据港交所12月17日披露，新奥天然气股份有限公司(简称：新奥股份（600803）)向港交所主板递交上市申请，中金公司（601995）为其独家保荐人。 新奥股份(600803.SH)曾于今年6月16日向港交所递交过上市申请。 招股书显示，新奥股份是中国最大的民营天然气企业及在所有市场参与者中排名第三的天然气企业，覆盖天然气全产业链。公司以天然气全场景作为 基础，持续深化天然气产业链一体化布局。 同时，公司围绕客户在不同场景下对低碳用能、可持续高效用能以及品质生活等的需求，不断拓展泛能、智家等业务版图，已成功打造新的增长点， 并不断加强数智化能力建设，致力于成为全球能源转型的领军企业。 公司提供全套业务及服务，主要包括天然气销售业务(包含天然气零售、天然气批发及平台交易气)；泛能业务；智家业务；工程建造与安装；及基础 设施运营，业务覆盖全国各个地区。于往绩记录期间，公司的大部分收入来自国内业务及运营。 天然气销售业务涉及向客户销售天然气，分为天然气零售业务、天然气批发业务、平台交易气业务三个子分部。于2022 年、2023年、2024年以及截 至2024年6月30日及2025年6月30日止六个月，公司的大部分收入 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 ENN Natural Gas Co., Ltd. 新奧天然氣股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求而刊發，僅用 作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、接納 並向新奧天然氣股份有限公司（「本公司」）及其保薦人和顧問表示同意： 本申請版本將不會於美國刊發或派發予美國人士。本申請版本所述的任何證券並無亦不會根據1933年美國證券法（經 修訂）或美國任何州份證券法例登記，亦不可在未根據該證券法登記或未取得該證券法的豁免的情況下在美國發售或出 售，且將不會於美國進行任何證券公開發售。 本申請版本或其內所載資料並不屬於美國或禁止發售或出售證券的任何其他司法管轄區提呈出售或徵求購買任 ...

新奥天然气股份有限公司(简称：新奥股份（600803）)(600803.SH)于6月16日所递交的港股招股书满6个月，于12月16日失效，递表时中金公司（601995）为 其独家保荐人。 | 16/06/2025 | 新奥天然氣股份有限公司 | | --- | --- | | | 16/06/2025 申請版本（第一次呈交 ）全文檔案 [四] 多檔案 > | 招股书显示，新奥股份是中国最大的民营天然气企业，覆盖天然气全产业链。公司以天然气全场景作为基础，拥有超过30年的运营实践，庞大坚实的客户基 础、丰富的海内外长协资源、中国处理能力最大的民营LNG接收站、自主研发的风控以及套期保值交易系统，持续深化天然气产业链一体化布局。 根据弗若斯特沙利文的资料，中国天然气行业相对集中。2024年，中国排名前五的城燃企业合计零售天然气量达约1,355亿立方米，占总市场份额的约 31.7%。在前五大城燃企业中，按2024年的零售气量计，新奥股份为最大的民营企业，且按该零售气量计，2024年，公司位列第三，市场份额约为6.1%。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading private national city gas company, with ongoing privatization efforts aimed at promoting industry chain integration [5][8]. - The natural gas retail business shows steady growth, benefiting from cost reductions and price adjustments, while the gas connection business's impact is expected to stabilize [8][44]. - The company is expanding its diversified energy and smart home businesses, which are anticipated to contribute to incremental performance growth [5][8]. Summary by Sections Company Overview - The company, established in 1993, is a leading private clean energy distributor in China, primarily engaged in the investment, construction, operation, and management of gas pipeline infrastructure [14][15]. - As of mid-2025, the company operates 263 city gas projects across 22 provinces and municipalities in China [14]. Financial Performance - The company forecasts revenues of RMB 113.858 billion in 2023, with a projected decline to RMB 109.853 billion in 2024, followed by a recovery to RMB 112.714 billion in 2025 [4]. - The net profit attributable to shareholders is expected to be RMB 6.816 billion in 2023, decreasing to RMB 5.987 billion in 2024, and then increasing to RMB 6.248 billion in 2025 [4]. Privatization Process - The company is undergoing a privatization process led by its major shareholder, New Hope Group, which currently holds 34.28% of the company [5][38]. - The privatization plan includes a share exchange and cash payment, with a total value of HKD 80 per share, indicating a 12.8% upside from the closing price on November 28, 2025 [5][40]. Natural Gas Business - The company’s retail gas volume is projected to reach 262 billion cubic meters in 2024, with a year-on-year growth of 4.2% [5][48]. - The gas connection business has seen a decline in new residential connections, dropping from 2.622 million in 2021 to 1.617 million in 2024, but the impact on overall revenue is manageable compared to peers [5][74]. Growth Opportunities - The company is expanding its diversified energy and smart home businesses, with the smart home segment expected to grow at a CAGR of 22.7% from 2020 to 2024 [5][8]. - The company has a robust pipeline of projects in the energy sector, with a total installed capacity of 6.9 GW and 1.6 GW under construction as of September 2025 [5][8]. Market Position - The company’s market capitalization is approximately HKD 80.284 billion, with a debt-to-asset ratio of 50.52% as of mid-2025, indicating a stable financial position [2][4]. - The company’s price-to-earnings ratio is projected to be 12, 11, and 10 times for the years 2025, 2026, and 2027, respectively, which is competitive compared to peers [6].

