重慶燃氣 截至2025年9月30日止九個月的未經審核財務業績 於2025年10月24日，重慶燃氣公佈其截至2025年9月30日止九個月的季度報告。 重慶燃氣集團股份有限公司（「重慶燃氣」）為一家於中華人民共和國註冊成立的公 司。重慶燃氣的股份於上海證券交易所上市。截至本公告日期，重慶燃氣由華潤 燃氣控股有限公司（「本公司」，連同其附屬公司合稱為「本集團」）間接持有39.43% 的權益，並為本公司的附屬公司。 於2025年10月24日，重慶燃氣公佈其截至2025年9月30日止九個月的未經審核財 務業績（「重慶燃氣未經審核財務資料」）。下表載列重慶燃氣未經審核財務資料的 主要財務資料： 截至9月30日止九個月 | | 2025年 | 2024年 | | --- | --- | --- | | | （人民幣） | （人民幣） | | | （未經審核） | （未經審核） | | 營業總收入 | 7,383,821,059.14 | 7,170,749,623.76 | | 淨利潤 | 162,371,012.73 | 274,457,444.97 | | 現金及現金等價物淨增加額 | -164,163,901.96 ...

Core Viewpoint - The report from Guoyuan International recommends a "buy" rating for China Resources Gas (01193), updating the profit forecast and setting a target price of HKD 26.6 per share, indicating a potential upside of 24% from the current price [1] Group 1: Financial Performance - The company is expected to have a dividend payout ratio of 53% in 2024, with a 20% year-on-year increase in interim dividends for 2025, and guidance indicating that total dividends will not decrease [1] - For the first half of 2025, the company's retail natural gas volume is projected at 20.76 billion cubic meters, a year-on-year decline of 0.69%, while the gas sales gross margin is expected to rise to CNY 0.55 per cubic meter, an increase of CNY 0.01 per cubic meter year-on-year [2] - The company anticipates low single-digit growth in total gas sales for 2025, with a year-on-year increase in gas sales gross margin [2] Group 2: Market Conditions and Strategic Initiatives - The upcoming winter season is expected to see a rapid rebound in natural gas consumption due to a combination of El Niño and La Niña effects, leading to significant temperature fluctuations [1] - The company is actively pursuing hydrogen energy initiatives and developing green fuel injection businesses, as well as conducting research and development in ammonia fuel technology to foster new growth points in green energy [2] - The overall economic downturn has impacted the company's comprehensive services and energy business, leading to varying degrees of decline and slowdown [2] Group 3: Share Buyback and Market Confidence - The company has a share buyback plan in place, with the next two months identified as a critical window for repurchases, which is expected to enhance shareholder returns and boost market confidence [1]

Group 1 - The core viewpoint of the report is that China Resources Gas (01193) is rated as "Buy" with a target price of HKD 26.6 per share, indicating a potential upside of 24% from the current price [1] - The company is expected to maintain a dividend payout ratio of 53% in 2024, with a 20% year-on-year increase in interim dividends for 2025, and guidance indicating that total dividends will not decrease [1] - The upcoming two months are identified as a critical window for share buybacks, which are expected to enhance shareholder returns and boost market confidence [1] Group 2 - In the first half of 2025, the company's retail natural gas volume was 20.76 billion cubic meters, a year-on-year decrease of 0.69%, while the gas sales gross margin increased to CNY 0.55 per cubic meter, up by CNY 0.01 [2] - The company anticipates low single-digit growth in total gas sales for 2025, with a year-on-year increase in gas sales gross margin [2] - The overall economic downturn has led to a decline in the company's comprehensive services and energy business, while the company is actively developing its hydrogen energy supply chain and advancing green fuel initiatives [2]

