Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company focuses on its natural gas core business, combining domestic and international resources to ensure long-term supply, with expected gradual increases in gas sales volume as the economy improves [2]. - The privatization of New Hope Energy is ongoing, aiming to create an integrated smart ecosystem for natural gas operations, while emphasizing shareholder returns through stable high dividends [2]. - The company reported a total revenue of 66.015 billion yuan in the first half of 2025, a year-on-year decrease of 1.49%, and a net profit attributable to shareholders of 2.408 billion yuan, down 4.82% year-on-year [1][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a core profit of 2.736 billion yuan, reflecting a year-on-year increase of 1.38% [6]. - The total gas sales volume reached 20.33 billion cubic meters, up 6.4% year-on-year, with international sales increasing by 20.8% [6]. - The company signed long-term supply agreements with ADNOC and Chevron, enhancing its resource pool [6]. Operational Highlights - The Zhoushan receiving station's third phase has been put into operation, significantly increasing unloading capacity [6]. - The company has expanded its renewable energy capacity, adding 324,500 kW of solar power [6]. - The smart home business saw a 60% increase in sales of its proprietary brand, Greitai [6]. Future Outlook - The company expects net profits for 2025 to be 4.505 billion yuan, with a projected growth of 0.3% [2]. - The anticipated dividend for 2025 is no less than 1.14 yuan per share, corresponding to a dividend yield of 6.1% [6]. - The company aims to maintain a cash dividend ratio of no less than 50% of the annual core profit from 2026 to 2028, highlighting its commitment to shareholder returns [6].

Core Viewpoint - New Oriental Holdings plans to privatize New Oriental Energy through its wholly-owned subsidiary, New Energy Hong Kong, offering a combination of share exchange and cash payment to shareholders [1][2] Group 1: Transaction Details - The proposed transaction involves a total of 743 million shares, with shareholders receiving 2.9427 new H-shares and HKD 24.50 in cash per share [1] - The estimated total amount involved in the transaction is approximately HKD 595.19 billion, assuming all stock options are not exercised [1] - If all stock options are exercised, the total amount involved would be approximately HKD 599.24 billion [2] Group 2: Share Structure and Control - Post-transaction, New Oriental Holdings will issue up to 2.188 billion H-shares, increasing total shares from 3.097 billion to 5.285 billion, representing 41.58% of the total post-transaction share capital [2] - Wang Yushuo and his concerted parties will hold 2.243 billion shares, reducing their ownership from 72.44% to 42.32%, while still remaining the controlling party [2] Group 3: Financial Performance - New Oriental Holdings reported a revenue of HKD 135.84 billion for 2024, a decrease of 5.5% year-on-year, with a net profit of HKD 4.49 billion, down 36.6% [2] - New Oriental Energy's revenue for 2024 was HKD 109.85 billion, with a net profit of HKD 5.99 billion; post-transaction, New Oriental Holdings' net profit could increase to HKD 8.14 billion [3] - The transaction will be financed entirely through bank loans, leading to an expected increase in the debt-to-asset ratio to 67% [3]