Core Viewpoint - China Resources Gas (01193) reported a 30% year-on-year decline in net profit to 2.4 billion yuan in the first half of the year, which was below expectations due to higher-than-expected sales, administrative, and management expenses, as well as poor performance in its integrated services business [1] Group 1 - The company plans to maintain its annual dividend unchanged and will repurchase up to 3% of its shares within the year [1] - The target price for China Resources Gas has been lowered to HKD 23.38 while maintaining a "Buy" rating [1] - It is expected that the company's profit will decline by 52% in the second half of the year compared to the first half, primarily due to significant increases in accounting costs typically occurring in the latter half [1] Group 2 - The earnings forecast for the group has been adjusted downward by 18% to 19% for the years 2025 to 2027 [1]

Core Viewpoint - The report from Citi indicates that while China Resources Gas (01193) may experience short-term stock price volatility due to negative performance, its year-to-date performance has largely reflected industry challenges. The earnings per share forecasts for fiscal years 2025 to 2027 have been reduced by 15%, 7%, and 3% respectively, with the target price lowered from HKD 28.5 to HKD 21. Despite these adjustments, the potential for recovery remains, and the rating is maintained at "Outperform" [1]. Group 1 - China Resources Gas reported weak performance in the first half of the year, primarily impacted by cyclical headwinds in its core gas business, which accounts for 74% of EBIT [1]. - The comprehensive service business (CSB) significantly underperformed expectations, contributing to the overall weak results [1]. - Although the interim dividend increased year-on-year, management did not commit to raising the full-year dividend [1].

Core Viewpoint - Citi has downgraded the target price for China Resources Gas (01193) from HKD 28.5 to HKD 21, reflecting a negative outlook on the company's performance due to industry challenges and weak earnings forecasts for the fiscal years 2025 to 2027 [1] Financial Performance - The company's earnings for the first half of the year were weak, primarily impacted by cyclical headwinds in the core gas business, which accounts for 74% of EBIT, and significantly underperforming comprehensive service business (CSB) [1] - Earnings per share forecasts have been reduced by 15%, 7%, and 3% for the fiscal years 2025, 2026, and 2027 respectively [1] Dividend Policy - Although the interim dividend has increased year-on-year, management has not committed to raising the full-year dividend [1] Market Position - Despite the negative performance, the stock has shown relative weakness this year, which has largely reflected the challenges faced by the industry [1] - The company maintains a recovery potential, leading to a "outperform" rating despite the downgrade in target price [1]

Core Viewpoint - China Resources Gas (01193) experienced a stock price increase of over 5%, currently trading at 20.02 HKD with a transaction volume of 1.88 billion HKD following the release of its mid-year results for 2025 [1] Financial Performance - The company reported a revenue of 49.785 billion HKD, representing a year-on-year decline of 4.4% [1] - Profit attributable to shareholders was 2.403 billion HKD, down 30.5% year-on-year [1] - Basic earnings per share were 1.05 HKD, with an interim dividend proposed at 0.30 HKD per share, an increase of 20% compared to 0.25 HKD per share in the same period last year [1] Gas Sales Breakdown - Total natural gas sales reached 20.76 billion cubic meters, with industrial gas sales at 9.45 billion cubic meters, a decrease of 2.2%, accounting for 45.5% of total sales [1] - Commercial gas sales were 4.88 billion cubic meters, down 2.6%, representing 23.5% of total sales [1] - Residential gas sales increased by 4.2% to 6.00 billion cubic meters, making up 28.9% of total sales [1]

智通财经APP获悉，华润燃气(01193)涨超5%，截至发稿，涨5.09%，报20.02港元，成交额1.88亿港元。 上半年，集团共销售207.6亿立方米天然气，其中工业销气量取得94.5亿立方米，下降2.2%，占集团销 气量的45.5%；商业销气量取得48.8亿立方米，下降2.6%，占集团销气量的23.5%；而居民销气量取得 60.0亿立方米，增长4.2%，占集团销气量的28.9%。 消息面上，华润燃气发布2025年中期业绩，营收497.85亿港元，同比下降4.4%；公司拥有人应占溢利 24.03亿港元，同比下降30.5%；每股基本盈利1.05港元，拟派中期股息每股30港仙，上年同期派25港 仙，同比增长20%。 ...

