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。 （於百慕達註冊成立之有限公司） （股份代號：1193） 茲通告華潤燃氣控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）會議將 於二零二五年八月二十八日（星期四）舉行，旨在（其中包括）考慮及批准本公司及 其附屬公司截至二零二五年六月三十日止六個月的未經審核中期業績及宣派中期 股息（如有）。 承董事會命 華潤燃氣控股有限公司 主席 楊平 香港，二零二五年八月一日 董事會會議召開日期 於本公告日期，本公司之董事為執行董事為楊平先生及秦艷女士；非執行董事 葛路女士、李巍巍先生、張軍政先生及房昕先生；及獨立非執行董事黃得勝先 生、俞漢度先生、楊玉川先生及李博恩先生。 ...

零售气量小幅下滑，销气毛差持续改善 机构：华泰证券 研究员：王玮嘉/黄波/李雅琳/胡知 6 月4 日华润燃气出席了我们组织的2025 年中期策略会，会上公司强调暖冬与关税冲击导致零售气量小 幅下滑，综合服务受舆情影响，综合能源表现亮眼。尽管短期业绩承压，但公司重申通过分红+回购等 方式提升股东回报。 我们认为可持续利润占比上升、自由现金流提升带来价值重估，关注回调后的布局窗口，维持"增持"评 级。 公司正式启动回购计划，拟回购注销不超过3%股份，以6 月4 日收盘价计算合计需15 亿港元；公司明 确提升25 年派息率，若25 年DPS 同比持平，则分红支出合计不低于21 亿港元。资本开支优化，经常性 支出向综合能源倾斜、管网置换与接驳新建相关支出压缩空间有限，战略性支出维持低位。 维持盈利预测和目标价， 可持续利润占比上升带来价值重估 我们维持公司25-27 年归母净利为 44/49/55 亿港币，EPS为1.90/2.13/2.38港币（三年预测期 CAGR10%）。维持目标价28.5 港币，基于15x 25E PE，高于五年历史均值（12xPE）。零售气与双综 等可持续业务利润占比上升，业绩不确定性因素逐 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of HKD 28.50 [7]. Core Views - The company emphasizes that despite short-term performance pressure due to a warm winter and tariff impacts leading to a slight decline in retail gas volume, it aims to enhance shareholder returns through dividends and share buybacks [1]. - The report suggests that the increase in sustainable profit contribution and improved free cash flow will lead to a revaluation of the company's value, indicating a potential buying opportunity after recent price corrections [1]. Summary by Sections Retail Gas Volume and Margin Improvement - From January to April, the company's retail gas volume experienced a slight year-on-year decline, which was less than the national average decline of 2.2%. Industrial gas volume decreased due to tariff impacts on the export industry, while residential gas volume grew, supported by an increase in connected users. However, the average household gas consumption declined due to the warm winter [2]. - The overall gross margin improved slightly year-on-year, with better recovery in residential gross margin compared to the overall margin, and stable gross margin in industrial and commercial sectors. LNG spot prices have decreased, which is expected to further lower procurement costs in 2025 [2]. Impact of Real Estate Downturn and Service Segmentation - The company reported a year-on-year decline in new residential connections from January to April, with expectations of a 20% decrease in new home connections for 2025. The proportion of old home renovations is expected to rise to 30%, which may continue to suppress profit margins [3]. - There is a divergence in performance between comprehensive energy and comprehensive services, with comprehensive energy revenue growing year-on-year, while comprehensive services remained flat due to public sentiment impacts and government oversight [3]. Shareholder Returns and Capital Expenditure Optimization - The company has officially launched a share buyback plan, intending to repurchase up to 3% of its shares, which would require approximately HKD 1.5 billion based on the closing price on June 4. The company has also committed to increasing the dividend payout ratio for 2025, with total dividend expenditure expected to be no less than HKD 2.1 billion if the DPS remains flat year-on-year [4]. - Capital expenditures are being optimized, with regular expenditures directed towards comprehensive energy, while there is limited room for reducing expenditures related to pipeline replacement and new connections [4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with expected net profits for 2025-2027 at HKD 4.4 billion, HKD 4.9 billion, and HKD 5.5 billion respectively, and EPS projected at HKD 1.90, HKD 2.13, and HKD 2.38, reflecting a CAGR of 10% over three years [5]. - The target price of HKD 28.50 is based on a 15x PE for 2025E, which is above the five-year historical average of 12x PE. The increasing contribution of sustainable business profits is expected to reduce performance uncertainty and lead to a revaluation of the company's value [5][11].

