Group 1 - The core viewpoint of the report is that despite a 3.2% decline in electricity sales volume for Hongkong Electric (港灯-SS), the attributable profit increased by 5.7% in the first half of the year [1] - The company maintained a distribution of 15.94 cents per unit for the first half of the year, reflecting its stable financial position [1] - DBS has adjusted its earnings forecast for Hongkong Electric and raised the target price from HKD 6.5 to HKD 7.4, with a revised target price-to-earnings ratio from 17 times to 20 times, indicating improved investor sentiment [1] Group 2 - Hongkong Electric has a generation capacity of 3,617 megawatts and is a major electricity supplier for Hong Kong Island and Lamma Island, regulated by the Hong Kong government under the Scheme of Control Agreement (SCA) [1] - The company is investing in decarbonization plans and aims to phase out all coal-fired power plants by 2035, with over 50% of its electricity coming from natural gas in 2024 [1] - A liquefied natural gas terminal is under construction to facilitate the transition to gas-fired power generation, which is expected to increase the proportion of natural gas generation to 70% [1] Group 3 - The global weakness in fuel prices is expected to lower net electricity fees in 2025, but Hongkong Electric will continue to enjoy stable cash flow due to its reliable electricity supply services in a mature market [2] - The company's balance sheet remains robust, with a debt-to-capital ratio stable at 51.4% in the first half of 2025, compared to 51.1% in the first half of 2024 [2] - Approximately 73% of the company's debt structure is fixed-rate, minimizing interest rate risk, and the long-term debt (over five years) accounts for 38% of total debt [2]

Major Events - Kangji Medical (09997) received a privatization offer at a premium of approximately 9.9% [1] - China Resources Pharmaceutical (03320) plans to participate in the establishment of a fund [1] - Ganfeng Lithium (01772) intends to jointly integrate a joint venture with LAR to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina [1] - China Antibody-B (03681) signed a comprehensive strategic cooperation agreement with the Hong Kong Advanced Institute of Research at Sun Yat-sen University [1] - Mingyuan Cloud (00909) plans to acquire 100% equity of ASIOT Corporation for 700 million yen [1] - Weilu Group (01196) experienced unusual stock price and trading volume changes and is in preliminary discussions with an independent third party regarding a potential acquisition of mobile game rights [1] Operating Performance - China Unicom (00762) reported revenue exceeding 200 billion yuan in the first half of the year, with a profit attributable to equity holders of 14.484 billion yuan, a year-on-year increase of 5.01% [1] - China Unicom (00762) had approximately 1.208 billion cumulative "Ubiquitous Intelligent Connection" users in the second quarter [1] - Tencent Music (01698) achieved double growth in revenue and profit in the first half of the year, with a profit attributable to equity holders of 6.7 billion yuan, a year-on-year increase of 115.85% [1] - Galaxy Entertainment (00027) reported a mid-term profit attributable to shareholders of 5.24 billion HKD, a year-on-year increase of 19.44% [1] - WH Group (00288) reported a mid-term profit attributable to shareholders of 788 million USD, a year-on-year increase of 0.51%, with an interim dividend of 0.2 HKD per share [1] - Minmetals Resources (01208) reported a mid-term profit attributable to equity holders of 340 million USD, a year-on-year increase of 1511% [1] - China Literature Group (00772) reported a mid-term profit attributable to shareholders of 850 million yuan, a year-on-year increase of 68.5% [1] - Hong Kong Electric (02638) reported a mid-term profit attributable to unit holders of 1.001 billion HKD, a year-on-year increase of 5.7% [1] - 361 Degrees (01361) reported a mid-term profit attributable to equity holders of 858 million yuan, a year-on-year increase of 8.6% [1] - Eagle Precision (01286) reported a mid-term profit attributable to equity holders of 346 million HKD, a year-on-year increase of 13.7% [1] - China Everbright Water (01857) reported a mid-term profit attributable to equity holders of 564 million HKD, a year-on-year decrease of 2.99% [1] - FIT HON TENG (06088) reported a mid-term profit attributable to shareholders of 31.511 million USD, a year-on-year decrease of 3.11% [1] - China Lilang (01234) reported a mid-term profit attributable to equity holders of 243 million yuan, a year-on-year decrease of 13.4% [1] - Fudan Zhangjiang (01349) reported a mid-term profit attributable to shareholders of 5.715 million yuan, a year-on-year decrease of 91.89% [1] - Wharf Holdings (00004) reported a mid-term profit attributable to shareholders of 535 million HKD, returning to profitability [1] - China Resources Land (01109) reported a cumulative contract sales amount of approximately 123.6 billion yuan for the first seven months, a year-on-year decrease of 11.8% [1]

