Core Viewpoint - Binhai Investment (02886) held its 2025 interim results conference on August 25, 2025, at the Hong Kong Harbour Grand Hotel, engaging positively with around 20 institutional investors [1] Group 1: Financial Performance - In the first half of 2025, Binhai Investment achieved a total revenue of HKD 2.931 billion and a net profit attributable to shareholders of HKD 173 million, representing a year-on-year growth of 3% [3] - The total natural gas sales volume reached 1.14 billion cubic meters, with a significant recovery in gross margin, reaching RMB 0.50 per cubic meter [3] - The gas sales volume faced pressure in the first quarter but showed a year-on-year increase of 13% in the second quarter, indicating strong growth in the gas sales business [3] Group 2: Value-Added Services - In 2025, value-added services were officially included in the main business, with revenue and gross profit reaching HKD 37.67 million and HKD 25.40 million, respectively, both up 7% year-on-year [4] - The sales of gas appliances benefited from the launch of the self-owned brand "Taiyuejia," with gross margin increasing by 13 percentage points to 49.2% [4] - A new kitchen beautification business was introduced, expected to enhance the profitability of value-added services, and an e-commerce platform will be launched in the second half of the year to boost revenue [4] Group 3: Cost Management and Operational Efficiency - The company has been actively reducing costs, optimizing the gas source structure to lower procurement costs, resulting in a year-on-year increase in average gross margin of urban gas by RMB 0.07 per cubic meter to RMB 0.50 [5] - In the first half of 2025, the company reduced gas source costs by approximately RMB 9.32 million [5] - Binhai Investment further refined financial management, reducing comprehensive financing costs by HKD 29.14 million, with a comprehensive financing rate of 4.67%, down approximately 82 basis points year-on-year [5] - The company aims to consolidate its advantages in the gas business, accelerate the expansion of value-added services, and enhance operational efficiency and quality while advancing integrated energy demonstration projects [5]

Core Viewpoint - Binhai Investment Company (02886) demonstrated resilience and profitability in its mid-term performance for the first half of 2025, despite challenges from a warm winter and a slow recovery in the real estate market, highlighting its investment value as a leader in the urban gas industry [1][9]. Group 1: Financial Performance Overview - Total revenue for the first half of 2025 was approximately HKD 29.31 billion, a year-on-year decrease of 17%, primarily due to a 0.9% decline in national natural gas consumption caused by the warm winter [1]. - Total gas sales volume decreased by 14% to 1.14 billion cubic meters, with core pipeline gas sales revenue around HKD 27.41 billion, down 16.8% [1]. - Engineering and natural gas pipeline installation service revenue fell by 25.6% to HKD 1.25 billion, impacted by a sluggish real estate market [1]. - Value-added service revenue grew by 7% to HKD 37.67 million, marking a positive highlight amidst the overall revenue decline [1]. Group 2: Profitability and Efficiency - Despite a revenue decline, the company's operational efficiency improved significantly, with gross profit around HKD 310 million, down 10%, but gross margin increased by 0.9 percentage points to 10.6% [2]. - The average gross margin for urban gas increased by RMB 0.07 per cubic meter, reaching RMB 0.50, benefiting from optimized upstream gas source structure and government pricing mechanisms [2]. - The performance of value-added services, particularly the "Taiyuejia" brand gas appliance sales, saw a gross profit increase of 91%, reinforcing the company's diversified profit base [2]. Group 3: Sales Volume Recovery - Although total gas sales volume decreased by 14% in the first half, the second quarter showed a strong rebound with a 13% year-on-year increase, indicating a rapid recovery in business [3]. - Pipeline gas sales, covering residential (1.87 billion cubic meters) and industrial users (6.42 billion cubic meters), exhibited strong growth driven by recovering demand in the second quarter [3]. - Management expressed confidence in achieving annual gas sales targets, supported by domestic economic recovery and increasing clean energy demand [3]. Group 4: Financial Management and Cost Reduction - The company achieved a significant reduction in financing costs, with a composite financing rate of 4.67%, down 82 basis points year-on-year, saving approximately HKD 29.14 million [4]. - The asset-liability ratio fell below 70% for the first time in recent years, indicating a substantial improvement in financial structure [4]. - This financial stability reduces risks and provides greater flexibility for future strategic investments and business expansion [4]. Group 5: Net Profit Growth - The company reported a net profit attributable to shareholders of approximately HKD 173 million, reflecting a year-on-year growth of 3%, with basic earnings per share at HKD 0.1254 [5]. - The growth in net profit demonstrates the company's success in cost control, business structure optimization, and enhanced profitability [5]. - Management anticipates continued improvement in profitability as pricing mechanisms expand and market demand recovers [5]. Group 6: Future Growth Drivers - Future growth potential is driven by government policies promoting "carbon neutrality" and "coal-to-gas" initiatives, significantly boosting natural gas demand, especially in industrial hubs [6]. - Ongoing urbanization in China is expanding the gas pipeline network, with the company investing in emerging markets like Zhejiang to enhance user base and revenue potential [7]. - The application of IoT, cloud computing, and AI technologies through its subsidiary is optimizing gas network monitoring and operational efficiency, reducing costs and enhancing market competitiveness [7]. Group 7: Dividend Appeal - Binhai Investment has consistently paid dividends since 2013, with an average dividend yield exceeding 5% over the past five years, appealing to income-focused investors [8]. - The projected dividend for the fiscal year 2024 is HKD 0.076, with an expected yield of 6.55%, and an anticipated increase to HKD 0.081 for 2025, resulting in a yield of 7.00% [8]. - The company's stable dividend policy is expected to maintain high yields, enhancing its investment attractiveness amidst anticipated interest rate cuts in the U.S. [8].

