股价大跌！中国燃气，最新业绩出炉

Group 1: China Gas Performance - China Gas reported a revenue of HKD 34.481 billion for the six months ending September 30, 2025, a year-on-year decrease of 1.8% [3] - The company's gross profit was HKD 5.506 billion, down 6.0% year-on-year, and the net profit attributable to shareholders was HKD 1.334 billion, reflecting a decline of 24.2% [3] - The company connected 676,300 new residential users during the first half of the fiscal year, a decrease of approximately 25.2% compared to the same period last year [4] Group 2: Industry Challenges - The domestic natural gas consumption in China saw a slight decline of 0.2% year-on-year, totaling 317.75 billion cubic meters from January to September [3] - The ongoing downturn in the real estate market has led to a continuous decline in new housing starts and completions, impacting the development of new users in the gas industry [4] - China Gas is actively participating in the national initiative for urban gas pipeline upgrades and is pushing for reforms in the natural gas pricing mechanism to alleviate cost pressures [3] Group 3: China Water Performance - China Water reported a revenue of HKD 5.183 billion for the six months ending September 30, 2025, down 12.9% from HKD 5.953 billion in the same period last year [5] - The profit attributable to shareholders was HKD 571 million, a decrease from HKD 756 million year-on-year [5] - The company's revenue from urban water supply and pipeline drinking water supply segments decreased significantly, with urban water supply revenue falling by 13.1% to HKD 3.271 billion [7] Group 4: Strategic Adjustments - China Water is optimizing its development strategy to focus on core business project management, leading to a slowdown in construction activities and related revenue [7] - The environmental protection segment saw an increase in revenue by 8.7% year-on-year, primarily due to increased operational services from wastewater treatment projects [7] - The company is expected to benefit from the current pricing adjustment cycle, which may lead to a recovery in profitability [8]