Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.36 [7]. Core Views - The company's performance in 2024 was under pressure, primarily due to a warm winter and connection business impacts, but is expected to stabilize and recover in 2025 as these pressures ease [1][4]. - The company continues to prioritize shareholder returns through dividends, with a current dividend yield of 7% [3][4]. Revenue and Profitability - In 2024, the company reported revenue of HKD 6.198 billion, a decrease of 3% year-on-year, and a gross profit of HKD 569 million, down 24% [1][5]. - The net profit for 2024 was HKD 209 million, reflecting a 22% decline compared to the previous year [1][5]. - The company expects revenue growth in the coming years, projecting revenues of HKD 6.509 billion, HKD 6.878 billion, and HKD 7.268 billion for 2025, 2026, and 2027 respectively, with growth rates of 5% for 2025 and 5.7% for the following years [4][5]. Gas Sales and Margins - The total gas sales volume for 2024 was 2.515 billion cubic meters, representing a year-on-year increase of 13%, with pipeline gas sales at 1.714 billion cubic meters, up 6.5% [2]. - The company anticipates total gas sales of 2.7 billion cubic meters in 2025, a 9% increase year-on-year, with pipeline gas sales expected to reach approximately 1.9 billion cubic meters [2]. - The gross margin for 2024 was HKD 0.41 per cubic meter, down from the previous year, but is expected to recover to HKD 0.52 per cubic meter in 2025 [2][4]. Connection and Value-Added Services - The company added 70,000 new connections in 2024, impacted by a downturn in the real estate market, but expects the number of new connections to stabilize in 2025 [3]. - The value-added services segment achieved a gross profit of HKD 54.7 million in 2024, a 9.6% increase year-on-year, with a compound annual growth rate of approximately 42% over the past four years [3]. Debt and Shareholder Returns - The company reduced interest-bearing debt by HKD 570 million in 2024, optimizing its debt structure [3]. - The company plans to increase dividends by no less than 10% annually from 2025 to 2027, based on a dividend per share of HKD 0.076 [3].

Core Viewpoint - The report maintains a "Buy" rating for Binhai Investment (02886), highlighting an attractive dividend yield and setting a target price of HKD 1.36 based on a 2025 P/E of 7.8x [1] Group 1: Gas Sales and Profit Margins - The company achieved a total gas sales volume of 2.515 billion cubic meters, representing a year-on-year increase of 13%, with pipeline natural gas sales at 1.714 billion cubic meters (yoy +6.5%) and gas transmission at 0.801 billion cubic meters (yoy +32%) [2] - The overall gross margin for 2024 was HKD 0.41 per cubic meter, a decrease of HKD 0.06 per cubic meter, but the gross margin for urban gas significantly recovered in the second half, reaching HKD 0.58 per cubic meter [2] - The company expects total gas sales volume to reach 2.7 billion cubic meters in 2025, a year-on-year increase of 9%, with pipeline sales also projected to grow by 9% [2] Group 2: Connection and Value-Added Services - In 2024, the company added 70,000 new connections, impacted by a downturn in the real estate market, but expects the number of new connections to stabilize in 2025 [3] - The value-added services segment achieved a gross profit of HKD 54.7 million in 2024, a year-on-year increase of 9.6%, with a compound annual growth rate of approximately 42% over the past four years [3] - The company anticipates continued double-digit growth in gross profit from value-added services in 2025, driven by the promotion of its proprietary brand, Taiyuejia [3] Group 3: Debt Management and Shareholder Returns - The company reduced interest-bearing debt by HKD 570 million in 2024, optimizing its debt structure [4] - In 2025, the company plans to further optimize its debt structure, expecting a reduction in financing costs by HKD 20 million [4] - The company is committed to returning value to shareholders, planning to increase dividends by no less than 10% annually from a base of HKD 0.076 per share for the years 2025-2027, with a current dividend yield of 7% [4]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 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) 呈交日期： 2025年3月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02886 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 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) 呈交日期： 2025年3月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 2 頁 共 6 頁 v 1.3.0 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02886 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不 ...

