Core Viewpoint - CMB International has downgraded the valuation of Xin'ao Energy (02688) to a 10x forecast P/E ratio from the previous 11x, with the base year moved to 2026, and adjusted the target price from HKD 74.6 to HKD 73.66 while maintaining a "Buy" rating [1] Financial Performance - Xin'ao Energy's core profit for the first half of the year decreased by 1% year-on-year to RMB 3.2 billion, aligning with market expectations [1] - The company is expected to see a 2.2% year-on-year increase in retail gas volume for the full year of 2025, with a 2.5% increase in the second half [1] - The gross margin for the retail gas segment is projected to be 10% [1] Business Outlook - The number of new residential connections is expected to decline by 8% year-on-year to 1.49 million, with the downward trend further slowing [1] - In the energy sales segment, a slight recovery is anticipated in the fourth quarter due to normalized heating demand, with an overall year-on-year increase of 4% in energy sales for the year [1] Earnings Forecast - Due to weakened retail gas volume and energy business demand, CMB International has reduced the company's earnings forecasts for the next two years by 0.1% and 1.8% respectively, with a projected compound annual growth rate of approximately 4% for earnings from 2024 to 2027 [1]

Group 1 - The core viewpoint of the report is that China International Capital Corporation (CICC) has downgraded the valuation of Xinao Energy (02688) to a forecast price-to-earnings ratio of 10 times, down from 11 times, with the benchmark year moved to 2026 and the target price adjusted from HKD 74.6 to HKD 73.66, while maintaining a "Buy" rating [1] - Xinao Energy's core profit for the first half of the year decreased by 1% year-on-year to RMB 3.2 billion, which is in line with market expectations [1] - CICC anticipates that the demand for heating will rebound as winter temperatures return to normal in the fourth quarter, with a forecasted 2.2% year-on-year increase in retail gas volume for 2025 [1] Group 2 - The gross profit margin for the retail gas segment is expected to be 10%, while the annual increase in new residential connections is projected to decline by 8% to 1.49 million households, indicating a further slowdown in the downward trend [1] - In the energy sales segment, CICC predicts a slight recovery in sales in the fourth quarter due to normalized heating demand, with an overall year-on-year increase of 4% in energy sales for the year [1] - Due to weakened operational performance, CICC has revised down the company's earnings for the next two years by 0.1% and 1.8%, with a compound annual growth rate of approximately 4% for earnings from 2024 to 2027 [1]

2025 年 8 月 30 日 透過協議安排進行私有化 | 交易方 | 日期 | | | 買入／賣出 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂有 | 佔該類別證券的百分比（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 協議或達成諒解的任何人士 | 括與其訂有協議或達成諒解 | | | | | | | | | | | 的證券） | 的任何人士的證券）% | | BlackRock, Inc. | 2025 | 年 8 | 月 29 | 賣出 | | 255,400 | | $62.7066 | 56,183,552 | 4.9665% | | | 日 | | | 買入 | | 7,800 | | $62.5000 | 56,191,352 | 4.9672% | | | | | | 賣出 | | 17,801 | | $62.5000 | 56,173,551 | 4.9656% | | | | | | 買入 | | 9,723 | | $62.7500 ...

就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 取的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | | 價（H） | 價（L） | | 中國國際金融 | 2025 | 年 | 8 月 | 普通股 | 建立新的追蹤指數 | ETF，當中相關證券佔已發 | 買入 | 1,900 | $35,789.0000 | $18.9000 | $18.7300 | | 股份有限公司 | 29 日 | | | | 行的該類別證券少於 | 1%及同時佔該一籃子證 | | | | | | | | | | | | 券或該指數的價值少於 | 20% | | | | | | | | ...

執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | 買入／賣出 | 涉及的股份 | 已支付／已收取的 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 總數 | 總金額 | 取的最高價（H） | 取的最低價（L） | | Morgan Stanley | 2025 | 年 | 8 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 買入 | 39,600 | $744,897.5000 | $18.9000 | $18.7120 | | Bank, N.A. | 29 日 | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | | | | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 賣出 | 186,200 | $3,502,943.0000 | $18.9200 | $18.7000 | | ...

就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | 有關證券的 | 產品說明 | 交易性質 | | 與衍生工具 | 到期日或清結日 | | 參考價 | 已支付／已收取的 | 交易後數額（包括 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 說明 | | | | 有關的參照 | | | | 總金額 | | | | | | | | 與其訂有協議或 | | | | | | | | | 證券數目 | | | | | | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | | | | | | | | | 人士的證券） | | Morgan | 2025 | 年 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | ─ 買入 | | 20 ...

2025 年 9 月 1 日 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | | | 有關證券 | 交易性質 | | 買入／賣出 | 涉及的股份 | | 已支付／已收 已支付或已 | | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 的說明 | | | | 總數 | | 取的總金額 收取的最高 | | 收取的最低 | | | | | | | | | | | | | | 價（H） | | 價（L） | | 中信證券股 | 2025 | 年 | 8 月 | 29 | 日 | 普通股 | 進行既有的追蹤指數 | ETF 的交易 | 買入 | | 600 | $11,280.0000 | $18.8400 | $18.7400 | | 份有限公司 | | | | | | 普通股 | 建立新的追蹤指數 | E ...

2025 年 9 月 1 日 透過協議安排進行私有化 就新奥天然气股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | 有關證券的 | 交易性質 | 買入／賣出 | 涉及的股份 | 已支付／已收取的總 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 說明 | | | 總數 | 金額 | 取的最高價 | 取的最低價 | | | | | | | | | （H） | （L） | | UBS AG | 2025 年 8 月 29 日 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 買入 | 165,682 | $3,117,200.9115 | $18.8575 | $18.7700 | | | | | 產生的 Delta 1 產品的對沖活動 | | | | | | | | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 賣出 | 38,100 | $716,176.0027 | $1 ...

| 交易方 | 日期 | | | 買入／賣出 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂有 | | 佔該類別證券的百分比（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 協議或達成諒解的任何人士 | | 括與其訂有協議或達成諒解 | | | | | | | | | | | | 的證券） | | 的任何人士的證券）% | | | BlackRock, Inc. | 2025 | 年 8 | 月 28 | 賣出 | | 416 | | $62.7500 | | 54,278,065 | | 4.7981% | | | 日 | | | 買入 | | 2,160,887 | | $62.7500 | | 56,438,952 | | 4.9891% | 完 註： 2025 年 8 月 29 日 透過協議安排進行私有化 就新奧能源控股有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： ...

交易披露 交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結 | | 參考價 | 已支付／已收取 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 明 | | | 關的參照證券 | 日 | | | 的總金額 | 括與其訂有協議 | | | | | | | | 數目 | | | | | 或達成諒解的任 | | | | | | | | | | | | | 何人士的證券） | | Morgan | 2025年 | 8月29 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 99,500 | 2026年 1 | 月30 | $62.5000 | $6,218,750.0000 | 0 | | Stanley & | 日 | | | | ─ 賣出 | | 日 | | | | | | Co., | | | 衍生工具 | 其他類別產品 ...