中泰国际报告中提到，天伦燃气立足河南，并加强注重二三线地市地区，包括陕西、甘肃、青海、四 川、云南、吉林等，照顾当地基础及战略性产业例如稀土、化工、金属、建材对天然气的刚性需求。此 外公司减少对于居民用户接驳业务的依赖，降低房地产市场波动对盈利的影响。该机构预计，天然气零 售收入将由FY24的50.4亿元(人民币，下同)上升至FY27的63.4亿元，期内CAGR为7.9%。 增值业务上，天伦燃气把握城市更新机会，积极发展增值业务，例如智慧厨房改造、燃气具销售、及相 关保险。FY24增值业务收入为4.2亿元，同比快速增长14.3%，而毛利率更高达约49%，高于公司总毛率 17.2%。与此同时，中泰国际提到，公司推动高分红政策。全年核心利润分红比率由FY23的30.0%上升 至FY24的33.0%。公司目标FY25可提升至35.0%。 此外，公司顺价机制(指销售价格与采购成本的及时联动)逐渐有效运行，例如FY24综合销气价差为0.47 元/方，与FY23的0.48元/方相若。顺价机制有效运行，叠加上述工业供气的扩展，预计毛利益将由FY24 的17.2%下跌至FY25的16.9%，但其后回升至FY27的17.2%。 ...

随着全球可持续发展理念的深化，ESG已成为资本市场衡量企业长期价值的关键指标，市场对ESG的关注度持续攀升。 在这一背景下，天伦燃气凭借其在ESG领域的卓越表现，于2025年7月4日在格隆汇金格奖评选活动中荣膺"ESG社会责任卓越企业"和"ESG卓越IR团队"两项 大奖。 这不仅是对天伦燃气长期践行ESG理念的认可，更是对其在践行绿色低碳发展和社会责任方面引领作用的肯定。 作为国内城市燃气行业的先行者，天伦燃气通过系统性ESG管理，将低碳发展、安全运营与社会责任深度融合，实现了企业自身的高质量发展，同时为行业 树立了标杆。 一、全方位践行ESG理念 天伦燃气能做到这一点，关键在于其将ESG理念深度融入业务核心，以国家"双碳"目标和乡村振兴战略为指引，通过燃气主业的创新经营，构建了绿色低碳 能源生态体系，目标成为中国一流的绿色低碳能源供应及服务商。。 截至2024年末，天伦燃气在全国拥有70个城市燃气项目，覆盖580余万户城乡居民以及5.2万工商企业，累计铺设运营管道9507公里，同时布局51座加气站和 1座LNG工厂。 天然气作为国家战略层面节能减排的重要抓手，这也让天伦燃气在环境领域长期保持优秀成绩。 20 ...

国证国际证券提到，根据国家统计局，1-4月份全国规模以上工业增加值同比增长6.4%;根据白银市政 府，白银市规模以上工业增加同比增长15.5%，煤炭、化工、有色、电力等四大主导行业完成高速增 长。随着中西部承接东部工业转移，白银公司售气量有望快速增长。白银靖远售气规模2024年占公司总 售气量的3.5%，未来占比有望进一步增长。另外，白银地处中国西北部，上游资源充足且工商业占比 大，而工商业通常能比较好的顺价，毛差可观，预计未来甘肃公司有望成为公司售气业务的一大增长 极。 天伦燃气全年指引零售销气量4%-5%的增长，销气毛差小幅恢复至0.48-0.50元/方，增值业务收入10- 15%的增长，新增城燃居民用户数20-22万户。1-5月全国天然气表观消费量为1758.9亿立方米，同比下 降1.3%。在行业增速不佳的背景下，预计公司一季度销气量增速在行业当中表现亮眼。去年南玻停产 影响一部分供气，料今年4月份南玻一条产线已经恢复供气。在气源较为充裕的背景下，今年毛差预计 也有小幅恢复。 国证国际证券表示，天伦燃气负债结构不断优化。截至2024年底，公司拥有总负债96.48亿人民币，资 产负债率60.6%，平均融资 ...

