| 交易方 | 日期 | | 有關證券的說明 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結日 | 參考價 | 已支付／已收 | 交易後數額（包括 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 關的參照證券 | | | 取的總金額 | 與其訂有協議或 | | | | | | | | 數目 | | | | 達成諒解的任何 | | | | | | | | | | | | 人士的證券） | | BlackRock, | 2025 年 8 | 月 27 日 | 衍生工具 | 其他類別產品 | 清結衍生工具合約 | 400 | 2025 年 8 月 27 日 | $63.3000 | $3,247.2800 | 3,626,200 | | Inc. | | | 衍生工具 | 其他類別產品 | 訂立衍生工具合約 | 19,000 | 2025 年 8 月 27 日 | $63.3934 | $154,952.2300 | 3,645,200 | | | | | 衍生工具 | 其他類別產 ...

2025 年 8 月 27 日 完 註： BlackRock, Inc.憑藉持有受要約公司的普通股，所以根據第(6)類別屬受要約公司的聯繫人。 交易是為全權委託投資客戶的帳戶進行的。 這些是有關受要約公司的美國存託股份進行的交易。交易以美元進行。 透過協議安排進行私有化 就新奧能源控股有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | | | 買入／賣出 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 有協議或達成諒解的任 | | （包括與其訂有協議或 | | | | | | | | | | | | | | 何人士的證券） | | 達成諒解的任何人士的 | | | | | | | | | | | | | | | | 證券）% | | | B ...

註： 2025 年 8 月 28 日 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | 有關證券的說 | 交易性質 | | 買入／賣 | 涉及的股份 | 已支付／已收取 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 明 | | | 出 | 總數 | 的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | Morgan | 2025 | 8 年 月 | 普通股 | | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 買入 | 11,200 | $209,158.7000 | $18.8300 | $18.5600 | | Stanley | 27 | 日 | | 盤所產生的 | Delta 1 產品的對沖活動 | | | | | | | Bank, N.A. | | | 普通股 | | ...

| 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 賣出 | 212,200 | $3,970,974.9976 | $18.7670 | $18.6000 | | --- | --- | --- | --- | --- | --- | --- | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | 完 註： 2025 年 8 月 28 日 透過協議安排進行私有化 就新奥天然气股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | 有關證券的說 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 明 | | 出 | 總數 | 的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | 價（H） | 價（L） | | UBS AG | 2025 年 8 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買 ...

| 交易方 | 日期 | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 明 | | | | 總數 | 取的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | 價（H） | 價（L） | | 中國國際金 | 2025年8月27 | 普通股 | 建立新的追蹤指數 | ETF，當中相關證券佔已發行 | 買入 | 2,200 | $40,923.0000 | $18.7000 | $18.5600 | | 融股份有限 | 日 | | 的該類別證券少於 | 1%及同時佔該一籃子證券或 | | | | | | | 公司 | | | 該指數的價值少於 | 20% | | | | | | | | | 普通股 | | 沽售因應客戶主動要求所贖回既有的追蹤指數 | 賣出 | 4,500 | $84,422.0000 | $18.8100 | $18.5700 | | | | | ETF 的相關股份 ...

2025 年 8 月 28 日 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 註： 中信證券股份有限公司是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 這些是有關新奧天然氣股份有限公司 A 股進行的交易。交易以人民幣進行。 交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | | 已支付／已 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 明 | | | | 總數 | | 收取的總金 | 收取的最高 | 收取的最低 | | | | | | | | | | 額 | 價（H） | 價（L） | | 中信證券股 | 2025年8月27 | 普通股 | 進行既有的追蹤指數 | ETF 的交易 | 買入 | | 100 | $1,864.0000 | $18.6400 | $18.6400 | | 份有限公司 | 日 ...

| 交易方 | 日期 | 有關證券的說明 | 產品說明 | 交易性質 | 與衍生工具有關 | 參考價 | 到期日或清結日 | | | 已支付／已收取 | 交易後數額（包括 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 的參照證券數目 | | | | | 的總金額 | 與其訂有協議或 | | | | | | | | | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | | | 人士的證券） | | | | Morgan | 2025 年 8 月 27 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | | 2026 年 10 月 | ─ | 2,800 | $52,722.6000 | 0 | 30 | $18.8295 | | Stanley Bank, | 日 | | | 賣出 | | | 日 | | | | | | | | N.A. | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | ...

