Core Insights - Shaanxi Natural Gas reported an increase in shareholder accounts to 31,290 as of June 30, 2025, representing a growth of 3,804 accounts or 13.84% compared to March 31, 2025 [1][2] - The average number of shares held per account decreased from 40,500 to 35,500, with an average market value of 269,000 yuan per account, which is below the industry average [1][2] - The stock price of Shaanxi Natural Gas declined by 2.32% during the period from March 31, 2025, to June 30, 2025, despite the increase in shareholder accounts [1][2] Shareholder Statistics - As of June 30, 2025, the number of shareholders for Shaanxi Natural Gas was 31,290, an increase of 3,804 accounts or 13.84% from the previous quarter [2] - The average market value of shares held per account was 269,000 yuan, lower than the industry average of 316,300 yuan [1][2] - The average number of shares held per account decreased from 40,500 to 35,500 shares [1][2] Stock Performance - From March 31, 2025, to June 30, 2025, the stock price of Shaanxi Natural Gas experienced a decline of 2.32% [1][2] - During this period, the net outflow of main funds was 187 million yuan, while retail investors saw a net inflow of 165 million yuan [2] - The stock was listed on the trading leaderboard once during the three-month period, with no appearances on the Shenzhen Stock Connect [2]

Core Viewpoint - The report from Xinda Securities indicates that Shaanxi Natural Gas experienced a decline in net profit in the first half of the year, but strategic investments and pricing adjustments are expected to support stable growth in performance [1] Financial Performance - Shaanxi Natural Gas achieved a net profit attributable to shareholders of 509 million yuan, a year-on-year decrease of 12.62% - The non-recurring net profit was 497 million yuan, reflecting a year-on-year reduction of 4.12% [1] Strategic Initiatives - The introduction of strategic investors is aimed at enhancing industrial synergy, which is anticipated to positively impact the company's performance - The company is a major operator of long-distance natural gas pipelines in Shaanxi Province, benefiting from high-quality pipeline assets [1] Business Model and Growth Potential - The business model of the long-distance pipeline operations ensures relatively stable profitability and good cash flow, along with strong dividend capacity - Existing pipeline capacity is expected to ramp up, with key pipelines under construction projected to be operational by 2026-2027, contributing to long-term growth [1] Future Projections - The group’s urban gas projects are expected to be gradually injected into the company, further driving performance growth - The adjusted net profit forecasts for Shaanxi Natural Gas for 2025, 2026, and 2027 are 707 million yuan, 752 million yuan, and 781 million yuan respectively, with corresponding EPS of 0.64 yuan, 0.68 yuan, and 0.70 yuan [1] Valuation Metrics - The price-to-earnings (PE) ratios corresponding to the closing price on August 25 are projected to be 13.98X, 13.14X, and 12.65X for the years 2025, 2026, and 2027 respectively - The company is maintained with an "overweight" rating due to its stable profit growth and high dividend quality [1]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.09% as of August 26, 2025, with mixed performance among constituent stocks [1] - China National Cereals, Oils and Foodstuffs Corporation (600737) led the gains with an increase of 5.90%, while Shaanxi Natural Gas (002267) experienced the largest decline [1] - The National State-Owned Enterprises Dividend ETF (159515) is consolidating, with the latest price at 1.17 yuan [1] Group 2 - The China Securities State-Owned Enterprises Dividend Index tracks 100 listed companies with high cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 16.77% of the total index weight, including China COSCO Shipping (601919) and Jizhong Energy (000937) [2] Group 3 - Analysts from Minsheng Securities noted that insurance capital prefers undervalued, high-dividend stocks with strong performance certainty, especially in a declining long-term interest rate environment [1] - The report from Caixin Securities suggests that high dividend yield assets remain attractive, with long-term funds like insurance capital likely to continue flowing into these assets [1]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The introduction of strategic investors is expected to enhance industrial synergy and stabilize the company's performance, leading to steady growth [4] - The company's long-distance pipeline business remains stable, while the decline in net profit is primarily due to reduced profitability in urban gas operations [2] - The company is positioned as a core gas operator in Shaanxi Province, with its long-distance pipeline assets providing a solid profit foundation [4][7] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 4.85 billion yuan, a year-on-year decrease of 1.47%, and a net profit attributable to shareholders of 509 million yuan, down 12.62% [1] - The long-distance pipeline business contributed 3.231 billion yuan in revenue, a slight increase of 0.04%, while urban gas revenue fell by 4.35% to 1.619 billion yuan [2] - The company expects a reduction in revenue of approximately 262 million yuan and a decrease in net profit of about 223 million yuan due to a recent price adjustment in pipeline transportation [5] Future Outlook - The company has two major pipelines under construction, which are expected to significantly enhance its gas transmission capacity upon completion [5] - The company maintains a high dividend payout ratio, with expectations of continued strong returns to shareholders [7] - The projected net profit for 2025 is estimated at 707 million yuan, with earnings per share (EPS) of 0.64 yuan [7][6]

