Zhi Tong Cai Jing·2025-09-01 10:16Core Viewpoint - DBS reported that China Resources Gas (01193) experienced a 30.5% year-on-year decline in net profit for the first half of the year, falling short of expectations, primarily due to weak new connection volumes and sluggish comprehensive service operations [1] Financial Performance - The company's net profit dropped by 30.5% year-on-year, indicating significant underperformance against market expectations [1] - The forecast for comprehensive service revenue is expected to show negative growth as the company adjusts its development strategy [1] Market Conditions - The ongoing sluggish real estate market continues to suppress new connection demand, impacting overall performance [1] Earnings Forecast - Earnings forecasts for 2025 and 2026 have been revised downwards by 6% and 12% respectively, reflecting a cautious outlook [1] Investment Rating - Based on a prudent outlook, the rating is maintained at "Hold," with the target price adjusted from HKD 24.3 to HKD 20.5 [1] - The stock is still considered to offer an attractive dividend yield of over 5% [1]