登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603813 证券简称：*ST原尚 公告编号：2025-089 广东原尚物流股份有限公司关于对公司2025年三季度报告的信息披露监管问询函的回复公告 ■ 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 广东原尚物流股份有限公司（以下简称"公司"）于2025年11月7日收到上海证券交易所下发的《关于广 东原尚物流股份有限公司2025年三季度报告的信息披露监管问询函》（上证公函〔2025〕3865号，以下 简称"问询函"），公司就问询函中所提及的问题逐项进行了认真分析，现将相关问题回复如下： 1.关于经营业绩。三季报显示，公司前三季度实现营业收入3.35亿元，同比增长 38.57%；其中第三季度 实现营业收入1.47亿元，同比增长87.82%，占前三季度营业收入的43.88%，主要是开拓新业务增长。而 公司前三季度归母净利润为-0.41亿元，亏损幅度同比扩大40.75%，经营活动产生的现金流净额为 0.21 亿元，同比下降77.64%，与营业收入变动趋势相反。请公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a focus on its core gas assets and a solid dividend logic [5][10]. Core Views - The company is positioned as a national leader in city gas, backed by China Resources Group, with a significant presence in first- and second-tier cities, enhancing its core asset attributes [9][17]. - The report anticipates a recovery in profit margins due to lower gas prices and improved sales pricing mechanisms, which are expected to support revenue growth [12][42]. - The company’s cash flow has significantly improved, with a notable increase in operating cash flow and a reduction in capital expenditures, indicating a strong potential for dividend growth [22][24]. Summary by Sections Market Performance - The closing price as of March 5, 2025, was HKD 26.10, with a market capitalization of HKD 60,395.74 million [3]. Financial Projections - The projected net profit for 2024-2026 is HKD 55.63 billion, HKD 61.72 billion, and HKD 67.65 billion respectively, with corresponding PE ratios of 11, 10, and 9 [6][10]. - The expected dividend yields for 2024-2026 are 4.6%, 5.1%, and 5.6% based on the current stock price [6][10]. Business Overview - The company operates 276 city gas projects, with a retail gas volume increasing from 1.371 billion cubic meters in 2008 to 38.784 billion cubic meters in 2023, maintaining a market share of 9.83% in 2023 [17][18]. - The revenue structure has shifted, with gas sales becoming the primary profit driver, accounting for 56.15% of tax-preferred profits in 2023 [18][20]. Cash Flow and Dividend Policy - The operating cash flow reached HKD 10.16 billion in 2023, a year-on-year increase of 133.4%, with a free cash flow of HKD 1.9 billion in the first half of 2024 [22][24]. - The dividend payout ratio has increased from 29.8% in 2016 to 50.3% in 2023, with a compound annual growth rate of 25.15% in dividends per share since 2008 [25][60]. Strategic Positioning - The company is strategically positioned in economically developed regions, benefiting from high population density and industrial clustering, which supports gas sales growth [38][40]. - The report highlights the potential for further market consolidation and growth in the city gas sector, driven by government policies promoting mergers and acquisitions [40][46]. Risk Management - The company has managed to reduce its reliance on connection profits, with a significant increase in comprehensive service and energy business profits, which helps mitigate risks associated with declining connection revenues [12][53].