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） 股東週年大會通告 考慮並酌情通過（不 論 有 否 修 訂）下 列 各 決 議 案 作 為 普 通 決 議 案： * 僅供識別 – 1 – 1. 省覽並批准本公司截至二零二五年三月三十一日止年度之經審核財務報表及董事 會 與 核 數 師 報 告； 2. 宣派截至二零二五年三月三十一日止年度之末期股息每股股份35港 仙； 3. (a) 重 選（各 為 獨 立 決 議 案）以 下 本 公 司 董 事： i. 重 選 朱 偉 偉 先 生 為 本 公 司 執 行 董 事； ii. 重 選 劉 暢 ...

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） 股東週年大會（或其任何續會或延會） 日期：二零二五年 月 日 簽 署5 之代表委任表格 本人╱吾等1 地址為 為上述公司（「本公司」）股 本 中 每 股 面 值0.01港元股份共2 股 之 登 記 持 有 人，茲委任3本公司二零二五年股東週年大會或其任何續會或延會（「股東週年大會」）之主席或（如其 未克出席） 地址為 ， 為本人╱吾等之代表，代表本人╱吾等出席本公司謹訂於二零二五年八月二十一日（星期四）上午十時正在中國廣 東省深圳市羅湖區梅園路188號中國燃氣大廈舉行之股東週年大會（或其任何續會或延會），並按下列指示就召開 股東週年大會通告所載決議案投票，或如未有作出任何指示，則由本人╱吾等之代表自行酌情投票： | | 普通決議案 贊成4 反 對4 | | --- | --- | | 1. | 省覽並批准本公司截至二零二五年三月三十一日止年度之經審核財務 | | | 報表及董事會與核數師報告書 | | 2. | 宣派末期股息每股股份35港 仙 | | 3. | (a) 重 選（各 ...

此乃要件 請即處理 閣 下 對本通函任何內容或應採取之行動 如有任何疑問，應諮詢 閣下之股票經紀或 其他註冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 名 下 所 有 中 國 燃 氣 控 股 有 限 公 司 股 份，應 立 即 將 本 通 函 連 同 隨 附之代表委任表格送交買主，或經手買賣或轉讓之銀行、股票經紀或其他代理商，以 便轉交買主。 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通函之內容概不負責， 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 通 函 全 部 或 任 何 部 份內容而產生或因依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） (1)更新發行股份及購回股份之一般性授權； (2)重選董事； 及 (3)股東週年大會通告 本公司於二零二五年八月二十一日（星期四）上午十時正假座中國廣東省深圳市羅湖 區梅園路188號中國燃氣大廈召開二零二五年股東週年大會，大會之通告載於本通函 ...

股份代號：384 中國燃氣控股有限公司* CHINA GAS HOLDINGS LIMITED 創新驅動未來 惠澤千家萬戶 * 僅供識別 年報 2024/25 中國燃氣 關於 中國燃氣控股有限公司（「本公司」）及其附屬公司（統稱「本集團」、「中國燃氣」或「中燃」） 是中國最大的跨區域綜合能源供應及服務企業之一，主要於中國從事投資、建設、經營城鎮燃氣管道 基礎設施、燃氣碼頭、儲運設施和燃氣物流系統，向居民和工商業用戶輸送天然氣和液化石油氣，建 設和經營壓縮天然氣╱液化天然氣加氣站，開發與應用天然氣、液化石油氣相關技術。通過多年的發 展，中國燃氣成功構建了以管道天然氣業務為主導，液化石油氣、液化天然氣、智慧能源服務、燃氣 設備及廚房用具、網格私域「店」商新零售並舉的全業態發展結構。 目 錄 | 02 | 里程碑 | | --- | --- | | 04 | 財務概要 | | 05 | 營運概要 | | 06 | 天然氣 | | 10 | 天然氣營運位置 | | 12 | 液化石油氣 | | 16 | 液化石油氣營運位置 | | 18 | 增值服務 | | 20 | 綜合能源 | | 22 | 主席報告書 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of HKD 80.25 billion for the fiscal year 2024/25, a decrease of 1.96% year-on-year, while the net profit attributable to shareholders increased by 2.09% to HKD 3.25 billion [8] - The company has improved its free cash flow, reaching HKD 4.66 billion, which exceeds the planned dividend payout of HKD 2.72 billion, indicating a sustained ability to distribute dividends [8] - The report highlights that retail gas sales volume faced pressure, but the progress in pricing adjustments was slightly better than expected [8] Summary by Sections Financial Performance - Total revenue for FY2024A is projected at HKD 81.86 billion, with a year-on-year decrease of 11.43% [1] - Net profit for FY2024A is estimated at HKD 3.19 billion, reflecting a year-on-year decrease of 25.82% [1] - The earnings per share (EPS) for FY2024A is projected at HKD 0.58, with a price-to-earnings (P/E) ratio of 12.54 [1] Business Segments - Natural gas sales segment profit increased by 7.94% to HKD 3.31 billion, but retail gas volume only grew by 0.02% to 23.52 billion cubic meters [8] - The connection business segment profit decreased by 25.39% to HKD 508 million, with residential connections declining by 15.5% [8] - The LPG sales segment profit dropped by 56.68% to HKD 52 million, influenced by international market conditions [8] - Value-added services segment profit grew by 10.59% to HKD 1.75 billion, supported by new business initiatives [8] Future Projections - The report projects net profit for FY2026E at HKD 3.48 billion, with a year-on-year growth of 6.93% [1] - The company aims to achieve a retail gas gross margin of HKD 0.55 per cubic meter and a retail gas volume growth of 2%+ for FY2026 [8] - The report introduces FY2028 profit forecasts of HKD 3.99 billion, with a projected P/E ratio of 9.99 [1]