Core Viewpoint - The company, Shaanxi Natural Gas (002267.SZ), is introducing strategic investors through a share transfer by its major shareholder, Shaanxi Gas Group, to optimize its equity structure and enhance governance while aiming for business expansion and strategic transformation [1][2][11] Share Transfer Details - Shaanxi Gas Group plans to transfer approximately 145 million shares, representing 13% of the total share capital, to two strategic investors, China Communications Capital and Shaanxi Chang'an Huitong Capital Management, at a price of 7.97 yuan per share, totaling approximately 1.15 billion yuan [2][5][6] - After the transfer, Shaanxi Gas Group will hold 51.43% of the shares, while China Communications Capital and Shaanxi Chang'an Huitong will hold 7% and 6% respectively [5][6] Company Performance and Strategy - Shaanxi Natural Gas has maintained stable operating performance since its listing in 2008, with a cumulative net profit of 8.08 billion yuan and cash dividends of approximately 4.2 billion yuan [3][10] - The company aims to overcome its growth bottleneck through the introduction of strategic investors, enhancing governance and facilitating industrial transformation [4][11] Competitive Advantages - The company has a significant competitive edge in regional operations, with a 100% coverage of cities and over 80% of counties in Shaanxi province for natural gas pipeline construction and operation [9][10] - Shaanxi Natural Gas benefits from its geographical position near the Longqing Gas Field, enhancing its resource allocation and supply security [10] Financial Performance - In 2024, the company reported revenues of 9.03 billion yuan and a net profit of 724 million yuan, reflecting year-on-year growth of 15.62% and 33.01% respectively [10] - Since its establishment, the company has shown a trend of increasing profitability, although growth has been somewhat sluggish, consistent with industry characteristics [10]

Core Viewpoint - The company plans to register and issue medium-term notes with a total amount not exceeding 2 billion RMB to optimize its financing structure and broaden financing channels [1][2]. Group 1: Issuance Plan - The issuer is Shaanxi Natural Gas Co., Ltd [1]. - The total registered amount for the medium-term notes is up to 2 billion RMB [1]. - The registration period will not exceed 5 years, with the issuance taking place in phases based on market conditions [1]. - The interest rate will be determined by the company's credit rating and market demand, not exceeding the bank loan rate for the same term [1]. - The funds raised will be used for project construction, debt repayment, and working capital [1]. Group 2: Authorization Matters - The company seeks authorization from the shareholders' meeting for the legal representative or authorized person to handle all matters related to the registration and issuance of the medium-term notes [2]. - This includes determining the issuance timing, amount, interest rate, and use of funds [2]. - The authorization will remain valid until the completion of the related matters [2]. Group 3: Review Process - The issuance of medium-term notes has been approved by the company's board of directors and will be submitted to the shareholders' meeting for further approval [2]. - The implementation of the issuance is contingent upon approval from the China Interbank Market Dealers Association [2].

Group 1 - The company Shaanxi Natural Gas (SZ 002267) announced the convening of its 21st meeting of the 6th board of directors on August 22, 2025, to review the semi-annual report and summary for 2025 [1] - For the year 2024, the revenue composition of Shaanxi Natural Gas is as follows: pipeline transportation revenue accounts for 62.23%, while urban gas sales account for 37.77% [1] - As of the report, the market capitalization of Shaanxi Natural Gas is 9.9 billion yuan [1]

陕西延长石油财务有限公司 2025 年半年度风险持续评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号—交易与关联交 易》第十五条相关规定，陕西省天然气股份有限公司（以下简称"公司"） 查验了陕西延长石油财务有限公司（以下简称"延长财务公司"）《金融许 可证》《企业法人营业执照》等证件资料，取得并审阅了延长财务公司 2025 年半年度的资产负债表、利润表、现金流量表等财务报表，对其经 营资质、业务及风险状况进行了评估，现将有关风险评估情况报告如下： 一、延长财务公司基本情况 延长财务公司是经中国银行业监督管理委员会批准，在陕西省工商行 政管理局登记注册，具有企业法人地位的非银行金融机构。延长财务公司 是由陕西延长石油（集团）有限责任公司（以下简称"延长石油"）、中油 延长石油销售股份有限公司、陕西兴化化学股份有限公司以及建信信托有 限责任公司和中国大唐集团财务有限公司两家战略投资者共同发起设立， 于 2013 年 12 月正式成立，并取得中国银监会颁发的金融许可证。历经多 次增资及股权转让后，截至 2025 年 6 月 30 日，财务公司注册资本 35.00 亿元人民币，股东单位 4 家，其中，延长 ...

2025年2季度非经营性资金占用及其他关联资金往来情况汇总表 | 上市公司名称:陕西省天然气股份有限公司 | | | | | | and the manage of the count of the county of the | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | 资金占用方名称。 | | 上市公司核算的 | 2025年期初占用资 | 截至2025年6月30日 | 截至2025年6月30日 | 裁至2025年6月30 | 截至2025年6月30日 | | 单位:万元 | | 品用 | | 占用方与上市公司的关联关系 | 会计科目 | 金余额 | 与用累计发生金额(不 含利息) | 占用资金的利息(如 | 日偿还累计发生金 | 期末占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东 实际 | | | | | | 有) | | | | | | 控制人及其附属6 रहनार | | | | | | | | | - 1 - 1 | | | 小计 | | | | | ...

陕西省天然气股份有限公司 2025 年半年度财务报告 财务报告 陕西省天然气股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：陕西省天然气股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 680,918,976.24 | 1,097,250,769.44 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 2,127,400.00 | 1,845,036.00 | | 应收账款 | 96,391,418.79 | 110,039,260.33 | | 应收款项融资 | | | | 预付款项 | 91,217,345.75 | 301,502,706.03 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | ...