机构：长江证券 综合毛差：中国燃气毛差从2017-2020 年0.61-0.62 元/立方米的稳定水平快速下降至2022 年的低谷，之 后随着采购成本的下降和居民气价的上涨，毛差逐渐恢复。 上半财年平均采购价2.63 元/立方米，同比持平；平均毛差0.58 元/立方米，同比微降0.01 元/立方米。全 财年指引毛差维持0.55 元/立方米不变。 接驳工程：上半财年公司新增接驳居民户数约67.63 万户，同比下降25.2%，全财年指引新增100-120 万 户维持不变（去年实际新增约140 万户）。接驳和工程施工的分部业绩占比下降至16.0%，后续接驳户 数的下降预计对业绩的拖累减弱。 中国燃气发布2025/26 财年中期业绩，公司实现营收344.8 亿港元，同比下降1.8%；归母净利润13.34 亿 港元，同比降24.2%；上半财年每股股息0.15 港元，同比持平。 事件评论 公司总售气量微增1.7%，居民顺价继续推进。上半财年分板块来看，天然气销售营收203.8 亿港元，同 比增3.8%；工程设计施工与安装营收31.6 亿港元，同比降5.2%；液化石油气销售营收83.8 亿港元，同 比降12.3%；增值服务 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of HKD 34.48 billion for the first half of the 2025/26 fiscal year, a decrease of 1.8% year-on-year. The net profit attributable to shareholders was HKD 1.334 billion, down 24.2% year-on-year. Free cash flow reached HKD 2.6 billion, an increase of approximately 17% year-on-year. The interim dividend per share remained unchanged at HKD 0.15 [2][4]. Summary by Sections Revenue and Profitability - The total gas sales volume increased by 1.7%, with natural gas sales revenue at HKD 20.38 billion, up 3.8% year-on-year. However, engineering design and installation revenue decreased by 5.2% to HKD 3.16 billion, and liquefied petroleum gas sales revenue fell by 12.3% to HKD 8.38 billion [7]. - The average procurement price for gas was HKD 2.63 per cubic meter, unchanged year-on-year, while the average gross margin was HKD 0.58 per cubic meter, a slight decrease of HKD 0.01 year-on-year [7]. Customer Pricing and Sales - As of September 2025, the cumulative proportion of residential gas price adjustments reached approximately 74%, with residential gas prices increasing from HKD 2.56 per cubic meter in the 2021/22 fiscal year to HKD 2.87 per cubic meter in the 2025/26 fiscal year [7]. - The average industrial customer gas price was HKD 3.28 per cubic meter, slightly down by HKD 0.02 year-on-year, while the commercial customer gas price was HKD 3.49 per cubic meter, a slight increase of HKD 0.03 year-on-year [7]. Cash Flow and Dividends - The company achieved a free cash flow of HKD 2.6 billion, reflecting a year-on-year increase of approximately 17%. The expected annual dividend per share is maintained at HKD 0.50, resulting in a current dividend yield of approximately 5.84% [7]. - The financing cost has decreased, with the average financing cost dropping from 3.84% in the previous fiscal year to 3.39% [7]. Customer Connections - The company added approximately 676,300 new residential connections in the first half of the fiscal year, a decrease of 25.2% year-on-year. The full-year guidance for new connections remains unchanged at 1 to 1.2 million [7]. - The performance contribution from connection and engineering segments has decreased to 16.0% [7]. Value-Added Services - The value-added services segment generated approximately HKD 1.015 billion in revenue, accounting for 30.0% of total revenue, with a year-on-year increase of 1.3% [7].