Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.70 [2]. Core Insights - The company reported Q3 revenue of RMB 7.097 billion, a year-on-year increase of 2% but a quarter-on-quarter decrease of 10%. The net profit attributable to the parent company was RMB 280 million, down 12% year-on-year and 31% quarter-on-quarter. For the first three quarters of 2025, the company achieved revenue of RMB 22.528 billion, an 8.6% year-on-year increase, while net profit decreased by 13% year-on-year [5][6]. - Natural gas sales and wholesale volumes saw significant growth, with total natural gas sales reaching 5.030 billion cubic meters, an 18.5% year-on-year increase. The wholesale volume surged by 167% year-on-year, becoming a core growth driver. The company optimized gas source procurement to support stable business growth [6][7]. - The smart services segment negatively impacted overall performance, while the photovoltaic film and integrated energy businesses showed strong results. R&D investment increased by 26.6% year-on-year, focusing on technology upgrades and product innovation [7][8]. Financial Forecasts and Valuation - Revenue forecasts for the company are as follows: RMB 28.348 billion in 2024, RMB 30.152 billion in 2025, RMB 30.982 billion in 2026, and RMB 33.804 billion in 2027. The net profit attributable to the parent company is projected to be RMB 1.457 billion in 2024, RMB 1.579 billion in 2025, RMB 1.918 billion in 2027, reflecting a compound annual growth rate (CAGR) of 9.6% from 2025 to 2027 [4][9]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 13.33 in 2024 to 10.13 in 2027, indicating a more attractive valuation over time [4][9]. Business Developments - The company completed the issuance of its third phase of technology innovation bonds, raising RMB 1.5 billion to support business development. Additionally, it plans to participate in the expansion of the Yuan Zhi Xing Chen Fund, which focuses on sectors like semiconductors and new materials, aligning with the company's strategic direction towards new productive forces [8][9]. - The company has adjusted its profit forecasts for 2025-2027, reducing net profit estimates by 5.3%, 8.0%, and 7.7% respectively, due to the impact of the completion of the "bottle-to-pipe" project and a downward revision of smart service revenues [9][22].

Group 1 - Chuanfa Longmang's wholly-owned subsidiary plans to invest 660 million yuan to establish a joint venture for a 175,000 tons/year high-pressure lithium iron phosphate project in Sichuan Mianzhu, with a total investment of 1.961 billion yuan [1] - The joint venture will be co-owned by Jiangxi Shenghua New Materials (51%) and Deyang Chuanfa Longmang (49%) [1] - Chuanfa Longmang specializes in the production and sales of various phosphate products, including lithium iron phosphate [1] Group 2 - Sino Medical's COMETIU self-expanding intracranial drug-coated stent system registration application was not approved by the National Medical Products Administration [2] - Sino Medical focuses on the research, development, production, and sales of high-end interventional medical devices [3] Group 3 - Jincheng Pharmaceutical's subsidiaries have been selected for the 11th batch of national drug centralized procurement [3] - Jincheng Pharmaceutical is engaged in the research, development, production, and sales of pharmaceutical intermediates and formulations [3] Group 4 - Zhongke Lanyun reported a 4.29% increase in revenue to 1.302 billion yuan and a 2.17% increase in net profit to 211 million yuan for the first three quarters [4] - The company specializes in wireless audio SoC chip research, design, and sales [5] Group 5 - Dabo Medical achieved a 22.69% increase in revenue to 1.876 billion yuan and a 77.03% increase in net profit to 425 million yuan for the first three quarters [6] - Dabo Medical focuses on the production, research, and sales of high-value medical consumables [7] Group 6 - Dayang Electric reported a 3.81% increase in revenue to 9.180 billion yuan and a 25.95% increase in net profit to 845 million yuan for the first three quarters [8][9] - The company operates in the electric motor sector, focusing on building and home appliance motors and automotive components [9] Group 7 - Fudan Microelectronics reported a 12.70% increase in revenue to 3.024 billion yuan but a 22.69% decrease in net profit to 330 million yuan for the first three quarters [10][11] - The company specializes in the design, development, and testing of large-scale integrated circuits [11] Group 8 - Shaanxi Energy reported a 2.83% decrease in revenue to 16.359 billion yuan and a 3.23% decrease in net profit to 2.417 billion yuan for the first three quarters [12][13] - The company is involved in thermal power generation and coal production and sales [13] Group 9 - Runhe Software reported a 12.86% increase in revenue to 2.719 billion yuan but a 29.01% decrease in net profit to 78.57 million yuan for the first three quarters [14][15] - The company focuses on financial technology, smart IoT, and smart energy [15] Group 10 - Shenzhen Gas reported an 8.63% increase in revenue to 22.528 billion yuan but a 13.08% decrease in net profit to 918 million yuan for the first three quarters [16][17] - The company specializes in urban gas supply and comprehensive energy services [17] Group 11 - Light Media reported a 150.81% increase in revenue to 3.616 billion yuan and a 406.78% increase in net profit to 2.336 billion yuan for the first three quarters [18][19] - The company is engaged in the investment, production, and distribution of film projects [19] Group 12 - Dazhong Mining's subsidiary obtained a mining license for the Hunan Jijiao Mountain lithium mine, with a resource amount of 490 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate [19] - The company specializes in iron ore mining and production [19] Group 13 - Yirui Technology reported a 14.22% increase in revenue to 1.549 billion yuan and a 20.61% increase in net profit to 471 million yuan for the first three quarters [20] - The company focuses on the research, production, and sales of digital X-ray detectors and related solutions [20] Group 14 - TCL Zhonghuan reported a 4.48% decrease in revenue to 121.572 billion yuan and a net loss of 5.777 billion yuan for the first three quarters [21][22] - The company specializes in the research, production, and sales of photovoltaic silicon wafers, cells, and modules [22] Group 15 - Huangshan Tourism reported an 8.75% increase in revenue to 1.535 billion yuan but an 11.02% decrease in net profit to 253 million yuan for the first three quarters [23][24] - The company provides tourism and leisure services [24] Group 16 - Mountain Outside Mountain reported a 39.79% increase in revenue to 584 million yuan and a 68.68% increase in net profit to 105 million yuan for the first three quarters [25][26] - The company specializes in the research, production, and sales of blood purification equipment and services [26] Group 17 - Huajin Capital reported a 16.36% increase in revenue to 349 million yuan and a 185.62% increase in net profit to 104 million yuan for the first three quarters [27] - The company focuses on investment management and electronic device manufacturing [27] Group 18 - Datang Power reported a 1.82% decrease in revenue to 89.345 billion yuan but a 51.48% increase in net profit to 6.712 billion yuan for the first three quarters [28][29] - The company primarily engages in thermal power generation [29] Group 19 - Datang Power announced the acquisition of a 50% stake in Anhui Electric Power for 1 yuan, which will result in full ownership of Anhui Electric Power [30] - The company focuses on thermal power generation [30] Group 20 - Kairun Co. reported a 22.94% increase in revenue to 3.719 billion yuan but a 13.38% decrease in net profit to 278 million yuan for the first three quarters [31] - The company specializes in the research, design, production, and sales of leisure bags and related products [31] Group 21 - Dafu Technology reported a 1.95% increase in revenue to 1.764 billion yuan but a net loss of 170 million yuan for the first three quarters [32] - The company focuses on the research, production, and sales of RF products and automotive components [32] Group 22 - Dafu Technology plans to publicly transfer 49% of its stake in Dasheng Graphite [34] - The company specializes in the research, production, and sales of RF products and automotive components [34]

