Core Insights - The company reported a significant increase in revenue and a reduction in net loss for the first three quarters of 2025, with total revenue reaching 2.037 billion yuan, a year-on-year growth of 95.91% [1] - The natural gas production in the Shilou West Block saw a substantial year-on-year increase of 112%, contributing to the overall revenue growth [2] - The upcoming winter heating season is expected to drive natural gas demand and prices, potentially marking a turning point for the company's performance [2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.037 billion yuan, with a net loss of 1.619 million yuan, showing a significant reduction in losses compared to the previous year [1] - In Q3 2025, the company reported revenue of 699 million yuan, a year-on-year increase of 64.97%, and a net loss of 9.9872 million yuan, which is a reduction in loss by 4.291 million yuan year-on-year [2] Production and Sales Growth - The company’s natural gas production increased by 112% year-on-year, with purchased gas volume rising by 69% and sales volume increasing by 96% [2] - The company is expected to benefit from the rising natural gas prices as the winter heating season approaches, with significant increases in demand from urban gas and industrial sectors [2] Future Outlook - Unconventional gas sources, such as coalbed methane, are projected to become important growth drivers for natural gas supply in China, with the company positioned near significant reserves [3] - The Shilou West Block is expected to see rapid production growth, with natural gas output projected to reach 900 million cubic meters and 1.2 billion cubic meters in 2025 and 2026, respectively, compared to 469 million cubic meters in 2024 [3] - The company anticipates a synergistic growth in volume and efficiency due to favorable policies and decreasing costs [3] Earnings Projections - The company’s estimated EPS for 2025, 2026, and 2027 are 0.15 yuan, 1.26 yuan, and 2.31 yuan, respectively, with corresponding PE ratios of 89.86X, 11.03X, and 6.00X based on the closing price on October 30, 2025 [4]

Group 1: Metal Sector - Tianshan Aluminum's net profit forecast for 2025 is 47.71 billion CNY, with a PE ratio of 13.24[10] - Luoyang Molybdenum's net profit is projected to reach 194.40 billion CNY in 2025, with a PE ratio of 19.02[10] Group 2: Building Materials - Huaxin Cement's net profit for 2025 is estimated at 29.38 billion CNY, with a PE ratio of 13.83[10] - China National Materials' net profit is expected to grow to 19.36 billion CNY in 2025, with a PE ratio of 30.63[10] Group 3: Transportation - Eastern Airlines Logistics is projected to have a net profit of 26.46 billion CNY in 2025, with a PE ratio of 9.41[10] - COSCO Shipping Specialized Carriers' net profit is expected to be 19.77 billion CNY in 2025, with a PE ratio of 10.19[10] Group 4: Chemical Sector - Boryuan Chemical's net profit forecast for 2025 is 14.67 billion CNY, with a PE ratio of 17.19[10] - Yara International's net profit is projected to reach 21.09 billion CNY in 2025, with a PE ratio of 18.58[10] Group 5: Energy Sector - Guotou Power's net profit for 2025 is estimated at 69.48 billion CNY, with a PE ratio of 16.67[10] - Shouhua Gas is expected to turn around with a net profit of 0.42 billion CNY in 2025, after a loss in 2024[10]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨首华燃气（300483.SZ） [Table_Title] 产量同比大增 112%，静待业绩拐点到来 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度公司实现营业收入 20.37 亿元，同比增长 95.91%，实现 归属于上市公司股东的净利润-161.90 万元，同比大幅减亏；单三季度，公司实现营业收入 6.99 亿元，同比增长 64.97%；实现归属于上市公司股东的净利润-998.72 万元，同比减亏。项目 稳步推进，产量同比大增 112%；旺季到来天然气价格上涨，业绩有望迎来拐点；展望未来， 煤层气等非常规油气已成为天然气供应重要增长极；受益于深层煤层气增储上产，公司将实现 "量增+效升"的共振。 分析师及联系人 [Table_Author] 魏凯 王岭峰 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 首华燃气（300483.SZ） cjzqdt11111 [Table_Title2] 产量同比大增 112%，静待业绩拐点到来 [Table_Su ...

