证券代码：603393 证券简称：新天然气 公告编号：2026-016 新疆鑫泰天然气股份有限公司 公司近日接到控股股东、实际控制人明再远先生的通知，获悉明再远先生将其持有的 10,500,000 股公司股份质押给国金证券股份有限公司（以下简称"国金证券"），并将其 质押给国金证券的部分股份办理了解除质押手续，具体情况如下： 一、 上市公司股份质押 关于控股股东股份质押及解除质押的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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： 截至本公告披露日，新疆鑫泰天然气股份有限公司（以下简称"公司"）控股股东 明再远先生持有公司股份 174,090,367 股，占公司总股本的 41.07%；本次办理质 押及解除质押业务后，明再远先生累计质押公司股份 47,100,000 股，占其所持 有公司股份的 27.05%，占公司总股本的 11.11%。 2026 年 3 月 31 日，明再远先生在中国证券登记结算有限责任公司上海分公司办理了 股份质押手续，将其持有的 10,500,000 股公司股份质押给国金证券，具体情况如下: ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Geopolitical conflicts combined with weak demand have led to a decline in US gas prices, a high plateau in European gas prices, and an increase in domestic gas prices. The report emphasizes the resource value of Shouhua Gas and the cost advantages of long-term contracts held by companies like Xin'ao Co., Xin'ao Energy, and Jiufeng Energy [1][4] Price Tracking - As of March 27, 2026, the week-on-week changes in gas prices are as follows: US HH -1.3%, European TTF -5.6%, East Asia JKM -6%, domestic LNG ex-factory price +3.1%, and domestic LNG CIF price -9.4% [9][14] Supply and Demand Analysis - Geopolitical conflicts have increased export demand while heating demand has decreased, resulting in a week-on-week decline of 1.3% in US natural gas prices. As of March 20, 2026, the storage volume decreased by 540 billion cubic feet to 18,290 billion cubic feet, a year-on-year increase of 4.9% [16] - European gas prices have fluctuated at high levels due to ongoing geopolitical conflicts, with a week-on-week decline of 5.6%. In 2025, the total natural gas consumption in Europe was 452.1 billion cubic meters, a year-on-year increase of 2.9% [17] - The geopolitical situation has pushed up LNG CIF prices, leading to a week-on-week increase of 3.1% in domestic gas prices. In the first two months of 2026, China's apparent natural gas consumption increased by 0.8% year-on-year to 70.9 billion cubic meters [27] Pricing Progress - Nationwide price adjustments are gradually being implemented, with 68% (198 cities) of cities having conducted residential price adjustments, averaging an increase of 0.21 yuan per cubic meter. The report indicates that there is still a 10% room for price adjustment recovery [43] Important Announcements - The report highlights significant announcements, including the reduction of the US gas import tariff from 140% to 25%, which enhances the economic viability of US gas imports [47] Investment Recommendations - The report suggests focusing on companies with resource value and long-term contract cost advantages, specifically recommending Shouhua Gas, Xin'ao Co., Xin'ao Energy, and Jiufeng Energy. It emphasizes the importance of energy independence in light of rising gas prices due to geopolitical conflicts [1][4]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [1] Core Insights - The lithium battery industry is entering a peak season, with the overall supply chain in a phase of quantity leading and price following. Despite a short-term decline in domestic new energy vehicle sales, export data for new energy vehicles is strong, and the electrification rates of commercial vehicles and heavy trucks are continuously increasing, leading to good performance in battery sales [3][10] - In the natural gas sector, Sinopec's pricing scheme for 2026-2027 has been released, with a 2.9% year-on-year increase in natural gas production in January-February 2026, while imports decreased by 1.1%. The pricing scheme aims to enhance the stability of costs against international price fluctuations [5][18] Summary by Sections Lithium Batteries - The lithium battery industry is experiencing a recovery, with demand shifting from solely relying on power batteries to a dual drive of power and energy storage. In February 2026, global lithium battery production reached 202.6 GWh, a year-on-year increase of 42.2%, with energy storage battery production at 70 GWh, up 150% [10] - Domestic sales of new energy vehicles in January-February 2026 were 1.126 million units, a decrease of 27.5% year-on-year, while exports reached 583,000 units, an increase of 110% [10] - The demand for lithium batteries is driving production in the supply chain, with a month-on-month increase in production of materials. However, rising costs on the supply side are leading to price increases in the battery industry [12][14] Natural Gas - Sinopec's pricing scheme for 2026-2027 has increased the proportion of controllable resources, reducing the unpredictability of costs due to international gas price fluctuations. The basic volume proportion has increased from 35% to 50% [18][19] - In January-February 2026, China's natural gas production increased by 2.9% year-on-year, while imports decreased by 1.1%. The production growth rate has slowed, and the decline in imports may be influenced by weak downstream demand [5][24] - The report suggests focusing on natural gas upstream coalbed methane extraction companies, such as Xinnatural Gas and Shouhua Gas, as well as low-valuation high-dividend city gas companies with gas source advantages [6][24]

