格隆汇8月18日丨天伦燃气(01600.HK)公告，董事会会议将于2025年8月28日(星期四)举行，以(其中包 括)考虑及批准公司及其附属公司截至2025年6月30日止6个月的未经审核中期业绩，以及考虑派发中期 股息(如有)。 ...

承董事會命 天倫燃氣控股有限公司 主席 冼振源 中國鄭州，二零二五年八月十八日 於本公佈日期，執行董事為冼振源先生（主席兼行政總裁）、李濤女士、肖輝先生及 張百萱女士；非執行董事為陳虹女士及張道遠先生；而獨立非執行董事為李留慶先生、 雷春勇先生、周琳女士及陶曉慧女士。 董事會會議通告 天倫燃氣控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事會會議將 於二零二五年八月二十八日（星期四）舉行，以（其中包括）考慮及批准本公司及其附屬公 司截至二零二五年六月三十日止六個月的未經審核中期業績，以及考慮派發中期股息（如 有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並聲明不會就因本公司全部或任何部分內容而產生 或因依賴該等內容而導致的任何損失承擔任何責任。 Tian Lun Gas Holdings Limited 1600 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 天倫燃氣控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01600 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/ ...

Core Viewpoint - The report from Zhongtai International anticipates Tianlun Gas (01600) will see a return to profit growth starting from FY25, with a projected CAGR of 12.0% for net profit attributable to shareholders from FY24 to FY27, driven by a focus on industrial and commercial users in second and third-tier cities, effective pricing mechanisms, and a professional management team [1][2]. Group 1: Financial Projections - Tianlun Gas is expected to increase its natural gas retail revenue from RMB 5.04 billion in FY24 to RMB 6.34 billion in FY27, representing a CAGR of 7.9% [1]. - The comprehensive gas sales price difference for FY24 is projected to be RMB 0.47 per cubic meter, similar to FY23's RMB 0.48 per cubic meter [2]. - The gross profit margin is expected to decline from 17.2% in FY24 to 16.9% in FY25, before recovering to 17.2% by FY27 [2]. Group 2: Management and Governance - The founder and major shareholder of Tianlun Gas, Zhang Yingcen, resigned as chairman and executive director due to health reasons, with Xian Zhenyuan, who has over 20 years of service, succeeding him [2]. - The remaining executive directors are also professional managers, ensuring continued effective governance [2]. Group 3: Value-Added Services - Tianlun Gas is actively developing value-added services, such as smart kitchen renovations and gas appliance sales, with FY24 revenue from these services reaching RMB 420 million, a year-on-year increase of 14.3% [2]. - The gross margin for value-added services is approximately 49%, significantly higher than the overall company gross margin of 17.2% [2]. Group 4: Dividend Policy - The company is promoting a high dividend policy, with the core profit payout ratio increasing from 30.0% in FY23 to 33.0% in FY24, with a target of 35.0% for FY25 [2].

Core Viewpoint - The increasing focus on ESG (Environmental, Social, and Governance) has positioned it as a key indicator of long-term corporate value in capital markets, with Tianlun Gas recognized for its outstanding ESG performance [1][2]. Group 1: ESG Implementation - Tianlun Gas integrates ESG principles into its core business, aligning with national "dual carbon" goals and rural revitalization strategies, aiming to become a leading green and low-carbon energy supplier in China [3]. - By the end of 2024, Tianlun Gas operates in 70 cities, serving over 5.8 million households and 52,000 businesses, with a total pipeline length of 9,507 kilometers and 51 gas stations [3]. - In 2024, Tianlun Gas reduced its total greenhouse gas emissions to 32,300 tons of CO2 equivalent, a decrease of 6.74% from the previous year, with emissions intensity down 7.35% to 4.16 tons per million revenue [3]. Group 2: Social Responsibility - The company emphasizes a people-centric approach, creating a win-win ecosystem for employees, customers, and communities, with 2,540 training sessions conducted in 2024, reaching 217,200 participants [4]. - Customer service has been enhanced through digital upgrades, achieving a 90% satisfaction rate in complaint handling in 2024 [4]. - Tianlun Gas has invested over 160 million yuan in public welfare initiatives, reflecting its commitment to corporate citizenship [4]. Group 3: Financial Performance and Market Position - Companies with strong ESG performance often achieve better financial outcomes, as seen with Tianlun Gas maintaining stable dividends and a high dividend yield of 6%, surpassing the industry average of 5% [6][7]. - Despite market pressures, Tianlun Gas has secured a $125 million green loan from the Asian Development Bank at an interest rate of approximately 3.8%, aiding in reducing overall financing costs [6]. - The company's current price-to-book ratio is 0.5, indicating a valuation at the lower end of its historical range, presenting a potential opportunity for long-term investors [7][8]. Group 4: Conclusion - As green and low-carbon practices become essential for survival, ESG is increasingly viewed as a source of internal growth for companies like Tianlun Gas, which aligns its strategies with national priorities [9].

Group 1: Company Overview - Tianlun Gas (01600) has a significant growth potential in gas sales volume in Gansu, particularly in Baiyin and Jingyuan, due to abundant upstream gas sources [1] - The company's urban gas projects are primarily located in Henan, Jilin, Yunnan, Shandong, and Gansu, with industrial and commercial clients benefiting from geographical advantages and minimal impact from international trade tariff fluctuations [1] Group 2: Financial Performance and Projections - The company projects a retail gas sales volume growth of 4%-5% for the year, with a slight recovery in gross margin to 0.48-0.50 RMB per cubic meter, and an increase in value-added business revenue by 10-15% [2] - The company aims to add 200,000 to 220,000 new residential users in urban gas services [2] Group 3: Industry Context - From January to April, the national industrial added value increased by 6.4% year-on-year, while Baiyin's industrial added value grew by 15.5%, driven by rapid growth in coal, chemical, non-ferrous, and electric power industries [1] - The apparent consumption of natural gas in the country decreased by 1.3% year-on-year from January to May, indicating a challenging industry growth environment [2] Group 4: Debt and Dividend Strategy - As of the end of 2024, the company is expected to have total liabilities of 9.648 billion RMB, with a debt-to-asset ratio of 60.6% and an average financing cost of 5.5% [2] - The company has secured a green loan of 125 million USD from the Asian Development Bank at an interest rate of approximately 3.8%, which will help optimize its debt structure and reduce interest expenses [2] - The dividend payout ratio is increasing, with a target core payout ratio of 35% for the year, and the current dividend yield is around 5% [2]

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]