Core Viewpoint - China Gas reported a revenue of HKD 79.258 billion for the fiscal year 2024/25, a year-on-year decrease of 2.6%, while net profit attributable to shareholders increased by 2.1% to HKD 3.252 billion, with a stable dividend of HKD 0.50 per share, meeting expectations [1] Revenue Breakdown - Natural gas sales revenue was HKD 49.05 billion, down 6.5% year-on-year - Gas connection revenue was HKD 3.63 billion, down 9.6% year-on-year - Engineering design and construction revenue was HKD 1.76 billion, up 14.7% year-on-year - Liquefied petroleum gas sales revenue was HKD 19.58 billion, up 8.9% year-on-year - Value-added services revenue was HKD 3.73 billion, up 2.1% year-on-year [1] Sales Volume Insights - The volume of gas transported and traded decreased by 9.6% year-on-year - Town gas volume saw a slight increase of 0.02% year-on-year, with residential gas down 2.1%, industrial gas up 1.0%, commercial gas up 3.7%, and gas station gas down 9.0% - The lower-than-expected town gas volume was attributed to a warm winter and economic pressures affecting industrial gas growth [1] Pricing and Margin Analysis - As of March 2025, the cumulative completion of residential gas pricing was approximately 68%, with residential gas prices rising from CNY 2.71 per cubic meter in 2022 to CNY 3.00 in 2024 - The gross margin improved from CNY 0.50 per cubic meter in the fiscal year 2023/24 to CNY 0.537 in 2024/25, with a forecasted increase to CNY 0.55 in 2025/26 [2] Connection Engineering Performance - In the fiscal year 2024/25, the company added approximately 1.4 million new residential connections, with guidance for 1.2-1.4 million - The tax-pre-profit margin from connection and engineering construction decreased to 16.3% last year, with expectations for reduced performance drag from declining connection numbers [2] Value-Added Services Growth - Value-added services achieved a pre-tax profit of HKD 1.75 billion, accounting for 26.2% of total profits, with a year-on-year increase of 10.6% - The growth was driven by increased user coverage, improved operational efficiency, and a richer product and service mix, with guidance for a similar growth rate in 2025/26 [3] Financing and Cash Flow - The company optimized its debt structure, reducing the proportion of foreign currency loans to 0.5%, with the average financing cost decreasing from 4.83% to 3.84% - Free cash flow reached HKD 4.66 billion, an increase of 8.7% year-on-year, with expectations for further improvement due to reduced capital expenditures from declining connection numbers [3]

Core Viewpoint - The company's FY25 earnings fell below expectations, with a revenue of HKD 79.3 billion, a year-on-year decrease of 3%, and a net profit of HKD 3.25 billion, a year-on-year increase of 2% [1] Financial Performance - FY25 revenue was HKD 79.3 billion, down 3% year-on-year - FY25 net profit was HKD 3.25 billion, up 2% year-on-year, but below expectations - The decline in performance was primarily due to underperformance in joint venture earnings, which fell 37% year-on-year to HKD 441 million, and a 31% increase in income tax expenses to HKD 993 million due to reduced tax refunds [1] - The company plans to distribute a final dividend of HKD 0.35 per share, maintaining the same level as the previous year, with a total annual dividend of HKD 0.50 per share [1] Sales and Margins - FY25 urban gas sales were 23.52 billion cubic meters, remaining stable year-on-year - Residential gas sales decreased by 2.1%, while commercial and industrial gas sales increased by 3.7% and 1.0%, respectively - The gross margin was HKD 0.537 per cubic meter, an increase of HKD 0.036 year-on-year - The company added 1.4 million residential connections, a decrease of 16.5% year-on-year [1] Cash Flow and Investments - FY25 investment cash outflow was HKD 1.78 billion, down 74.8% year-on-year, mainly due to the recovery of loans from joint ventures and a reduction in capital expenditures by approximately HKD 1.4 billion [1] Future Outlook - The trend of improving gross margins is expected to continue until FY27 - For FY26, the company anticipates a 2% year-on-year increase in urban gas sales and a gross margin of HKD 0.55 per cubic meter, driven by an increase in residential pricing ratios [1] Debt and Financial Management - As of the end of FY25, the company's net debt (excluding trade-related financing) was approximately HKD 47.8 billion, showing a slight decrease from FY24 - The company is expected to maintain control over capital expenditures, indicating that the debt level has likely peaked [2] - FY25 saw an increase in receivables provision of HKD 568 million, with ongoing pressure expected in FY26 due to uncertainties in the real estate sector [2] Dividend and Valuation - The company maintained a dividend payout ratio of 83.3% in 2024, with expectations for stable dividends of HKD 0.50 per share over the next 2-3 years, translating to a dividend yield of approximately 6.8% based on the closing price on June 27 [2] - Earnings forecasts for FY26 have been revised down by 32% to HKD 3.285 billion, with FY27 earnings projected at HKD 3.449 billion [2] - The current stock price corresponds to a P/E ratio of 12.2x for FY26 and 11.6x for FY27, with a target price adjustment of 9.1% down to HKD 8, indicating an upside potential of 8.8% [2]

