快查APP显示，香港中华煤气相关公司深圳市燃气集团股份有限公司于2025年9月23日发布一则招标信 息，项目名称为龙华能源生态园项目配套燃气管道工程-浪荣路，预算金额为477.54万元。 快查股权穿透数据显示，该公司由香港中华煤气持股，出资比例为16.36%。 来源：市场资讯 （来源：快查一企业中标了） ...

王宏志局长对李家杰博士一行的到访表示欢迎，也对公司在能源科技创新、绿色低碳发展等方面取得的成绩给予了肯定，并表示国家能源局将积极贯彻"一 国两制"方针、粤港澳大湾区发展规划和相关政策，支持在发展能源新质生产力方面的探索和业务发展。集团规划契合国家能源发展理念，未来双方将加强 沟通交流，共同为香港、内地能源绿色转型作出贡献。 李家杰博士率领香港中华煤气执行董事暨首席投资总裁、怡斯莱(EcoCeres)联合主席陈英龙，及香港中华煤气高级副总裁暨北京代表处首席代表谷静等高级 管理层代表，前往国家能源局拜会王宏志局长及科技司、新能源司、国际司主要负责人。李家杰博士对国家能源局局长拨冗接待以及对集团能源业务给予的 宝贵指导和大力支持表示诚挚感谢，随後陈英龙介绍了集团内地业务的最新进展、成果以及发展计划，并就助力国家双碳战略及能源转型的探索寻求指导。 9月15日下午，香港中华煤气主席李家杰博士率团拜会国家能源局局长王宏志。双方就集团如何通过发展新质生产力更好融入国家能源发展大局，包括推动 能源转型、科技创新和绿色发展等议题进行了深入交流。 香港中华煤气作为香港历史最悠久、规模最大的综合能源企业将继续和国家能源局加强交流与 ...

(Incorporated in Hong Kong under the Companies Ordinance with limited liability) ( 根據公司條例在香港註冊成立之有限公司 ) (Stock Code 股份代號: 3) 23rd September 2025 Dear Non-registered Holders (Note 1) , The Hong Kong and China Gas Company Limited (the "Company") - Publication of 2025 Interim Report (the "Current Corporate Communications") Please be informed that the English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.towngas.com and the HKEXnews website ...

(Incorporated in Hong Kong under the Companies Ordinance with limited liability) 根據公司條例在香港註冊成立之有限公司 ) (Stock Code 股份代號: 3) 23rd September 2025 Dear Shareholders, The Hong Kong and China Gas Company Limited (the "Company") - Publication of 2025 Interim Report (the "Current Corporate Communications") Please be informed that the English and Chinese versions of the Company's Current Corporate Communications are available on t he Company's website at www.towngas.com and the HKEXnews website at www.hkexnews.hk, o ...

智慧 燃展未來 公司資料 2025 中期報告 （股份代號：3） 董事會 非執行董事 李家傑（主席） 李家誠（主席） 林高演 馮孝忠 獨立非執行董事 李國寶 潘宗光 鄭慕智 黃慧群 執行董事 黃維義（常務董事） 楊磊明（首席財務總裁） 陳英龍（首席投資總裁） 公司秘書 黃麗堅 審核及風險委員會 李國寶（主席） 潘宗光 鄭慕智 黃慧群 薪酬委員會 李國寶（主席） 李家傑 李家誠 潘宗光 鄭慕智 黃慧群 提名委員會 李家傑（主席） 李家誠（主席） 李國寶 潘宗光 鄭慕智 黃慧群 環境、社會及管治委員會 黃維義（主席） 鄭慕智 黃慧群 楊磊明 註冊辦事處 香港北角 渣華道363 號23 樓 公司網址 www.towngas.com 股份登記處 香港中央證券登記有限公司 香港灣仔皇后大道東183 號 合和中心17 樓1712-1716 舖 電話號碼： 2862 8555 傳真號碼： 2865 0990 核數師 羅兵咸永道會計師事務所 執業會計師及註冊公眾利益實體核數師 香港中環 太子大廈22 樓 投資者關係 集團投資者關係部 電話號碼： 2963 2739 傳真號碼： 2911 9005 電郵地址： invrelati ...

