Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 95.9 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3%, with a net profit attributable to shareholders of 3.426 billion yuan, down 2% year-on-year [4][8] - Natural gas sales volume increased steadily, with a total sales volume of 30.2 billion cubic meters in the first three quarters of 2025, representing a year-on-year growth of 5.2% [5] - The Zhoushan LNG receiving station has been operating efficiently, with a total unloading volume of 1.98 million tons in the first three quarters of 2025, a year-on-year increase of 14.2% [6] - The privatization of Xin'ao Energy is progressing steadily, which is expected to enhance the company's upstream and downstream integration [7] Summary by Sections Revenue Performance - In Q3 2025, the company reported a revenue of 29.9 billion yuan, a year-on-year decrease of 6% and a quarter-on-quarter decrease of 7% [4] - The company’s natural gas sales volume for Q3 2025 was driven by a steady increase in customer base and operational efficiency [5] Infrastructure Development - The Zhoushan LNG receiving station's third phase project commenced construction in March 2023 and became operational on August 6, 2025, with a processing capacity exceeding 10 million tons per year [6] - The station's connection to the gas pipeline for the gas-fired power plant under construction is expected to be completed by the end of the year [6] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted downwards due to geopolitical factors affecting gas price spreads, with expected net profits of 5.032 billion yuan, 5.678 billion yuan, and 6.444 billion yuan respectively [8][9] - The report anticipates steady growth in natural gas demand, supporting the company's business scale growth [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's retail gas business shows steady growth, although the growth rate has slowed down. In Q3 2025, retail gas volume reached 6.24 billion cubic meters, a year-on-year increase of 2.1% [5] - The company is progressing well with its privatization plan, which is expected to enhance upstream and downstream integration and collaboration after completion [5] - The company has a total of 8.7 million tons of overseas long-term contracts expected to be executed from 2025 to 2029, supporting robust growth in direct sales gas business [5][8] - The company plans to maintain a cash dividend ratio of no less than 50% of core profit from 2026 to 2028, which is expected to enhance the company's value [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 95.856 billion yuan, a decrease of 2.91% year-on-year, and a net profit attributable to shareholders of 3.426 billion yuan, a decrease of 1.87% year-on-year [2] - In Q3 2025, the company reported operating revenue of 29.865 billion yuan, a decrease of 5.93% year-on-year, and a net profit attributable to shareholders of 1.018 billion yuan, an increase of 5.89% year-on-year [3] - The company’s core profit for the first three quarters of 2025 was 3.777 billion yuan, a decrease of 1.04% year-on-year, while the basic earnings per share (EPS) was 1.23 yuan [2] Business Segment Performance - Retail gas volume for the first three quarters of 2025 was 19.19 billion cubic meters, a year-on-year increase of 2.0%, with industrial and commercial gas volume at 15.21 billion cubic meters, up 2.5% [5] - Platform gas volume declined, with Q3 2025 platform transaction gas volume at 1.26 billion cubic meters, down 7.1% year-on-year [5] - The company’s diversified energy business saw steady expansion, with total sales volume of 28.99 billion kilowatt-hours in the first three quarters of 2025 [5]