交银国际研究 财务模型更新 燃气 2024 年 8 月 15 日 收盘价 目标价 潜在涨幅 港元 55.05 港元 64.10↓ +16.4% 新奧能源 (2688 HK) 预期上半年盈利仍受 LNG 贸易及新增驳接拖累 我们调整了新奥能源 （2688 HK） 的盈利预测及估值。我们认为公司上半年盈 利仍同比下跌约 16%，考虑到新增接驳业务仍有待明确的见底讯号，以及零 售气增量的稳定，我们维持中性评级，下调目标价至 64.1 港元。 预期上半年核心盈利同比下跌约 16%。我们估计新奥 2024 年上半年核心 盈利同比下跌 15.6%至 33 亿元（人民币，下同），拖累盈利的主要原因 是：1）接驳工程毛利同比下跌 29%，主因是居民接驳量预期同比下跌约 10%至 83 万户；2）燃气批发因 LNG 贸易利润进一步减少，分部毛利同比 下跌 59%至 2.7 亿元。期内，我们预期零售气量同比上升约 5%，售气毛差 从去年同期每方气 0.46 元改善至 0.49 元，带动零售气分部毛利同比上升 20%。因此，公司上半年整体毛利仍有约 2%的同比增长。 观察中期业绩能否带动估值修复。基于我们对下半年新增接驳量及智家业 ...

Table_Title Table_BaseInfo 2024 年 05 月 03 日 公司动态分析 新奥能源（2688.HK） 证券研究报告 一季度符合预期，期待二季度同比向好 xxxx 城市燃气 xxxx 新奥能源一季度运营数据公布，零售气量同比增长2.7%至72.37 亿方，泛能销售量同 投资评级： X-xx 比增长29.4%至91.36亿千瓦时，新开发家庭用户34.3万户，同比下降18.1%。公司 维持全年指引不变，预计Q2的气量增长将明显恢复，能够达到高单位数同比增长。 目标价格： -x 报告摘要 现价 (2024-05-02)： 69.55港元 零售气量同比增长 2.7%，维持全年超过 5%的气量增长指引。2024 年第一季度零 售气量增长2.7%达到72.37亿方，其中工商业气量增长2.9%达到52.25亿方，民 用气量增长2.5%达到19.47亿方。公司看到4月份气量增长有所恢复，相信二季度 总市值(百万港元) 78,676.31 仍会延续增长态势，达到高单位数。除此之外，去年 Q2 电厂气量少的低基效应以 H股市值(百万港元) 78,676.28 及今年上游气价有所缓和促进下游需求将对公司的 ...

交银国际研究 公司更新 燃气 收盘价 目标价 潜在涨幅 2024年4月30日 港元67.50 港元66.30 -1.8% 新奧能源 (2688 HK) 经营回稳的利好已在股价反映，维持中性评级  1季度经营情况呈现持续回稳趋势。公司公布2024年1季度运营数据，整 个股评级 体呈现继续回稳的趋势，零售气量同比温和增长2.7%，当中工商业/民用 中性 气期内同比增长2.9%/2.5%。泛能销售量保持29%的高速增长，期内增加 15个项目投产。另外，新增居民接驳下跌18% 至34.3万户，下降幅度略 快于我们估算的全年下跌14%。 1年股价表现 2688 HK 恒生指数  零售气2024年增长目标的确定性开始增强。管理层补充2023年1季度的 10% 0% 零售气量是公司的高基数，因为当时还包括电厂售气量，所以目前2024 -10% 年1季度零售气量仍略低于全国气量增长（~12%）。管理层目前判断4月 -20% 的零售气量增长较有机会达到 6%，2 季度的气量增长有望在高个数的水 -30% -40% 平，我们认为这将支持公司达到全年约 5%。管理层表示顺价比例达到 -50% 54%，加上预计采购成本下降，预计 ...