Investment Rating - The report assigns a "Buy" rating to China Resources Gas (1193.HK) with a target price of HKD 26.6 per share, indicating a potential upside of 24% from the current price of HKD 21.5 [1][6]. Core Insights - The report highlights an expected improvement in natural gas demand due to early heating season in northern China, driven by a significant drop in temperatures [2][9]. - It anticipates a low single-digit growth in gas sales volume for 2025, with a continuous recovery in gas sales margin [3][10]. - The company is strategically investing in the hydrogen energy sector and exploring green fuel business opportunities amid a broader shift towards low-carbon energy [4][11]. - The report indicates that the company's dividend payout will not decrease in 2025, with a 20% increase in interim dividends and ongoing share buybacks to boost shareholder confidence [5][12]. Summary by Sections Market Conditions - Northern China has experienced a "rapid freeze" drop in temperatures, leading to early heating in regions like Taiyuan and Inner Mongolia. Predictions suggest fluctuating winter temperatures influenced by El Niño and La Niña phenomena, which may lead to increased natural gas consumption during the heating season [2][9]. Sales and Margins - In the first half of 2025, the company's retail natural gas volume was 20.76 billion cubic meters, a slight decline of 0.69% year-on-year. However, the gas sales margin improved to HKD 0.55 per cubic meter, with expectations for a low single-digit growth in sales volume for the full year [3][10]. Strategic Initiatives - The company is focusing on developing a hydrogen energy supply chain and advancing green fuel injection services, as well as conducting research on ammonia fuel technology to create new growth points in green energy [4][11]. Financial Outlook - The company plans to maintain its total dividend payout for 2025, with a 20% increase in interim dividends. The share buyback program is expected to enhance market confidence in the coming months [5][12]. Valuation Metrics - The report updates the earnings forecast and sets a target price of HKD 26.6 per share, corresponding to a price-to-earnings ratio of 16 times for 2025 and 14.6 times for 2026, indicating a favorable valuation compared to peers [6][13].

Core Viewpoint - Hong Kong stock of China Resources Gas (01193.HK) increased nearly 5%, reaching a price of 21.48 HKD with a trading volume of 164 million HKD [2] Group 1 - The stock price rose by 4.78% as of the time of reporting [2] - The trading volume was reported at 164 million HKD [2]

Core Viewpoint - China Resources Gas (01193) has seen a nearly 5% increase in stock price, attributed to positive catalysts from share buybacks and improved profitability expectations [1] Group 1: Stock Performance - China Resources Gas shares rose by 4.78%, reaching HKD 21.48, with a trading volume of HKD 164 million [1] Group 2: Analyst Insights - Citigroup initiated a 30-day positive catalyst observation on China Resources Gas, highlighting potential upside from share buybacks [1] - The company has set aside sufficient cash for buybacks, planning to repurchase approximately 60 million shares, which represents 2.6% of the total issued shares [1] Group 3: Financial Performance Expectations - The company's profitability is expected to improve, with a forecasted year-on-year increase in net profit for Q3, recovering from a 30.5% decline in the first half of the year [1] - Retail gas sales volume is anticipated to grow by 1% to 2% year-on-year in Q3 [1]

Core Viewpoint - China Resources Gas (01193) has seen a nearly 5% increase in stock price, attributed to positive catalysts from share buybacks and improved profitability expectations [1] Group 1: Stock Performance - China Resources Gas shares rose by 4.78%, reaching HKD 21.48, with a trading volume of HKD 164 million [1] Group 2: Analyst Insights - Citigroup initiated a 30-day positive catalyst observation for China Resources Gas, highlighting potential upside from share buybacks [1] - The company has reserved sufficient cash for buybacks and plans to repurchase approximately 60 million shares, representing 2.6% of the total issued shares by the end of this year [1] Group 3: Financial Performance Expectations - The company's profitability is expected to improve, with a forecasted year-on-year increase in net profit for Q3, recovering from a 30.5% decline in the first half of the year [1] - Retail gas sales volume is anticipated to grow by 1% to 2% year-on-year in Q3 [1]

花旗发表研究报告，对华润燃气开展30天正面催化剂观察，因为其可能从股份回购中获得上升潜力。华 润燃气表示已预留足够现金进行回购，并预计到今年底将回购约6000万股，占已发行股份2.6%。 该行指出，华润燃气过去三个月的日均交易额为1600万美元，此次回购将相当于日均交易额的22%。同 时，华润燃气的盈利能力有所改善，预计今年第三季的纯利将按年录得增长，较上半年的下跌30.5%有 所回升，又预期第三季零售燃气销售量将按年增长1至2%。 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤燃氣控股有限公司 呈交日期: 2025年10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) | 01193 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底 ...

Core Viewpoint - Recently, China Resources Gas Investment Co., Ltd. has undergone a business change, adding China Resources Gas Holdings Co., Ltd. as a shareholder and increasing its registered capital from $470 million to $1 billion [1] Company Summary - China Resources Gas Investment Co., Ltd. was established in June 2009 and is legally represented by Yang Ping [1] - The company's business scope includes investments in the gas sector and related fields that are encouraged and permitted for foreign investment in China [1] - The current shareholders include China Resources Gas (Hong Kong) Investment Co., Ltd. and the newly added shareholder [1]