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 ...

Natural Gas Business - Retail gas sales volume increased by 0.3% to 7,258 million m3[2] - C&I Gas Volume increased by 0.1% to 5,229 mil m3[4] - Residential Gas Volume increased by 1.1% to 1,969 mil m3[4] - The company acquired 12 new projects and added 287 thousand new residential customers[2,4] Integrated Energy (IE) Business - IE sales volume increased by 9.9% to 10,039 million kWh[2,10] - The maximum energy sales potential exceeds 63.95 billion kWh/year[11] - Cumulative photovoltaic capacity reached 1,029 MW, with 299 MW passing investment evaluation in 1Q2025[11] - Cumulative energy storage capacity reached 200 MWh, with 29 MWh passing investment evaluation in 1Q2025[11] - 96 newly contracted factory projects with maximum 594 million kWh energy sales potential per year[14] - 164 newly contracted industrial park projects with maximum 0.72 billion kWh energy sales potential per year[14] Value Added Business - Penetration rate of value-added business reached 3.7% among existing customers and 49.8% among newly acquired customers[2,17] - Revenue generated per household from existing customers increased to RMB338.4/Household[17]