五度妙笔
API商城
数据库致股东信：需求牵引，创新求变，做大做强天然气业务生态
尊敬的股东：
2025年在时代浪潮的奔涌中圆满落幕，这一年，我们共同经历了市场格局的深刻调整与行业周期的严峻考验，也共同见证了新奥人在变局中坚守初心、在挑战中主动求变的勇气与智慧。在此，我谨代表董事会，向始终给予我们信任、支持与并肩同行的各位股东，致以最诚挚的感谢！你们坚定不移的同行，赋予我们穿越周期，在复杂环境中锚定方向、稳健前行的底气和力量。
也正是这份双向奔赴的信赖，支撑着我们在2025年实现了营业收入1,314.57亿元人民币，归母净利润46.81亿元，基本每股收益1.52元/股的优异成绩。在资本市场中，我们信息披露评级获评A级，彰显公司透明规范的治理水平；MSCI ESG评级连续两年斩获AAA评级，评级得分登顶全球燃气公用事业榜首，印证我们在可持续发展领域的全球领先地位；国际评级机构标普、惠誉维持公司BBB（稳定）评级，穆迪维持Baa3（稳定）评级，国内评级机构中诚信维持公司AAA评级，充分肯定了公司稳健的经营与治理能力。
站在新的历史起点，我们看到全球能源格局深刻变革，天然气行业正经历从单一供气到综合能源服务的重大转型。面对挑战与机遇交织的新环境，我们全面审视自身，积极校准战略方向，主动谋划未来，致力于把握转型先机。
时代的演进，始终以需求为导向。当前我们清晰地认识到，过去以供给为导向的传统模式已难以满足新时代的要求，客户的需求正变得更加多元、动态和复杂，各类客户已从单一需求转向对低成本、高灵活、稳供应、强低碳等综合诉求，并衍生出国际资源获取、价格风险管理、富余资源消纳等新需求。
在治理需求维度，宏观经济的周期性调整，需要企业发展更加侧重风险防控与机遇把握；能源结构加速向绿色低碳的转型，要求企业推动多能互补、低碳转型业务落地；行业监管政策的持续完善，需要我们进一步聚焦合规及安全运营，强化运营安全保障能力。同时，作为一家上市公司，资本市场的期待也不仅仅是业绩增长，更看重我们经营的稳健性、战略的清晰度和治理的透明度。
过去的一年，依托国内坚实的客户基础、多元化的海内外资源池、强大的履约交付网络以及国际先进的风控体系四大业务支点，我们已构建全场景贯通的能力基础。然而，客户需求的升级与多元化正在逐步突破现有供给能力的服务边界，智能技术对价值创造的赋能潜力亦尚未充分释放。与此同时，治理层面的变革也向我们提出了智能化转型、优化投资组合管理、深化安全合规运营、强化企业文化的激发与引领等新要求。
基于此，我们必须回归客户及治理需求的原点，系统性构建全新的组织能力体系。一方面，深度锻造治理能力，使其成为应对规模挑战、推动战略转型的坚实压舱石；另一方面，以自身能力架构为核心抓手，进一步明晰核心能力锚点，借助智能技术强化核心优势，实现战略层面的关键破局。我们坚信挑战与机遇并存，唯有以需求为牵引、以创新为驱动、以治理为保障，方能在存量竞争中开辟高质量发展新路径。
基于对客户需求、行业趋势与自身能力的深度认知，我们明确要构建涵盖业务生态能力、治理能力与智能支撑的组织能力体系，以需求牵引，通过创新开源与降本增效做大做强业务生态，以治理升级护航，打造智慧能力平台，实现高质量跨越式发展。
创新策略，开辟多元增长曲线：我们将打破传统经营模式边界，以差异化、多元化的创新举措回应各类客户需求，从过去单点供能模式全面升级为覆盖资源成本优化、市场风险管控、全链条效率提升的综合价值管理模式，助力客户提质增效。我们将从最初的管网代输，逐步升级至提供中长期资源购销及国际资源合作，并依托气电协同、销采联动等综合能源协同式的一体化解决方案，帮助客户在降低原料成本的同时，主动管理客户侧收益，保证综合运营利润；我们将把国内服务能力延伸至国际，为出海企业提供一站式用气服务；帮助不同客户提供优化资源配置、富裕资源消纳、管理市场风险及价格波动服务，平抑收益波动，锁定利差；以舟山接收站为核心支点，构建加注、转运、购销协同的生态模式，并推动全国接收站高效联动。同时，我们将持续夯实基本盘，通过智能管网、智能客服等能力建设，提升运营效率与客户体验，筑牢发展根基。
治理升级，筑牢稳健发展基石：我们将持续强化治理能力，以现代化治理水平护航战略落地，明确责任并建立长效激励机制，激发组织内生动力；打造投资全周期管理能力，优化资产配置，提升资产运营效率及收益；强化合规与风险防控，将规则嵌入业务全流程，增强业务运营韧性；通过智能化手段赋能安全能力建设，织密安全防护网络，筑牢安全运营底线；以文化凝聚伙伴共识，将价值观融入业务全场景，激发伙伴自驱力。我们将持续优化股东回报机制，兼顾短期业绩兑现与长期价值增长，以稳定、可持续的分红政策与经营成果，回报各位股东的信任与支持。
以智强能，打造生态能力平台：我们将打造一个开放、智能的企业能力平台，聚合客户需求、生态资源与设施资源，通过智能算法实现需求、供应、运输、储存的动态最优匹配，将业务实践中沉淀的客户认知、资源优化、交易风控、智能运营等核心能力产品化、模块化，供各业务单元在平台内灵活调用，实现从经验驱动到智能驱动的转变。着眼未来，我们会持续深度打磨能力平台，孵化平台商业模式，赋能产业生态伙伴，助力其共生共赢，共同向天然气繁荣生态迈进。
各位股东，变革之路从无坦途，但方向已然清晰，时代浪潮虽有起伏，但发展大势不可逆转。我们将坚定不移地推动天然气业务生态的转型升级，在存量竞争中突围，在增量市场中领跑。我们坚信，凭借清晰的战略布局、坚实的能力底座、卓越的团队协作能力，在新一轮行业变革中，不仅能够行稳致远，更能开创发展新格局，以持续、健康、跨越式的发展，回报各位股东的长期信赖。
董事长：蒋承宏
Driven by demand, Embracing Innovation and Transformation to Expand and Strengthen the Natural Gas Business Ecosystem
Dear Shareholders,
The year 2025 has drawn to a successful close amidst the surging tides of our era. During the year, we have collectively experienced profound adjustments in the market landscape and severe tests from industry cycles. We have also witnessed the courage and wisdom of ENN people who remained steadfast in their original aspirations amid changes and proactively pursued transformation in the face of challenges. On behalf of the board of directors, I would like to extend my sincerest gratitude to all shareholders for your continued trust, support and partnership. Your unwavering companionship has given us the confidence and strength to navigate through industry cycles, maintain a clear direction in a complex environment, and move forward steadily.
