中國燃氣控股有限公司 提名委員會職權範圍 中國燃氣控股有限公司 提名委員會職權範圍 （於2005年12月20日採納並於2007年7月20日，2012年12月31日， 2013年8月23日 及2025年6月27日 修 訂） – 1 – 中國燃氣控股有限公司 提名委員會職權範圍 中國燃氣控股有限公司 （「本 公 司」） 提名委員會 職權範圍 1. 組 成 2. 秘 書 本公司公司秘書須擔任委員會秘書（「秘 書」）。 3. 法定人數及決議 處 理 事 務 所 須 的 法 定 人 數 為 委 員 會 內 的 所 有 董 事 會 獨 立 非 執 行 董 事。在 正 式 召 開 的 委 員 會 會 議，倘 出 席 者 達 法 定 人 數，即 能 夠 行 使 委 員 會 獲 賦 予 或 可 行 使 的 全 部 或 任 何 授 權、權 力 及 酌 情 權。任 何 議 案 獲 超 過 一 半 出 席 該 會 議 的 委 員 通 過 後，將 成 為 委 員 會 批 准 的 有 效 決 議。 – 2 – 1.1 提名委員會（「委 員 會」）須 包 括 本 公 司 的 大 多 數 獨 立 非 執 行 董 事。委 員 會 成 員（包 ...

Financial Performance - For the fiscal year ending March 31, 2025, total revenue was HKD 79,258,009, a decrease of 2.8% from HKD 81,410,133 in the previous year[3]. - Gross profit for the same period was HKD 11,263,173, slightly down from HKD 11,304,123, reflecting a gross margin of approximately 14.2%[3]. - The company reported a net profit of HKD 4,189,979, an increase of 8.7% compared to HKD 3,852,887 in the prior year[3]. - Earnings per share (EPS) for the year was HKD 0.59, compared to HKD 0.60 in the previous year, indicating a slight decline[4]. - Total comprehensive income for the year was HKD (733,795), a significant decrease from HKD 3,430,831 in the previous year[4]. - The total profit before tax for the year ended March 31, 2025, was HKD 5,183,182, down from HKD 4,612,445 in 2024, reflecting an increase of approximately 12.3%[13][14]. - The company reported a total external customer revenue of HKD 79,258,009 for 2025, compared to HKD 81,410,133 for 2024, a decrease of about 2.6%[13][14]. - The company's attributable profit increased by 2.1% year-on-year to HKD 3,251,614,000[39]. - Basic earnings per share rose by 1.7% to HKD 0.60[39]. Assets and Liabilities - Non-current assets totaled HKD 103,673,070, a slight increase from HKD 103,450,545 year-over-year[5]. - Current assets decreased to HKD 44,547,500 from HKD 45,247,179, indicating a reduction in liquidity[5]. - As of March 31, 2025, the group's net current liabilities amounted to HKD 2,354,784,000, a decrease from HKD 5,135,078,000 in the previous year[8]. - The group's total assets less current liabilities increased to HKD 101,318,286,000 from HKD 98,315,467,000 year-on-year[8]. - Non-current liabilities increased to HKD 40,591,581,000 from HKD 37,568,114,000, reflecting a rise in long-term borrowing[8]. - The total equity attributable to the owners of the company was HKD 53,864,695,000, slightly down from HKD 53,927,655,000 in the previous year[8]. - The group reported a total equity of HKD 60,726,705,000, which remained relatively stable compared to HKD 60,747,353,000 last year[8]. - Trade receivables as of March 31, 2025, amounted to HKD 5,699,682,000, an increase from HKD 5,623,799,000 in 2024[24]. - The aging analysis of trade receivables shows that HKD 2,761,029,000 is overdue by more than 365 days as of March 31, 2025, compared to HKD 2,647,000,000 in 2024[25]. - Trade payables and other payables totaled HKD 16,746,886,000 as of March 31, 2025, down from HKD 17,628,751,000 in 2024[28]. Financial Management - The company’s financial expenses decreased to HKD 1,802,182 from HKD 2,121,753, reflecting improved cost management[3]. - The company incurred financial expenses of HKD 1,073,835 in 2025, compared to HKD 1,139,162 in 2024, a decrease of about 5.8%[13][14]. - Financial expenses decreased by 15.1% to approximately HKD 1,802,182,000 compared to the previous year[58]. - The group maintained a stable liquidity ratio of 0.95, up from 0.90 year-on-year, with a net debt-to-equity ratio of 0.788[64]. Revenue Sources and Segments - Revenue sources include natural gas sales, gas connections, engineering design and construction, liquefied petroleum gas sales, value-added services, and other business contracts[10]. - The group operates in several segments, including natural gas sales, gas connections, engineering design and construction, liquefied petroleum gas sales, value-added services, and others[12]. - The group’s performance is evaluated based on the type of products sold or services provided, aligning with its organizational structure[10]. - The segment profit for the gas sales division was HKD 3,306,003 for 2025, compared to HKD 3,062,678 in 2024, indicating an increase of about 7.9%[13][14]. - The segment profit from value-added services was HKD 1,749,601 in 2025, up from HKD 1,582,032 in 2024, marking an increase of approximately 10.6%[13][14]. - The group achieved LPG sales of 3.868 million tons, a decrease of 3.2% year-on-year, with total sales revenue of HKD 19,575,477,000, an increase of 8.9%[50]. - The group reported a revenue of HKD 3,731,560,000 from value-added services, an increase of 2.1% year-on-year, with operating profit rising by 10.6%[52]. Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development to drive future growth[3]. - The company is focusing on urban underground pipeline construction and renovation as part of its long-term investment strategy[37]. - The company is actively participating in the renovation of old pipelines and rural revitalization, creating new development opportunities[38]. - The group aims to enhance its market share in the integrated energy business through both external and internal growth strategies[54]. - The group is focusing on the development of energy storage and diversified energy solutions to meet various customer needs[53]. Compliance and Governance - The company has complied with the corporate governance code as per the listing rules throughout the fiscal year ending March 31, 2025[76]. - The company has adopted the standard code for securities transactions by directors, confirming compliance for the fiscal year ending March 31, 2025[77]. - The annual general meeting is scheduled for August 21, 2025, to discuss the annual report for the year ending March 31, 2025[80].

