Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] - The expected dividend yield for 2025 is 5.4% [1] Summary by Relevant Sections Retail Gas Volume - In Q1 2025, the company achieved retail gas volume of 7.258 billion cubic meters, a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit from retail gas in 2025 [2] Comprehensive Energy Sales - The company reported a comprehensive energy sales volume of 10.039 billion kWh in Q1 2025, a year-on-year increase of 9.9% [3] - The expected gross profit growth for comprehensive energy in 2025 is projected to be 12% [3] Smart Home Services - The penetration rate for smart home services reached 3.7% in Q1 2025, a decrease of 0.3 percentage points year-on-year [3] - The expected gross profit growth for smart home services in 2025 is projected to be 10% [3] Financial Forecasts - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB respectively, reflecting a CAGR of 5% over three years [5] - The target price has been slightly revised down to 68.6 HKD, based on a 10x PE for 2025E [5] Key Financial Metrics - The company’s revenue for 2025 is projected at 113.873 billion RMB, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] Summary by Sections Sales and Revenue - In Q1 2025, the company achieved a total gas sales volume of 7.258 billion cubic meters, representing a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit for retail gas in 2025 [2] Energy Sales and Smart Home Services - The company reported a 9.9% year-on-year increase in comprehensive energy sales volume, reaching 100.39 billion kWh in Q1 2025 [3] - The penetration rate for smart home services decreased to 3.7%, with a year-on-year decline of 0.3 percentage points [3] - The company anticipates a gross profit growth of at least 10% for smart home services in 2025 [3] Financial Projections - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB, respectively [5] - The target price is set at 68.6 HKD, based on a 10x 2025E PE ratio [5] Key Financial Metrics - The company is projected to have a revenue of 113.873 billion RMB in 2025, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB, with a projected ROE of 15.32% [6]

Core Viewpoint - New Oriental Holdings plans to privatize New Oriental Energy through its wholly-owned subsidiary, New Energy (Hong Kong) Investment Co., Ltd, with a theoretical total transaction value exceeding HKD 590 billion [1][2]. Group 1: Transaction Details - The agreement stipulates that for every share held, shareholders will receive 2.9427 new H-shares of New Oriental Holdings and cash payment at HKD 24.50 per share [2]. - The theoretical total value of H-shares and cash payment is estimated at approximately HKD 80 per share based on the median valuation by the assessment agency [2]. - The total theoretical value of the transaction is projected to be HKD 595.19 billion if all options are not exercised, and HKD 599.24 billion if all options are exercised [3]. Group 2: Business Operations - New Oriental Energy operates gas pipeline infrastructure across 261 cities, serving over 31 million households and 270,000 business customers [4]. - The company is expected to achieve revenue of approximately HKD 116.1 billion and a net profit of about HKD 6.1 billion in 2024 [4]. Group 3: Financial Implications - The transaction will lead to an increase in the company's debt levels and debt-to-asset ratio, with projections indicating an increase from 54.30% to 67.08% post-transaction [5]. - The company plans to finance the transaction through a combination of self-funding and bank loans, having already signed agreements for overseas loans [5].

（於開曼群島註冊成立的有限公司） （股份代號：2688） 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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購新奧股份、新奧能源或要約人證券的邀請或要 約，亦非在任何司法管轄區構成對任何表決或批准的招攬。 本公告並非供在、向或從刊發、登載或分發全部或部分內容即構成違反所涉司法管轄區適用法 律或規則之司法管轄區刊發、登載或分發。 新奧天然氣股份有限公司 新奧能源控股有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：600803） Xinneng (Hong Kong) Energy Investment Limited 新能（香港）能源投資有限公司 （於香港註冊成立的有限公司） (1) 根據公司法第86條通過協議安排方式將新奧能源控股有限公司私有 化之附先決條件之建議；及 (2) 建議撤銷新奧能源控股有限公司的上市地位 新奧股份股東大會進展的最新消息 新奧股份及要約人的財務顧問 獨立董事委員會之獨立財 ...

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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購新奧股份、新奧能源或要約人證券的邀請或要 約，亦非在任何司法管轄區構成對任何表決或批准的招攬。 本公告並非供在、向或從刊發、登載或分發全部或部分內容即構成違反所涉司法管轄區適用法 律或規則之司法管轄區刊發、登載或分發。 新奧天然氣股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：600803) Xinneng (Hong Kong) Energy Investment Limited 新能（香港）能源投資有限公司 （於香港註冊成立的有限公司） 《中銘估值分析報告》及其他重大資產購買報告書相關公告所載與收購守則影響有 關之重要資料的相關部分摘要的原中文版本及英文譯本載於本公告附件2及3。重 大資產購買報告書相關公告全文（為免生疑慮，包括《中銘估值分析報告》、中國 公認會計準則新奧能源審計報告及中國公認會計準則備考審閱報告）刊載於上海 證券交易所網 ...

