胤源世创家族办公室(香港)第一副总裁黄伟豪发布股市评论称，滨海投资(02886)2025年中期业绩展现出 较强的经营韧性，为其投资价值奠定坚实基础。从盈利方面来看，公司期内归母净利润达1.73亿港元， 同比增长3%，在全国天然气表观消费量同比下降0.9%的行业背景下，实现盈利稳定增长，凸显业务抗 周期能力。这一增长得益于毛差修复与成本优化的双重驱动。城镇燃气平均毛差同比提升0.07元人民 币/方至0.50元人民币/方，综合毛差同步升至0.44元人民币/方，主要因19个经营区域完成居民用气顺价 (覆盖83%民用气总量)，缓解气价倒挂问题，叠加上游气源结构优化(三桶油为主、多气源补充)，上半 年采购成本节省超过900万元人民币。 财务成本管控是公司另一大亮点。2025年中期综合融资利率降至4.67%，较去年同期下降82个基点，融 资成本同比减少2914万港元;同时借贷币种结构持续优化，美元债务占比从20%降至18%，并全额偿还 2.2亿人民币高息银团贷款(固定利率6%)，资产负债率小幅下降至69.99%，财务健康度显著提升。更值 得关注的是，虽然上半年已达成全年融资成本减少2000万元人民币目标，但公司明确下半年 ...

胤源世创家族办公室(香港)第一副总裁黄伟豪发布股市评论称，滨海投资(02886)2025年中期业绩展现出 较强的经营韧性，为其投资价值奠定坚实基础。从盈利方面来看，公司期内归母净利润达1.73亿港元， 同比增长3%，在全国天然气表观消费量同比下降0.9%的行业背景下，实现盈利稳定增长，凸显业务抗 周期能力。这一增长得益于毛差修复与成本优化的双重驱动。城镇燃气平均毛差同比提升0.07元人民 币/方至0.50元人民币/方，综合毛差同步升至0.44元人民币/方，主要因19个经营区域完成居民用气顺价 (覆盖83%民用气总量)，缓解气价倒挂问题，叠加上游气源结构优化(三桶油为主、多气源补充)，上半 年采购成本节省超过900万元人民币。 总体而言，综合经营表现及行业环境等因素，对滨海投资业务前景看法乐观。特别是若公司9月底电商 平台上线后的增值服务营收增速;以及三季报披露的销气量与财务费用压降进展等指标超预期，其估值 有望进一步修复。以目前预期市盈率不足7倍及预期股息率有约7.2%来看，估值吸引。建议投资者可多 加关注，考虑作中长线持有。 滨海投资所处的城市燃气行业正迎来多重政策利好。2025年作为十四五规划与《油气增储 ...

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 公司名稱: 濱海投資有限公司 (於百慕達註冊成立之有限公司) 致：香港交易及結算所有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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) | 02886 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,280,000,000 | HKD | | 0.1 HKD | | 228,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,280,000,000 | HKD | | 0.1 HKD | | 228,000,000 | | 2. 股份分類 | 優先 ...

智通财经APP获悉，天富资产管理首席投资官杨德华发布评论称，滨海投资(02886)最新公布2025年中期 业绩展现出强劲韧性。从财务数据来看，2025年上半年实现收入约29.31亿港元，同比下降17%，主要 受销气量下滑影响；毛利约3.10亿港元，下降10%，但毛利率提升0.9个百分点至10.6%，反映出成本控 制与价格优化的成效。更为亮眼的是期内归母净利润达1.73亿港元，同比增长3%，每股基本盈利12.54 港仙，增长1%。这一业绩在行业需求低迷期内实现正增长，凸显公司经营韧性。 另一业绩亮点在于毛差修复，上半年城镇燃气平均毛差达0.50元人民币/立方米，同比上升0.07元。这得 益于多重因素：一是上游气源结构优化，气源采购成本同比下降，节省900余万元人民币；二是下游顺 价机制推进，上半年新增昌乐、淄博、招远、丰县等4家子公司居民气价调整，累计83%民用气量完成 顺价，缓解气价倒挂问题。公司预期全年城镇毛差达0.52元，同比上升0.04元，将直接推升毛利表现。 财务管理上亦是提升盈利关键，上半年通过偿还高息债务、调整债务结构，综合融资利率降至4.67%， 同比下降82个基点，节省融资成本2914万港元， ...

