ENN-NG(SH:600803) 智通财经网·2025-06-16 06:48Core Viewpoint - Xin'ao Gas Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor [1] Company Overview - Xin'ao Gas is the largest private natural gas company in China, covering the entire natural gas industry chain with over 30 years of operational experience [3] - The company has a substantial customer base and rich domestic and international long-term contracts, along with the largest private LNG receiving station in China [3] - Xin'ao Gas ranks as the largest private enterprise among the top five city gas companies in China, with a market share of approximately 6.1% in 2024 [3] Business Model - The company employs a vertically integrated business model across the entire natural gas value chain, providing a full suite of services including natural gas sales, energy services, smart home solutions, engineering construction, infrastructure operation, and energy production [3] - The customer base for natural gas sales includes retail customers (residential and commercial), non-residential customers for platform trading gas, and wholesale customers [4] Digitalization Efforts - In 2015, the company launched the "Good Gas Network" to address systemic capability asymmetries in the natural gas industry, enhancing transaction efficiency and quality for market participants [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Xin'ao Gas reported revenues of approximately RMB 150.02 billion, RMB 141.115 billion, and RMB 134.946 billion, respectively [4][5] - The annual profits for the same years were approximately RMB 11.073 billion, RMB 12.530 billion, and RMB 9.944 billion, respectively [5]