Ge Long Hui·2025-08-20 09:12Core Viewpoint - Hong Kong and China Gas Company Limited reported a stable performance in its mid-term results, with a slight increase in operational profit and a focus on expanding its renewable energy and hydrogen business segments [1][3][4]. Group 1: Financial Performance - The group's revenue reached HKD 27.514 billion, with a 3% increase in post-tax operating profit to HKD 3.996 billion [1]. - Shareholders' profit decreased by 3% to HKD 2.964 billion after accounting for non-operating gains and losses [1]. - Core business profit, excluding foreign exchange losses, increased by 4% [1]. Group 2: Utility Business in Hong Kong - The average temperature in Hong Kong was lower than the previous year, leading to an increase in residential gas sales [3]. - The overall gas sales volume in Hong Kong remained stable, supported by the recovery of the tourism industry and the completion of gas application facilities in various sectors [3]. - The company is advancing its hydrogen commercialization efforts, including hydrogen supply for construction sites and charging projects, which are expected to drive future profit growth [3]. Group 3: Utility Business in Mainland China - Despite challenges such as tariff issues and a warm winter, the urban gas sales volume remained stable [3]. - The gas business profit was stable, with the comprehensive price difference for urban gas increasing by 4 cents RMB per cubic meter to RMB 0.54 per cubic meter [3]. Group 4: Renewable Energy Business - The core profit of Honghua Smart Energy Limited grew by 2% to HKD 719 million, with cumulative photovoltaic grid connection reaching 2.6 GW and commercial energy storage at 260 MWh as of June 30, 2025 [3]. - The company is promoting an integrated decarbonization business model of "photovoltaics + energy storage + electricity sales" to enhance profitability [3]. Group 5: Green Methanol and Sustainable Aviation Fuel - The green methanol business made significant progress with a joint venture established with Fuan Energy to produce 200,000 tons annually, expected to commence production in the second half of 2027 [4]. - The company is collaborating with the Hong Kong government and industry partners to develop a green shipping fuel hub and is expanding into the sustainable aviation fuel market, with a long-term supply agreement with British Airways [4]. Group 6: Business Integration and Innovation - The company successfully merged its Hong Kong and mainland operations and is leveraging its 45 million user base to introduce innovative products and services [4]. - The company secured USD 45 million in financing to support its strategic goals amid ongoing global economic challenges [4]. Group 7: Dividend - The company maintained an interim dividend of HKD 0.12 per share [5].