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） 截至二零二五年六月三十日止六個月的中期業績 華潤燃氣錄得中期主要業績指標如下： 二零二五年 二零二四年 上半年 上半年 增加╱（減少） 營收（百萬港元） 49,785 52,076 (4.4%) 本公司擁有人應佔溢利（百萬港元） 2,403 3,457 (30.5%) 每股基本盈利（港元） 1.05 1.52 (30.9%) 燃氣總銷量（百萬立方米） 20,755 20,901 (0.7%) 累計已接駁客戶總數（百萬） 61.37 58.84 4.3% 華潤燃氣控股有限公司（「本公司」或「華潤燃氣」）董事（「董事」）會（「董事會」）欣 然宣佈本公司及其附屬公司（「本集團」）截至二零二五年六月三十日止六個月（「期 間」）的未經審核綜合業績連同二零二四年的比較數字如下： 1 綜合損益及其他綜合收益表 截至二零二五年六月三十日止六個月 | | | 截至六 ...

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依 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） 公告 重慶燃氣 截至2025年6月30日止六個月的未經審核中期財務業績 於2025年8月22日，重慶燃氣公佈其截至2025年6月30日止六個月的半年度財 務報告。 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。 | | 截至2025年6月30日 | 截至2024年12月31日 | 增加╱減少 | | --- | --- | --- | --- | | | （人民幣） | （人民幣） | (%) | | | （未經審核） | （經審核） | | | 總資產 | 10,949,579,655.14 | 11,075,141,000.44 | ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Utilities Index, which reported a slight increase of 1.03% over the past month and a marginal increase of 0.16% over the past three months, while it has decreased by 0.02% year-to-date [1] - The index is categorized based on the China Securities Industry Classification Standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with thermal power accounting for 61.57% and gas accounting for 38.43% of the holdings [1] Group 2 - The index sample is adjusted biannually, specifically on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments under special circumstances [2] - Adjustments to the index sample occur in response to changes in the parent index, special events affecting industry classification, or the delisting of sample companies [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7月31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8月1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 | 本月底法 ...

格隆汇8月1日丨华润燃气(01193.HK)公告，公司董事会会议将于2025年8月28日举行，旨在（其中包 括）考虑及批准公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩及宣派中期股息 （如有）。 ...

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 ...