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告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而産生或因倚賴該等 內容而引致之任何損失承擔任何責任。 | 要點: | 截至 | 3 月 | 31 | 日止三個月 | | | --- | --- | --- | --- | --- | --- | | | 2025 | 年 | | 2024 | 年 增加∕ | | | | | | | (減少) | | 泛能銷售量 ( 百萬千瓦時 ) | | 10,039 | | 9,136 | 9.9% | | 天然氣零售銷售量 ( 百萬立方米 ) | | 7,258 | | 7,237 | 0.3% | | 新開發家庭用戶 ( 千 ) | | 287 | | 343 | (16.3%) | | 新開發工商業用戶已裝置日設計供氣量 ( 千立方米 | ) | 2,500 | | 2,929 | (14.6%) | | 附註：本公告披露之本集團營運數據包括其附屬公司、合營企業及聯營公司之數據。 | | | | | | 新奧能源控股有限公司（「本公司」，連同其附屬公司統稱「本集團 ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Concerns over economic recession due to tariffs have led to a significant drop in US gas prices, while tariffs have temporarily halted the recovery of European gas prices, with domestic prices remaining stable [1][10] - The report highlights a supply-demand analysis indicating a 2.1% week-on-week increase in total gas supply in the US, while total demand increased by 7% week-on-week [15][17] - The report emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand in the domestic market [50][51] Price Tracking - As of April 17, 2025, US HH gas prices decreased by 20.6%, European TTF prices increased by 6.8%, and domestic LNG prices remained stable with a week-on-week change of -0.5% [10][12] - The average total supply of natural gas in the US reached 1,124 billion cubic feet per day, with a year-on-year increase of 6.3% [15] Supply and Demand Analysis - The report notes that the US gas market is experiencing a week-on-week price drop of 20.6% due to tariff-induced inflation concerns, while total demand has increased by 7% [15][17] - In Europe, gas consumption for March 2025 was 60.5 billion cubic meters, reflecting a year-on-year increase of 1.8% [17] Pricing Progress - The report indicates that 61% of cities have implemented residential pricing adjustments, with an average increase of 0.20 yuan per cubic meter [39] - The pricing mechanism is expected to continue evolving, with potential for further adjustments in the future [39] Important Events - The report details the increase of tariffs on US LNG to 140%, noting that the impact on supply is limited due to the small proportion of US LNG in China's total imports [46] - Ongoing negotiations regarding the Russia-Ukraine conflict are highlighted as a significant factor influencing European gas supply dynamics [49] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the evolving pricing mechanisms, particularly highlighting New Energy and China Gas as key players [50][51] - It suggests monitoring companies with strong long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [51]

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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購新奧股份、新奧能源或要約人證券的邀請或要 約，亦非在任何司法管轄區構成對任何表決或批准的招攬。 本公告並非供在、向或從刊發、登載或分發全部或部分內容即構成違反所涉司法管轄區適用法 律或規則之司法管轄區刊發、登載或分發。 新奧天然氣股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：600803) Xinneng (Hong Kong) Energy Investment Limited 新能（香港）能源投資有限公司 （於香港註冊成立的有限公司） 根據公司法第86條通過協議安排方式將新奧能源控股有限公司 私有化之附先決條件之建議 於上海證券交易所刊發的公告 茲提述(i)新奧天然氣股份有限公司（「新奧股份」）、新能（香港）能源投資有限公 司（「要約人」）與新奧能源控股有限公司（「新奧能源」）於2025年3月26日刊發的聯 合公告（「規則3.5公告」） ...

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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購新奧股份、新奧能源或要約人證券的邀請或要 約，亦非在任何司法管轄區構成對任何表決或批准的招攬。 本公告並非供在、向或從刊發、登載或分發全部或部分內容即構成違反所涉司法管轄區適用法 律或規則之司法管轄區刊發、登載或分發。 新奧天然氣股份有限公司 新奧能源控股有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：600803） （於開曼群島註冊成立的有限公司） （股份代號：2688） Xinneng (Hong Kong) Energy Investment Limited 新能（香港）能源投資有限公司 （於香港註冊成立的有限公司） 獨立董事委員會之獨立財務顧問 ALTUS CAPITAL LIMITED ቺᑼၗԖज़Ϧљ 1 茲提述(i)新奧天然氣股份有限公司（「新奧股份」）、新能（香港）能源投資有限公司 （「要約人」）與新奧能源控股有限公司（「新奧能源 ...

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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購新奧股份、新奧能源或要約人證券的邀請或要 約，亦非在任何司法管轄區構成對任何表決或批准的招攬。 本公告並非供在、向或從刊發、登載或分發全部或部分內容即構成違反所涉司法管轄區適用法 律或規則之司法管轄區刊發、登載或分發。 新奧能源控股有限公司 ENN Energy Holdings Limited （於開曼群島註冊成立之有限公司） （股份代號：2688） (1)根據公司法第86條通過計劃安排方式將新奧能源控股有限公司 私有化之附先決條件之建議；及 (2)建議撤銷新奧能源控股有限公司上市地位 委任獨立財務顧問 茲提述新奧天然氣股份有限公司（「新奧股份」）、新能（香港）能源投資有限公司 （「要約人」）與新奧能源控股有限公司（「新奧能源」）於2025年3月26日刊發的聯合 公告（「聯合公告」），內容有關（其中包括）要約人根據開曼群島公司法（2025年修 訂版）第86條通過 ...