中民控股(00681.HK)中期收入减少约9.84%至12.28亿元 中民控股(00681.HK)：刘晓欣获委任为独立非执 行董事 相关事件 格隆汇8月26日丨中民控股(00681.HK)公告，截至2025年6月30日止6个月中期业绩，收入减少约9.84%至 约人民币12.28亿元(2024年：人民币13.62亿元)，主要由于管道燃气输配业务及罐装燃气供应业务收入 减少。期间溢利约人民币7750万元(2024年：人民币6661万元)，同比2024年同期增加约人民币1089万 元，主要因销售及分销开支以及行政开支减少。本期间每股基本盈利为人民币0.72分(2024年：人民币 0.49分)。董事会不建议派付本期间中期股息(2024年：无)。 ...

Group 1 - The stock price of Honghua Smart Energy (01083) dropped by 7.91% on August 18, reaching HKD 3.96 per share with a trading volume of HKD 5.3587 million [1] - Honghua Smart Energy is a specialized gas investment management group engaged in gas business investment, development, and operation management, serving 11.77 million residential and commercial customers [1] - The company reported a total revenue of HKD 9.518 billion and a net profit of HKD 0.692 billion for the mid-year report of 2025 [2] Group 2 - The main business activities of Honghua Smart Energy include the sale and distribution of pipeline gas, construction of gas pipelines, operation of urban pipeline gas networks, management of gas filling stations, and sales of gas-related equipment [1] - The company is a leading urban pipeline gas operator in mainland China, with annual gas sales of 8.417 billion cubic meters and established 108 holding companies across 19 provinces/regions/municipalities [1]

Group 1 - The company Guangzhou Development announced the convening of its 16th meeting of the 9th Board of Directors on July 30, 2025, via a combination of in-person and video conference [2] - The meeting reviewed the proposal regarding the issuance of ultra-short-term financing bonds [2] Group 2 - For the fiscal year 2024, the revenue composition of Guangzhou Development is as follows: coal accounts for 50.72%, pipeline gas for 19.58%, coal power for 10.36%, gas power for 6.75%, and oil products for 4.21% [2]

Core Viewpoint - Shenzhen Gas Group Co., Ltd. is issuing convertible bonds to unspecified objects, maintaining a stable credit rating of AAA, supported by strong regional market position and backing from the Shenzhen State-owned Assets Supervision and Administration Commission [4][6][11]. Financial Overview - Total assets reached 442.70 billion in 2023, with total liabilities at 269.98 billion, and total debt at 165.65 billion [7]. - Operating revenue for 2023 was 309.29 billion, with a net profit of 16.42 billion [7]. - The EBITDA for 2023 was 37.53 billion, with a cash flow from operating activities of 25.43 billion [7]. Business Performance - The company has a strong regional market position as the sole operator of pipeline gas in Shenzhen, with gas sales volume increasing by 1.27% in 2024 [13][14]. - The gas procurement volume increased by 7.84% in 2024, with a procurement average price decrease of 7.40% [14]. - The company’s gas sales revenue showed a slight increase in 2024, despite a decline in liquid petroleum gas sales due to the "bottle-to-pipe" project [14][24]. Industry Context - The natural gas market is expected to maintain a stable outlook in 2024, with a balanced supply and demand situation supporting profitability for urban gas companies [10][11]. - The photovoltaic industry is facing challenges with supply-demand imbalances, leading to price declines and increased competition, impacting the performance of the company's subsidiary, Swick [10][19]. Strategic Direction - The company aims to optimize its layout and innovate, focusing on a dual business model of gas and clean energy, with plans for high-quality transformation and growth [12][21]. - The company is actively expanding its gas wholesale business and has plans for new projects in the clean energy sector [15][21]. Credit Rating and Monitoring - The credit rating of AAA is maintained based on the company's strong market position and support from the Shenzhen State-owned Assets Supervision and Administration Commission [4][5]. - Regular monitoring and tracking of the company's credit status will continue throughout the bond's lifespan [3][4].

Group 1: Low-altitude Economy Development - The low-altitude economy in Jiande has been thriving, leveraging airports, airspace, and unique natural scenery to create various "low-altitude+" tourism and new scenarios [4] - Jiande plans to accelerate the development of low-altitude "new infrastructure," establishing a comprehensive aviation system including 1 general airport, 1 unmanned system testing base, 2 flight camps, 20 rotorcraft and eVTOL landing points, and 20 drone landing points [4] Group 2: Agricultural Standard Land Construction - Jiande aims to enhance agricultural standard land by integrating the development of standard mountain, water, forest, field, and greenhouse areas, with an addition of over 20,000 acres of agricultural standard land [5] - The "131" project focuses on grain as the foundation, with strawberries, tea, and rural housing as core elements, promoting a coordinated development model of "above ground + on the mountain" [5] Group 3: Outdoor Sports and Campus Football - Jiande is working on a plan to develop a "light extreme sports city," incorporating various activities such as low-altitude parachuting, mountain sports, swimming, and skiing, with 45 light extreme sports projects planned [6] - The city will increase investment in campus football, with a special budget of 1.5 million annually, hiring professional coaches, organizing leagues, and hosting football culture festivals [6] Group 4: Rural Gas Supply and Elderly Care Initiatives - The rural natural gas pipeline has been extended to over 10,000 households, with significant progress in providing clean and efficient gas to 16 towns [7] - Jiande's "Happiness Table" initiative aims to enhance elderly meal services by upgrading 30 underperforming senior dining facilities, ensuring sustainable support through a diversified funding mechanism [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core business in urban gas is experiencing both volume and price increases, while comprehensive energy services are dragging down overall performance [5] - The company reported a revenue of 28.35 billion yuan in 2024, a year-on-year decline of 8.34%, with a net profit attributable to shareholders of 1.46 billion yuan, a slight increase of 1.19% [7] - The first quarter of 2025 saw a revenue of 7.51 billion yuan, a year-on-year increase of 9.48%, but net profit decreased by 15.47% due to reduced profits from smart services and comprehensive energy businesses [7] Financial Performance Summary - The company’s revenue and profit forecasts for 2025-2027 are as follows: - Revenue: 28.48 billion yuan in 2025, 29.02 billion yuan in 2026, and 29.84 billion yuan in 2027, with growth rates of 0.45%, 1.92%, and 2.83% respectively [6] - Net profit: 1.56 billion yuan in 2025, 1.73 billion yuan in 2026, and 2.06 billion yuan in 2027, with growth rates of 6.73%, 11.51%, and 18.55% respectively [6] - Earnings per share (EPS) are projected to be 0.54 yuan in 2025, 0.60 yuan in 2026, and 0.71 yuan in 2027 [6] Business Segment Analysis - Urban gas sales volume reached 4.98 billion cubic meters in 2024, a year-on-year increase of 2.78%, with significant growth in the Greater Bay Area [7] - The comprehensive energy segment's revenue fell by 27.01% in 2024, primarily due to declining sales prices of photovoltaic films [7] - The company has signed a long-term gas supply agreement with PetroChina for 9.69 billion cubic meters, enhancing its gas supply capabilities [7] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 12.69 for 2025, decreasing to 9.00 by 2027 [9] - The return on equity (ROE) is expected to stabilize around 9.36% for 2025 and increase to 10.74% by 2027 [9]