天壕能源股份有限公司2025年年度报告投资者深度解读

一、公司基本面与经营亮点

• 主营业务：天壕能源主要业务包括天然气供应及管输运营和膜产品研发生产销售两大板块。
• 燃气业务：公司通过与中联煤层气有限责任公司合作，投资运营神木—安平煤层气长输管道（神安线管道），打通鄂尔多斯盆地至华北市场的重要通道，拓展了山西、河北、内蒙古、广东、福建、云南、山东等地终端燃气市场。
• 膜业务：全资子公司赛诺膜公司专注于国际前沿的TIPS法膜技术及其生产，产品应用于水处理领域，受益于政策支持与市场需求增长，2025年压力式迭代新产品销售业绩显著增强。

二、财务表现——业绩大幅下滑，需高度关注

重要提醒：2025年公司首次出现大额亏损，归母净利润由盈转亏，扣非净利润亏损幅度扩大，营业收入大幅下滑。公司现金流亦大幅减少，全年经营活动现金流净额仅为2,540万元，较上一年下降94.42%。业绩大幅恶化对公司估值及股价影响极大，投资者需高度关注业绩下滑背后的原因和公司未来扭亏能力。

三、分季度财务异动——四季度巨亏，全年亏损主因

• 2025年第四季度归母净利润为-3.76亿元，成为全年亏损的主要来源，前三季度整体表现尚可。须关注四季度是否存在一次性减值、费用计提或重大非经常性损益事项。

四、公司治理与重大事项

• 利润分配：2025年度不派发现金红利、不送红股、不以公积金转增股本，显示公司现金流及盈利能力承压。
• 高管变动：2025年2月聘任赵进锡为副总经理，分管燃气业务。2025年7月，副总经理李玉龙因退休离任，或影响公司运营稳定性。
• 公司治理优化：2025-2026年多次修订公司章程、财务管理、对外担保、投资、独立董事、薪酬等关键制度，有助于完善内部治理体系，但需持续关注实际成效。

五、债务与信用评级

• 公司当前有“天壕转债”存续，余额约3.42亿元，将于2026年12月到期，2025年付息利率2.4%。
• 债券与主体信用评级均为A+，评级展望稳定，但需警惕未来因业绩下滑引发评级调整的风险。

六、股东结构与实际控制人

• 前十大股东持股较为集中，实际控制人陈作涛合计控制公司20.27%股份，控股权稳定。
• 截至报告期末股东人数为28,458人，较上月末大幅减少，可能反映市场信心波动。

七、影响股价的潜在因素及投资者关注要点

• 业绩大幅亏损：2025年全年由盈转亏且亏损幅度极大，可能引发市场对公司基本面及持续经营能力的担忧，短期内股价或承压。
• 四季度巨亏成因：需进一步关注四季度的巨额亏损是否涉及资产减值、重大合同或投资损失，相关披露将直接影响市场判断。
• 公司治理变革：治理结构持续优化能否有效提升经营效率，仍需时间检验。
• 债务风险：若经营持续承压，未来债务兑付和评级问题值得持续跟踪。
• 行业机会：虽然公司深耕天然气和膜业务领域，具备区域管道和技术优势，但短期业绩压力需关注行业政策、市场需求和公司自救能力。

八、投资者建议

天壕能源2025年年度报告显示，公司当前正面临较大业绩压力，短期内股价可能受业绩大幅亏损影响而承压。建议投资者密切关注公司后续针对亏损原因的详细说明、四季度亏损事项及2026年扭亏为盈的措施。同时，关注公司治理优化和债务风险动态，保持审慎态度。

免责声明：本文仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。请以公司正式披露信息为准。

English Version

Tianhao Energy Co., Ltd. 2025 Annual Report – Key Takeaways for Investors

1. Business Highlights

• Main Business: Tianhao Energy focuses on natural gas supply & pipeline operation, and R&D, manufacturing, and sales of membrane products.
• Gas Segment: The company, via a key partnership, operates the Shenmu-Anping coalbed methane pipeline, connecting Ordos Basin with North China markets, and has expanded gas terminal markets in multiple provinces.
• Membrane Segment: Subsidiary Saino Membrane is a leader in TIPS membrane technology, serving water treatment markets, with strong policy support and growing demand. New generation products saw significant sales growth in 2025.

2. Financial Performance – Severe Downturn

Investor Alert: For 2025, the company posted a significant net loss, a sharp reversal from previous years’ profits. Cash flow dropped dramatically, with net operating cash flow plunging by 94.42%. This performance deterioration is highly price-sensitive and could impact the company’s valuation and share price.

3. Quarterly Volatility – Q4 Losses Dragged Down Full-Year Results

• Q4 2025 net profit attributable to shareholders was a stunning loss of RMB 376 million, causing the full-year loss. Investors should scrutinize whether this was due to impairments, one-offs, or major operational issues.

4. Governance & Key Events

• Dividend Policy: No cash dividends, bonus shares, or capital reserve conversions for 2025 due to losses, reflecting cash flow and profitability pressures.
• Management Changes: Feb 2025: Zhao Jinxi appointed as VP; July 2025: VP Li Yulong retired, which may affect operations.
• Governance Optimization: Multiple amendments to Articles of Association and key internal policies, aiming to enhance governance, though effectiveness remains to be seen.

5. Debt & Credit Ratings

• Tianhao’s convertible bond (balance of RMB 342m) matures in Dec 2026; 2025 coupon rate is 2.4%.
• Issuer and bond rating at A+ (stable), but ongoing performance issues could trigger rating risk.

6. Shareholding Structure

• Top 10 shareholders are concentrated; actual controller Mr. Chen Zuotao controls 20.27%.
• Shareholder count dropped sharply, possibly reflecting confidence concerns.

7. Price-Sensitive Issues & Investor Focus

• Major Profit Warning: The company’s swing from profit to heavy loss is a significant share price risk.
• Q4 Losses: The cause of the Q4 losses (impairment/one-offs or structural) could be decisive for valuations.
• Debt Risk: Continued poor performance could affect future debt servicing and ratings.
• Governance Reform: Structural improvements are ongoing but need time to yield results.

8. Investor Advice

Tianhao Energy faces significant operational and financial headwinds in 2025, with a likely negative impact on the share price. Investors should closely monitor future disclosures on the causes of the Q4 loss, remediation measures, and any changes in debt risk or governance outcomes. Caution is warranted.

Disclaimer: This article is for information only and does not constitute investment advice. Please refer to official company disclosures for decision-making. All investments carry risks.

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