Core Viewpoint - The company is advancing its core strategy of "integrated collaboration in the natural gas industry chain" through a significant asset restructuring plan to privatize its subsidiary, New World Energy, with overwhelming shareholder support of over 99.9% [1] Group 1: Financial Impact - Following the transaction, the company's basic earnings per share (EPS) is projected to increase from RMB 1.46 to RMB 1.56, representing a growth of 6.8% [2] - The core profit attributable to shareholders is expected to rise from RMB 5.143 billion to RMB 9.340 billion, marking an increase of 81.6% [2] - The company has committed to a dividend policy for 2026-2028, ensuring a payout ratio of no less than 50% of the core profit attributable to shareholders, with an estimated total dividend of RMB 1.14 per share in 2025 [2] Group 2: Operational Synergies - The completion of the transaction will lead to New World Energy delisting from the Hong Kong Stock Exchange, allowing the company to fully integrate the natural gas industry chain and control key nodes from resource acquisition to end-user services [3] - The company will leverage its overseas resource pool and diverse gas source structure to enhance overall gas source allocation efficiency and cost control [3] - The transaction will simplify management levels, improve decision-making efficiency, and optimize overall operational effectiveness [3] Group 3: Strategic Development - The restructuring will facilitate the company's global natural gas industry layout, enhancing its core competitiveness and risk resilience [4] - The privatization and integrated listing will serve as a strategic support for expanding financing channels and improving market valuation [4] - The company aims to inject new momentum into high-quality development and internationalization of its natural gas business through this restructuring [4]

Group 1 - The company announced the appointment of several senior management personnel to enhance business management and achieve strategic goals [2][3][4][5][6] - Zhang Yuying was appointed as President to drive strategic objectives, safety capabilities, digital transformation, and organizational development [2] - Su Li was appointed as Executive Vice President to oversee natural gas market development, resource acquisition, and facility utilization [2] - Zhang Xiaoyang was appointed as Vice President to improve safety production operations and innovate business models [3] - Huang Baoguang was appointed as Vice President to preemptively control risks and enhance organizational capabilities [4] - Jiang Yang, Sun Dianfei, Wang Bohan, and Lin Yan were appointed as Assistant Presidents to focus on various aspects such as industry collaboration, international resource acquisition, and talent development [4][5] Group 2 - In 2024, the company's revenue composition is projected to be: natural gas retail 49.48%, natural gas wholesale 17.4%, comprehensive energy sales and services 11.45%, platform trading gas 9.48%, and engineering construction and installation 4.37% [6]

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-057 新奥天然气股份有限公司 关于聘任公司高级管理人员的公告 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。 新奥天然气股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日召开了第 十一届董事会第一次会议，审议通过了《关于聘任公司高级管理人员的议案》。 经公司董事长蒋承宏提名，并经提名委员会审查通过，董事会同意聘任蒋承 宏和韩继深为公司联席首席执行官，任期与第十一届董事会任期一致。蒋承宏主 要负责制定公司战略规划及主导重大战略专项落地，组织开展资本运作项目，推 进业务全链条协同发展；韩继深主要负责公司重大战略专项的执行纠偏、重大风 险的防范与控制等。 为了强化公司的各项业务管理，经公司联席首席执行官韩继深提名，董事会 同意聘任公司以下高级管理人员，任期与第十一届董事会任期一致： 1. 聘任张宇迎为总裁，主要负责公司日常经营，推进公司战略目标达成、 安全能力提升、数智化转型、组织队伍建设等，协调内部资源推进对外战略合作。 2. 聘任苏莉为常务副总 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-055 新奥天然气股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 28 日 (二)股东大会召开的地点：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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 328 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,573,100,321 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 | 83.2435 | | 股份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长蒋承宏先生主持会议，会议以 现场会议与网络投票相结合的方式召开。北京国枫律师事 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-056 新奥天然气股份有限公司 第十一届董事会第一次会议决议公告 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。 新奥天然气股份有限公司（以下简称"公司"）第十一届董事会第一次会议通 知于 2025 年 5 月 23 日以邮件形式发出，会议按照预定时间于 2025 年 5 月 28 日以现场与通讯相结合的方式召开。全体董事出席本次会议。本次会议的召开和 表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"）和《新奥 天然气股份有限公司章程》（以下简称"《公司章程》"）的有关规定，合法有 效。经与会董事表决同意，审议并通过了如下议案： 一、审议通过了《关于选举公司第十一届董事会董事长的议案》 公司第十一届董事会设立审计委员会、提名委员会、薪酬与考核委员会、战 略与环境、社会及治理委员会（战略与 ESG 委员会），其组成情况如下： 审计委员会： 公司于 2025 年 5 月 28 日召开 2025 年第一次职工代表大会，选举张宇迎为 职工董事；与公司同日召 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于新奥天然气股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0296 号 致：新奥天然气股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《新 奥天然气股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召 集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出 具本法律意见书。 对 ...

