证券代码：002267 证券简称：陕天然气 公告编号：2025-045 陕西省天然气股份有限公司 2025 年第四次临时股东会决议公告 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。 特别提示： 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 3.通过现场和网络参加本次会议的中小投资者共计 202 人，代表公司 有表决权股份 10,718,456 股，占公司有表决权股份总数的 0.9638%。 （一）陕西省天然气股份有限公司（以下简称"公司"）2025 年第 四次临时股东会现场会议于 2025 年 11 月 14 日 15:00 在位于西安经济技 术开发区 A1 区开元路 2 号的公司调度指挥中心大楼 12 楼会议室召开。 （二）本次会议以现场表决与网络表决相结合的方式召开。 （三）本次会议由公司董事会召集，根据《公司章程》规定，经全体 董事过半数同意，推选董事、总经理陈东生先生主持本次会议。公司董事 会于 2025 年 10 月 30 日在指定媒体及巨潮资讯网刊登了《关于召开 2025 年第四次 ...

Core Viewpoint - The company acknowledges the potential decline in international LNG prices due to increasing LNG production capacity, but emphasizes that the impact on overall revenue and profit will be limited [1] Group 1: Company Response to Investor Concerns - The company recognizes that LNG business profitability is influenced by market price fluctuations and demand conditions, leading to certain volatility in earnings [1] - The company plans to focus on cost reduction and precise management to enhance profitability, despite the challenges posed by market conditions [1] - Measures include reducing costs in production and minimizing non-production expenditures to ensure a hard decline in costs and expenses [1]

Market Overview - The gas sector experienced a decline of 0.35% on November 7, with ST Jinhong leading the losses [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Individual Stock Performance - Notable gainers in the gas sector included: - Chongqing Gas (600917) with a closing price of 6.25, up 4.17% and a trading volume of 385,400 shares [1] - Delong Huineng (000593) closed at 10.12, up 3.27% with a trading volume of 460,300 shares [1] - Xinjiang Torch (603080) closed at 24.55, up 1.32% with a trading volume of 73,400 shares [1] - Major decliners included: - ST Jinwan (000669) closed at 3.27, down 4.39% with a trading volume of 178,000 shares [2] - Fuan Energy (002911) closed at 13.00, down 4.13% with a trading volume of 269,700 shares [2] - Shandong Public Utilities (600635) closed at 6.60, down 2.22% with a trading volume of 1,488,300 shares [2] Capital Flow Analysis - The gas sector saw a net outflow of 232 million yuan from main funds, while retail investors contributed a net inflow of 219 million yuan [2] - The main funds' net inflow for specific stocks included: - Delong Huineng with a net inflow of 41.17 million yuan [3] - Chongqing Gas with a net inflow of 22.81 million yuan [3] - Conversely, significant outflows were observed in: - Chongqing Gas with a net outflow of 31.43 million yuan from retail investors [3] - Delong Huineng with a net outflow of 45.60 million yuan from retail investors [3]

Core Insights - The gas sector experienced a slight increase of 0.44% on November 5, with Shouhua Gas leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Gas Sector Performance - Shouhua Gas (300483) closed at 14.85, with a rise of 4.72% and a trading volume of 279,000 shares, amounting to a transaction value of 413 million yuan [1] - ST Jinwan (000669) and Shuifa Gas (603318) also showed significant gains, with increases of 4.35% and 3.55% respectively [1] - The overall trading volume and transaction values for various gas stocks indicate active market participation [1] Fund Flow Analysis - The gas sector saw a net outflow of 169 million yuan from institutional investors, while retail investors contributed a net inflow of 218 million yuan [2] - Notable stocks like Shouhua Gas and Changchun Gas experienced varying levels of net inflow and outflow from different investor categories [3] - The data indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3]

Core Insights - The conference themed "Standards Lead Green Empowerment - Writing a New Chapter for High-Quality Development of Natural Gas in Shaanxi" was held in Xi'an, focusing on the future development of natural gas standardization in the region [1][2] - The Shaanxi Natural Gas Standardization Technical Committee has made significant progress in standardization, releasing 9 standards, initiating 5 new standards, and publishing 19 papers over the past year [1][2] Group 1 - The Shaanxi Natural Gas Company has developed a local standard for "Energy Measurement of Urban Natural Gas," which has been officially released, and a group standard for "Guidelines for Standardized Construction of Gas Plant Operation Management" has passed the preliminary review [1] - The Shaanxi Standardization Research Institute has collaborated with the natural gas company to facilitate standardization management experience exchange and promote key standards, providing technical support for multiple achievements [1] - The "Shaanxi Province Natural Gas Standard System Construction Guide (2025 Edition)" has been collaboratively developed to guide the standardization work in the province and strengthen the foundation for industrial development [1] Group 2 - During the conference, experts from the National Natural Gas Standardization Technical Committee and the China Urban Gas Association provided insights on international and domestic standardization trends and group standard management [2] - The General Manager of Shaanxi Gas Group emphasized the need to accelerate standard breakthroughs in smart pipelines and energy measurement, advocating for a shared responsibility mechanism for "system guarantees" and promoting lifecycle management of standards [2] - The Deputy Director of the Shaanxi Provincial Energy Bureau stated that the province will continue to enhance the leading role of standardization work and accelerate the layout of standards in cutting-edge areas like smart pipelines, driving technological transformation in the energy sector through standard innovation [2]

Group 1 - The company, Shaanxi Natural Gas, responded to investor inquiries on October 30, indicating that the latest number of shareholders can be found in the disclosed third-quarter report for 2025 [1]

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].