Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company's H1 2025 performance aligns with expectations, showing a significant improvement in cash flow, with operating cash flow increasing by 601.92% year-on-year [2][3]. - Revenue for H1 2025 reached 15.338 billion yuan, a year-on-year increase of 8.59%, while net profit attributable to shareholders was 309 million yuan, up 7.13% year-on-year [1][2]. Financial Performance Summary - H1 2025 total revenue: 15.338 billion yuan (up 8.59% YoY) [1][2]. - H1 2025 net profit: 309 million yuan (up 7.13% YoY) [1][2]. - H1 2025 operating cash flow: 685 million yuan (up 601.92% YoY) [1][2]. Business Structure and Growth Drivers - The city gas segment generated revenue of 6.577 billion yuan (down 4.88% YoY), primarily due to a weak domestic natural gas market [3]. - Supply chain and other business revenues reached 8.761 billion yuan (up 21.52% YoY), becoming the core growth driver [3]. - The company leverages its energy supply chain, engineering services, technology research and development, and equipment manufacturing to enhance growth potential under the "Energy + Technology + Supply Chain" strategy [3]. Future Projections - Expected revenue growth rates for 2025-2027 are 3.9%, 9.0%, and 8.0% respectively, with net profit growth rates of 7.7%, 9.7%, and 8.7% [4]. - Corresponding PE ratios for 2025-2027 are projected to be 14.9, 13.6, and 12.5 times [4].