Financial Performance - The company reported a total revenue of 889 million yuan for the first half of 2025, an increase of 4.49% year-on-year [1] - The net profit attributable to shareholders was 24.71 million yuan, a decrease of 20.25% compared to the previous year [1] - In Q2 2025, the total revenue was 460 million yuan, up 8.6% year-on-year, while the net profit attributable to shareholders increased by 26.25% to 21.36 million yuan [1] - The gross margin was 11.27%, down 15.09% year-on-year, and the net margin was 2.85%, down 27.5% [1] Financial Ratios - The company's return on invested capital (ROIC) was 2.65% last year, indicating weak capital returns [3] - The median ROIC over the past decade was 2.87%, with a significant drop to -12.28% in 2023 [3] - The cash flow per share was 0.11 yuan, a decrease of 38.92% year-on-year [1] Debt and Receivables - The accounts receivable amounted to 114 million yuan, representing a decrease of 35.45% year-on-year, but still accounted for 600.02% of the net profit [1][3] - The company had interest-bearing liabilities of 544 million yuan, down 24.22% year-on-year [1] Business Strategy and Market Expansion - The company plans to enhance user experience and expand its gas market through initiatives like upgrading old residential areas and improving safety measures [4] - It aims to diversify its gas supply system and strengthen partnerships with upstream suppliers while enhancing operational efficiency through digital tools [4] - Future plans include focusing on clean energy, expanding hydrogen and solar energy sectors, and optimizing existing user potential [4]

Core Viewpoint - The company reported its 1H25 performance, which is generally in line with market expectations, with a slight decline in revenue but an increase in net profit and core business profit [1] Financial Performance - Revenue for 1H25 was HKD 10.44 billion, down 1% YoY - Net profit reached HKD 758 million, up 2% YoY - Core business profit was HKD 719 million, also up 2% YoY - The company plans to distribute an interim dividend of HKD 0.05 per share [1] Business Segments - Natural gas sales volume remained stable at 8.75 billion cubic meters, with a city gas price difference of HKD 0.57 per cubic meter, up HKD 0.01 YoY - The number of new residential connections decreased by 1% YoY to 330,000 - Operating profit from the gas business was HKD 852 million, down 1% YoY [1] - Solar power generation increased significantly to 1.18 billion kWh, up 44% YoY - The gross profit per kWh for power generation was HKD 0.36, down HKD 0.04 YoY - As of the end of 1H25, the company's solar grid-connected capacity was 2.6 GW, with renewable energy business operating profit at HKD 170 million, up 5% YoY [1] Development Trends - The company has revised its full-year gas volume growth guidance from 4-5% YoY to 1% YoY, reflecting weak demand from industrial and commercial users - The gross margin guidance remains unchanged at HKD 0.57 per cubic meter for the full year, with potential for upside in the second half of 2025 due to recent announcements on residential gas pricing [1] Strategic Initiatives - The company aims to transform into a leading smart energy aggregation service provider by increasing investments in commercial and industrial energy storage and leveraging AI algorithms [2] - The target is to manage 12 GW of solar installations and 6 GWh of energy storage by 2030 [2] Capital Expenditure and Debt - Capital expenditure for 1H25 was HKD 1.4 billion, down 30% YoY, with expectations for continued decline in 2H25 - Total capital expenditure for the year is projected to be between HKD 2.5 billion and HKD 3 billion - As of the end of 1H25, net debt stood at HKD 14.9 billion, slightly up from the end of 2024, primarily due to the appreciation of the RMB [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged - Current stock price corresponds to a P/E ratio of 9.1x for 2025 and 8.8x for 2026 - The target price is set at HKD 5.00, implying a potential upside of 16.3% based on P/E ratios of 10.6x and 10.2x for 2025 and 2026 respectively [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The establishment of the "1+6" rule system for the electricity market is a significant step towards unifying the national electricity market, addressing issues such as high cross-province transaction costs and inefficiencies in data transparency and settlement cycles [3][18] - The third batch of methodologies for voluntary emission reduction projects (CCER) has been initiated, focusing on expanding the coverage of reduction projects, particularly in biomass energy utilization and methane reduction in the oil and gas sector [4][24] Summary by Sections Market Review - From August 11 to August 15, the gas sector rose by 2.49%, the environmental sector by 1.77%, and the water sector by 0.29%, while the electricity sector fell by 1.04%. The Shanghai and Shenzhen 300 index increased by 2.37% [12][13] Industry Perspectives - The "Electricity Market Measurement and Settlement Basic Rules" were issued, marking the completion of the initial construction of the "1+6" rule system for the electricity market, which includes long-term, spot, and ancillary service rules [3][18] - The rules consist of 6 chapters and 56 articles, covering measurement management, settlement management, and supervision management, and aim to unify the national measurement and settlement processes [18][19] Investment Recommendations - The report recommends Jiangsu Guoxin in the thermal power sector, with cautious recommendations for Sheneng Co. and Zhejiang Energy Power. It suggests attention to Funiu Co. and Huadian International [4] - In the nuclear power sector, cautious recommendations are made for China Nuclear Power and China General Nuclear Power [4] - For the green electricity sector, it suggests focusing on Three Gorges Energy and Jiangsu New Energy, with cautious attention to Longyuan Power and Zhejiang New Energy [4] - In the hydropower sector, it recommends Changjiang Power and cautiously recommends Huaneng Hydropower and Qianyuan Power [4] - In the environmental sector, it recommends Yongxing Co. and Xuedilong, with attention to Huaguang Environmental and China Tianying [4]

