格隆汇12月16日丨中国燃气(00384.HK)公告，于2025年12月8日，北燃新加坡与公司的间接全资附属公 司China Gas International订立主协议，为订约方买卖液化天然气提供框架。于2025年12月10日，China Gas International与北燃新加坡订立确认备忘录，据此，China Gas International同意购买而北燃新加坡同 意出售340万MMBtu的液化天然气，总代价为38,885,800美元。 China Gas International与北燃新加坡订立该协议及其项下拟进行交易，标志着集团拓展其国际贸易业务 的里程碑。北燃新加坡为北京控股的海外贸易平台，在国际贸易及三方贸易安排方面具备丰富经验，该 交易属三方国际贸易架构下进行的试点交易，可作为集团日后与其他国际交易对手进行类似交易的参 考。董事(包括独立非执行董事)认为，该交易将使集团能够扩展其国际液化天然气贸易活动、加强其在 国际市场的执行能力，以及增加其整体市场导向国际贸易量，且知悉该交易大致上符合市场惯例。 北燃新加坡为一间于新加坡注册成立的有限公司，主要从事固态、液态及气态燃料及相关产品的批发 ...

智通财经APP讯，中国燃气(00384)发布公告，于2025年12月8日，北燃新加坡与China Gas International(公司的间接全资附属公司)订立主协议，为订约方买卖液化天然气提供框架。于2025年12月 10日，China Gas International与北燃新加坡订立确认备忘录，据此，China Gas International同意购买而 北燃新加坡同意出售340万 MMBtu的液化天然气，总代价为3888.58万美元。 ...

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 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 的 任 何 損 失 承 擔 任 何 責 任。 董 事 會 謹 此 宣 佈，於 二 零 二 五 年 十 二 月 八 日，北 燃 新 加 坡 與China Gas International訂 立 主 協 議，為 訂 約 方 買 賣 液 化 天 然 氣 提 供 框 架。於 二 零 二 五 年 十 二 月 十 日，China Gas International與 北 燃 新 加 坡 訂 立 確 認 備 忘 錄，據 此，China Gas International同意購買而北 燃新加坡同意出售3,400,000 MMBtu的 液 化 天 然 氣，總 代 價 為38,885,800美 元（相 當 於 303,309,240港 元）。 上市規則的涵義 於 本 公 告 日 期，北 ...

Core Insights - MAXHUB's "Smart Conference. Navigation 100 Plan" aims to empower digital transformation in critical infrastructure, particularly in the energy sector, focusing on public safety in gas management [1] - The collaboration between China Gas Holdings and MAXHUB exemplifies the effective use of digital collaborative technology to enhance safety and efficiency in energy management [2] Group 1: Digital Transformation in Energy Sector - The "Smart Conference. Navigation 100 Plan" highlights the importance of converting vast amounts of dispersed data into real-time insights and responsive command capabilities [1] - The traditional management model in energy companies faces challenges such as data dispersion, delayed warnings, and slow cross-regional collaboration [1] - The "Data Dashboard" project by China Gas is a prime example of how MAXHUB's collaborative technology strengthens urban safety [1] Group 2: Enhanced Decision-Making and Response - MAXHUB's meeting tablet serves as a "data dashboard," integrating with the enterprise big data platform to provide clear visibility of key indicators like pipeline operation status and regional safety inspection volumes [2] - The system allows for immediate action when potential risks are detected, enabling management to mark, annotate, and assign tasks directly from the MAXHUB screen, achieving a rapid response time [2] - The partnership between MAXHUB and China Gas demonstrates the significant value of digital collaborative technology in critical industries, contributing to safety and operational efficiency [2]

Core Viewpoint - The collaboration between China Gas Holdings Limited and Luanchuan Xinshi Boyuan Mining Co., Ltd. on a 15MW/30MWh commercial energy storage project is a significant step towards optimizing energy structure and achieving low-carbon production in the mineral processing industry [1][2] Group 1: Project Overview - The energy storage project is designed to address the high energy consumption characteristics of multi-metal mining, aiming to create an efficient and green energy system for Luanchuan Xinshi Boyuan [1] - The project includes 6 DC cabins and 4 power conversion systems, tailored to meet the electricity load characteristics of the mining production line [1] Group 2: Technical Specifications - The project utilizes a fully liquid-cooled lithium iron phosphate system with a charge and discharge efficiency exceeding 87% [2] - The liquid cooling temperature control technology maintains battery temperature within ±3℃, ensuring stable output in the complex environment of the mining workshop [2] - The system features a "black start" capability, allowing it to supply power to mining equipment during grid failures, preventing resource waste and production stoppages [2] Group 3: Economic and Environmental Impact - Once operational, the energy storage project will significantly reduce electricity costs for mining production through peak shaving and valley filling, while enhancing the efficiency of electricity resource utilization [2] - The project aims to reduce carbon emissions from fossil energy consumption, helping the company establish a green production image in the multi-metal mining sector [2] Group 4: Future Outlook - China Gas Holdings Limited views the project as an important layout in the mineral processing field and plans to continue exploring energy transition needs in the resource processing industry [2]