Natural Gas and Energy Projects - The number of city gas projects increased to 259 in 2023, up from 254 in 2022[7] - Natural gas sales volume reached 33,621 million cubic meters in 2023, compared to 32,697 million cubic meters in 2022[7] - The number of pan-energy projects increased to 296 in 2023, up from 210 in 2022[7] - Pan-energy sales volume reached 34,700 million kWh in 2023, compared to 22,239 million kWh in 2022[7] - The proportion of renewable energy projects in pan-energy projects was 44.9% in 2023, down from 48.1% in 2022[7] - The company's natural gas retail sales volume decreased by 3.1% from 25,941 million cubic meters in 2022 to 25,144 million cubic meters in 2023[18] - The company's gas wholesale sales volume increased by 25.5% from 6,756 million cubic meters in 2022 to 8,477 million cubic meters in 2023[18] - The company achieved a natural gas sales volume of 33.621 billion cubic meters in 2023, a slight increase of 2.8% year-on-year[39] - Retail gas sales decreased by 3.1% to 25.144 billion cubic meters, with sales to industrial and commercial users dropping by 4.4% to 19.486 billion cubic meters[39] - Gas sales to residential users increased by 3.8% to 5.348 billion cubic meters, accounting for 21.3% of retail gas sales[39] - The company's wholesale gas business revenue and gross profit decreased by 0.9% and 60.0% respectively to RMB 29.695 billion and RMB 1.095 billion[39] - The company developed 18,706 new industrial and commercial users with a daily designed gas supply capacity of 17.564 million cubic meters[39] - The company completed engineering installations for 1.854 million new residential users, bringing the total number of residential users to 29.77 million with an average gasification rate of 65.2%[39] - The company added 5 new city gas projects, bringing the total number of exclusive city gas projects to 259, covering 20 provinces and autonomous regions[39] - The company's natural gas sales in 2023 reduced coal consumption by 15.12 million tons and carbon dioxide emissions by 45.11 million tons[37] - The company's 296 operational energy projects achieved energy sales of 34.7 billion kWh, reducing customer energy consumption by 2.67 million tons of coal equivalent and lowering carbon dioxide emissions by 10.99 million tons[37] - Cumulative number of energy projects put into operation reached 296, with 86 new projects added in 2023, generating a total energy sales volume of 34.7 billion kWh[40][41] - Energy business revenue increased by 32.5% to RMB 14.513 billion, with gross profit rising by 22.6% to RMB 1.907 billion[40] - The company operates primarily in China, focusing on gas pipeline infrastructure, clean energy product sales, and digital services for industrial and commercial clients[143] - The company achieved a gas sales volume of 33.621 billion cubic meters in 2023, equivalent to reducing the use of 15.12 million tons of standard coal and cutting CO2 emissions by 45.11 million tons[147] - The company operated 296 energy projects in 2023, generating energy sales of 34.7 billion kWh, reducing customer energy consumption by over 2.67 million tons of standard coal and lowering CO2 emissions by 10.99 million tons[147] Carbon Reduction and Environmental Impact - The company achieved a carbon reduction of 56.10 million tons in 2023, up from 52.69 million tons in 2022[7] - The carbon emission intensity decreased to 6,969 tons of CO2 equivalent per billion cubic meters in 2023, down from 7,036 tons in 2022[7] - The company's ESG rating improved significantly in the 2023 S&P Global Corporate Sustainability Assessment, rising from 56 to 63 points[37] - The company's environmental policies and performance are outlined in its 2023 Environmental, Social, and Governance Report[145] Financial Performance - The company's total revenue increased by 3.5% from RMB 110,051 million in 2022 to RMB 113,858 million in 2023[22] - The company's net debt ratio decreased by 0.5 percentage points from 25.8% in 2022 to 25.3% in 2023[21] - The company's total assets increased by 0.8% from RMB 102,358 million in 2022 to RMB 103,131 million in 2023[22] - The company's total loans increased by 10.8% from RMB 19,792 million in 2022 to RMB 21,923 million in 2023[22] - Total revenue for 2023 was RMB 113,858 million, compared to RMB 110,051 million in 2022[25] - Net profit attributable to the company's owners was RMB 6,816 million in 2023, up from RMB 5,867 million in 2022[25] - The company's total equity stood