Core Viewpoint - The report highlights a decline in key financial metrics for Xinao Gas Co., Ltd. in the first half of 2025, indicating challenges in revenue and profit generation while outlining plans for privatization and a potential listing in Hong Kong [1][4]. Financial Performance - Total assets at the end of the reporting period were CNY 13,143,716, a decrease of 0.79% compared to the previous year [1]. - Net assets attributable to shareholders decreased by 1.45% to CNY 2,312,670 [1]. - Operating revenue for the period was CNY 6,599,091, down 1.47% year-on-year [1]. - Total profit was CNY 596,434, reflecting a decline of 5.88% [1]. - Net profit attributable to shareholders was CNY 240,764, a decrease of 4.82% compared to the same period last year [1]. - The net cash flow from operating activities increased by 15.70% to CNY 557,339 [1]. - Basic earnings per share were CNY 0.78, down 4.88% from CNY 0.82 [1]. Shareholder Structure - ENN Group International Investment Limited holds 44.26% of the shares, with a total of 1,370,626,680 shares [2]. - Xinao Holdings Investment Co., Ltd. owns 9.97% of the shares, totaling 308,808,988 shares [2]. - The top ten shareholders include various entities controlled by Wang Yusuo, indicating a concentrated ownership structure [2]. Strategic Developments - The company plans to privatize Xinao Energy through its wholly-owned subsidiary and aims to list on the Hong Kong Stock Exchange [4]. - The application for the introduction listing has been submitted to the Hong Kong Stock Exchange and the China Securities Regulatory Commission [4]. - The privatization and listing are contingent upon approvals from various regulatory bodies, indicating potential uncertainties in the execution of these plans [4].

Core Points - The company held its 11th Board of Directors' second meeting on August 27, 2025, where several key resolutions were passed [1] - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] Group 1: Financial Reports and Evaluations - The Board approved the "2025 Semi-Annual Report" and its summary, which had been reviewed by the Audit Committee and the Strategy and ESG Committee prior to the meeting [2] - The Board also approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Action Plan for 2025" [2] Group 2: Stock Incentive Plans - The Board approved the achievement of conditions for the fourth unlock period of the 2021 Restricted Stock Incentive Plan, allowing 29 eligible participants to unlock their restricted stocks [3] - The Board decided to adjust the repurchase prices for the restricted stocks under the 2021 Incentive Plan, reducing the repurchase price from 6.0415 CNY/share to 4.1015 CNY/share for the initial grant and from 6.0225 CNY/share to 4.0825 CNY/share for reserved grants [3][4] - The Board approved the repurchase and cancellation of 100.25 million shares of restricted stock due to performance evaluations and departures of certain incentive participants [5] Group 3: Future Plans and Proposals - The Board approved the adjustment of the repurchase price for the 2025 Restricted Stock Incentive Plan, with specific details to be disclosed [6] - The Board also approved the repurchase and cancellation of 20,000 shares of restricted stock for a participant who no longer meets the eligibility criteria due to departure [7] - The Board proposed to hold the second temporary shareholders' meeting of 2025 to discuss related matters, with details to be announced later [8]

新奥天然气股份有限公司 2025 年半年度报告 公司代码：600803 公司简称：新奥股份 新奥天然气股份有限公司 2025 年半年度报告 1 / 238 新奥天然气股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人蒋承宏、主管会计工作负责人梁宏玉及会计机构负责人（会计主管人员）程志岩 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不涉及 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本 ...

