Core Insights - The company reported a third-quarter revenue of 29.865 billion, a year-on-year decrease of 5.93% [1] - The net profit for the third quarter was 1.018 billion, showing a year-on-year increase of 5.89% [1] - For the first three quarters, the total revenue was 95.856 billion, reflecting a year-on-year decline of 2.91% [1] - The net profit for the first three quarters was 3.426 billion, which represents a year-on-year decrease of 1.87% [1]

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2025 年第三季度报告 新奥天然气股份有限公司2025 年第三季度报告 证券代码：600803 证券简称：新奥股份 新奥天然气股份有限公司 2025 年第三季度报告 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 1 / 17 项目 本报告期 本报告期比上年同 期增减变动幅度 (%) 年初至报 告期末 年初至报告期末比 上年同期增减变动 幅度(%) 营业收入 2,986,530 -5.93 9,585,621 -2.91 利润总额 277,878 15.33 874,312 -0.04 归属于上市公司股东的净利润 101,816 5.89 342,580 -1 ...

新奥股份公告，第三季度营收为298.65亿元，同比下降5.93%；净利润为10.18亿元，同比增长5.89%。 前三季度营收为958.56亿元，同比下降2.91%；净利润为34.26亿元，同比下降1.87%。 ...

Group 1 - The core viewpoint of the news is that the National Petroleum and Natural Gas Index (399439) has shown a strong increase of 1.00%, driven by significant gains in constituent stocks such as Lanstone Heavy Industry (603169) up 9.98%, and China Merchants Energy Shipping (601872) up 7.81% [1] - The U.S. Energy Information Administration (EIA) reported a decrease in crude oil inventories by 6.86 million barrels last week, exceeding expectations, which contributed to the rise in oil prices [1] - Zhongyou Securities indicated that if there is a future premium on crude oil due to regional situations, it would benefit upstream assets, while improvements in demand and supply could favor midstream refining [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include China National Petroleum (601857), China Petroleum & Chemical (600028), and China National Offshore Oil (600938), collectively accounting for 64.68% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1]

Core Insights - The gas sector experienced a rise of 1.43% on October 29, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Gas Sector Performance - Delong Huineng (000593) saw a closing price of 9.58, with a significant increase of 9.99% and a trading volume of 38,200 shares, amounting to 36.55 million yuan [1] - Xin'ao Co. (600803) closed at 19.15, up 4.25%, with a trading volume of 234,200 shares and a transaction value of 439 million yuan [1] - Other notable performers included Kaitan Gas (920010) with a 3.94% increase, closing at 13.97, and Fuan Energy (002911) with a 3.02% increase, closing at 12.62 [1] Capital Flow Analysis - The gas sector saw a net inflow of 33.11 million yuan from main funds, while retail funds experienced a net inflow of 75.86 million yuan [2] - Notable net inflows from main funds included Fuan Energy (002911) with 42.44 million yuan and Xin'ao Co. (600803) with 40.47 million yuan [3] - Conversely, retail funds showed a net outflow from several companies, including Delong Huineng (000593) with a net outflow of 11.83 million yuan [3]

王玉锁、赵宝菊夫妇二人的财富增长核心源于新奥集团的资产整合与业务协同深化。作为天然气领域龙 头企业掌舵人，王玉锁主导推进的新奥能源私有化取得关键进展，此举旨在将核心资产整合至A股平 台，借助境内市场流动性提升资产估值。同时，新奥股份2024年超31亿元的分红中，近23亿元落入王玉 锁控股企业，成为财富增长的直接支撑。 专题：2025胡润百富榜出炉（搜索版） 2025年《胡润百富榜》发布，新奥集团创始人王玉锁、赵宝菊夫妇以670亿元财富值上榜，较2024年的 600亿元增加70亿元，涨幅达12%；但排名由去年的第63位下降15个名次至第78位。 从行业视角看，王玉锁、赵宝菊夫妇二人的财富轨迹折射出传统能源企业在转型期的"稳健韧性"。尽管 新能源、AI等新兴领域成为造富主力，但新奥集团依托天然气产业链的深厚积淀，仍实现了财富正增 长，与房地产等持续承压的传统行业形成鲜明对比。值得注意的是，王玉锁已开始布局前沿领域与多元 产业，不仅投入资源布局核聚变等未来能源技术，还涉足文化产业项目，展现出传统企业龙头向新兴领 域延伸的转型尝试。 胡润研究院指出，2025年财富增长重心已加速向新质生产力领域聚集。对于王玉锁、赵宝菊 ...

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-092 新奥天然气股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日召开了第十届董事会 第四次会议，审议通过了《关于向公司 2025 年限制性股票激励计划激励对象授予预留部分限 制性股票的议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相 关规定，公司对 2025 年限制性股票激励计划（以下简称"本激励计划"）拟预留授予激励对象 名单在公司内部进行了公示。公司董事会薪酬与考核委员会对本激励计划拟预留授予激励对 象名单的公示情况进行了核查，核查意见如下： 一、公示情况 1、公司于 2025 年 10 月 18 日在上海证券交易所网站（www.sse.com.cn）披露了《新奥 股份关于向公司 2025 年限制性股票激励计划激励对象授予预留部分限制性股票的公告》《新 奥股份 2025 年限制性股票激励计划预留授予激励对象名单》。 2、公司于 2025 年 10 月 18 日至 2025 年 10 月 27 日在公司内部对本激励计划拟预留授予 激励对象的姓名和职务予以公示，公示期共计 10 天，公示期间公司员 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that colder weather has led to an increase in gas prices in the US and China, while Europe has entered the inventory withdrawal season with a slight price increase [1][9] - It emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, suggesting a positive outlook for gas companies [1][48] Price Tracking - As of October 24, 2025, gas prices have changed week-on-week as follows: US HH +25.4%, European TTF +1.2%, East Asia JKM +0.5%, China LNG ex-factory +6.5%, and China LNG CIF +0.4% [9][11] - The report notes that the price inversion between domestic and international markets has ended [9] Supply and Demand Analysis - The US natural gas market saw a week-on-week price increase of 25.4% due to colder weather, with storage levels rising by 870 billion cubic feet to 38,080 billion cubic feet, a year-on-year increase of 0.6% [14] - In Europe, gas prices increased by 1.2% as the region entered the inventory withdrawal phase, with gas consumption from January to July 2025 reaching 265.4 billion cubic meters, a year-on-year increase of 5% [15] - Domestic gas prices in China rose by 6.5% due to colder weather, with apparent consumption from January to September 2025 increasing by 0.7% to 318.8 billion cubic meters [21][24] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [33] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting key companies such as Xin'ao Energy, China Gas, and Kunlun Energy [49] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [49] - The report also emphasizes the importance of energy independence and suggests关注ing companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [49]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].