Core Insights - Shouhua Gas reported significant performance improvement in Q3 2025, with a total revenue of 2.037 billion yuan, representing a year-on-year increase of 95.91% [1] - The company’s Q3 revenue reached 699 million yuan, up 64.97% year-on-year, indicating a rapid recovery in profitability [1] Group 1: Financial Performance - For the first three quarters of 2025, Shouhua Gas achieved a total operating income of 2.037 billion yuan, a year-on-year growth of 95.91% [1] - In Q3 alone, the company generated 699 million yuan in revenue, reflecting a 64.97% increase compared to the same period last year [1] - Natural gas production increased by 112% year-on-year, while sales volume rose by 96%, driving the overall performance growth [1] Group 2: Business Operations - Shouhua Gas is engaged in the entire natural gas industry chain, including exploration, development, production, transportation, and sales, supported by substantial resource reserves and technical expertise [1] - The company is actively responding to national oil and gas market reform policies, implementing a direct pipeline connection mechanism to reduce intermediary costs and enhance market competitiveness [1] - The successful acquisition of Yonghe Weirun has expanded the company’s natural gas sales operations, laying a solid foundation for future growth [1] Group 3: Future Outlook - Shouhua Gas plans to increase investment in natural gas exploration and development, steadily enhancing production capacity and sales levels [2] - The company aims to deepen strategic cooperation with quality customers and expand into downstream markets, which is expected to drive sustained performance improvement [2] - With the ongoing national energy security strategy and "dual carbon" goals, Shouhua Gas is poised for broader development opportunities [2]

Group 1 - The core point of the article is that Shouhua Gas (300483.SZ) reported its Q3 2025 results, revealing a total of 6 institutional investors holding shares, which amounts to 57.37 million shares, representing 21.11% of the total share capital [1] - The institutional holding ratio decreased by 0.20 percentage points compared to the previous quarter [1] - Two new public funds were disclosed this period, while 22 public funds were not disclosed compared to the previous quarter [1] Group 2 - The article mentions the formation of a MACD golden cross signal, indicating a positive trend for certain stocks [2]

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2025-076 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 第六届董事会第十四次会议决议公告 经与会董事认真审议，并以记名投票方式表决，形成以下决议： 本公司及董事会全体成员保证信息披露内容的真实、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 首华燃气科技（上海）股份有限公司（以下简称"公司"）第六届董事会第 十四次会议于 2025 年 10 月 28 日在公司会议室以现场结合通讯方式召开，会议 通知已于 2025 年 10 月 22 日以通讯方式（电话及电子邮件）送达全体董事。本 次会议由董事长王志红先生召集并主持，应出席董事 7 名，实际出席董事 7 名（其 中：以通讯表决方式出席会议董事 4 名，分别为吴海江、周展、项思英、葛艾继）， 公司高级管理人员列席本次会议，本次董事会会议的召开符合《中华人民共和国 公司法》等相关法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥699,197,577.69, representing a year-on-year increase of 64.97% and a cumulative revenue of ¥2,037,444,148.68 for the year-to-date, up 95.91%[4] - The net profit attributable to shareholders for Q3 2025 was -¥9,987,190.00, a reduction in loss of 30.05% compared to the same period last year, with a year-to-date net profit of -¥1,619,006.88, a decrease in loss of 97.93%[4] - Total operating revenue for the current period reached ¥2,037,444,148.68, a significant increase from ¥1,039,973,730.00 in the previous period, representing a growth of approximately 96%[28] - The net profit for the current period was ¥35,350,232.13, a recovery from a net loss of ¥84,463,813.47 in the previous period[29] - Total comprehensive income amounted to 35,350,232.13, a decrease of 84,463,813.47 compared to the previous period[30] - Basic and diluted earnings per share were both -0.006, compared to -0.292 in the previous period, showing an improvement[30] Cash Flow - The net cash flow from operating activities for the first three quarters of 2025 was ¥1,058,800,010.75, a significant increase of 248.72% year-on-year[4] - Net cash flow from operating activities reached 1,058,800,010.75, up from 303,626,978.33 in the previous period, indicating a significant increase[32] - Cash inflow from investment activities totaled 7,380,931,728.94, compared to 2,886,168,085.80 in the previous period, reflecting a substantial growth[32] - Net cash flow from financing activities was -802,460,698.44, a decrease from 260,526,223.36 in the previous period, indicating a cash outflow[32] - The company received cash from sales of goods and services amounting to 2,160,612,762.69, significantly higher than 961,073,500.84 in the previous period[31] - Total cash outflow from operating activities was 1,115,290,133.20, compared to 665,203,894.18 in the previous period, reflecting an increase[32] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,163,843,056.88, a decrease of 2.40% compared to the end of the previous year[4] - The company's total assets decreased to ¥8,163,843,056.88 from ¥8,364,635,841.80, reflecting a decline of approximately 2.4%[26] - Total liabilities decreased to ¥4,642,500,509.76 from ¥4,931,806,440.73, a reduction of about 5.9%[26] - The equity attributable to shareholders of the parent company increased to ¥2,053,808,978.22 from ¥1,987,847,906.99, showing an increase of approximately 3.3%[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,002[12] - The company’s major shareholder, Ganzhou Haide Investment Partnership, transferred 27,216,000 shares, representing 10.02% of the total share capital, to Shanghai Houde Miaojing Business Consulting Co., Ltd.[18] - The company’s controlling shareholder will change to Shanghai Houde Miaojing and its concerted actors after the share transfer is completed[19] - A significant shareholder, Tibet Kejian Enterprise Management Co., Ltd., reduced its stake to below 5%, with its total shareholding dropping from 13,427,640 shares to 0 shares[22] - The company’s total share capital as of June 30, 2025, was reported at 271,721,538 shares[18] Investment and Financing Activities - The company reported a net cash outflow from investing activities of -¥406,000,000, a reduction in outflow by ¥630,000,000 year-on-year[10] - The net cash flow from financing activities was -¥802,000,000, a decline of 408% year-on-year due to repayment of principal and interest on loans[10] - The company received government subsidies amounting to ¥86,605.00 during the reporting period[7] - The company agreed to provide an irrevocable joint liability guarantee for a loan of RMB 600 million to its subsidiary, Beijing Zhonghai Wobang Energy Investment Co., Ltd.[21] Operational Metrics - The company's natural gas production increased by 112% year-on-year, with purchased gas volume up 69% and sales volume up 96%[9] - The company's trading financial assets decreased to RMB 493,888,720.54 from RMB 937,706,784.58, indicating a decline of about 47.4%[24] - Accounts receivable stood at RMB 147,479,121.11, down from RMB 156,079,202.93, representing a decrease of approximately 5.4%[24] - Research and development expenses decreased to ¥1,089,071.79 from ¥1,920,913.46, a reduction of about 43%[29] - The company's long-term borrowings decreased significantly to ¥476,614,000.00 from ¥1,163,700,000.00, a decrease of approximately 59%[26] - The company reported a significant increase in accounts payable, rising to ¥161,976,502.87 from ¥89,941,160.99, an increase of approximately 80%[26] Stock Incentive Plans - The company approved a plan to grant 356,000 shares of restricted stock to 14 eligible participants at a price of RMB 4.69 per share as part of the 2025 restricted stock incentive plan[17] - The company’s board approved the cancellation of certain unvested restricted stocks from the 2024 incentive plan, allowing for the distribution of shares to eligible participants[15]

