Core Insights - The company reported a total revenue of 66.015 billion yuan for 1H25, a year-on-year decrease of 1.5%, with a net profit attributable to shareholders of 2.408 billion yuan, down 4.8% year-on-year [1] - The company signed new long-term contracts linked to oil prices, which is expected to optimize the resource pool [2] - The Zhoushan receiving station's unloading volume increased by 11.7% year-on-year, indicating a significant operational improvement [3] - The company is progressing with its privatization plan, with the current stock price reflecting a potential discount of 36% for H shares [3] - The profit forecast for 2025-2027 has been slightly adjusted upwards, with a target price set at 23.80 yuan per share [4] Financial Performance - For 1H25, the core profit was 2.736 billion yuan, showing a year-on-year increase of 1.4% [1] - In Q2, the total revenue was 32.275 billion yuan, down 1.5% year-on-year and 4.3% quarter-on-quarter, while the net profit was 1.431 billion yuan, down 1.2% year-on-year but up 46.6% quarter-on-quarter [1] - The platform trading gas volume for 1H25 was 2.69 billion cubic meters, a decrease of 0.6% year-on-year [2] Operational Highlights - The Zhoushan receiving station's unloading volume reached 1.137 million tons in 1H25, with a capacity utilization rate of 30% [3] - The company has signed a 10-year LNG long-term contract with Chevron, expected to start supplying from 2028 [2] - The Zhoushan receiving station's third-phase project is set to be operational by August 2025, enhancing its annual turnover capacity to 10 million tons [3] Market Position - The current stock price implies a 36% potential discount for H shares, which is higher than the average discount rate of 27% for comparable A+H public utility companies [3] - The company has slightly raised its profit forecasts for 2025-2027, with a projected compound annual growth rate (CAGR) of 7% [4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a total revenue of 66.015 billion yuan in H1 2025, a year-on-year decrease of 1.47%, while the net profit attributable to shareholders was 2.408 billion yuan, down 4.82%. However, core profit increased by 1.4% to 2.736 billion yuan, aligning with expectations [7] - The platform trading gas market showed resilience, with sales volume reaching 2.689 billion cubic meters in H1 2025, only a slight decline of 0.6% year-on-year, despite a 20.6% drop in LNG imports [7] - Retail gas volume grew by 1.9% year-on-year to 12.95 billion cubic meters, outperforming the industry average, with retail gas revenue of 33.627 billion yuan and a gross profit of 4.69 billion yuan, up 2.3% [7] - The Zhoushan receiving station's unloading volume increased by 11.7% year-on-year to 1.137 million tons in H1 2025, with plans for further capacity expansion [7] - The company's total liabilities decreased to 29.736 billion yuan, with a net debt ratio of 21.2%, down 3.3 percentage points year-on-year, indicating improved financial health [7] - The privatization of the subsidiary, Xin'ao Energy, is progressing, with plans for annual cash dividends of no less than 50% of the core profit, which is expected to enhance shareholder returns [7] - Profit forecasts for 2025-2027 are set at 5.155 billion, 6.419 billion, and 7.104 billion yuan respectively, with corresponding PE ratios of 11, 9, and 8 times [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 136.829 billion yuan, with a year-on-year growth rate of 0.7% [6] - The net profit attributable to shareholders for 2025 is projected to be 5.155 billion yuan, reflecting a year-on-year increase of 14.7% [6] - The earnings per share for 2025 is expected to be 1.66 yuan, with a gross margin of 14.2% [6]

关于 2025 年半年度主要运营数据的自愿性公告 上述主要运营数据源自公司内部统计。运营数据在季度之间可能存在差异， 其影响因素包括但不限于宏观政策调整、国内外市场环境变化、行业周期、季节 性因素等。上述运营数据未经审计，仅为投资者阶段性了解公司生产经营概况之 用，不能以此推算公司全年业绩情况，也并未对公司未来经营情况做出任何预测 或保证，具体财务数据请以公司披露的定期报告为准。敬请投资者注意投资风险。 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法律责任。 | 产品 | 计量单位 | 年 2025 | | 2024 | 年 | 同比增减幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 第二季度 | 上半年 | 第二季度 | 上半年 | 第二季度 | 上半年 | | 平台交易气 销售量 | 百万立方米 | 1,493 | 2,689 | 1,492 | 2,705 | 0.1% | -0.6% | | 天然气零售气 销售量 | 百万立方米 | 5,695 | 1 ...

