格隆汇8月27日｜天风证券研报指出，陕天然气2025年H1实现归母净利润5.09亿元，同比下降12.62%； 经营活动产生的现金流量为5.27亿元，同比增长17.91%。结构上拆分，2025年上半年公司长输管网业务 营业收入32.31亿元，同比增长0.04%；毛利率22.89%，同比增加0.77pct。城市燃气营业收入16.19亿 元，同比下降4.35%；毛利率6.72%，同比减少3.21pct。2025年以来公司天然气输送量整体呈增长态 势，公司将持续做好大工业用户的开发工作。认为管输价格的调整短期内对公司利润会造成一定影响， 然而长期看有利于调动用户的用气积极性，释放用户的用气需求，有望中长期增加运销气量。此外，公 司引入积极股东，有助于公司优化企业股权结构、增强核心竞争力，进一步实现业务拓展和产业协同发 展。维持"买入"评级。 ...

天风证券研报指出，陕天然气2025年H1实现归母净利润5.09亿元，同比下降12.62%；经营活动产生的 现金流量为5.27亿元，同比增长17.91%。结构上拆分，2025年上半年公司长输管网业务营业收入32.31 亿元，同比增长0.04%；毛利率22.89%，同比增加0.77pct。城市燃气营业收入16.19亿元，同比下降 4.35%；毛利率6.72%，同比减少3.21pct。2025年以来公司天然气输送量整体呈增长态势，公司将持续 做好大工业用户的开发工作。认为管输价格的调整短期内对公司利润会造成一定影响，然而长期看有利 于调动用户的用气积极性，释放用户的用气需求，有望中长期增加运销气量。此外，公司引入积极股 东，有助于公司优化企业股权结构、增强核心竞争力，进一步实现业务拓展和产业协同发展。维持"买 入"评级。 ...

风险提示：市场有风险，投资需谨慎。 消息面上，陕天然气公告称将于2025年8月22日召开第三次临时股东会，审议选举第六届董事会独立董 事的议案。 资金方面，8月4日主力资金净流出300.64万元，近五日主力资金净流入1595.95万元。 截至2025年8月4日收盘，陕天然气股价报7.93元，较前一交易日上涨0.25%，成交额0.80亿元，换手率 0.90%。 陕天然气主营业务为天然气长输管道的建设与运营，是陕西省天然气供应的主要企业之一。公司业务覆 盖天然气输送、销售及城市燃气供应等领域。 ...

General Provisions - The company is established to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [2][3] - The company was approved by the Shaanxi Provincial Government and registered with the market supervision authority, with a registered capital of RMB 1,112.075445 billion [4][5] - The company is a permanent limited liability company, with the chairman serving as the legal representative [5][6] Business Objectives and Scope - The company's business objective is to adapt to market economic development, actively develop the natural gas industry, and create reasonable returns for investors [6] - The approved business scope includes natural gas transportation, related product development, comprehensive utilization, power generation, and hazardous chemical operations [6] Shares - The company's shares are issued in the form of stocks, with each share having a face value of RMB 1 [7][8] - The total number of shares issued at establishment was 408,418,675, with 1,112,075,445 shares currently outstanding, all being ordinary shares [9] Shareholder and Shareholder Meeting - The company establishes a shareholder register based on the securities registration and settlement institution's records, which serves as proof of shareholding [14] - Shareholders have rights to dividends, request meetings, supervise operations, and access financial information [15] - The company must hold an annual shareholder meeting within six months after the end of the previous fiscal year [49] Board of Directors - The board of directors is responsible for the company's operations and must report to the shareholders [76] - The board must ensure compliance with laws and regulations during meetings and decision-making processes [36][37] Financial Management - The company must adhere to financial accounting systems and internal auditing as per regulations [9] - Any financial assistance provided to others must be approved by the shareholders if it exceeds 10% of the latest audited net assets [47][48] Amendments and Legal Compliance - The company's articles of association can be amended in accordance with legal requirements and must be approved by the shareholders [12] - The company must comply with all relevant laws, regulations, and the articles of association in its operations [19][20]