Core Viewpoint - The company reported a significant increase in power generation and sales volume for the third quarter of 2025, indicating positive operational performance despite a decrease in average selling price [9][10]. Financial Performance - The company achieved a power generation of 2,517,642.22 MWh in Q3 2025, a year-on-year increase of 9.20% [9]. - The total power generation from January to September 2025 reached 10,767,861.16 MWh, reflecting a 9.47% increase compared to the same period last year [9]. - The average on-grid electricity price (excluding tax) for the first nine months of 2025 was CNY 0.41 per kWh, down 5.44% year-on-year [9]. Gas Sales Performance - The company reported a total gas sales volume of 106,761.11 million cubic meters in Q3 2025, a decrease of 5.25% year-on-year [10]. - Cumulative gas sales from January to September 2025 were 388,174.34 million cubic meters, down 14.12% year-on-year [10]. Shareholder Information - As of September 30, 2025, the total number of shareholders was 39,209, with 38,094 A-shareholders and 1,115 H-shareholders [6]. Upcoming Events - The company will hold a performance briefing on November 5, 2025, to discuss Q3 results and address investor questions [17][20].

Group 1 - The company New Natural Gas (SH 603393) announced a total guarantee amount of approximately 6.589 billion RMB for its subsidiaries, with an actual guarantee balance of about 3.592 billion RMB, representing 80.92% and 44.11% of the company's latest audited net assets respectively [1] - For the year 2024, the revenue composition of New Natural Gas is projected to be 76.99% from coalbed gas extraction and sales, 21.73% from natural gas supply and related industries, and 1.28% from other businesses [1] - As of the announcement, the market capitalization of New Natural Gas is 12.5 billion RMB [1]

Financial Data and Key Metrics Changes - The company reported diluted earnings per share (EPS) of $0.45 on a GAAP basis and non-GAAP EPS of $0.50 for Q3 2025, representing a 60% increase compared to the same period last year [3][9][16] - The full year 2025 non-GAAP EPS guidance is reiterated at a range of $1.75 to $1.77, indicating a 9% growth over 2024 results of $1.62 per share [10][26] Business Line Data and Key Metrics Changes - Throughput in the Houston Electric business increased by 9% year-to-date, with industrial customer class throughput up over 17% quarter-over-quarter and over 11% year-to-date [8][9] - The company filed for interim capital recovery trackers at Houston Electric, with a $15 million annual revenue requirement increase approved and a $55 million increase pending approval [19] Market Data and Key Metrics Changes - The Greater Houston area is experiencing significant growth, with peak load demand forecasted to increase by 10 gigawatts by 2031, representing nearly a 50% increase over the next six years [6][7] - The company anticipates electric load demand on its system to double to approximately 42 gigawatts by the middle of the next decade [7] Company Strategy and Development Direction - The company introduced a ten-year financial plan with a capital investment plan of at least $65 billion, focusing on economic development, operational efficiency, and value for investors [5][6] - The recent sale of the Ohio Gas LDC is expected to generate approximately $2.6 billion in gross proceeds, allowing for capital redeployment into higher growth jurisdictions [11][12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving non-GAAP EPS at the mid to high end of the 7% to 9% annual growth guidance from 2026 through 2028, and 7% to 9% annually through 2035 [8][11][26] - The company highlighted the strong demand from diverse sectors in the Greater Houston area, including energy refining and data centers, contributing to robust sales growth [40][41] Other Important Information - The company expects to close the Ohio Gas LDC transaction in 2026, which will enhance balance sheet capacity and provide flexibility for future capital investments [12][22] - The company is focused on maintaining a strong balance sheet, with a trailing twelve-month adjusted funds from operations (FFO) to debt ratio of 14% [24][25] Q&A Session Summary Question: Balance sheet capacity from the Ohio transaction - Management indicated that the transaction would improve FFO to debt metrics and allow for less reliance on equity financing, potentially reducing the equity assumption from 47% to lower levels [33][35] Question: Local feedback on the Ohio deal - Management reported positive reception and support from local leadership regarding the transaction [37] Question: Sales growth in Texas - Management attributed strong sales growth to diverse drivers, including data center activity and increased exports at the Port of Houston [40][41] Question: Data center activity in Indiana - Management expressed optimism about data center opportunities in Indiana, highlighting excess capacity and proactive steps to manage rate increases [44][46] Question: Asset sale and earnings impact - Management confirmed that the Ohio sale would be beneficial for financing and earnings, with plans to redeploy proceeds into Texas projects [52][53] Question: Seller's note and capital plan - Management described the seller's note as a straightforward instrument that supports the capital allocation plan and provides clarity for future earnings [55] Question: AMI rollout timeline - Management indicated that the next generation of AMI investments would begin with a pilot in 2026, with broader deployment expected in 2027 [62][64] Question: Mobile generation opportunities - Management noted strong market conditions for medium-sized units and plans to remarket larger units in 2027, which could provide cash flow benefits [67][68] Question: Contribution from recent legislation - Management confirmed that the benefits of recent legislation are incorporated into the capital investment plan, with potential for further enhancements [70]

