Core Viewpoint - Shaanxi Natural Gas is a significant player in the natural gas transmission sector in Shaanxi Province, with a comprehensive pipeline network and notable regional advantages [1] Group 1: Business Performance - For Q3 2025, Shaanxi Natural Gas reported revenue of 5.957 billion, ranking 7th among 31 companies in the industry, while the industry leader, New Hope, achieved revenue of 95.856 billion [2] - The company's net profit for the same period was 491 million, also ranking 7th, with the industry leader's net profit at 7.057 billion [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 50.70%, higher than the previous year's 45.06% and above the industry average of 46.36% [3] - The gross profit margin was reported at 15.42%, an increase from 14.39% year-on-year, but still below the industry average of 16.52% [3] Group 3: Executive Compensation - The chairman, Liu Hongbo, received a salary of 641,400 in 2024, down from 764,400 in 2023, a decrease of 123,000 [4] - The general manager, Chen Dongsheng, had a salary of 643,900 in 2024, reduced from 785,000 in 2023, a decrease of 141,000 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.40% to 33,000, while the average number of shares held per shareholder decreased by 5.12% to 33,700 [5] Group 5: Analyst Insights - Tianfeng Securities noted a decline in revenue and net profit for H1 2025 but an increase in operating cash flow, with stable profitability in pipeline operations [6] - Xinda Securities highlighted the company's strengths, including the introduction of strategic investors and the potential for increased gas transmission capacity with ongoing pipeline projects [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][18]. Core Insights - The company reported a revenue of 5.957 billion yuan for the first three quarters of 2025, a year-on-year decrease of 7.38%, and a net profit attributable to shareholders of 474 million yuan, down 23.85% year-on-year [1]. - The third quarter of 2025 saw a significant decline in revenue, amounting to 1.107 billion yuan, which is a 26.67% decrease compared to the same period last year, resulting in a net loss of 35 million yuan [1]. - The new gas transportation pricing policy, effective from June 1, 2025, reduced the transportation fee by 0.039 yuan per cubic meter, impacting the company's performance in Q3 [2]. - Natural gas demand has weakened, with a national apparent consumption of 317.75 billion cubic meters in the first three quarters of 2025, a slight decline of 0.2% year-on-year [3]. - The company has successfully progressed in transferring 13% of its equity to new investors, which is expected to enhance liquidity and governance [4]. Financial Summary - The company forecasts net profits for 2025-2027 to be 704.81 million yuan, 623.93 million yuan, and 728.53 million yuan respectively, with corresponding EPS of 0.63, 0.56, and 0.66 yuan per share [5]. - The projected revenue for 2025 is 9.711 billion yuan, with a growth rate of 7.50% [5]. - The company’s total assets are expected to reach 15.565 billion yuan by 2025, with a debt-to-asset ratio of 55.19% [12].

Core Viewpoint - The company emphasizes the importance of its pipeline construction, driven by both upstream natural gas resource increases and downstream market development, to enhance energy security and reliability in the region [2] Group 1: Pipeline Construction and Development - The pipeline project from Yulin to Xi'an aims to connect new gas sources and fill the pipeline gap in eastern Shaanxi, expanding market demand along the route [2] - The project is expected to improve interconnectivity and flexibility in gas source allocation across the Guanzhong region and the entire province [2] - Continuous advancement of this project is deemed essential for implementing provincial energy development plans and ensuring long-term energy security [2]

Core Viewpoint - The company emphasizes the importance of equity incentives in enhancing employee motivation and driving long-term development, indicating a commitment to improving governance and monitoring regulatory changes [2]. Group 1 - The company recognizes that equity incentives can effectively stimulate employee enthusiasm [2]. - The company is committed to closely monitoring its operational status and improving its governance level [2]. - The company plans to actively promote the implementation of long-term incentive mechanisms, such as equity incentives, when internal and external conditions are favorable [2].

