贵州燃气集团股份有限公司 章 程 1 | | | 第一章 总则 第一条 为维护贵州燃气集团股份有限公司（以下简称"公司" 或"本公司"）、股东和债权人的合法权益，规范公司的组织和行为， 坚持和加强党的全面领导，根据《中国共产党章程》（以下简称"《党 章》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司章程指引》和 其他有关规定，制订本章程。 第二条 公司系依照《公司法》和《证券法》和其他有关规定， 由北京东嘉投资有限公司（以下简称"东嘉投资"）、贵阳市工业投资 （集团）有限公司（以下简称"贵阳工投"）、贵州农金投资有限公司 （以下简称"农金投资"）和姚文琴等23名自然人共同作为发起人， 以贵州燃气（集团）有限责任公司整体变更设立的股份有限公司，于 2016年1月19日在贵阳市工商行政管理局注册登记，取得营业执照， 统一社会信用代码为91520100755369404M。 第三条 公司于2017年9月29日经中华人民共和国证券监督管理 委员会（以下简称"中国证监会"）证监许可[2017]1782号文批准， 首次向社会公众发行人民币普通股1 ...

| 证券代码：600903 | 证券简称：贵州燃气 | 公告编号：2024-017 | | --- | --- | --- | | 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 2023 年度计提减值准备的公告 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。 贵州燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）第三届董 事会第十五次会议、第三届监事会第十三次会议审议通过《关于 2023 年度计提 减值准备的议案》。现将相关事项公告如下： 一、2023 年度计提减值准备情况 根据《企业会计准则》及公司会计政策等相关规定，为客观反映公司财务状 况、经营成果，基于谨慎性原则，公司及下属子公司对截至 2023 年 12 月 31 日 各项需要计提减值的资产进行了预期信用损失评估，2023 年度计提各项资产减 值准备合计人民币 3,460.33 万元，影响 2023 年度归母净利润金额为 2,371.95 万元，超过公司 2023 年度经审计净利润的 10%。具体明细如下： 单位：人民币万 ...

贵州燃气集团股份有限公司 内部控制审计报告 信会师报字[2024]第 ZB10177 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查 。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查询 AADDP [信会计师事务所(特殊普通台 HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTA 内部控制审计报告 信会师报字[2024]第 ZB10177 号 贵州燃气集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了贵州燃气集团股份有限公司(以下简称公司)2023 年 12月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、 《企业内部控制评价指引》的规定,建立健全和有效实施内部控制, 并评价其有效性是企业董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财 ...

红塔证券股份有限公司 关于贵州燃气集团股份有限公司 2023年度日常关联交易执行情况的核查意见 红塔证券股份有限公司（以下简称"红塔证券"或"保荐机构"）作为贵州 燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）公开发行可转换公 司债券的保荐机构履行持续督导职责，持续督导期至2023年12月31日止。根据《证 券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第11号——持续督导》等法律法规、规范性文件的有 关规定，对贵州燃气2023年度日常关联交易执行情况进行了核查，核查情况如下： 一、2023年度日常关联交易执行情况 公司2023年度与关联方日常关联交易实际发生额为36,296.79万元，与预计相 比少18,863.12万元。具体情况如下表： | 关联人 | 交易类型 | 预计交易发生额 | 实际交易 发生额 | 实际与预 计差异 | 预计金 额与实 际发生 | | --- | --- | --- | --- | --- | --- | | | | （万元） | | | 金额差 | | | | | （万元） | （万元） | 异较大 | | | | | ...

| 证券代码：600903 | 证券简称：贵州燃气 | 公告编号：2024-011 | | --- | --- | --- | | 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 第三届监事会第十三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 贵州燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）第三届监 事会第十三次会议（以下简称"本次会议"）于 2024 年 4 月 9 日以书面、电话、 邮件等方式通知全体监事，并于 2024 年 4 月 19 日以现场方式在贵阳市新添大道 南段 298 号金耀华庭贵州燃气大营坡办公区四楼会议室召开。会议应出席监事 3 名，实际出席监事 3 名，本次会议由监事会主席吉亦宁女士主持。本次会议的召 集与召开程序符合《中华人民共和国公司法》《贵州燃气集团股份有限公司章程》 《贵州燃气集团股份有限公司监事会议事规则》的有关规定，会议合法有效。 二、监事会会议审议情况 （一）审议通过《关于<2023 年度监事会工作报告> ...

贵州燃气集团股份有限公司 对会计师事务所履职情况评估报告 贵州燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）聘请立信 会计师事务所（特殊普通合伙）（以下简称"立信"）作为公司 2023 年度财务及 内部控制审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公司 选聘会计师事务所管理办法》，公司对立信 2023 年审计过程中的履职情况进行评 估。经评估，公司认为立信资质等方面合规有效，保持了良好的独立性，认真履 职、勤勉尽责、公允表达意见，具体情况如下： 一、资质条件 1.项目合伙人近三年从业情况： 姓名：丁彭凯 | 时间 | | 上市公司 | 职务 | | --- | --- | --- | --- | | 2023 | 年度 | 贵州燃气集团股份有限公司 | 项目合伙人 | | 2023 | 年度 | 深圳王子新材料股份有限公司 | 项目合伙人 | | 2023 | 年度 | 天津凯发电气股份有限公司 | 项目合伙人 | | 2022 | 年度 | 深圳王子新材料股份有限公司 | 项目合伙人 | | 2022 | 年度 | 贵州燃气集团股份有限公司 | 项目合伙人 | | 2022 | 年度 ...

| 证券代码：600903 | 证券简称：贵州燃气 | 公告编号：2024-014 | | --- | --- | --- | | 债券代码：110084 | 债券简称：贵燃转债 | | 经立信会计师事务所（特殊普通合伙）审计，公司 2023 年度母公司实现净 利润 50,371,075.57 元，本年度可供股东分配的利润为 45,333,968.01 元。截至 2023 年末，公司合并报表的未分配利润为 1,358,637,627.45 元，资本公积余额 为 269,309,616.89 元；母公司报表的未分配利润为 755,130,204.92 元，资本公 积余额为 252,345,960.31 元。 根据《公司法》《证券法》《上市公司监管指引第 3 号—上市公司现金分红》 等法律法规、规范性文件及《公司章程》的规定，鉴于公司目前经营情况良好， 业绩稳定，在符合利润分配原则、保证公司正常经营和长远发展的前提下，为持 续回报股东，与全体股东共同分享公司发展的经营成果。公司 2023 年度利润分 配预案为：拟以 2023 年 12 月 31 日总股本 1,150,002,011 股为基数，向全体股 1 / 3 ...

| 证券代码：600903 | 证券简称：贵州燃气 | 公告编号：2024-013 | | --- | --- | --- | | 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2023年度日常关联交易执行情况及2024年度 日常关联交易预计的公告 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： 贵州燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）与关联 方日常关联交易为日常经营活动中所必需的正常业务往来，遵循公平、公正、公 开的原则，不存在损害公司和中小股东利益的情形，不会对公司持续经营能力造 成影响，不会对公司未来财务状况、经营成果造成重大不利影响。 本事项尚需提交公司2023年年度股东大会审议。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024年4月8日，公司2024年第二次独立董事专门会议全票审议通过《关于 2023年度日常关联交易执行情况及2024年度日常关联交易预计的议案》。独立董 事认为：公司与关联方在2023年度发生的关联交易属于 ...

关于贵州燃气集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目录 1、 专项审计报告 2、 附表 委托单位：贵州燃气集团股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 关于贵州燃气集团股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 信会师报字|2024]第 ZB10179 号 您可使用手机"扫一扫"或进入"注册会计师行业务员干出身和计划会是否由具有效果的会计师事务所出品 您可使用手机"扫一扫"或进入"注册会计师行业线一直管平台（hqt//zc.mdfgm.cn）"进行业网 【 】 【 - Fo 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS L 关于贵州燃气集团股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 倍会师报字[2024]第 ZB10179 号 贵州燃气集团股份有限公司全体股东: 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP (本页无正文,为 ...

R&D and Personnel - The company has 32 R&D personnel, accounting for 0.81% of the total workforce, with 3 holding a master's degree, 20 holding a bachelor's degree, and 8 holding an associate degree[3] - The company has a total of 3,954 employees, with 82 holding a master's degree, 1,550 holding a bachelor's degree, 1,287 holding an associate degree, and 1,035 with high school education or below[192] - The company's employee composition includes 1,776 production personnel, 596 sales personnel, 548 technical personnel, 163 financial personnel, and 871 administrative personnel[149] - The company has implemented a comprehensive employee training program, including new employee orientation, skill training, continuing education, and management training to meet the talent needs for continuous development[193] Financial Performance - Guizhou Gas Group Co., Ltd. reported a revenue of 18,813.83 million yuan and a net profit of 1,909.20 million yuan for 2023[30] - Guizhou Natural Gas Co., Ltd. achieved a revenue of 35,886.55 million yuan but incurred a net loss of 36.32 million yuan in 2023[30] - Guizhou Gas Group Anshun Gas Co., Ltd. recorded a revenue of 35,757.13 million yuan and a net profit of 85.06 million yuan for 2023[30] - Guizhou Gas Group Xiuwen Gas Co., Ltd. posted a revenue of 30,285.69 million yuan and a net profit of 2,710.43 million yuan in 2023[30] - National Pipeline Group Guizhou Pipeline Co., Ltd. reported a revenue of 60,909.35 million yuan and a net profit of 4,309.14 million yuan for 2023[30] - Revenue for 2023 was RMB 60.98 billion, a decrease of 1.06% year-on-year[72] - Net profit for 2023 was RMB 137 million, a significant increase of 531.82% year-on-year[72] - Net profit attributable to the parent company's shareholders was RMB 78 million, up 206.33% year-on-year[72] - Total assets at the end of the reporting period were RMB 10.773 billion, an increase of 4.50% year-on-year[72] - Net assets were RMB 4.040 billion, up 9.34% year-on-year[72] - Net assets attributable to the parent company's shareholders were RMB 3.136 billion, an increase of 6.71% year-on-year[72] - Gross profit margin for natural gas sales and installation increased by 2.71 percentage points to 14.92%[56] - Gross profit margin for comprehensive energy supply services increased by 13.1 percentage points to 12.23%[56] - R&D expenses increased by 104.57% to RMB 1.173 million[77] - Other equity instrument investments increased by 41.14 million yuan, from 150.67 million yuan to 191.81 million yuan[83] - Trading financial assets decreased by 40 million yuan, from 40 million yuan to 0[83] - Accounts receivable financing increased by 10.19 million yuan, from 47.63 million yuan to 57.82 million yuan[83] - Total assets increased by 11.33 million yuan, from 238.30 million yuan to 249.63 million yuan[83] - Natural gas sales and installation costs decreased by 3.90% to 5.01 billion yuan, accounting for 99.66% of total costs[91] - Comprehensive energy supply service costs decreased by 53.87% to 17.12 million yuan, accounting for 0.34% of total costs[91] - The top five suppliers accounted for 69.22% of total annual procurement, with a total procurement amount of 332.28 million yuan[94][100] - The company's prepayments to the top five suppliers amount to 152,732,075.83 RMB, accounting for 88.23% of the total prepayments[179] - The total bad debt provision for accounts receivable at the end of the period was RMB 186,864,318.22, with an increase of RMB 30,136,703.42 during the period[154] - The actual write-off amount of accounts receivable during the period was RMB 1,142,935.77[155] - The total accounts receivable and contract assets at the end of the period amounted to RMB 174,682,810.01, accounting for 15.69% of the total balance, with a bad debt provision of RMB 22,497,156.07[156] - The balance of accounts receivable within 1 year at the end of the period was RMB 170,441,761.28, accounting for 98.46% of the total balance[161] - The total balance of accounts receivable at the end of the period was RMB 173,116,531.81, compared to RMB 89,960,059.21 at the beginning of the period[161] Investments and Subsidiaries - The company established Guizhou Gas Group Zhijin County Gas Co., Ltd. with a registered capital of 50 million yuan, fully owned by the company[9] - The company invested 227 million yuan in Guangxi Gas Liquefied Natural Gas Co., Ltd., holding a 10% stake[9] - The company established a joint venture with Sinopec Zunyi Branch, with a registered capital of 20 million RMB, where the company holds a 49.90% stake[24] - The company established a wholly-owned subsidiary, Guizhou Gas Group Jinping County Gas Co., Ltd., with a registered capital of 10 million RMB[24] - The company transferred 50% of its equity in Zunyi Bozhou District Gas Co., Ltd. to Sichuan Huayou Group for 93.4236 million RMB[28] - The company established Guizhou Shulian Huiyun Digital Technology Co., Ltd., with a registered capital of 10 million RMB, and later increased its capital by 20 million RMB[24] - The company invested 500,000 yuan to establish a joint venture with Hongju Company, increasing its registered capital to 1 million yuan[97] - The company invested 400,000 yuan to increase the registered capital of Anfa Engineering Testing Co., Ltd. to 1 million yuan[97] Risks and Challenges - The company faces risks from declining engineering installation business due to the downturn in the real estate industry[13] - The company holds 38 city gas franchise rights, with potential risks of cancellation or termination if franchise agreement requirements are not met[13] - The company's business is concentrated in Guizhou Province, with performance heavily influenced by regional economic growth and urbanization levels[13] - The company faces risks from concentrated pipeline gas suppliers, primarily CNPC, Sinopec, and CNOOC, which could impact its operational efficiency[21] - The company is exposed to downstream market demand fluctuations, which could be affected by macroeconomic downturns or policy changes[21] - The city gas industry continues to face increasing entry barriers due to strict regulatory requirements and market supervision[33] Strategic Initiatives and Expansion - The National Energy Administration issued the "Action Plan for Accelerating the Integration of Oil and Gas Exploration and Development with New Energy (2023-2025)" in February 2023, supporting the transformation of oil and gas companies from traditional supply to comprehensive energy development and utilization[17] - The company is expanding into new energy sectors such as hydrogen, photovoltaic, and biomass energy, leveraging its natural gas industry chain and capital markets[18] - The company is leveraging big data and IoT to enhance its operational capabilities and transition from a single natural gas supplier to a digital, intelligent comprehensive energy operator[18] - The company is actively exploring new regions and users to expand its market share and improve profitability[18] - The company is actively engaged in the "dual carbon" (carbon peak and carbon neutrality) initiative[49] Corporate Governance and Leadership - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the annual report[36] - The company's profit distribution plan or capital reserve to share capital plan was approved by the board of directors[37] - The company has no violations of decision-making procedures for external guarantees[41] - The company's legal representative is Yang Cheng[50] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 600903 and the stock abbreviation "Guizhou Gas"[51] - The company strictly adheres to laws and regulations such as the "Company Law," "Securities Law," and "Shanghai Stock Exchange Listing Rules," ensuring the protection of shareholders' rights and interests, particularly for minority shareholders[130] - The company has established a comprehensive governance structure, including a Board of Directors with specialized committees such as the Strategic Committee, Nomination Committee, Audit Committee, and Compensation and Evaluation Committee[130] - The company has implemented a series of internal control systems, including the "Guizhou Gas Information Disclosure Management System" and "Guizhou Gas Investor Relations Management System," to ensure the accuracy and transparency of information disclosure[130] - The company emphasizes the integration of Party building with corporate governance, ensuring that Party committees play a leading role in decision-making and implementation[130] - The company actively fulfills its social responsibilities, including participating in public welfare activities and paying taxes in accordance with the law[130] - The company's chairman, Yang Cheng, holds 0 shares and received a pre-tax remuneration of 0 yuan[119] - The company's general manager, Cheng Yuedong, holds 0 shares and received a pre-tax remuneration of 988,500 yuan[119] - The company's former chairman, Hong Ming, holds 56,909,252 shares and received a pre-tax remuneration of 864,300 yuan[119] - The company's former director and deputy general manager, Liu Gang, holds 0 shares and received a pre-tax remuneration of 559,100 yuan[119] - The company's former independent director, Shao Hong, holds 0 shares and received a pre-tax remuneration of 100,000 yuan[119] - The company's former independent director, Huang Rong, holds 0 shares and received a pre-tax remuneration of 100,000 yuan[119] - Liu Bo, a member of the Communist Party of China, holds a master's degree and has extensive experience in legal and compliance roles, currently serving as the company's director and secretary of the disciplinary inspection commission[132] - Shen Wei, with a master's degree, has a background in law and investment, currently serving as a director of the company[132] - Ma Ling, a member of the Communist Party of China, has a strong background in finance and auditing, currently serving as the company's director and deputy general manager of Guizhou Huagong Tools Injection Molding Co., Ltd[132] - Zhang Ruibin, a member of the Communist Party of China, holds a Ph.D. in economics and is a certified public accountant (CPA) and certified treasury professional (CTP), currently serving as an independent director of the company[132] - Feng Jian, a member of the Communist Party of China, is a professor and doctoral supervisor at the School of Accounting of Southwestern University of Finance and Economics, currently serving as an independent director of the company[132] - Ding Heng, a member of the Communist Party of China, holds a master's degree in law and has extensive experience in legal practice, currently serving as an independent director of the company[132] - Hong Ming, a member of the Communist Party of China, holds a master's degree and is a senior economist, with extensive experience in telecommunications and energy sectors, currently serving in a leadership role at the company[132] - Zhang Jian resigned as Vice President in March 2024 after serving since February 2016[135] - Yang Mei, Vice President and Board Secretary, has a tenure from May 2022 to May 2025 with an attendance rate of 94.81%[135] - Jia Haibo, CFO, has