智通财经获悉，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)向港交所主板递交 上市申请，中金公司为其独家保荐人。该公司曾于今年6月16日向港交所递交过上市申请。招股书显 示，新奥股份(600803.SH)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。 本文源自：智通财经网 公司在清洁能源行业拥有上中下游一体化的业务组合，主要采用贯穿天然气整个价值链的垂直整合业务 模式。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。 ...

Core Insights - The Jiangsu Coastal Natural Gas Pipeline, with an annual transmission capacity of 28 billion cubic meters, is set to be fully operational by the end of this year, significantly enhancing the energy infrastructure in the Yangtze River Delta region [1][2] Group 1: Pipeline Development - The pipeline's construction has reached over 500 kilometers, with a total operational length expected to exceed 1,000 kilometers by year-end, bolstering natural gas supply security in Jiangsu province [2] - The successful commissioning of the Huai'an-Jianhu-Yancheng section, which is 150 kilometers long, connects key gas storage facilities and enhances the integration with the national pipeline network [1][2] Group 2: Strategic Partnerships and Infrastructure - A cooperation agreement between Guoxin Group and the National Pipeline Group aims to deepen the integration of provincial and national gas networks through a "three-network" model [1] - The Guoxin LNG receiving station project, with an investment of approximately 7.7 billion yuan, is under construction and will be the first large-scale storage and peak-shaving project independently built by Jiangsu [2] Group 3: Future Prospects - Guoxin Group is expanding its natural gas supply chain by investing in upstream projects and aims to create a comprehensive energy system that includes wind, solar, water, fire, gas, and storage [2] - The anticipated natural gas supply capacity is expected to account for about 15% of Jiangsu's energy supply, comparable to the electricity supply capacity [2]

Core Insights - The Jiangsu coastal natural gas pipeline, with an annual transmission capacity of 28 billion cubic meters, is set to be fully operational by the end of this year, with over 500 kilometers completed, enhancing energy connectivity in the Yangtze River Delta region [1][2] Group 1: Pipeline Development - The coastal gas pipeline has achieved interconnection with the national pipeline network, laying the groundwork for a unified national natural gas supply system [2] - As of now, the approved length of the Jiangsu coastal natural gas pipeline exceeds 500 kilometers, with approximately 446 kilometers already constructed [2] - By the end of the year, the total length of operational pipelines in southern Jiangsu will surpass 1,000 kilometers, significantly improving natural gas supply security in the province [2] Group 2: Infrastructure Expansion - The Guoxin Group is accelerating the construction of a comprehensive natural gas industry chain, transitioning from pipeline transportation to an integrated model of purchasing, sales, storage, and usage [3] - The Guoxin LNG receiving station project, with a total investment of approximately 7.7 billion yuan, is under construction and is expected to be completed by the end of this year [3] - Upon completion, the LNG storage capacity will reach 800,000 cubic meters, sufficient to meet the province's emergency gas needs for three days [3] Group 3: Strategic Collaborations - Guoxin Group has partnered with the National Pipeline Group to enhance the integration of provincial and national infrastructure through a "three-network" model [2] - The establishment of a collaborative operation mechanism is expected to improve the efficiency of natural gas resource allocation and support the reduction of end-user gas costs [2] - Guoxin Group is also investing in upstream gas sources, including a stake in the PetroChina LNG receiving station, to create a more complete natural gas industry system [3]

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]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a revenue of 22.528 billion yuan for the first nine months of 2025, reflecting an 8.63% year-on-year increase, while the net profit attributable to shareholders decreased by 13.08% to 918 million yuan, aligning with expectations [6][8]. - Natural gas sales volume reached 5.030 billion cubic meters, marking an 18.49% increase year-on-year, with city gas sales in the Greater Bay Area growing by 4.98% [6][8]. - The decline in gas sales to power plants is attributed to changes in pricing regulations and supply-demand dynamics in Guangdong province, although recent adjustments in capacity pricing are expected to provide compensation [6][8]. - The company has achieved a full industry chain integration in natural gas, with significant growth in wholesale gas volumes, which are projected to contribute positively to profits [6][8]. - The photovoltaic film business has seen a 48% increase in shipments year-on-year, while the impact of the smart service business on overall performance has diminished [6][8]. - Profit forecasts for 2025-2027 have been adjusted downwards to 1.419 billion, 1.771 billion, and 1.910 billion yuan respectively, with corresponding price-to-earnings ratios of 14, 11, and 10 times [6][8]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 31.750 billion yuan, with a year-on-year growth rate of 12.0% [3][8]. - The net profit attributable to shareholders is forecasted to be 1.419 billion yuan for 2025, reflecting a decrease of 2.6% compared to the previous year [3][8]. - Earnings per share are expected to be 0.49 yuan in 2025, with a gross margin of 15.3% [3][8]. - The return on equity (ROE) is projected to be 8.7% in 2025 [3][8]. Market Data - The closing price of the stock is reported at 6.77 yuan, with a price-to-book ratio of 1.2 and a dividend yield of 2.36% [4][6]. - The company's net asset per share is 5.49 yuan, with a debt-to-asset ratio of 59.94% [4][6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing steady growth in core profits despite a slight decline in overall revenue and net profit for the first half of 2025. The core profit reached 2.736 billion yuan, a year-on-year increase of 1.38% [1][2] - The privatization process of the company is progressing smoothly, which is expected to enhance upstream and downstream integration and collaboration after the transaction is completed [3][4] - The company has signed a long-term gas supply agreement with Chevron, which is anticipated to significantly boost its direct sales gas business [3][4] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 65.991 billion yuan, a decrease of 1.47% year-on-year, and a net profit attributable to shareholders of 2.408 billion yuan, down 4.82% year-on-year. However, the net profit after deducting non-recurring items increased by 21.13% year-on-year [1] - In Q2 2025, the company achieved revenue of 32.262 billion yuan, a year-on-year decrease of 1.54%, but a net profit of 1.431 billion yuan, which represents a year-on-year decrease of 1.23% but a quarter-on-quarter increase of 46.58% [2] - The company’s retail gas sales volume for the first half of 2025 was 12.95 billion cubic meters, a year-on-year increase of 1.9%, with industrial and commercial users accounting for 75.6% of the total [3] - The company’s projected core net profits for 2025-2027 are 5.695 billion yuan, 6.399 billion yuan, and 7.107 billion yuan, respectively, with corresponding EPS of 1.84 yuan, 2.07 yuan, and 2.29 yuan [6][8]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested New Hope Liuhe Co., Ltd. to provide supplementary information regarding shareholders holding more than 5% of shares and any prohibitive circumstances for overseas issuance and listing [1][2] - New Hope Liuhe Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1] - The company is the largest private natural gas enterprise in China, covering the entire natural gas industry chain and has over 30 years of operational experience [5] Group 2 - Financial performance for New Hope Liuhe Co., Ltd. shows revenues of approximately 150.02 billion RMB, 141.115 billion RMB, and 134.946 billion RMB for the years 2022, 2023, and 2024 respectively, with annual profits of 11.073 billion RMB, 12.53 billion RMB, and 9.944 billion RMB during the same period [5]