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，劉明輝先生、黃勇先生、朱偉偉先生、李晶女士、劉暢女士及趙琨先生為本公司執行董事；熊斌先生、劉明興教 授、Ayush GUPTA先生及周雪燕女士為本公司非執行董事；以及趙玉華先生、毛二萬博士、陳燕燕女士、張凌先生及馬蔚華博士 為本公司獨立非執行董事 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 | 中國燃氣控股有限公司(僅供識別) | | 股份代號 | 00384 | | 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 截至二零二五年三月三十一日止年度之末期股息 | | | 公告日期 | 2025年 ...

Group 1 - The company is expected to report a core profit decline of 6.4% to HKD 3.7 billion for the fiscal year 2025, primarily due to the prolonged impact of a warm winter affecting gas sales volume for 4 to 5 months [1] - Retail gas sales volume is projected to increase by approximately 1% year-on-year, with only a 0.5% increase in the second half of the fiscal year, which is below the company's guidance of 2% [1] - The company anticipates a decrease of about 21% in new residential connections, totaling 1.25 million households [1] Group 2 - For fiscal year 2026, retail gas sales volume is expected to recover to a growth rate of 2%, with the gas sales margin improving to RMB 0.54 per cubic meter [2] - The company conservatively projects a slight decline in new residential connections to 1.23 million households, but may adjust this if there are positive signs in contract performance [2] - The company is expected to maintain a strong free cash flow level, despite a potential decrease in capital expenditures for fiscal year 2026 [2] Group 3 - The profit forecast for fiscal year 2025 has been adjusted down by approximately 2% due to the impact of the warm winter on gas sales volume [3] - Profit growth is anticipated for fiscal years 2026 and 2027, with expected increases of 8.9% and 5.5% respectively [3] - The target price has been raised to HKD 6.7 from HKD 5.92, maintaining a neutral rating, with a focus on the company's dividend yield exceeding 6% as a defensive measure [3]