Core Viewpoint - China Gas reported a slight decline in revenue and a significant drop in net profit for the first half of the 2025/26 fiscal year, indicating challenges in the current economic environment and its impact on gas sales [1] Revenue and Profit - The company achieved a revenue of HKD 34.48 billion, a year-on-year decrease of 1.8% [1] - The net profit attributable to shareholders was HKD 1.334 billion, down 24.2% year-on-year [1] - The interim dividend per share remained unchanged at HKD 0.15 [1] Sales Volume and Segments - Total gas sales volume increased by 1.7%, with residential pricing adjustments continuing [1] - Revenue from natural gas sales was HKD 20.38 billion, up 3.8% year-on-year [1] - Revenue from engineering design and installation decreased by 5.2% to HKD 3.16 billion [1] - Revenue from liquefied petroleum gas sales fell by 12.3% to HKD 8.38 billion [1] - Value-added services revenue was HKD 2.02 billion, a slight increase of 0.3% [1] Pricing and Margins - As of September 2025, the cumulative residential gas pricing adjustment ratio reached approximately 74%, up from 68% in March [2] - Residential gas prices increased from HKD 2.56 per cubic meter in the 2021/22 fiscal year to HKD 2.87 per cubic meter in the 2025/26 fiscal year [2] - The average procurement price was HKD 2.63 per cubic meter, unchanged year-on-year, with an average gross margin of HKD 0.58 per cubic meter, a slight decrease of HKD 0.01 [2] Connection Projects and Value-Added Services - The company added approximately 676,300 new residential connections, a decrease of 25.2% year-on-year, with a full-year guidance of 1-1.2 million new connections [3] - Value-added services generated approximately HKD 1.015 billion in segment revenue, accounting for 30.0% of total revenue, with a year-on-year increase of 1.3% [3] Financing and Cash Flow - The company optimized its debt structure, reducing the proportion of foreign currency loans to 0.4%, and lowered the average financing cost from 3.84% to 3.39% [3] - Free cash flow reached HKD 2.6 billion, a year-on-year increase of approximately 17% [3] - The anticipated decrease in new connections is expected to slow capital expenditures, potentially improving free cash flow further [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of HKD 34.48 billion for the first half of the 2025/26 fiscal year, a decrease of 1.8% year-on-year. The net profit attributable to shareholders was HKD 1.334 billion, down 24.2% year-on-year. Free cash flow reached HKD 2.6 billion, an increase of approximately 17% year-on-year. The interim dividend per share remained unchanged at HKD 0.15 [2][4]. Summary by Sections Revenue and Profitability - The total gas sales volume increased by 1.7%, with natural gas sales revenue at HKD 20.38 billion, up 3.8% year-on-year. However, engineering design and installation revenue decreased by 5.2% to HKD 3.16 billion, and liquefied petroleum gas sales revenue fell by 12.3% to HKD 8.38 billion [7]. - The average procurement price for gas was HKD 2.63 per cubic meter, unchanged year-on-year, while the average gross margin was HKD 0.58 per cubic meter, a slight decrease of HKD 0.01 year-on-year [7]. Customer Pricing and Sales - As of September 2025, the cumulative proportion of residential gas price adjustments reached approximately 74%, with residential gas prices increasing from HKD 2.56 per cubic meter in the 2021/22 fiscal year to HKD 2.87 per cubic meter in the 2025/26 fiscal year [7]. - The average industrial customer gas price was HKD 3.28 per cubic meter, slightly down by HKD 0.02 year-on-year, while the commercial customer gas price was HKD 3.49 per cubic meter, a slight increase of HKD 0.03 year-on-year [7]. Cash Flow and Dividends - The company achieved a free cash flow of HKD 2.6 billion, reflecting a year-on-year increase of approximately 17%. The expected annual dividend per share is maintained at HKD 0.50, resulting in a current dividend yield of approximately 5.84% [7]. - The financing cost has decreased, with the average financing cost dropping from 3.84% in the previous fiscal year to 3.39% [7]. Customer Connections - The company added approximately 676,300 new residential connections in the first half of the fiscal year, a decrease of 25.2% year-on-year. The full-year guidance for new connections remains unchanged at 1 to 1.2 million [7]. - The performance contribution from connection and engineering segments has decreased to 16.0% [7]. Value-Added Services - The value-added services segment generated approximately HKD 1.015 billion in revenue, accounting for 30.0% of total revenue, with a year-on-year increase of 1.3% [7].

