Core Viewpoint - Guizhou Gas Group Co., Ltd. maintains a strong market position in the Guizhou province, with rapid growth in gas sales volume, despite facing challenges such as rising natural gas procurement prices and investment pressures in pipeline construction [4][5][11]. Financial Overview - Total assets of Guizhou Gas reached 121.19 billion yuan in 2025, with total liabilities at 79.32 billion yuan, resulting in a debt-to-asset ratio of 65.45% [5][6]. - The company reported a total revenue of 66.80 billion yuan in 2024, with a net profit of 1.01 billion yuan, reflecting a slight decrease from previous years due to increased bad debt provisions [5][18]. - EBITDA for 2024 was 7.23 billion yuan, with an EBITDA interest coverage ratio of 3.42 times [5][18]. Market Position - Guizhou Gas is the largest urban gas operator in Guizhou province, holding 37 pipeline gas operating rights and covering major population centers [11][12]. - The company has seen a significant increase in gas supply, with a total gas supply of 19.09 billion cubic meters in 2024, a year-on-year increase of 17.59% [12][13]. Operational Challenges - The company faces challenges such as rising natural gas procurement prices and the need for further investment in pipeline infrastructure, which may impact its operational efficiency [4][5][11]. - The gas sales price has slightly decreased due to regulatory changes, leading to a narrowing of the purchase-sale price spread [12][13]. Future Outlook - The credit rating outlook for Guizhou Gas is stable, with potential for upgrades if gas consumption increases significantly and profitability improves [5][6]. - The company plans to continue expanding its gas infrastructure and enhancing its operational capabilities, with a focus on digital transformation and market expansion [9][11]. Corporate Governance - The company has undergone management changes but maintains a stable governance structure, with the controlling shareholder, Wujiang Energy Investment Co., Ltd., continuing to support its operations [9][10][22]. - Guizhou Gas is actively pursuing the acquisition of shale gas assets to enhance its operational capacity and market position [10][11]. Investment and Financing - The company has issued convertible bonds to finance urban gas pipeline construction and repay bank loans, with a total issuance of 10 billion yuan [22][23]. - As of May 2025, the company had unused bank credit of 5.337 billion yuan, indicating a solid liquidity position [17][22].

| 证券代码：600903 | 证券简称：贵州燃气 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：110084 | 债券简称：贵燃转债 | | 贵州燃气集团股份有限公司 关于"贵燃转债"跟踪信用评级结果的公告 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、准确性和完整性承担法律责任。 重要内容提示： 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》《公司债 券发行与交易管理办法》和《上海证券交易所股票上市规则》等有关规定，贵州 燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）委托信用评级机构 中诚信国际信用评级有限责任公司（以下简称"中诚信国际"）对公司于2021年 12月公开发行的可转换公司债券（简称"贵燃转债"）进行了跟踪信用评级。 公司前次主体信用评级结果为"AA"，评级展望为"稳定"；"贵燃转债"前 次评级结果为"AA"，评级机构为中诚信国际，评级时间为2024年6月14日。 中诚信国际在对公司经营状况及行业相关情况进行综合分析与评估的基础 上，于2025年6月23日出具了《贵州燃气集团 ...

中诚信国际信用评级有限责任公司 2025 年 6 月 23 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际不对任何投资者使用本报告所述的评级结果而出现的任何损失负责，亦不对评级委托方、评级对象使用 本报告或将本报告提供给第三方所产生的任何后果承担责任。 本次评级 ...

