HK & CHINA GAS (00003) announced its interim results for 2025, reporting revenue of HK$27.514 billion, representing a year-on-year increase of 0.07%. After-tax operating profit reached HK$3.996 billion, up 2.86% compared to the same period last year. Profit attributable to shareholders was HK$2.964 billion, down 2.5% year-on-year. Basic earnings per share stood at 15.9 HK cents, with an interim dividend of 12 HK cents per share.
In the Hong Kong utilities business, lower average temperatures in the first half of the year compared to the same period last year drove growth in residential gas sales. The Group completed gas application facilities for multiple Grade A commercial buildings, sports venues, hotels, and hospitals during the period. Combined with the robust recovery of the tourism industry, overall gas sales volume in Hong Kong remained stable during the period. The Group steadily advanced the commercialization of hydrogen energy, including on-site hydrogen supply and hydrogen charging projects, which are expected to become new drivers of future profit growth.
For the mainland utilities business, despite challenges from tariff issues, economic conditions, and warm winter weather in northern regions, city gas sales volume remained stable. Through price pass-through mechanisms, refined management, and actively establishing close cooperative relationships with upstream gas suppliers, the gas business maintained stable profits. The comprehensive price differential for city gas increased by 4 cents RMB per cubic meter to 0.54 RMB per cubic meter.
In the renewable energy business, the Group's subsidiary Towngas Smart Energy Company Limited achieved core profit growth of 2% to HK$719 million. As of June 30, 2025, cumulative photovoltaic grid connections reached 2.6 gigawatts, with industrial and commercial energy storage accumulating 260 megawatt-hours of grid connections. The Group continues to vigorously promote an integrated carbon reduction business model of "photovoltaic + energy storage + electricity sales" to further enhance business profitability.
The green methanol business achieved breakthrough progress. During the period, the company established VENEX as a joint venture with Foshan Gas Energy, planning to set up production facilities in Foshan with first-phase annual capacity of 200,000 tons, expected to commence production in the second half of 2027. The Group collaborates with the Hong Kong SAR Government and industry partners on strategic cooperation in green methanol production, storage, transportation, bunkering, and trading to advance the construction of Hong Kong's green shipping fuel hub.