Market Overview - The gas sector experienced a slight increase of 0.01% on October 27, with Shengtong Energy leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Gas Sector - Shengtong Energy (001331) closed at 14.39, with an increase of 8.77% and a trading volume of 250,900 shares, amounting to a transaction value of 361 million [1] - Caohua Gas (300483) closed at 14.77, up 5.35%, with a trading volume of 293,400 shares [1] - Zhongtai Co. (300435) closed at 21.60, increasing by 3.15% with a trading volume of 134,400 shares [1] Notable Decliners in Gas Sector - Baichuan Energy (600681) saw a decline of 3.93%, closing at 4.40 with a trading volume of 1,093,500 shares, resulting in a transaction value of 483 million [2] - Meino Energy (001299) decreased by 2.54%, closing at 12.26 with a trading volume of 54,300 shares [2] - Dazhong Public Utilities (600635) fell by 2.22%, closing at 7.04 with a trading volume of 2,937,700 shares [2] Capital Flow Analysis - The gas sector experienced a net outflow of 35.285 million from institutional investors and 85.5668 million from speculative funds, while retail investors saw a net inflow of 121 million [2] - Shengtong Energy had a net inflow of 93.1903 million from institutional investors, but a net outflow of 52.1795 million from speculative funds [3] - Caohua Gas had a net inflow of 38.6517 million from institutional investors, with a net outflow of 22.2288 million from speculative funds [3]

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 关于"首华转债"2025年付息的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、"首华转债"（债券代码：123128）将于 2025 年 11 月 3 日按面值支付 第四年利息，每 10 张"首华转债"（面值 1,000.00 元）利息为 15.00 元（含税）。 2、债权登记日：2025 年 10 月 31 日 3、本次付息期间及票面利息：计息期间为 2024 年 11 月 1 日至 2025 年 10 月 31 日，票面利率为 1.50%。 4、付息日：2025 年 11 月 3 日 5、除息日：2025 年 11 月 3 日 6、"首华转债"本次付息的债权登记日为 2025 年 10 月 31 日，截至 2025 年 10 月 31 日下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深 圳分公司（以下简称" ...

Core Viewpoint - The company has made significant breakthroughs in the exploration and development of deep coalbed methane, which has become a new highlight for natural gas production increase in China in 2023 [1] Company Summary - The company's subsidiary, Zhonghai Wobang, is extracting natural gas primarily from deep coalbed methane and tight sandstone gas at depths of approximately 2300-2500 meters [1] - The geological reserves of deep coalbed methane that have been filed amount to 88.7 billion cubic meters [1]