Group 1 - Ukraine signed a natural gas supply agreement with Greece to help during the winter heating season [1] - France will deliver a new batch of military aid to Ukraine by the end of this year and provide 100 Rafale F4 fighter jets by 2035 [1] - Spain will provide Ukraine with €515 million in aid, covering air defense missile procurement and energy support, and is preparing to assist with defense equipment including the IRIS-T air defense missile system [1]

Market Overview - On November 14, the A-share market saw a total of 90 stocks hit the daily limit, with 71 stocks hitting the limit after excluding 19 ST stocks, resulting in an overall limit-up rate of 70.31% [1] Top Gainers - The stock with the highest limit-up order volume was Huaxia Happiness, with 1,544,600 hands; followed by Yongtai Energy, Victory Shares, and Furui Shares, with limit-up order volumes of 1,020,500 hands, 776,000 hands, and 646,000 hands respectively [2] - In terms of consecutive limit-up days, Furui Shares and *ST Lvkang achieved 7 consecutive limit-ups, while Sanmu Group had 6 consecutive limit-ups [2] Fund Inflows - 24 stocks had limit-up order funds exceeding 100 million yuan, with Furui Shares, Pingtan Development, and Victory Shares leading with limit-up funds of 747 million yuan, 430 million yuan, and 430 million yuan respectively [2] Industry Highlights Lithium Battery Sector - Furui Shares, a leader in the electrolyte VC solvent concept, achieved 7 consecutive limit-ups. The company announced its investment in lithium battery electrolyte additive projects through its subsidiary, Furui New Energy, with an annual production capacity of 40,000 tons for chlorinated ethylene carbonate and 10,000 tons each for crude and refined vinyl carbonate [2] Pharmaceutical Sector - Several pharmaceutical stocks hit the limit-up, including People's Tongtai, Zhongsheng Pharmaceutical, and Jiaying Pharmaceutical. People's Tongtai is optimizing its operational strategy and enhancing collaboration with upstream suppliers to penetrate key products into medical institutions and retail terminals [3][4][5] Natural Gas Sector - Stocks such as Changchun Gas, Guo New Energy, and Shouhua Gas also saw limit-ups. Changchun Gas serves over 1.8 million users and expects a gas supply of 544 million cubic meters in 2024 [6] Other Notable Stocks - Stone Daxinghua's fluorobenzene products are used in lithium battery electrolyte additives, while Fengyuan Shares focuses on lithium-ion battery cathode materials and oxalic acid [8][9] Institutional Activity - Four stocks saw net purchases exceeding 100 million yuan, including Haechen Pharmaceutical, Dae Oriental, Yunmei Energy, and Huaxia Happiness, with corresponding amounts of 279 million yuan, 169 million yuan, 142 million yuan, and 124 million yuan [10]

Financial Data and Key Metrics Changes - The company has narrowed its 2025 earnings forecast, now expecting earnings per share to be between $4.34 and $4.40, with net income projected to range between $262 million and $266 million [4][7] - Third quarter net income was $26.5 million, or $0.44 per diluted share, compared to $19.3 million, or $0.34, in the same period last year, reflecting a year-over-year increase [7][8] - Revenues for the third quarter increased by approximately $19.2 million from new rates and $1.4 million from continued customer growth [7] Business Line Data and Key Metrics Changes - Operating and maintenance expenses increased approximately 4.9% year over year, primarily due to higher labor costs and the decision to execute certain activities earlier than planned [8] - The Austin System Reinforcement Project was completed in the third quarter, boosting available winter peak capacity by approximately 25% [5][12] Market Data and Key Metrics Changes - The company serves three states that produce over one-third of U.S. natural gas, with a strong commitment to economic growth and the use of natural gas for residential and commercial applications [4] - The company is actively pursuing growth opportunities in high-growth sectors such as data centers, advanced manufacturing, and utility-scale power generation [4][13] Company Strategy and Development Direction - The company is focused on leveraging growth opportunities while maintaining customer affordability, as demonstrated by the completion of the Austin System Reinforcement Project [5][12] - The company is working on significant utility-scale power generation projects approximating 1.5 gigawatts of capacity across its three states [13][14] - The company aims to provide fast, cost-effective service through existing infrastructure, minimizing capital needs while enhancing system reliability [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the rest of the year, citing strong year-to-date performance and the impact of Texas House Bill 4384 [4] - The management noted that the recent Federal Reserve interest rate cuts could positively influence future earnings guidance [20][21] - The company remains committed to providing safe, reliable, and affordable natural gas to its 2.3 million customers [15] Other Important Information - The company plans to settle roughly $200 million of forward shares in December and defer approximately $25 million for year-end 2026 settlement [10] - The board declared a quarterly dividend of $0.67 per share, unchanged from the prior quarter [10] Q&A Session Summary Question: Long-term growth outlook considering legislation and Fed cuts - Management indicated that recent Fed cuts have been earlier than expected and that they anticipate additional cuts in the coming years, which could positively impact earnings guidance [20][21] Question: Clarification on tightening of 2025 guidance range - Management explained that the tightening was due to additional operating and maintenance costs incurred from executing certain activities earlier than planned [22][23] Question: Growth rate above 6% and structural outlook - Management confirmed that the growth rate is structural in nature and expects to be above the high end of the previously outlined range for the duration of the five-year period [32][33] Question: Large load activity and investment opportunities - Management noted that large load projects are being pursued across all three states, leveraging existing systems to respond quickly to customer needs [34][35] Question: Impact of bringing services in-house on O&M costs - Management acknowledged that while there are upfront costs associated with insourcing, the long-term benefits are expected to outweigh these initial investments [39][40] Question: Capital expenditure plans for 2026 - Management indicated an upward trajectory for capital expenditures in 2026, with potential for more punctuated steps up in spending [42][43] Question: Benefits of Texas legislation on capital planning - Management stated that while the Texas legislation provides more opportunities, it will not alter the fundamental approach to capital allocation [55][56] Question: Other opportunities beyond line locating and watch and protect - Management confirmed that they are exploring additional opportunities to bring more services in-house, enhancing capabilities and efficiency [60][61]

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]