Business Performance - At the end of 2024, CR Gas's portfolio consisted of 276 city gas projects across 25 provinces, including 15 provincial capitals and 76 prefecture-level cities, with an annual gas sales volume of approximately 39.9 billion cubic meters and 60.62 million customers[8][12]. - The total connectable population reached 99.98 million households, indicating significant market penetration and growth potential[12]. - The Group's total natural gas sales volume increased by 2.9% year-on-year to 39.91 billion cubic meters, with revenue rising by 1.4% to HK$102.68 billion[23]. - The annual gas sales volume of 39.9 billion cubic meters reflects a robust demand for natural gas in the regions served by CR Gas[12]. - The total gas sales volume rose by 2.9% from 38.78 billion m³ to 39.91 billion m³[72]. - The total number of newly connected residential users in 2024 was 2.693 million[77]. - The Group's gas sales volume from 2008 to 2024 is projected to grow at a compound annual growth rate (CAGR) of 23.45%[43]. - The Group's natural gas consumption is projected to grow at a CAGR of 12.5% from 2000 to 2024, while production is expected to grow at 9.64%[34]. Strategic Initiatives - CR Gas aims to leverage favorable operating conditions to expand through both organic and external growth, enhancing its position as a leader in the gas industry[10]. - The company is committed to delivering safe and reliable clean energy while providing efficient services to customers, contributing to sustainable performance for shareholders[10]. - The Group's focus on urban gas core business development has solidified its leading position in the market[31]. - The Group's proactive exploration of the gas value chain and customer base aims to identify new business opportunities[20]. - The Group plans to adhere to a "1+2+N" business strategy in 2025, focusing on clean energy development and enhancing its natural gas resource pool[65]. Financial Performance - The Group achieved a turnover of HK$102.68 billion in 2024, representing a year-on-year increase of 1.4%[53]. - Profit for the year decreased by 18.6% to HK$5,748,294 from HK$7,058,886 in 2023[123]. - The attributable profit to the owners of the Company decreased by 21.7% to HK$4.09 billion compared to HK$5.22 billion in the previous year[137]. - Operating profit declined by 15.9% to HK$7.74 billion, and cash generated from operations fell from HK$10.16 billion in 2023 to HK$7.00 billion in 2024[71]. - The overall gross profit margin was 17.8%, a decrease of 0.4 percentage points compared to the previous year, primarily due to a reduction in the share of revenue from gas connection from 10.8% to 9.0%[53]. - The average gas tariff decreased to RMB 3.42 per cubic meter from RMB 3.50 in 2023[130]. - The Group's debt to capitalisation ratio improved to 26.4% from 29.5% in 2023[126]. Operational Efficiency - The Group's operational strategy includes a commitment to professional development opportunities for employees, fostering a skilled workforce to support its growth objectives[10]. - The management team is focused on improving operational efficiency to achieve sustainable organic growth[74]. - Benchmarking initiatives have been implemented across all business sectors to enhance performance and identify gaps[82]. - The Group has 84 regional centers to manage daily operations of city gas projects, enhancing service and operational efficiency[86]. - Centralized procurement accounted for 85.54% of total material procurement expenditure by the end of 2024, leading to cost reductions while ensuring quality[89]. Environmental and Social Responsibility - The Chinese government emphasizes the promotion of green and low-carbon development, which aligns with CR Gas's strategy to enhance operational efficiency and provide clean energy solutions[9][10]. - The Group's ESG rating was maintained at A by MSCI, reflecting its commitment to sustainable development and compliance with environmental standards[49]. - As of the end of 2024, the Group's carbon dioxide emission intensity decreased by 61.28% and comprehensive energy consumption per RMB 10,000 of revenue decreased by 35.59% compared to the end of 2020[118]. - Total charitable donations amounted to HK$3,103,600, with cumulative volunteer services of 74,100 persons/times in 2024[119]. Governance and Management - The Group is committed to enhancing its corporate governance standards by adopting best practices and a Corporate Governance Handbook[58]. - The Group's management team consists of professionals with significant expertise in financial, legal, commercial, and engineering disciplines[108]. - The Group has established 6 audit centers nationwide to enhance audit and risk control functions[112]. - Mr. WANG Gaoqiang has over 30 years of experience in corporate finance, internal audit, internal control, risk management, and corporate governance[183]. - Ms. GE Lu has over 30 years of experience in the pharmaceutical industry, specializing in supply chain management and logistics management[188].

