Ge Long Hui·2025-08-20 11:58Core Viewpoint - The Hong Kong stock market has shown a "slow bull" trend since 2025, with the Hang Seng Index rising 25.45% year-to-date, entering a technical bull market, driven by the "AI+" technology narrative, while the utility sector attracts long-term capital due to its high dividends and stable growth [1] Group 1: Gas Business Performance - The gas business of Hong Kong and mainland China has shown steady performance in the first half of 2025, with Hong Kong's gas sales remaining stable despite external challenges [2][3] - Hong Kong and mainland gas operations have maintained stability, with Hong Kong's gas sales benefiting from a solid customer base and the development of the Northern Metropolis, which is expected to increase gas demand significantly [3][4] - In mainland China, despite a 0.9% year-on-year decline in natural gas consumption, the company managed to keep sales volume stable and improve gross margin by 0.04 RMB per cubic meter [4][5] Group 2: Supply Chain and Resource Management - The company has made significant progress in integrating supply chain resources, securing long-term gas supply contracts totaling 15 billion cubic meters per year and establishing a robust storage and peak-shaving infrastructure [6][7] - The integration of supply chain resources enhances the company's bargaining power and ability to meet customer demands effectively [7] Group 3: Diversified Business Development - The company has expanded its business model beyond traditional gas supply, launching the "Mingqi Home" brand to offer smart kitchen solutions, which saw a 25% year-on-year increase in sales due to government subsidies [9] - The company is actively developing renewable energy, achieving 2.6 GW of cumulative photovoltaic grid connection and a 44% year-on-year increase in photovoltaic power generation in the first half of 2025 [10] - The company is also focusing on energy storage solutions and has initiated projects to enhance its energy management capabilities, including a partnership for a sulfur-based liquid flow battery storage system [11] Group 4: Green Fuel Initiatives - The company is investing in green methanol production, with plans to reach a capacity of 30,000 tons by 2028, and has successfully completed large-scale green methanol refueling operations [13][15] - The company is also involved in hydrogen energy projects, including a green hydrogen initiative expected to supply households by 2026, and has established partnerships to develop sustainable aviation fuel (SAF) [14][15] Conclusion - The company's dual-driven model of relying on a stable traditional business while innovating in new growth areas demonstrates strong resilience and adaptability in the face of market fluctuations, providing a valuable reference for sustainable development in the energy sector [15][16]