China Resources Gas Group Ltd

01193: XHKG (HKG)

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China Resources Gas Faces Subdued Sales Volumes and Near-Term Dollar Margin Pressure

Chokwai Lee

Nov 2, 2026

Business Strategy and Outlook

China Resources Gas Group is a state-owned gas utilities group in China engaging in downstream city gas distribution. China’s goal to increase gas usage to 15% of the country’s energy sources by 2030 will continue to encourage long-term demand growth, in our view. We project CRG’s natural gas sales volume to grow at a 3.0% CAGR during 2025-30.

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China Resources Gas Group Ltd

China Resources Gas Faces Subdued Sales Volumes and Near-Term Dollar Margin Pressure

Business Strategy and Outlook

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