Core Viewpoint - New Hope Group has been awarded the "Corporate Social Responsibility Leader Enterprise" at the 20th China Corporate Social Responsibility/ESG International Forum for its outstanding practices in corporate social responsibility and innovation in energy transition [1][3]. Group 1: Award and Recognition - The "Golden Bee Corporate Social Responsibility China List" is an important evaluation system in the field of corporate social responsibility and sustainable development in China, having assessed over 4,000 enterprises since its inception in 2008 [3]. - New Hope Group's recognition reflects its significant contributions in energy transition, green development, and industrial empowerment, receiving unanimous approval from expert reviews [3]. Group 2: Innovation in Energy Transition - Under the "dual carbon" goals, the global energy structure is rapidly transitioning to green and low-carbon, with New Hope Group proposing the concept of "pan-energy" as early as 2008, focusing on user needs and the comprehensive development of the energy value chain [4]. - The company utilizes intelligent technology to create a pan-energy network platform, providing customized energy-carbon integrated solutions for various industries and scenarios [4]. Group 3: Value Points of Pan-Energy Business - The pan-energy business offers tailored solutions for high-energy-consuming factories, including "equipment transformation + intelligent management" for industries like dyeing and food [5]. - It enhances energy efficiency through the precise identification and intelligent matching of energy quality, significantly improving system efficiency by converting low-quality energy into usable energy [5]. - The multi-energy complementary model stabilizes the energy supply system by dynamically adjusting gas energy and storage systems to address the volatility of renewable energy generation [5]. Group 4: Impact and Future Directions - The pan-energy network has connected over 50,000 devices, facilitating low-carbon transitions for more than 9,000 energy users and over 200 industrial parks, achieving energy savings exceeding 1 billion kWh [6]. - The award is a recognition of New Hope's long-term commitment to social responsibility, and the company aims to continue leading innovation and contributing to global sustainable development goals [6].

Core Viewpoint - Hangzhou has made significant progress in ecological civilization and green development, becoming a model for low-carbon transformation and sustainable urban development in China and globally [10][17]. Group 1: Achievements in Ecological Civilization - Hangzhou has been recognized for its ecological achievements, receiving excellent ratings for nine consecutive years in the Beautiful Zhejiang assessment and being named the most livable city in China for 18 years [10]. - The city was designated as the first modern international metropolis for pollution reduction and carbon neutrality innovation pilot city by the Ministry of Ecology and Environment [10][11]. - In 2024, Hangzhou contributed 24% of the provincial GDP while only consuming 14% of the energy, showcasing its efficient energy use [13]. Group 2: Policy and Framework Development - The city has implemented various policies and frameworks to promote green development, including the "Beautiful Hangzhou" construction resolutions and the "1551" pilot action system [12][13]. - Local regulations have been established to strengthen pollution control and carbon reduction, including the "Hangzhou Ecological Civilization Construction Promotion Regulations" and the "Hangzhou Non-Road Mobile Machinery Emission Control Regulations" [12]. Group 3: Green Transportation Initiatives - Hangzhou has implemented a subsidy policy for the elimination of old diesel trucks, successfully removing over 50,000 vehicles to reduce emissions [14]. - The city has achieved 100% electrification of public buses and 89% for taxis, with a total of 1.025 million new energy vehicles [14]. Group 4: Renewable Energy and Building Initiatives - In 2024, Hangzhou's photovoltaic power generation reached 3.38 billion kWh, a 53.5% increase from previous years [15]. - The city has developed a digital regulatory platform for green buildings, with 4.041 million square meters of green building area implemented in 2024 [16]. Group 5: Low-Carbon Development and Innovation - Hangzhou has established a carbon monitoring network and developed innovative carbon emission models to support low-carbon decision-making [17]. - The city has created 11 national-level green low-carbon factories and has been recognized for its collaborative innovation in pollution reduction and carbon neutrality [18][19]. Group 6: Digital Empowerment and Technological Integration - The city has integrated digital technologies into carbon emission management, creating platforms for precise monitoring and management of emissions [20]. - Hangzhou has successfully transformed 29 technological achievements into practical applications, contributing to national green technology initiatives [20].

Core Insights - The integration of energy and AI represents a deep fusion of the real economy and digital technology, driven by policies aimed at enhancing efficiency and controlling carbon emissions [1][4] - The concept of a "closed-loop" system in energy digitalization is essential for creating incremental value, emphasizing the importance of perception, cognition, and decision-making [2][3] - The energy sector is undergoing a transformation towards digitalization, with New Hope Energy's initiatives leading to significant energy savings and carbon reduction [3][5] Energy and AI Integration - The development of "Energy + AI" is characterized by a closed-loop system that enables intelligent decision-making, which is crucial for adding value to clients [2][3] - New Hope Energy has implemented a comprehensive energy system that integrates various energy sources, aiming to provide deep energy and carbon digital services to over 9,500 enterprises and 200 parks by 2025 [3] Challenges and Future Outlook - The current stage of "Energy + AI" is likened to a youthful phase, with various factors influencing its maturity, including policy guidance and industry recognition [4][6] - The energy sector faces challenges in adopting AI due to the complexity and real-time nature of industry data, necessitating a shift from single-point product optimization to comprehensive energy solutions [5] - The future of energy digital services will depend on the ability to create standardized solutions and modules that can be adapted to different industry needs, fostering a platform for innovation [5][6]

