近日，部分港股公用事业板块公司在业绩公布后，引发股价出现明显下跌。 12月1日，中国燃气（00384.HK）低开3.49%后，持续低迷震荡，盘中最大跌幅近6%。股价下跌主要因为公司公布的上半财年的营收和净利润均 出现下降，盈利能力的弱化仍引发市场担忧。 近日，中国燃气发布截至2025年9月30日止6个月的中期业绩。报告期内，公司营收为344.81亿港元，同比减少1.8%；毛利为55.06亿港元，同比 下降6.0%；归母净利润为13.34亿港元，同比下降24.2%。 中金公司12月1日就中国燃气发布研报称，上半财年，公司居民接驳户数同比下降25.2%致业绩承压，但自由现金流改善明显，投资性现金流出 减少9.4亿港元，管理层指引下半年财年气量增速修复，全年气量同比有望恢复至0—2%，股息分配稳定可期。 中国水务中期业绩下滑 无独有偶，港股公用事业板块中的中国水务（00855.HK）中期业绩也出现明显下滑。 中国水务发布的中期业绩公告显示，截至2025年9月30日止6个月，中国水务收益为51.83亿港元，上年同期为59.53亿港元，减幅为12.9%；公司 拥有人应占本期间溢利为5.71亿港元，上年同期为7.56亿港 ...

12月1日，中国燃气（00384.HK）低开3.49%后，持续低迷震荡，盘中最大跌幅近6%。股价下跌主要因为公司公布的上半财年的营收和净利润均 出现下降，盈利能力的弱化仍引发市场担忧。 中国燃气营收和利润双降 近日，中国燃气发布截至2025年9月30日止6个月的中期业绩。报告期内，公司营收为344.81亿港元，同比减少1.8%；毛利为55.06亿港元，同比 下降6.0%；归母净利润为13.34亿港元，同比下降24.2%。 近日，部分港股公用事业板块公司在业绩公布后，引发股价出现明显下跌。 该业绩发布后，中国水务11月28日的股价跌近4%，12月1日的股价有所企稳。 中国燃气是中国最大的跨区域综合能源供应及服务企业之一，通过二十余年的发展，中国燃气成功构建了以管道天然气业务为主导，液化石油 气、液化天然气、智慧能源服务、燃气设备及厨房用具、网格私域"店商"新零售并举的全业态发展结构。 在管理层讨论与分析中，中国燃气表示，国内燃气行业在政策支持与市场挑战并存的环境下迎来深刻变革，集团主动参与国家推进城镇燃气管 道更新改造的基础建设工作，同时积极推动深化天然气价格机制改革，持续助力完善居民气价联动机制，夯实非居民气 ...

Core Viewpoint - Recent performance reports from certain Hong Kong utility companies, particularly China Gas, have led to significant declines in their stock prices due to decreased revenue and profit, raising market concerns about their profitability [1][4]. Group 1: China Gas Performance - For the six months ending September 30, 2025, China Gas reported revenue of HKD 34.481 billion, a year-on-year decrease of 1.8%, and a net profit of HKD 1.334 billion, down 24.2% [4]. - The company has established a comprehensive energy supply structure, primarily focusing on pipeline natural gas, liquefied petroleum gas, and smart energy services [4]. - The domestic natural gas consumption faced challenges, with a slight decline of 0.2% year-on-year to 317.75 billion cubic meters from January to September [4]. - China Gas connected 676,300 new residential users during the first half of the fiscal year, a decrease of approximately 25.2% compared to the previous year [5]. Group 2: China Water Performance - China Water reported 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 [7][10]. - The company's profit attributable to shareholders was HKD 571 million, a decrease from HKD 756 million year-on-year [7]. - The decline in revenue was attributed to a strategic shift towards optimizing project management and prioritizing high-return projects, leading to a slowdown in construction activities [10]. - The urban water supply segment generated revenue of HKD 3.271 billion, down 13.1% year-on-year, while the pipeline drinking water supply segment saw a revenue drop of 28.3% [10][11].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report anticipates a cooling trend in late August, leading to a decline in US gas prices and a slow recovery in demand, with domestic gas prices also expected to decrease [1][10] - The supply-demand analysis indicates a slight increase in total gas supply and demand in the US, with a week-on-week supply increase of 0.2% and a demand increase of 5.2% [17] - Domestic gas consumption has shown a slight year-on-year decline, attributed to warmer winter conditions affecting heating demand [30] Summary by Sections Price Tracking - As of August 15, 2025, US HH gas prices decreased by 8.9%, while domestic LNG prices fell by 1.1% [10][15] - The report highlights a slight price inversion between domestic and international gas prices [10] Supply and Demand Analysis - The average total gas supply in the US increased to 1,121 billion cubic feet per day, with a year-on-year increase of 4% [17] - Domestic gas apparent consumption decreased by 0.2% year-on-year to 2,103 billion cubic feet, while production increased by 5.9% to 1,308 billion cubic feet [30] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 64% of cities having undergone residential pricing adjustments, indicating potential for profit recovery for city gas companies [39] Important Announcements - The report notes the implementation of a new pricing mechanism for provincial gas pipeline transportation, aimed at reducing costs and promoting industry development [53][54] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the evolving pricing mechanisms, highlighting key companies such as Xinao Energy and China Gas [56]