Core Viewpoint - Dongwu Securities report indicates that Fuan Energy's diversified business development has exceeded expectations, ensuring shareholder returns [1] Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 1.001 billion yuan in 2025, representing a year-on-year growth of 17.3% [1] - In Q4 2025, the net profit attributable to shareholders is expected to reach 510 million yuan, showing a year-on-year increase of 30.6%, surpassing previous expectations [1] - The profit forecasts for 2025-2027 have been revised upwards to 1.001 billion, 1.070 billion, and 1.117 billion yuan respectively, from the original estimates of 872 million, 922 million, and 976 million yuan [1] Dividend Policy - The company plans to maintain a dividend payout ratio of no less than 65% for the years 2025-2027, ensuring returns for shareholders [1] Business Strategy - The company adheres to an "Energy + Technology + Supply Chain" strategy, focusing on urban natural gas operations while actively advancing in petrochemical products, hydrogen energy, thermal energy, photovoltaics, and energy storage [1] - Continuous efforts are being made in technology research and development, equipment manufacturing, supply chain operations, and other extended businesses [1] Market Outlook - The natural gas business is expected to develop steadily, while new energy, supply chain, extended, and technology R&D and manufacturing businesses are flourishing [1] - The rating for the company is maintained at "Buy" [1]

Group 1 - The oil sector is experiencing fluctuations, with funds entering the market at lower prices, as evidenced by the net subscription of 23 million units for the Penghua Oil ETF (159697) [1] - A cold wave in the U.S. has led to a significant increase in natural gas prices [1] - From 2022 to 2025, 67% (195 cities) of cities at the prefecture level and above in China have implemented residential pricing adjustments, with an increase of 0.22 yuan per cubic meter [1] Group 2 - The price difference for leading city gas companies in 2024 is projected to be between 0.53 and 0.54 yuan per cubic meter, with a reasonable distribution fee expected to exceed 0.6 yuan per cubic meter, indicating a potential 10% recovery space [1] - Cost optimization for city gas companies is expected due to relaxed supply conditions, and the pricing mechanism is being refined while demand is anticipated to increase [1] - There is a focus on companies with quality long-term contracts, flexible scheduling, and long-term cost advantages, as well as the importance of energy self-sufficiency due to increased uncertainty in U.S. gas imports [1] Group 3 - As of January 23, 2026, the National Oil and Gas Index (399439) shows mixed performance among its constituent stocks, with Intercontinental Oil and Gas leading at a 3.29% increase, followed by Fuan Energy at 2.73% and Hupoo Co. at 1.96% [1] - The latest price for the Penghua Oil ETF (159697) is 1.29 yuan, which closely tracks the National Oil and Gas Index [1] - The top ten weighted stocks in the National Oil and Gas Index (399439) as of December 31, 2025, include major companies such as China National Petroleum, Sinopec, and China National Offshore Oil, collectively accounting for 67.11% of the index [2]

Group 1 - The company has approved the issuance of debt financing instruments up to RMB 5 billion [1] - The registration for the medium-term notes has been confirmed with a registered amount of RMB 5 billion, valid for two years [2] - The company has successfully completed the issuance of the first phase of medium-term notes for 2026, amounting to RMB 1.5 billion, with funds received on January 22, 2026 [2] Group 2 - The company is not a subject of credit default as of the date of the announcement [3]

