Core Viewpoint - The company's 1H25 performance met expectations, with revenue growth but a decline in net profit, primarily due to reduced sales in the gas equipment segment and a significant drop in the smart services revenue [1][2][3]. Financial Performance - In 1H25, the company reported revenue of 15.432 billion yuan, a year-on-year increase of 11.99%, while net profit attributable to shareholders was 638 million yuan, a year-on-year decrease of 13.6%, resulting in earnings per share of 0.22 yuan [1]. - For 2Q25, the company achieved revenue of 7.919 billion yuan and a net profit of 405 million yuan, reflecting a year-on-year decline of 12.5% [1]. - The company’s pipeline natural gas sales volume reached 2.630 billion cubic meters, up 5.7% year-on-year, with specific sales in the Greater Bay Area and power plants showing increases of 4.7% and 12.0% respectively [1]. Business Segments - The smart services segment saw a significant revenue drop of 68.8%, totaling 319 million yuan in 1H25, primarily due to the completion of the "bottle-to-pipe" project in Shenzhen [1]. - The photovoltaic film segment reported a revenue of 1.94 billion yuan in 1H25, with a year-on-year increase of 2.3% and a 41% increase in shipment volume [2]. - Operating cash flow for the photovoltaic film business decreased by 50% year-on-year to 680 million yuan, attributed to extended payment periods [2]. Future Outlook - The profitability of the natural gas sales business is expected to improve in 2H25, potentially leading to a sequential performance recovery for the company [3]. - The smart services revenue decline is anticipated to slow down in 2H25, which may support overall performance improvement [3]. - The profitability of the photovoltaic film business remains uncertain due to competitive pressures and limited short-term price increases for EVA [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to a price-to-earnings ratio of 12.9 times for 2025 and 12.7 times for 2026 [4]. - The company holds a target price of 8.00 yuan, implying a potential upside of 20.3% from the current stock price, based on a price-to-earnings ratio of 15.6 times for 2025 and 15.3 times for 2026 [4].

Core Viewpoint - Shenzhen Gas reported a revenue of 15.432 billion yuan for 1H25, representing a year-on-year increase of 12%, while the net profit attributable to shareholders decreased by 14% to 638 million yuan [1][2] Financial Performance - In Q2, Shenzhen Gas achieved a revenue of 7.919 billion yuan, up 14% year-on-year and 5.4% quarter-on-quarter, with a net profit of 405 million yuan, down 13% year-on-year but up 74% quarter-on-quarter [1] - The total sales volume of pipeline natural gas reached 2.630 billion cubic meters in 1H25, an increase of 5.7% year-on-year [1][2] - The wholesale volume of natural gas surged to 758 million cubic meters, marking a significant year-on-year increase of 206% [2] Business Segments - The growth in pipeline gas sales in the Greater Bay Area was attributed to an increase in the number of users, reaching 8.62 million households by the end of June, with a net increase of 210,000 households [2] - The smart services segment negatively impacted overall performance, with revenues dropping by 69% year-on-year to 319 million yuan [2] - The comprehensive energy segment benefited from the commissioning of new gas and electricity units, with net profit increasing by 59% year-on-year to 46 million yuan [2] Future Outlook - The company is expected to open up dividend space by 2026 as new power plants and receiving stations come online [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted downwards by 4.9%-5.7%, with a projected CAGR of 13% [3] - The target price has been raised to 7.42 yuan, reflecting a premium due to the company's higher net profit growth compared to peers [3]

Core Viewpoint - Shenzhen Gas (601139) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability and cash flow management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 15.432 billion yuan, an increase of 11.99% year-on-year [1]. - Net profit attributable to shareholders was 638 million yuan, down 13.61% compared to the previous year [1]. - In Q2 2025, total revenue was 7.919 billion yuan, reflecting a year-on-year increase of 14.47%, while net profit for the quarter was 405 million yuan, a decrease of 12.5% [1]. Key Financial Metrics - Gross margin decreased to 13.85%, down 16.46% year-on-year [1]. - Net margin fell to 4.54%, a decline of 23.79% compared to the previous year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 1.107 billion yuan, accounting for 7.17% of revenue, a decrease of 12.78% year-on-year [1]. - Earnings per share (EPS) dropped to 0.22 yuan, down 15.38% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased to 5.197 billion yuan, up 15.83% year-on-year [1]. - Accounts receivable rose significantly by 32.4% to 4.478 billion yuan [1]. - Interest-bearing debt surged by 77.55% to 14.439 billion yuan [1]. - The company's net asset per share increased to 5.39 yuan, a rise of 6.26% year-on-year [1]. Business Evaluation - The company's Return on Invested Capital (ROIC) for the previous year was 5.26%, indicating average capital returns [3]. - The historical median ROIC over the past decade stands at 8.09%, suggesting a generally average investment return [3]. - The business model relies heavily on capital expenditure and marketing, necessitating careful evaluation of capital projects and spending [3]. Cash Flow and Debt Analysis - The cash flow situation is concerning, with a cash to current liabilities ratio of only 40.41% [3]. - The interest-bearing debt ratio has reached 30.85%, indicating potential financial strain [3]. - Accounts receivable to profit ratio is alarmingly high at 307.34%, raising concerns about collection efficiency [3]. Analyst Expectations - Analysts project that the company's performance for 2025 will yield a net profit of approximately 1.485 billion yuan, with an average EPS forecast of 0.52 yuan [3].

