Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.90 [1][7]. Core Views - The report highlights the long-term value release from the integration of the industrial chain, with a focus on optimizing the synergy between gas volume and price [2][3]. - The company has seen a significant increase in unloading volumes at the Zhoushan receiving station, enhancing its role as a strategic hub in the energy supply chain [3]. - The privatization of New World Energy is progressing efficiently, which is expected to unlock collaborative value and enhance resource integration [4]. Summary by Sections Financial Performance - In Q3, the company achieved revenue of RMB 29.865 billion, a year-over-year decrease of 5.9% and a quarter-over-quarter decrease of 7.5%. The core net profit was RMB 1.041 billion, down 6.9% year-over-year and down 37% quarter-over-quarter [1]. - For the first three quarters of 2025, the company reported revenue of RMB 95.856 billion, a year-over-year decrease of 2.9%, and a core net profit of RMB 3.777 billion, a year-over-year decrease of 1.0% [1]. Sales Volume and Pricing - Total sales gas volume for the first three quarters was 30.20 billion cubic meters, an increase of 5.2% year-over-year. Platform trading gas volume was 3.95 billion cubic meters, down 2.8% year-over-year [2]. - Retail gas volume was 19.19 billion cubic meters, up 2.0% year-over-year, indicating stable demand in the retail segment [2]. Strategic Developments - The unloading volume at the Zhoushan station reached 1.98 million tons in the first three quarters, a year-over-year increase of 14.2%, showcasing the station's growing importance in the LNG import landscape [3]. - The privatization transaction for New World Energy is expected to enhance the company's position as an A+H listed entity, which will strengthen the synergy between resources, facilities, and management [4]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027, projecting net profits of RMB 5.265 billion, RMB 5.717 billion, and RMB 6.270 billion respectively, with a compound annual growth rate of 7% [5]. - The target price has been adjusted to RMB 25.90 based on a 14x PE for 2026, reflecting the anticipated long-term value from industrial chain integration [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's retail gas business shows steady growth, although the growth rate has slowed down. In Q3 2025, retail gas volume reached 6.24 billion cubic meters, a year-on-year increase of 2.1% [5] - The company is progressing well with its privatization plan, which is expected to enhance upstream and downstream integration and collaboration after completion [5] - The company has a total of 8.7 million tons of overseas long-term contracts expected to be executed from 2025 to 2029, supporting robust growth in direct sales gas business [5][8] - The company plans to maintain a cash dividend ratio of no less than 50% of core profit from 2026 to 2028, which is expected to enhance the company's value [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 95.856 billion yuan, a decrease of 2.91% year-on-year, and a net profit attributable to shareholders of 3.426 billion yuan, a decrease of 1.87% year-on-year [2] - In Q3 2025, the company reported operating revenue of 29.865 billion yuan, a decrease of 5.93% year-on-year, and a net profit attributable to shareholders of 1.018 billion yuan, an increase of 5.89% year-on-year [3] - The company’s core profit for the first three quarters of 2025 was 3.777 billion yuan, a decrease of 1.04% year-on-year, while the basic earnings per share (EPS) was 1.23 yuan [2] Business Segment Performance - Retail gas volume for the first three quarters of 2025 was 19.19 billion cubic meters, a year-on-year increase of 2.0%, with industrial and commercial gas volume at 15.21 billion cubic meters, up 2.5% [5] - Platform gas volume declined, with Q3 2025 platform transaction gas volume at 1.26 billion cubic meters, down 7.1% year-on-year [5] - The company’s diversified energy business saw steady expansion, with total sales volume of 28.99 billion kilowatt-hours in the first three quarters of 2025 [5]

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Group 1 - New Hope Group (600803.SH) reported its Q3 2025 results, with 28 institutional investors holding a total of 2.564 billion shares, representing 82.80% of the total share capital [1] - The top ten institutional investors collectively hold 82.13% of the shares, with a slight increase of 0.23 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, accounting for a 0.24% increase, while four funds decreased their holdings slightly [2] - A total of four new public funds were disclosed this period, while 405 funds did not disclose their holdings again, indicating a significant turnover in the public fund landscape [2] - One social security fund decreased its holdings, and two pension funds also reported a slight decrease in their holdings compared to the previous quarter [2]