近日在美关税如过山车般"反复横跳"之下，部分出口型企业大受影响，订单量在"观望停滞"与"集中释 放"之间剧烈震荡，让企业生产线经历着"停摆"与"赶工"的极端切换——前期因关税不确定性导致美国 订单锐减，车间设备一度沉寂；随着阶段性政策窗口开启，积压订单快速回流，企业不得不开足马力、 昼夜赶工，这种"冰火两重天"的生产节奏，对供应链的韧性提出了极限挑战。 作为制造业生产链条的重要环节之一，能源供能行业在这种高度的不确定环境中受到了极大的考验。多 位天然气行业一线人士对记者表示，其经手的多宗天然气订单受影响，短期出现"取消—恢复"等不稳定 现象，对于企业日常运营带来了较大的冲击。 面对这场"关税海啸"带来的不确定性，中国天然气企业不再仅靠被动防守，而是通过"多元稳供、跨链 服务、数智赋能"等措施主动求变。中国能源头部企业新奥股份表示传统模式不能及时、有效满足客户 变化，必须用智能实现供需最优匹配，帮助客户降低用气成本。 中国企业未雨绸缪式地投身于行业的迭代升级中，以求在未来的能源转型中占据主动，同时也为中国生 产企业的降本增效作出自己的一份贡献。 多元稳供：从"保供"到"灵活供应"的升级 在全球能源市场呈现动荡态 ...

"AI在燃气全产业的应用已成为不可置疑的竞争优势，未来三年，任何城燃企业都无法脱离AI实现可持续发展。"在近日举办的第29 届世界燃气大会（WGC2025）上，新奥集团技术委员会主席张军表示，"未来10年只有两种企业会特别好，一种是生产智能的企 业，一种是应用智能生产的企业。" 近年来，国内城市燃气企业面临安全生产压力与传统售气业务增长瓶颈的双重夹击——传统售气业务受国际气价波动、用气需求下 行压力影响，业绩增长乏力；管网老化、第三方施工破损等问题频发，行业安全监管趋严。在全球能源转型与国内 "双碳" 战略叠加 的背景下，中国城市燃气企业正经历前所未有的挑战。在此背景下，人工智能技术的深度应用正在重塑城燃行业的价值逻辑。 当传统售气业务模式因气价波动、需求萎缩而陷入增长泥潭时，AI正成为城燃企业降本增效、开拓新市场的关键。 更深层的变革在于生态协同。"目前每吨液化天然气的毛利也就10块钱，赚不到一杯奶茶钱。"陈海波指出，"当客户需要的是冷热电 联供，企业还在卖单一天然气，这杯奶茶的毛利注定敌不过综合能源服务的价值。" 因此，新奥股份构建起泛能网平台，整合气、电、冷、热等多能源品类，实现跨区域、跨主体的资源优化 ...

Core Viewpoint - The natural gas industry is expected to experience growth in the next decade, driven by the transition to green and low-carbon development, with significant opportunities for companies like New Hope Natural Gas Co., Ltd. [1][3] Industry Outlook - The domestic natural gas industry is projected to remain in an upward cycle for the next 10 to 15 years, supported by national policies promoting market reforms and infrastructure development [1][3] - China's natural gas consumption is anticipated to exceed 400 billion cubic meters in 2024, accounting for approximately 10% of global consumption, indicating a substantial growth potential in the domestic market [3] - Current domestic natural gas consumption is less than 10% of total primary energy consumption, while the global average exceeds 20%, highlighting the expansion opportunities in China's natural gas market [3] Company Strategy - New Hope has adopted a "pan-energy" approach since 2009, focusing on clean energy utilization and energy system integration to reduce costs and carbon emissions for clients [4][5] - The company aims to achieve peak carbon emissions by 2030 and carbon neutrality by 2050, leveraging its core competencies in the natural gas industry and advancing smart platform construction [5] - New Hope has successfully reduced greenhouse gas emissions intensity in its urban gas business by 37.4% compared to 2019, and in its pan-energy production business by 41.5% [5] Safety and Technology - New Hope employs a unique methodology to address safety issues in urban gas operations, focusing on both physical and human factors that contribute to safety risks [6][7] - The company utilizes IoT and smart technologies for real-time monitoring of gas infrastructure, significantly improving the efficiency and accuracy of safety inspections [6][7] International Business - New Hope's international business strategy centers on natural gas trade, with a diversified resource pool and a robust risk management system to navigate complex global markets [8][10] - The company has established a global resource acquisition system to avoid reliance on any single country or region, enhancing operational resilience in the face of international uncertainties [10]

