Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company focuses on its natural gas core business, combining domestic and international resources to ensure long-term supply, with expected gradual increases in gas sales volume as the economy improves [2]. - The privatization of New Hope Energy is ongoing, aiming to create an integrated smart ecosystem for natural gas operations, while emphasizing shareholder returns through stable high dividends [2]. - The company reported a total revenue of 66.015 billion yuan in the first half of 2025, a year-on-year decrease of 1.49%, and a net profit attributable to shareholders of 2.408 billion yuan, down 4.82% year-on-year [1][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a core profit of 2.736 billion yuan, reflecting a year-on-year increase of 1.38% [6]. - The total gas sales volume reached 20.33 billion cubic meters, up 6.4% year-on-year, with international sales increasing by 20.8% [6]. - The company signed long-term supply agreements with ADNOC and Chevron, enhancing its resource pool [6]. Operational Highlights - The Zhoushan receiving station's third phase has been put into operation, significantly increasing unloading capacity [6]. - The company has expanded its renewable energy capacity, adding 324,500 kW of solar power [6]. - The smart home business saw a 60% increase in sales of its proprietary brand, Greitai [6]. Future Outlook - The company expects net profits for 2025 to be 4.505 billion yuan, with a projected growth of 0.3% [2]. - The anticipated dividend for 2025 is no less than 1.14 yuan per share, corresponding to a dividend yield of 6.1% [6]. - The company aims to maintain a cash dividend ratio of no less than 50% of the annual core profit from 2026 to 2028, highlighting its commitment to shareholder returns [6].