Group 1 - The company Binhai Investment (02886.HK) announced that its wholly-owned subsidiary Tianjin TEDA Binhai Clean Energy Group Co., Ltd. has obtained a credit facility of RMB 150 million from Sinopec Finance Co., Ltd. Tianjin Branch [1] - The credit facility will be utilized for settling natural gas procurement payments to upstream suppliers, with the commercial acceptance bill issued by Sinopec Finance Tianjin [1] - A contract for the commercial acceptance bill has been signed between Tianjin Clean Energy and Sinopec Finance Tianjin, which is valid until December 30, 2025 [1]

Core Viewpoint - Binhai Investment (02886) announced that its wholly-owned subsidiary, Tianjin TEDA Binhai Clean Energy Group Co., Ltd. (Tianjin Clean Energy), has obtained a credit facility of RMB 150 million from Sinopec Finance Co., Ltd. Tianjin Branch, which will be used for settling natural gas procurement payments to upstream suppliers [1] Group 1 - The credit facility will be utilized through commercial acceptance bills issued by Sinopec Finance Tianjin for settling payments to upstream suppliers [1] - Tianjin Clean Energy will bear the discount interest for the upstream suppliers [1] - A commercial bill acceptance contract has been signed between Tianjin Clean Energy and Sinopec Finance Tianjin, valid until December 30, 2025 [1] Group 2 - This transaction marks the first time the company has settled gas payments using bills, providing low-cost funding and optimizing the company's financing structure and financial costs [1] - The transaction supports the operational and developmental needs of the group [1] - Sinopec's involvement in this transaction reflects its commitment to supporting the group's sustainable development and demonstrates its confidence in the company's growth prospects [1]

Core Viewpoint - Binhai Investment (02886.HK) announced that its wholly-owned subsidiary, Tianjin TEDA Binhai Clean Energy Group Co., Ltd., has secured a credit line of RMB 150 million from Sinopec Finance Co., Ltd. Tianjin Branch, which will be used for natural gas procurement payments [1] Group 1 - The credit line will be utilized through commercial acceptance bills issued by Sinopec Finance Tianjin for settling payments to upstream suppliers [1] - The transaction marks the first time the company has settled gas payments using bills, providing low-cost funding and optimizing the financing structure and financial costs [1] - The contract for the commercial acceptance bill is valid until December 30, 2025, indicating a long-term financial arrangement [1] Group 2 - The transaction supports the operational and developmental needs of the group, reflecting a strategic move to enhance financial efficiency [1] - Sinopec's involvement in this transaction demonstrates its commitment to supporting the group's sustainable development and showcases its confidence in the company's future prospects [1]

本公司认为，基于实际业务需求，本次交易实现了本集团首次以票据结算气款。该模式为本公司提供了 低成本资金的同时，优化了本公司的融资结构和财务成本，从而有力支持了本集团的运营与发展需求。 此外，中国石化通过本次交易，持续兑现其助力本集团持续发展的承诺，体现了中国石化作为重要股东 对本公司发展前景的坚定信心与切实担当。 滨海投资(02886)发布公告，本公司全资附属公司天津泰达滨海清洁能源集团有限公司(天津清洁能源)已 经获得中国石化财务有限责任公司天津分公司(中石化财务天津)提供的共计人民币1.5亿元授信(本次授 信)。本次授信将通过中石化财务天津开具的商业承兑汇票，用于结算天津清洁能源向上游供应商支付 的天然气采购款项，并由天津清洁能源承担上游供应商贴现的贴现息(本次交易)。天津清洁能源与中石 化财务天津已经签订《商业汇票承兑合同》，合同有效期截止2025年12月30日。 ...

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所產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股份代號：2886） 自願性公告 濱海投資有限公司 本 公 告 乃 濱 海 投 資 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本 公 司 全 資 附 屬 公 司 天 津 泰 達 濱 海 清 潔 能 源 集 團 有 限 公 司（「天津清潔能源」）已 經 獲 得 中 國 石 化 財 務 有 限 責 任 公 司 天 津 分 公 司（「中石化財務天津」）提 供 的 共 計 人 民 幣15000萬 元 授 信（「本次授信」）。本 次 授 信 將 通 過 中石化 財務天津 開 具的商業承兌匯 票，用 於 結 算 天 津 清 潔 能 源 向 上 游 供 應 商 支 付 的 天 然 氣 採 購 ...