Investment Rating - The report maintains a "Positive" outlook for the utility sector [7]. Core Insights - New photovoltaic installations have declined, indicating a potential slowdown in growth. In the first two months of 2026, new installed capacity was 65.91 million kilowatts, with photovoltaic installations down by 712 thousand kilowatts year-on-year [7]. - Natural gas prices remain high, influenced by geopolitical tensions affecting global LNG supply. The report notes that the recent attack on Qatar's LNG facility has reduced its export capacity by approximately 17% [7]. - The utility sector is expected to benefit from a revaluation of physical assets amid international order restructuring, with the utility index outperforming major indices [7]. - The report suggests that the coal power sector is transitioning from a base-load to a flexible power source, with an expected increase in dividend capacity and willingness in 2026 [7]. Summary by Sections Electricity Demand and Supply - Electricity demand is on the rise, with thermal power generation seeing significant growth due to the "14th Five-Year Plan" coal power approval [7]. - The report highlights that coal prices are experiencing a temporary increase, but future price hikes may be constrained by domestic supply stability [7]. Investment Recommendations - The report recommends investing in the utility sector, particularly in companies like Jiantou Energy, Huadian International, and Guodian Power, which are expected to benefit from market reforms and increased demand for renewable energy [7]. - It also identifies potential in natural gas upstream assets due to expected price increases [7]. Market Performance - The utility sector index rose by 2.5% during the week, outperforming the CSI 300 index by 3.9 percentage points [52]. - The report notes that coal power had the highest weekly increase among utility sub-sectors, with a 4.8% rise [54].

Investment Rating - The report maintains a "Buy" rating for the following companies: China National Offshore Oil Corporation (CNOOC), Zhongman Petroleum, New Natural Gas, China National Petroleum Corporation (CNPC), and China Petroleum & Chemical Corporation (Sinopec) [2] Core Insights - Geopolitical conflicts and climate factors in Australia are expected to exacerbate the energy crisis, with oil prices projected to remain above $100 per barrel and potentially increase further [7][9] - The report highlights the impact of geopolitical tensions on energy supply, particularly regarding Iran and the ongoing military actions affecting oil infrastructure [9][10] - The report suggests three main investment themes: CNOOC for its high dividend yield and earnings elasticity during rising oil prices, Zhongman Petroleum and New Natural Gas for their growth potential, and CNPC and Sinopec as industry leaders with consistent high dividends [12] Summary by Sections Weekly Insights - The report discusses the ongoing geopolitical tensions and their implications for energy supply, particularly focusing on the situation with Iran and the potential for further military actions [9] - It notes that the Australian cyclone has disrupted LNG exports, contributing to global energy supply tightness [9] Market Performance - As of March 27, the CITIC Petroleum and Chemical sector rose by 0.2%, while the CSI 300 index fell by 1.4% [14][17] - The report identifies that the other petrochemical sub-sector had the highest weekly increase of 5.2% [17] Company Performance - The report lists the top-performing companies in the petroleum and petrochemical sector, with Bohai Chemical leading with a 22.25% increase [19] - Conversely, Heshun Petroleum experienced the largest decline at 15.43% [19] Industry Dynamics - The report outlines significant disruptions in oil supply due to geopolitical conflicts, including Saudi Aramco's reduction in oil supply to Asia and interruptions in Russian oil shipments [22][23] - It also mentions the potential for further strategic oil reserve releases by various countries in response to rising energy prices [25][27] Oil and Gas Prices - As of March 27, Brent crude oil futures settled at $112.57 per barrel, with a weekly increase of 0.34% [10] - The report notes that U.S. crude oil production has decreased to 13.66 million barrels per day, while refinery throughput has increased [11]

证券代码：603393 证券简称：新天然气 公告编号：2026-013 新疆鑫泰天然气股份有限公司 关于计提资产减值准备的公告 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。 新疆鑫泰天然气股份有限公司（以下简称"公司"）于 2026 年 3 月 26 日召开 第五届董事会第十次会议，审议通过了《关于公司计提资产减值准备的议案》。相 关情况如下： 一、资产减值准备计提情况 根据《企业会计准则》和公司会计政策的相关规定，基于谨慎性原则，公司对 合并报表范围内存在减值迹象的各类资产进行减值测试后，拟计提减值准备共计人 民币 51,660.87 万元，具体如下： 单位：人民币万元 | | 项目 | 2025 年度计提减值准备金额 | | --- | --- | --- | | 信用减值损失 | 应收票据减值损失 | 13.43 | | | 应收账款减值损失 | 11,084.01 | | | 其他应收款坏账损失 | 416.18 | | | 其他非流动资产减值损失 | 684.81 | | 资产减值损失 | 存货跌价损失 | 537 ...