It is precisely this mutual trust that underpinned our outstanding performance in 2025: operating income of RMB 131.46 billion, net profit attributable to shareholders of RMB 4.68 billion, and basic earnings per share of RMB 1.52. In the capital market, our information disclosure rating was awarded Grade A, demonstrating the company's transparent and standardized governance; our MSCI ESG rating achieved AAA rating for the second consecutive year, ranking highest among global gas utility peers and underscoring our leading position in sustainability. International rating agencies S&P and Fitch maintained the company's BBB (Stable) rating, Moody's maintained the Baa3 (Stable) rating, and domestic rating agencies CCXI maintained AAA rating, fully affirming the company's stable operation and governance capabilities.
Standing at this new historical juncture, we are witnessing profound shifts in the global energy landscape, and the natural gas industry undergoes a major transformation from a single gas supply model to integrated energy services. Amid an evolving environment where challenges and opportunities coexist, we have conducted comprehensive self-assessment, proactively recalibrated our strategic direction, actively planned for the future, and committed to seizing first-mover advantages in this transformation.
The evolution of our times has always been demand-oriented. Currently, we clearly recognize that the traditional supply-oriented model can no longer meet the requirements of the new era. Customer needs are becoming increasingly diverse, dynamic, and complex. Customers have shifted from single demands to integrated requirements encompassing low cost, high flexibility, stable supply, and strong low-carbon performance. New demands have also emerged, including international resource procurement, price risk management, and surplus resource absorption.
From the governance perspective, cyclical adjustments in the macroeconomy require enterprises to place greater emphasis on risk prevention and control as well as opportunity capture in their development; the accelerated transformation of the energy structure toward green and low-carbon requires enterprises to advance multi-energy complementarity and low-carbon transformation initiatives; the continuous refinement of industry regulatory policies requires us to further focus on compliance and safe operations, strengthening operational safety assurance capabilities. Meanwhile, as a listed company, the capital market expects not only performance growth but also operational stability, strategic clarity, and governance transparency.
