Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's core profit remains stable, and asset restructuring is progressing. The first quarter of 2025 saw a slight decrease in total revenue by 1.4% year-on-year, while the net profit attributable to shareholders decreased by 9.64%. However, the core profit increased by 0.1% year-on-year, aligning with expectations [7][8] - The company is advancing its privatization of New World Energy and plans to list in Hong Kong, which is expected to enhance EPS and highlight integrated advantages. The privatization transaction is valued at HKD 599.24 billion, with a significant portion paid in shares and cash [7][8] - The company maintains a high dividend payout ratio, with projected cash dividends of at least CNY 1.03 and CNY 1.14 per share for 2025 and 2026, respectively, and a dividend yield of 5.7% for 2025 [7][8] Financial Performance Summary - In Q1 2025, the company achieved total revenue of CNY 33.729 billion, a decrease of 1.4% year-on-year, and a net profit of CNY 0.976 billion, down 9.64% year-on-year. The core profit was CNY 1.083 billion, up 0.1% year-on-year [7] - The retail gas volume increased by 0.3%, while wholesale gas volume surged by 34.5%. Platform trading gas volume decreased by 1.4% [7] - The company forecasts net profits of CNY 5.147 billion, CNY 5.896 billion, and CNY 6.844 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.56%, 14.54%, and 16.08% [7][8]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a slight decline in total revenue and net profit, while core profit experienced a marginal increase, indicating performance slightly below expectations [1]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 33.74 billion yuan, a year-on-year decrease of 1.44% [1]. - The net profit attributable to shareholders was 976 million yuan, down 9.64% year-on-year [1]. - Core profit reached 1.08 billion yuan, reflecting a slight increase of 0.1% year-on-year, indicating resilience in core operations [1]. Group 2: Gas Sales and Market Dynamics - The company’s gas sales volume in Q1 2025 was 10.544 billion cubic meters, up 5.4% year-on-year, driven by a 34.5% increase in wholesale gas sales [2]. - Retail gas sales volume was 7.258 billion cubic meters, a slight increase of 0.3% year-on-year, with residential gas sales growing by 1.1% [2]. - The company’s platform trading gas sales volume was 1.196 billion cubic meters, showing a minor decline of 1.4% year-on-year, while international trade volume increased by 1.21 billion cubic meters [2]. Group 3: LNG Processing and Energy Sales - The LNG processing volume at the Zhoushan receiving station reached 551,700 tons in Q1 2025, a year-on-year increase of 28.6% [3]. - The company’s comprehensive energy sales volume was 10.039 billion kilowatt-hours, reflecting a year-on-year growth of 9.9% [3]. - The company has 367 operational comprehensive energy projects with a total installed capacity of 6.25 GW, and 73 projects under construction with a capacity of 1.18 GW [3]. Group 4: Strategic Developments - The privatization of New World Energy is progressing steadily, with asset restructuring expected to enhance shareholder returns [4]. - The company has updated financial data and is advancing through regulatory approvals for the privatization process [4]. - Profit forecasts for 2025-2027 have been adjusted downward due to delays in long-term resource availability and the impact of a warm winter on retail gas growth [4].