Core Viewpoint - 港灯 (2638.HK) reported a net profit attributable to unit holders of HKD 1.001 billion for the six months ending June 30, reflecting a year-on-year increase of 5.7% [1] Financial Performance - Earnings per share stood at HKD 0.1133, with an interim distribution maintained at HKD 0.1594 per unit [1] - Revenue for the period was HKD 5.567 billion, showing a slight decline of 0.09% year-on-year [1] - Electricity sales volume decreased by 3.2% compared to the previous year, attributed to several factors including milder weather, successful energy-saving initiatives, a downturn in the food and retail sectors, and one less day in the reporting period compared to the leap year last year [1]

Group 1 - The company, Hong Kong Electric Holdings Limited (港灯-SS), announced a mid-term dividend of HKD 0.1594 per share for the six months ending June 30, 2025, to be distributed on September 8, 2025 [1]

Group 1 - The company, Hong Kong Electric Holdings Limited (港灯-SS), announced a mid-term dividend of HKD 0.1594 per share, which will be distributed on September 8, 2025, for the six months ending June 30, 2025 [1]

EF001 免責聲明 第 2 頁 共 2 頁 v 1.1.1 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 備註： 港燈電力投資與港燈電力投資有限公司的股份合訂單位為下列證券或證券權益的組合在組成港燈電力投資的信託契約的條文規限下 僅可共同買賣、不可單獨或僅一方而無其他方買賣：(a)於港燈電力投資中的一個單位；(b)與單位掛鈎並且由港燈電力投資管理人 有限公司作為港燈電力投資的受託人—經理以法定擁有人身份持有一股港燈電力投資有限公司特定識別的普通股（「普通股」）中 的實益權益；及(c)一股與單位合訂的港燈電力投資有限公司特定識別的優先股（「優先股」）。組成一個股份合訂單位部分的每一 股普通股及優先股為已繳足股份。 股份合訂單位及其組成的單位、普通股和優先股均於香港聯合交易所有限公司（「香港聯交所」）主板上市。然而，只要股份合訂 單位於香港聯交所上市，於香港聯交所的買賣僅以股份合訂單位形式進行。 發行人董事 於本公告日期，港燈電力投資管理人有限公司與港燈電力投資有限公司的董事為： 執行董事： 霍建寧先生（主席） 鄭祖瀛先生（行政總裁） 陳來順先生 蔡 ...

Core Viewpoint - The company reported a slight decrease in revenue for the first half of 2025, while net profit showed a positive growth, indicating resilience despite challenges in electricity sales volume [1] Financial Performance - Revenue for the first half of 2025 was HKD 5.567 billion, a decrease of 0.09% year-on-year [1] - Net profit attributable to shareholders was HKD 1.001 billion, an increase of 5.7% year-on-year [1] - Earnings per share were HKD 0.1133, with an interim dividend of HKD 0.1594 per share [1] Operational Highlights - Electricity sales volume decreased by 3.2% compared to the same period in 2024, attributed to milder weather, successful energy-saving initiatives, a downturn in the food and retail sectors, and one less day in the calendar compared to the previous leap year [1] - The company is progressing towards its zero-carbon operation goal, actively implementing a development plan worth HKD 22 billion for 2024-2028 to ensure timely completion of all projects [1] - The previous five-year development plan helped reduce carbon emissions from power generation by approximately 40% compared to 2005 levels, with the new plan aiming to further increase the proportion of gas-fired power generation [1] - Key projects are progressing smoothly, including the construction of a new gas combined cycle generator unit L13 and several single-cycle fuel oil generator units for emergency power supply [1]