Group 1 - The company held its 36th meeting of the 5th Board of Directors on August 27, 2025, with all members present and the meeting chaired by Chairman Wang Wenjie [1] - The meeting approved the appointment agreement for the CEO and the performance responsibility letter for the CEO and Vice CEO for the year 2025 with a unanimous vote of 13 in favor [1] - The meeting also approved the performance responsibility letters for the Secretary of the Board, Chief Financial Officer, and Chief Safety Officer for 2025, with a unanimous vote of 14 in favor [1] Group 2 - The company approved the 2025 semi-annual report and its summary, which had been reviewed by the Audit Committee of the Board during its 4th meeting of 2025 [2] - The company also approved the special report on the storage and actual use of raised funds for the first half of 2025, which was reviewed by the Audit Committee of the Board [2]

Group 1 - The company held its 17th meeting of the 5th Supervisory Board on August 27, 2025, with all three supervisors present and voting, in compliance with legal and regulatory requirements [1] - The Supervisory Board approved the 2025 semi-annual report and its summary with unanimous consent, confirming that the report's preparation process adhered to relevant laws, regulations, and internal management systems [1] - The content and format of the 2025 semi-annual report meet the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operational and financial status [1] Group 2 - The Supervisory Board also approved the special report on the storage and actual use of raised funds for the first half of 2025, with unanimous consent [2] - The company strictly followed the management regulations regarding the use of raised funds, ensuring that the funds were stored in a dedicated account and used for specified purposes without any violations [2] - The actual investment of raised funds aligns with the disclosed information, confirming no misappropriation or harm to shareholder interests [2]

Group 1 - Shenzhen Gas announced the convening of its 36th meeting of the fifth board of directors on August 27, 2025, to review various proposals including the performance responsibility documents for the board secretary, CFO, and safety director for 2025 [1] - The revenue composition for Shenzhen Gas in 2024 is as follows: pipeline gas accounts for 55.5%, photovoltaic film for 13.37%, natural gas wholesale for 8.9%, merchandise sales and others for 6.57%, gas engineering and materials for 6.08%, and liquefied petroleum gas wholesale for 5.12% [1]

Group 1 - The core viewpoint of the article is that Shenzhen Gas (601139.SH) reported its mid-year financial results, showing a mixed performance with revenue growth but a decline in net profit [1] Group 2 - For the first half of 2025, the company achieved total operating revenue of 15.432 billion yuan, representing a year-on-year increase of 11.99% [1] - The net profit attributable to shareholders of the parent company was 638 million yuan, reflecting a year-on-year decrease of 13.61% [1] - The basic earnings per share were reported at 0.22 yuan [1]

（一）公司 2025 年半年度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的规定； （二）公司 2025 年半年度报告的内容和格式符合中国证监会和上海证券交易所 的各项规定，所包含的信息能从各方面真实地反映出公司 2025 年半年度的经营管理 和财务状况等事项； （三）在公司 2025 年半年度报告编制过程中，参与半年度报告编制和审议的人 员严格遵守保密制度，未发现泄密情况。 证券代码：601139 证券简称：深圳燃气 公告编号：2025-035 债券代码：113067 债券简称：燃 23 转债 深圳燃气第五届监事会第十七次会议决议公告 本公司监事会及全体监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。 深圳市燃气集团股份有限公司（以下简称"公司"）第五届监事会第十七次会 议于 2025 年 8 月 27 日（星期三）以通讯方式召开，会议应出席监事 3 名，实际表 决监事 3 名，符合《公司法》及《公司章程》的规定。全体监事同意推举监事霍志 昌先生召集和主持会议，公司部分高级管理人员列席了会议。 会议审议通过了下列议案： 一、 ...

| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | | 深圳燃气第五届董事会第三十六次会议决议公告 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。 深圳市燃气集团股份有限公司（以下简称"公司"）第五届董事会第三十六 次会议于 2025 年 8 月 27 日（星期三）以现场结合通讯方式召开，会议应到董事 14 名，实际表决 14 名（张斌独立董事通讯表决），符合《公司法》及《公司章 程》的规定。会议由公司董事长王文杰先生主持，公司部分监事及高级管理人员 列席了会议。 会议审议通过以下议案： 一、会议以 13 票同意，0 票反对，0 票弃权的结果审议通过了《关于制定公 司总裁岗位聘任协议、总裁和副总裁 2025 年度经营业绩责任书以及调整 2023-2025 年任期经营业绩责任书的议案》，阳杰董事作为关联董事回避表决。 四、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 20 ...

深圳市燃气集团股份有限公司2025 年半年度报告 公司代码：601139 公司简称：深圳燃气 深圳市燃气集团股份有限公司 2025 年半年度报告 1 / 165 深圳市燃气集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王文杰、主管会计工作负责人阳杰及会计机构负责人（会计主管人员）刘竞斌 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投资 风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 ...