Core Insights - Shenzhen Gas (601139.SH) reported a total operating revenue of 22.528 billion yuan for Q3 2025, an increase of 1.789 billion yuan compared to the same period last year, representing a year-on-year growth of 8.63% [1] - The company's net profit attributable to shareholders was 0.918 billion yuan, a decrease of 0.138 billion yuan from the same period last year, reflecting a year-on-year decline of 13.08% [1] - Operating cash flow showed a net inflow of 1.575 billion yuan, down by 0.988 billion yuan compared to the same period last year, marking a year-on-year decrease of 38.55% [1] Financial Ratios - The latest debt-to-asset ratio stands at 59.94%, a decrease of 0.34 percentage points from the previous quarter, but an increase of 0.27 percentage points compared to the same period last year [3] - The gross profit margin is reported at 15.40%, up by 1.55 percentage points from the previous quarter, but down by 0.92 percentage points year-on-year [3] - Return on equity (ROE) is at 5.73%, a decrease of 1.23 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.32 yuan, down by 0.05 yuan from the same period last year, reflecting a year-on-year decline of 13.51% [3] - The total asset turnover ratio is 0.49 times, an increase of 0.02 times compared to the same period last year, representing a year-on-year growth of 4.59% [3] - The inventory turnover ratio is reported at 19.82 times, an increase of 8.75 times year-on-year, achieving two consecutive years of growth, with a year-on-year increase of 79.06% [3] Shareholder Structure - The number of shareholders is 48,600, with the top ten shareholders holding a total of 2.376 billion shares, accounting for 82.59% of the total share capital [3] - The largest shareholder is the State-owned Assets Supervision and Administration Commission of Shenzhen, holding 40.1% of shares [3]

Core Viewpoint - Shenzhen Gas (601139.SH) reported a total operating revenue of 22.528 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 8.63% [1] - The net profit attributable to shareholders decreased by 13.08% to 919 million yuan [1] - Basic earnings per share stood at 0.32 yuan [1] Financial Performance - Total operating revenue reached 22.528 billion yuan, marking an increase of 8.63% compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 919 million yuan, showing a decline of 13.08% year-on-year [1] - Basic earnings per share reported at 0.32 yuan [1]

