Market Performance - The gas sector increased by 0.19% on September 1, with Baichuan Energy leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Baichuan Energy (600681) closed at 3.87, up 4.31% with a trading volume of 336,600 shares and a turnover of 129 million yuan [1] - Jiufeng Energy (605090) closed at 29.66, up 3.09% with a trading volume of 130,000 shares and a turnover of 2.68 million yuan [1] - Shengtong Energy (001331) closed at 12.04, up 2.38% with a trading volume of 56,200 shares and a turnover of 67.25 million yuan [1] - Other notable performers include Telesis (834014) up 2.34%, Victory Co. (000407) up 1.93%, and Kaitian Gas (831010) up 1.81% [1] Fund Flow Analysis - The gas sector experienced a net outflow of 21.30 million yuan from institutional investors, while retail investors saw a net inflow of 0.36 million yuan [2] - Jiufeng Energy had a significant net inflow of 61.44 million yuan from institutional investors, despite a net outflow from retail investors [3] - Longchun Gas (600333) and Baichuan Energy also saw mixed fund flows, with institutional inflows but retail outflows [3]

Core Viewpoint - The company, Changchun Gas Co., Ltd., is set to hold a half-year performance briefing on September 11, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The meeting is scheduled for September 11, 2025, from 13:00 to 14:00 [5]. - It will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [2][5]. - The format of the meeting will be an interactive online session, enabling real-time communication with investors [3][4]. Group 2: Investor Participation - Investors can submit questions from September 4 to September 10, 2025, by visiting the Shanghai Stock Exchange Roadshow Center website or via the company's email [2][6]. - The company will address commonly asked questions during the briefing [3][6]. - After the meeting, investors can review the session's key points and outcomes on the Shanghai Stock Exchange Roadshow Center website [6].

证券代码：600333 证券简称：长春燃气 公告编号：2025-017 长春燃气股份有限公司 关于召开 2025 年半年度业绩说明会预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 11 日(星期四)13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 4 日(星期四) 至 9 月 10 日(星期三)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 changchungas@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 长春燃气股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公 ...

Core Viewpoint - Changchun Gas (600333) reported disappointing financial results for the first half of 2025, with a decline in revenue and net profit, indicating increased short-term debt pressure and a low liquidity ratio [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.066 billion yuan, a decrease of 5.69% compared to 2024 [1] - Net profit attributable to shareholders was -55.08 million yuan, down 4.37% year-on-year [1] - The gross profit margin improved to 18.21%, an increase of 7.45% year-on-year, while the net profit margin slightly worsened to -5.16% [1] - Total expenses (selling, administrative, and financial) amounted to 240 million yuan, accounting for 22.54% of revenue, an increase of 2.84% year-on-year [1] - Earnings per share remained at -0.09 yuan, with operating cash flow per share dropping to -0.23 yuan, a significant decrease of 539.92% [1] Key Financial Changes - Cash and cash equivalents decreased by 52.28% due to repayment of bank loans [5] - Other receivables decreased by 35.34% as these amounts were collected during the reporting period [2] - Accounts payable decreased by 32.04% due to the maturity of certain notes [3] - Long-term borrowings increased by 63.9% as a result of additional bank loans [3] - The company experienced a 5.69% decline in operating revenue attributed to reduced natural gas sales [3] Operational Insights - The company’s return on invested capital (ROIC) was 1.16% last year, indicating weak capital returns over the years [5] - The business model relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying drivers [5] - The company has recorded five years of losses since its listing, suggesting a generally poor financial history [5] Cash Flow and Debt Analysis - The liquidity ratio is low at 0.42, indicating potential challenges in meeting short-term obligations [1][6] - The ratio of interest-bearing liabilities to average operating cash flow over the past three years is 18.03%, highlighting significant debt pressure [6] - Financial expenses accounted for 59.28% of the average operating cash flow over the past three years, raising concerns about financial sustainability [6]

Group 1 - The gas sector experienced a rise of 0.83% on August 28, with Zhongtai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Zhongtai Co., Ltd. saw a significant increase in its stock price, closing at 18.58 with a rise of 12.13% [1] Group 2 - The gas sector had a net outflow of 189 million yuan from main funds, while retail investors contributed a net inflow of 111 million yuan [3] - The table provided shows various gas sector stocks, their closing prices, percentage changes, trading volumes, and transaction amounts [1][3]