Core Viewpoint - Xintian Green Energy Co., Ltd. has announced significant equity changes, operational data, and stock issuance, indicating strong support from its major shareholder and potential for future growth in the natural gas sector [1][2]. Group 1: Equity Changes - Yanshan International Investment Company has subscribed to 30.7 million H-shares of Xintian Green Energy at a price of HKD 4.93 per share, raising a total of HKD 1.514 billion [1]. - Yanshan International's shareholding increased to 6.8%, while Hebei Construction Investment Group's stake was diluted from 48.95% to 45.62%, but their combined holding with concerted parties rose to 52.43% [1][2]. Group 2: Financial Performance - For Q3 2025, Xintian Green Energy reported revenue of CNY 3.541 billion, a decrease of 3.03% year-on-year, while net profit attributable to shareholders increased by 122.98% to CNY 147 million [3]. - The net cash flow from operating activities reached CNY 2.470 billion, reflecting a significant increase of 212.72% year-on-year [3]. Group 3: Natural Gas Business Development - The company aims to establish a core industry chain centered around gas-fired power plants, enhancing market share and efficiency in terminal user sales [2][4]. - Xintian Green Energy's natural gas business has developed an integrated upstream and downstream industry chain, with gas-fired power plants expected to play a crucial role in the renewable energy system [4].

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4] Core Viewpoints - Natural gas imports in China decreased by 6.9% year-on-year from January to July 2025, with an average import price dropping by 6.7% [4][5] - The decline in natural gas imports is primarily due to a reduction in LNG imports, while domestic gas production and pipeline gas supply have increased, offsetting the decrease in LNG supply [5][8] - Domestic natural gas consumption showed a slight decline of 0.9% year-on-year from January to June 2025, but there was a recovery in June with a 1.4% increase [9] - The average import price of natural gas in July 2025 was $446.06 per ton, reflecting a 6.7% decrease year-on-year, influenced by falling international oil prices and an increase in long-term import contracts [14][22] Summary by Sections Natural Gas Import Data - In July 2025, China's natural gas imports totaled 10.6318 million tons, a year-on-year decrease of 2.09% [5][8] - From January to July 2025, cumulative imports reached 70.1435 million tons, down 6.90% year-on-year, with the decline rate narrowing compared to previous months [5][8] Supply and Demand Analysis - Domestic natural gas production increased by 5.8% year-on-year from January to June 2025, with pipeline gas imports rising by 10.5% during the same period [5][8] - The LNG imports saw a significant decline of 20.60% year-on-year from January to June 2025 [5][8] Price Trends - The average import price of natural gas has been on a downward trend due to various factors, including international market fluctuations and increased domestic supply [14][22] - The price drop is attributed to low international oil prices and a higher share of long-term contracts in imports [14][22] Investment Recommendations - Focus on companies with low-cost long-term resources and cost advantages in the natural gas industry, such as Jiufeng Energy and New Hope [22] - Attention is also recommended for city gas companies that are optimizing costs and may see demand recovery, including New Hope Energy, China Resources Gas, and Kunlun Energy [22]

