Investment Rating - The report initiates coverage with a "Buy" rating for Hong Kong and China Gas Company Limited [5] Core Views - The company has a robust profit and cash flow base from its Hong Kong gas business, while its growth-oriented businesses provide new momentum for expansion [2][18] - The flexible pricing adjustment mechanism is a key reason for the high profit margins in the Hong Kong gas business [2][34] - The company is expanding its gas business in mainland China, with significant growth in sales volume and recovery of profit margins [4][57] Summary by Sections Hong Kong Gas Business - The gas tariff consists of an effective charging table and fuel adjustment fee, with a tiered pricing model that encourages higher consumption [2][28] - Hong Kong's natural gas consumption has remained stable, with a projected consumption of 27,159 TJ (approximately 730 million cubic meters) in 2024, reflecting a year-on-year increase of 0.1% [3][35] - The EBIT for the Hong Kong utility business has been stable, with a projected increase to nearly HKD 50 billion in 2024, resulting in an EBIT margin of 46.3% [3][48] Mainland Gas Business - The company has expanded its mainland gas business since 1994, with sales volume increasing from 19.5 billion cubic meters in 2017 to 36.36 billion cubic meters in 2024, representing a CAGR of 9.3% [4][51] - The unit sales price difference in the mainland gas business has improved to HKD 0.52 per cubic meter by the end of 2024 [4][60] Growth-Oriented Businesses - The renewable energy business, primarily through the subsidiary Honghua Smart Energy, has seen rapid growth, with a compound annual growth rate of 154% in distributed photovoltaic installations from 2021 to 2024 [74] - The company is actively developing green methanol and hydrogen fuel supply, with significant production targets set for 2028 [81][84] Financial Projections - The company is expected to achieve revenues of HKD 578.1 billion, HKD 605.6 billion, and HKD 632.8 billion from 2025 to 2027, with respective year-on-year growth rates of 4.2%, 4.7%, and 4.5% [5][92] - The net profit forecast for the same period is HKD 61.6 billion, HKD 65.9 billion, and HKD 69.4 billion, with year-on-year growth rates of 7.9%, 6.9%, and 5.4% [5][92]

Core Viewpoint - Hong Kong and China Gas Company Limited (00003.HK) has shown resilience in its stock performance, reaching a near one-year high, while also demonstrating significant net inflow of capital, indicating investor confidence in the company's future prospects [1] Company Overview - Established in 1862, Hong Kong and China Gas Company is the oldest public utility in Hong Kong and one of the largest energy suppliers in the region, with world-class management and operations [1] - The company has evolved from supplying gas for street lighting to providing safe and reliable energy solutions across various sectors in Hong Kong [1] Market Expansion - The company entered the mainland market in 1994 and currently operates over 970 projects across 29 provincial regions in China, including renewable energy solutions such as solar photovoltaic systems, urban pipeline gas, and water supply [1] - Recent initiatives focus on clean energy solutions, including hydrogen energy, marine green methanol, and sustainable aviation fuel, aligning with the company's vision for carbon neutrality [1]

粤港澳即将共同承办第十五届全国运动会(十五运会)和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会(残特奥会)，香港中华煤气大力支持及赞 助，并提供氢能相关方案，为区域体育和绿色城市发展作出积极贡献。 日前，香港中华煤气营运总裁—香港业务郑晓光出席十五运会和残特奥会倒计时100日香港赛区活动，与香港特区行政长官李家超、中央人民政府驻香港 特区联络办公室主任周霁、及十五运会组织委员会副主任兼秘书长、广东省委常委王曦等嘉宾共同迎接此次国家体育盛事。 香港中华煤气营运总裁 — 香港业务郑晓光 ( 左七 ) 出席第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会倒计时 100 日活动 ( 香 港赛区 ) 。 ( 香港特区政府新闻处图片 ) 作为十五运会和残特奥会香港赛区银贡献机构，香港中华煤气全力支持赛事，提供低碳能源方案，实践大会「绿色办赛」理念，推动香港迈向可持续发展 的绿色城市。 ...

