Core Points - The company has won a construction contract for the Ning Shao natural gas pipeline west section project from the National Petroleum and Natural Gas Pipeline Group, with a bid amount of RMB 858 million, accounting for approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1] - The project involves a pipeline construction length of approximately 120 kilometers and is expected to positively impact the energy structure optimization in Zhejiang Province, stimulate economic development along the pipeline, and contribute to the formation of a national natural gas network [1] - The company’s professional technical level and construction management capabilities are highlighted through this project [1] Related Transactions - The company has approved the maximum limit for daily related transactions with the National Petroleum and Natural Gas Pipeline Group for 2025 during its board meetings held on March 18, 2025, and June 6, 2025 [2] - The relevant amounts for the projects won from the National Pipeline Group have been included in the aforementioned maximum limit for daily related transactions for 2025 [2] Contract Status - The contract for the project has not yet been formally signed, indicating that there is still uncertainty regarding the project [3]

Group 1 - The company announced that the cross-province pipeline project, Huanghe directional drilling, has completed the expansion drilling and is currently in the pipeline back-dragging phase [1] - Once completed, the project will establish a resource transportation channel between the company and Shanxi [1] - Specific routing and transportation details of the China-Mongolia-Russia project have not been disclosed, indicating a need for ongoing monitoring of public information updates to assess potential impacts [1] Group 2 - Investors expressed concerns regarding the importance of the cross-province pipeline for the company's future development and its potential to become a benchmark for profitability for associated companies [3] - There is speculation about the impact of the China-Mongolia-Russia memorandum on the future operation of the pipeline, with an estimated annual capacity of 50 billion cubic meters affecting regions including Inner Mongolia, Shanxi, and other areas in North China [3]

俄罗斯政府官员：（就西伯利亚-2天然气管道）可能在今年做出决定。 ...

Group 1 - The EU continues to apply pressure on Russia, exploring ways to terminate gas imports while avoiding high penalties [1][3] - The EU has reduced gas imports from Russia by approximately 75%, costing at least €1.3 trillion, despite internal opposition to restore imports [3] - Russia is seeking alternative markets for its gas, with China being the primary candidate for increased imports [3][5] Group 2 - There are disagreements regarding the transportation route of the planned "Siberia 2" gas pipeline, with concerns over economic viability and existing transportation capacity [5][7] - Mongolia is positioning itself as a potential beneficiary of the pipeline, aiming to negotiate terms that would allow gas transit through its territory [7][9] - A preliminary consensus appears to have been reached between China and Russia regarding the pipeline route, with further decisions pending from China [9]