8月初恒指一度低见24,372点，至8月中高见25,766点，不足半个月累升近5.5%，升近1,400点市场已见兴 奋，同期作为中国领先的清洁能源营运商之一，主要业务为于中国大陆投资建设和经营城市燃气管道网 络，提供管道安装及施工服务的滨海投资 (02886) 则升逾16.3% (1.04 → 1.21元)，升幅高出近恒指两 倍，并处于2024年4月以来 (历时约十六个月) 高水平，当时临近发布2025年中期业绩，相信与部分投资 者提前部署有关，结果业绩符合市场预期，股东应占溢利连续两年录得增长至约1.73亿元，创疫后同期 新高。 具实力维持全年管销目标不变 于2025上半年，营业净利率为6.0%，较去年同期的4.8%高出1.2个百分点，亦为疫后同期新高，并显著 高于行业均值的3.7%，可见集团期内展现高质量业绩表现。由于今年首季暖冬影响，集团2025上半年 总销气量为11.4 亿立方米，同比下降约14%;但单计第二季数据则同比上升约13%，显示集团销气业务仍 在高速发展。面对上半年总销气量下降压力，集团于管销气量继续维持全年目标约18.7亿立方米 (上半 年已完成8.3亿立方米)。 近年积极拓展增值服务 此 ...

8月初恒指一度低见24,372点，至8月中高见25,766点，不足半个月累升近5.5%，升近1,400点市场已见兴 奋，同期作为中国领先的清洁能源营运商之一，主要业务为于中国大陆投资建设和经营城市燃气管道网 络，提供管道安装及施工服务的滨海投资 (02886) 则升逾16.3% (1.04 → 1.21元)，升幅高出近恒指两 倍，并处于2024年4月以来 (历时约十六个月) 高水平，当时临近发布2025年中期业绩，相信与部分投资 者提前部署有关，结果业绩符合市场预期，股东应占溢利连续两年录得增长至约1.73亿元，创疫后同期 新高。 具实力维持全年管销目标不变 于2025上半年，营业净利率为6.0%，较去年同期的4.8%高出1.2个百分点，亦为疫后同期新高，并显著 高于行业均值的3.7%，可见集团期内展现高质量业绩表现。由于今年首季暖冬影响，集团2025上半年 总销气量为11.4 亿立方米，同比下降约14%;但单计第二季数据则同比上升约13%，显示集团销气业务仍 在高速发展。面对上半年总销气量下降压力，集团于管销气量继续维持全年目标约18.7亿立方米 (上半 年已完成8.3亿立方米)。 近年积极拓展增值服务 此 ...

Core Viewpoint - The report from Zhongtai International anticipates Tianlun Gas (01600) will see a return to profit growth starting from FY25, with a projected CAGR of 12.0% for net profit attributable to shareholders from FY24 to FY27, driven by a focus on industrial and commercial users in second and third-tier cities, effective pricing mechanisms, and a professional management team [1][2]. Group 1: Financial Projections - Tianlun Gas is expected to increase its natural gas retail revenue from RMB 5.04 billion in FY24 to RMB 6.34 billion in FY27, representing a CAGR of 7.9% [1]. - The comprehensive gas sales price difference for FY24 is projected to be RMB 0.47 per cubic meter, similar to FY23's RMB 0.48 per cubic meter [2]. - The gross profit margin is expected to decline from 17.2% in FY24 to 16.9% in FY25, before recovering to 17.2% by FY27 [2]. Group 2: Management and Governance - The founder and major shareholder of Tianlun Gas, Zhang Yingcen, resigned as chairman and executive director due to health reasons, with Xian Zhenyuan, who has over 20 years of service, succeeding him [2]. - The remaining executive directors are also professional managers, ensuring continued effective governance [2]. Group 3: Value-Added Services - Tianlun Gas is actively developing value-added services, such as smart kitchen renovations and gas appliance sales, with FY24 revenue from these services reaching RMB 420 million, a year-on-year increase of 14.3% [2]. - The gross margin for value-added services is approximately 49%, significantly higher than the overall company gross margin of 17.2% [2]. Group 4: Dividend Policy - The company is promoting a high dividend policy, with the core profit payout ratio increasing from 30.0% in FY23 to 33.0% in FY24, with a target of 35.0% for FY25 [2].

Core Viewpoint - The tax authorities in Kashgar region are actively providing tailored services to private enterprises, enhancing their understanding of tax policies and facilitating their development through effective communication and support [1][2]. Group 1: Tax Authority Initiatives - The Kashgar region tax bureau has implemented a full-process "customized service" approach to stimulate the vitality of private enterprises and promote high-quality development of the private economy [2]. - Tax officials have been proactive in addressing common tax-related issues faced by businesses, utilizing big data to identify tax risk points and providing timely policy guidance [2]. Group 2: Impact on Enterprises - The Shache County Fanggen Natural Gas Co., Ltd. expressed gratitude for the tax department's quick response and precise policy explanations, which helped clarify doubts regarding tax incentives related to natural gas [1]. - The company has benefited from over 10 million yuan in tax reductions due to the Western Development tax incentives, which has provided financial support for advancing their smart gas platform project [2]. Group 3: Future Plans - The Kashgar region tax bureau plans to continue monitoring taxpayer needs, focusing on key aspects of enterprise development, and enhancing policy guidance to create a better tax business environment [2].