新疆火炬分析师会议-20251027

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The report focuses on the research of Xinjiang Torch in the gas industry. The company has good business operations and steady performance growth. It also has various business development strategies and directions, including expansion of its main gas business, exploration of new business areas, and cautious advancement of hydrogen - energy related businesses [23][24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Xinjiang Torch, belonging to the gas industry. The reception time was on October 27, 2025. The listed company's reception staff included the company's chairman Kang Qingshan, director and general manager Chen Zhilong, director, board secretary and deputy general manager Wei Kun, financial director Yue Zhaohui, and independent director Qu Xuezhong [16]. 3.2 Detailed Research Institutions - The reception object was all investors who participated in the company's Q3 2025 performance briefing online, with the reception object type being "other" [19]. 3.3 Research Institution Proportion - There is no information about the research institution proportion in the provided content. 3.4 Main Content Data - Financial Status: In 2025 from January to September, the company achieved an operating income of 1.117 billion yuan, a year - on - year increase of 8.24%, and a net profit attributable to shareholders of the listed company of 158 million yuan, a year - on - year increase of 20.49% [23]. - Business for Railway Construction: The company's main businesses are urban gas supply, gas station operation management, urban heating supply, and gas facility installation services. It will closely monitor the construction of the China - Kyrgyzstan - Uzbekistan Railway and strive to seize opportunities [23]. - Taxi - related Business: The company's wholly - owned subsidiary, Kashi Situlushun Tourism Automobile Service Co., Ltd., is mainly engaged in taxi - related business [23]. - Future Profit Growth Points and Hydrogen - energy Business: The company aims to seek external development opportunities, such as the acquisition of Jiangxi Yushan Laitai Gas in the first half of 2025; seize new opportunities in Xinjiang; expand non - gas businesses in the region; and explore new business areas in emerging and future industries supported by the state. Regarding the hydrogen - energy business, it will make decisions based on the industry's development trend and market dynamics [24].