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12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: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2026年1月2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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 1 ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 FF301 第 1 頁 共 12 頁 v 1.1.1 FF301 | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | --- | --- | --- | --- | --- | | 上月底結存 | | HKD | HKD | | | 增加 / 減少 (-) | | | HKD | | | 本月底結存 | | HKD | HKD | | 本月底法定/註冊股本總額： HKD 20,000,000 備註： 法定／註冊股本不適用於單位。 | 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) | 02638 | 說明 | | 普通股（為股份合 ...

Core Viewpoint - The temporary end of the U.S. government shutdown has boosted market risk appetite, leading to a significant increase in gold prices, with COMEX and London spot gold both surpassing $4100 per ounce, marking the largest increase in November [2] Market Reaction - On November 10, gold prices surged, with spot gold reaching above $4140 on November 11, driven by expectations of potential interest rate cuts from the Federal Reserve [2] - If upcoming economic data or Fed officials' statements reinforce the expectation of a December rate cut, gold prices may continue to rise [2] Technical Analysis - Gold prices need to hold above $4130 to test higher levels of $4150-$4200 [2] - There is a risk of technical pullback due to accumulated profit positions after consecutive price increases, with key support levels identified in the $4080-$4100 range [2] Investment Strategies - For aggressive investors: Consider light long positions if gold prices pull back to the $4100-$4110 range, with a stop-loss set below $4080 and a target near $4150, potentially extending to $4180-$4200 [2] - For conservative investors: It is advisable to wait for clearer market direction, with a potential follow-up if gold effectively breaks the $4150 resistance or caution if it falls below the $4080 support [3] News Impact - The reopening of the U.S. government will lead to the release of previously delayed economic data, such as the non-farm payroll report, which are crucial for assessing the U.S. economy and Fed policy direction [4] - Close attention should be paid to statements from Fed officials, particularly Chairman Powell, as any dovish or hawkish signals regarding interest rates will directly impact the gold market [4] - Market sentiment, including movements in U.S. stock markets and the dollar index, will also influence gold prices, with rising risk appetite potentially suppressing gold and market panic boosting it [4]

致：香港交易及結算所有限公司 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10月31日 狀態: 新提交 第 1 頁 共 12 頁 v 1.1.1 FF301 FF301 公司名稱: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年11月3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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年10月2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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 1 ...

Group 1 - UBS downgraded the investment rating of Hongkong Electric Holdings (02638) from "Buy" to "Neutral" while maintaining the target price at HKD 6, citing a year-to-date stock price increase of 20%, outperforming Hong Kong utility stocks by approximately 16 percentage points, indicating that the current price reflects its defensive nature [1] - The firm anticipates that as the US enters a rate-cutting cycle, the yield on the US 10-year Treasury is expected to decline from the current 4.1% to 3.8% by the end of 2025 and to 3.4% by the end of 2026, which may lead to a recovery in risk appetite and a shift of funds towards growth stocks, diminishing the appeal of defensive stocks like Hongkong Electric [1] - Currently, Hongkong Electric's forward dividend yield stands at 5.3%, with a premium of 115 basis points over the US 10-year Treasury yield, which is more than one standard deviation below the historical average; the premium over the industry average is only 11 basis points, also below the historical average of 89 basis points, with profit forecasts for 2025 to 2027 aligning with market expectations [1] Group 2 - In comparison, Cheung Kong Infrastructure Holdings (01038) presents a more attractive valuation, with regulatory adjustments in the UK and Australia, as well as potential mergers and acquisitions, offering additional growth opportunities [1]

Group 1 - UBS downgraded the investment rating of Power Assets Holdings (02638) from "Buy" to "Neutral" while maintaining the target price at HKD 6, citing a 20% year-to-date stock price increase that outperformed Hong Kong utility stocks by approximately 16 percentage points, indicating that the current price reflects its defensive nature [1][1][1] - The firm anticipates that as the US enters a rate-cutting cycle, the yield on the US 10-year Treasury bond is expected to decline from the current 4.1% to 3.8% by the end of 2025 and to 3.4% by the end of 2026, which may lead to a shift in capital towards growth stocks, diminishing the appeal of defensive stocks like Power Assets [1][1][1] - Currently, Power Assets has a forward dividend yield of 5.3%, which is a premium of 115 basis points over the US 10-year Treasury yield, but this is more than one standard deviation below the historical average; the premium over the industry average is only 11 basis points, also below the historical average of 89 basis points [1][1][1] Group 2 - The earnings forecasts for Power Assets from 2025 to 2027 are in line with market expectations, while Cheung Kong Infrastructure Holdings (01038) presents a more attractive valuation, with regulatory adjustments in the UK and Australia, as well as potential mergers and acquisitions, offering more growth opportunities [1][1][1]

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8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: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年9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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10 ...

