Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's retail gas business shows steady growth, although the growth rate has slowed down. In Q3 2025, retail gas volume reached 6.24 billion cubic meters, a year-on-year increase of 2.1% [5] - The company is progressing well with its privatization plan, which is expected to enhance upstream and downstream integration and collaboration after completion [5] - The company has a total of 8.7 million tons of overseas long-term contracts expected to be executed from 2025 to 2029, supporting robust growth in direct sales gas business [5][8] - The company plans to maintain a cash dividend ratio of no less than 50% of core profit from 2026 to 2028, which is expected to enhance the company's value [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 95.856 billion yuan, a decrease of 2.91% year-on-year, and a net profit attributable to shareholders of 3.426 billion yuan, a decrease of 1.87% year-on-year [2] - In Q3 2025, the company reported operating revenue of 29.865 billion yuan, a decrease of 5.93% year-on-year, and a net profit attributable to shareholders of 1.018 billion yuan, an increase of 5.89% year-on-year [3] - The company’s core profit for the first three quarters of 2025 was 3.777 billion yuan, a decrease of 1.04% year-on-year, while the basic earnings per share (EPS) was 1.23 yuan [2] Business Segment Performance - Retail gas volume for the first three quarters of 2025 was 19.19 billion cubic meters, a year-on-year increase of 2.0%, with industrial and commercial gas volume at 15.21 billion cubic meters, up 2.5% [5] - Platform gas volume declined, with Q3 2025 platform transaction gas volume at 1.26 billion cubic meters, down 7.1% year-on-year [5] - The company’s diversified energy business saw steady expansion, with total sales volume of 28.99 billion kilowatt-hours in the first three quarters of 2025 [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing steady growth in core profits despite a slight decline in overall revenue and net profit for the first half of 2025. The core profit reached 2.736 billion yuan, a year-on-year increase of 1.38% [1][2] - The privatization process of the company is progressing smoothly, which is expected to enhance upstream and downstream integration and collaboration after the transaction is completed [3][4] - The company has signed a long-term gas supply agreement with Chevron, which is anticipated to significantly boost its direct sales gas business [3][4] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 65.991 billion yuan, a decrease of 1.47% year-on-year, and a net profit attributable to shareholders of 2.408 billion yuan, down 4.82% year-on-year. However, the net profit after deducting non-recurring items increased by 21.13% year-on-year [1] - In Q2 2025, the company achieved revenue of 32.262 billion yuan, a year-on-year decrease of 1.54%, but a net profit of 1.431 billion yuan, which represents a year-on-year decrease of 1.23% but a quarter-on-quarter increase of 46.58% [2] - The company’s retail gas sales volume for the first half of 2025 was 12.95 billion cubic meters, a year-on-year increase of 1.9%, with industrial and commercial users accounting for 75.6% of the total [3] - The company’s projected core net profits for 2025-2027 are 5.695 billion yuan, 6.399 billion yuan, and 7.107 billion yuan, respectively, with corresponding EPS of 1.84 yuan, 2.07 yuan, and 2.29 yuan [6][8]