Core Viewpoint - China Gas reported a decline in revenue and net profit for 1H FY2025/26, primarily due to reduced new user connections and slower industrial gas demand, although free cash flow increased significantly [1][5]. Group 1: Financial Performance - The company achieved a revenue of HKD 34.481 billion, a year-on-year decrease of 1.8% [1]. - Net profit attributable to shareholders was HKD 1.334 billion, down 24.2% year-on-year, falling short of expectations [1]. - Free cash flow reached HKD 2.6 billion, representing a year-on-year increase of 17.2% [1][4]. - The company proposed an interim dividend of HKD 0.15 per share, unchanged from the previous year [1]. Group 2: Gas Sales and Margins - Natural gas sales volume was 17.41 billion m³, a year-on-year increase of 1.7%, with town gas sales volume at 9.19 billion m³, down 1.5% [2]. - The retail gas gross margin was HKD 0.58 per m³, a slight decrease of HKD 0.01 per m³, mainly due to a decline in high-margin industrial gas [2]. - The company maintains a gross margin target of HKD 0.55 per m³ for the full fiscal year, indicating potential for a HKD 0.01 per m³ increase compared to FY2024/25 [2]. Group 3: User Connections and Impact - The company added 676,300 new residential users, a decline of 25.2% year-on-year, with new building connections accounting for 67.9% of the total [3]. - The pre-tax profit from connection and engineering services constituted only 16.0% of total business segment profits, indicating a decreasing contribution to overall profitability [3]. - The forecast for new user connections in FY2025/26 is expected to be between 1 million and 1.2 million, suggesting a continued decline in the impact of connection services on overall performance [3]. Group 4: Value-Added and Comprehensive Energy Business - Revenue from value-added services reached HKD 2.02 billion, a year-on-year increase of 0.3%, with operating profit at HKD 1.02 billion, up 1.3% [4]. - The company saw significant growth in commercial user energy storage, reaching 617.7 MWh, a year-on-year increase of 693.5% [4]. - Electricity sales volume increased by 25.5% year-on-year, with green certificate trading volume rising by 709% [4]. Group 5: Financing and Cost Management - The company achieved a record high free cash flow of HKD 2.6 billion due to reduced capital expenditures [4]. - Financing costs decreased to 3.39%, down 0.45 percentage points from FY2024/25, reflecting improved debt structure management [4]. Group 6: Investment Rating - The company maintains a "Buy" rating despite a slowdown in gas sales growth and ongoing pressure on connection services, with revised net profit forecasts for FY2025/26 to FY2027/28 [5]. - The current stock price corresponds to a PE ratio of 14, 12, and 11 for FY2025/26 to FY2027/28, respectively, with a stable dividend policy and a competitive dividend yield in the industry [5].

机构：东吴证券 研究员：袁理/谷玥 事件：2025 年11 月28 日，公司发布2025/2026 财年中期业绩。2025/26财年中期，公司实现营业总收入 344.8 亿港元，同比减少1.8%；归母净利润13.34 亿港元，同比下降24.2%；中期股息每股15 港仙，维持 稳定派息水平。 零售气、接驳业务承压，增值业务微增；补贴收入减少影响业绩。2025/26财年中期，公司实现分部利 润33.81 亿港元，同比下降10.3%；归母净利润13.34 亿港元，同比下降24.2%，除业务变化之外，补贴 收入减少影响业绩。分业务来看：1）天然气销售收入203.8 亿港元，同比增长3.8%；分部利润15.7 亿 港元，同比-5.3%。城镇燃气项目销气量91.9 亿立方米，同比下降1.5%；其中，居民用户气量微增0.1% 至25.9 亿方，工业/商业用户气量分别下降1.1%/2.2%至48.8/15.5 亿方，主要受房地产相关行业（钢铁 业、化工业、建材业）低迷及餐饮消费疲软影响，加气站气量下降24.6%至1.7 亿方。居民顺价比例从 25 财年的68%提升至74%，平均调价幅度0.20 元/立方米，带动居民用户整体气 ...

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） 自願性公告 業務發展最新情況 及 與惠州億緯鋰能股份有限公司 訂立戰略合作協議 本公告由中國燃氣控股有限公司*（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）作出的自 願 性 公 告。 業務發展最新情況 本公司董事會（「董事會」）欣 然 向 本 公 司 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 的 最 新 發 展。 （一）政 策 驅 動 市 場 機 遇，儲 能 業 務 規 模 化 高 速 發 展 今 年 以 來，國 家 相 關 部 門 密 集 出 台 關 ...