Core Viewpoint - The company reported its Q3 2025 results, showing a slight decline in revenue and net profit year-on-year, but a positive growth in net profit for Q3 compared to the previous year, indicating a mixed performance amidst fluctuating gas prices and demand [1][2]. Financial Performance - For the first nine months of 2025, the company achieved a revenue of 95.856 billion yuan, a year-on-year decrease of 2.91%, and a net profit attributable to shareholders of 3.426 billion yuan, down 1.87% year-on-year [1]. - In Q3 2025, the net profit attributable to shareholders was 1.018 billion yuan, reflecting a year-on-year increase of 5.89%, while the core net profit decreased by 6.89% to 1.041 billion yuan [1]. Sales and Market Dynamics - The company sold 3.95 billion cubic meters of platform trading gas in the first nine months, a decrease of 2.7% year-on-year, with a notable adjustment in trade flow due to falling international gas prices and rising domestic demand [1][2]. - International gas sales reached 1.43 billion cubic meters, with a quarter-on-quarter increase of 270 million cubic meters, while domestic gas sales grew by 9.9 million cubic meters to 2.52 billion cubic meters [2]. Retail Gas Trends - Despite a national decline of 0.2% in apparent natural gas consumption, the company's retail gas volume increased by 2.0% year-on-year to 19.19 billion cubic meters, with industrial and commercial gas growth outpacing residential gas growth [2]. Infrastructure and Strategic Developments - The Zhoushan receiving station's unloading volume increased by 14.2% year-on-year to 1.98 million tons, with the company enhancing its capabilities through various service models [3]. - The company has completed the acquisition of a 10% stake in Zhoushan, making it a wholly-owned subsidiary, which is expected to contribute more to the company's net profit [3]. Privatization and Future Outlook - The ongoing privatization of the Hong Kong subsidiary, New World Energy, is expected to enhance shareholder returns post-asset restructuring, with a planned cash dividend of at least 50% of core profit from 2026 to 2028 [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 4.825 billion, 5.755 billion, and 6.387 billion yuan, reflecting a decrease due to lower overseas resale gas volumes and narrowing margins [4].

Core Viewpoint - Xin'ao Co., Ltd. is a leading natural gas energy company in China, demonstrating strong competitive advantages in the energy sector with a comprehensive natural gas industry chain [1] Group 1: Business Performance - In Q3 2025, Xin'ao's revenue reached 95.856 billion yuan, ranking first among 31 companies in the industry, significantly surpassing the second-ranked Fuan Energy at 23.501 billion yuan [2] - The company's net profit for the same quarter was 7.057 billion yuan, also leading the industry, far exceeding the second-ranked Jiufeng Energy's 1.254 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Xin'ao's debt-to-asset ratio was 54.84%, a decrease from 57.05% year-on-year but still above the industry average of 46.36% [3] - The company's gross profit margin was 14.01%, slightly up from 13.72% year-on-year, yet lower than the industry average of 16.52% [3] Group 3: Executive Compensation - Chairman Jiang Chenghong's salary for 2024 was 4 million yuan, a significant increase of 3.7095 million yuan compared to 2023 [4] - President Zhang Yuying also received a salary of 4 million yuan for 2024, up by 3.7447 million yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.70% to 26,200, with an average holding of 117,400 circulating A-shares, up by 4.18% [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 15.5711 million shares [5] Group 5: Future Outlook - Guotai Junan Securities maintained an "overweight" rating for Xin'ao, adjusting the EPS forecast for 2025-2027 to 1.68, 1.88, and 2.14 yuan, with a target price of 23.66 yuan [5] - Open Source Securities raised its profit forecast for 2025-2027, expecting net profits of 5.46 billion, 6.16 billion, and 6.46 billion yuan, with EPS of 1.76, 1.99, and 2.09 yuan respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 95.89 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.91%. The net profit attributable to the parent company was 3.43 billion yuan, down 1.87% year-on-year, while the core net profit was 3.78 billion yuan, a decline of 1.04% year-on-year. In Q3 alone, the net profit attributable to the parent company was 1.02 billion yuan, an increase of 5.89% year-on-year, while the core net profit decreased by 6.89% year-on-year [5][7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 136.49 billion yuan, with a year-on-year growth rate of 0.4%. The net profit attributable to the parent company is projected to be 4.83 billion yuan, reflecting a year-on-year increase of 7.4%. The earnings per share are expected to be 1.56 yuan [6][9] - The gross profit margin is anticipated to be 14.2% in 2025, with a return on equity (ROE) of 18.7% [6] Platform Trading and Market Dynamics - The company's platform trading gas sales volume reached 3.95 billion cubic meters in the first nine months, a decrease of 2.7% year-on-year. The international gas sales volume was 1.43 billion cubic meters, with a quarter-on-quarter increase of 2.7 million cubic meters, while domestic gas sales increased by 9.9 million cubic meters to 2.52 billion cubic meters [7] - The retail gas volume maintained a growth trend, with a total of 19.19 billion cubic meters sold in the first nine months, a year-on-year increase of 2.0% [7] Strategic Developments - The Zhoushan receiving station's unloading volume increased by 14.2% year-on-year, and it has become a wholly-owned subsidiary of the company. This strategic move is expected to enhance the company's profit contributions [7] - The privatization of the Hong Kong subsidiary, New World Energy, is ongoing, with plans for annual cash dividends of no less than 50% of the core profit attributable to the parent company from 2026 to 2028, which is expected to enhance shareholder returns [7] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 4.83 billion, 5.76 billion, and 6.39 billion yuan respectively. The current stock price corresponds to price-to-earnings ratios of 12, 10, and 9 times for the respective years [7]