滨海投资 集团在行业低谷期展现韧性，全年业绩达标概率高，预期归母净利润恢复性增长。估值目前处于历史低 位，市盈率约8倍，较行业平均10-12倍有折让空间。随着经济复苏、需求回暖及政策红利释放，公司销 气量与毛差双增长格局将驱动股价上行。风险方面，需关注气价波动及楼市复苏进度，但公司多元化气 源与顺价机制已筑牢防线。总体而言，集团在天然气板块中甚为优质，适合中长期配置，潜在回报吸 引。 分时图 日K线 周K线 月K线 1.15 0.01 0.88% 0.88% 0.88% 0.00% 0.00% 0.00% 0.88% 0.88% 1.13 1.13 1.14 1.14 1.14 1.15 1.15 09:30 10:30 12:00/13:00 14:00 16:10 0 2万 4万 6万 天富资产管理首席投资官杨德华发布评论称，滨海投资(02886)最新公布2025年中期业绩展现出强劲韧 性。从财务数据来看，2025年上半年实现收入约29.31亿港元，同比下降17%，主要受销气量下滑影 响；毛利约3.10亿港元，下降10%，但毛利率提升0.9个百分点至10.6%，反映出成本控制与价格优化的 成效。更为亮眼的 ...

Group 1 - The core viewpoint of the article highlights the strong performance of Binhai Investment (02886), a leading clean energy operator in China, which saw its stock price rise over 16.3% amid a broader market rally, indicating investor confidence ahead of its mid-2025 earnings report [1][2] - Binhai Investment's net profit attributable to shareholders reached approximately 173 million yuan, marking a new high since the pandemic, with profits growing for two consecutive years [1][2] - The company maintained its annual gas sales target of approximately 1.87 billion cubic meters despite a 14% year-on-year decline in total gas sales volume for the first half of 2025, demonstrating resilience in its operations [2][3] Group 2 - Binhai Investment has been actively expanding its value-added services, which reflects management's confidence in business prospects and the positive impact of increasing sales contracts and channels [3][4] - The company reported a significant increase in the gross profit margin of its value-added services, with gas appliance sales and non-residential maintenance services growing by 91.0% and 60.5%, respectively [4] - The launch of the "Taiyuejia" brand and the establishment of an e-commerce platform are expected to enhance customer engagement and drive future revenue growth, with a projected price target of 1.4 yuan based on current valuations [4]

Group 1 - The core viewpoint of the article highlights the strong performance of Binhai Investment (02886), a leading clean energy operator in China, which saw its stock price rise over 16.3% amid a broader market recovery, with a significant increase in shareholder profit reaching approximately 173 million yuan, marking a post-pandemic high [1][2][3] Group 2 - For the first half of 2025, the company reported a net profit margin of 6.0%, up 1.2 percentage points from the previous year, significantly exceeding the industry average of 3.7%, indicating high-quality performance [2][3] - Despite a 14% year-on-year decline in total gas sales volume to 1.14 billion cubic meters due to a warm winter, the second quarter showed a 13% increase, suggesting ongoing growth in gas sales [2][3] - The company maintained its annual gas sales target of approximately 1.87 billion cubic meters, having completed 830 million cubic meters in the first half of the year [2][3] Group 3 - The company has been actively expanding value-added services, reflecting management's confidence in business prospects and the positive impact of increasing sales contracts and channels [3][4] - As of June 2025, the total number of users grew to 2.47 million, a 1% year-on-year increase, with 28,600 new users, achieving 40% of the annual target [3][4] - The company has launched new value-added services, including small installations, gas appliance sales, insurance services, and non-residential maintenance, with revenue and gross profit from these services growing by approximately 7% [3][4] Group 4 - The sales of gas appliances and non-residential maintenance saw remarkable gross profit growth of 91.0% and 60.5%, respectively, maintaining a high overall gross profit margin of 67.4% [4] - The launch of the "Taiyuejia" brand in August 2024 has been directly linked to the strong performance of value-added services, providing a comprehensive smart home solution [4] - The company has introduced a new beautification service and is set to launch an e-commerce platform by the end of September, which includes a store system, after-sales service system, and an online mall, aimed at enhancing revenue and profit margins [4]

