A：The composite price spread in 2025 is RMB 0.47 per cubic meter, remaining stable.

A：In 2025, the Group's operating income increased by 2%.

A：In 2025, 147000 new member residential projects will be installed and serviced.

A：In 2025, the total message volume of Tianlun Gas will reach 2.386 billion cubic meters. Consolidated business revenue growth of 15.3 percent in 2025.

A：In 2025, the revenue share of the core main business (messaging business) will increase to 86%, and the revenue share of the integrated services business will increase from 5.5 to 6.2, making it the second largest business segment of the Group and playing an important role as an engine for revenue growth. The gas consumption business grew steadily throughout the year, with total gas sales increasing by 6.8 to 2.39 billion cubic meters; the integrated service business maintained a strong growth momentum, and revenue achieved steady growth, accounting for 6.2 of total revenue.

A：In the face of the continuous adjustment of the real estate market, Tianlun Gas actively responded to the connection business and implemented precise policies. In 2025, it will serve a total of 5.99 million users, of which the cumulative number of urban gas users will reach 1.03 million and the number of new urban gas connection users will reach 151000.

A：In terms of price work, the company has completed a lot of work in 2025, such as the resident price has achieved about 90%. In 2026, we will continue to advance the remaining unfinished residential price projects and strive to complete them in full. In addition, we will straighten out the price mechanism and comprehensively promote the linkage mechanism between gas distribution cost supervision and review and sales price adjustment to cope with price fluctuations.

A：We expect to be able to achieve this goal, mainly relying on the steady increase in residential gas consumption. During the year, we will vigorously explore the industrial and commercial gas market, especially the obvious recovery of lithium battery and chemical industry capacity will drive the growth of industrial user demand. At the same time, we will actively connect with customers' energy demand and promote the effective breakthrough and continuous growth of industrial volume. In addition, we will develop an active business development strategy, increase the number of commercial developments, optimize the installation process and lower the entry threshold, thereby increasing the volume of business.

A：The Company adheres to a stable dividend policy and has been implementing a stable dividend since 2016. It is proposed to declare a final dividend of RMB 0.0557 per share for 2025, representing a payout ratio of 35% of core profit. The dividend ratio is expected to increase to 35% to 40% in 2026, maintaining a steady improvement.

A：In 2026, Tianlun Gas's core strategy in the integrated services business is in-depth services, which builds user trust and translates into business value by building a new ecosystem of home life services around the home scene. In order to achieve the growth target of more than 10% of the integrated service business, the company will increase investment in business initiatives, continue to deepen the operation of various business standardization systems, improve service quality, and realize user value through professional service processes.

A：The capital expenditure in 2025 was 0.247 billion yuan, compared with 0.317 billion yuan in 2024 in the previous year, basically maintaining the quota of about 0.3 billion. This part is mainly used for the new customer's gas network laying investment in the year. The capital expenditure for the laying of the new gas pipeline network in 2026 is still expected to be around 0.3 billion yuan. In addition, it also includes capital expenditure on project mergers and acquisitions. However, in view of the current economic environment and industry characteristics, the company has adopted a cautious attitude and has not set specific capital expenditure targets for the time being.

A：With regard to the financing cost and financing plan for 2026, with the reduction of the company's comprehensive capital cost, the comprehensive capital cost rate for 2025 is 4.7 percent annualized, down 80 BP from 2024. This was mainly due to a lower overall external interest rate environment, with both RMB and USD lending rates falling. In 2025, the company proactively adjusted its financing structure, increased the proportion of RMB loans and reduced the proportion of US dollar loans, resulting in a decrease in the proportion of foreign currency financing from 29% at the end of last year to 11% this year. This move has led to a significant reduction in the overall cost of capital. The combined cost of capital is expected to decline further in 2026 and the financing structure will remain relatively similar. The company's provision for bad debts this year has a greater impact on net profit, mainly due to the provision for impairment of receivables on the township coal-to-gas project in Henan Province. The reasons for the provision for impairment include the natural increase in the age of receivables, the progress of project acceptance and the uncertainty of the external economic environment. The auditor adjusted the model parameters when making the cash flow discount forecast, resulting in a significant increase in the provision for impairment. Subsequent companies will proactively manage the related receivable assets to maintain good asset quality.