Financial Performance - The company reported a net profit attributable to shareholders of RMB 806,881,925.05 for the fiscal year 2025, while the parent company incurred a net loss of RMB -9,139,730.46[8]. - Total revenue for 2025 reached approximately ¥3.92 billion, a 3.89% increase from ¥3.78 billion in 2024[27]. - Total profit decreased by 38.27% to ¥1.04 billion in 2025 from ¥1.69 billion in 2024[27]. - Net profit attributable to shareholders was ¥806.88 million, down 31.92% from ¥1.19 billion in 2024[27]. - Basic earnings per share fell to ¥1.90, a decrease of 32.14% compared to ¥2.80 in 2024[29]. - The weighted average return on equity decreased by 5.97 percentage points to 9.43% in 2025 from 15.40% in 2024[29]. - Net cash flow from operating activities increased by 19.71% to ¥2.48 billion in 2025 from ¥2.07 billion in 2024[28]. - The company reported a net profit of ¥584.66 million after deducting the impact of share-based payments, a 51.88% decrease from ¥1.22 billion in 2024[37]. - The company achieved operating revenue of ¥3,923,698,588.46, representing a year-on-year growth of 3.89%[68]. - The net profit attributable to shareholders decreased by 31.92% to ¥806,881,925.05[68]. Dividend Policy - The board of directors has proposed not to distribute profits for the fiscal year 2025 due to the negative retained earnings of the parent company[8]. - The company does not meet the conditions for cash dividends as per the relevant laws and regulations due to the negative retained earnings[9]. - The company has established a cash dividend policy to distribute no less than 20% of the distributable profits to shareholders after meeting legal reserve requirements, provided there are no major investment plans[134]. - The company plans not to distribute cash dividends for the fiscal year 2025 due to a negative retained earnings of RMB -9,139,730.46 as of December 31, 2025[135]. - The cumulative cash dividend amount over the last three fiscal years is RMB 381,529,194.30, representing a cash dividend payout ratio of 37.65% based on an average net profit of RMB 1,013,268,898.13[139]. Operational Highlights - The company primarily engages in urban natural gas distribution, sales, installation, and exploration of unconventional natural gas, conventional oil and gas, and coal resources[41]. - The company aims to expand its business scale and sales volume by enhancing communication with government pricing departments and establishing a price linkage mechanism[44]. - The company has established long-term sales contracts with pipeline downstream customers to stabilize pricing and enhance financial stability[46]. - The existing pipeline infrastructure allows the company to supply gas to high-demand markets at lower transportation costs compared to other sources[47]. - The company is focused on ensuring energy security and supporting the transition to a low-carbon economy as part of its strategic mission in the oil and gas industry[48]. Production and Sales - The company's total natural gas production reached approximately 2.413 billion cubic meters in 2025, a year-on-year increase of about 9.98% from 2.194 billion cubic meters[53]. - The company aims to increase the share of unconventional natural gas in the overall supply structure, with new production accounting for over 70% of the total increase in natural gas output nationwide by 2025[50]. - The company has achieved an annual production of over 1 billion cubic meters of coalbed methane in the Panzhuang block, making it the first coalbed methane block in China to reach a cumulative gas production of over 10 billion cubic meters[61]. - The company plans to enhance its sales network and peak-shaving capacity through the resumption of midstream pipeline operations and the recovery of the Henan LNG plant, which processed 0.142 billion cubic meters of gas during the reporting period[57]. Financial Position - Total assets grew by 19.05% to ¥21.75 billion in 2025 from ¥18.27 billion in 2024[28]. - Net assets attributable to shareholders increased by 12.58% to ¥9.17 billion in 2025 from ¥8.14 billion in 2024[28]. - Long-term borrowings increased by 77.76% to ¥5,761,146,459.62, reflecting new borrowings during the year[91]. - The company’s cash and cash equivalents at the end of the period totaled ¥216,981,903.60, up from ¥122,175,347.30 in the previous year[92]. Risk Management - There are no significant risks affecting the company's normal operations reported during the period[13]. - The company faces risks related to industry cyclicality, uncertainty in reserves, and potential changes in government subsidy policies[104][105]. - The company emphasizes the importance of safety and environmental management as it expands its operations in gas distribution and resource exploration[104]. Governance and Compliance - The company has implemented strict internal controls and governance mechanisms to protect the rights of shareholders and ensure compliance with laws and regulations[112]. - The company has established a mechanism for disclosing important operational and financial information through quarterly and annual reports, ensuring timely updates for investors[111]. - The company has confirmed that there are no integrity issues with its controlling shareholders or actual controllers during the reporting period[168]. - The company has no significant litigation or arbitration matters reported for the current year[168]. Community Engagement - Total social responsibility investment amounted to CNY 878,450, with 189,300 beneficiaries from local community projects[148]. - The company provided free or discounted gas worth CNY 34,165,700, benefiting 928,142 individuals in rural areas[150]. - The company actively engaged in community support, including donations for forest fire prevention and disaster recovery efforts[148]. - The company sponsored local cultural events and sports competitions to enhance community engagement and cultural life[149]. Future Outlook - The company anticipates a moderate long-term upward trend in natural gas consumption, despite a short-term slowdown to 2.3% growth in 2025[98]. - Future outlook suggests a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion initiatives[116]. - The company plans to strengthen market operations in the Panzhuang and Mabi blocks, aiming to expand market coverage and improve sales prices[102]. - The company is committed to becoming an internationally leading clean energy group, focusing on the entire natural gas energy industry chain[100].

