Core Points - The company will hold an investor briefing on October 31, 2025, to discuss its Q3 2025 financial results and operational performance [2][3][4] - The briefing will be conducted in an interactive online format, allowing investors to ask questions [3][5] - Key executives, including the Chairman and CEO, will participate in the briefing [4] Meeting Details - The investor briefing is scheduled for October 31, 2025, from 16:00 to 17:00 [4] - It will take place at the Shanghai Stock Exchange Roadshow Center [4] - Investors can participate online through the Roadshow Center's website [5] Participation Instructions - Investors can submit questions from October 24 to October 30, 2025, via the Roadshow Center or the company's email [5] - The company will address commonly asked questions during the briefing [5] Contact Information - For inquiries, investors can contact the company's investor relations team at 0316-2595599 or via email at ir.ennng@enn.cn [6][7]

Core Viewpoint - The oil and gas ETF (159697) opened with a gain of 1.33%, indicating positive market sentiment towards the sector [1] Group 1: ETF Performance - The oil and gas ETF (159697) opened at 1.140 yuan [1] - Since its establishment on April 17, 2023, the ETF has achieved a return of 11.84% [1] - The ETF's performance over the past month has been a return of 6.81% [1] Group 2: Major Holdings - Major stocks within the ETF include: - China National Petroleum Corporation (down 0.22%) - China Petroleum & Chemical Corporation (up 0.36%) - China National Offshore Oil Corporation (down 0.07%) - Guanghui Energy (unchanged) - Jereh Oilfield Services (down 2.47%) - China Merchants Energy Shipping Company (up 2.97%) - XinAo Group (down 0.16%) - COSCO Shipping Energy Transportation (up 1.54%) - Offshore Oil Engineering Company (down 0.36%) - China Merchants Jinling Shipyard (up 0.31%) [1]

会议召开时间：2025 年 10 月 31 日（星期五）16:00-17:00 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：上证路演中心网络文字互动 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-091 新奥天然气股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 投资者可于 2025 年 10 月 24 日（星期五）至 10 月 30 日（星期四）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 ir.ennng@enn.cn 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。 新奥天然气股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布 公司 2025 年第三季度报告，为便于广大投资者更 ...

二、网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年11月3日 新奥天然气股份有限公司 2025年第二次临时股东会 会 议 资 料 二〇二五年十一月 会议议程 一、现场会议召开的日期、时间和地点 召开的日期时间：2025年11月3日10点00分 召开地点：河北省廊坊市开发区华祥路118号新奥科技园B座公司会议室 至2025年11月3日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 会召开当日的交易时间段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投 票平台的投票时间为股东会召开当日的9:15-15:00。 三、会议内容： （五）统计股东投票结果，主持人宣布表决结果 新奥天然气股份有限公司 二〇二五年十一月三日 （一）主持人宣布开会及出席现场股东会情况 （二）选举监票员和计票员 （三）会议议程 1、审议《关于回购注销2021年限制性股票激励计划部分限制性股票的议案》 2、审议《关于回购注销2025年限制性股票激励计划部分限制性股票的议案》 3、审议《关于签署2025-2026年日常关联（ ...

Core Viewpoint - The construction of the "Victory 295" vessel, the largest horsepower workboat for Shengli Oilfield, is undergoing meticulous monitoring and quality control to ensure safety and performance standards are met during its final assembly and testing phases [1][2][3] Group 1: Construction and Monitoring Process - The "Victory 295" vessel integrates drilling support, material transportation, and emergency rescue functions, requiring high technical standards and precision in its construction [1] - A monitoring team composed of experienced personnel has been established to oversee the construction process, emphasizing the importance of detail and precision in every aspect of the build [1][2] - The monitoring team has faced extreme weather conditions, including temperatures dropping to -6 degrees Celsius and exceeding 50 degrees Celsius, yet they continue to perform thorough inspections [2] Group 2: Quality Assurance and Challenges - The monitoring work is described as a test of both physical and mental endurance, with team members gaining valuable experience despite the challenges [2] - A 24-hour response mechanism has been established to address technical challenges and bottlenecks encountered during the construction of the "Victory 295" vessel [2] - Specialized technical teams have been formed to address critical equipment issues, conducting numerous remote consultations and on-site visits to resolve problems [2] Group 3: Final Stages and Expectations - The "Victory 295" vessel is now in the final debugging phase, with the monitoring team focusing on ensuring zero defects before delivery [3] - Every detail, from the sealing tests to equipment parameter recording, is being meticulously checked to ensure the vessel meets all operational standards [3] - The successful completion of the "Victory 295" is expected to enhance the efficiency of offshore exploration and development for Shengli Oilfield [3]