Core Viewpoint - Tianjin Binhai Investment's subsidiary, Tianjin TEDA Binhai Clean Energy Group, has been recognized as one of the first "Cheetah Enterprises" in Tianjin, highlighting its strong capabilities in technological innovation and research investment [1] Group 1: Recognition and Criteria - The "Cheetah Enterprises" in Tianjin are defined as companies with strong technological innovation capabilities, appropriate research investment, strong talent, and significant technical accumulation [1] - Being named a "Cheetah Enterprise" is an important honor within Tianjin's technological innovation system, positioning these companies as leaders in industrial transformation and regional economic development [1] Group 2: Financial Support and Investment - Tianjin will provide financial support to "Cheetah Enterprises" through project applications and loan interest subsidies, with a maximum fiscal subsidy of 5 million yuan for companies increasing research investment through the purchase of research instruments and the establishment of internal R&D institutions [1] - The successful inclusion of Tianjin Clean Energy in the "Cheetah Enterprises" list reflects its research strength, and the company plans to continue increasing its R&D efforts and actively apply for various technological projects and innovation qualifications [1]

Core Viewpoint - Tianjin Binhai Investment's subsidiary, Tianjin TEDA Binhai Clean Energy Group, has been recognized as one of the first "Cheetah Enterprises" by the Tianjin Science and Technology Bureau, highlighting its strong capabilities in technological innovation and research investment [1] Group 1: Recognition and Support - The "Cheetah Enterprises" designation is awarded to companies with strong technological innovation capabilities, significant R&D investment, and robust technical accumulation [1] - The Tianjin government will provide financial support to these enterprises through project applications and loan interest subsidies, with a maximum subsidy of 5 million yuan for R&D investments [1] Group 2: Company Strategy and Future Plans - The recognition of Tianjin Clean Energy as a "Cheetah Enterprise" reflects its research strength, and the company plans to continue increasing its R&D efforts [1] - The company aims to actively apply for various technological projects and innovation qualifications to enhance its technological innovation capacity and influence [1]

Core Viewpoint - Binhai Investment (02886) demonstrated significant operational resilience in the first half of 2025 despite macroeconomic challenges, with a 17% year-on-year decline in revenue to HKD 2.931 billion, while net profit attributable to shareholders increased by 3% to HKD 173 million, highlighting effective cost control and financial optimization [1][4]. Financial Performance - Revenue decreased by 17% to HKD 2.931 billion, but net profit rose by 3% to HKD 173 million, with basic earnings per share increasing by 1% to HKD 0.1254 [1]. - The average gross margin for urban gas increased by RMB 0.07 per cubic meter to RMB 0.50 per cubic meter, driven by price adjustment mechanisms and optimized gas source procurement [1][3]. Cost Management - The comprehensive financing cost significantly decreased, with the financing rate dropping to 4.67%, a reduction of 82 basis points year-on-year, saving HKD 29.14 million in financing costs [2]. - The company secured low-interest loans from multiple banks, reflecting improved financing capabilities and credit ratings [2]. Business Structure and Growth - The business structure continued to optimize, with value-added services becoming a new growth point, contributing to a 7% year-on-year increase in revenue and gross profit [2]. - Sales of the proprietary brand "Taiyuejia" gas appliances saw revenue and gross profit increase by 39% and 91%, respectively, indicating enhanced brand recognition [2]. Strategic Outlook - The company benefits from supportive central macro policies and market opportunities, with upstream supply expected to grow, providing stable gas sources [3]. - The strategic focus includes deepening cooperation with major upstream companies and accelerating the implementation of comprehensive energy projects [3]. - The company is expected to achieve double-digit growth in gas sales volume in the second half of the year, with further gross margin improvement anticipated [3][4].