Core Viewpoint - Guizhou Gas (600903.SH) announced a significant reduction in shareholding by a major shareholder, Beijing Dongjia Investment Co., Ltd., which decreased its stake from 18.76% to 18.00% through various trading methods [1] Summary by Category Shareholding Changes - Beijing Dongjia Investment Co., Ltd. reduced its holdings by a total of 882,200 shares, consisting of 578,000 shares through centralized bidding and 304,200 shares through block trading [1] - The reduction in shareholding occurred between September 12, 2025, and October 20, 2025, indicating a strategic decision to lower its stake [1]

Core Viewpoint - Guizhou Gas (600903.SH) plans to establish a wholly-owned subsidiary, Guizhou Gas Group Guiyang Gas Co., Ltd., with a registered capital of RMB 300 million [1] Group 1 - The company intends to transfer assets totaling RMB 2.786 billion and liabilities totaling RMB 1.943 billion to the new subsidiary, resulting in a net asset value of RMB 843 million [1] - The transfer will be effective as of June 30, 2025, with adjustments made for any changes in assets and liabilities between the transfer date and the actual delivery date [1]

| 证券代码：600903 | 证券简称：贵州燃气 公告编号：2025-087 | | --- | --- | | 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%以上股东权 益变动触及 1%刻度的提示性公告 信息披露义务人保证向本公司提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。本公司董事会及全体董事保证公告内容与信息披露义务人提供 的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 18.76% | | | | 权益变动后合计比例 | 18.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人基本信息 （一）身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | 信息披露义务人身份 | 其他 5%以上大股东 | | | □合并口径第一大股东及其一致行动人 ...

证券代码：600903 证券简称：贵州燃气 公告编号：2025-086 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 关于新设全资子公司并向其划转资产的公告 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： 一、拟设立公司基本情况 （五）经营范围：许可项目：燃气经营；建设工程设计；建设工程施工；施工专业作 业；燃气燃烧器具安装、维修；发电业务、输电业务、供（配）电业务；供电业务（依法 须经批准的项目，经相关部门批准后方可开展经营活动）一般项目：非电力家用器具销售； 1 / 3 本次设立：拟设立全资子公司贵州燃气集团贵阳市燃气有限公司（暂定名，具体以市 场监督管理部门核定及登记为准，以下简称"贵阳公司"），注册资本人民币 30,000 万元。 本次划转：以 2025 年 6 月 30 日为划转基准日，拟向贵阳公司无偿划转资产总额 27.86 亿元、负债总额 19.43 亿元，净资产 8.43 亿元。划转基准日至交割日期间发生的资产、 负债变动，将根据实际情况进行调整，最终划转的资产、负债以实 ...

| 证券代码：600903 | 证券简称：贵州燃气 | 公告编号：2025-085 | | --- | --- | --- | | 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 第四届董事会第七次会议决议公告 二、会议审议情况 （一）审议通过《关于新设全资子公司并向其划转资产的议案》。同意投资 30,000 万元设立贵州燃气集团贵阳市燃气有限公司（暂定名，以工商审核为准， 以下简称"贵阳公司"），由贵阳公司在《贵阳市城市管道燃气特许经营协议》的 约定范围开展管道燃气经营业务；以 2025 年 6 月 30 日为划转基准日，同意向贵 阳公司划转资产总额 27.86 亿元、负债总额 19.43 亿元，净资产 8.43 亿元。 表决情况：9 票赞成，占全体出席董事人数的 100%；0 票弃权；0 票反对。 本议案已经第四届董事会战略委员会第二次会议、第四届董事会审计委员会 第三次会议审议通过。 内容详见上海证券交易所网站（www.sse.com.cn）同日披露的《贵州燃气集 团股份有限公司关于新设全资子公司并向其划转资产的公告》。 （二）审议通过《关于授权公司经营管理层全权办理子 ...

