证券代码：600803 证券简称：新奥股份 公告编号：临 2025-111 新奥天然气股份有限公司 关于 2021 年限制性股票激励计划预留授予部分 第四个解除限售期股票解锁暨上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 192,517股。 本次股票上市流通总数为192,517股。 本次股票上市流通日期为2025 年 12 月 30 日。 新奥天然气股份有限公司（以下简称"新奥股份"、"公司"）于 2025 年 12 月 10 日召开了第十一届董事会第六次会议，审议通过了《关于 2021 年限制性股 票激励计划预留授予部分第四个解除限售期解除限售条件成就的议案》，根据《公 司 2021 年限制性股票激励计划（草案）》（以下简称"《激励计划》"）的相关规定 以及公司 2021 年第一次临时股东大会授权，本激励计划预留授予部分第四个解除 限售期解除限售条件已满足，预留授予的 6 名激励对象在第四个解除限售期可解 除限售的限制性股票数量 ...

日前，A股燃气龙头企业新奥股份（600803.SH）向港交所递表。 与众多公司不同的是，新奥股份此次赴港上市并不是为了融资，核心目的是为了私有化其原本就在港股 上市的子公司新奥能源（2688.HK）。 一言蔽之，新奥股份以"新发行的H股+现金补偿"的方式收购新奥能源小股东的股份，并借此实现新奥 股份在港股的上市。 新奥能源的股东则可以获得两部分回报：一是每股24.50港元的现金（这部分钱由新奥自筹，而非IPO募 集），二是按比例获得新奥股份新发行的H股。 这在A股市场上并不多见。 回溯上一次采取类似路径的公司是海尔智家，其曾于2020年私有化H股子公司海尔电器并借此实现在港 的介绍上市。 时隔5年后，新奥股份作为第二家尝试这一极具挑战性的资本整合模式的A股公司，有望为市场欲采取 相似路径的公司提供更多参考。 新奥股份能否顺利登陆港股市场，市场正在拭目以待。 第二单"私有化+介绍上市" 新奥股份此次上市路径的核心逻辑在于通过私有化子公司实现母公司的港股上市。 具体而言，新奥股份将发行H股和现金作为支付对价，以私有化其控股子公司新奥能源，并实现在港股 的介绍上市。 其中，交易对价为每股新奥能源股份换取"24.5港 ...

（文章来源：证券日报） 证券日报网讯 12月22日晚间，新奥股份发布公告称，公司于2025年12月22日收到河北省商务厅出具的 《企业境外投资证书》（境外投资证第N1300202500214号），本次交易已完成商务主管部门的境外投 资备案程序。本次交易的其他有关事项正在积极推进中，公司将根据进展情况，严格按照有关法律法规 的规定和要求及时履行信息披露义务。 ...

Core Viewpoint - Neway Holdings (SH600803) has refiled for an IPO on the Hong Kong Stock Exchange after a previous application lapsed, aiming to privatize Neway Energy (HK02688) and list on the main board through an introduction method [1] Financial Performance - Neway Holdings reported revenue of 1,461.13 billion, 1,378.41 billion, 1,317.15 billion, and 644.89 billion for the years 2022, 2023, 2024, and the first half of 2025 respectively, with net profits of 110.73 billion, 125.3 billion, 99.44 billion, and 47.02 billion [4] - The company experienced a decline in both revenue and net profit in the first half of 2025 compared to previous periods [1][4] - The core natural gas sales business maintained a gross margin of 9.7% to 11%, significantly lower than the over 60% margin from the smart home business [3] Debt and Liabilities - Neway Holdings' short-term borrowings reached 92.4 billion in 2024, raising concerns about the reasonableness of its dividend payments relative to debt repayment [1][7] - The company reported a net current liability of 132.27 billion as of the first half of 2025, a nearly 78% increase from the end of 2024 [4][5] Market Position - Neway Holdings is the largest private city gas company in China, with a market share of approximately 6.1% in retail gas sales and 10.1% in comprehensive energy management solutions as of 2024 [2] Dividend Policy - The company has a historical average dividend payout ratio of 31.69%, with cumulative cash dividends exceeding 105 billion since its A-share listing [7] - The dividend policy for 2023-2025 has been fixed, with over 70% of profits allocated for dividends despite increasing short-term debt [9] IPO and Privatization Plans - The upcoming IPO aims to provide liquidity for the privatization of Neway Energy, which will become a wholly-owned subsidiary post-transaction [8] - The privatization plan involves a significant increase in debt, potentially raising the company's debt ratio from 54.3% to 67% if fully financed through loans [8]

从资金流向上来看，当日燃气板块主力资金净流入1.06亿元，游资资金净流出2648.56万元，散户资金净 流出7921.16万元。燃气板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月22日燃气板块较上一交易日下跌0.16%，新奥股份领跌。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。燃气板块个股涨跌见下表： ...