at RMB 48,262 million in 2023, compared to RMB 45,562 million in 2022[26] - Basic earnings per share were RMB 6.05 in 2023, up from RMB 5.20 in 2022[27] - The company declared a total dividend of RMB 3,029 million in 2023, compared to RMB 2,936 million in 2022[25] - Revenue increased by 3.5% to RMB 113.858 billion in 2023[34] - Core profit from operating activities decreased by 4.8% to RMB 7.586 billion in 2023[34] - Basic earnings per share reached RMB 6.05 in 2023[34] - Total annual dividend per share increased by 1.4% to HKD 2.95 in 2023[34] - Revenue increased by 3.5% year-on-year to RMB 113.858 billion, with gross profit and gross margin declining by 9.0% to RMB 14.338 billion and 1.7 percentage points to 12.6%, respectively[45] - Net profit attributable to shareholders rose by 16.2% to RMB 6.816 billion, with basic earnings per share increasing by 16.3% to RMB 6.05[45] - Operating cash inflow for 2023 was RMB 9.612 billion, generating positive free cash flow of RMB 2.132 billion[45] - Cash and cash equivalents (excluding restricted bank deposits) increased by RMB 1.633 billion to RMB 9.689 billion as of December 31, 2023[46] - Total borrowings increased by RMB 2.131 billion to RMB 21.923 billion, with the net debt ratio decreasing to 25.3% from 25.8% in 2022[46][47] - Foreign currency-denominated borrowings decreased to USD 1.1 billion (RMB 7.728 billion) as of December 31, 2023, with 40.0% of long-term USD debt hedged[47] - The company hedged USD 213 million in 2023, covering 20.3% of trade risk exposure related to LNG purchases[50] - Accounts receivable, payable, and inventory turnover days were 12 days, 22 days, and 6 days, respectively, as of December 31, 2023[47] - Net current liabilities stood at RMB 8.548 billion as of December 31, 2023, supported by stable operating cash flow and high-quality liquid assets[49] - Fitch maintained the company's BBB+ credit rating and upgraded the outlook from "stable" to "positive"[52] - Standard & Poor's and Moody's maintained the company's BBB+ (stable) and Baa1 (stable) ratings respectively[52] - The company's credit ratings reflect its very strong financial position and highly predictable and stable operating cash flow[53] - No significant events affecting the group occurred after the accounting period ended, and there were no significant contingent liabilities as of December 31, 2023[54] - The company's financial statements for the year ended December 31, 2023, were prepared on a going concern basis and are considered to present a true and fair view of the group's financial position, performance, and cash flows[123] - The company's accounting and finance department, led by the CFO, is responsible for the group's accounting and financial reporting functions, ensuring compliance with standards such as Hong Kong Financial Reporting Standards and the Listing Rules[123] - The company's distributable reserves as of December 31, 2023, amounted to RMB 4.995 billion[154] - The company repurchased 4,047,500 shares at a total cost of HKD 250,236,210 under the share award scheme[153] - The company's total issued shares as of December 31, 2023, were 1,131,219,375[159] - The company's property, plant, and equipment details are disclosed in the consolidated financial statements note 15[152] - The company's bank and other loan details are provided in the financial review on pages 23-25 and note 39 of the consolidated financial statements[155] - The company's share capital changes are detailed in note 38 of the consolidated financial statements[152] - The company's reserves changes are detailed in the consolidated statement of changes in equity on page 78 and note 54 of the consolidated financial statements[154] - The company's directors' interests in shares, related shares, and debentures are disclosed as per the Securities and Futures Ordinance and the Listing Rules[158] - The company's directors' indemnity provisions and insurance coverage are outlined in the corporate governance section[157] - The company's goodwill allocated to the Pan-energy business unit was RMB 2.028 billion as of December 31, 2023[196] - The fair value of commodity derivative financial instruments was RMB 230 million for assets and RMB 43 million for liabilities as of December 31, 2023[197] - The company's directors are responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards[199] - The auditor's responsibility is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error[200] - The auditor maintains