Summary of Conference Call Industry and Company Overview - The conference call focused on the natural gas industry and a specific company, referred to as "Consumption Energy" [1][6] - The company has been involved in market research related to the natural gas sector since last year, emphasizing the importance of marketization in the industry [1] Key Points and Arguments - **Market Trends**: The natural gas sector is experiencing a bottoming out, with cost expectations stabilizing, which is favorable for the industry [1][5] - **Price Dynamics**: The company highlighted that stable price differences in the industrial sector could lead to lower terminal sales prices, enhancing the penetration of clean energy [2] - **Growth Potential**: There is significant potential for natural gas penetration, with estimates suggesting over 50% growth in energy proportion [3] - **Supply Factors**: Increased investment in natural gas supply facilities post the Ukraine conflict is seen as a critical factor for enhancing domestic gas penetration [3] - **Company Performance**: The company’s performance has exceeded expectations, particularly in Macau, and the pricing policies between China and Russia are evolving, which may benefit the company [4] Financial Insights - **Valuation Concerns**: Consumption Energy is currently undervalued compared to its peers, with a significant discount in its price-to-earnings (PE) ratio [8][9] - **Profit Structure**: The company’s core profits are expected to return to a growth trajectory by 2025, driven by improved business fundamentals [6][9] - **Dividend Plans**: The company plans to increase its dividend payout ratio to 44% in 2024, with a gradual increase in subsequent years, indicating a strong commitment to returning value to shareholders [10][26] Business Segments - **Revenue Composition**: The company’s revenue is primarily derived from natural gas retail, which constitutes 42% of its gross profit, followed by natural gas wholesale and engineering installation [15] - **International Operations**: The company has established a strong presence in overseas markets, particularly in Europe, which has contributed to its profitability amid geopolitical tensions [8][21] - **Installation Services**: The engineering installation segment is declining, but the company is managing this through diversification into other service areas [22][23] Additional Considerations - **User Base**: The company has a substantial user base of approximately 30 million residential users, which supports its product sales and service offerings [24] - **Cash Flow Management**: The company reported a strong operating cash flow of 9.61 billion yuan in 2023, indicating good financial health and capital expenditure alignment [12] - **Market Position**: As a private enterprise, the company holds a significant position in the natural gas market, with flexibility in its business structure compared to state-owned enterprises [11] Conclusion - The natural gas industry is poised for growth, with Consumption Energy positioned to benefit from market dynamics and internal strategies. The company’s focus on improving profitability, increasing dividends, and expanding its market presence underlines its potential as a strong investment opportunity moving forward [9][26]

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 2688) （股份代號：2688） 16 April 2025 Dear Non-registered Holder(s) (Note 1) , ENN Energy Holdings Limited (the "Company") - Notification of publication of 2024 Annual Report and Annual General Meeting Circular (the "Current Corporate Communication") and 2024 Environmental, Social and Governance Report The Current Corporate Communication of the Company (in English and Chinese) and 2024 Environmental, Social and Governance Re ...

本公司之大會將於 2025 年 5 月 23 日（星期五）上午十時正假座香港中區法院道太古廣場二期港島香格里拉大酒店五樓宴會 廳天山廳及廬山廳舉行。大會將以混合大會方式舉行。股東可選擇透過網上平台出席、參與大會並於會上投票。使用網上平 台出席大會之股東亦將計入法定人數內，而彼等將可透過網上平台投票及提交問題。 以網上方式出席大會 如 閣下選擇以網上方式出席大會，將可透過網上直播觀看大會，實時就決議案投票，並可於網上向本公司提交問題。由 2025 年 5 月 23 日上午 9 時 30 分開始， 閣下可瀏覽網站並輸入以下資料，以登入大會網上平台： 如 閣下為公司股東並欲以網上方式出席大會，請致電本公司之香港股份過戶登記處，香港中央證券登記有限公司（電話 熱線(852) 2862 8555）以便作出安排。 2. 2024年年報、股東週年大會通函及代表委任表格（「本次公司通訊」）及2024環境、社會及管治報告之登載通知 各位登記股東： 新奧能源控股有限公司（「本公司」） (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限 ...