Core Viewpoint - Bid International Holdings (01949) has announced the sale of 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025, to optimize its surplus funds for better returns [1] Group 1 - The company sold 159,000 shares of CLP Holdings and 1,292,000 shares of Hong Kong and China Gas [1] - The sale is part of the company's strategy to maintain a certain level of surplus funds to meet operational needs [1] - The company aims to invest in highly liquid and low-volatility listed securities to ensure immediate liquidity when necessary [1] Group 2 - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains [1]

Core Viewpoint - Bid International Holdings (01949) announced the sale of certain listed securities on the Hong Kong Stock Exchange, including 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025 [1] Group 1 - The company maintains a certain level of surplus funds during its operational period to meet operational needs [1] - To maximize returns on surplus funds and for inventory purposes, the company invests in highly liquid and low-volatility listed securities, allowing for immediate liquidation when necessary [1] - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains for the group [1]

格隆汇8月6日丨香港中华煤气(00003.HK)宣布，公司将于2025年8月20日（星期三）举行董事会会议， 董事会将于会议上通过议案（其中包括）批准公司及其附属公司截至2025年6月30日止六个月的未经审 核综合中期业绩及其发布，以及考虑派发中期股息（如有）。 ...

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7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: 香港中華煤氣有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00003 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 18,659,870,098 | | 0 | | 18,659,870,098 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 18,659,870,098 | | 0 | | 18,659,8 ...

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，概不對因本公 告 全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 | 李家傑博士 | （主席） | 李國寶爵士 | | --- | --- | --- | | 李家誠博士 | （主席） | 潘宗光教授 | | 林高演博士 | | 鄭慕智博士 | | 馮孝忠教授 | | 黃慧群教授 | 獨立非執行董事 ： 李國寶爵士 潘宗光教授 執行董事 ： 承董事會命 公司秘書 黃麗堅 謹啟 香港，2025 年 8 月 6 日 於本公告日期，本公司董事會成員包括： 非執行董事 ： (根據公司條例在香港註冊成立之有限公司) (股份代號: 3) 董事會召開日期 香港中華煤氣有限公司（「本公司」）之董事會（「董事會」）宣布，本公司將於 2025年8月20日（星期三）舉行董事會會議，董事會將於會議上通過議案（其中包括） 批准本公司及其附屬公司截至2025年6月30日止六個月之未經審核綜合中期業績及 其發布，以及考慮派發中期股息（如有）。 黃維義先生 （常務董事） 楊磊明先生 （首席財務總 ...

Core Viewpoint - The China Hong Kong 300 Infrastructure Index (H300 Infrastructure) has shown positive performance, with a 2.03% increase over the past month, 6.29% over the past three months, and 9.35% year-to-date [1] Group 1: Index Performance - The H300 Infrastructure Index reported a value of 1898.50 points [1] - The index is designed to reflect the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1] Group 2: Index Composition - The top ten holdings of the H300 Infrastructure Index are: China Mobile (33.42%), CLP Holdings (8.6%), CK Hutchison (8.52%), China Telecom (5.35%), Hong Kong and China Gas (4.89%), Power Assets Holdings (4.79%), China Unicom (3.71%), Towngas China (3.19%), Cheung Kong Infrastructure (2.59%), and China Resources Power (2.49%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown of 52.64% in telecommunications services, 41.91% in utilities, 4.19% in construction and decoration, and 1.25% in transportation [1] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [2]

Core Viewpoint - Hong Kong and China Gas Company Limited (HKCG) has signed a strategic cooperation agreement with CIMC Enric Holdings Limited to jointly develop green methanol and hydrogen energy, promoting Hong Kong's green energy transition [1] Group 1: Green Methanol Development - The collaboration will enhance communication and cooperation in areas such as technical cooperation for green methanol, industry standards, and carbon trading compliance [1] - HKCG is the first company in the country to receive ISCC EU and ISCC PLUS international certifications and is engaged in large-scale production of green methanol [1] - The partnership aims to explore new technological applications and promotion of green methanol, leveraging HKCG's comprehensive supply chain network and CIMC Enric's clean energy and maritime business layout [1] Group 2: Hydrogen Energy Projects - HKCG and CIMC Enric have also signed an agreement to expand hydrogen energy project development and application in Hong Kong [1] - Approximately half of the gas supplied by HKCG in Hong Kong consists of hydrogen, supported by an extensive underground gas pipeline network of over 3,700 kilometers [1] - The collaboration will focus on developing efficient hydrogen extraction and storage technologies, expanding hydrogen applications in transportation and charging stations [1] Group 3: Commitment to Clean Energy - HKCG will continue to invest resources in clean energy development, utilizing its advantages and partnerships to align with the national "3060" dual carbon goals and Hong Kong's 2050 carbon neutrality strategy [1]