Financial Performance - Revenue for the first half of 2025 was HKD 5.567 billion, slightly down from HKD 5.572 billion in 2024[4] - The unaudited profit attributable to unit holders was HKD 1.01 billion, an increase from HKD 947 million in 2024, representing a growth of approximately 6.5%[13] - The group’s EBITDA for the first half of 2025 was HKD 3.979 billion, compared to HKD 3.989 billion in 2024, indicating a slight decrease[13] - Net profit for the same period was HKD 1.001 billion, an increase from HKD 0.947 billion in 2024, representing a growth of approximately 5.7%[24] - The total distributable income for the period was HKD 1.48 billion, consistent with the previous year[14] - Operating profit for the period was HKD 2,344 million, down from HKD 2,490 million in 2024, representing a decrease of 5.9%[37] - Total comprehensive income attributable to shareholders for the same period was HKD 646 million, down 33.6% from HKD 974 million in 2024[39] - The pre-tax profit for the six months ended June 30, 2025, was HKD 1,666 million, down from HKD 1,816 million in the same period of 2024[66] Distribution and Dividends - The interim distribution declared was HKD 1.408 billion, with an interim distribution per unit of HKD 0.1594, unchanged from 2024[14] - The total distribution amount for the period was HKD 1,408 million, unchanged from the previous year, maintaining a consistent distribution policy[26] - The company paid dividends totaling HKD 1,422 million during the period, consistent with the previous year[46] - The interim distribution for the year 2025 is set at HKD 0.1594 per unit, payable on September 8, 2025[128] Capital Expenditure and Investment - The capital investment plan for 2024-2028 is valued at HKD 22 billion, aimed at supporting Hong Kong's zero-carbon transition[12] - Total capital expenditure for the period was HKD 1.482 billion, up from HKD 1.375 billion in 2024, indicating an increase of 7.8%[28] - The company has approved and contracted capital expenditures for property, plant, and equipment amounting to 8,701 million as of June 30, 2025, up from 7,437 million at the end of 2024, representing an increase of approximately 17%[78] - The company has approved but not yet contracted capital expenditures for property, plant, and equipment totaling 15,175 million as of June 30, 2025, down from 17,967 million at the end of 2024, indicating a decrease of about 15.6%[78] Operational Efficiency and Reliability - The group achieved a reliability rate of over 99.9999%, with an average of less than half a minute of unplanned outages per customer annually[12] - The company is actively enhancing its power system reliability through emergency recovery drills and the establishment of new substations in the Eastern and Southern districts[17] - The smart meter installation project aims to cover 600,000 customers, with over 90% already completed and expected to finish by the end of 2025[15] - The company is actively implementing major projects, including the construction of a new gas combined cycle generator unit[12] Market and Sales Performance - Electricity sales volume in the first half of 2025 decreased by 3.2% compared to the same period in 2024, attributed to milder weather and successful energy-saving initiatives[16] - The basic electricity tariff was raised by 3.4 HKD cents to HKD 1.229 per kWh due to increased capital investment and operating costs[16] - The fuel adjustment fee decreased by over 16% in August 2025 compared to January 2025, leading to a net electricity tariff reduction of 4.4% to HKD 1.596 per kWh[16] - For the six months ended June 30, 2025, the group's revenue from electricity sales was HKD 5,537 million, a slight decrease of 0.4% from HKD 5,558 million in 2024[54] Financial Position and Debt - The net debt of the trust group as of June 30, 2025, was HKD 513.41 billion, compared to HKD 508.25 billion on December 31, 2024, reflecting a slight increase of 1.4%[31] - The trust group maintained a net debt to total equity ratio of 51% as of June 30, 2025, consistent with the ratio on December 31, 2024[31] - Total borrowings increased to HKD 24,196 million as of June 30, 2025, compared to HKD 23,738 million at the end of 2024, indicating a rise in leverage[68] - The total outstanding financial derivative contracts amounted to HKD 544.91 billion as of June 30, 2025, an increase from HKD 495.58 billion on December 31, 2024[33] Corporate Governance - The company has adhered to the corporate governance code applicable to the trust and the company for the six months ended June 30, 2025, except as noted[102] - The audit committee has reviewed the unaudited consolidated financial statements of the trust and the unaudited financial statements of the trustee-manager for the six months ended June 30, 2025[109] - The company is committed to maintaining high standards of corporate governance to attract investment and protect stakeholders' interests[102] - The board consists of 17 directors, including 5 executive directors, 6 non-executive directors, and 6 independent non-executive directors, complying with the requirement that independent non-executive directors represent at least one-third of the total number of directors[104] Future Outlook and Strategic Initiatives - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 10% to 12%[133] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[132] - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[133] - Market expansion plans include entering two new international markets by the end of the year, which could increase market share by 5%[131]

Core Viewpoint - Hong Kong Electric (港灯) reported a stable performance in its first half of 2025, with revenue slightly declining and net profit increasing, indicating resilience in its operations despite external challenges [1][2]. Financial Performance - For 1H25, the company achieved revenue of HKD 55.67 billion, a year-on-year decrease of 0.09%, while net profit attributable to shareholders was HKD 10.01 billion, reflecting a year-on-year increase of 5.70%, aligning closely with previous forecasts [1]. - The company declared an interim dividend of HKD 14.08 billion, maintaining the same level as the previous year, which corresponds to a dividend per share (DPS) of HKD 0.1594, also unchanged year-on-year [1]. Capital Expenditure and Future Outlook - Capital expenditure for 1H25 rose by 8% to HKD 14.82 billion, with a projected total capital expenditure of HKD 22 billion from 2024 to 2028, indicating a significant increase in future spending [3]. - The average annual capital expenditure for 2025-2028 is estimated at HKD 45.85 billion, representing a 25% increase compared to 2024 [3]. - The company is expected to benefit from its capital investments, with net profit anticipated to grow steadily due to the regulatory framework allowing for an 8% return on fixed assets [3]. Operational Efficiency and Development Plans - The company experienced a 3.2% decline in electricity sales volume in 1H25, attributed to weather conditions and the leap year in 2024 [2]. - Operational reliability remains high, with supply reliability exceeding 99.9999%, and over 90% of users covered by smart meter installations, expected to be completed by the end of 2025 [2]. - The development plan for 2024-2028 is progressing well, with the construction of a gas combined cycle generator and emergency oil-fired generators on schedule for completion between 2027 and 2029 [2]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of HKD 33.4 billion, HKD 34.2 billion, and HKD 34.6 billion for 2025-2027, respectively [3]. - The target price has been adjusted to HKD 7.32, based on a price-to-book ratio (PB) of 1.30x for 2025, reflecting an increase from the previous valuation [3].