（股份代號: 2688） 2024 环境、社会及 管治报告 目录 01 稳健治理 22 公司管治 02 安全至上 | 34 | 安全管理体系 | | --- | --- | | 39 | 运营安全管理 | | 44 | 客户安全保障 | | 47 | 职业健康安全 | | 51 | 信息安全与隐私保护 | 02 关于本报告 03 主席致辞 04 董事会声明 05 关于新奥能源 06 可持续发展战略与ESG年度绩效 可持续发展战略 ESG年度绩效 评级表现及奖项荣誉 10 可持续发展目标 11 ESG管理 公正转型 ESG管治 利益相关方沟通 重大性议题判定 28 商业道德 31 资产完整性管理 03 05 | 58 | 绿色行动路径图 | | --- | --- | | 59 | 应对气候变化 | | 66 | 提供绿色服务 | | 71 | 贯彻绿色运营 | | 76 | 生物多样性保护 | | 81 | 绿色债券 | 04 06 | 84 | 增强服务体验 | | --- | --- | | 86 | 保护客户权益 | | 87 | 提升可及性 | 环境行动 合作共贏 | 92 | 可持续供应链管理 | ...

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通告之內容概不負責，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通告全部或任何部分內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 ENN Energy Holdings Limited 新奧能源控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2688） 股東週年大會通告 茲通告新奧能源控股有限公司（「本公司」）謹訂於2025年5月23日（星期五）上午十時正假座 香港中區法院道太古廣場二期港島香格里拉大酒店五樓宴會廳天山廳及廬山廳舉行股東週年大會 （「大會」），藉以處理下列事項： – 1 – 1. 省覽及考慮截至2024年12月31日止年度之經已審核的合併財務報表、董事會報告及 獨立核數師報告； 2. 宣派截至2024年12月31日止年度之每股2.35港元末期股息； 3. (a) 各以獨立決議案重選以下退任董事： (i) 重選宮羅建先生為董事； (ii) 重選王冬至先生為董事； (iii) 重選張瑾女士為董事； (iv) 重選蘇莉女士為董事； (v) 重選馬志祥先生為董事； (vi) 重選阮葆光先生為董事；及 (b) 授權 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商或註冊證券機構、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下之所有新奧能源控股有限公司股份，應立即將本通函及隨附之代表委任表格送交買主或 承讓人或經手買賣之銀行、持牌證券商或註冊證券機構或其他代理商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本通函全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 2025年4月16日 | 股東週年大會的指引 | | ii | | --- | --- | --- | | 釋義 | | 1 | | 董事會函件 | | | | 緒言 | | 5 | | 發行股份之一般授權 | | 5 | | 購回本身股份之一般授權 | | 5 | | 建議末期股息 | | 6 | | 重選退任董事 | | 6 | | 股東週年大會 | | 7 | | 應採取之行動 | | 8 | | 以投票方式進行表決 | | 8 | | 推薦意見 | | 8 ...