Core Viewpoint - The company is advancing its core strategy of "integrated collaboration in the natural gas industry chain" through a significant asset restructuring plan to privatize its subsidiary, New World Energy, with overwhelming shareholder support of over 99.9% [1] Group 1: Financial Impact - Following the transaction, the company's basic earnings per share (EPS) is projected to increase from RMB 1.46 to RMB 1.56, representing a growth of 6.8% [2] - The core profit attributable to shareholders is expected to rise from RMB 5.143 billion to RMB 9.340 billion, marking an increase of 81.6% [2] - The company has committed to a dividend policy for 2026-2028, ensuring a payout ratio of no less than 50% of the core profit attributable to shareholders, with an estimated total dividend of RMB 1.14 per share in 2025 [2] Group 2: Operational Synergies - The completion of the transaction will lead to New World Energy delisting from the Hong Kong Stock Exchange, allowing the company to fully integrate the natural gas industry chain and control key nodes from resource acquisition to end-user services [3] - The company will leverage its overseas resource pool and diverse gas source structure to enhance overall gas source allocation efficiency and cost control [3] - The transaction will simplify management levels, improve decision-making efficiency, and optimize overall operational effectiveness [3] Group 3: Strategic Development - The restructuring will facilitate the company's global natural gas industry layout, enhancing its core competitiveness and risk resilience [4] - The privatization and integrated listing will serve as a strategic support for expanding financing channels and improving market valuation [4] - The company aims to inject new momentum into high-quality development and internationalization of its natural gas business through this restructuring [4]

Core Viewpoint - The announcement details the completion of a capital increase and related party transaction involving Yunnan Energy Investment Co., Ltd.'s subsidiary, Yunnan Natural Gas Co., Ltd., and Yunnan Shale Gas Exploration and Development Co., Ltd. This transaction is expected to enhance the company's resource allocation and core competitiveness while facilitating the integrated development of the natural gas industry chain [1][4]. Group 1: Transaction Overview - The board of directors and shareholders approved the capital increase and related party transaction at their respective meetings [1]. - As of April 30, 2025, Yunnan Natural Gas Co., Ltd. has completed changes to its articles of association, shareholder register, and governance structure, allowing Yunnan Shale Gas Co. to control its financial and operational policies [1][2]. Group 2: Changes in Company Structure - The companies completed business registration changes on May 16 and May 23, 2025, including changes in registered capital and ownership structure [2]. - The registered capital of Yunnan Shale Gas Co. increased from 1000 million RMB to 2691.76 million RMB, while Yunnan Natural Gas Co.'s registered capital was adjusted accordingly [2]. Group 3: Financial Impact - Key financial metrics for Yunnan Natural Gas Co. show that its revenue was 102,087.13 million RMB, accounting for 29.56% of the listed company's total revenue [5]. - The total assets of Yunnan Natural Gas Co. were 478,178.01 million RMB, representing 25.51% of the listed company's total assets [5]. Group 4: Future Commitments and Strategic Benefits - Yunnan Shale Gas Co. and Yunnan Energy Investment Group committed to providing new guarantees to ensure the repayment of existing debts related to the guarantees provided by the company [8]. - The transaction is expected to optimize resource allocation, enhance core competitiveness, and support the integrated development of the natural gas industry chain, benefiting the company's future growth [8].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 135.91 billion yuan for 2024, a decrease of 5.5% year-on-year, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.6% year-on-year [5] - The company plans to fully privatize its subsidiary, New Energy, with a total transaction value of approximately 599.24 billion HKD [5][7] - The company’s platform trading gas sales volume reached 5.568 billion m³ in 2024, an increase of 10.3% year-on-year, while retail gas volume was 26.2 billion m³, with industrial and commercial gas maintaining a growth rate of 5.1% [7] Financial Data and Profit Forecast - The company’s total revenue and net profit forecasts for 2025 and 2026 have been adjusted to 58.76 billion yuan and 73.84 billion yuan respectively, with a new forecast for 2027 at 86.41 billion yuan [6][7] - The earnings per share (EPS) is projected to increase from 1.46 yuan to 1.56 yuan post-privatization, representing a 6.8% increase [7] - The company’s dividend policy stipulates that from 2026 to 2028, the cash dividend ratio will be no less than 50% of the core profit attributable to shareholders [7] Market Data - As of March 26, 2025, the closing price was 19.65 yuan, with a price-to-earnings (PE) ratio of 9 [2][6] - The company’s market capitalization is approximately 55.808 billion yuan [2]