Group 1 - Tianlun Gas (1600.HK) organized an analyst and investor tour in Gansu Province, focusing on urban gas projects in Baiyin City and Jingyuan County, with an emphasis on large industrial users and urban renewal projects [1] - Baiyin City demonstrated significant industrial development potential, with Tianlun Gas's urban gas project expected to achieve over 54 million cubic meters in commercial gas sales by 2024, having already exceeded performance targets in Q1 of this year [3] - The latest data from Baiyin City Bureau of Statistics indicated that from January to April, the industrial added value of above-scale industries grew by 15.5% year-on-year, with the coal, chemical, non-ferrous, and electricity sectors contributing to 87.7% of this growth [3] Group 2 - The State Council Information Office recently released the national economic operation data for May 2025, showing a year-on-year increase of 5.8% in industrial added value for above-scale industries, with a month-on-month increase of 0.61% [3] - From January to May, the national industrial added value for above-scale industries increased by 6.3% year-on-year, indicating robust industrial production growth supported by various policies [3] - Tianlun Gas has established 10 mature urban gas projects in the northwest region, leveraging the ongoing industrial development in local areas to provide strong internal growth momentum for its urban gas projects [3]

Group 1 - The core viewpoint of the articles highlights Tianlun Gas's strategic focus on the Northwest region's urban gas projects, particularly in Gansu Province, which is expected to provide long-term growth opportunities for the company's gas business [1][3] - The Northwest region is characterized by heavy industrial development, including chemicals, metallurgy, and new materials, which have high energy consumption and sensitivity to fuel costs, leading to strong and sustained industrial gas demand [3] - Tianlun Gas has established a gas source management experience that helps industrial users mitigate the pressures of fluctuating gas costs, contributing to the company's stable long-term development and improving gross margins [3] Group 2 - Gansu Province is implementing a natural gas price linkage mechanism, with the city of Baiyin completing a price linkage system for residential and non-residential users, allowing for responsive pricing to market supply and demand changes [3] - In the first quarter of 2024, the retail gas gross margin for the Baiyin urban gas project reached 0.56 yuan, and for the Jingyuan urban gas project, it reached 1 yuan, both showing an increase of 0.03 yuan compared to the same period last year, indicating a positive trend in gross margins [3]

Core Viewpoint - The issuance of the "Opinions on Continuing to Promote Urban Renewal Actions" by the Central Office and State Council is expected to benefit Tianlun Gas, which primarily generates revenue from urban gas sales, pipeline connections, and value-added services [1][2]. Group 1: Urban Renewal Policies - The "Opinions" emphasize the renovation of old residential areas, streets, factories, and urban villages, aiming to improve urban functions and infrastructure [1]. - Key tasks include updating aging gas pipelines to eliminate safety hazards and enhancing commercial areas with better facilities [1]. - The document sets higher and clearer requirements for the promotion and application of urban gas in cities [1]. Group 2: Company Performance - Tianlun Gas reported total revenue of 7.78 billion yuan for 2024, with gas sales volume increasing by 7.2% to 2.24 billion cubic meters [1]. - Revenue from gas sales grew by 5.9% to 6.51 billion yuan, while value-added business revenue rose by 14% to 420 million yuan [1]. - The company has over 3.87 million urban gas users [1]. Group 3: Future Growth Opportunities - In 2024, Tianlun Gas plans to leverage urban renewal actions to support its gas sales, engineering construction, and value-added services [2]. - The company aims to add 250,000 new urban gas users by focusing on old residential areas and urban villages [2]. - Value-added services related to urban renewal and smart kitchen upgrades are expected to grow by 30% to 310 million yuan [2]. - The "Opinions" provide a roadmap for urban renewal actions, with a goal set for 2030, allowing Tianlun Gas to seize policy opportunities for sustainable and steady growth [2].

Core Viewpoint - Tianlun Gas is committed to green development and social responsibility, aiming to become a leading low-carbon energy supplier in China while adhering to its "dual carbon" commitment and expanding its operations nationwide [1] Group 1: Environmental Commitment - The company has been monitoring its carbon dioxide emissions and has disclosed greenhouse gas data for the past three years, with direct emissions totaling 2,485.22 tons of CO2 equivalent and indirect emissions at 29,856.88 tons, leading to a total of 32,342.10 tons of CO2 equivalent, showing a significant decrease compared to previous years [2] - Water management is prioritized, with total municipal water usage recorded at 82,317.07 tons (excluding drinking water), a reduction of 9.98% from 91,438.22 tons in 2023 [2] Group 2: Compliance and Safety Governance - The company has established a three-dimensional mechanism for compliance governance, focusing on system building, training, and supervision to prevent corruption and fraud [3] - A total of 10 specialized training sessions were conducted, covering over 200 participants, along with 14 anti-monopoly compliance training sessions for core management [3] - Safety measures include regular inspections and leak detection at critical points, achieving zero accidents throughout the year [3] Group 3: Innovation and Digital Transformation - Tianlun Gas is increasing investments in digitalization and smart technologies to enhance operational efficiency and customer service [4] - The company employs various intelligent operational systems for comprehensive digital management across engineering, safety monitoring, and construction [4] - Integration of cloud service management with WeChat allows users to handle gas-related services seamlessly [4] Group 4: Social Responsibility - The company integrates social responsibility into its development strategy, focusing on employee growth and welfare, with a total of 3,691 online courses offered [5] - Active participation in public welfare initiatives supports rural revitalization and community development, fostering harmonious coexistence between the company and society [5]