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: | 香港中華煤氣有限公司 | | | 呈交日期: | 2025年9月2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 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 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 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 7.63 [1][7]. Core Insights - The company focuses on extending its business and optimizing its gas supply structure, leveraging its advantages in the Hong Kong market while exploring potential in mainland China [1][2]. - The company plans to enhance its B2C operations and digitalization by introducing strategic investments, aiming to expand its customer base in mainland China [2]. - The gas supply structure is being optimized to reduce costs and increase flexibility, with a focus on increasing the proportion of unconventional and spot gas [3]. - The company holds a monopolistic position in the Hong Kong market, which significantly contributes to its profits compared to its mainland operations [4]. - Although the mainland business faces short-term challenges, the extended business is expected to be a long-term growth driver [5]. Summary by Sections Business Expansion and Strategy - The management aims to strengthen its extended business operations by collaborating with strategic investors, focusing on customer expansion before exploring cross-regional and multi-brand sales [2]. Gas Supply Optimization - The company plans to increase the share of unconventional and spot gas in its supply mix, currently dominated by the three major oil companies, to optimize costs [3]. Market Position and Profitability - The company enjoys a strong competitive advantage in the Hong Kong market, with a flexible pricing mechanism that allows for quick adjustments based on fuel costs [4]. - The profit contribution from Hong Kong's gas sales significantly exceeds that from mainland operations, highlighting the importance of the Hong Kong market to the company's overall profitability [4]. Mainland Business Outlook - The growth in the mainland commercial gas market is currently under pressure, but the extended business model has the potential to drive long-term growth as it expands its customer coverage [5]. Financial Projections - The company maintains its profit forecasts for the years 2025 to 2027, projecting a compound annual growth rate (CAGR) of 6% for net profit [6].

Core Viewpoint - Hong Kong and Mainland gas sales remain stable, with core profits steadily increasing after excluding exchange rate impacts, supporting a "buy" rating for the company [5] Group 1: Financial Performance - Hong Kong Chinese Gas reported a revenue of HKD 27.514 billion for the first half of 2025, a year-on-year increase of 0.1%, and a net profit attributable to shareholders of HKD 2.964 billion, a decrease of 2.5% year-on-year, but a 5% increase when excluding exchange rate impacts [1] - The company plans to distribute an interim dividend of HKD 0.12 per share, maintaining an annual dividend of HKD 0.35 per share, resulting in a dividend yield of 4.97% based on the closing price on August 20 [1] Group 2: Hong Kong Operations - In the first half of 2025, Hong Kong gas sales volume was 14,935 TJ, remaining stable year-on-year, with residential gas usage increasing to offset the negative impact of residents consuming gas in mainland China [1] - The company increased maintenance fees and basic pricing, enhancing profitability in the Hong Kong gas business, with after-tax operating profit rising 6% to HKD 2.15 billion [1] - The Hong Kong government is accelerating the development of the Northern Metropolis, which is expected to increase gas sales potential to 5,500 TJ, providing long-term growth momentum for the gas business [1] Group 3: Mainland Operations - In the first half of 2025, the total gas sales volume in Mainland China was 18.58 billion cubic meters, a slight decrease of 0.3% year-on-year, with industrial and residential increases offsetting declines in commercial and distribution sectors [2] - The gross margin for city gas sales was HKD 0.54 per cubic meter, an increase of HKD 0.04 per cubic meter, with residential gas prices rising despite a decrease in average costs [2] - The company is effectively controlling the decline in connection business by expanding into rural and old urban areas, with a slight decrease of 5% in completed residential connections [2] Group 4: Extended Business and Renewable Energy - The after-tax profit from extended businesses reached HKD 250 million in the first half of 2025, a year-on-year increase of 39%, focusing on smart kitchens, insurance, and home safety [3] - The company’s photovoltaic power generation increased by 44% to 1.18 billion kWh, with net profits from photovoltaic business and asset management totaling HKD 172 million [4] - The green fuel business faced challenges with a tax-adjusted operating profit of -HKD 190 million, primarily due to low prices for SAF, but future production capacity for green methanol is expected to reach 300,000 tons per year by 2028 [4]