Operational Growth - The company operates 261 city gas projects, an increase from 259 in 2023, demonstrating continuous growth in its operations[14] - The number of urban gas projects in China increased to 261 in 2024, up from 259 in 2023, representing a growth of 0.8%[26] - The total number of household users connected reached 31,379 thousand, an increase of 5.4% from 29,775 thousand in 2023[26] - The company has 356 comprehensive energy projects, up from 296 in 2023, indicating expansion in its service offerings[14] - The company added 1.217 million cubic meters per day of industrial customer gas volume, reaching a total of 18.5 million cubic meters per day, promoting a 5.2% growth in industrial user gas volume[54] - The company developed 25,000 commercial users in 2024, with a cumulative total of 227,000 commercial users and an opening gas volume of 2.93 million cubic meters per day, resulting in a 4.5% growth in commercial user gas volume[55] Financial Performance - The total revenue for 2024 was RMB 109,853 million, a decrease of 3.5% compared to RMB 113,858 million in 2023[38] - The core profit from domestic infrastructure business increased by 10.2% to RMB 6,712 million from RMB 6,091 million in 2023[31] - The annual profit attributable to the company's owners was RMB 5,987 million in 2024, a decrease of 12.2% from RMB 6,816 million in 2023[38] - The gross profit margin for the energy business increased to 16.4% in 2024, up from 13.9% in 2023, reflecting improved operational efficiency[31] - The company's total operating revenue for 2024 was RMB 110.051 billion, a decrease from RMB 113.858 billion in 2022[57] - The profit attributable to shareholders was RMB 5.987 billion, down 12.2% year-on-year, with basic earnings per share of RMB 5.35, a decrease of 11.6%[73] Environmental Performance - The company achieved a carbon emission intensity of 6,103 tons of CO2 equivalent per billion cubic meters, down from 6,969 tons in 2023, indicating improved environmental performance[14] - The proportion of renewable energy projects within the comprehensive energy projects increased to 42.4% from 44.9% in 2023[14] - In 2024, the company achieved natural gas sales of 33.651 billion cubic meters, equivalent to a reduction of 15.13 million tons of standard coal, resulting in a decrease of 45.2 million tons of CO2 emissions[69] - The company has established a climate risk dynamic management mechanism and aims for a full-scenario net-zero pathway[69] Customer Satisfaction and Service Quality - Customer satisfaction rate improved to 92.5%, up from 90.8% in 2023, reflecting enhanced service quality[14] - The online gas purchase ratio increased to 97%, up from 85% in 2023, showcasing digital transformation efforts[14] - The company aims to enhance customer satisfaction by restructuring its service system, utilizing smart technology to optimize customer service processes[67] Safety and Compliance - The company invested 1,252 million RMB in safety measures, a decrease from 1,430 million RMB in 2023, suggesting a focus on cost efficiency[14] - The company has 86 project companies certified with ISO 14001 and ISO 45001, an increase from 76 in 2023, highlighting commitment to quality and safety standards[14] - The company has developed a safety digital management system covering all business scenarios, enhancing safety risk prevention capabilities[66] Strategic Initiatives and Future Plans - The company plans to expand its urban gas projects and aims to increase the number of connected users in the coming years[24] - The company aims to leverage AI technologies like DeepSeek to enhance energy service ecosystems and drive growth in the smart era by 2025[44] - The company plans to expand its comprehensive energy solutions for major energy-consuming customers, achieving an additional installed capacity of 1.7 GW[62] - The company is actively pursuing market expansion and operational efficiency in the natural gas sector, with a focus on full-scenario business collaboration[111] Governance and Management - The company has established a comprehensive risk management policy and commodity hedging system to mitigate price volatility risks associated with LNG procurement[84] - The board consists of 11 members, including 6 executive directors, 1 non-executive director, and 4 independent non-executive directors[164] - The company has received eight awards in the 2024 Institutional Investor's Asia Best Management Team awards, including "Best CEO" and "Best CFO," showcasing recognition in management and investor relations[86] - The company is committed to improving corporate governance, emphasizing transparency and stakeholder engagement to create long-term value[134] Employee and Talent Management - The company emphasizes employee performance and provides comprehensive benefits, including medical coverage and retirement plans[88] - The company aims to enhance its human resources strategy to align closely with business objectives, ensuring effective talent retention and performance management[130] - The company has implemented a policy to promote gender diversity, aiming for 25.6% female employees by the end of 2024[167] Financial Health and Debt Management - The net debt ratio improved to 23.2% in 2024, down from 25.3% in 2023, indicating better financial health[31] - As of December 31, 2024, the company's total borrowings amounted to RMB 195.32 billion, a decrease of RMB 23.91 billion from the previous year[78] - The company has hedged USD 820 million of its borrowings, achieving a hedging ratio of 78.9% for long-term USD debt[79]

