Core Viewpoint - Tianhao Energy reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to a decrease in gas sales volume [1] Financial Performance - The company achieved an operating income of 1.941 billion yuan, a decrease of 36.05% compared to the same period last year [1] - The net profit attributable to shareholders was 96 million yuan, reflecting a decline of 27.25% [1] - Total assets amounted to 8.017 billion yuan, down 3.01% from the end of the previous year [1] Business Development - The company completed the construction and commissioning of the Xingshan Dongmen Station project, establishing a strategic channel to reach new terminal users, expanding beyond the original coverage of the Shanxi and Hebei regions [1] - The gas supply project in the Chifeng Tongrui Yuanbao Mountain Industrial Park has made significant progress, officially supplying gas since September 1, which is expected to enhance the company's performance [1] Market Outlook - The company anticipates an increase in residential heating demand in the fourth quarter due to lower temperatures in most regions of China compared to previous years [1] - With the approach of the peak demand season for natural gas, market demand is expected to rise, leading to a continuous increase in upstream supply [1] - The joint construction of the Shen'an pipeline with CNOOC has optimized the natural gas supply chain, enhancing market competitiveness and establishing a more secure and reliable natural gas supply system [1]