SPNG(SZ:002267)2022-12-06 01:33Financial Performance - The net profit for the third quarter decreased by 51.87% year-on-year, while the total profit for the first three quarters declined by 3.23% [1] - The reduction in profit is primarily attributed to the adjustment of non-residential pipeline transportation fees by the Shaanxi Provincial Price Bureau on October 20, 2016, which decreased by 10% [3] - The non-residential pipeline transportation fee was adjusted to 0.32 CNY per cubic meter [3] Pricing Structure - The gas price for direct supply customers is calculated as 1.206 CNY + 0.32 CNY = 1.526 CNY per cubic meter [3] - The residential gas price is set at 1.98 CNY, with the provincial pipeline transportation fee at 0.49 CNY [3] Supply Capacity - The company relies on the Longqing Gas Field as its primary source, supplemented by other gas sources, ensuring a diversified supply structure [3] - As of the end of 2013, Shaanxi Province had proven recoverable reserves of 0.8 trillion cubic meters of conventional natural gas, 40 billion cubic meters of shale gas, and over 1 trillion cubic meters of coalbed methane and dissolved gas [4] Demand Growth - The natural growth rate for residential gas usage is between 6-8%, while non-residential gas usage has a growth rate of less than 10% [5] - The company has been actively developing new industrial users, with significant growth in industrial gas consumption, such as a new user contributing an additional 500 million cubic meters [5] Urban Gas Business - The company has stakes in urban gas companies in cities like Xianyang, Hanzhong, Ankang, Shangluo, and Yan'an [5] - Future plans may involve injecting assets from two urban gas companies into the listed company to avoid competition [5] Management Efficiency - Management expenses decreased by 20% year-on-year in the third quarter, reflecting the company's focus on refined management practices [6] - The company is also replacing high-interest financing with low-interest short-term financing to reduce financial costs [6]