Core Viewpoint - The company reported a slight decrease in revenue but an increase in profit, indicating resilience despite challenges in electricity sales volume and market conditions [1] Financial Performance - Revenue for the first half of 2025 was HKD 5.567 billion, a decrease of 0.09% year-on-year [1] - Profit attributable to shareholders was HKD 1.001 billion, an increase of 5.7% year-on-year [1] - Earnings per share were HKD 0.1133, with an interim dividend of HKD 0.1594 per share [1] Operational Highlights - Electricity sales volume decreased by 3.2% compared to the same period in 2024, attributed to milder weather, successful energy-saving initiatives, a downturn in the food and retail sectors, and one less day in the calendar compared to the previous leap year [1] - The company is progressing towards its zero-carbon operation goal, actively implementing a development plan valued at HKD 22 billion for 2024-2028 to ensure timely completion of all projects [1] - The previous five-year development plan is expected to reduce carbon emissions from power generation by approximately 40% compared to 2005 levels by 2024 [1] - The new development plan aims to further increase the proportion of gas-fired power generation, ensuring long-term energy supply stability and supporting Hong Kong's decarbonization goals [1] - Key projects are progressing smoothly, including the construction of a new gas combined cycle generator unit L13 and several single-cycle fuel oil generator units for emergency power supply [1]

Core Viewpoint - The company reported a slight decrease in pre-tax profit for the first half of 2025 compared to the same period in 2024, while also maintaining its interim dividend distribution. Financial Performance - For the first half of 2025, the pre-tax profit was HKD 39.79 billion, compared to HKD 39.89 billion in 2024 [1] - The unaudited profit attributable to shareholders was HKD 10.01 billion, an increase from HKD 9.47 billion in 2024 [1] - The distributable income for the period was HKD 14.08 billion, unchanged from 2024 [1] Dividend Distribution - The interim dividend was declared at HKD 0.1594 per share, consistent with the previous year [1] - The dividend will be distributed on September 8, 2025, to shareholders registered by August 27, 2025 [1] Sales Volume and Pricing - The electricity sales volume decreased by 3.2% compared to the same period in 2024, attributed to milder weather, successful energy-saving initiatives, and a downturn in the food and retail sectors, along with one less day in the calendar compared to the leap year [1] - The basic electricity tariff was increased by HKD 0.034 to HKD 1.229 per kWh due to rising capital investment and operating costs [1] - In August 2025, the fuel adjustment fee decreased by over 16% compared to January, leading to a net electricity tariff reduction of 4.4% to HKD 1.596 per kWh [1]

2025 年中期業績 董事局主席報告 2025 年上半年，港燈電力投資及其全資附屬公司港燈在各項業務均有良好進展。集團致 力為客戶提供可靠和可負擔的低碳電力，有序地推進其發展計劃以支持香港的零碳轉 型。 期內，港燈的供電可靠度達至 99.9999% 以上的世界級水平，即每名客戶每年遇上非計劃 停電的時間平均少於半分鐘。 隨着全球燃料價格回落，令集團得以按照發展計劃進行重要資本投資的同時，可以下調 淨電費。 集團繼續向零碳營運的目標邁進，積極落實總值港幣 220 億元的 2024 – 2028 年度發展計 劃，確保所有工程如期進行。上一個五年發展計劃有助港燈在 2024 年將發電所產生的碳 排放量，相較 2005 年的基準水平減少約 40%。新的發展計劃將進一步增加港燈的燃氣發 電比例，確保能源供應長期穩定，支持香港的減碳目標。期內，各項主要工程進展順 利，包括興建一台新燃氣聯合循環發電機組 L13，以及數台可以在緊急情況下提供電力的 單循環燃油機組。 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 ...