Group 1 - The company, China Gas (00384), announced a capital increase agreement involving its wholly-owned subsidiary, Zhongran Hongming Power Sales Co., Ltd., with China Shuang Carbon, Huiguang Lianzhi, and Meiya, which will result in these parties acquiring a 23% stake in the target company for a total consideration of RMB 216 million [1] - The target company primarily engages in electricity sales and clean energy development, consulting services, and investment, focusing on expanding its business in the energy sector and promoting clean energy and low-carbon solutions [1] - Following the capital increase, the company's ownership in the target will be diluted from 100% to 77% [1] Group 2 - The proceeds from the capital increase will primarily be used for the ongoing business development of the target company's electricity and new energy divisions [2] - The involvement of key management members in the capital increase indicates their long-term commitment to the target company's electricity and new energy divisions, aligning their interests with the company's long-term strategic goals [2] - The capital increase will provide funding for ongoing projects, research and development, and the expansion of energy service products, ensuring long-term growth and sustainability [2] - The company emphasizes the importance of business integration within its electricity and new energy divisions, aiming to transform from a single electricity supplier to a green urban operator, thereby redefining customer value and enhancing customer loyalty [2] - The integration and optimization of processes within the division will establish a responsive collaborative system, improving resource allocation and decision-making efficiency [2] - The company believes that these strategic initiatives are crucial for enhancing operational efficiency, setting new industry standards, and promoting the sustainable development of its electricity and new energy divisions [2]

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 就 因 本 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 之 任 何 損 失 承 擔 任 何 責 任。 （股 份 代 號：384） 有 關 本集團電力及新能源分部的 關連交易 增 資 於 二 零 二 五 年 六 月 二 十 日，目 標 公 司 與 中 燃 燃 氣（各 為 本 公 司 全 資 附 屬 公 司）、中 國 雙 碳、輝煌聯智與美亞訂立增資協議，據此，中國雙碳、輝煌聯智及美亞同意認購目標公 司 之 新 發 行 註 冊 資 本，佔 完 成 後 目 標 公 司 合 共23%之 股 權，總 代 價 為 人 民 幣216,000,000 元。 上市規則之涵義 CHINA GAS HOLDINGS LIMITED 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） – 1 – 由於增資會將本公司於目標公司之股權由100%攤 ...

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 6.70, indicating a potential downside of 11.4% from the current price of HKD 7.56 [4][17]. Core Insights - The company is expected to experience a decline in profit for the fiscal year 2025 due to the impact of a warm winter, with a focus on the certainty of profit improvement in the following year [2][7]. - The forecast for fiscal year 2025 has been adjusted downwards by approximately 2% to reflect the impact of the warm winter on gas sales volume, with an expected core profit decrease of 6.4% to HKD 3.712 billion [7][8]. - The company anticipates a slight increase in retail gas volume of about 1% year-on-year, which is below the company's guidance of 2% [7][8]. Financial Overview - Revenue is projected to decline from HKD 91,988 million in 2023 to HKD 75,183 million in 2025, reflecting a year-on-year decrease of 7.6% [3][18]. - Net profit is expected to decrease from HKD 4,293 million in 2023 to HKD 3,712 million in 2025, with a year-on-year decline of 6.4% [3][18]. - The earnings per share (EPS) is forecasted to drop from HKD 0.76 in 2023 to HKD 0.68 in 2025, indicating a decrease of 6.4% [3][18]. Operational Insights - The company expects retail gas volume to grow by 2% year-on-year in fiscal year 2026, with a projected gas margin increase to RMB 0.54 per cubic meter [7][10]. - The number of new residential connections is anticipated to decline by approximately 21% to 1.25 million households in fiscal year 2025 [7][9]. - The company maintains a dividend of HKD 0.35 for the final period, with an annual payout of HKD 0.50 [7][8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 11.1 times for fiscal year 2025, with an expected price-to-book (P/B) ratio of 0.75 [3][18]. - The company has a dividend yield of 6.6%, which is considered defensive [7][8]. - The target price has been adjusted to HKD 6.70 from the previous HKD 5.92, reflecting a more favorable valuation compared to other gas companies [7][8].

