燃气巨头新奥股份二闯港交所：拟私有化新奥能源并同步介绍上市 分红与偿债资金分配合理性引质疑

Core Viewpoint - Neway Holdings, a major gas company in A-shares, has re-applied to the Hong Kong Stock Exchange for an IPO after a previous application lapsed. The company plans to privatize Neway Energy and simultaneously list on the Hong Kong main board through an introduction listing [2][23]. Financial Performance - In the first half of this year, Neway Holdings experienced a decline in both revenue and net profit, with a significant increase of nearly 78% in net current liabilities compared to the end of last year [2][11][29]. - The company reported revenues of RMB 1,461.13 billion, RMB 1,378.41 billion, RMB 1,317.15 billion, and RMB 644.89 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Corresponding net profits were RMB 110.73 billion, RMB 125.3 billion, RMB 99.44 billion, and RMB 47.02 billion [29]. Business Segments - Neway Holdings operates across the entire natural gas industry chain, with a significant portion of its revenue derived from natural gas sales, accounting for 82.3%, 79.3%, 78.9%, and 81.0% of total revenue during the reporting periods [3][25][26]. - The gross profit margin for the core natural gas sales business fluctuated between 9.7% and 11%, which is significantly lower than the gross margins of over 60% for non-core businesses such as smart home services [5][27]. Debt and Dividend Policy - The company has accumulated over RMB 354 billion in direct financing since its IPO, with a dividend payout ratio exceeding 70% last year, raising concerns about the allocation of funds between dividends and debt repayment [2][15][20]. - Neway Holdings has a short-term borrowing of RMB 92.4 billion, which has led to scrutiny regarding the sustainability of its dividend policy amidst rising debt levels [15][20]. Market Position - According to Frost & Sullivan data, Neway Holdings is the largest private city gas company in China, holding a market share of approximately 6.1% in retail gas sales and 10.1% in comprehensive energy management solutions for 2024 [3][24].