Core Viewpoint - Hong Kong and mainland gas companies are experiencing stable gas sales, but growth in mainland city gas sales is slowing down, with potential for price margin recovery diminishing. The company maintains a clear dividend policy and has growth potential in renewable and green energy sectors [1][2]. Group 1: Hong Kong Gas Performance - Hong Kong China Gas reported 1H25 revenue of HKD 27.5 billion, flat year-on-year; core profit was HKD 3.08 billion, down 3% year-on-year; net profit attributable to shareholders was HKD 2.96 billion, also down 3% year-on-year [1]. - Gas sales in Hong Kong remained stable at 14,935 TJ in 1H25, with residential gas volume up 2.5% due to a 0.8°C decrease in average temperature; commercial gas volume decreased by 2.3% due to changes in tourism patterns [1]. - The company expects gas sales in Hong Kong to remain flat in 2025, benefiting from a well-established pricing mechanism, with an anticipated EBITDA margin of around 52% [1]. Group 2: Mainland City Gas Performance - The company’s city gas sales volume reached 18.58 billion cubic meters in 1H25, essentially flat year-on-year; industrial gas volume remained stable, while commercial gas volume decreased due to warm winter effects [2]. - The city gas price margin was CNY 0.54 per cubic meter in 1H25, up 0.04 CNY year-on-year; the cost of gas purchase decreased by CNY 0.06 per cubic meter due to optimized self-sourced gas [2]. - The company anticipates that the price margin recovery will converge to CNY 0.02 per cubic meter in 2025, despite an expected expansion in pricing mechanisms [2]. Group 3: Renewable and Green Energy Potential - The company’s renewable energy business net profit reached HKD 116 million in 1H25, up 6% year-on-year; the shift towards a light-asset strategy is expected to drive growth in carbon services and asset management sales from 2025 to 2027 [2]. - The green energy business, including green methanol and SAF, is solidifying its production capacity, with a collaboration on green methanol with Fuan Energy and a SAF plant in Malaysia expected to begin trial production in September [2]. Group 4: Financial Adjustments and Target Price - The company adjusted its net profit forecasts for 2025-2027 to HKD 6.03 billion, HKD 6.46 billion, and HKD 6.79 billion, reflecting a three-year CAGR of 6% [2]. - The target price has been raised to HKD 7.63, up from HKD 7.04, based on a 2.5x PB for 2025, considering the potential of renewable energy and green fuel business [2].

Core Viewpoint - Daiwa has revised its earnings forecast for Hong Kong and China Gas (00003) for the fiscal years 2025 to 2026, lowering the per-share earnings estimate by 1% to 9%, while introducing a forecast for fiscal year 2027 and raising the 12-month target price for gas from HKD 6.1 to HKD 7.1, maintaining a "Hold" rating [1] Financial Performance - Hong Kong and China Gas reported a core profit of HKD 3.084 billion for the first half of the year, representing a year-on-year decline of 3%, primarily due to weak pricing from renewable fuel producer EcoCeres' sustainable aviation fuel (SAF) [1] - The after-tax net operating profit increased by 3% year-on-year, but core profit decreased by 3%, mainly impacted by foreign exchange factors that resulted in an increase of HKD 213 million in financial expenses [1] - The interim dividend per share is HKD 0.12, unchanged from the same period last year [1] - The performance for the first half of 2025 and the revised guidance align with Daiwa's expectations [1]