证券代码：603393 证券简称：新天然气 公告编号：2026-014 新疆鑫泰天然气股份有限公司 关于公司 2025 年度利润分配方案的公告 经中审众环会计师事务所（特殊普通合伙）对公司 2025 年度财务数据的审 计，2025 年度，公司实现归属于母公司所有者净利润为人民币 806,881,925.05 元。鉴于 2025 年末母公司未分配利润为负，尚不符合分红条件，故公司 2025 年度拟不派发现金红利，不送红股，不以资本公积转增股本。 公司 2025 年度拟不进行利润分配，未触及《上海证券交易所股票上市规则 （2025 年 4 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 本次利润分配方案尚需提交股东会审议。 二、公司不进行利润分配的情况说明 根据《公司法》《上市公司监管指引第 3 号——上市公司现金分红》《公 司章程》等相关法律法规、规范性文件要求，基于公司母公司报表中期末未分配 利润为负，考虑到后续稳定发展的考虑，2025 年度拟不进行利润分配或资本公 积金转增股本。公司将严格按照法律法规和《公司章程》规定，根据经营情况、 现金流状况、投资规划和长期发展的需要 ...

证券代码：603393 证券简称：新天然气 公告编号：2026-012 新疆鑫泰天然气股份有限公司 关于 2024 年限制性股票激励计划第二个解除限售期 解除限售条件成就的公告 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： 新疆鑫泰天然气股份有限公司（以下简称"公司"）2024 年限制性股票激 励计划（以下简称"本激励计划"、"本次激励计划"或"《激励计划》"）第二个解 除限售期解除限售条件成就的激励对象共计 16 人，可申请解除限售的限制性股 票数量为 699,996 股，占公司目前总股本的 0.165%。 上市流通时间：本次限制性股票办理完成解除限售手续后、在上市流通 前，公司将发布相关提示性公告，敬请投资者关注。 2026 年 3 月 26 日，公司召开第五届董事会第十次会议，审议通过了《关于 2024 年限制性股票激励计划第二个解除限售期解除限售条件成就的议案》，现 将有关事项公告如下： 一、本激励计划批准及实施情况 （一）本激励计划已履行的决策程序和信息披露情况 1、2024 年 4 月 17 日， ...

关于新疆鑫泰天然气股份有限公司 2024 年限制性股票激励计划第二个解除限售期 解除限售条件成就之法律意见书 致: 新疆鑫泰天然气股份有限公司 敬启者: 上海市协力律师事务所(以下简称"本所")受新疆鑫泰天然气股份有限公司(以下简称 "新天然气"或"公司")委托,指派李丹律师、罗卓然律师(以下合称"本所律师")作为公 司特聘专项法律顾问,就公司2024年限制性股票激励计划(以下简称"本次股权激励计划") 第二个解除限售期解除限售条件成就事项(以下简称"本次解锁事项"),根据《中华人民共 和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、 中国证券监督管理委员会(以下简称"中国证监会")发布的《上市公司股权激励管理办法》 (以下简称"《管理办法》")等法律、行政法规和其他规范性文件(以下简称"法律、法规和 规范性文件")以及《新疆鑫泰天然气股份有限公司章程》(以下简称"《公司章程》")的有 关规定,就公司本次解锁事项出具法律意见。 为出具本法律意见书,本所律师已对公司向本所提交的有关文件、资料进行了我们认为 出具本法律意见书所必要的核查和验证。 本所在出具本法律意见书之 ...