professional skepticism and judgment throughout the audit process[200] - The auditor identifies and assesses risks of material misstatement due to fraud or error and designs audit procedures accordingly[200] - The auditor evaluates the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors[200] - The auditor assesses whether the going concern basis of accounting is appropriate and identifies any material uncertainties[200] - The auditor evaluates the overall presentation, structure, and content of the consolidated financial statements[200] Customer and Market Expansion - The online gas purchase ratio increased to 85% in 2023, up from 83% in 2022[7] - Customer satisfaction was 90.8% in 2023, down from 95.4% in 2022[7] - The company's cumulative connected residential customers increased by 6.6% from 27,921 thousand in 2022 to 29,775 thousand in 2023[18] - The company's cumulative industrial and commercial customers increased by 8.3% from 224,462 locations in 2022 to 243,168 locations in 2023[18] - The company's cumulative installed daily design gas supply capacity for industrial and commercial customers increased by 9.6% from 183,326 thousand cubic meters in 2022 to 200,890 thousand cubic meters in 2023[18] - The number of developed household users reached 29,775 thousand in 2023, an increase from 27,921 thousand in 2022[25] - The daily designed gas supply capacity for industrial and commercial users was 200,890 thousand cubic meters in 2023, up from 183,326 thousand cubic meters in 2022[25] - The company has 2.977 million household customers for its smart home business[35] - The company serves over 29.77 million residential customers and 243,168 commercial and industrial customers[40] - Single household revenue from smart home business reached RMB 124, a year-on-year increase of 5.1%[40] - Revenue from the top five customers accounted for approximately 5.50% of the company's total revenue, with the largest customer contributing 2.09%[147] - Purchases from the top five suppliers accounted for approximately 12.63% of the company's total purchases, with the largest supplier contributing 3.58%[148] Safety and Investment - The company invested 1,430 million RMB in safety in 2023, compared to 1,540 million RMB in 2022[7] - 76 member companies obtained ISO45001 safety system certification by the end of 2023[36] Dividends and Shareholder Returns - The company's dividend per share increased from HKD 2.91 in 2022 to HKD 2.95 in 2023, representing a 1.4% growth[21] - The company declared a total dividend of RMB 3,029 million in 2023, compared to RMB 2,936 million in 2022[25] - Total annual dividend per share increased by 1.4% to HKD 2.95 in 2023[34] - The company's dividend policy ensures a minimum annual dividend payout of 15% of the consolidated annual profit attributable to shareholders[150] - The proposed final dividend for 2023 is HKD 2.31 per ordinary share, equivalent to approximately RMB 2.09[150] - A final dividend of HK$2.27 per share for the year ended December 31, 2022, was declared[139] Corporate Governance and Leadership - The company's founder, Mr. Wang Yusuo, has over 30 years of experience in energy investment and management in China[55] - Mr. Zhang Yuying, the CEO, has extensive experience in digital transformation and industrial-intelligence integration[56] - Mr. Liu Jianfeng, the President, has over 20 years of experience in energy operations, financial management, and cross-border M&A[59] - Mr. Wang Dongzhi, the CFO, has deep expertise in financial and capital market management, with a focus on optimizing the group's financial capabilities[61] - Ms. Zhang Jin, a senior executive, has extensive experience in corporate governance, human resources management, and sustainable development[63] - Mr. Jiang Chenghong, a senior executive, has rich experience in financial and value creation operations, investment and financing management, and capital operations[64] - Mr. Wang Zizheng, aged 35, has extensive experience in overseas LNG refueling station investments, mergers and acquisitions, risk management, and operational management, and is also knowledgeable in ESG[67] - Mr. Wang Zizheng served as the Executive Chairman of the company from May 11, 2018, to March 16, 2020, and has been the Chairman of the ESG Committee since April 2022[68] - Mr. Ma Zhixiang, aged 71, has over 40 years of experience in the oil and gas sector, with deep insights into the historical development, challenges, and future prospects of