2025 年 12 月 1 日 交易是為本身帳戶進行的。 Morgan Stanley & Co., International plc 是最終由摩根士丹利擁有的公司。 交易披露 就新奧能源控股有限公司的股份的交易披露 註： Morgan Stanley & Co., International plc 是與要約人有關連的第(5)類別聯繫人。 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 | 涉及的股份 | 已支付／已收取 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | 出 | 總數 | 的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | Morgan | 2025 | 年 | 11 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 | 37,800 | $2 ...

Core Viewpoint - Huayuan Securities initiates coverage on Xin'ao Energy (02688) with a "Buy" rating, highlighting the company's privatization efforts to achieve synergies with its parent company Xin'ao Holdings, alongside stable natural gas operations and growth potential in its diversified energy and smart home businesses [1] Group 1: Privatization and Corporate Structure - Xin'ao Energy, established in 1993, is a national city gas company under Xin'ao Group, with its controlling shareholder being Xineng (Hong Kong), a wholly-owned subsidiary of Xin'ao Holdings [1] - Xin'ao Holdings currently holds 34.28% of Xin'ao Energy and plans to privatize the company, which will subsequently delist and become a wholly-owned subsidiary of Xin'ao Holdings [1] - The proposed privatization plan offers shareholders 2.9427 shares of Xin'ao Holdings' H-shares (valued at HKD 18.86 per share) and HKD 24.50 in cash, totaling HKD 80, representing a 12.8% upside from the closing price on November 28 [1] Group 2: Natural Gas Retail Performance - As of H1 2025, Xin'ao Energy operates 263 city gas projects nationwide, with the top five provinces being Hebei, Guangdong, Anhui, Jiangsu, and Shandong [2] - Retail gas volume reached 26.2 billion cubic meters in 2024, a year-on-year increase of 4.2%, while Q1-Q3 2025 recorded 19.19 billion cubic meters, up 2.0%, surpassing the national gas consumption growth rate [2] - The company has improved its gross margin to RMB 0.54 per cubic meter in 2024, an increase of RMB 0.04 year-on-year, benefiting from a decline in international gas prices [2] Group 3: Gas Connection Business Trends - The number of new residential gas connections has decreased from 2.622 million in 2021 to 1.617 million in 2024 due to adjustments in the real estate sector [3] - The profit contribution from the gas connection business has declined, with its share falling to 14.14% in 2024 and further to 12.70% in H1 2025, although the impact is considered manageable compared to industry peers [3] Group 4: Growth in Diversified Energy and Smart Home Businesses - Xin'ao Energy is expanding its diversified energy business, with a total installed capacity of 6.9 GW and 1.6 GW under construction as of September 2025 [4] - The smart home business is growing rapidly, with a compound annual growth rate (CAGR) of 22.7% in gross profit from 2020 to 2024, indicating potential for continued performance enhancement [4]