Core Points - The accuracy of gas dispensers is crucial for consumer rights and fair market transactions [1] - The Urumqi Market Supervision Administration is conducting periodic inspections of compressed natural gas dispensers to ensure measurement accuracy and reliability [1] - A total of 23 CNG dispensers and 86 gas guns have undergone mandatory inspections across 9 gas stations in the city [1] Group 1 - The Urumqi Market Supervision Administration emphasizes the importance of accurate measurement in gas dispensers to protect consumer rights and maintain market order [1] - Inspections are conducted according to the JJG 996-2012 standards, covering various aspects such as appearance, labeling, safety functions, pressure limits, and measurement performance [1] - After passing inspections, dispensers receive certification and compliance labels, which include the validity period for consumer recognition [1] Group 2 - The administration aims to enhance technical service capabilities and create a trustworthy measurement market environment [2] - The use of the Xinjiang Measurement Smart Management System will facilitate point-to-point services for enterprises [2] - The focus is on maintaining the legitimate rights of the public through improved measurement services [2]

Core Viewpoint - The Beijing Pipeline Company, a key player in energy supply for the capital and surrounding areas, emphasizes its role in ensuring energy security and stability, particularly during the winter season, through a combination of community engagement and robust operational strategies [1][2]. Group 1: Company Operations - The Beijing Pipeline Company operates nearly 5,000 kilometers of pipeline, serving as the "lifeline" for gas supply to the capital city [1]. - In 2023, the pipeline system has achieved a record gas transmission volume of 74.3 billion cubic meters, providing continuous gas supply to over 70 cities and more than 120 million people [2]. - The company has developed a three-tiered supply guarantee matrix that integrates party-building efforts with operational tasks to enhance energy supply reliability [2]. Group 2: Community Engagement - The recent public open day event marked the first time in five years that family members of employees were invited, fostering a deeper understanding of the energy supply work [1][3]. - Family participation in the event allowed them to experience the daily operations of employees, enhancing support for the energy supply mission [3]. Group 3: Emergency Response and Innovation - The company has demonstrated resilience during extreme weather events, such as the July 2023 heavy rainfall, where a team of party members worked continuously for 23 days to ensure zero supply interruptions [3]. - Innovations from grassroots teams, such as a control system testing module that increased testing efficiency by 75%, have significantly contributed to operational effectiveness [3]. Group 4: Future Plans - As the heating season approaches, the company plans to optimize supply processes and ensure the successful completion of winter natural gas transportation tasks, reinforcing national energy security [3].

Market Performance - The FTSE 100 index in London closed at 9208.37 points, up by 12.71 points, representing a 0.14% increase compared to the previous trading day [1] - European stock indices showed mixed results, with the CAC40 index in Paris closing at 7786.98 points, down by 31.24 points or 0.40%, while the DAX index in Frankfurt closed at 23359.18 points, up by 29.94 points or 0.13% [1] Top Gainers - The top five gainers in the London stock market included: - Marks & Spencer Group, with a stock price increase of 4.19% - Centrica, a UK gas supplier, with a stock price increase of 3.58% - Coca-Cola European Partners, with a stock price increase of 3.27% - Segro, a property investment company, with a stock price increase of 1.99% - Barratt Developments, with a stock price increase of 1.86% [1] Top Losers - The top five losers in the London stock market included: - Fresnillo, a precious metals producer, with a stock price decrease of 2.50% - Anglo American, with a stock price decrease of 2.25% - BAE Systems, with a stock price decrease of 2.05% - Endeavour Mining, with a stock price decrease of 2.03% - Glencore, with a stock price decrease of 1.40% [1]