been in the role since January 2016 with a tenure until May 2025 and an attendance rate of 81.51%[135] - Fang Rui, Vice President, has been in the role since April 2020 with a tenure until May 2025 and an attendance rate of 77.95%[135] - Xu Xiangjian, Vice President, started in March 2024 with a tenure until May 2025 and an attendance rate of 42.98%[135] - Wu Jun, Vice President, started in March 2024 with a tenure until May 2025 and an attendance rate of 38.90%[135] - Total compensation for executives amounted to 56,912,352[135] - Jiang Le serves as a Director at Guiyang Industrial Investment Co., Ltd. since July 2022[137] - Yang Cheng serves as Deputy Party Secretary, Director, and Chairman of the Labor Union at Wujiang Energy Investment Co., Ltd. since May 2023[137] - Wang Zhenghong serves as CFO at Guiyang Industrial Investment Co., Ltd. since July 2022[137] - The company's leadership underwent significant changes in 2023, including the election of a new Chairman and General Manager[140] - The company's Board of Directors attendance rate was 100% for most directors, with no consecutive absences[142] - The company held 4 meetings of the Remuneration and Assessment Committee in 2023, focusing on performance evaluations and salary adjustments for directors and senior management[147][148] - The company's Board of Directors held multiple meetings in 2023, discussing financial reports, budget plans, and internal control evaluations[145][146] - The company proposed a three-year shareholder dividend return plan (2023-2025) during the April 17, 2023 meeting[145] - The company approved the transfer of 50% equity of Guizhou Gas (Group) Zunyi Bozhou District Gas Co., Ltd. and changes to some fundraising project implementation methods[145] - The company revised the Audit Committee Work Rules and Internal Audit System during the August 28 and October 24, 2023 meetings[146] - The company approved the disposal of some assets during the December 27, 2023 meeting[146] - The company's audit committee members are Feng Jian, Liu Bo, and Zhang Ruibin, while the nomination committee includes Zhang Ruibin, Yang Cheng, and Ding Heng[187] Operational and Infrastructure - The company operates long-distance pipelines with diameters generally above 400mm and pressures ranging from 4-10Mpa[49] - The company manages branch pipelines that distribute natural gas from long-distance pipelines to various regions within the province[49] - The company's subsidiaries include Guizhou Gas (Group) Co., Ltd., Guizhou Energy Group, and Wujiang Energy Investment Co., Ltd.[46] - The company is involved in the construction and development of natural gas infrastructure, including gate stations and distribution stations[49] - The company collaborates with major energy players such as CNPC, Sinopec, and CNOOC[49] - The company's natural gas pipeline network covers major cities, population gathering areas, core economic zones, and major industrial parks in Guizhou Province[85] - LNG (Liquefied Natural Gas) is a key focus, with its volume being 1/600 of its gaseous state, facilitating transportation[49] - Natural gas sales reached 1.624 billion cubic meters, a year-on-year increase of 3.06%[72] Cash Flow and Financial Management - The company's operating cash flow increased compared to the same period last year, mainly due to an increase in the gas purchase and sale price difference[123] - Investment cash flow decreased compared to the same period last year, primarily due to a reduction in cash paid for investments[123] - Financing cash flow decreased compared to the same period last year, mainly due to a decrease in net bank loan proceeds[123] - The company has established a relatively sound internal control system to effectively manage various aspects of its operations, though risks of administrative penalties and litigation losses remain[117] - The company has established and effectively implemented an internal control system to ensure legal compliance, asset security, and accurate financial reporting[200] Accounting and Financial Policies - The company classifies leases as finance leases and operating leases, with finance leases transferring substantially all risks and rewards of ownership, while operating leases do not[167] - For operating leases, rental income is recognized on a straight-line basis over the lease term, and initial direct costs are capitalized and amortized over the lease term[167] - For finance leases, the company recognizes finance lease receivables at the inception of the lease, measured at the net investment in the lease, which includes the present value of unguaranteed residual value and lease payments not yet received[169] - The company applies the Accounting Standards Interpretation No. 16, which affects deferred tax assets and liabilities, with an impact of 807,442.20 RMB on deferred tax assets and 949,507.60 RMB on deferred tax liabilities[171] Compensation and Profit Distribution - The company adheres to a profit distribution policy that includes annual cash dividends and may consider interim cash dividends based on profitability and capital needs[194] - The company has a structured compensation system for senior management, consisting of a fixed base salary and a performance-based annual bonus[200] Market and Regulatory Environment - The cross-provincial natural gas pipeline transportation price was significantly reduced to 4 rates, promoting the formation of a "national network"[32] - The city gas industry continues to face increasing entry barriers due to strict regulatory requirements and market supervision[33]