Group 1 - The company achieved an operating income of 889 million yuan in the first half of 2025, representing a year-on-year growth of 4.49%, with a net profit attributable to shareholders of 24.71 million yuan [1] - The company aims to become a leading clean energy supply service enterprise by integrating traditional gas business with new energy initiatives [1] - The main revenue source during the reporting period was from urban gas business, with efforts focused on expanding downstream markets and enhancing service quality [1] Group 2 - The company is actively developing LNG and integrated energy businesses, enhancing competitiveness by acquiring quality resources and aligning with market demands [2] - In the integrated energy sector, the company plans to deepen cooperation with users and accelerate the layout of multi-energy complementary businesses [2] - The company is exploring the transformation and upgrade of traditional CNG refueling stations to a comprehensive energy station model, with steady progress in preliminary work for related projects [2]

Core Viewpoint - JiuFeng Energy's stock price showed volatility on August 15, 2025, closing at 30.22 CNY, reflecting a 0.57% increase from the previous trading day [1] Company Overview - JiuFeng Energy operates in the gas, new materials, and lithium battery sectors, making it a significant energy enterprise in Jiangxi province [1] - The company has diversified its operations, securing a notable market share in the clean energy industry chain [1] Stock Performance - On August 15, the stock opened at 29.81 CNY, reached a high of 30.91 CNY, and a low of 29.76 CNY, with a trading volume of 103,400 lots and a turnover of 313 million CNY [1] - The stock exhibited a wide fluctuation with a 3.83% amplitude during the trading session [1] Market Activity - During the trading day, JiuFeng Energy's stock experienced a rapid rebound of over 2% within five minutes at 9:30 AM, followed by a quick decline of over 2% shortly after [1] - The net outflow of main funds on that day was 32.57 million CNY, accounting for 0.16% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 82.20 million CNY, representing 0.41% of the circulating market value, indicating a trend of sustained capital outflow [1]

Group 1 - The company completed a share buyback program, repurchasing 3,226,800 shares, which is approximately 0.8998% of the total share capital, with a total transaction amount of 16,998,909.00 yuan [6] - The company plans to use the repurchased shares for employee stock ownership plans or equity incentives, with a total budget for the buyback set between 15 million and 25 million yuan [6] - The company has not declared any cash dividends or stock bonuses during the reporting period [3] Group 2 - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5] - The board of directors approved the transfer of part of the equity in Shengneng Gas Co., Ltd., with an anticipated buyback of 21% equity for 57 million yuan due to underperformance [7][8] - The company has initiated legal proceedings against former shareholders for the recovery of equity buyback payments totaling 149.5 million yuan plus interest [8] Group 3 - The company held its 18th meeting of the 13th board of directors, where several governance-related proposals were approved, including the cancellation of the supervisory board [14][50] - The company is revising its articles of association and related governance documents to enhance operational efficiency and compliance with regulatory requirements [50][51] - The company plans to hold its third extraordinary general meeting of 2025 on September 3, 2025, to discuss the approved proposals [54][56]