关于重大资产重组获得商务部门备案的进展公告 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-110 新奥天然气股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次交易概述 新奥天然气股份有限公司（以下简称"公司"）拟通过全资子公司私有化新奥 能源控股有限公司（股票代码：02688.HK），并以介绍上市方式在香港联合交 易所有限公司（以下简称"香港联交所"）主板上市（以下简称"本次交易"）。 本次交易构成重大资产重组、构成关联交易，不构成《上市公司重大资产重组管 理办法》第十三条规定的重组上市。本次交易的具体情况详见公司 2025 年 4 月 26 日披露的《新奥天然气股份有限公司重大资产购买暨关联交易报告书（草案）》 等相关公告。 二、本次交易的审批、备案进展情况 1、公司于 2025 年 4 月 18 日披露《新奥股份关于重大资产购买暨关联交易 进展的公告》（公告编号：临 2025-040）：本次交易无需履行反垄断审查程序。 2、公司于 2025 年 5 月 28 日召开 2024 年年 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Core Viewpoint - The company, New Hope, is seeking to achieve a dual listing status of "A+H" after submitting its application to the Hong Kong Stock Exchange for the second time, with CICC as its sole sponsor. The company is the largest private natural gas supplier in China, with a market share of 9.2% in total gas sales and is expected to be the largest private city gas company by retail gas volume in 2024 [1][12]. Group 1: Company Performance - New Hope's revenue and net profit have shown a downward trend from 2022 to the first half of 2025, with revenues of 146.11 billion yuan, 137.84 billion yuan, 131.72 billion yuan, and 64.49 billion yuan, and net profits of 10.04 billion yuan, 10.64 billion yuan, 9.73 billion yuan, and 4.40 billion yuan respectively [1][3]. - The company has maintained a stable gross margin of around 13%-14%, with a net profit margin of 6.9%, 7.7%, 7.4%, and 6.8% from 2022 to the first half of 2025 [6][12]. - The company has a strong cash flow, generating an average operating cash flow of over 13 billion yuan in the past three years, with 5.40 billion yuan in the first half of 2025 [11][12]. Group 2: Business Structure - New Hope operates across the entire natural gas value chain, including upstream gas sources, midstream storage and transportation, and downstream applications, with over 32 million residential users and more than 290,000 industrial and commercial customers [2][4]. - The core revenue source is natural gas sales, which accounted for 81% of total revenue in the first half of 2025, with retail, wholesale, and platform trading gas revenues contributing 52.2%, 21.4%, and 7.4% respectively [2][3]. - The company has diversified its offerings, including energy solutions and engineering services, with the energy solutions segment contributing 10.8% to total revenue [5][12]. Group 3: Market Position and Competition - New Hope is the largest private natural gas supplier in China, holding an 8.5% share of the overseas LNG long-term contracts market, ranking fourth among domestic suppliers [11][12]. - The natural gas industry in China is highly concentrated, with state-owned enterprises dominating the market, making it challenging for private companies like New Hope to increase market share [11][12]. - The company is well-positioned to benefit from the "dual carbon" goals, which may provide growth opportunities despite the overall low growth rate in industry demand [12].

不过新奥股份近几年来业绩表现疲软，2022年至2025年上半年，收入分别为1461.13亿元、1378.41亿 元、1317.15亿元及644.89亿，而净利润分别为100.42亿元、106.38亿元、97.3亿元及43.95亿元，收入及 盈利整体均呈现下行趋势。截至2025年10月，公司的现金及等价物有124.19亿元。 中国最大的民营天然气供应商，超千亿规模的新奥股份，二次递表后，能否如愿实现"A+H"双上市地 位？ 智通财经APP了解到，近日新奥股份向港交所主板第二次递交上市申请，中金公司为其独家保荐人。该 公司深化布局天然气全产业链，根据弗若斯特沙利文，按零售气量计，公司为2024年中国最大的民营城 燃企业，此外，按总销气量计，其也为中国最大的民营天然气企业，市占率为9.2%。 该公司为A股上市公司，股价呈现长牛趋势，七年来持续性上涨，市值已经翻倍，而今年受私有化新奥 能源及港股上市等信息影响，10月底开始股价也加速抬升，升幅超过20%。 业绩稳健，盈利平稳 智通财经APP了解到，新奥股份以天然气全场景作为基础，业务覆盖全产业链，包括上游气源（国内及 海外气源）、中游储运与调峰（储气设备、LNG船及管 ...

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].