陕西省天然气股份有限公司 董事会专门委员会工作细则 目录 第一章 总则 第一章 总 则 第一条 为完善公司治理结构，根据《中华人民共和国 公司法》（以下简称《公司法》）、《上市公司治理准则》 《深圳证券交易所上市公司自律监管指引第 1 号--主板上市 公司规范运作》《上市公司独立董事管理办法》《陕西省天 然气股份有限公司章程》（以下简称《公司章程》）及其他 有关规定，特制定本细则。 第二条 董事会设立审计委员会、战略委员会、提名委 员会、薪酬与考核委员会。 第三条 专门委员会依照法律法规、深交所规定、《公 司章程》和董事会授权履行职责，主要职责是协助董事会对 需决策事项提供咨询和建议，除另有规定外，专门委员会的 提案应提交董事会审议决定。 - 1 - 第二章 专门委员会组成及工作机构 第三章 职责权限 第四章 议事规则 第五章 附则 第二章 专门委员会组成及工作机构 第四条 专门委员会成员全部由董事组成，其中审计委 员会、提名委员会、薪酬与考核委员会中独立董事应当过半 数并担任召集人。专门委员会任期与董事会任期一致，均为 三年，委员任期届满，连选可以连任。 第五条 专门委员会委员由董事长或二分之一以上独立 董 ...

陕西省天然气股份有限公司 独立董事工作制度 目 录 第一章 总 则 第一章 总 则 第一条 为进一步完善陕西省天然气股份有限公司（以 下简称"公司"或"本公司"）法人治理结构，促进公司规 范运作，维护公司整体利益，保障股东及债权人的合法权益， 根据《中华人民共和国公司法》(下称"《公司法》")、《上 市公司独立董事管理办法》、《深圳证券交易所上市公司自 律监管指引第 1 号--主板上市公司规范运作》（下称"《主 板上市公司规范运作》"）及其他相关法律、法规、规范性 文件和《公司章程》的有关规定，特制定本制度。 第二条 公司独立董事是指不在公司担任除董事外的其 他职务，并与公司及公司主要股东、实际控制人不存在直接 或者间接利害关系，或者其他可能影响其进行独立客观判断 - 1 - 第二章 独立董事的任职条件 第三章 独立董事的提名、选举和更换 第四章 独立董事的职权 第五章 独立董事履职保障 第六章 附 则 关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、 实际控制人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义 务。独立董事应当按照法律、行政法规、中国证券监督管理 委员会 ...

证券代码：002267 证券简称：陕天然气 公告编号：2025-044 陕西省天然气股份有限公司 关于召开 2025 年第四次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 根据《深圳证券交易所股票上市规则》《陕西省天然气股份有限公司章程》等有关规定，陕西省天 然气股份有限公司（以下简称"公司"）董事会定于 2025 年 11 月 14 日召开 2025 年第四次临时股东会 （以下简称"本次股东会"），现将本次股东会有关事项安排如下： 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 14 日 15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 14 日 9:15- ...