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 73.66, indicating a potential upside of 17.0% from the current closing price of HKD 62.95 [4][17]. Core Insights - The company's performance in the first half of the year was weak, with core profit slightly declining by 1% year-on-year to RMB 3.2 billion, aligning with market expectations. Retail gas sales increased by 1.9%, with commercial and residential sales growing by 2.4% and 1.3%, respectively [2][7]. - The company is progressing smoothly with its privatization plans, having completed consultations with regulatory bodies and is expected to hold a shareholders' meeting to seek approval for the privatization scheme in the fourth quarter of this year [7]. - The company anticipates a slight recovery in operational performance in the second half of 2025, driven by normal winter heating demand, projecting a 2.2% year-on-year increase in retail gas volume for the full year [7]. Financial Overview - Revenue projections for the company are as follows: RMB 113.86 billion in 2023, RMB 109.85 billion in 2024, RMB 112.65 billion in 2025, RMB 117.57 billion in 2026, and RMB 122.69 billion in 2027, with a compound annual growth rate of approximately 4% from 2024 to 2027 [3][19]. - Net profit is expected to be RMB 6.82 billion in 2023, decreasing to RMB 5.99 billion in 2024, and then recovering to RMB 7.17 billion in 2025, with a projected growth rate of 3.2% in 2025 [3][19]. - The company’s earnings per share (EPS) are forecasted to be RMB 6.71 in 2023, RMB 6.14 in 2024, and RMB 6.34 in 2025, reflecting a slight decline in 2024 before a recovery [3][19]. Segment Performance - The company’s revenue from various segments is projected as follows: - Natural gas connection: RMB 5.34 billion in 2023, decreasing to RMB 3.93 billion in 2025 - Natural gas retail: RMB 60.61 billion in 2023, increasing to RMB 63.49 billion in 2025 - Energy business: RMB 14.51 billion in 2023, expected to grow to RMB 15.56 billion in 2025 [10][19]. - The gross profit margin is expected to improve slightly, with the overall gross profit projected to be RMB 14.34 billion in 2023 and RMB 14.48 billion in 2025 [10][19].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 1H25 revenue reached 55.7 billion RMB, a year-on-year increase of 2.0%, while the net profit attributable to shareholders was 2.429 billion RMB, down 5.6% year-on-year [1] - The core profit of 3.223 billion RMB was in line with expectations, with a slight year-on-year decline of 1.2% [1] - The company’s domestic core profit from its basic business grew by 0.7% year-on-year, supported by capital expenditure expansion in the energy sector and increased penetration and average spending in smart home services [1][3] - The interim dividend per share remained stable at 0.65 HKD, with a payout ratio of 21% [1] Summary by Sections Financial Performance - The company achieved a retail gas volume of 12.953 billion cubic meters in 1H25, up 1.9% year-on-year, outperforming the national natural gas consumption growth rate of -0.9% [2] - The industrial and commercial gas volume was 9.79 billion cubic meters, up 2.4% year-on-year, driven by new industrial gas connections and existing demand [2] - The company expects a 4% year-on-year increase in retail gas gross profit for 2025 [2] Energy Sales and Smart Home Services - The company’s energy sales volume reached 19.76 billion kWh in 1H25, a slight increase of 0.1% year-on-year, with efficiency improvements offsetting energy price declines [3] - The penetration rate of smart home services reached 10.4%, with an average spending of 649 RMB per household, and a projected 5% year-on-year increase in smart home gross profit for 2025 [3] Profit Forecast and Target Price - The profit forecast for 2025-27 has been slightly adjusted downwards by 3.0%, 2.6%, and 1.5% to 7.0 billion, 7.46 billion, and 7.92 billion RMB respectively, with an expected CAGR of 4% over three years [4] - The target price has been revised down to 68.0 HKD, based on a 10x 2025E PE ratio, reflecting a premium due to the smooth progress of the privatization process [4]

Core Viewpoint - Neway Energy has signed a long-term LNG sales and purchase agreement with Chevron, marking a significant step in their energy supply strategy [1] Group 1: Agreement Details - The agreement involves the delivery of multiple LNG shipments annually from 2028 for a duration of 10 years [1] - The LNG supply will be sourced from Chevron's global natural gas resource portfolio [1] - The pricing mechanism for the LNG will be linked to oil prices [1]