Core Viewpoint - New Hope Co., Ltd. reported a slight decline in revenue and net profit for Q1 2025, but core profit showed a marginal increase, indicating resilience in its operations amidst market fluctuations [1] Group 1: Financial Performance - Q1 2025 revenue reached 33.7 billion yuan, a year-on-year decrease of 1.4% [1] - Net profit attributable to shareholders was 976 million yuan, down 9.6% year-on-year, aligning with Huatai's forecast of 925 to 1,023 million yuan [1] - Core profit for Q1 2025 was 1.083 billion yuan, reflecting a slight increase of 0.1% year-on-year [1] Group 2: Platform Trading Gas - New contracts linked to oil prices were signed, with Q1 2025 platform trading gas volume at 1.196 billion cubic meters, a year-on-year decrease of 1.4% [2] - Domestic gas volume was 694 million cubic meters, down 17% year-on-year, while international gas volume increased by 32% to 501 million cubic meters [2] - The company added 46 new platform trading gas customers in Q1 2025, bringing the total to 617, which supports the expansion of trading gas scale [2] Group 3: Zhoushan Receiving Station - The Zhoushan receiving station's unloading volume increased by 28.6% year-on-year to 551,700 tons in Q1 2025, with a quarterly capacity utilization rate of 29%, up 6 percentage points year-on-year [3] - The station is expected to enhance its annual turnover capacity from 7.5 million tons to 10 million tons and storage capacity from 500 million cubic meters to over 1 billion cubic meters by the second half of 2025 [3] - Core profit from Zhoushan is projected to grow by 25% and 17% year-on-year in 2025 and 2026, respectively [3] Group 4: Privatization and Valuation - The privatization plan is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [3] - The company’s shareholder meeting is scheduled for May 28, 2025, where a two-thirds majority vote from independent shareholders is required to meet one of the transaction's preconditions [3] - The target price for the company is adjusted to 23.52 yuan, based on a 14x PE ratio for 2025, reflecting a slight decrease from the previous target of 23.66 yuan [4]

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-044 新奥天然气股份有限公司 关于 2025 年第一季度主要运营数据的自愿性公告 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法律责任。 | 产品 | 计量单位 | 年 2025 | 年 2024 | 同比增减幅 | | --- | --- | --- | --- | --- | | | | 第一季度 | 第一季度 | | | 平台交易气 销售量 | 百万立方米 | 1,196 | 1,213 | -1.4% | | 天然气零售气 销售量 | 百万立方米 | 7,258 | 7,237 | 0.3% | | 泛能销售量 | 百万千瓦时 | 10,039 | 9,136 | 9.9% | | 接收站接卸量 | 万吨 | 48 | 46 | 4.3% | 一、主要运营数据 二、风险提示 上述主要运营数据源自公司内部统计。运营数据在季度之间可能存在差异， 其影响因素包括但不限于宏观政策调整、国内外市场环境变化、行业周期、季节 性因素等。上述运营数据未经审计，仅为投资者阶段 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 135.91 billion yuan for 2024, a decrease of 5.5% year-on-year, and a net profit attributable to shareholders of 4.49 billion yuan, down 36.6% year-on-year [5] - The company plans to fully privatize its subsidiary, New Energy, with a total transaction value of approximately 599.24 billion HKD [5][7] - The company’s platform trading gas sales volume reached 5.568 billion m³ in 2024, an increase of 10.3% year-on-year, while retail gas volume was 26.2 billion m³, with industrial and commercial gas maintaining a growth rate of 5.1% [7] Financial Data and Profit Forecast - The company’s total revenue and net profit forecasts for 2025 and 2026 have been adjusted to 58.76 billion yuan and 73.84 billion yuan respectively, with a new forecast for 2027 at 86.41 billion yuan [6][7] - The earnings per share (EPS) is projected to increase from 1.46 yuan to 1.56 yuan post-privatization, representing a 6.8% increase [7] - The company’s dividend policy stipulates that from 2026 to 2028, the cash dividend ratio will be no less than 50% of the core profit attributable to shareholders [7] Market Data - As of March 26, 2025, the closing price was 19.65 yuan, with a price-to-earnings (PE) ratio of 9 [2][6] - The company’s market capitalization is approximately 55.808 billion yuan [2]