Core Viewpoint - Binhai Investment (02886) reported a solid interim performance for the six months ending June 30, 2025, with revenue of approximately HKD 29.31 billion and a net profit attributable to shareholders of about HKD 1.73 billion, reflecting a year-on-year growth of 3% [1][2] Financial Performance - The company's gross profit was approximately HKD 3.10 billion, with an overall gross margin increase of about 0.9 percentage points to approximately 10.6% year-on-year [1] - Basic earnings per share rose by 1% to HKD 0.1254 [1] Sales and Operations - Total gas sales volume reached 1.14 billion cubic meters, showing a year-on-year decline, but the second quarter saw a 13% year-on-year increase in sales volume, indicating robust growth in gas sales [1] - The average gross margin for urban gas increased by RMB 0.07 per cubic meter to RMB 0.50 per cubic meter due to improved gas pricing policies and optimized upstream gas sourcing [1] Business Segments - Pipeline natural gas sales remain the primary revenue source, accounting for approximately 94% of total revenue, with residential and industrial gas usage at about 1.87 billion cubic meters and 6.42 billion cubic meters, respectively [2] - The length of urban medium-pressure gas pipelines increased by 38 kilometers to approximately 4,014 kilometers, while high-pressure and sub-high-pressure pipelines totaled about 657 kilometers [2] - Value-added services experienced a 7% year-on-year increase in both revenue and gross profit, becoming a significant part of the company's main business [2] Future Outlook - The company plans to continue its diversified gas sourcing strategy, deepen cooperation with upstream gas suppliers, and accelerate the development of value-added services, aiming to transform into a comprehensive energy service provider [2]

Core Viewpoint - Binhai Investment (02886) announced a capital injection agreement with Tianjin Water Conservancy and Tianshui Smart City, totaling RMB 10.3651 million, to acquire a 49% stake in Tianshui Smart City, aiming to enhance its operations and develop a professional gas engineering platform [1] Group 1 - The capital injection consists of RMB 9.6078 million for increasing registered capital and RMB 757,300 for capital reserves [1] - Tianshui Smart City is a wholly-owned subsidiary of Tianjin Water Conservancy, which is affiliated with the company [1] - The strategic cooperation aims to raise funds for Tianshui Smart City's operational and expansion needs [1] Group 2 - After the capital injection, the ownership structure will be 49% for Tai Cheng Clean Energy and 51% for Tianjin Water Conservancy [1] - The partnership will allow Tianshui Smart City to participate in project planning and construction, enhancing control over project progress, quality, and safety [1] - The company can leverage centralized procurement and large-scale construction to reduce costs and maximize project returns [1] Group 3 - Tianshui Smart City will utilize intelligent technology to develop an emergency management platform for gas engineering, improving operational safety and resilience [1] - The collaboration is expected to enhance the company's ability to secure funding from government agencies while ensuring compliance with regulations [1] - The integration of IoT monitoring and smart warning technologies will inject innovation into the company's business operations [1]

Core Viewpoint - Binhai Investment (02886) reported a solid interim performance for the six months ending June 30, 2025, with revenue of approximately HKD 29.31 billion and a net profit attributable to shareholders of about HKD 1.73 billion, reflecting a year-on-year growth of 3% [1][2] Financial Performance - The company's gross profit was approximately HKD 3.10 billion, with an overall gross margin increase of about 0.9 percentage points to approximately 10.6% year-on-year [1] - Basic earnings per share rose by 1% to HKD 0.1254 [1] Sales and Operations - Total gas sales volume reached 1.14 billion cubic meters, showing a year-on-year decline, but the second quarter saw a 13% year-on-year increase in sales volume, indicating robust growth in gas sales [1] - The average gross margin for urban gas increased by RMB 0.07 per cubic meter to RMB 0.50 per cubic meter due to improved gas pricing policies and optimized upstream gas source structure [1] Business Segments - Pipeline natural gas sales remain the primary revenue source, accounting for approximately 94% of total revenue, with residential and industrial gas usage at about 1.87 billion cubic meters and 6.42 billion cubic meters, respectively [2] - The length of urban medium-pressure gas pipelines increased by 38 kilometers to approximately 4,014 kilometers, while high-pressure and sub-high-pressure pipelines totaled about 657 kilometers [2] - Value-added services experienced a 7% year-on-year increase in both revenue and gross profit, becoming a significant part of the company's main business [2] Future Outlook - The company plans to continue its diversified gas source strategy, deepen cooperation with upstream gas suppliers, and accelerate the development of value-added services, aiming to transform into a comprehensive energy service provider [2]