25H1 国内业务稳增，海外转售利润回落，利润结构持续改善。2025H1公司核心利润32.2 亿元，同 比-1.2%，符合市场预期，利润下滑主要系海外LNG 销售利润回落。国内业务核心利润31.0 亿元，同比 +0.7%，海外LNG 销售相关利润1.2 亿元，同比-33.8%。2025H1 分业务来看： 事件：2025/8/27 公司发布2025 年中期业绩公告。2025 年上半年公司实现营业收入556.7 亿元，同比 +2.0%，股东应占溢利24.3 亿元，同比-5.6%；核心利润32.2 亿元，同比-1.2%。2025 年上半年每股派息 0.65 港元，同比持平，核心利润派息比例21%。 机构：东吴证券 研究员：袁理/谷玥 1）天然气零售：毛利30.92 亿元，同比-1.5%；含联营、合营企业后毛利同比+2.3%；气量同比+1.9%至 129.5 亿方（工商业同比+2.4%至97.9亿方，居民同比+1.3%至30.4 亿方）；价差保持0.54 元/方，累计居 民顺价比例提升至 64%。2025Q1 暖冬影响国内采暖用气需求、2025M2 起关税扰动下工业需求偏弱， 公司2025H1 零售气量增速比我们预期 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's domestic business is steadily growing, while the privatization process is progressing smoothly [1] - The core profit for the first half of 2025 is reported at 3.22 billion, a year-on-year decrease of 1.2%, primarily due to a decline in overseas LNG sales profits [1] - The privatization pricing reflects a significant value reassessment opportunity, with an implied share price of 80 HKD, indicating a 27% upside from the current closing price [1] Financial Performance Summary - Total revenue for 2023 is projected at 114.18 billion, with a year-on-year growth of 3.46% [1] - The net profit attributable to shareholders for 2023 is estimated at 6.82 billion, reflecting a year-on-year increase of 16.21% [1] - The earnings per share (EPS) for 2023 is expected to be 6.03, with a price-to-earnings (P/E) ratio of 9.58 [1] Business Segment Analysis - Domestic natural gas retail shows a gross profit of 3.092 billion, with a slight year-on-year decrease of 1.5% [1] - The connection business has a gross profit of 820 million, with new residential connections down by 10.7% [1] - The energy business reports a gross profit of 1.09 billion, with installed capacity increasing by 8.5% year-on-year [1] - The smart home business has a gross profit of 1.47 billion, with an increase in average customer spending [1] Privatization Details - The privatization plan involves a total transaction value of 59.924 billion HKD, with a share payment of 41.572 billion HKD and cash payment of 18.352 billion HKD [1] - The transaction is expected to complete with New Hope Holdings becoming the sole owner of the company [1]