关于 2025 年半年度主要运营数据的自愿性公告 上述主要运营数据源自公司内部统计。运营数据在季度之间可能存在差异， 其影响因素包括但不限于宏观政策调整、国内外市场环境变化、行业周期、季节 性因素等。上述运营数据未经审计，仅为投资者阶段性了解公司生产经营概况之 用，不能以此推算公司全年业绩情况，也并未对公司未来经营情况做出任何预测 或保证，具体财务数据请以公司披露的定期报告为准。敬请投资者注意投资风险。 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。 | 产品 | 计量单位 | 年 2025 | | 2024 | 年 | 同比增减幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 第二季度 | 上半年 | 第二季度 | 上半年 | 第二季度 | 上半年 | | 平台交易气 销售量 | 百万立方米 | 1,493 | 2,689 | 1,492 | 2,705 | 0.1% | -0.6% | | 天然气零售气 销售量 | 百万立方米 | 5,695 | 1 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-074 新奥天然气股份有限公司 关于调整 2025 年度委托理财预计额度的公告 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： 基本情况 | 投资金额 | 单日最高余额上限由不超过 56 亿元调整为不超过 80 亿元，在上述额 | | --- | --- | | | 度内资金可循环投资、滚动使用，但任一时点投资余额（含前述投资 | | | 的收益进行再投资的相关金额）不得超出上述投资额度。 | | 投资种类 | 银行及非银行金融机构公开发行的安全性高、流动性强、稳健型的低 | | | 风险理财产品 | | 资金来源 | 自有资金 | 已履行的审议程序：新奥天然气股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第十一届董事会第二次会议，审议通过了《关于调整 2025 年度 委托理财预计额度的议案》，将 2025 年度预计的委托理财单日最高余额由不超过 56 亿元调整至不超过 80 亿元。本事项无需提交股东会审议。 特别风险提 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-068 一、聚焦天然气主业，扎实推进战略落地 新奥天然气股份有限公司 2025 年度"提质增效重回报"行动方案 的半年度评估报告 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。 为践行"以投资者为本"的上市公司发展理念，维护全体股东利益，基于对公 司未来发展的信心，新奥天然气股份有限公司（以下简称"公司"、"新奥股份"） 于 2025 年 3 月 26 日召开第十届董事会第二十六次会议，审议通过了《关于制定 <新奥股份 2025 年度"提质增效重回报"行动方案>的议案》，以进一步提高上市 公司质量，促进公司健康可持续发展，行动方案的相关落实情况如下： 二、加强股东回报，共享高质量发展红利 公司分别于 2025 年 3 月 26 日、2025 年 5 月 28 日召开第十届董事会第二十 六次会议、2024 年年度股东大会，审议通过了《新奥股份 2024 年度利润分配预 案》。并于 2025 年 7 月 22 日完成 2024 年度权益分派，以实施权益分派股权登 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while planning to privatize a subsidiary and list it on the Hong Kong Stock Exchange [1] Financial Performance - The company's operating revenue for the first half of 2025 was 65.991 billion yuan, representing a year-on-year decrease of 1.47% [1] - The net profit for the same period was 2.408 billion yuan, showing a year-on-year decline of 4.82% [1] Strategic Moves - The company intends to privatize its wholly-owned subsidiary, Xin'ao Energy [1] - Following the privatization, the company plans to list Xin'ao Energy on the main board of the Hong Kong Stock Exchange through an introduction listing [1]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights a cooling trend in temperatures leading to a decrease in US gas prices, while European storage efforts are pushing prices up. Domestic gas prices are also experiencing a decline due to slow demand recovery [5][10] - The supply-demand analysis indicates a slight increase in total gas supply in the US, while demand has decreased slightly. European gas prices have risen due to storage efforts, and domestic gas prices have also fallen [15][16] - The report emphasizes the ongoing progress in price adjustments across various cities, which is expected to enhance profitability for city gas companies and support valuation recovery [35] Summary by Sections Price Tracking - As of August 22, 2025, US HH gas prices decreased by 3.1%, while European TTF prices increased by 7.6%. Domestic LNG prices fell by 1.7% [10][12] Supply and Demand Analysis - US total gas supply increased by 0.4% week-on-week to 1,126 billion cubic feet per day, while total demand decreased by 1.2% to 1,061 billion cubic feet per day. European gas consumption for the first five months of 2025 was 2,180 billion cubic meters, up 6.6% year-on-year [15][16] Price Adjustment Progress - Nationwide, 64% of cities have implemented residential price adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price gap recovery [35] Important Announcements - The report notes significant mid-year performance announcements from various gas companies, indicating mixed results in revenue and profit growth [41] Important Events - The report mentions a reduction in the US LNG import tariff from 140% to 25%, enhancing the economic viability of US gas imports [42][44] - It also discusses the EU's agreement to provide greater flexibility in natural gas storage targets, allowing for a 10% deviation from the 90% storage goal [49] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, particularly those with strong long-term contracts and flexible operations [5][35]