SPNG(SZ:002267) Xin Lang Cai Jing·2025-10-30 14:57Core Viewpoint - Shaanxi Natural Gas is a significant player in the natural gas transmission sector in Shaanxi Province, with a comprehensive pipeline network and notable regional advantages [1] Group 1: Business Performance - For Q3 2025, Shaanxi Natural Gas reported revenue of 5.957 billion, ranking 7th among 31 companies in the industry, while the industry leader, New Hope, achieved revenue of 95.856 billion [2] - The company's net profit for the same period was 491 million, also ranking 7th, with the industry leader's net profit at 7.057 billion [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 50.70%, higher than the previous year's 45.06% and above the industry average of 46.36% [3] - The gross profit margin was reported at 15.42%, an increase from 14.39% year-on-year, but still below the industry average of 16.52% [3] Group 3: Executive Compensation - The chairman, Liu Hongbo, received a salary of 641,400 in 2024, down from 764,400 in 2023, a decrease of 123,000 [4] - The general manager, Chen Dongsheng, had a salary of 643,900 in 2024, reduced from 785,000 in 2023, a decrease of 141,000 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.40% to 33,000, while the average number of shares held per shareholder decreased by 5.12% to 33,700 [5] Group 5: Analyst Insights - Tianfeng Securities noted a decline in revenue and net profit for H1 2025 but an increase in operating cash flow, with stable profitability in pipeline operations [6] - Xinda Securities highlighted the company's strengths, including the introduction of strategic investors and the potential for increased gas transmission capacity with ongoing pipeline projects [7]