一、本次股份被冻结/标记情况 2025 年 6 月 17 日，公司收到持股 5%以上股东北京东嘉《关于股份被冻结的告知 函》，获悉北京东嘉所持公司股份 147,231,778 股被司法冻结，占其所持公司股份数的 68.23%，占公司总股本的 12.80%。具体情况如下： | 股东名称 | 冻结股份数量 | 占其所持股 份比例 | 占公司总股 本比例 | 冻结股份 是否为限 售股 | 冻结起始日 | 冻结到期日 | | 冻结申请人 | 冻结原因 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 北京东嘉 | 147,231,778 | 68.23% | 12.80% | 否 | 2025 年 6 月 16 日 | 2028 年 6 15 日 | 月 | 中国中信金 融资产管理 股份有限公 司北京市分 公司/北京 | 司法冻结 | | | | | | | | | | 市第二中级 | | | | | | | | | | | 人民法院 | | | 合计 | 147,231,778 | 68.23% | 12.80% | 否 | - | ...

证券代码：600903 证券简称：贵州燃气 公告编号：2025-055 债券代码：110084 债券简称：贵燃转债 贵州燃气集团股份有限公司 关于持股 5%以上股东部分股份被冻结的公告 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 ●截至本公告披露日，北京东嘉持有公司股份 215,797,778 股，占公司总股本的 一、本次股份被冻结/标记情况 函》，获悉北京东嘉所持公司股份 147,231,778 股被司法冻结，占其所持公司股份数的 冻结股份 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。 重要内容提示: ●北京东嘉投资有限公司（以下简称"北京东嘉"）系贵州燃气集团股份有限公司 （以下简称"贵州燃气"或"公司"）持股 5%以上非控股股东、非控股股东的一致行动 人，其部分股份被冻结事项不会导致公司实际控制人发生变化，亦不会对公司日常经营和 管理造成影响。 占其所持股 占公司总股 股东名称 冻结股份数量 是否为限 冻结起始日 冻结到期日 冻结申请人 冻 结原因 份比例 本比例 售股 北京东嘉 147,231,778 68.23% 12.80% 否 司北京市分 司法冻结 融资 ...

Core Viewpoint - The report outlines the issuance and management of the convertible bonds by Guizhou Gas Group Co., Ltd., detailing the approval process, issuance specifics, and subsequent adjustments to the bond's terms, including interest rates and conversion prices [4][5][6]. Group 1: Bond Issuance Overview - The total amount of the convertible bonds issued is RMB 100 million, with the net proceeds after fees amounting to RMB 99.24 million [5]. - The bonds were approved by the China Securities Regulatory Commission on September 10, 2021, and listed on the Shanghai Stock Exchange on January 18, 2022 [5][6]. - The bonds have a maturity period of six years, from December 27, 2021, to December 26, 2027 [8]. Group 2: Bond Terms and Conditions - The bonds have a tiered interest rate structure, starting at 0.30% in the first year and increasing to 2.00% by the sixth year [9]. - Interest payments are made annually, with the principal and final interest due at maturity [10]. - The initial conversion price is set at RMB 10.17 per share, subject to adjustments based on corporate actions [15][22]. Group 3: Conversion Price Adjustments - The conversion price was adjusted downwards from RMB 10.17 to RMB 7.22 on May 16, 2022, following a review of stock performance [22]. - Subsequent adjustments were made, with the conversion price further reduced to RMB 7.18 after a cash dividend distribution on May 30, 2022 [24]. - The latest adjustment set the conversion price at RMB 7.12, effective from June 16, 2025, following the 2024 annual profit distribution [35][36]. Group 4: Redemption and Buyback Provisions - The company has the right to redeem the bonds at 110% of the face value within five trading days after maturity if they remain unconverted [27]. - Conditional redemption can occur if the stock price exceeds 130% of the conversion price for a specified period or if the unconverted balance falls below RMB 30 million [28][29]. Group 5: Profit Distribution and Impact - The company plans to distribute cash dividends based on the total share capital, with adjustments made to the bond's conversion price as necessary [34]. - The profit distribution process complies with legal and regulatory requirements, ensuring no adverse impact on the company's operations or debt repayment capabilities [37].