接驳业务继续承压，降幅同比有所收窄。2024/25 财年公司新增居民用户140.05 万户，同比下滑15.5% （去年同比下滑28%）。在接驳用户增量中，存量用户占比达到34.5%，同比增长2.7 个百分点。 2024/25 财年接驳及工程业务合计税前利润仅占公司全部业务税前利润的16.4%，接驳业务对利润贡献 度持续下降。根据公司业绩指引，2025/26 财年新增接驳用户数量小幅下降至100-120 万户，接驳用户 数有望降幅进一步收窄，接驳业务未来对公司整体业绩影响可控。 增值业务与综合能源稳健成长，打造公司成长新动能。2024/25 财年，公司增值业务收入达37.32 亿港 元，同比增长2.1%，经营利润17.5 亿港元，同比增长10.6%。公司以"壹品慧"平台业务作为增值服务业 务主要服务载体，通过增加服务范围及网格精细化管理，盈利能力持续提升。综合能源业务方面，公司 全年供能规模达77.6 亿KWh，切入工商业用户侧储能、绿电、综合能效等业务领域，为客户打绿色低 碳综合能源服务生态，提供多元能源解决方案。 机构：申万宏源研究 研究员：王璐/朱赫 中国燃气发布2024/25 财年业绩。2024/25 ...

机构：交银国际 研究员：郑民康/文昊 较多一次性项目影响2025 财年盈利，自由现金流有较大改善。中燃2025财年报表盈利同比增2.1%，核 心盈利同比降约14%，低于我们预期，主因：1）下半财年零售气量同比下滑1% ，因公司受暖冬影响约 5 个月，导致居民售气同比下跌4%；2）由于船舶出售，期內减少2.6 亿港元的租赁收入；3）2024 财年 有1.5 亿港元的一次性的退税没有在2025 财年再出现。 虽然如此，公司售气毛差同比增约4 分至每方0.54 元人民币，新增居民接驳同比仅下跌15%至150 万 戶，仍高于我们预期的125 万戶，增值业务经营利润同比增长10.6%，合乎预期。同时公司自由现金流 达到新高46.6 亿港元，末期分红亦维持在0.35 港元，合乎预期。 公司目前6.8%的股息率为我们覆盖的燃气分销商中最高，但我们认为目前公司约10 倍2026 财年市盈率 已是合理水平。目前我们认为提高评级仍需要等待盈利/现金流稳定度再提高，从而在股息率和估值上 有更好的平衡点。维持中性评级。 2026/27 财年自由现金流仍有望覆盖目前年度分红。公司2026 财年指引偏向保守：1）零售气增长2%， 售气毛 ...

Investment Rating - The report maintains a "Buy" rating for China Gas [2][7][8] Core Views - The company reported a revenue of HKD 79.26 billion for the fiscal year 2024/25, a decrease of 2.6% year-on-year, while the net profit attributable to shareholders was HKD 3.25 billion, an increase of 2.1% [7] - Free cash flow reached a record high of HKD 4.66 billion, up 8.7% year-on-year, supporting a dividend of HKD 0.50 per share, resulting in a dividend yield of 6.8% [7] - The retail sales volume of natural gas showed a slight increase, with a total sales volume of 39.96 billion m³, down 4.2% year-on-year, but the gross margin improved to HKD 0.537 per m³, an increase of HKD 0.036 per m³ [7] - The connection business faced challenges, with new residential users decreasing by 15.5% year-on-year, but the decline is expected to narrow in the future [7] - Value-added services and comprehensive energy solutions are growing steadily, with revenue from value-added services reaching HKD 3.73 billion, a year-on-year increase of 2.1% [7] Financial Data and Profit Forecast - Revenue projections for the next fiscal years are as follows: HKD 78.49 billion for 2025/26, HKD 75.36 billion for 2026/27, and HKD 76.31 billion for 2027/28 [6] - Net profit forecasts are HKD 3.51 billion for 2025/26, HKD 3.89 billion for 2026/27, and HKD 4.33 billion for 2027/28, reflecting a growth trend [6] - The earnings per share (EPS) are projected to be HKD 0.64 for 2025/26, HKD 0.71 for 2026/27, and HKD 0.79 for 2027/28 [6] - The price-to-earnings (PE) ratio is expected to be 11 for 2025/26, 10 for 2026/27, and 9 for 2027/28, indicating a favorable valuation compared to industry peers [7][8]