Financial Performance - Tian Lun Gas Holdings Limited reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year 2024[5]. - The company achieved a net profit of HKD 300 million, representing a 10% increase compared to the previous year[5]. - Future guidance indicates projected revenue growth of 12% for the next fiscal year, with a target of HKD 1.35 billion[5]. - For the year ended December 31, 2024, the Group's revenue amounted to RMB 7,781 million, representing a slight growth of 0.7% compared to the previous year[61]. - Revenue from gas retail business decreased by 1.5% to RMB 5,042 million, down from RMB 5,120 million in the previous year[62]. - Revenue from gas wholesale business increased by 43.0% to RMB 1,471 million, compared to RMB 1,029 million in the previous year[63]. - Revenue from engineering construction services decreased by 25.0% to RMB 784 million, down from RMB 1,045 million in the previous year[64]. - The Group achieved a gross profit of RMB 1,335 million, a decrease of 8.1% from RMB 1,453 million in the previous year, with an overall gross margin of 17.2%[67]. - Net profit for the year was RMB 325 million, representing a decline of 35.8% compared to the previous year[70]. - The net profit attributable to the owners of the Company was RMB 301 million, down 37.2% from the previous year[71]. Customer Growth and Market Expansion - User data showed a growth in customer base by 20%, with total users reaching 1.5 million[5]. - The company plans to expand its market presence in Jiangsu and Guangdong, targeting a 25% increase in market share by 2025[5]. - The cumulative installations of users reached 5,599,925 households by 2023, with a steady increase expected in 2024[24]. - Retail gas sales are projected to account for 64.8% of total revenue in 2024, with wholesale gas sales contributing 18.9%[34]. - The company plans to explore existing user potential through big data analysis to provide personalized value-added services, enhancing user satisfaction and loyalty[48]. Operational Efficiency and Technology Investment - New product development includes the launch of a smart gas meter, expected to enhance operational efficiency by 30%[5]. - Investment in technology upgrades is set at HKD 50 million, aimed at improving customer service and data analytics[5]. - The company aims to enhance the gross profit of its gas sales business by optimizing gas source management and improving operational efficiency[47]. - The company aims to reduce operating costs and enhance profitability through optimized natural gas scheduling and resource allocation[47]. Sustainability and Environmental Commitment - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 15% over the next three years[5]. - The Group is committed to environmental protection and has adopted relevant environmental protection standards in the PRC[173]. - The Group will regularly review its environmental protection work and adopt more measures to strengthen sustainability[175]. - The Group distributed a total of 2,940 million m³ of natural gas in 2024, helping to reduce emissions by approximately 4.90 million tons of coal[173]. Financial Guidance and Dividends - Tian Lun Gas Holdings Limited's dividend payout ratio is expected to remain at 40%, reflecting a stable return to shareholders[5]. - The final dividend recommended for the year ended 31 December 2024 is RMB9.79 cents per share, totaling RMB14.58 cents per share when combined with the interim dividend[102]. - The Group's distributable reserve as of 31 December 2024 was RMB81,317,000, which is the sum of the share premium and accumulated losses[191]. - The Group has established a long-term steady dividend policy to thank shareholders for their support[187]. Management and Governance - The company has complied with all code provisions of the Corporate Governance Code for the period from 1 January 2024 to 31 December 2024[111]. - The external auditor, KPMG, issued an unqualified opinion on the consolidated financial statements for the year ended 31 December 2024[115]. - Mr. Zhang Yingcen, the founder, resigned as executive director and chairman on January 27, 2025, after over 28 years of management experience, including 23 years in gas enterprise management[119]. - Mr. Liu Min, who resigned as executive director and general manager on October 10, 2024, has extensive experience in clean energy and financial management[126]. - The Group has maintained appropriate directors and senior management liability insurance policies for all Directors and members of senior management, reviewing the coverage annually[198]. Risks and Challenges - The Group faces financial risks including foreign currency risk, interest rate risk, and liquidity risk, which are monitored by management to mitigate potential impacts[162][164]. - The performance of the Group's major business is influenced by various factors, including overall market conditions and the performance of the property and industrial sectors in its operational areas[166][169]. - The Group aims to achieve growth through internal expansion and strategic investments and acquisitions, with the possibility of revising or delaying strategies based on market conditions[167][170].

