Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company reported a revenue of 930 million yuan for Q3 2025, a decrease of 8% year-on-year, and a net profit attributable to shareholders of 194 million yuan, down 30.1% year-on-year [1]. - For the first three quarters of 2025, the net profit attributable to shareholders was 815 million yuan, a decline of 7.53% year-on-year [1]. - The increase in costs due to upstream resource acquisition has put short-term pressure on performance, but long-term growth is anticipated due to sufficient resource reserves [3][4]. Summary by Sections Financial Performance - In Q3 2025, the company experienced a revenue decrease of approximately 81 million yuan, primarily due to changes in accounting methods and reduced natural gas sales in Xinjiang [3]. - Financial expenses increased by 77 million yuan and management expenses rose by 33 million yuan in the first three quarters of 2025 due to investments in upstream resource acquisition [3]. Production and Sales - The total production from the Pan Zhuang and Ma Bi blocks was approximately 1.512 billion cubic meters, a 1.99% increase from the previous year [2]. - The average selling price for the Pan Zhuang block was 2.09 yuan, up 1.98% year-on-year, while the Ma Bi block's average selling price decreased by 0.05 yuan to 2.27 yuan [2]. Resource Reserves - The company has substantial resource reserves in various regions, including Shanxi, Inner Mongolia, Xinjiang, and Guizhou, which are expected to support future profit growth [4]. - The proven natural gas reserves in the first designated area were approved at 44.644 billion cubic meters [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 1.25 billion yuan, 1.43 billion yuan, and 1.69 billion yuan respectively, with corresponding P/E ratios of 10.2, 8.6, and 7.2 [5]. - Revenue is projected to grow from 3.52 billion yuan in 2023 to 5.89 billion yuan in 2027, reflecting a compound annual growth rate of approximately 14.43% [5].

Core Viewpoint - The company, Xin Natural Gas, is a significant player in the domestic natural gas sector, focusing on urban gas distribution and sales, as well as coalbed methane extraction, with a full industry chain advantage [1] Business Performance - In Q3 2025, the company achieved a revenue of 2.97 billion yuan, ranking 16th out of 31 in the industry, while the net profit was 826 million yuan, ranking 4th [2] - The industry leader, Xin Ao, reported a revenue of 95.856 billion yuan, and the second, Fo Ran Energy, reported 23.501 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 48.13%, up from 43.87% year-on-year, exceeding the industry average of 46.36% [3] - The gross profit margin for Q3 2025 was 41.65%, slightly down from 43.11% year-on-year, but still above the industry average of 16.52% [3] Executive Compensation - The chairman, Ming Zaiyuan, received a salary of 7.0234 million yuan in 2024, an increase of 876,000 yuan from 2023 [4] - The general manager, Zhang Shu, earned 3.1002 million yuan in 2024, up by 1.1744 million yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.05% to 28,000, while the average number of circulating A-shares held per account decreased by 13.08% to 15,100 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 3.1153 million shares as a new shareholder [5] Business Highlights - In Q3 2025, the company reported a revenue of 2.97 billion yuan, a year-on-year increase of 0.20%, while the net profit decreased by 7.53% to 815 million yuan [5] - The company is making progress in new block developments, with significant potential in the San Tang Lake coal resource estimated at 1.86 billion tons for future gas projects [5] - Longjiang Securities noted that in the first half of 2025, total revenue was 2.038 billion yuan, a 4.46% increase, and net profit was 622 million yuan, a 2.81% increase [6] - The company is implementing a strategy of "strong chain, extended chain, and supplementary chain" to achieve an integrated operation model [6]

