Group 1 - The core viewpoint of the article indicates that China Gas (00384) is expected to maintain stable cash flow and dividend distribution, with a proposed interim dividend of HKD 0.15 per share for 1HFY26, unchanged year-on-year [1] - The company reported a revenue of HKD 34.5 billion and a net profit attributable to shareholders of HKD 1.33 billion for 1HFY26, with natural gas retail volume reaching 9.19 billion cubic meters [2] - The company achieved a free cash flow of HKD 2.6 billion in 1HFY26, an increase of HKD 0.38 billion year-on-year, primarily due to the disposal of some inefficient assets [2] Group 2 - Looking ahead, the company anticipates a marginal improvement in gas volume growth for 2HFY26, with a full-year gas volume growth expected to recover to a range of +0-2% [3] - The company maintains its guidance for an annual gross margin of HKD 0.55 per cubic meter, reflecting a year-on-year increase of HKD 0.01 per cubic meter [3]

Group 1 - The company, China Gas (00384.HK), announced a mid-term dividend of HKD 0.15 per share, which will be distributed on February 6, 2026 [1]

01 02 03 04 05 Business FY2025/26 Interim Results 2025.04.01 – 2025.09.30 Contents BBB A 1HFY2024/25 1HFY2025/26 +17.2% 1HFY2024/25 1HFY2025/26 +693.5% 3 • Free cash flow remains stable. • Capacity in operation increased significantly, defining the company as a front-runner in the business, and forming synergies with PV, electricity sales, and green power to deliver integrated energy solutions. • MSCI ESG rating upgraded to A, driven by strong ESG governance, consistent investment in safety and digital- int ...

Core Viewpoint - China Gas (00384) announced that it will distribute an interim dividend of HKD 0.15 per share on February 6, 2026 [1] Summary by Category - **Company Announcement** - The company will pay an interim dividend of HKD 0.15 per share [1]

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、趙琨先生及劉明興教授為本公司執行董事；熊斌先 生、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。 EF001 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 | 截至二零二五年九月三十日止六個月之中期股息 | | 公告日期 | 2025年11月28日 | | 公告狀態 | 新 ...

Core Viewpoint - China Gas (00384) reported a revenue of HKD 34.481 billion for the six months ending September 30, 2025, with a profit attributable to shareholders of HKD 1.334 billion, reflecting a strategic focus on digital transformation and diversified energy solutions [1][2] Financial Performance - Revenue reached HKD 34.481 billion, with a profit attributable to shareholders of HKD 1.334 billion, and basic earnings per share of HKD 0.2473 [1] - Proposed interim dividend of HKD 0.15 per share [1] - Free cash flow amounted to HKD 2.605 billion, representing a year-on-year increase of 17.2% [1] Business Development - The company emphasized a core operational philosophy of "digital intelligence-driven, strategic restructuring, strengthening the moat, and initiating a new era of technological transformation" [1] - The gas business capitalized on policy opportunities and user demand, while value-added services drove product innovation and new business development [1] - The liquefied petroleum gas (LPG) business accelerated expansion, and innovative trading models achieved breakthroughs [1] Project and Market Expansion - As of September 30, 2025, the company had obtained 662 exclusive pipeline gas projects across 30 provinces, cities, and autonomous regions, with 32 long-distance natural gas pipelines and 485 compressed/liquefied natural gas refueling stations [1] - The company did not initiate any new urban pipeline gas projects during the reporting period, adhering to a prudent investment principle [1] Energy Transition and New Initiatives - The company sold 17.41 billion cubic meters of natural gas, a 1.7% increase year-on-year, with urban and rural networks contributing 9.19 billion cubic meters and trading/direct supply pipelines contributing 8.22 billion cubic meters, a 5.4% increase [2] - The company is actively participating in the global energy transition and national "dual carbon" goals, achieving breakthroughs in combined heat and power, battery cells, lithium carbonate, and co-firing with fruit residue [2] - The company added 410.6 MWh of new operational capacity for industrial and commercial user-side energy storage projects, with a total operational capacity of 617.7 MWh and a signed installed capacity of 1.2 GWh [2]