Company and Industry Summary Company Overview - The company discussed in the conference call is Tianlun Gas, which operates in the gas supply industry in China. The year 2024 marks the 75th anniversary of the establishment of China and is a critical year for achieving the goals set in the 14th Five-Year Plan [1][2]. Key Financial Performance - In 2024, the company's total revenue was 7.781 billion RMB, remaining stable compared to 2023. The gross profit was 1.34 billion RMB, and the core profit was 430 million RMB [8]. - The company proposed a final dividend of 0.1458 RMB per share, with a payout ratio of 33% of core profits, reflecting a commitment to shareholder returns [3][8]. - The revenue from core business activities accounted for 83.7% of total revenue, with a 5.9% increase in core business revenue to 6.5 billion RMB [8]. Business Segments - The company reported a 5.9% increase in negative business revenue, reaching 6.5 billion RMB, while value-added business revenue grew by 14.3% to 420 million RMB [2][3]. - Retail business consumption remained stable, with industrial consumption declining by 1.5% to 10.8 million cubic meters. However, excluding the impact of large industrial users, industrial consumption increased by 3.3% [4]. - The average retail price for gas in 2024 was 2.93 RMB per cubic meter, with a slight decrease in the price difference compared to 2023 [4]. Strategic Initiatives - The company emphasized the importance of gas source optimization to ensure stable gas supply in 2024, including cross-regional gas supply and reducing end-user gas prices [5]. - The company has been actively involved in urban renewal projects, focusing on the renovation of old residential areas and the integration of smart kitchen upgrades [6][7]. - The company aims to enhance service response speed and implement flexible pricing strategies to improve user satisfaction [6]. Future Outlook - For 2025, the company plans to achieve a connection target of 200,000 to 220,000 households, reflecting a 12% decrease from the previous year [15]. - The company anticipates a growth rate of over 10% in value-added business revenue, targeting a 15% increase in 2025 [16]. - The company will continue to strengthen its marketing capabilities and explore new business models in response to government policies promoting consumption [16]. Risk Management - The company maintains a strong focus on risk prevention and ensuring sufficient liquidity and a healthy capital structure, with a debt-to-asset ratio of 60.6% and an average financing cost of 5.5% [9]. - The company plans to reduce foreign currency borrowings gradually to lower financing costs [9][12]. Additional Insights - The company has successfully completed the restructuring of 19 companies, with over 50% of residential gas installations now under the new pricing structure [13]. - The company is adapting to the current economic environment by implementing gas price reduction policies to support user operations [4]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic initiatives, future outlook, and risk management practices.

Core Viewpoint - Tianlun Gas aims to become a leading green low-carbon energy supplier in China, achieving stable financial performance in 2024 with revenue of 7.781 billion yuan, a year-on-year increase of 0.7% [1] Financial Performance - The core profit for Tianlun Gas in 2024 was 434 million yuan, with a revenue decline of 3.3% in the first half of the year, followed by a 5% growth in the second half, indicating a return to growth [1] - The total revenue from gas sales reached 6.514 billion yuan, a year-on-year increase of 5.9%, accounting for 83.72% of the total revenue [6] Business Development - The company has focused on optimizing gas sources and expanding its customer base, resulting in a 6.5% increase in urban residential users to approximately 3.826 million [4] - The number of commercial users increased by 10.6% to about 51,817, contributing to a total pipeline gas user growth of 4.2% to approximately 5.838 million [5] Market Environment - The natural gas industry in China is expected to see a consumption increase of 7.8% in 2024, driven by strong economic growth, although challenges remain due to a sluggish real estate market [3] - The company has implemented strategies to mitigate the impact of market fluctuations, including optimizing gas sources and enhancing infrastructure [3][6] Growth Strategies - Tianlun Gas plans to enhance its core business by improving gas supply stability and operational efficiency, targeting high-value commercial users [12] - The company aims to boost its value-added services, projecting a growth rate of 10%-15% for these services in 2025 [13] Future Outlook - The company anticipates a retail gas volume growth of 4%-5% in 2025, with a projected increase in gas sales margin to 0.48-0.50 yuan per cubic meter [13] - Tianlun Gas's current market valuation is significantly undervalued at a PB ratio of 0.41, compared to a historical average of 1.9, indicating potential for long-term investment returns [14]