Market Performance - The gas sector increased by 2.93% compared to the previous trading day, with Kaitan Gas leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Individual Stock Performance - Kaitan Gas (code: 920010) closed at 15.77, up 10.43% with a trading volume of 250,200 shares and a transaction value of 375 million yuan [1] - Baichuan Energy (code: 600681) closed at 4.57, up 10.12% with a trading volume of 1,213,600 shares [1] - Changchun Gas (code: 600333) closed at 7.98, up 10.07% with a trading volume of 1,189,100 shares [1] - Guo Xin Energy (code: 600617) closed at 4.40, up 10.00% with a trading volume of 2,466,200 shares [1] - Other notable performers include Dazhong Public Utilities (up 9.94%) and Tianhao Energy (up 8.85%) [1] Capital Flow - The gas sector saw a net inflow of 365 million yuan from main funds, while retail investors experienced a net outflow of 290 million yuan [2][3] - Main funds showed significant net inflows in Dazhong Public Utilities (3.09 million yuan) and Guizhou Gas (36.58 million yuan) [3] - Retail investors had notable outflows in several stocks, including Dazhong Public Utilities and Guizhou Gas [3]

Core Viewpoint - Guizhou Gas has experienced fluctuations in stock price and trading volume, with a recent increase in share price and a notable decline in net profit year-on-year [1][2]. Group 1: Stock Performance - As of October 20, Guizhou Gas's stock price rose by 2.11% to 7.26 CNY per share, with a trading volume of 1.77 billion CNY and a market capitalization of 8.349 billion CNY [1]. - Year-to-date, the stock price has decreased by 6.32%, but it has increased by 3.42% over the last five trading days, 5.13% over the last twenty days, and 4.82% over the last sixty days [1]. Group 2: Financial Performance - For the first half of 2025, Guizhou Gas reported a revenue of 3.668 billion CNY, reflecting a year-on-year growth of 4.73%, while the net profit attributable to shareholders was 94.82 million CNY, a decrease of 41.94% compared to the previous year [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Guizhou Gas was 48,300, a decrease of 5.50% from the previous period, with an average of 23,797 circulating shares per shareholder, an increase of 5.83% [2]. - Since its A-share listing, Guizhou Gas has distributed a total of 339 million CNY in dividends, with 99.234 million CNY distributed over the past three years [3].

Core Viewpoint - Guizhou Gas experienced a slight decline of 0.28% on October 15, closing at 7.08 yuan, with significant block trades totaling 304.2 million shares and a transaction value of 19.71 million yuan [1][2]. Trading Activity - A total of 8 block trades occurred, with the first four trades priced at 6.48 yuan each, involving 31,000 shares and a transaction value of 200.88 million yuan, with a discount rate of -8.47% [1]. - The subsequent trades also maintained the same price of 6.48 yuan, with varying volumes, including 30,000 shares for 194.40 million yuan and 46,200 shares for 299.38 million yuan, all reflecting a consistent discount rate of -8.47% [2]. - Over the last three months, the stock has seen a total of 8 block trades amounting to 19.71 million yuan, with a net outflow of 10.23 million yuan in principal funds over the last five trading days, despite a cumulative increase of 3.81% in the same period [2].

Core Insights - Guizhou Gas executed a block trade of 3.042 million shares on October 15, with a transaction value of 19.7122 million yuan, accounting for 15% of the total trading volume for that day [1] - The transaction price was 6.48 yuan, representing an 8.47% discount compared to the market closing price of 7.08 yuan [1] Trading Details - The block trade on October 15 involved multiple transactions, with the following details: - Transaction price: 6.48 yuan - Total transaction amount: 1,971.22 thousand yuan - Total volume: 304.2 thousand shares - Major buying institutions included specialized institutional investors [2] - The trading data indicates a significant volume of shares traded at a price lower than the market average, suggesting potential interest from institutional investors [2]

证券代码：600903 证券简称：贵州燃气 公告编号：2025-083 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 可转债转股结果暨股份变动公告 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： 一、可转债发行上市概况 （一）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，贵州燃气于2021年12月27日公 开发行可转换公司债券1,000万张，每张面值为人民币100元，发行总额为人民币10亿元， 期限6年。 1 / 4 累计转股情况：贵州燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）可 转换公司债券（以下简称"贵燃转债"）自 2022 年 7 月 1 日进入转股期以来，截至 2025 年 9 月 30 日，"贵燃转债"累计转股金额为 84,903,000 元，占"贵燃转债"发行总 额的 8.4903%；累计因转股形成的股份数量为 11,824,381 股，占"贵燃转债"转股前 公司已发行普通股股份总 ...