Core Viewpoint - Binhai Investment (02886) is expected to see an increase in total gas sales volume and gross margin by 2025, presenting potential investment opportunities for investors to deploy in stages [1][4]. Financial Performance - For the fiscal year 2024, the company reported revenue of HKD 6.198 billion and a profit of HKD 209 million, with gross margin and annual profit margin at 9.2% and 3.4% respectively [1]. - Total gas sales volume reached 2.52 billion cubic meters, marking a year-on-year growth of 13%, with pipeline gas sales increasing by 6.5% and gas transmission volume soaring by 32% [1]. - The company's debt-to-asset ratio decreased by 3 percentage points to 70%, and total borrowings reduced by 15% to HKD 3.33 billion, leading to an 8.3% decline in financial costs to HKD 206 million [1]. Business Operations - The company has a strong shareholder background, with Tianjin TEDA Investment Holding Co., Ltd. holding 42.08% and Sinopec Great Wall Gas Investment Co., Ltd. holding 29.45% of shares, providing robust support for business operations [2]. - Binhai Investment actively expands gas source channels, achieving interconnectivity with four major LNG receiving stations in the North China region and signing multiple gas purchase contracts to diversify its gas source portfolio [2]. - The company has secured significant projects, including a gas supply agreement with Nanjing Yunhai Aluminum Co., Ltd., which will supply approximately 16 million cubic meters of natural gas annually for three years [2]. Growth Potential - The value-added services segment shows potential, with the proprietary brand "Taiyuejia" offering smart home solutions, and the segment's gross profit rising by approximately 10% year-on-year to HKD 54.67 million, with a compound annual growth rate of 42% over the past four years [3]. - The company is optimistic about total gas sales volume growth for 2025, expecting to maintain high single-digit growth driven by economic recovery and new projects gradually releasing capacity [3]. - The gross margin for urban gas is projected to improve, with a target of RMB 0.52 per unit for the entire year, an increase of 4 fen from 2024, enhancing overall profitability [3]. Investment Appeal - The company is seen as having a solid fundamental performance, with ongoing business development and financial optimization, making it attractive for long-term investors seeking stable returns [4]. - The expected dividend yield at the current price is around 8%, higher than the average of 5.3% over the past five years, and the forecasted price-to-earnings ratio is approximately 5 times, indicating potential for valuation recovery [4].

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。 2886 自願性公告 秦皇島北方玻璃項目正式通氣運營 - 1 - 資收益，並持續通過本集團華北地區資源池統籌調度優勢，以靈活開拓中國內地河北區 域的天然氣市場。 承董事會命 濱海投資有限公司 執行董事 高亮 香港，二零二五年三月二十六日 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，由本公司透過濱海投資（天津）有限公司間接持有 45%股權之合資公司秦皇島市泰興天燃氣有限公司（「泰興公司」）向秦皇島北方玻璃有限公 司（「北方玻璃」）供應天然氣之項目（「秦皇島北方玻璃項目」）已經正式通氣運營。 北方玻璃位於泰興公司特許經營區域 — 秦皇島經濟技術開發區東區工業園區內，目前已 經投產一條一窯五線超白壓延光伏玻璃生產線，全年用氣，用氣量約為50萬方╱日。 本公司認為，秦皇島北方玻璃項目正式通氣運營將進一步擴大泰興公司的銷氣量規模， 不斷增加泰 ...