Core Viewpoint - Shenzhen Gas (601139) reported a mixed performance in its Q3 2025 financial results, with revenue growth but a decline in net profit due to reduced profits from its smart services business [1] Financial Performance - Q3 2025 revenue reached 7.097 billion yuan, representing a year-on-year increase of 1.97% [1] - Q3 2025 net profit was 280 million yuan, showing a year-on-year decrease of 11.87% [1] - For the first three quarters of 2025, total revenue was 22.528 billion yuan, up 8.63% year-on-year [1] - Net profit for the first three quarters of 2025 was 918 million yuan, down 13.08% year-on-year [1] Business Segment Analysis - The decline in net profit is primarily attributed to reduced profitability in the smart services segment [1]

| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2025-051 | | --- | --- | --- | | 转债代码：113067 | 转债简称：燃 转债 23 | | 深圳燃气关于继续使用部分闲置募集资金暂时补充流动 资金和进行现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 暂时补流募集资金金额：深圳市燃气集团股份有限公司（以下简称"公 司"或"深圳燃气"）拟继续使用总额不超过人民币 150,000.00 万元募集资金暂 时补充公司流动资金。 三、本次借用部分闲置募集资金暂时补充流动资金的计划 在确保不影响募集资金投资项目建设进度的前提下，为提高公司募集资金使 用效率及收益，公司拟继续使用总额不超过人民币 150,000.00 万元募集资金暂时 补充公司流动资金，用于主营业务相关的生产经营，使用时间自 2025 年 10 月 28 日董事会通过之日起不超过 12 个月。 为规范公司募集资金管理，根据《上市公司募集资金监管规则》《上海证券 交易所上市公司自律监管指引第 ...

| 证券代码：601139 | 证券简称：深圳燃气 | | 公告编号：2025-050 | | --- | --- | --- | --- | | 转债代码：113067 | 转债简称：燃 23 | 转债 | | 深圳市燃气集团股份有限公司 关于参与私募基金扩募暨关联交易的公告 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。 重要内容提示： 参与私募基金扩募的基本情况：深圳市燃气集团股份有限公司（以下 简称"深圳燃气"或"公司"）拟参与深圳市远致星辰创业投资基金合伙企业（有 限合伙）（以下简称"远致星辰基金"）的扩募，远致星辰基金由公司持股 5% 以上股东深圳市资本运营集团有限公司（以下简称"深圳资本集团"）的全资 子公司深圳市远致创业投资有限公司（以下简称"远致创投"）作为基金管理 人发起设立，深圳资本集团参与投资。远致星辰基金扩募前存续规模人民币 （下同）100,000 万元，扩募后目标认缴募集规模为 240,000 万元-260,000 万 元（具体金额以实际募集资金为准），深圳燃气拟作为有限合伙人以自有资 金认缴出资 ...

证券代码：601139 证券简称：深圳燃气 公告编号：2025-048 深圳市燃气集团股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 28 日 (二)股东会召开的地点：深圳市福田区梅坳一路 268 号深燃大厦十四楼第 9 会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 448 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,215,259,634 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 77.0058 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集；公司全体董事一致推举公司董事、总裁阳杰先生主 持会议。本次会议以现场方式和网络投票相结合 ...

| 证券代码：601139 | 证券简称：深圳燃气 公告编号：2025-049 | | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | 一、会议以 14 票同意，0 票反对，0 票弃权的结果审议通过了《关于选举第 五届董事会提名委员会委员的议案》。 选举杨军先生任公司第五届董事会提名委员会委员，任期自董事会审议通过 之日起至第五届董事会任期届满。调整后的第五届董事会提名委员会委员如下： 张斌、杨军、马莉、刘晓琴，张斌为主任委员。 二、会议以 8 票同意，0 票反对，0 票弃权的结果审议通过了《关于参与远 致星辰基金扩募暨关联交易的议案》，王文杰、阳杰、刘芳、谢文春、肖春林、 石澜作为关联董事回避表决。 同意公司作为有限合伙人以自有资金认缴出资 15,000 万元，详见《深圳燃 气关于参与私募基金扩募暨关联交易的公告》，公告编号 2025-050。 三、会议以 14 票同意，0 票反对，0 票弃权的结果审议通过了《公司 2025 年第三季度报告》，本议案提交审议前已事先获得公司董事会审计委员会审议通 过。内容详见上海证券交易所 www.sse.com.cn。 深圳燃气第五届 ...

上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 2025年第三次临时股东会的 上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：86 755-82816698 传真：86 755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 2025 年第三次临时股东会的 法律意见书 致：深圳市燃气集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳市燃气集 团股份有限公司（以下简称"公司"）的委托，指派本所刘晓驰律师、王成昊律 师出席了公司于 2025 年 10 月 28 日召开的公司 2025 年第三次临时股东会（以下 简称"本次股东会"），并根据《中华人民共和国证券法》（以下简称"《证券 法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）以及《上市 公司股东会规则》（中国证券监督管理委员会公告〔2025〕7 号）（以下简称"《股 东会规则》"）、《上海证券交易所股票上市规则》（上证发〔2025〕59 ...