Summary of Key Points Core Viewpoint - The report outlines the non-operating fund occupation and other related fund transactions of Delong Huineng Group Co., Ltd. for the first half of 2025, detailing the amounts involved and the nature of these transactions [1]. Group 1: Non-Operating Fund Occupation - The total non-operating fund occupation at the beginning of 2025 was RMB 474.98 million, with no repayments during the half-year, resulting in a year-end occupation of RMB 484.48 million [1]. - The only related party involved in non-operating fund occupation is Chengdu Tianhuayuan Hotel Management Co., Ltd., which received a loan of RMB 474.98 million [1]. Group 2: Other Related Fund Transactions - The total amount of other related fund transactions was RMB 16,176.24 million at the beginning of the year, increasing to RMB 22,059.98 million by mid-year, with a year-end balance of RMB 18,758.67 million [1]. - Major transactions include accounts receivable from various subsidiaries, with significant amounts from companies like Deyang Jingneng Natural Gas Co., Ltd. and Dalian New Century Gas Co., Ltd. [1]. - The report indicates that the company has engaged in both operating and non-operating fund occupations, with specific amounts allocated for energy services and material sales [1]. Group 3: Financial Assistance to Chengdu Tianhuayuan - Chengdu Tianhuayuan Hotel Management Co., Ltd. received a financial assistance loan of RMB 474.98 million from the company, with a loan term of 5 years and an interest rate of 4% [2]. - Another shareholder provided a loan of RMB 922.02 million under similar conditions, indicating a collaborative financial support structure for the hotel [2].

德龙汇能集团股份有限公司 DELONG COMPOSITE ENERGY GROUP CO., LTD 内部审计制度 [经2025年8月14日公司十三届董事会第十八次会议审议通过] 二○二五年八月 第一章 总则 第一条 为提升德龙汇能集团股份有限公司（以下简称"公 司"）内部审计工作质量，规范公司经营行为，提高运营效率， 保障公司经营的稳健运行，根据《中华人民共和国公司法》《中 华人民共和国审计法》《深圳证券交易所股票上市规则》《中小 企业板上市公司规范运作指引》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》以及公司《章程》 的有关规定，结合公司实际，制定本制度。 第二条 本制度所称内部审计，是指由公司内部审计部门对 被审计对象的内部控制和风险管理的有效性、财务信息的真实性 和完整性以及经营活动的效率和效果等，通过系统、规范的方法 开展的一系列评价的活动。 第三条 本制度所称被审计对象，是指公司各部门、分公司、 控股子公司以及具有重大影响的参股公司（以下统称"各单位"） 及其相关责任人员。 第二章 机构和人员 第四条 公司董事会审计委员会（下文简称：审计委员会）下 设审计监察部，为 ...

Group 1: Gas Business Highlights - Gas volume remains stable with a total sales volume of 8.75 billion cubic meters, maintaining the same level year-on-year [8][10] - Price difference increased by 0.01 RMB per cubic meter, reaching 0.57 RMB per cubic meter [9][37] - The company optimized its personnel structure to reduce operating costs [3] - Strengthened cost advantages and diversified gas supply to ensure supply stability [3] - Long-term contracts with "Three Barrel Oil" amounting to 15 billion cubic meters per year, totaling 150 billion cubic meters [3][18] - LNG resource pool established at 1.5 million tons per year, equivalent to 21 billion cubic meters per year [3][18] - Profitability continues to grow, with a year-on-year increase of 5% [3] Group 2: Renewable Energy Performance - Solar power generation increased by 44% to 1.18 billion kWh [3][20] - Cumulative energy storage contracts reached 775 MWh, with a target of 1 GWh for the year [24] - Revenue from solar business increased by 11% to 168.9 million RMB [21] - The company achieved a net profit of 172.3 million HKD for the first half of 2025, a 2% increase year-on-year [4][5] - The company aims to expand its energy storage capacity and has a cumulative grid-connected scale of 260 MWh [24] Group 3: Financial Overview - Total revenue for the first half of 2025 was 10,437 million HKD, a decrease of 1% year-on-year [4] - Operating profit for the same period was 1,024 million HKD [4] - The company declared an interim dividend of 5 HK cents per share for the first time [4] Group 4: Strategic Initiatives - The company is focusing on deepening its existing market and promoting gas as a substitute for steam and electricity [10] - New customer development included 55 large clients with an annual gas consumption scale of 200 million cubic meters [10] - The company is actively expanding its "Gas+" business, which includes energy management and industrial energy-saving initiatives [10][30]

德龙汇能（SZ 000593，收盘价：6.63元）8月15日晚间发布半年度业绩报告称，2025年上半年营业收入 约8.9亿元，同比增加4.49%；归属于上市公司股东的净利润约2471万元，同比减少20.25%；基本每股收 益0.07元，同比减少19.54%。 （文章来源：每日经济新闻） ...