Investment Rating - The report assigns a "Buy" rating for several key companies in the public utility sector, including China Resources Power, Guodian Power, and Inner Mongolia Huadian [28]. Core Insights - The public utility sector is crucial for achieving national "dual carbon" goals, with a strong emphasis on environmental and social issues in the ESG evaluation framework [5][4]. - The ESG evaluation system for public utilities includes four categories of positive indicators and one category of negative indicators, focusing on objective assessment metrics [8][23]. - Recent policies from various government departments emphasize the need for green transformation, pollution prevention, and social welfare in the public utility sector [5][4]. Summary by Sections 1. ESG Policy in Public Utilities - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transformation essential for national goals [5]. - Key policies include the "14th Five-Year" energy conservation and emission reduction plan, which outlines specific requirements for green transformation and public service stability [5][4]. 2. ESG Evaluation System Construction - The ESG evaluation system consists of four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, with a total of 18 primary indicators and 35 secondary indicators [8][23]. - The negative category focuses on violations and penalties, with specific metrics for environmental, social, and governance aspects [23]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [10][9]. 4. Environmental Indicators - Environmental indicators are based on energy conservation, low carbon, and circular economy principles, with a total of four primary indicators focusing on emissions management, ecological compliance, resource utilization, and climate strategy [11][12]. 5. Social Indicators - Social indicators highlight the public utility sector's role in community development and social stability, with six primary indicators covering community contributions, employee development, innovation, supply chain responsibility, product safety, and core operational responsibilities [15][16][17]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance and decision-making, with five primary indicators focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [19][20][21]. 7. Negative Indicators - The negative indicators focus on compliance issues, with penalties for violations in environmental, social, and governance areas, deducting points for each violation [23][25].

Investment Rating - The report maintains a positive outlook on the public utility sector's central enterprises with a focus on the ESG evaluation system [1]. Core Insights - The establishment of the ESG evaluation system for public utilities is based on a balanced emphasis on environmental and social issues, crucial for achieving national carbon neutrality goals [3][9]. - The evaluation system consists of four categories of positive indicators and one category of negative indicators, with a total of 18 primary indicators and 35 secondary indicators [12][28]. - Key policies guiding the sector include promoting renewable energy, enhancing energy efficiency, and ensuring equitable public services [9][11]. Summary by Sections 1. ESG Policy: Balancing Environmental and Social Issues - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transition vital for national carbon goals [3][9]. - Recent policies emphasize the development of clean energy and pollution control, with specific directives from various government bodies [9][11]. 2. Constructing the ESG Evaluation System: Multi-Dimensional Assessment - The ESG evaluation system is structured with four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, along with one negative category for violations [12][28]. - Each category has specific indicators designed to objectively assess the performance of enterprises in the public utility sector [12][28]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [12][14]. 4. Environmental Indicators - Environmental indicators focus on energy efficiency and circular economy principles, with metrics for emissions management, ecological compliance, resource utilization, and climate strategy [15][17]. 5. Social Indicators - Social indicators highlight the sector's role in public service, with metrics for community contributions, employee development, innovation, supply chain responsibility, and customer rights [19][21]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance standards, focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [23][26]. 7. Negative Indicators - The negative category includes penalties for violations, with specific metrics for environmental, social, and governance infractions, where each violation results in a deduction of points [28][31]. 8. Valuation of Key Companies - The report includes a valuation table for key companies in the public utility sector, indicating ratings and projected earnings per share (EPS) for the years 2025 to 2027 [34].

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-093 新奥天然气股份有限公司 关于 2025 年第三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。 新奥天然气股份有限公司 董 事 会 2025 年 10 月 31 日 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。 特此公告。 | 产品 | 计量单位 | 2025 年 | | 2024 | 年 | 同比增减幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 第三季度 1-9 | 月累计 | 第三季度 1-9 | 月累计 ...