新奥股份: 新奥股份2025年半年度报告

Core Viewpoint - The report highlights the financial performance and operational developments of ENN Natural Gas Co., Ltd. for the first half of 2025, indicating a slight decline in revenue and profit, while emphasizing growth in gas sales volume and strategic initiatives in the natural gas sector [1][2]. Company Overview and Financial Indicators - ENN Natural Gas Co., Ltd. reported a total revenue of 66.99 billion RMB for the first half of 2025, a decrease of 1.47% compared to the same period last year [2]. - The total profit amounted to 5.96 billion RMB, reflecting a decline of 5.88% year-on-year [2]. - The net profit attributable to shareholders was 2.41 billion RMB, down 4.82% from the previous year [2]. - The company’s total assets were reported at 131.44 billion RMB, a decrease of 0.79% from the end of the previous year [2]. Business Operations - The company operates 263 gas projects across 20 provinces and municipalities, serving over 32.07 million households and 290,000 enterprise customers [6]. - The total gas sales volume reached 20.33 billion cubic meters, representing a year-on-year increase of 6.4% [12]. - The platform trading gas sales volume was 2.69 billion cubic meters, with overseas sales accounting for 1.16 billion cubic meters [12]. - Retail gas sales volume was 12.95 billion cubic meters, with industrial users contributing 9.79 billion cubic meters, marking a 2.4% increase [12]. Industry Context - The overall natural gas consumption in China experienced a negative growth of 0.9% in the first half of 2025, influenced by international market conditions and domestic supply dynamics [12]. - The company is actively involved in the construction and operation of LNG receiving stations, with the Zhoushan LNG receiving station being a key asset, handling 1.137 million tons of LNG in the reporting period, up 11.7% [12]. - The company is also focusing on digital transformation and smart energy solutions, enhancing operational efficiency through its proprietary platform, "Good Gas Network" [12][24]. Strategic Initiatives - The company plans to privatize ENN Energy through a wholly-owned subsidiary and subsequently list it on the Hong Kong Stock Exchange, aiming to strengthen market competitiveness [22]. - ENN Natural Gas is committed to developing low-carbon energy solutions and has initiated projects in hydrogen production and renewable energy integration [25].