According to a research report by CICC, it is expected that China's apparent natural gas consumption will increase by 6.2% year-on-year to 458.4 billion cubic meters in 2025, with a slight slowdown in growth compared to approximately 9.4% in 2024. This is mainly based on: 1) Industrial fuel gas demand is suppressed by gas prices and competition from alternative energy sources, with demand growth slowing from 5% year-on-year in 2024 to 4% year-on-year in 2025; 2) Gas demand for transportation is expected to decline from 32% year-on-year in 2024 to 20% year-on-year in 2025 due to a high base in 2024; 3) The scale of storage capacity replenishment remains relatively stable compared to 2024