Core Viewpoint - Natural gas is increasingly recognized as a long-term energy source rather than merely a transitional one, with its flexible integration with renewable energy sources like wind and solar being emphasized at the 29th World Gas Conference (WGC2025) [1][2]. Industry Insights - The current share of natural gas in China's primary energy consumption is only 8.5%, significantly lower than the global average of 24%, indicating substantial future growth potential [3]. - China's apparent natural gas consumption is projected to reach 426 billion cubic meters in 2024, with an annual growth rate of 8% [3]. - By 2030, China's total natural gas consumption is expected to reach between 550 billion and 600 billion cubic meters, driven by the need for cleaner energy and the growth of LNG demand in the transportation sector [3][6]. Company Developments - New Energy's gas sales are expected to approach 40 billion cubic meters in 2024, with industrial and commercial gas usage growing by over 5% year-on-year [4]. - New Energy has launched a natural gas capability recognition model through its platform, "Good Gas Network," to optimize supply and demand matching, significantly reducing costs for customers and increasing profits for city gas companies [7][8]. Technological Innovations - The integration of AI, blockchain, big data, and other advanced technologies is transforming the energy system, moving from experience-based management to data-driven intelligence [7][9]. - New Energy has deployed over 130,000 IoT sensing devices and 20,000 visualization devices across various scenarios, establishing a comprehensive smart safety management system [10]. Future Outlook - The company anticipates a growth trajectory for natural gas over the next 10 to 15 years, with an expected annual growth rate of around 5% [6]. - The development of comprehensive energy services driven by AI is seen as essential for creating value for customers and enhancing operational efficiency [11].

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume showing a year-on-year increase of 0.3%, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations to seek shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% YoY growth) - 2026E: RMB 122,701 million - 2027E: RMB 129,239 million [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% YoY growth) - 2026E: RMB 7,782 million - 2027E: RMB 8,098 million [3][11]. - The company is expected to maintain moderate profit growth over the next three years, with a compound annual growth rate of approximately 5% from 2024 to 2027 [7][8]. Operational Performance - The company’s retail gas sales volume is projected to grow as follows: - 2023: 25,145 million cubic meters - 2024: 26,200 million cubic meters - 2025E: 26,782 million cubic meters (2.2% growth) - 2026E: 27,588 million cubic meters - 2027E: 28,421 million cubic meters [8]. - The company has also seen a 9.9% year-on-year increase in its diversified energy sales volume, reaching 100 billion kWh in the first quarter [7][8]. Market Position - The company’s market capitalization is approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current closing price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume growing by 0.3% year-on-year, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations for shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% growth) - 2026E: RMB 122,701 million (5.3% growth) - 2027E: RMB 129,239 million (5.3% growth) [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% growth) - 2026E: RMB 7,782 million (8.5% growth) - 2027E: RMB 8,098 million (4.1% growth) [3][11]. - The company maintains a dividend yield of 4.6% in 2023, projected to increase to 7.0% by 2027 [3][11]. Operational Performance - The company expects retail gas volume and energy sales to grow by 2.2% and 12% respectively in 2025, despite the warm winter's impact [7][8]. - The number of new residential connections decreased by 16% year-on-year to 287,000, with a ratio of new to old homes at 3:1 [7][8]. - The energy business saw a sales volume increase of 9.9% year-on-year to 10 billion kWh, with 14 new projects becoming operational [7][8]. Market Position - The company's market capitalization stands at approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].

Core Viewpoint - The company reported its Q1 2025 financial results, showing a slight decline in total revenue and net profit, while core profit experienced a marginal increase, indicating performance slightly below expectations [1]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 33.74 billion yuan, a year-on-year decrease of 1.44% [1]. - The net profit attributable to shareholders was 976 million yuan, down 9.64% year-on-year [1]. - Core profit reached 1.08 billion yuan, reflecting a slight increase of 0.1% year-on-year, indicating resilience in core operations [1]. Group 2: Gas Sales and Market Dynamics - The company’s gas sales volume in Q1 2025 was 10.544 billion cubic meters, up 5.4% year-on-year, driven by a 34.5% increase in wholesale gas sales [2]. - Retail gas sales volume was 7.258 billion cubic meters, a slight increase of 0.3% year-on-year, with residential gas sales growing by 1.1% [2]. - The company’s platform trading gas sales volume was 1.196 billion cubic meters, showing a minor decline of 1.4% year-on-year, while international trade volume increased by 1.21 billion cubic meters [2]. Group 3: LNG Processing and Energy Sales - The LNG processing volume at the Zhoushan receiving station reached 551,700 tons in Q1 2025, a year-on-year increase of 28.6% [3]. - The company’s comprehensive energy sales volume was 10.039 billion kilowatt-hours, reflecting a year-on-year growth of 9.9% [3]. - The company has 367 operational comprehensive energy projects with a total installed capacity of 6.25 GW, and 73 projects under construction with a capacity of 1.18 GW [3]. Group 4: Strategic Developments - The privatization of New World Energy is progressing steadily, with asset restructuring expected to enhance shareholder returns [4]. - The company has updated financial data and is advancing through regulatory approvals for the privatization process [4]. - Profit forecasts for 2025-2027 have been adjusted downward due to delays in long-term resource availability and the impact of a warm winter on retail gas growth [4].