2025年上半年，集团新开发居民用户83.1万户，其中：新房接驳用户66.7万户，旧房接驳用户16.4万 户。 格隆汇8月28日丨华润燃气(01193.HK)公布中期业绩，2025年上半年，实现营业额497.9亿港元，同比下 降4.4%。接驳业务营收占比从2024年上半年5.8%下降至2025年上半年5.6%，公司拥有人应占溢利为 24.03亿港元，同比减少30.5%，每股基本盈利1.05港元。2025年上半年，集团经营性现金流为30.1亿港 元，保持高品质经营质量。董事议决派付中期股息每股30港仙。 2025年上半年，集团持续提升气源统筹能力；统筹规模超35亿方，同比增长100%，获取2.0亿方非常规 资源；不断提升气源保障能力，集团储气能力提升至3.75%；推动资源获取能力提升的同时进一步提升 集团保供能力。2025年上半年，集团共销售207.6亿立方米天然气，其中工业销气量录得94.5亿立方米， 下降2.2%，占集团销气量的45.5%；商业销气量录得48.8亿立方米，下降2.6%，占集团销气量的 23.5%；而居民销气量录得60.0亿立方米，增长4.2%，占集团销气量的28.9%。 2025年上半年，综 ...

每经AI快讯，8月28日，华润燃气(01193.HK)在港交所发布中期业绩报告，期内收入497.85亿港元，同 比下降4.4%；净利润24.03亿港元，同比下降30.5%。 （文章来源：每日经济新闻） ...

华润燃气(01193)发布2025年中期业绩，营收497.85亿港元，同比下降4.4%;公司拥有人应占溢利24.03亿 港元，同比下降30.5%;每股基本盈利1.05港元，拟派中期股息每股30港仙。 2025年上半年，集团持续提升气源统筹能力;统筹规模超35亿方，同比增长100%，获取2.0亿方非常规资 源;不断提升气源保障能力，集团储气能力提升至3.75%;推动资源获取能力提升的同时进一步提升集团 保供能力。 2025年上半年，集团共销售207.6亿立方米天然气，其中工业销气量取得94.5亿立方米，下降2.2%，占 集团销气量的45.5%;商业销气量取得48.8亿立方米，下降2.6%，占集团销气量的23.5%;而居民销气量取 得60.0亿立方米，增长4.2%，占集团销气量的28.9%。 2025年上半年，集团新开发居民用户83.1万户，其中：新房接驳用户66.7万户，旧房接驳用户16.4万 户。 2025年上半年，综合服务营业额14.5亿港元，同比下降18.1%，分部溢利5.9亿港元，同比下降22.6%。 集团相信综合服务业通过持续深入推广，未来仍有巨大发展空间，成为集团重要业务组成部分。 ...

格隆汇8月28日丨华润燃气(01193.HK)公布中期业绩，2025年上半年，实现营业额497.9亿港元，同比下 降4.4%。接驳业务营收占比从2024年上半年5.8%下降至2025年上半年5.6%，公司拥有人应占溢利为 24.03亿港元，同比减少30.5%，每股基本盈利1.05港元。2025年上半年，集团经营性现金流为30.1亿港 元，保持高品质经营质量。董事议决派付中期股息每股30港仙。 2025年上半年，集团持续提升气源统筹能力；统筹规模超35亿方，同比增长100%，获取2.0亿方非常规 资源；不断提升气源保障能力，集团储气能力提升至3.75%；推动资源获取能力提升的同时进一步提升 集团保供能力。2025年上半年，集团共销售207.6亿立方米天然气，其中工业销气量录得94.5亿立方米， 下降2.2%，占集团销气量的45.5%；商业销气量录得48.8亿立方米，下降2.6%，占集团销气量的 23.5%；而居民销气量录得60.0亿立方米，增长4.2%，占集团销气量的28.9%。 2025年上半年，集团新开发居民用户83.1万户，其中：新房接驳用户66.7万户，旧房接驳用户16.4万 户。 2025年上半年，综 ...

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（可選擇貨幣）公告 | | 發行人名稱 | 華潤燃氣控股有限公司 | | 股份代號 | 01193 | | 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 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.3 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.3 HKD | | 匯率 | 1 HKD : 1 HKD | ...