Core Viewpoint - New Hope Co., Ltd. reported a slight decline in revenue and net profit for Q1 2025, but core profit showed a marginal increase, indicating resilience in its operations amidst market fluctuations [1] Group 1: Financial Performance - Q1 2025 revenue reached 33.7 billion yuan, a year-on-year decrease of 1.4% [1] - Net profit attributable to shareholders was 976 million yuan, down 9.6% year-on-year, aligning with Huatai's forecast of 925 to 1,023 million yuan [1] - Core profit for Q1 2025 was 1.083 billion yuan, reflecting a slight increase of 0.1% year-on-year [1] Group 2: Platform Trading Gas - New contracts linked to oil prices were signed, with Q1 2025 platform trading gas volume at 1.196 billion cubic meters, a year-on-year decrease of 1.4% [2] - Domestic gas volume was 694 million cubic meters, down 17% year-on-year, while international gas volume increased by 32% to 501 million cubic meters [2] - The company added 46 new platform trading gas customers in Q1 2025, bringing the total to 617, which supports the expansion of trading gas scale [2] Group 3: Zhoushan Receiving Station - The Zhoushan receiving station's unloading volume increased by 28.6% year-on-year to 551,700 tons in Q1 2025, with a quarterly capacity utilization rate of 29%, up 6 percentage points year-on-year [3] - The station is expected to enhance its annual turnover capacity from 7.5 million tons to 10 million tons and storage capacity from 500 million cubic meters to over 1 billion cubic meters by the second half of 2025 [3] - Core profit from Zhoushan is projected to grow by 25% and 17% year-on-year in 2025 and 2026, respectively [3] Group 4: Privatization and Valuation - The privatization plan is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [3] - The company’s shareholder meeting is scheduled for May 28, 2025, where a two-thirds majority vote from independent shareholders is required to meet one of the transaction's preconditions [3] - The target price for the company is adjusted to 23.52 yuan, based on a 14x PE ratio for 2025, reflecting a slight decrease from the previous target of 23.66 yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 33.7 billion RMB in Q1 2025, a year-over-year decrease of 1.4%, and a net profit attributable to shareholders of 0.976 billion RMB, down 9.6% year-over-year. The core profit was 1.083 billion RMB, showing a slight increase of 0.1% year-over-year [1] - The company has signed new long-term contracts linked to oil prices, which is expected to optimize its resource pool structure. The Zhoushan receiving station has seen an increase in unloading volume and capacity utilization, highlighting its pivotal role [2][3] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares, corresponding to an expected dividend yield of 5.7% for 2025 [4] Summary by Sections Financial Performance - In Q1 2025, the platform trading gas volume was 1.196 billion cubic meters, a decrease of 1.4% year-over-year. Domestic gas volume decreased by 17% year-over-year, while international gas volume increased by 32% year-over-year. The company added 46 new platform trading gas customers, bringing the total to 617 [2] - The Zhoushan receiving station's unloading volume reached 551,700 tons in Q1 2025, an increase of 28.6% year-over-year, with a quarterly capacity utilization rate of 29%, up 6 percentage points year-over-year [3] Privatization and Valuation - The upcoming shareholders' meeting on May 28, 2025, will determine if the privatization transaction can proceed based on the approval of independent shareholders [4] - The report slightly adjusts the profit forecast for 2025-2027, with core profits expected to be 5.215 billion RMB, 5.705 billion RMB, and 6.264 billion RMB respectively, reflecting a compound annual growth rate (CAGR) of 7% over three years [5] Target Price and Market Comparison - The target price is set at 23.52 RMB, based on a price-to-earnings ratio of 14x for 2025, compared to a sector average of 12.5x [5][9] - The company's market capitalization is approximately 61.477 billion RMB, with a closing price of 19.85 RMB as of April 25, 2025 [9]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a slight decline in total revenue and net profit for Q1 2025, with total revenue at 33,740 million yuan, down 1.44% year-on-year, and net profit at 976 million yuan, down 9.64% year-on-year. However, core profit showed a slight increase of 0.1% year-on-year to 1,083 million yuan, indicating stability in core operations [7] - The company experienced a 5.4% increase in gas sales volume, reaching 10,544 million cubic meters in Q1 2025, driven by a 34.5% increase in wholesale gas sales [7] - The company’s LNG processing volume at the Zhoushan receiving station increased by 28.6% year-on-year to 551,700 tons in Q1 2025, supported by strong downstream demand [7] - The company is progressing with the privatization of its Hong Kong subsidiary, which is expected to enhance shareholder returns post-asset restructuring [7] - The profit forecast for 2025-2027 has been adjusted to 5,155 million, 6,419 million, and 7,104 million yuan respectively, reflecting a downward revision due to delayed long-term contracts and the impact of a warm winter [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 136,829 million yuan, with a year-on-year growth rate of 0.7% [6] - The net profit for 2025 is estimated at 5,155 million yuan, with a year-on-year growth rate of 14.7% [6] - The earnings per share (EPS) for 2025 is projected to be 1.66 yuan, with a price-to-earnings (PE) ratio of 12 [6]

Core Viewpoint - New Oriental Holdings plans to privatize New Oriental Energy through its wholly-owned subsidiary, New Energy (Hong Kong) Investment Co., Ltd, with a theoretical total transaction value exceeding HKD 590 billion [1][2]. Group 1: Transaction Details - The agreement stipulates that for every share held, shareholders will receive 2.9427 new H-shares of New Oriental Holdings and cash payment at HKD 24.50 per share [2]. - The theoretical total value of H-shares and cash payment is estimated at approximately HKD 80 per share based on the median valuation by the assessment agency [2]. - The total theoretical value of the transaction is projected to be HKD 595.19 billion if all options are not exercised, and HKD 599.24 billion if all options are exercised [3]. Group 2: Business Operations - New Oriental Energy operates gas pipeline infrastructure across 261 cities, serving over 31 million households and 270,000 business customers [4]. - The company is expected to achieve revenue of approximately HKD 116.1 billion and a net profit of about HKD 6.1 billion in 2024 [4]. Group 3: Financial Implications - The transaction will lead to an increase in the company's debt levels and debt-to-asset ratio, with projections indicating an increase from 54.30% to 67.08% post-transaction [5]. - The company plans to finance the transaction through a combination of self-funding and bank loans, having already signed agreements for overseas loans [5].

