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]

舟山接收站：接卸量与产能利用率提高，预计25-26 年核心利润快速增长1Q25 舟山接收站接卸量55.17 万吨（yoy+28.6%），季度产能利用率为29%（yoy+6pp）；4#储罐通过保税罐验收，拓展保税业务； 舟山接收站形成与国家管网的多站/多点能力互换，实现三方引流3 船，支点作用显现。舟山接收站三 期项目有望于2025 年下半年投产，年周转能力有望从750 万吨提升至1,000 万吨，储气能力有望从5 亿 方提升至10 亿方以上。我们预计2025-26 年新奥舟山核心利润yoy+25%/+17%。 私有化交易方案正常推进，当前股价隐含新奥股份H 股潜在折价41%公司股东大会将于2025/5/28 举 行，若独立股东赞成票数超2/3，将达成交易先决条件之一。参考交易方案，2025/4/25 股价隐含公司在 H 股潜在折价比例为41%，高于公用事业A+H 平均折价率（34%）。若私有化落地，我们预计将强化资 源-设施-管理协同，释放资源池整合红利。 新奥股份发布一季报，1Q25 实现营收337 亿元（yoy-1.4%），归母净利9.76亿元（yoy-9.6%），核心利 润10.83 亿元（yoy+0. ...

舟山接收站处理量稳步提升。1Q25 公司旗下舟山接收站LNG 处理量55.17 万吨，同比增长28.6%。 舟山及周边地区下游需求旺盛，国投吉能舟山燃气发电项目有望于年内投产，看好公司LNG 接卸量持 续稳定提升。 双综业务稳健成长，综合能源销量快速提升。1Q25 公司泛能销售量达100.39 亿千瓦时，同比增长 9.9%。截至1Q25公司泛能项目投运367个（累计投运装机容量6.25GW），在建73个（容量1.18GW）。 随着泛能项目逐步落地，公司综合能源销量有望逐步提升，拉动公司业绩稳健成长。智家业务方面，公 司在新客中渗透率达到较高水平，1Q25 达49.8%。同时公司通过产品升级，提升存量客户客单价。 双综业务稳健成长，有望持续增厚公司业绩。 事件：公司发布2025 年一季报。公司2025 年一季度实现营业总收入337.40 亿元，同比减少1.44%；归 母净利润9.76 亿元，同比减少9.64%；核心利润10.83 亿元，同比增长0.1%，公司业绩略低于我们的预 期。 暖冬环境下零售气量稳步增长，平台交易气规模小幅回落。1Q25 公司销气量达105.44 亿m，同比提升 5.4%，主要系批发气同比 ...

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 ...

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（ ...

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、 ...