China's energy industry[69] - Mr. Ma Zhixiang holds a Ph.D. in Engineering from Southwest Petroleum University and has held significant leadership positions at China National Petroleum Corporation[70] - Mr. Ruan Baoguang, aged 54, specializes in dispute resolution and regulatory compliance, with extensive experience in risk management and corporate compliance[71] - Mr. Ruan Baoguang holds a Master's degree in Chemistry from the University of Oxford and a Master's degree in Organic Synthetic Chemistry from Cornell University[71] - Mr. Luo Yikun, aged 71, has extensive knowledge in accounting, corporate strategy, governance, internal control, risk management, and sustainable development[72] - Mr. Luo Yikun is a Fellow of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants (ACCA)[72] - Ms. Huang Li, aged 45, has over 20 years of experience in banking and financial services, including corporate governance, corporate finance, capital markets, and mergers and acquisitions[73] - Ms. Huang Li holds a Bachelor's degree in Accounting from the University of London and is a Fellow of the Association of Chartered Certified Accountants (ACCA)[73] - The company has 6 executive directors, 1 non-executive director, and 4 independent non-executive directors, with all directors required to retire and stand for re-election at least once every three years[81] - The company has established 4 board committees and 4 functional committees to oversee various aspects of governance and risk management[81] - The company has implemented a green finance framework and released the "Green Action 2030 - ENN Energy's Zero Carbon Journey" initiative as part of its ESG strategy[81] - The company has been publishing independent ESG reports since 2018 and has a dedicated ESG committee and working group to support its ESG efforts[81] - The company regularly reviews its risk appetite, assesses external and internal risk levels, and evaluates the effectiveness of its risk management and internal control systems[82] - The company's board of directors is responsible for reviewing and approving major financing and share repurchase plans, as well as declaring dividends[82] - The company's board of directors reviews the operational performance of its core businesses and receives regular financial and investment reports[82] - The company's board of directors is committed to continuous professional development, with directors participating in various training and development courses to update their skills and knowledge[81] - The company's board of directors is responsible for formulating strategies, participating in major decision-making, and overseeing the company's financial performance and ESG development[81] - The company's board of directors regularly reviews the structure, size, composition, and diversity of the board, as well as the independence of independent non-executive directors[82] - The company adheres to the "Corporate Governance Code" and ensures compliance with all code provisions as of December 31, 2023[84] - The company has received multiple awards from independent institutions for its business and management achievements[85] - The Board of Directors is responsible for setting long-term strategic goals and policies, and overseeing corporate governance functions[87] - The company has a clear separation of roles between the Chairman and the CEO to ensure a balance of power and authority[89] - The company has implemented a "Standard Code" for securities transactions by directors, ensuring

海 外 研 证券研究报告 究 ＃industryId＃ 公用事业 02688.HK ＃新dy奥Com能pa源ny＃ 港股通（沪、深） 买＃i入nves（tSu维gges持tion）＃ ＃title＃ 销气业务短期承压，智家与泛能打造第二增长曲线 ＃createTime1＃ 2024年 4月 12日 投资要点 ＃市m场a数rk据et Data＃ 跟 ＃summary＃ 日期 2024.04.11 ⚫ 业绩短期承压，派息稳步提升。2023 年，公司实现营业收入 1,139 亿元，同比增长 踪 3.5%；毛利143亿元，同比下降9.0%；核心利润为75.86亿元，同比下降4.8%，其中 收盘价（港元） 69.20 国际气价回落导致的海外LNG销售相关利润同比下降36.0%至14.95亿元，国内基础 报 总股本（百万股） 1,131 业务核心利润同比增长8.2%至60.91亿元。2023年，公司拟派息2.95港元/股，同比 告 增长1.4%，派息率为核心利润的40%（23年核心利润派息率为37%），同时公司指引未 总市值（百万港元） 78,280 来派息比率有望保持每年3-4%的增长。 净资产（百万元） 42,660 ...

研究报告Research Report 14 Apr 2024 新奥能源 ENN Energy Holdings (2688 HK) 现金流持续改善，派息比例仍有一定上涨空间 Sustained Improvement in Cash Flow with Potential for Increased Dividend Ratio [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 2023年营业利润率小幅增长，期间费用率有所下降。公司2023年 评级 优于大市OUTPERFORM 实现营收 1,138.6 亿元，同比增长 3.5%；毛利率达 12.6%，同比下 现价 HK$66.50 滑1.7pct；营业利润率达9.4%，同比增长0.4pct；净利率达6.0%， 目标价 HK$73.99 同比下滑0.7pct；核心利润75.86亿元，同比下跌4.8%，主要由于 HTI ESG 4.7-3.6-3.5 海外 LNG 销售相关 ...