Market Overview - The gas sector experienced a decline of 0.26% on October 21, with Shouhua Gas leading the losses [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Baichuan Energy (600681) saw a significant increase of 10.07%, closing at 5.03 with a trading volume of 1.3646 million shares and a turnover of 643 million yuan [1] - Shouhua Gas (300483) led the declines with a drop of 5.11%, closing at 15.23 with a trading volume of 360,200 shares and a turnover of 551 million yuan [2] - Other notable gainers included Delong Huineng (000593) with a 6.00% increase and Guo Xin Energy (600617) with a 5.45% increase [1] Capital Flow Analysis - The gas sector experienced a net outflow of 833 million yuan from institutional investors, while retail investors saw a net inflow of 581 million yuan [2] - The table of capital flow indicates that Baichuan Energy had a net inflow of 16.6144 million yuan from institutional investors, while it faced outflows from both retail and speculative investors [3]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Industry**: The records focus on various companies within the consumer sector, highlighting their performance and future outlook. Company-Specific Insights 1. Laopu Gold - **Performance Expectations**: Laopu Gold anticipates a revenue of 4.5 to 5 billion RMB for the year, driven by a price increase announced on October 17, which is expected to enhance market activity and sales volume [2][3] - **Price Strategy**: The company has raised its second-hand market buyback prices by at least 10%, indicating strong demand and brand promotion effects [2][3] - **Growth Projections**: Expected performance growth of 30% to 50% in 2026, with a central estimate of around 40%, supported by strong brand growth and pricing power [4] 2. Guming Tea - **Expansion Plans**: Guming Tea plans to open over 3,000 new stores in 2026, maintaining a growth rate of 20% to 25% [6][9] - **Sales Performance**: The company has shown strong same-store sales growth, with a GMV increase of over 20% in July and August, and double-digit growth in September [6][9] - **Marketing Strategy**: Plans to enhance marketing activities in 2026, including collaborations and promotions to drive sales [8] 3. Stone Technology - **Sales Growth**: Stone Technology expects over 60% growth in revenue and profit for Q3, despite recent stock price declines, presenting a buying opportunity [10][11] - **Market Dynamics**: The company is benefiting from a low base in the European market and an increase in new product sales, which supports margin recovery [10] 4. XGIMI Technology - **Product Development**: XGIMI's home projection business is stable, with low-end products benefiting from chip price reductions and high-end products achieving brightness comparable to overseas flagship models [12] - **Profitability Outlook**: Expected gross margins of over 30% for domestic sales and 50%-60% for exports in 2026, with a net profit margin around 12% [12] 5. Xin'ao Co. - **Performance Surge**: Xin'ao Co. expects a 50% increase in Q4 performance, driven by soaring wool prices and low-cost inventory [22] - **Market Conditions**: Anticipates continued high wool prices due to declining production and weak demand, providing support for future earnings [23] 6. Youran Dairy - **Market Position**: Youran Dairy benefits from stable customer channels and significant scale effects, maintaining a high sales-to-production ratio [25][26] - **Cost Control**: The company has achieved superior cost control, with costs per kilogram significantly lower than industry averages [26] 7. Shengmu Company - **Competitive Advantages**: Shengmu Company leverages its unique organic milk scarcity to achieve price premiums of 20%-35% above industry averages [28][29] - **Market Share**: Holds a 35%-40% share of the domestic organic raw milk market, with expectations for further price elasticity as milk prices rise [29] Additional Insights - **Investment Recommendations**: Companies like Laopu Gold, Guming Tea, and Stone Technology are highlighted as having strong growth potential and favorable valuations, making them attractive for investors [4][9][10] - **Market Trends**: The consumer sector is experiencing significant changes, with companies adapting to market dynamics through strategic pricing, expansion, and marketing efforts [2][5][8] This summary encapsulates the key points from the conference call records, providing insights into the performance and outlook of various companies within the consumer industry.

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]