董事會會議通告 中國燃氣控股有限公司*（「本公司」）董事會（「董事會」）謹 此 公 告，董 事 會 會 議 將 於 二 零 二五年六月二十七日（星 期 五）舉 行，藉 以（其 中 包 括）批准本公司及其附屬公司截至二零 二 五 年 三 月 三 十 一 日 止 年 度 業 績 及 其 公 告，並 考 慮 派 發 末 期 股 息（如 有）。 承董事會命 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 就 因 本 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 之 任 何 損 失 承 擔 任 何 責 任。 CHINA GAS HOLDINGS LIMITED 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） （股 份 代 號：384） * 僅供識別 中國燃氣控股有限公司* 主席及總裁 劉明輝 香 港，二 零 二 五 年 六 月 十 日 於 本 公 告 日 期，劉 明 輝 ...

CHINA GAS HOLDINGS LIMITED （股 份 代 號：384） 有關成立合資公司之關連交易最新進展 茲提述中國燃氣控股有限公司*（「本公司」）日期為二零二四年十二月六日之公告（「該 公 告」），內 容 有 關 成 立 合 資 公 司。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 本公告由本公司根據上市規則第14A.35條 之 附 註 作 出，以 提 供 有 關 合 資 協 議 之 最 新 資 料。 經修訂及重列合資協議 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 就 因 本 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 之 任 何 損 失 承 擔 任 何 責 任。 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） – 2 – 於二零二五年五月三十日（交 易 時 段 後）， ...

Core Viewpoint - China Gas's major shareholder is Beijing Enterprises Group, and the company has transformed its business model from engineering connections to a dual-driven approach of pipeline gas sales and value-added services. The pipeline gas sales business is expected to benefit from the continuous growth of domestic gas consumption and the ongoing improvement of pricing mechanisms for residential users, enhancing gas sales margins. The value-added services have upgraded from kitchen scenarios to family scenarios, indicating long-term growth potential. The company's current PE/PB valuations are at the 29% and 6% percentiles of the past decade, respectively, with dividend yields for fiscal years 2022, 2023, and 2024 at 5.48%, 4.52%, and 7.08%, showcasing a clear advantage of high dividends and low valuations. The company forecasts net profits attributable to shareholders for fiscal years 2025, 2026, and 2027 to be HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [1][6]. Company Background - The major shareholder of the company is Beijing Enterprises Group, holding approximately 23.5% of the shares. The company has rapidly expanded its urban gas business operations across 27 provinces, municipalities, and autonomous regions in China through both organic growth and acquisitions. Additionally, the company is actively developing value-added services to create new performance growth points [1]. Business Transition - The company's main business has shifted from engineering connections to pipeline gas sales, with a noticeable slowdown in performance decline. In the first half of 2025, the company achieved revenue of HKD 35.11 billion, a year-on-year decrease of 2.62%, and a net profit attributable to shareholders of HKD 1.761 billion, down 3.81% year-on-year. The segment profit from pipeline gas sales reached HKD 1.658 billion, accounting for 42.99% of total profits, while value-added services contributed 25.99% [2]. Residential User Impact - The company has a high proportion of residential users, which enhances its revenue elasticity. The trend of natural gas consumption in China has shown consistent growth over the past decade, with a return to growth in 2022. The company expects steady growth in gas consumption in the future. With the gradual decline in overseas natural gas prices, the company anticipates a moderate decrease in contract gas prices, which will strengthen its pricing advantage [3]. Connection Business Decline - The company's connection business has seen a rapid decline due to the post-real estate cycle downturn and slow progress in coal-to-gas conversions. The contribution of connection business to overall profits has decreased significantly, with operating profit from this segment accounting for only 19.43% in fiscal year 2024. Despite the decline, the company has connected 48.37 million pipeline gas users, with a residential user penetration rate of 70.9% [4]. Value-Added Services Growth - The company focuses on value-added services through its subsidiary, Yipinhui, which operates in the family living technology sector. As of March 2024, Yipinhui's business has expanded to 27 provinces and municipalities, covering over 600 cities. The revenue from value-added services reached HKD 3.655 billion in fiscal year 2024, a year-on-year increase of 5.78%, indicating a successful strategic upgrade from kitchen to family scenarios [5]. Profit Forecast and Investment Rating - The company is expected to see steady growth in pipeline gas sales, contributing to long-term profit increases. The residential pricing mechanism is anticipated to help restore gas sales margins, while the rapid development of value-added services is expected to create a second growth curve. The company forecasts revenues of HKD 82.293 billion, HKD 85.958 billion, and HKD 89.909 billion for fiscal years 2025, 2026, and 2027, with net profits of HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [6].