Group 1 - The National Petroleum and Natural Gas Index (399439) has seen an increase of 0.43% as of May 28, 2025, with notable gains from companies such as Zhuoran Co. (688121) up 4.25% and Lansi Heavy Industry (603169) up 3.81% [1] - The oil and gas ETF (159697) rose by 0.31%, with the latest price reported at 0.97 yuan [2] - The development project of the Kenli 10-2 oilfield group, which is the largest lithologic oilfield discovered offshore China with proven geological reserves exceeding 100 million tons, has entered the offshore operation phase [2] Group 2 - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, including major companies like China National Petroleum (601857) and Sinopec (600028) [3] - Short-term pressures on international oil prices are expected due to tariff policies and OPEC+ production increases, but geopolitical risk premiums and global demand resilience may support oil price stability [2] - The oil and gas upstream capital expenditure is increasing, leading to a recovery in the oil service industry and enhanced competitiveness driven by technological advancements [2]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a significant increase in inventory, a decline in US gas prices, and weak demand domestically, while European gas prices show a slight increase [1][10] - It emphasizes the ongoing adjustments in pricing mechanisms and the potential for demand recovery in 2025, alongside cost optimization for gas companies [1][54] Summary by Sections Price Tracking - As of May 23, 2025, US HH gas prices decreased by 4.8%, while European TTF prices increased by 5.8%. The prices for East Asia JKM and China's LNG showed increases of 5% and 5.5% respectively [10][12] Supply and Demand Analysis - US natural gas supply increased by 1.3% week-on-week to 1,118 billion cubic feet per day, with total demand rising by 4.2% to 982 billion cubic feet per day. However, the industrial sector saw a decrease in consumption by 0.9% [15] - European gas consumption for January-February 2025 was 115.5 billion cubic meters, up 11% year-on-year, while the average gas generation in Europe decreased by 15.5% week-on-week [17][26] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price adjustment [39] Important Events - The US LNG import tariff was reduced from 140% to 25%, enhancing the economic viability of US gas imports [46] - The European Commission voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals more easily [51] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments. Key recommendations include New Energy (5.2% dividend yield), China Gas (7.0% dividend yield), and Kunlun Energy (4.1% dividend yield) [54]

Core Viewpoint - The consensus among industry leaders is to enhance upstream and downstream resource integration, strengthen customer service and comprehensive energy service capabilities, and utilize new AI technologies to improve operational efficiency [1][8]. Industry Challenges - The urban gas industry is undergoing deep adjustments due to changes in business models, increased safety costs, and complex international situations, which pose new challenges for company development [1][4]. - The industry has transitioned from a decade of rapid growth to a more saturated market, with major players and numerous small companies creating a fragmented landscape [4]. - The operating environment for urban gas companies is becoming less optimistic due to intensified safety regulations, rising costs, and international market fluctuations caused by geopolitical events like the Russia-Ukraine conflict [4][5]. Financial Performance - Urban gas companies have seen a decline in net profits, shifting from double-digit growth to single-digit or even negative figures, largely due to reduced margins in gas connection services [5]. - The engineering installation business has also been negatively impacted by the ongoing downturn in the real estate market, leading to significant revenue and margin declines [5]. Pricing and Market Dynamics - The pricing structure in the urban gas sector is characterized by a mismatch between upstream pricing controlled by major oil companies and government-regulated downstream sales prices, which limits flexibility [5][6]. - Companies are experiencing pressure from gas price inversions, particularly in regions like Wuhan, where selling gas incurs losses [5]. Infrastructure and Investment - Companies are investing heavily in upgrading aging pipeline networks, with Shanghai Gas completing 770 kilometers of pipeline renovations and planning to invest around 10 billion yuan for an additional 900 kilometers [6][8]. - The strategic focus includes enhancing local high-pressure gas networks and improving interconnectivity with other regions to ensure stable gas supply [8]. Customer Service and Technological Integration - Companies are recognizing the need to diversify energy services to meet the evolving demands of industrial clients, who now require various forms of energy beyond just gas [9]. - The adoption of AI and digital technologies is seen as crucial for reducing operational costs and improving service efficiency, with initiatives like the installation of smart gas meters being implemented [9].

5月21日下午，新奥股份（600803.SH）在WGC 2025（第二十九届世界燃气大会）期间举办媒体见面会。发布会上，新奥股份总裁、新奥能源CEO张宇迎表 示，天然气作为清洁的传统能源，在"双碳"目标实现过程中起到了非常重要的过渡能源作用，未来还会有10—15年的持续增长，每年保持4%—6%的增长速 度。 张宇迎说，目前新奥股份拥有3100万户家庭客户以及近30万户工商业客户，市场需求约400亿方天然气，未来还会持续保持增长。为满足市场需求，新奥股 份近几年持续加大天然气的国际资源采购力度，目前已经累计签订了1000万吨LNG（液化天然气，约合137.5亿方天然气）/年的海外长协。 最新的一笔长协为今年4月中旬新奥股份与阿布扎比国家石油公司签署的长期LNG购销协议，为期15年，每年由阿布扎比国家石油公司供应100万吨LNG， 共计1500万吨。 财报数据显示，2024年新奥股份总销售气量为392.19亿方，同比增长1.4%。 海外长协可有效调节成本 据张宇迎介绍，随着目前国内天然气市场逐渐走向市场化，天然气国际国内资源的连接越来越紧密。一方面很多国际资源能够进入到管网之中，另一方面天 然气价格也逐步跟国际价 ...