Core Viewpoint - Huayuan Securities initiates coverage on Xin'ao Energy (02688) with a "Buy" rating, highlighting the company's potential for synergy through privatization and integration with its parent company, Xin'ao Holdings (600803) [1] Group 1: Privatization and Corporate Structure - Xin'ao Energy, established in 1993, is a national city gas company under Xin'ao Group, with its controlling shareholder being Xin'ao (Hong Kong), a wholly-owned subsidiary of Xin'ao Holdings [1] - Xin'ao Holdings currently holds 34.28% of Xin'ao Energy and plans to privatize the company, which will subsequently delist and become a wholly-owned subsidiary [1] - The proposed privatization plan offers shareholders 2.9427 shares of Xin'ao Holdings' H shares (valued at HKD 18.86 per share) and HKD 24.50 in cash, totaling HKD 80, representing a 12.8% upside from the closing price on November 28 [1] Group 2: Natural Gas Business Performance - As of H1 2025, Xin'ao Energy operates 263 city gas projects nationwide, with the top five provinces being Hebei, Guangdong, Anhui, Jiangsu, and Shandong [2] - Retail gas volume reached 26.2 billion cubic meters in 2024, a year-on-year increase of 4.2%, while Q1-Q3 2025 recorded 19.19 billion cubic meters, up 2.0%, surpassing the national growth rate for natural gas consumption [2] - The company has improved its gross margin to RMB 0.54 per cubic meter in 2024, an increase of RMB 0.04 year-on-year, aided by a decline in international gas prices [2] Group 3: Connection Business Trends - The number of new residential gas connections has decreased from 2.622 million in 2021 to 1.617 million in 2024 due to adjustments in the real estate sector [3] - The profit share from the gas connection business has declined, with 14.14% in 2024 and further down to 12.70% in H1 2025, although the impact is considered manageable compared to peers facing similar risks [3] Group 4: Growth in Diversified Energy and Smart Home Business - The company is expanding its diversified energy business, with a total installed capacity of 6.9 GW and 1.6 GW under construction as of September 2025 [4] - The smart home business is growing rapidly, with a compound annual growth rate (CAGR) of 22.7% in gross profit from 2020 to 2024, indicating potential for continued performance enhancement [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading private national city gas company, with ongoing privatization efforts aimed at promoting industry chain integration [5][8]. - The natural gas retail business shows steady growth, benefiting from cost reductions and price adjustments, while the gas connection business's impact is expected to stabilize [8][44]. - The company is expanding its diversified energy and smart home businesses, which are anticipated to contribute to incremental performance growth [5][8]. Summary by Sections Company Overview - The company, established in 1993, is a leading private clean energy distributor in China, primarily engaged in the investment, construction, operation, and management of gas pipeline infrastructure [14][15]. - As of mid-2025, the company operates 263 city gas projects across 22 provinces and municipalities in China [14]. Financial Performance - The company forecasts revenues of RMB 113.858 billion in 2023, with a projected decline to RMB 109.853 billion in 2024, followed by a recovery to RMB 112.714 billion in 2025 [4]. - The net profit attributable to shareholders is expected to be RMB 6.816 billion in 2023, decreasing to RMB 5.987 billion in 2024, and then increasing to RMB 6.248 billion in 2025 [4]. Privatization Process - The company is undergoing a privatization process led by its major shareholder, New Hope Group, which currently holds 34.28% of the company [5][38]. - The privatization plan includes a share exchange and cash payment, with a total value of HKD 80 per share, indicating a 12.8% upside from the closing price on November 28, 2025 [5][40]. Natural Gas Business - The company’s retail gas volume is projected to reach 262 billion cubic meters in 2024, with a year-on-year growth of 4.2% [5][48]. - The gas connection business has seen a decline in new residential connections, dropping from 2.622 million in 2021 to 1.617 million in 2024, but the impact on overall revenue is manageable compared to peers [5][74]. Growth Opportunities - The company is expanding its diversified energy and smart home businesses, with the smart home segment expected to grow at a CAGR of 22.7% from 2020 to 2024 [5][8]. - The company has a robust pipeline of projects in the energy sector, with a total installed capacity of 6.9 GW and 1.6 GW under construction as of September 2025 [5][8]. Market Position - The company’s market capitalization is approximately HKD 80.284 billion, with a debt-to-asset ratio of 50.52% as of mid-2025, indicating a stable financial position [2][4]. - The company’s price-to-earnings ratio is projected to be 12, 11, and 10 times for the years 2025, 2026, and 2027, respectively, which is competitive compared to peers [6].

新奥能源(02688)发布公告，于2025年11月28日，根据新奥能源2012年购股权计划授出的13.21万份新奥 能源购股权已根据新奥能源2012年购股权计划的规则获行使。 ...

智通财经APP讯，新奥能源(02688)发布公告，于2025年11月28日，根据新奥能源2012年购股权计划授出 的13.21万份新奥能源购股权已根据新奥能源2012年购股权计划的规则获行使。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購新奧股份、新奧能源或要約人證券的邀請或要約，亦 非在任何司法管轄區構成對任何表決或批准的招攬。 本公告並非供在、向或從刊發、登載或分發全部或部分內容即構成違反所涉司法管轄區適用法律或 規則之司法管轄區刊發、登載或分發。 ( 於開曼群島註冊成立之有限公司 ) (股份代號: 2688) 根據收購守則規則 3.8 刊發的公告 本公告由新奧能源控股有限公司（「新奧能源」）根據香港公司收購及合併守則（「收購守 則」）規則 3.8 而作出。 茲提述 (i) 新奧天然氣股份有限公司（「新奧股份」）、新能（香港）能源投資有限公司 （「要約人」）與新奧能源於 2025 年 3 月 26 日刊發的聯合公告（「聯合公告」）、內容有 關（其中包括）要約人根據開曼群島公司法（2025 年修訂版）第 86 條通過計劃安排方式將 新奧能源私有化之附先決條件之建議（「建議」）以及新奧能源股份購股 ...

完 註： Morgan Stanley & Co., International plc 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 2025 年 11 月 28 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： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | 買入／賣出 | 涉及的股 | 已支付／已收取的 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 份總數 | 總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | （H） | （L） | | Morgan Stanley | 2025 | 11 年 | 月 | 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 | 35,050 | $2,479,819.8400 | $70.9276 | $69.6500 | ...

交易披露 交易披露 註： Morgan Stanley Capital Services LLC 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 2025 年 11 月 28 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 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | 日 | | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | 數目 | | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2025 | ...

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 | 涉及的股份 | 已支付／已收取的 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | 出 | 總數 | 總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | UBS AG | 2025 | 年 11 | 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 | 130,800 | $2,775,789.9632 | $21.2600 | $21.1392 | | | 27 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 | 138,400 | $2,938,411.0049 | $21.2696 | ...