港股公司报告 | 公司点评 新奥能源（02688） 证券研究报告 2024年04月 01日 投资评级 24 年燃气主业有望修复，看好泛能与智家业务持续快速发展 行业 公用事业/公用事业 6个月评级 增持（维持评级） 事件 当前价格 60.3港元 目标价格 港元 公司公布 2023 年年报。2023 年公司实现营业收入 1138.58 亿元，同比增 加3.5%；公司拥有人应占溢利 68.16 亿元，同比增长 16.2%；实现核心利 基本数据 润75.86亿元，同比减少4.8%。 港股总股本(百万股) 1,131.22 点评 港股总市值(百万港元) 68,212.53 零售：受工商业气量下滑影响，零售气业务毛利有所下降 每股净资产(港元) 41.64 资产负债率(%) 53.20 销气量方面，2023年经济恢复支撑天然气市场的持续复苏，但是由于出口 一 年内最高/最低(港元) 115.30/48.00 疲弱、房地产低迷等因素对天然气的需求起到了结构性的抑制作用。2023 年全年零售气量实现251.4亿方，同比下降3.1%； 作者 销气量结构方面，民生气量保持增长，全年实现民生气销气量53.48亿方， 郭丽丽 分析 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 公用事业 | 公司研究 工商用气承压 综合能源及智家业务保持高增 2024年3月25日 新奥能源 (02688:HK) 买入 新奥能源发布2023年年度业绩。期内公司实现营业收入1138.58亿元，同比增长3.5%；公 司拥有人应占溢利68.16亿元，同比增加16.2%；核心利润75.86亿元，同比下降4.8%；每 股基本盈利6.05元，同比增加16.3%，基本符合我们的预期。公司拟全年派息2.95港元/股 维持评级 （含中期股息），对应3月25日收盘价股息率为4.80%。 工商销气同比下降，看好2024年销气结构改善。2023年公司天然气总销售量336.21亿m³， 市场数据：2024年3月25日 同比增加 2.8%，其中零售气量 251.44 亿 m³，同比下降3.1%，主要受公司工商客户用气受 收盘价（港币） 61.45 房地产、外贸产业需求较为低迷，销气量下降4.4%至 194.86亿m³导致。公司居民销气量达 恒生中国企业指数 5,755 53.48亿m³，同比上升3 ...

交银国际研究 公司更新 燃气 收盘价 目标价 潜在涨幅 2024年3月25日 港元61.45 港元66.30↓ +7.9% 新奧能源 (2688 HK) 盈利构成开始稳定，估值修复拐点有待观察  2023年核心盈利略好于预期，派息比率提高幅度较大。新奥2023年核心 个股评级 盈利同比下跌4.7%，略高于我们/市场预期5%，我们认为主要原因是来自 商品套保的获利。分板块表现，燃气批发毛利低于我们预期约25%，因公 中性 司未计及对冲所得的LNG 贸易利润应比预期为低。另外，泛能销售量同比 上升56%至347 亿千瓦时，但单位售价低于预期，板块毛利同比只增长 21%。零售气量同比下降3.1%，与我们预期及管理层之前的指引相符。虽 1年股价表现 然盈利同比下跌，公司仍提高全年派息比率6个百分点至39%。 2688 HK 恒生指数 20%  增长重心转为非LNG贸易业务有必要性。我们认为公司自2022年盈利构 10% 成的变动限制了盈利的复苏。我们一直关心公司的LNG 贸易利润，原因是 0% 2022年公司把这部份定为核心利润，加大了2023年至今的盈利波动性。 -10% 目前管理层把“海外LNG销售相关业务” ...

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產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司) (股份代號: 2688) 截至2023年12月31日止 年度業績公告 業績要點： 2023年 2022年 增加／(減少) (經重列) 營業額（人民幣百萬元） 113,858 110,051 3.5% 核心利潤△*（人民幣百萬元） 7,586 7,966 (4.8%) 每股基本盈利（人民幣元） 6.05 5.20 16.3% 已付每股中期股息及建議每股末期股息（港元） 2.95 2.91 1.4% 天然氣零售銷售量#（百萬立方米） 25,144 25,941 (3.1%) 泛能銷售量1#（百萬千瓦時） 34,700 22,239 56.0% ...