中国国际金融股份有限公司（以下简称"独立财务顾问"）作为本次交易的 独立财务顾问，根据《上市公司重大资产重组管理办法》《上市公司并购重组财 务顾问业务管理办法》等有关规定，就本次交易相关事项进行了尽职调查并发表 了独立核查意见，现就相关事项承诺如下： 1、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与新奥股份披露的文件内容不存在实质性差异； 关于担任新奥天然气股份有限公司重大资产购买暨关联交易 独立财务顾问的承诺函 2、本独立财务顾问已对新奥股份披露的文件进行充分核查，确信披露文件 的内容与格式符合要求； 3、本独立财务顾问有充分理由确信本次交易方案符合法律、法规和中国证 券监督管理委员会及上海证券交易所的相关规定，所披露的信息真实、准确、完 整，未发现虚假记载、误导性陈述或者重大遗漏； 4、本独立财务顾问就本次交易出具的财务顾问专业意见已提交本独立财务 顾问内部核查机构审查，内部核查机构同意出具此专业意见； 中国国际金融股份有限公司 新奥天然气股份有限公司（以下简称"新奥股份"）拟以全资子公司新能（香 港）能源投资有限公司作为要约人以协议安排方式私有化新奥能源控股有限公司， 并 ...

新奥天然气股份有限公司（以下简称"公司"）拟通过全资子公司私有化新奥 能源控股有限公司（股票代码：02688.HK，以下简称"新奥能源"），并以介绍上 市方式在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以下 简称"本次交易"）。 经审慎分析，公司董事会认为本次交易符合《上市公司监管指引第 9 号—— 上市公司筹划和实施重大资产重组的监管要求》第四条的相关规定，具体如下： 1．本次交易的标的资产为香港联交所上市公司新奥能源除新能（香港）能 源投资有限公司持有的新奥能源股份外，所有新奥能源已发行或在计划登记日前 可能发行的股份和有效接纳购股权要约的购股权，不涉及立项、环保、行业准入、 用地、规划、建设施工等有关报批事项。本次交易已履行及尚须履行的审批及备 案程序已在《新奥天然气股份有限公司重大资产购买暨关联交易报告书（草案）》 中详细披露，并就相关审批及备案程序可能无法获得批准的风险作出了特别提示。 新奥天然气股份有限公司董事会 关于本次交易符合《上市公司监管指引第 9 号——上市公司筹划和实 施重大资产重组的监管要求》第四条规定的说明 新奥天然气股份有限公司 4．本次交易有利于公司改善财务状况、 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-044 新奥天然气股份有限公司 关于 2025 年第一季度主要运营数据的自愿性公告 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。 | 产品 | 计量单位 | 年 2025 | 年 2024 | 同比增减幅 | | --- | --- | --- | --- | --- | | | | 第一季度 | 第一季度 | | | 平台交易气 销售量 | 百万立方米 | 1,196 | 1,213 | -1.4% | | 天然气零售气 销售量 | 百万立方米 | 7,258 | 7,237 | 0.3% | | 泛能销售量 | 百万千瓦时 | 10,039 | 9,136 | 9.9% | | 接收站接卸量 | 万吨 | 48 | 46 | 4.3% | 一、主要运营数据 二、风险提示 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 ...

经核查，本次交易相关主体（包括公司及公司控制的机构，公司董事、监事、 高级管理人员及其控制的机构，公司控股股东、实际控制人及其控制的机构，公 司控股股东的董事及其控制的机构，标的公司及其控制的机构，参与本次交易的 其他主体）不存在因涉嫌与本次交易相关的内幕交易被立案调查或者立案侦查的 情形，最近 36 个月内不存在因与重大资产重组相关的内幕交易被中国证券监督 管理委员会行政处罚或者被司法机关依法追究刑事责任的情形。本次交易相关主 体不存在《上市公司监管指引第 7 号——上市公司重大资产重组相关股票异常交 易监管》规定的不得参与任何上市公司重大资产重组的情形。 特此说明。 （以下无正文） 1 （本页无正文，为《新奥天然气股份有限公司董事会关于本次交易相关主体不存 在不得参与任何上市公司重大资产重组情形的说明》的签署页） 新奥天然气股份有限公司董事会 关于本次交易相关主体不存在不得参与任何上市公司 重大资产重组情形的说明 新奥天然气股份有限公司（以下简称或"公司"）拟通过全资子公司私有化新 奥能源控股有限公司（以下简称"标的公司"，股票代码：02688.HK），并以介 绍上市方式在香港联合交易所有限公司主板上市（ ...