Market Overview - The gas sector experienced a decline of 0.62% on October 30, with New Natural Gas leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - DeLong Huineng (000593) saw the highest increase, closing at 10.54 with a rise of 10.02% [1] - New Natural Gas (603393) reported the largest decline, closing at 28.39 with a drop of 4.02% [2] - Other notable performers included Baichuan Energy (600681) with a 2.08% increase and Shaanxi Natural Gas (002267) with a 2.85% decrease [1][2] Trading Volume and Capital Flow - The gas sector had a net outflow of 275 million yuan from main funds, while retail investors contributed a net inflow of 153 million yuan [2] - The trading volume for DeLong Huineng reached 519,800 hands, indicating significant investor interest [1] Capital Inflow Analysis - New Natural Gas (603393) had a main fund net outflow of 49.29 million yuan, while retail investors showed a net inflow of 33.71 million yuan [3] - Baichuan Energy (600681) also experienced a net outflow from main funds of 17.64 million yuan, with retail investors contributing a net inflow of 10.59 million yuan [3]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company's revenue for the first three quarters of 2025 reached 2.97 billion yuan, a year-on-year increase of 0.20%, while the net profit attributable to shareholders decreased by 7.53% to 815 million yuan [1]. - The decline in net profit for Q3 2025 was attributed to reduced other income and increased financial expenses, with Q3 revenue at 932 million yuan, down 8.00% year-on-year [2]. - The average LNG market price in Q3 2025 was 4,222 yuan per ton, a decrease of 13.94% year-on-year, which may have impacted the company's performance [3]. - The company is actively advancing exploration and production in multiple new blocks, including the Akemom gas field and the Zijin Mountain block, aiming to enhance production capacity [4]. Financial Forecasts - The company is expected to achieve net profits of 1.19 billion yuan in 2025, 1.30 billion yuan in 2026, and 1.57 billion yuan in 2027, with corresponding EPS of 2.81 yuan, 3.06 yuan, and 3.71 yuan per share [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 11, 10, and 8 times, respectively [5][6].

Group 1 - New Natural Gas (603393.SH) reported its Q3 2025 results, with 17 institutional investors holding a total of 31.64 million A-shares, representing 7.46% of the total share capital [1] - The top ten institutional investors include notable entities such as Cinda Securities, National Social Security Fund 406 Portfolio, and Kuwait Investment Authority, with their combined holding ratio at 7.30%, a decrease of 2.14 percentage points from the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, while four funds decreased their holdings, with a total decrease of 0.10% [2] - The National Social Security Fund 406 Portfolio was the only fund to increase its holdings, with an increase of 0.12% [2]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][8][25] - The company plans to hold the third extraordinary general meeting of shareholders on November 14, 2025, with both on-site and online voting options available [9][10][56] - The company has proposed to cancel the supervisory board and amend the articles of association and related management systems, which will require approval from the shareholders' meeting [25][50][55] Group 2 - The company will provide a guarantee of up to RMB 50 million for its subsidiary, China Era, to support financing for the Kashgar North project and working capital [39][42][43] - The company has a total of RMB 658.91 million in guarantees, with RMB 359.201 million currently outstanding, representing 80.92% and 44.11% of the latest audited net assets, respectively [43] - The board of directors has approved the guarantee proposal with unanimous support, and it will be submitted for shareholder approval [42][55]

Group 1 - The company New Natural Gas (SH 603393) announced a total guarantee amount of approximately 6.589 billion RMB for its subsidiaries, with an actual guarantee balance of about 3.592 billion RMB, representing 80.92% and 44.11% of the company's latest audited net assets respectively [1] - For the year 2024, the revenue composition of New Natural Gas is projected to be 76.99% from coalbed gas extraction and sales, 21.73% from natural gas supply and related industries, and 1.28% from other businesses [1] - As of the announcement, the market capitalization of New Natural Gas is 12.5 billion RMB [1]

Core Viewpoint - New Natural Gas (603393) announced that the company and its controlling subsidiaries have no overdue guarantees [1] Company Summary - New Natural Gas has confirmed the absence of overdue guarantees, indicating a stable financial position [1]

Core Viewpoint - New Natural Gas (603393) reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in financial performance [1] Financial Performance - The company's third-quarter revenue was 932 million yuan, representing an 8% year-on-year decrease [1] - Net profit for the third quarter was 194 million yuan, down 30.08% compared to the same period last year [1] - For the first three quarters of 2025, total revenue reached 2.97 billion yuan, showing a slight increase of 0.2% year-on-year [1] - Net profit for the first three quarters was 815 million yuan, reflecting a decline of 7.53% year-on-year [1] Reasons for Decline - The primary reasons for the decline in net profit during the third quarter were a reduction in other income and an increase in financial expenses [1]

Core Insights - New Natural Gas (603393.SH) reported a revenue of 932 million yuan for Q3 2025, representing a year-on-year decline of 8.00% [1] - The net profit attributable to shareholders of the listed company was 194 million yuan, down 30.08% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also 194 million yuan, reflecting a year-on-year decrease of 29.44% [1]