Core Points - The residents of Yanbian County have begun using natural gas, marking a transition to a greener and more convenient lifestyle [2] - The "Gasification Yanbian" project is a key initiative aimed at enhancing the energy infrastructure in the region, supporting the development of a world-class vanadium-titanium new materials industry cluster [2] - The project includes multiple components such as gas supply engineering and pipeline connections, with a total length of 17.834 kilometers and a designed capacity of 22,000 cubic meters per day [2][3] Project Development - The construction faced significant challenges including varied terrain, difficult working conditions, and coordination issues, yet the project team worked diligently to meet deadlines and complete the tasks efficiently [3] - The completion of the project signifies Yanbian County's entry into a new era of clean energy, contributing to the overall strategy of shared prosperity and development across the region [3]

Core Insights - The global economy is accelerating its transition towards green and low-carbon development, with ESG (Environmental, Social, Governance) becoming a core engine for sustainable development embedded in the global financial system [1] - In China, ESG policies are being rapidly introduced, marking a shift from "formal compliance" to "substantive management" in corporate ESG governance [1] - The increasing importance of ESG information is redefining corporate value [1] ESG Progress in China - Chinese enterprises have made significant progress in ESG practices, with the number of A-share companies disclosing ESG reports reaching 2,523, accounting for 46% of all listed companies, a year-on-year increase of 13.49% [3] - The ESG ratings show that approximately 20% of companies improved their ratings compared to the previous year, with 780 companies achieving A-AAA ratings, representing 15.98% of the total [4] Company Initiatives - Anhui Heli, a leading forklift manufacturer, emphasizes technology innovation, talent management optimization, and social responsibility as key measures in advancing ESG [4] - The company has achieved a 70% electrification rate in its industrial vehicles by 2024, significantly enhancing production efficiency and energy conservation [4] - New Hope Group, a clean energy supplier, focuses on environmental protection, safety management, and social welfare as critical areas for ESG development [5] ESG Ratings and Market Impact - ESG ratings are crucial for assessing corporate sustainability performance, influencing investment decisions and capital market dynamics [6] - The integration of ESG factors into corporate evaluations is reshaping the investment landscape, with a growing emphasis on long-term value creation over short-term profits [7] - Companies that excel in ESG practices can benefit from reduced financing costs and enhanced market trust, as seen in the case of New Hope Group [7] Long-term Value Creation - The shift towards ESG principles is seen as a key to resolving the growth paradox, expanding the evaluation of corporate value beyond shareholder interests to include environmental and social responsibilities [7] - Companies view ESG investments as essential operational costs that yield long-term returns, contributing to overall health and sustainability [7] - The focus on ESG is leading to a transformation in capital markets, encouraging a move from short-term profit-seeking to long-term win-win scenarios [8]

Group 1 - Venture Global, a natural gas supplier, saw its stock rise over 3% in pre-market trading on August 25 [1] - UBS upgraded Venture Global's rating from "Neutral" to "Buy" [1]

Core Viewpoint - The successful approval of the Fulete Group's gas supply pipeline project in Jiaxing is expected to enhance energy supply and economic development in the region [1] Group 1: Project Overview - The project includes one pipeline divided into three sections and involves two key stations: the 1 gas receiving station and the 3 Yunhe Road factory gate station, along with one 2 valve room [1] - The total investment for the project is 225 million yuan, covering a significant land area [1] Group 2: Economic Impact - The project introduces a direct gas supply model for large industrial users, which is a first in the province [1] - It is anticipated that the project will reduce gas costs for the company by up to 200 million yuan annually, significantly alleviating the financial burden and enhancing market competitiveness [1] - The Fulete Glass Group has been granted the qualification for the direct gas supply pilot project from the State Grid Zhejiang Natural Gas Pipeline Company, with current gas delivery at approximately 460 million cubic meters per year, and a long-term plan to reach 600 million cubic meters [1]