证券代码：002267 证券简称：陕天然气 公告编号：2025-042 陕西省天然气股份有限公司 第六届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 陕西省天然气股份有限公司（以下简称"公司"）第六届董事会第二十 三次会议于2025年10月28日在公司调度指挥中心大楼13楼会议室召开。 召开本次会议的通知已于 2025 年 10 月 22 日以直接送达或电子邮件方式 送达各位董事。本次会议采用现场结合通讯表决的方式召开。现场会议由 董事长刘宏波先生主持，会议应参加表决董事 11 名，实际参加表决董事 11 名。董事郭娜女士因公务原因无法出席现场会议，以通讯方式进行表 决。公司部分高级管理人员、相关部门负责人及北京市康达（西安）律师 事务所律师列席了会议。会议的召开符合法律法规和《公司章程》的有关 规定。 二、董事会会议审议情况 （一）审议通过《关于 2025 年第三季度报告的议案》 该事项已经公司第六届董事会审计委员会第十九次会议审议通过。 具体内容详见公司于 2025 年 10 月 30 日在指定媒体和 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,106,611,810.54, a decrease of 26.67% compared to the same period last year[5] - The net profit attributable to shareholders was CNY -35,044,620.9, reflecting a significant decline of 187.67% year-on-year[5] - The basic earnings per share (EPS) was CNY -0.0315, down 187.74% from CNY 0.0359 in the same quarter last year[5] - The company experienced a 7.38% decrease in cumulative operating revenue for the year-to-date period, totaling CNY 5,956,879,221.51[5] - The company's net profit for the current period is 490,868,958.87, a decrease of 23.1% compared to 638,004,675.63 in the previous period[24] - Operating profit for the current period is 585,367,717.14, down from 753,152,346.01, reflecting a decline of 22.3%[24] - Total revenue from operating activities is 6,217,718,697.98, compared to 6,688,092,792.23 in the previous period, indicating a decrease of 7.0%[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,964,037,041.09, a decrease of 4.67% compared to the previous year[5] - Total assets decreased to CNY 13,964,037,041.09 from CNY 14,648,598,698.24, reflecting a decline of 4.68%[21] - Total liabilities decreased to CNY 7,079,784,290.40 from CNY 7,919,853,531.08, a reduction of 10.61%[21] - The equity attributable to shareholders increased by 2.40% to CNY 6,581,118,631.88 compared to the previous year[5] - The company's equity increased to CNY 6,884,252,750.69 from CNY 6,728,745,167.16, representing a growth of 2.31%[21] Cash Flow - The company reported a net cash flow from operating activities of CNY 745,779,300, a slight decrease of 1.04% year-on-year[5] - The net cash flow from operating activities is 745,779,341.83, slightly down from 753,596,724.65, a decrease of 1.1%[28] - Cash and cash equivalents decreased by 32.50% to 74,065.32 million due to increased receivables from the previous period[12] - Cash and cash equivalents at the end of the period were CNY 740,653,208.33, a decrease of 32.73% from CNY 1,097,250,769.44 at the beginning of the period[19] - The total cash and cash equivalents at the end of the period is 637,402,360.36, down from 798,410,895.75, a decrease of 20.2%[28] Receivables and Payables - Accounts receivable increased by 67.75% to 309.51 million, attributed to an increase in bank acceptance bills received[12] - Accounts receivable decreased to CNY 90,690,938.19 from CNY 110,039,260.33, a decline of 17.53%[19] - Other payables decreased by 79.44% to 19,071.91 million, primarily due to payments for pipeline asset acquisitions[13] - Short-term borrowings decreased by 49.30% to 51,571.15 million as a result of repayment of short-term loans[12] - Short-term borrowings decreased significantly to CNY 515,711,463.89 from CNY 1,017,261,932.97, a decrease of 49.32%[21] Investment and Expenses - Non-recurring gains and losses totaled CNY -686,626.49 for the current period, with significant contributions from government subsidies and project compensations[9] - Investment income turned negative at -167.44 million, a decrease of 104.77% due to reduced profits from joint ventures[13] - The company reported an investment loss of -1,674,416.29, compared to a gain of 35,094,362.01 in the previous period[24] - The total cash outflow from investing activities is 1,096,054,369.18, an increase from 601,338,687.38, reflecting a rise of 82.2%[28] - Financial expenses increased by 30.11% to 7,276.93 million, driven by an increase in interest-bearing liabilities[13] - The company incurred financial expenses of 72,769,340.06, an increase of 30.2% from 55,930,245.51 in the previous period[24] - Research and development expenses decreased to 14,682,780.59 from 16,348,793.47, a reduction of 10.2%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 32,980[14] - The largest shareholder, Shaanxi Gas Group Co., Ltd., holds 64.43% of the shares, totaling 716,530,456 shares[14] - The company plans to transfer 144,569,808 shares, representing 13% of total shares, to new investors, pending regulatory approval[17] Audit and Reporting - The company confirmed that the financial report for the third quarter was not audited[4]

Core Viewpoint - The company, Shaanxi Natural Gas, has confirmed that its long-distance pipeline operation primarily focuses on transportation services, which are currently sufficient to meet downstream gas demand, especially during the heating season [2] Group 1 - The company's long-distance pipeline business is mainly based on transportation services [2] - The pipeline capacity is adequate to satisfy the gas demand from downstream users [2] - The company plans to actively provide transportation services to users during the heating season [2]