Core Insights - Changchun Gas (600333.SH) reported a total operating revenue of 1.066 billion yuan for the first half of 2025, ranking 14th among disclosed peers, which represents a decrease of 64.32 million yuan or 5.69% year-on-year [1] - The company recorded a net profit attributable to shareholders of -55.08 million yuan, ranking 20th among peers, with a decline of 2.31 million yuan compared to the same period last year [1] - Operating cash flow showed a net outflow of 141 million yuan, ranking 20th among peers, down 173 million yuan year-on-year, reflecting a significant decline of 539.92% [1] Financial Ratios - The latest debt-to-asset ratio stands at 70.60%, ranking 21st among peers, with a slight increase of 0.01 percentage points from the previous quarter and an increase of 0.40 percentage points year-on-year [3] - The gross profit margin is reported at 18.21%, ranking 8th among peers, with a decrease of 2.20 percentage points from the previous quarter but an increase of 1.26 percentage points year-on-year, marking two consecutive years of growth [3] - Return on equity (ROE) is at -2.93%, ranking 20th among peers, with a decrease of 0.16 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.09 yuan, ranking 20th among peers, remaining stable compared to the same period last year [3] - The total asset turnover ratio is 0.16 times, ranking 20th among peers, showing a decrease of 0.01 times year-on-year, which is a decline of 6.00% [3] - The inventory turnover ratio is 1.87 times, ranking 20th among peers, down 0.40 times year-on-year, reflecting a decrease of 17.43% [3] Shareholder Structure - The number of shareholders is reported at 44,700, with the top ten shareholders holding 372 million shares, accounting for 61.06% of the total share capital [3] - The largest shareholder is Changchun Changgang Gas Co., Ltd., holding 58.75% of the shares [3]

Group 1 - The core point of the article is that Changchun Gas reported a decline in revenue and a net loss for the first half of 2025, indicating financial challenges for the company [1] Group 2 - For the first half of 2025, the company achieved operating revenue of 1,065,645,657.97 yuan, which represents a year-on-year decrease of 5.69% [1] - The net profit attributable to shareholders of the listed company was -55,084,744.46 yuan, indicating a loss [1]

Core Viewpoint - Changchun Gas (600333.SH) reported a decline in revenue and a net loss for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 1.066 billion yuan, representing a year-on-year decrease of 5.69% [1] - The net profit attributable to shareholders was a loss of 55.0847 million yuan [1] - The basic earnings per share were reported at -0.09 yuan [1]

Core Viewpoint - Changchun Gas Co., Ltd. reported a decline in revenue and increased losses in the first half of 2025, primarily due to reduced natural gas sales and operational challenges in the gas and engineering installation sectors [1][2]. Company Overview and Financial Indicators - The company’s total revenue for the first half of 2025 was approximately CNY 1.07 billion, a decrease of 5.69% compared to the same period last year [2][10]. - The total profit for the period was a loss of approximately CNY 55.37 million, compared to a loss of CNY 50.42 million in the previous year [2][10]. - The net profit attributable to shareholders was approximately CNY -55.08 million, compared to CNY -52.78 million in the previous year [2][10]. - The net cash flow from operating activities was approximately CNY -141.16 million, a significant decline from CNY 32.09 million in the previous year [2][10]. Business Operations - The company primarily engages in urban pipeline gas services, municipal engineering construction, and clean energy supply services [3][4]. - The natural gas consumption in China showed a modest increase of 1.8% in the first half of 2025, with urban gas consumption at 838 billion cubic meters, reflecting a growth rate of only 1.2% [3][4]. - The company has focused on enhancing operational efficiency and customer service through smart operations and regional optimization [3][4]. Market and Industry Analysis - The macro demand for natural gas has shifted from rapid expansion to resilient growth, with regional disparities noted in consumption patterns [3][4]. - The company is adapting to changes in pricing mechanisms and infrastructure developments, including the completion of new long-distance pipelines [3][4]. - The government has initiated policies to promote clean energy and reduce coal usage, which may benefit the company’s clean energy initiatives [6][7]. Financial Performance and Cost Management - The company’s operating costs decreased by 7.13% to approximately CNY 871.60 million, attributed to lower natural gas sales [10]. - Sales expenses decreased by 6.44%, while management expenses increased by 9.96%, indicating a need for tighter cost control [10]. - The company’s financial health is under pressure, with a significant increase in long-term borrowings by 63.90% to approximately CNY 992.65 million [10]. Strategic Initiatives - The company is expanding its value-added services, including online platforms and community retail, to enhance customer experience and satisfaction [8][9]. - There is a focus on integrating smart gas solutions and enhancing service delivery through digital platforms [8][9]. - The company aims to leverage its existing customer base to explore new business growth opportunities in the clean energy sector [5][6].

Core Points - The company reported a total asset of approximately 6.57 billion RMB at the end of the reporting period, a decrease of 4.81% compared to the previous year [1] - The net asset attributable to shareholders decreased by 2.42% to approximately 1.88 billion RMB [1] - The operating revenue for the period was approximately 1.07 billion RMB, down 5.69% year-on-year [1] - The total profit for the period was a loss of approximately 55.37 million RMB, compared to a loss of 50.42 million RMB in the same period last year [1] - The net profit attributable to shareholders was a loss of approximately 55.08 million RMB, compared to a loss of 52.78 million RMB in the previous year [1] - The net cash flow from operating activities was negative at approximately -141.16 million RMB, a significant decrease from a positive cash flow of 32.09 million RMB in the same period last year [1] - The weighted average return on net assets decreased by 0.15 percentage points to -2.89% [1] - Basic and diluted earnings per share remained at -0.09 RMB [1] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 600333, with the name "长春燃气" [1] - The total number of shareholders at the end of the reporting period was 44,656 [1] - The largest shareholder, 长春长港燃气有限公司, holds 58.75% of the shares [1]