Macro Strategy - The report highlights the investment value of the Guangfa CSI Media ETF (512980.SH), which is closely tracking the CSI Media Index (399971.SZ) and has a management fee of 0.5% per year and a custody fee of 0.1% per year [10] - As of January 16, 2026, the ETF has a circulation scale of 10.759 billion yuan, leading in scale and liquidity, with an annualized return of 29.47% and a volatility ratio of 0.89, indicating reasonable risk control [10] - The underlying index focuses on AI applications, with a high weight of GEO concept stocks, including major companies like BlueFocus and Rock Mountain Technology, which account for 31.43% of the index [10] - The report notes that the media sector is experiencing a bull market driven by AI technology transformation and the assetization of data elements, contrasting with the previous bull market driven by mobile internet traffic [10] Company Analysis Kangning Jereh Pharmaceutical-B (09966.HK) - The company is expected to have total revenues of 414 million yuan and 471 million yuan in 2025 and 2026, respectively, with a new forecast for 2027 at 563 million yuan [6] - The net profit forecast for 2025 and 2026 has been adjusted down to -115 million yuan and -97 million yuan, respectively, due to increased R&D expenses [6] - The company maintains a "Buy" rating as it anticipates a gradual reduction in losses with the upcoming domestic launch of product KN026 and the submission of JSKN003 for listing [6] Fuan Energy (002911) - The company reported a net profit of 1 billion yuan for 2025, a year-on-year increase of 17.3%, driven by strong growth in its energy and chemical business [17] - The forecast for net profit for 2025-2027 has been raised to 1 billion, 1.07 billion, and 1.12 billion yuan, respectively, reflecting a growth of 17.3%, 7.0%, and 4.4% [17] - The company maintains a "Buy" rating, supported by a stable natural gas business and diversified growth strategies [17] Huace Testing (300012) - The company expects a net profit of 1.01-1.02 billion yuan for 2025, with a growth rate of 10%-11%, and a strong performance in Q4 with a net profit increase of 15%-20% [18] - The report emphasizes the company's strategic focus on traditional markets and emerging sectors, which is expected to drive growth [19] - The company maintains an "Overweight" rating, with adjusted net profit forecasts for 2025-2027 at 1.02 billion, 1.16 billion, and 1.29 billion yuan [19] Tianfu Communication (300394) - The company forecasts a net profit of 1.88-2.15 billion yuan for 2025, representing a year-on-year increase of 40%-60% [20] - The growth is attributed to the acceleration of the AI industry and global data center construction, which has driven demand for high-speed optical devices [20] - The company is positioned to benefit from the upcoming commercial launch of its 1.6T optical engine products [20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 exceeded expectations, driven by diversified business development and a commitment to shareholder returns [7] - The company achieved a net profit attributable to shareholders of 1 billion yuan in 2025, representing a year-on-year growth of 17.3% [7] - The company plans to maintain a dividend payout ratio of no less than 65% from 2025 to 2027, ensuring shareholder returns [7] Financial Performance Summary - Total revenue for 2025 is projected at 33.754 billion yuan, with a year-on-year increase of 6.85% [1] - The net profit attributable to shareholders for 2025 is estimated at 1 billion yuan, with a year-on-year growth of 17.3% [1] - The earnings per share (EPS) for 2025 is expected to be 0.77 yuan, with a P/E ratio of 17.59 [1] - The company reported a significant increase in natural gas supply in Q4 2025, with a volume of 1.407 billion cubic meters, up 38.8% year-on-year [7] - The company’s cash flow from operating activities for 2025 is projected to be 1.955 billion yuan, an increase of 11.44% year-on-year [7] Business Strategy Summary - The company is pursuing a strategy of "Energy + Technology + Supply Chain," focusing on the development of natural gas, petrochemical products, hydrogen energy, thermal energy, photovoltaics, and energy storage [7] - The company is actively expanding its energy chemical business, which has shown a year-on-year growth of 20.97% [7]

佛燃能源集团股份有限公司（以下简称"公司"）于2024年3月25日召开的 第六届董事会第五次会议、2024年4月16日召开的2023年年度股东大会，审议通 过了《关于申请发行债务融资工具的议案》，同意公司向中国银行间市场交易商 协会（以下简称"交易商协会"）申请注册发行不超过人民币50亿元（含50亿元） 的债务融资工具。具体内容详见公司分别于2024年3月27日、2024年4月17日刊登 在《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《第六届董事会第五次会议决议公告》（公 告编号：2024-014）、《关于申请发行债务融资工具的公告》（公告编号：2024-020） 和《2023年年度股东大会决议公告》（公告编号：2024-031）。 证券代码：002911 证券简称：佛燃能源 公告编号：2026-008 佛燃能源集团股份有限公司 2026 年度第一期中期票据发行情况公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 | 主承销商 | 兴业银行股份有限公司 | | --- | --- | ...