Core Insights - China Gas Holdings Limited reported a revenue of HKD 34.481 billion for the six months ending September 30, 2025, with a net profit attributable to shareholders of HKD 1.334 billion and basic earnings per share of HKD 0.2473 [1] - The company declared an interim dividend of HKD 0.15 per share and achieved a free cash flow of HKD 2.605 billion, representing a year-on-year growth of 17.2% [1] Business Performance - The company sold a total of 17.41 billion cubic meters of natural gas during the period, marking a 1.7% increase compared to the same period last year [2] - Sales through urban and rural pipeline networks accounted for 9.19 billion cubic meters, while trade and direct supply pipeline businesses contributed 8.22 billion cubic meters, with the latter seeing a 5.4% increase year-on-year [2] Strategic Initiatives - The company is focusing on a strategic transformation driven by digital intelligence, emphasizing safety, policy opportunities, and user demand in its gas business [1] - The company has not initiated any new urban pipeline gas projects during the period, maintaining a cautious investment approach [1] - The company has secured 662 exclusive pipeline gas projects across 30 provinces, cities, and autonomous regions, along with 32 long-distance natural gas pipelines and 485 compressed/liquefied natural gas refueling stations [1] Growth Areas - The company is actively pursuing opportunities in energy transition and the national "dual carbon" goals, with breakthroughs in combined heat and power, battery cells, lithium carbonate, and co-firing of fruit residue [2] - The company has launched new energy storage projects, with an operational scale of 410.6 MWh added during the period, bringing the total operational capacity to 617.7 MWh and a signed capacity of 1.2 GWh [2] - The photovoltaic projects have reached a cumulative installation of 70.8 MW, and the electricity trading volume in the sale and distribution business reached 3.6 billion kWh [2]

Financial Performance - For the six months ended September 30, 2025, total revenue was HKD 34,481,081, a decrease of 1.8% compared to HKD 35,105,202 for the same period in 2024[4] - Gross profit for the same period was HKD 5,505,527, down 6.0% from HKD 5,855,695 in 2024[4] - The net profit for the six months ended September 30, 2025, was HKD 1,768,085, representing a decline of 21.9% from HKD 2,263,915 in 2024[4] - Basic earnings per share decreased to HKD 24.73 cents from HKD 32.71 cents, a drop of 24.5% year-over-year[5] - Other comprehensive income for the period was HKD 998,462, down from HKD 1,615,745 in the previous year, reflecting a decrease of 38.1%[5] - The group reported a revenue decrease of 1.8% to HKD 34,481,081,000 for the period, with net profit attributable to shareholders down 24.2% to HKD 1,334,217,000[32] - Basic earnings per share decreased by 24.4% to HKD 0.2473, while free cash flow increased by 17.2% to HKD 2,604,963,000[32] Assets and Liabilities - The total assets as of September 30, 2025, were HKD 104,031,353, compared to HKD 103,673,070 as of March 31, 2025, indicating a slight increase[6] - Non-current assets amounted to HKD 69,831,313, an increase from HKD 68,749,408 as of March 31, 2025[6] - The total assets as of September 30, 2025, amounted to HKD 105,677,861,000, compared to HKD 101,318,286,000 as of March 31, 2025, indicating a growth of approximately 4.2% [7] - Non-current liabilities increased to HKD 42,256,530,000 from HKD 40,591,581,000, reflecting a rise of about 4.1% [7] - The equity attributable to owners of the company was HKD 56,028,069,000, up from HKD 53,864,695,000, representing an increase of approximately 4% [7] - The total amount of bank loans and other loans for the group is HKD 62,868,140,000 as of September 30, 2025[66] Cash Flow and Expenses - Cash and cash equivalents were HKD 12,707,137, up from HKD 8,853,349 as of March 31, 2025, showing a significant increase[6] - The financial expenses for the period were recorded at HKD 348,064,000 [15] - The group achieved a net operating cash flow of HKD 3,127,333,000, compared to HKD 3,683,318,000 for the same period last year, while free cash flow reached HKD 2,604,963,000, up from HKD 2,222,093,000[61] Business Strategy and Market Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[3] - The group aims to deepen the application of artificial intelligence in business scenarios to accelerate digital transformation[31] - The group is expanding its overseas market presence in energy storage, electricity sales, and biomass businesses[31] - The group is committed to diversifying export strategies and expanding domestic demand to mitigate the impacts of tariffs and trade protectionism[28] - The group will continue to focus on "promoting repayment, expanding gross margin, reducing costs, and enhancing quality" as its overall business strategy[75] - The group aims to enhance market share by optimizing product structure and accelerating the expansion of new businesses[77] Operational Highlights - The total number of residential users connected to city gas projects reached 55.0 million, up 0.4 million from 54.6 million[34] - The total gas sales volume increased by 1.7% to 17,414 million cubic meters from 17,128 million cubic meters[34] - The company sold 17.41 billion cubic meters of natural gas, an increase of 1.7% year-on-year[42] - The number of industrial users connected increased by 9.6% to 28,262 from 25,792[41] - The group achieved LPG sales of 1.928 million tons, a decrease of 4.5% year-on-year, with total sales revenue of HKD 8,382,600,000, down 12.3% compared to the same period last year[48] Compliance and Governance - The group has adhered to corporate governance codes and confirmed compliance with the standards set for securities trading by directors[80]