China Resources Gas Group (1193 HK) Hold: Results dragged by weak connections Results dragged by fewer connections: China Resources Gas (CRG) reported net profit of HKD4.1bn (-22% y-o-y), while excluding one-offs, core profit was flat y-o-y, missing our estimates and market consensus. Growth in gas sales was offset by a 28% y-o-y decline in segment profit from connections, as both new connection volume and margin dropped. DPS was cut to HKD0.95/sh (-18% y-o-y, or +3% y-o-y if excluding the non-core part of ...

3月31日上榜港股通成交活跃榜个股中，华润燃气为近一个月首次上榜。 证券时报·数据宝统计显示，3月31日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 431.09亿港元，占当日港股通成交金额的38.43%，净卖出金额28.25亿港元。 上榜的成交活跃股中，小米集团-W成交额为100.30亿港元，成交金额居首；其次是腾讯控股、阿里巴 巴-W，成交金额分别为66.63亿港元、57.55亿港元。 以上榜次数统计，3月31日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜21次，最受港股通资金关注。 华润燃气为近一个月首次上榜，当日港股通成交额为12.05亿港元，成交净买入7.85亿港元，该股当日收 盘下跌17.73%。（数据宝） 3月31日港股通成交活跃股榜单 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 66. ...

Core Viewpoint - China Resources Gas has experienced a significant decline in performance, leading to a sharp drop in its stock price, which fell by 17.55% to HKD 23.25 per share, with a total market capitalization of HKD 53.801 billion [1] Financial Performance - For the fiscal year 2024, China Resources Gas reported revenue of HKD 102.676 billion, a year-on-year increase of 1.4% [4] - Core profit was HKD 4.148 billion, showing a minimal increase of 0.02% [5] - Shareholders' profit attributable to the company was HKD 4.088 billion, a decrease of 21.7% compared to the previous year [4][5] - Basic earnings per share were HKD 1.8 [4] Business Segments - Retail gas sales volume reached 39.907 billion cubic meters, reflecting a year-on-year growth of 2.9%, with residential, industrial, and commercial gas volumes increasing by 6.3%, 1.5%, and 3.8% respectively [5] - The comprehensive service business generated revenue of HKD 4.21 billion, up 4% year-on-year, with profit increasing by 2.1% to HKD 1.4 billion [5] Capital Expenditure and Cash Flow - Capital expenditure for 2024 was HKD 4.42 billion, a significant decrease of 56%, which contributed to a 14.2% increase in free cash flow to HKD 2.58 billion [7] Dividends - The company proposed a final dividend of HKD 0.7 per share, bringing the total annual dividend to HKD 0.95 per share, with a payout ratio of 53%, down from HKD 1.16 per share the previous year [9] Future Outlook - Analysts remain optimistic about China Resources Gas, anticipating a potential revaluation of the company's value due to the stable profit contribution from gas sales and the effective compensation from dual comprehensive services for the decline in connection business profits [10] - Shenwan Hongyuan estimates a reasonable market value of HKD 80.38 billion based on a 16x PE ratio for 2025, indicating a potential upside of 23.2% from the current market capitalization [10] - Huatai Securities set a target price of HKD 28.5, based on a 15x PE ratio for 2025, reflecting an increase in the profit contribution from sustainable business segments [10]

年内，集团新开发工商业用户5.3万户，新开发居民用户269.3万户，其中：新房接驳用户211.7万户，旧 房接驳用户57.6万户。集团在中国运营的城市燃气项目平均气化率由2023年同期的59.3%上升至60.4%。 集团持续专注城市燃气核心业务发展，凭借良好的企业品牌形象，2024年，重点围绕"一城一网"整合， 新增签约项目7个，注册项目4个，增加特许经营区域2678平方公里，潜在销气量6.1亿方，新增居民用 户9.8万户，重点项目涵盖1个直辖市及多个地级市，进一步夯实了公司在核心城市燃气主业的主导地 位。 截至2024年12月31日，集团层面注册城市燃气项目数276个，遍布全国25个省份，其中包括：15个省会 城市，76个地级市。不断扩大的经营区域及项目优越的地理位置，为集团核心业务的持续快速增长奠定 了坚实基础。 智通财经APP讯，华润燃气(01193)发布截至2024年12月31日止年度的末期业绩，收入1026.76亿港元， 同比增加1.39%;股东应占溢利40.88亿港元，同比减少21.74%;每股基本盈利1.8港元;拟派发末期股息每股 70港仙。 公告称，2024年，集团采取多项举措保障天然气供应能 ...