Group 1 - The company has been approved to register and issue debt financing instruments not exceeding 5 billion yuan, with a registration period of 2 years [1] - Recently, the company completed the issuance of the first phase of medium-term notes for 2026, with a scale of 1.5 billion yuan, and the funds are expected to be received on January 22, 2026 [1] - The notes are referred to as "26佛燃能源MTN001," with a term of 3+N years and a coupon rate of 2.14%, underwritten by Industrial Bank and co-underwritten by China Merchants Bank [1]

证券研究报告·公司点评报告·燃气Ⅱ 佛燃能源（002911） 2025 年度业绩快报点评：业务多元发展业绩 超预期，保证股东回报 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 25,538 | 31,589 | 33,754 | 36,905 | 38,808 | | 同比（%） | 34.96 | 23.70 | 6.85 | 9.34 | 5.16 | | 归母净利润（百万元） | 844.45 | 853.12 | 1,000.68 | 1,070.50 | 1,117.39 | | 同比（%） | 28.87 | 1.03 | 17.30 | 6.98 | 4.38 | | EPS-最新摊薄（元/股） | 0.65 | 0.66 | 0.77 | 0.82 | 0.86 | | P/E（现价&最新摊薄） | 20.85 | 20.64 | 17.59 | 16.45 | 15.76 | [Table_T ...

Group 1: Electric Equipment and New Energy - The German government announced a €3 billion subsidy for families purchasing electric vehicles, providing up to €6,000 per household, aimed at boosting the electric vehicle industry and supporting lithium battery demand [2] - The report recommends companies in the lithium battery supply chain, including CATL, Yiwei Lithium Energy, and others, due to expected performance growth driven by increased lithium battery demand [2] Group 2: Automotive Industry - Key changes in the automotive industry include rising costs from storage chips and copper, Bosch's performance challenges reflecting European supply chain transitions, and Canada's reduction of tariffs on Chinese electric vehicles to 6.1%, creating opportunities for Chinese automakers in North America [3] - The report suggests focusing on automakers with comprehensive industry chain advantages and global expansion strategies [3] Group 3: Basic Chemicals - The demand for yellow phosphorus is expected to improve due to growth in downstream phosphoric acid and new energy materials, with high sulfur prices enhancing the competitiveness of thermal phosphoric acid [4] - Domestic production capacity for yellow phosphorus is strictly controlled, leading to a favorable supply-demand dynamic that may benefit integrated companies in the phosphorus industry [4] Group 4: Consumer Sector - In December, China's retail sales increased by 0.9% year-on-year to CNY 4.5 trillion, with a focus on durable goods like automobiles and home appliances [6] - The report highlights structural opportunities in high-growth sectors, recommending investments in domestic brands, technology consumption, and high-dividend stocks [6] Group 5: Fixed Income - The ABS market is expected to recover in 2026, with a shift in supply structure and increased activity in consumer finance and real estate ABS [7] - The report anticipates a gradual recovery in financing demand, although total ABS issuance may not see significant growth [7] Group 6: Utilities - China's electricity prices have been declining, while the U.S. faces electricity shortages, leading to a divergence in electricity stock valuations between the two countries [8] - The report recommends undervalued power operators, as stable coal prices could support electricity prices and valuations in the sector [8] Group 7: Key Companies - TCL Electronics announced a strategic partnership with Sony to enhance its global leadership in home entertainment, projecting a 45%-60% increase in adjusted net profit for 2025 [10] - Yanjing Beer expects a 50%-65% increase in net profit for 2025, driven by operational improvements and market strategies [11] - Sony's strategic partnership with TCL aims to streamline its home entertainment business, focusing on high-growth areas and enhancing operational efficiency [12] - Xingyu Co. is advancing its Micro-LED technology through a strategic partnership, aiming to accelerate the commercialization of this technology [13] - China Duty Free Group plans to acquire DFS assets to strengthen its position in the Hong Kong and Macau markets, enhancing its competitive edge [15]

Core Viewpoint - Huatai Securities report indicates that Fuan Energy achieved a total operating revenue of 33.754 billion yuan (yoy +6.85%) and a net profit attributable to shareholders of 1.001 billion yuan (yoy +17.26%) for the year, exceeding Huatai's forecast of 977 million yuan, primarily benefiting from the expansion of energy and chemical business and the implementation of a diversified energy strategy [1] Group 1 - The company reported a net profit of 1.001 billion yuan, which is a year-on-year increase of 17.26% [1] - The total operating revenue for the year was 33.754 billion yuan, reflecting a year-on-year growth of 6.85% [1] - The net profit excluding non-recurring items was 958 million yuan, showing an increase of 18.52% year-on-year [1] Group 2 - The company's high dividend policy is steadily advancing, reinforcing its long-term investment value [1] - The report expresses optimism about the company's growth potential under the "Energy + Technology + Supply Chain" strategic guidance [1] - The rating is maintained at "Buy" with a target price of 14.58 yuan, up from the previous value of 14.25 yuan, based on a 25-year 19x PE [1]