Core Insights - Southbound funds increased their holdings in China Gas Holdings Limited (00384.HK) by 1.5036 million shares on November 26, 2025, marking a 0.14% increase in total shares held [1][2] - Over the past 5 trading days, there have been 4 days of net increases in holdings, totaling 4.4004 million shares [1] - In the last 20 trading days, there were 18 days of net increases, amounting to 28.8242 million shares [1] - As of now, southbound funds hold 1.115 billion shares of China Gas, representing 20.45% of the company's total issued ordinary shares [1] Summary by Sections Shareholding Changes - On November 26, 2025, total shares held reached 1.115 billion, with a change of 1.5036 million shares [2] - The previous day, November 25, 2025, saw a change of 1.5048 million shares [2] - On November 24, 2025, there was a decrease of 366,400 shares, reflecting a -0.03% change [2] - On November 21 and 20, 2025, there were increases of 855,600 and 902,800 shares, respectively, both showing a 0.08% change [2] Company Overview - China Gas Holdings Limited primarily engages in gas-related businesses through six divisions [2] - The pipeline natural gas sales division sells gas through urban and rural networks, trade, and direct supply pipelines [2] - The liquefied petroleum gas sales division distributes LPG to industrial and commercial users [2] - The gas connection division provides gas connection services to customers [2] - The engineering design and construction division is involved in gas pipeline construction [2] - The value-added services division sells products such as wall-mounted boilers, kitchen gas appliances, smart home devices, corrugated pipes, alarms, and bottled water [2] - The Zhongyu Gas division focuses on natural gas sales and gas pipeline construction [2]

Core Insights - The gas pipeline industry is crucial for ensuring the safe and stable supply of gas, with recent government policies aimed at enhancing safety and operational efficiency [1][5][6] - During the "14th Five-Year Plan" period, over 700,000 kilometers of underground pipelines will be constructed or renovated, with an expected investment exceeding 5 trillion yuan, highlighting the commitment to upgrading gas networks [1][7][10] - The transition towards natural gas as the primary clean energy source is evident, with a significant increase in natural gas supply and a decline in artificial gas and liquefied petroleum gas [1][10][11] Industry Overview - Gas pipelines are defined as systems used for transporting gas, including natural gas, artificial gas, and liquefied petroleum gas, along with associated facilities [2][3] - The industry is characterized by its need for tightness, pressure resistance, and corrosion resistance [2] Policy Landscape - A series of national policies have been introduced to improve the safety and efficiency of gas pipelines, including plans for the renovation of aging infrastructure [5][6][7] - The focus is on eliminating outdated materials, implementing smart monitoring systems, and enhancing safety measures in urban areas [7][10] Industry Chain - The gas pipeline industry chain includes upstream gas resource exploration, midstream pipeline manufacturing and construction, and downstream distribution to end-users [8][9] - Major players in the industry include state-owned enterprises and specialized manufacturers, with a growing emphasis on digital technologies to enhance operational efficiency [9] Current Development Status - The demand for urban gas is increasing due to urbanization, with the national gas penetration rate rising from 94.57% in 2014 to 98.64% in 2024 [10] - The total supply of natural gas is projected to grow significantly, indicating a shift towards cleaner energy sources [10][11] Future Trends - The gas pipeline industry is expected to undergo a transformation towards smart, efficient, and integrated operations, leveraging advanced technologies for real-time monitoring and predictive maintenance [12][13] - The "National Unified Network" strategy will enhance system efficiency and resource allocation across regions [14] - The industry is exploring multi-energy integration, including the transportation of hydrogen and other green mediums, indicating a shift in the role of gas companies towards comprehensive energy service providers [15]