effect, but this may not significantly impact overall profitability [1] Forecast Adjustments - Earnings forecasts for 2025 to 2027 have been revised down by 3% to 4%, with the target price slightly increased from HKD 18.5 to HKD 19, while maintaining a "neutral" rating [1]

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].