研究员：王璐/朱赫 中国燃气发布1H FY2025/26 业绩。1H FY2025/26 公司实现营业收入 344.81 亿港元，同比下降1.8%；归 属于上市公司股东的净利润 13.34 亿港元，同比下跌24.2%，低于我们的预期，主要系新增接驳用户减 少及工业用气增速下滑等。公司自由现金流为26.0 亿港元，同比增长17.2%。公司拟派中期股息每股 0.15 港元，同比持平。 机构：申万宏源研究 公司天然气零售销量同比下降，毛差同比小幅下降。1H FY2025/26，公司天然气售气量174.1 亿m^3， 同比增长1.7%，其中城镇燃气销气量91.9 亿m^3，同比下跌1.5%，同比下跌的原因主要系工商业用气需 求同比下滑，工业用气受钢铁、建材等行业下滑拖累，上半财年同比下跌1.1%，商业用气同样受宏观 环境影响下跌2.2%。管输与贸易气量方面，上半财年公司销气量82.2 亿m3，同比提升5.4%。 1H FY2025/26 零售气毛差为0.58 元/m3，同比下跌0.01 元/m3，主要系高毛差工商用气下滑导致毛差结 构性下降。展望下半财年，在去年暖冬低基数基础上，公司销气增速有望实现反弹。同时国际LN ...

上 市 公 司 公用事业 2025 年 12 月 01 日 中国燃气 (00384) | 市场数据： | 2025 年 11 月 28 日 | | --- | --- | | 收盘价（港币） | 8.60 | | 恒生中国企业指数 | 9130.18 | | 52 周最高/最低（港币） | 8.85/5.97 | | H 股市值（亿港币） | 468.54 | | 流通 H 股（百万股） | 5,448.15 | | 汇率（港币/人民币） | 0.9100 | 一年内股价与基准指数对比走势： -3% 17% 37% 57% 11/28 12/28 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 HSCEI 中国燃气 资料来源：Bloomberg 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com —— 气量毛差承压 自由现金流再创新 ...

Core Viewpoint - Zhongyu Energy is focusing on value-added services as a strategic pivot to extract incremental value from existing resources, enhancing user experience and quality of life through a 24/7 offline service network [1] Group 1: Event Launch and Objectives - The "Zhongyu Carnival" value-added business sales competition was launched on July 12, 2023, in Daisan, Zhejiang, marking the beginning of a focused initiative on value-added business breakthroughs [1] - The event gathered over 130 participants, including executives from the headquarters and 42 subsidiaries, to discuss the development blueprint for value-added services [2] - The competition aims for a sales target of 250 million yuan, focusing on three core areas: home decoration, gas appliances, and insurance [2] Group 2: Leadership Insights and Strategic Importance - President Peng Jun emphasized the critical role of value-added services in achieving the group's annual goals, calling for enhanced support from the customer service and smart technology divisions [6] - The company aims to break down business barriers and foster collaboration among subsidiaries to achieve the sales target, with a two-month timeline for the competition [6] - The launch of the "Zhongyu Carnival" competition reflects the company's commitment to innovative services and collaborative efforts to overcome growth challenges [6]