（文章来源：证券日报） 证券日报网讯 12月22日晚间，新奥股份发布公告称，公司于2025年12月22日收到河北省商务厅出具的 《企业境外投资证书》（境外投资证第N1300202500214号），本次交易已完成商务主管部门的境外投 资备案程序。本次交易的其他有关事项正在积极推进中，公司将根据进展情况，严格按照有关法律法规 的规定和要求及时履行信息披露义务。 ...

Core Viewpoint - Neway Holdings (SH600803) has refiled for an IPO on the Hong Kong Stock Exchange after a previous application lapsed, aiming to privatize Neway Energy (HK02688) and list on the main board through an introduction method [1] Financial Performance - Neway Holdings reported revenue of 1,461.13 billion, 1,378.41 billion, 1,317.15 billion, and 644.89 billion for the years 2022, 2023, 2024, and the first half of 2025 respectively, with net profits of 110.73 billion, 125.3 billion, 99.44 billion, and 47.02 billion [4] - The company experienced a decline in both revenue and net profit in the first half of 2025 compared to previous periods [1][4] - The core natural gas sales business maintained a gross margin of 9.7% to 11%, significantly lower than the over 60% margin from the smart home business [3] Debt and Liabilities - Neway Holdings' short-term borrowings reached 92.4 billion in 2024, raising concerns about the reasonableness of its dividend payments relative to debt repayment [1][7] - The company reported a net current liability of 132.27 billion as of the first half of 2025, a nearly 78% increase from the end of 2024 [4][5] Market Position - Neway Holdings is the largest private city gas company in China, with a market share of approximately 6.1% in retail gas sales and 10.1% in comprehensive energy management solutions as of 2024 [2] Dividend Policy - The company has a historical average dividend payout ratio of 31.69%, with cumulative cash dividends exceeding 105 billion since its A-share listing [7] - The dividend policy for 2023-2025 has been fixed, with over 70% of profits allocated for dividends despite increasing short-term debt [9] IPO and Privatization Plans - The upcoming IPO aims to provide liquidity for the privatization of Neway Energy, which will become a wholly-owned subsidiary post-transaction [8] - The privatization plan involves a significant increase in debt, potentially raising the company's debt ratio from 54.3% to 67% if fully financed through loans [8]

从资金流向上来看，当日燃气板块主力资金净流入1.06亿元，游资资金净流出2648.56万元，散户资金净 流出7921.16万元。燃气板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月22日燃气板块较上一交易日下跌0.16%，新奥股份领跌。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。燃气板块个股涨跌见下表： ...

关于重大资产重组获得商务部门备案的进展公告 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-110 新奥天然气股份有限公司 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。 一、本次交易概述 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），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"）。 本次交易构成重大资产重组、构成关联交易，不构成《上市公司重大资产重组管 理办法》第十三条规定的重组上市。本次交易的具体情况详见公司 2025 年 4 月 26 日披露的《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）》 等相关公告。 二、本次交易的审批、备案进展情况 1、公司于 2025 年 4 月 18 日披露《新奥股份关于重大资产购买暨关联交易 进展的公告》（公告编号：临 2025-040）：本次交易无需履行反垄断审查程序。 2、公司于 2025 年 5 月 28 日召开 2024 年年 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

中国最大的民营天然气供应商，超千亿规模的新奥股份（600803），二次递表后，能否如愿实 现"A+H"双上市地位？ 智通财经APP了解到，近日新奥股份向港交所主板第二次递交上市申请，中金公司（601995）为其独家 保荐人。该公司深化布局天然气全产业链，根据弗若斯特沙利文，按零售气量计，公司为2024年中国最 大的民营城燃企业，此外，按总销气量计，其也为中国最大的民营天然气企业，市占率为9.2%。 该公司为A股上市公司，股价呈现长牛趋势，七年来持续性上涨，市值已经翻倍，而今年受私有化新奥 能源及港股上市等信息影响，10月底开始股价也加速抬升，升幅超过20%。 图片来源：公司聆讯资料 不过新奥股份近几年来业绩表现疲软，2022年至2025年上半年，收入分别为1461.13亿元、1378.41亿 元、1317.15亿元及644.89亿，而净利润分别为100.42亿元、106.38亿元、97.3亿元及43.95亿元，收入及 盈利整体均呈现下行趋势。截至2025年10月，公司的现金及等价物有124.19亿元。 业绩稳健，盈利平稳 智通财经APP了解到，新奥股份以天然气全场景作为基础，业务覆盖全产业链，包括上游气源（国 ...

不过新奥股份近几年来业绩表现疲软，2022年至2025年上半年，收入分别为1461.13亿元、1378.41亿 元、1317.15亿元及644.89亿，而净利润分别为100.42亿元、106.38亿元、97.3亿元及43.95亿元，收入及 盈利整体均呈现下行趋势。截至2025年10月，公司的现金及等价物有124.19亿元。 中国最大的民营天然气供应商，超千亿规模的新奥股份，二次递表后，能否如愿实现"A+H"双上市地 位？ 智通财经APP了解到，近日新奥股份向港交所主板第二次递交上市申请，中金公司为其独家保荐人。该 公司深化布局天然气全产业链，根据弗若斯特沙利文，按零售气量计，公司为2024年中国最大的民营城 燃企业，此外，按总销气量计，其也为中国最大的民营天然气企业，市占率为9.2%。 该公司为A股上市公司，股价呈现长牛趋势，七年来持续性上涨，市值已经翻倍，而今年受私有化新奥 能源及港股上市等信息影响，10月底开始股价也加速抬升，升幅超过20%。 业绩稳健，盈利平稳 智通财经APP了解到，新奥股份以天然气全场景作为基础，业务覆盖全产业链，包括上游气源（国内及 海外气源）、中游储运与调峰（储气设备、LNG船及管 ...

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

（一）发行要素 1、计划管理人：中信建投证券股份有限公司、华泰证券（上海）资产管理有限公司 2、发行规模：本产品为储架申报，分期发行，储架募集总规模不超过40.00 亿元，拟发行不超8期。首 期发行规模预计为6.08亿元，具体发行要素以最终首期发行材料为准 （二）主要运作流程 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。 为优化经营模式，新奥天然气股份有限公司（以下简称"公司"）控股子公司新奥（中国）燃气投资有限 公司（以下简称"新奥中国投"）拟以下属公司持有的分布式光伏发电项目和储能电站项目为底层资产， 发行资产支持专项计划。 近日，深圳证券交易所出具了《关于中信建投、华泰资管"新奥泛能1-8期碳中和绿色资产支持专项计 划"符合深交所挂牌条件的无异议函》（深证函〔2025〕1251号），对"新奥泛能1-8期碳中和绿色资产 支持专项计划"（以下简称"资产支持专项计划"）符合挂牌要求无异议。公司现将本资产支持专项计划 的相关情况自愿公告如下： 一、资产支持专项计划发行方案 特此公告。 新奥天然气股份有限公司 董 事 会 3、挂 ...

2020-2025年1-10月中国液化石油气产量统计图 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国液化石油气（LPG）行业竞争格局分析及投资发展研究 报告》 根据国家统计局数据显示：2025年10月中国液化石油气产量为468万吨，同比增长2.4%；2025年1-10月 中国液化石油气累计产量为4444.2万吨，累计下降1.6%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：新奥股份（600803）,佛燃能源（002911）,贵州燃气（600903）,重庆燃气（600917）,长春燃 气（600333）,陕天然气（002267） ...