ENN-NG(SH:600803) 智通财经网·2025-12-17 23:41Core 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, following a previous application in June 2023 [1][3]. Company Overview - Xin'ao Gas is the largest private natural gas company in China and ranks third among all market participants, covering the entire natural gas industry chain [3]. - The company focuses on integrated natural gas solutions and has expanded its business into energy services and smart home solutions, aiming to become a leader in global energy transition [3]. - The company’s revenue is primarily derived from natural gas sales, which accounted for 82.3%, 79.3%, 78.9%, 78.2%, and 81.0% of total revenue for the years 2022 to 2025 [3]. Revenue Breakdown - The second largest source of revenue is the "Pan Energy" business, which includes energy supply services and solutions, contributing 8.2%, 11.0%, 11.8%, 12.9%, and 10.8% to total revenue from 2022 to 2025 [4]. Business Model - The company employs a vertically integrated business model across the entire natural gas value chain, securing long-term resources and operating a large LNG receiving station [5]. - As of June 30, 2025, the company serves over 32 million residential users and 290,000 industrial and commercial customers, making it the largest private city gas company in China [5]. Financial Performance - Revenue figures for the years 2022, 2023, 2024, and the first half of 2025 are recorded at RMB 146.11 billion, RMB 137.84 billion, RMB 131.72 billion, and RMB 64.49 billion respectively [6]. - Profit figures for the same periods are RMB 11.07 billion, RMB 12.53 billion, RMB 9.94 billion, and RMB 4.70 billion [6]. Profitability Metrics - The gross profit margins for the years 2022, 2023, 2024, and the first half of 2025 are 14.0%, 13.6%, 13.7%, and 14.2% respectively [8][9]. - The net profit margins for the same periods are 7.6%, 9.1%, 7.5%, and 7.3% [9]. Industry Overview - The global natural gas market is projected to grow from approximately 3,822.8 billion cubic meters in 2020 to about 4,212.0 billion cubic meters by 2024, with a compound annual growth rate (CAGR) of around 2.5% [10]. - China is the third-largest natural gas consumer globally, with consumption expected to reach 426.1 billion cubic meters by 2024, accounting for 10.1% of global consumption [10]. Supply Chain Analysis - China's natural gas supply is expected to reach approximately 427.9 billion cubic meters by 2024, with domestic production accounting for 57.6% and imports for 42.4% [13]. - The total length of natural gas pipelines in China is projected to grow from about 110,000 kilometers in 2020 to approximately 128,000 kilometers by 2024, driven by strategic projects [16].