Core Viewpoint - New Hope Group, a leading domestic natural gas company, reported a significant decline in both revenue and net profit for 2024, continuing a downward trend from 2023, prompting a proposal to privatize its Hong Kong-listed affiliate, New Hope Energy [1][2]. Financial Performance - New Hope Group's revenue decreased from 1,540.44 billion yuan in 2022 to 1,358.36 billion yuan in 2024, marking a continuous decline [2]. - The company's net profit attributable to shareholders fell by over 36% to 44.93 billion yuan in 2024 [2][5]. - The main contributors to the revenue decline were the retail and wholesale segments of natural gas, which accounted for over 65% of total revenue [2]. Market Conditions - Despite a steady increase in natural gas consumption nationally, New Hope Group's revenue has been adversely affected by falling natural gas prices, which dropped significantly from the highs seen in 2022 due to geopolitical tensions [4]. - The wholesale business's gross margin plummeted from 7.94% in 2022 to 0.37% in 2024, reflecting the impact of lower natural gas prices [4][6]. Strategic Moves - New Hope Group is actively engaging in hedging strategies to mitigate the effects of falling natural gas prices, reporting a derivative financial instrument gain of 27.39 billion yuan in 2023 [5]. - The company plans to privatize New Hope Energy, with the transaction potentially requiring the issuance of up to 2.2 billion new shares and a cash payment of approximately 183.5 billion Hong Kong dollars [9][8]. Financial Health - As of December 31, 2024, New Hope Group's cash reserves were insufficient to cover the privatization costs, leading to potential increases in debt levels and financial pressure [9][10]. - The company reported a high interest expense of 11.21 billion yuan against a net profit of 37.11 billion yuan, indicating a challenging financial situation [10][16]. Shareholder Impact - Despite high debt levels, New Hope Group distributed significant dividends totaling 31.64 billion yuan in 2024, which accounted for 70.1% of its net profit [16]. - The privatization of New Hope Energy could enhance the overall valuation of the company and benefit its controlling shareholder, Wang Yusuo, by consolidating assets under A-share listings [14][18].

Core Viewpoint - New Oriental Holdings has reported a significant decline in both revenue and net profit for 2024, continuing a downward trend from 2023, prompting a proposal to privatize its Hong Kong-listed subsidiary, New Oriental Energy [2][3][5]. Financial Performance - New Oriental Holdings' revenue decreased from 1,540.44 billion yuan in 2022 to 1,358.36 billion yuan in 2024, marking a continuous decline over the years [3][5]. - The company's net profit attributable to shareholders fell by 36.64% to 44.93 billion yuan in 2024 [3][5]. - The main revenue sources, natural gas retail and wholesale, accounted for over 65% of total revenue, with combined income dropping from 1,038.8 billion yuan in 2022 to 908.9 billion yuan in 2024 [3][5]. Market Conditions - Despite steady growth in natural gas retail and wholesale volumes, revenue decline is attributed to falling natural gas prices, which significantly impacted profit margins [5][6]. - The wholesale business's gross margin plummeted from 7.94% in 2022 to 0.37% in 2024 due to lower selling prices [5][6]. Financial Strategies - To mitigate the impact of declining natural gas prices, New Oriental Holdings engaged in hedging activities, resulting in a financial gain of 27.39 billion yuan in 2023 [5][6]. - The company also realized investment income of 42.77 billion yuan from the sale of a subsidiary's equity [5][6]. Privatization Proposal - New Oriental Holdings plans to privatize New Oriental Energy, with a total transaction value estimated between 595.19 billion and 599.24 billion Hong Kong dollars [7][9]. - The privatization will require issuing up to 2.188 billion shares and paying approximately 183.5 billion Hong Kong dollars in cash, which exceeds the company's available cash resources [9][10]. Debt and Financial Pressure - As of December 31, 2024, New Oriental Holdings had over 300 billion yuan in interest-bearing debt, which could rise to nearly 500 billion yuan if the privatization is financed entirely through loans [9][10]. - The company's financial expenses reached 11.21 billion yuan in 2024, significantly impacting its net profit [10][13]. Shareholder Returns - Despite high debt levels, New Oriental Holdings distributed a total of 31.64 billion yuan in dividends in 2024, representing 70.1% of its net profit [12][15]. - The substantial dividends primarily benefit the controlling shareholder, Wang Yusuo, who holds 72.38% of the company's shares [13][15]. Future Outlook - The successful privatization of New Oriental Energy could enhance operational synergies within the natural gas sector and potentially improve the company's financial performance [15][16]. - The move is expected to increase the personal wealth of Wang Yusuo, as the valuation of assets is likely to rise with the transition to the A-share market [15][16].

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。 ( 於開曼群島註冊成立之有限公司 ) (股份代號: 2688) 根據收購守則規則 3.8 刊發的公告 本公告由新奧能源控股有限公司（「新奧能源」）根據香港公司收購及合併守則（「收購守 則」）規則 3.8 而作出。 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 條通過計劃安排方式將 新奧能源私有化之附先決條件之建議（「建議」）以及新奧能源股份購股權要 ...