Core Viewpoint - The Chengdu Railway Supervision Administration conducted a safety production interview regarding illegal construction activities near operational railway lines, highlighting safety risks and the need for improved communication and safety measures among involved parties [4]. Group 1: Safety Production Interview - The interview involved multiple parties, including the Guizhou Provincial Department of Transportation and several companies, addressing illegal construction activities near the Hukun Line [4]. - Issues identified included lack of consent from railway transport enterprises and inadequate safety risk assessments [4]. - The interview emphasized the importance of establishing a regular communication mechanism with railway-related departments and enhancing internal safety protocols [4]. Group 2: Companies Involved - China Communications Construction Fifth Engineering Bureau Co., Ltd. was established in 1989 with a registered capital of 100 million RMB [4]. - Sichuan Guoxin Yahua Communication Service Co., Ltd. was founded in 2013 with a registered capital of 7.2 million RMB [5]. - Anshun Water Supply Company was established in 2006 with a registered capital of 20 million RMB [5]. - Guizhou Gas Group Anshun Gas Co., Ltd. was founded in 2007 with a registered capital of 188 million RMB [5].

债券受托管理人 股票代码：600903 股票简称：贵州燃气 债券代码：110084 债券简称：贵燃转债 贵州燃气集团股份有限公司 公开发行可转换公司债券 第三次临时受托管理事务报告 （2025 年度） 住所：云南省昆明市北京路 155 号附 1 号 二〇二五年六月 重要声明 红塔证券作为贵州燃气集团股份有限公司（以下简称"贵州燃气"、"发行 人"或"公司"）公开发行可转换公司债券（债券简称：贵燃转债，债券代码： 110084，以下简称"本次债券"或"本次可转换公司债券"）的受托管理人，持 续密切关注对债券持有人权益有重大影响的事项。根据《公司债券发行与交易管 理办法》《公司债券受托管理人执业行为准则》《可转换公司债券管理办法》等 相关规定、本次债券《受托管理协议》的约定以及发行人的相关公告，现就本次 债券重大事项报告如下： 一、本次可转换公司债券审批及核准概况 本次可转债发行方案于 2020 年 6 月 15 日召开的公司第二届董事会第十次会 议审议通过，并经 2020 年 7 月 1 日召开的 2020 年第一次临时股东大会表决通过。 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）、 ...

Core Points - The company announced a cash dividend distribution of CNY 0.02106 per share, approved at the 2024 annual shareholders' meeting on May 26, 2025 [1] - The total cash dividend payout amounts to CNY 24,219,177.49, based on a total share capital of 1,150,008,428 shares [2] Distribution Plan - The cash dividend will be distributed to shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [2] - The record date for the A shares is June 13, 2025, with the ex-dividend date and cash dividend payment date both set for June 16, 2025 [4] Taxation Details - For individual shareholders holding shares for more than one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of CNY 0.02106 per share [3] - For shares held for one year or less, the tax will be calculated upon the transfer of shares, with a tax burden of 20% for holdings of one month or less, and 10% for holdings between one month and one year [3] Additional Information - The company will distribute the cash dividends through the China Securities Depository and Clearing Corporation Limited, with tax deductions applied as per relevant regulations [5] - For any inquiries regarding the dividend distribution, shareholders can contact the company's board office at the provided phone number [5]

| 证券代码：600903 | 证券简称：贵州燃气 公告编号：2025-054 | | --- | --- | | 债券代码：110084 | 债券简称：贵燃转债 | 贵州燃气集团股份有限公司 关于 2024 年度权益分派调整可转债转股价格的公告 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、准确性和完整性承担法律责任。 重要内容提示： 因实施 2024 年年度权益分派,贵州燃气集团股份有限公司（以下简称"贵州燃气" 或"公司"）的相关证券复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 110084 | 贵燃转债 | 可转债转股复牌 | | | 2025/6/13 | 2025/6/16 | 经中国证券监督管理委员会《关于核准贵州燃气集团股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2021〕2970号）核准，贵州燃气集团股份 有限公司（以下简称 ...