Core Viewpoint -滨海投资 reported record-high total gas sales volume for 2024, with a significant increase in dividend payout ratio, indicating strong performance despite industry challenges [1][2] Group 1: Financial Performance - For the fiscal year 2024, the company recorded a revenue of 6.2 billion HKD and a profit attributable to shareholders of 200 million HKD [1] - The final dividend declared is 7.6 HKD cents per share, with a payout ratio rising to 52% [1] - Total gas sales volume reached 2.52 billion cubic meters, a year-on-year increase of 13%, surpassing the national gas consumption growth rate [1] Group 2: Sales and Market Dynamics - Pipeline gas sales increased by 6.5% to 1.71 billion cubic meters, while gas transmission sales surged by 32% to 800 million cubic meters [1] - The company has optimized its customer structure, with industrial and commercial users now accounting for 81% of total gas sales volume [1] Group 3: Strategic Initiatives - The company is pursuing a diversified development strategy, enhancing upstream and downstream operations [1] - Strategic partnerships have been established, including a collaboration with Huade Smart for energy management and a cooperation agreement with the government of Deqing County [2] - The company plans to increase its dividend per share by no less than 10% from 2025 to 2027, aiming to share corporate success with shareholders [2] Group 4: Industry Outlook - The central government has set a 5% economic growth target for 2025, which is expected to benefit the natural gas industry [2] - The company's upstream and downstream layout is improving, with anticipated benefits from optimized gas sources and expanded customer base [2] - Current dividend yield is approximately 7%, with future yields expected to be very attractive, suggesting a favorable investment opportunity [2]

2886 自願性公告 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。 - 1 - 本公司認為，獲得雲海項目是南京濱海重要的市場開發成果，在持續擴大南京濱海管道 天然氣銷售氣量的同時，穩步增加其銷售利潤，從而持續鞏固南京濱海在南京市溧水區 的市場競爭力，亦將提升本集團在南方區域市場的整合優勢。 承董事會命 濱海投資有限公司 執行董事 高亮 香港，二零二五年三月二十五日 獲得雲海項目一期燃氣供應項目 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。 茲題述本公司於2024年2月16日發出之公告，有關本公司全資附屬公司南京濱海燃氣有限 公司（「南京濱海」）與寶武鎂業科技股份有限公司（「寶武鎂業」）（深圳證券交易所上市公 司，股票代號：002182.SZ）之一家全資附屬公司南京雲海輕金屬精密製造有限公司（「雲 海輕金屬」）訂立《燃氣供應協議》（「雲海二期燃氣供應協議」），內容有關南京濱海向雲海 輕金屬供應天然氣（「雲海項目二期」 ...

EF001 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 其他信息 不適用 發行人董事 於本公告日期，董事會成員包括三名執行董事張旺先生、汪鑫先生及高亮先生，三名非執行董事張長亮先生、申洪亮先生及于克祥 先生，以及四名獨立非執行董事葉成慶先生銅紫荊星章，太平紳士、劉紹基先生、羅文鈺教授及鄧麗華博士。 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 濱海投資有限公司 (於百慕達註冊成立之有限公司) | | 股份代號 | 02886 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年十二月三十一日止年度之末期股息 | | 公告日期 | 2025年3月21日 | | 公告狀態 | 更新公告 ...

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之內容概不負責，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之任何損失承擔任何責任。 2886 (b) 為釐定收取末期股息之資格 末期股息的紀錄日期為二零二五年五月二十日（星期二），並將派付予於該日名列股 東登記冊之股份持有人。本公司將於二零二五年五月十五日（星期四）至二零二五年 五月二十日（星期二）（包括首尾兩日）暫停辦理股份過戶登記。為符合資格收取末期 股息，所有填妥之股份過戶表格連同相關股票最遲須於二零二五年五月十四日（星期 三）下午四時三十分前送達本公司之香港股份過戶登記分處香港中央證券登記有限公 司作登記，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖。 因此，有權收取末期股息之股份最後買賣日將為二零二五年五月十二日（星期一）。 股份將由二零二五年五月十三日（星期二）起除息買賣。 承董事會命 濱海投資有限公司 暫停辦理股份過戶登記 謹此提述濱海投資有限公司（「本公司」）於二零二五年三月二十一日刊發之二零二四年末 期業績公告所披露，本公司董事會（「董事會」） ...