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 102,676 million, an increase of 1.4% from HKD 101,272 million in 2023[3] - Core profit for the same period was HKD 4,148 million, showing a marginal increase of 0.02% compared to HKD 4,147 million in 2023[3] - Profit attributable to the company's owners decreased by 21.7% to HKD 4,088 million from HKD 5,224 million in 2023[3] - Total comprehensive income for the year was HKD 4,410 million, a decrease from HKD 5,428 million in 2023[5] - Basic earnings per share for the year were HKD 1.80, down from HKD 2.30 in 2023[5] - Total revenue for the year ended December 31, 2024, was HKD 102,675,888,000, with a pre-tax profit of HKD 7,746,214,000[17] - The company achieved a total classified profit of HKD 13,079,019 for the year, with significant contributions from various service segments[20] - The company’s interest income from loans to subsidiaries increased significantly to HKD 53,772 in 2024 from HKD 12,024 in 2023, indicating improved financial management[25] - The company’s employee costs totaled HKD 6,642,541 for the year, showing an increase from HKD 6,338,861 in the previous year, reflecting growth in workforce and compensation[26] Sales and Revenue Breakdown - Total gas sales volume increased by 2.9% to 39,907 million cubic meters from 38,784 million cubic meters in 2023[3] - The revenue breakdown includes sales of gas fuel and related products at HKD 85,565,630,000, gas connection services at HKD 9,250,793,000, and integrated services at HKD 4,205,793,000[17] - Total natural gas sales increased by 2.9% to 39.91 billion cubic meters, with industrial sales at 20.42 billion cubic meters (up 1.5%) and residential sales at 10.04 billion cubic meters (up 6.3%) [37] - The company developed 53,000 new industrial users and 2.693 million new residential users, with the average gasification rate increasing from 59.3% to 60.4% [38] Assets and Liabilities - Non-current assets increased to HKD 103,014 million from HKD 102,417 million in 2023[6] - Current liabilities rose to HKD 53,837 million from HKD 51,109 million in 2023[6] - Total assets as of December 31, 2024, amounted to HKD 132,482,695,000, with classified assets of HKD 92,618,333,000[18] - Total liabilities were reported at HKD 68,511,719,000, with classified liabilities of HKD 31,456,819,000[18] - Trade receivables decreased to HKD 9.82 billion from HKD 11.44 billion, with receivables aged 0 to 90 days at HKD 6.15 billion [32] - Trade payables decreased to HKD 11.98 billion from HKD 14.44 billion, with payables aged 0 to 90 days at HKD 9.16 billion [33] Dividends and Shareholder Information - The proposed final dividend for the year is HKD 0.70 per share, down from HKD 1.0069 per share in the previous year, totaling HKD 1.58777 billion [29] - The proposed final dividend for 2024 will be paid in Hong Kong dollars, with an option for shareholders to receive it in Renminbi at a rate of HKD 1.0 to RMB 0.92319[51] - The final dividend per share in Renminbi will be RMB 0.6462358 for those opting for this currency[51] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.70 per share, totaling HKD 0.95 per share for the year, down from HKD 1.1569 per share in 2023[48] Strategic Initiatives and Market Expansion - The company plans to continue expanding its market presence and enhancing operational efficiency in response to the green energy transition [35] - The company is focusing on strategic partnerships and market expansion to leverage opportunities in urban redevelopment and industrial customer development [38] - In 2024, the company signed 7 new projects and registered 4 projects, expanding its franchise area by 2,678 square kilometers, with a potential gas sales volume of 610 million cubic meters and 98,000 new residential users[39] - The company is actively expanding into Hong Kong and overseas markets, establishing investment platforms and joint ventures to promote business growth[42] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with most applicable provisions[53] - The company deviated from the governance code regarding the formal appointment letters for directors and the separation of roles between the chairman and CEO[54] - All directors have complied with the standard code of conduct for securities trading during the reporting period[55] - No significant events occurred after the reporting date that could impact the company's operations or performance[56] Environmental, Social, and Governance (ESG) Focus - The company emphasizes ESG management, maintaining an MSCI ESG rating of A, and is committed to sustainable development and compliance with environmental standards[44] - The company aims to enhance its comprehensive energy solutions and capitalize on the growing demand for clean energy in the Chinese market[46] Miscellaneous - The chairman expressed gratitude to business partners, customers, and shareholders for their support and acknowledged the hard work of all employees[58] - The annual report will be sent to shareholders and published on the Hong Kong Stock Exchange website and the company's website[57] - The company will suspend share transfer registration from May 23, 2025, to May 28, 2025, for the annual general meeting[50]