Over the past year, relying on four business pillars- a solid domestic customer base, diversified domestic and overseas resource pools, a robust fulfillment and delivery network, and an internationally advanced risk control system we have built a capability foundation covering all scenarios. However, the upgrading and diversification of customer needs are gradually breaking through the service boundaries of existing supply capabilities, and the potential of intelligent technologies to empower value creation has yet to be fully unleashed. Simultaneously, governance-level changes have also placed new demands on us, including advancing intelligent transformation, optimizing investment portfolio management, enhancing safe and compliant operations, and strengthening the inspiration and leadership of our corporate culture.
Against this backdrop, we must return to the origin of customer and governance needs and systematically build a new organizational capability system. On the one hand, we will deeply cultivate governance capabilities to serve as a solid ballast for addressing challenges from business scale and driving strategic transformation. On the other hand, taking our own capability architecture as the core lever, we will further clarify the anchor points of core capabilities, strengthen core advantages through intelligent technologies, and achieve strategic breakthroughs. We firmly believe that challenges and opportunities coexist, and only by being demand-driven, innovation-led and governance-enabled can we blaze a new trail of high-quality development amid intense competition.
Based on in-depth understanding of customer needs, industry trends and our own capabilities, we are determined to build an organizational capability system covering business ecosystem capabilities, governance capabilities and intelligent support. Driven by demand, we will expand and strengthen the business ecosystem through innovation-driven growth, cost reduction and efficiency improvement. Supported by upgraded governance, we will build an intelligent capability platform to achieve high-quality leapfrog development.
Innovative strategies to create multiple growth curves: We will break through the boundaries of traditional business models and respond to diverse customer needs with differentiated and diversified innovations. We will upgrade from the traditional single-point energy supply model to a comprehensive value management model covering resource cost optimization, market risk control and full-chain efficiency improvement, helping customers enhance quality and efficiency. We will gradually evolve from pipeline transmission services to medium- and long-term resource procurement and sales as well as international resource cooperation. Through integrated solutions such as gas-power synergy and marketing-production linkage, we will help customers reduce raw material costs while proactively managing customer-side margins to ensure stable operating profits. We will extend domestic service capabilities overseas to provide one-stop gas solutions for enterprises going global. We will support customers in optimizing resource allocation, absorbing surplus resources, managing market risks and price volatility, stabilizing earnings fluctuations and locking in margins. With the Zhoushan LNG Terminal as a core hub, we will build a collaborative ecosystem integrating refueling, transshipment and trading, and promote efficient connectivity among national terminals. Meanwhile, we will continue to consolidate our foundation by developing intelligent pipelines and intelligent customer services to improve operational efficiency and customer experience.
Governance upgrades to consolidate the cornerstone of steady development: We will continue to strengthen governance capabilities and use modern governance to support strategy implementation. We will clarify responsibilities and establish long-term incentive mechanisms to stimulate organizational dynamics. We will build full-cycle investment management capabilities, optimize asset allocation, and improve asset operation efficiency and returns. We will enhance compliance and risk prevention, embed rules into the entire business process, and strengthen operational resilience. We will empower safety capabilities through intelligent tools, build a tight safety network, and uphold the bottom line of safe operation. We will unite partners through shared culture, embed values across all business scenarios, and inspire self-driven growth. We will continue to optimize the shareholder return mechanism, balancing short-term performance delivery and long-term value creation, and repay your trust and support through stable and sustainable dividend policies and operating results.
Intelligent capabilities to build an ecosystem capability platform: We will build an open and intelligent enterprise capability platform that integrates customer demand, ecological resources and facility resources. Through intelligent algorithms, we will achieve dynamic optimal matching of demand, supply, transportation and storage. Core capabilities accumulated from business practices, including customer insights, resource optimization, trading risk control and intelligent operation, will be productized and modularized for flexible use by business units, enabling the shift from experience-driven to intelligence-driven operations. Looking ahead, we will continue to refine the capability platform, incubate platform-based business models, empower industrial ecosystem partners, and achieve win-win cooperation toward a prosperous natural gas ecosystem.
Dear Shareholders, the path of transformation is never smooth, but the direction is clear. While the tides of the times may fluctuate, the general trend of development is irreversible. We will unswervingly promote the transformation and upgrading of the natural gas business ecosystem, break through in existing market competition and lead in incremental markets. We firmly believe that with a clear strategic layout, a solid capability foundation and excellent teamwork, we will not only maintain steady and long-term development in the new round of industry reform, but also create a new development landscape, repaying your long-term trust with sustained, healthy and leapfrog growth.
Chairman: Jiang Chenghong
