燃气巨头新奥股份二闯港交所 拟以介绍上市方式IPO

Core Viewpoint - Neway Holdings (SH600803) has refiled for an IPO on the Hong Kong Stock Exchange after a previous application lapsed, aiming to privatize Neway Energy (HK02688) and list on the main board through an introduction method [1] Financial Performance - Neway Holdings reported revenue of 1,461.13 billion, 1,378.41 billion, 1,317.15 billion, and 644.89 billion for the years 2022, 2023, 2024, and the first half of 2025 respectively, with net profits of 110.73 billion, 125.3 billion, 99.44 billion, and 47.02 billion [4] - The company experienced a decline in both revenue and net profit in the first half of 2025 compared to previous periods [1][4] - The core natural gas sales business maintained a gross margin of 9.7% to 11%, significantly lower than the over 60% margin from the smart home business [3] Debt and Liabilities - Neway Holdings' short-term borrowings reached 92.4 billion in 2024, raising concerns about the reasonableness of its dividend payments relative to debt repayment [1][7] - The company reported a net current liability of 132.27 billion as of the first half of 2025, a nearly 78% increase from the end of 2024 [4][5] Market Position - Neway Holdings is the largest private city gas company in China, with a market share of approximately 6.1% in retail gas sales and 10.1% in comprehensive energy management solutions as of 2024 [2] Dividend Policy - The company has a historical average dividend payout ratio of 31.69%, with cumulative cash dividends exceeding 105 billion since its A-share listing [7] - The dividend policy for 2023-2025 has been fixed, with over 70% of profits allocated for dividends despite increasing short-term debt [9] IPO and Privatization Plans - The upcoming IPO aims to provide liquidity for the privatization of Neway Energy, which will become a wholly-owned subsidiary post-transaction [8] - The privatization plan involves a significant increase in debt, potentially raising the company's debt ratio from 54.3% to 67% if fully financed through loans [8]