| 证券代码：601139 | 证券简称：深圳燃气 | | | 公告编号：2025-031 | | --- | --- | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 | 23 | 转债 | | 深圳燃气关于向参股公司提供财务资助的公告 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。 1.参股公司华电九江公司成立于2011年3月25日，主营业务为九江市城东分 布式能源项目投资。为满足其经营及发展的资金需求，公司向华电九江公司提供 6,482.70万元人民币股东借款，期限为3年，年利率3%，按月付息，到期还本。 参股公司其他股东福建华电福瑞能源发展有限公司（以下简称"华电福瑞"）和 江西天然气能源投资有限公司（以下简称"江西天然气"）均按照其持有的华电 九江公司股份比例提供同等条件股东借款。 2.2025年7月18日，公司第五届董事会第三十五次会议（临时会议）以14票 赞成、0 票反对、0 票弃权审议通过了《关于向江西华电九江分布式能源有限公 1 公司向参股公司江西华电九江分布式能源有限公司 ...

Investment Rating - The investment rating for the industry is "Positive" [2]. Core Insights - Qatar has significant natural gas resources, with proven reserves of 24.7 trillion cubic meters, accounting for 13.1% of global reserves, ranking third worldwide. Qatar's LNG export capacity is expected to double by 2030, with an annualized growth rate of 13% anticipated from 2025 to 2030 [4][11]. - Qatar's production costs are extremely low, with extraction costs ranging from $0.3 to $0.5 per million British thermal units (MMBtu) and liquefaction costs around $1.8 per MMBtu, making it one of the most competitive suppliers globally [4][43]. - The majority of Qatar's LNG exports are secured through long-term contracts, primarily targeting the Asian and European markets, which could lead to downward pressure on spot prices if global demand weakens [4][52]. Summary by Sections 1. Qatar's Natural Gas Resource Endowment - Qatar's natural gas reserves are substantial, with a stable production rate. As of 2024, Qatar's natural gas production is projected to be 179.45 billion cubic meters, representing 4.35% of global production [11][30]. - A new wave of capacity expansion is expected from 2026 to 2030, with over 60 million tons of liquefaction capacity anticipated to come online, potentially doubling Qatar's LNG export capacity [4][30]. 2. Low-Cost Competitive Advantage - Qatar's gas field production costs are significantly lower than those of other major producers, with extraction costs at $0.3 to $0.5 per MMBtu, compared to $0.5 to $1 for Russia and $1.6 to $3.1 for the U.S. [43][44]. - The liquefaction cost for Qatar's LNG is approximately $1.8 per MMBtu, positioning it favorably in the global market [48]. 3. Qatar LNG Pricing Model - Qatar's LNG exports are primarily directed towards Asia and Europe, with 80% and 14% of exports respectively in 2024. Long-term contracts dominate the sales model, with over 90% of existing capacity locked in [52][58]. - The pricing of Qatar's long-term contracts is linked to oil prices, with a competitive edge when oil prices are below $70 per barrel [67]. 4. High Long-Term Contract Volumes from Chinese Enterprises - Chinese companies have secured significant long-term contracts with Qatar, totaling 15.9 million tons per year, with additional investments locking in 11 million tons per year expected to be released between 2026 and 2027 [4][64]. 5. Investment Strategy - Qatar is undergoing a large-scale expansion of its LNG capacity, with expectations of a 61% increase in export capacity by 2030. The low extraction and liquefaction costs position Qatar as a key player in the global LNG market [4][30]. - The report suggests focusing on domestic gas companies that have secured advantageous gas sources and diversified supply pools, particularly in a potential downtrend in global gas prices [4][36].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry, specifically recommending New World Energy for its stable profits and high dividend yield [1]. Core Insights - The report highlights the upward trend in European gas prices due to ongoing storage developments, while high temperatures have led to a decline in U.S. gas prices. Domestic gas prices are showing weak performance [5][10]. - The supply-demand analysis indicates that U.S. natural gas prices decreased by 3.5% week-on-week, with total supply down by 0.7% and total demand up by 0.8% as of July 9, 2025. In Europe, gas prices increased by 4.6% week-on-week, with a total consumption of 192 billion cubic meters in the first four months of 2025, up 7.4% year-on-year [5][17][19]. - The report emphasizes the importance of the recent reduction in U.S. LNG import tariffs from 140% to 25%, which enhances the economic viability of U.S. gas imports [45][51]. Price Tracking - As of July 11, 2025, the week-on-week price changes for various gas prices are as follows: U.S. HH gas price decreased by 3.5%, European TTF increased by 4.6%, and domestic LNG prices increased by 1.1% [10][15]. - The average total supply of natural gas in the U.S. was 1,125 billion cubic feet per day, with a year-on-year increase of 3.4% [17]. Supply and Demand Analysis - The report notes that the average total demand for natural gas in the U.S. increased by 2% year-on-year, with residential and commercial consumption rising by 2.3% week-on-week [17]. - In Europe, the gas supply decreased by 6% week-on-week, with significant contributions from inventory consumption and LNG receiving stations [19]. Investment Recommendations - The report recommends focusing on companies with stable profit structures and high dividend yields, such as New World Energy (2025 dividend yield of 5.3%), China Gas (2025 dividend yield of 6.4%), and Blue Sky Gas (TTM dividend yield of 8.9%) [51][52]. - It suggests monitoring companies with quality long-term contracts and cost advantages, such as New World Holdings and Jiufeng Energy [52]. Important Events - The report mentions that the European Parliament and EU member states have agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10 percentage points from the 90% storage target [50].

Financial Performance - Total operating revenue for the first half of 2025 reached 1,543,155 million yuan, representing a year-on-year increase of 11.99% primarily due to growth in gas resources and comprehensive energy revenue [2] - Operating profit was 87,666 million yuan, showing a decrease of 5.54% compared to the same period in 2024 [2] - Total profit amounted to 88,446 million yuan, down 5.08% year-on-year [2] - Net profit attributable to shareholders of the listed company was 63,768 million yuan, reflecting a decline of 13.61% year-on-year, mainly due to reduced profits from smart services [2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 61,789 million yuan, a decrease of 12.12% compared to the previous year [2] - Basic earnings per share were 0.22 yuan, down 15.38% from 0.26 yuan in the same period last year [2] - Diluted earnings per share were 0.19 yuan, a decrease of 20.83% from 0.24 yuan [2] - The weighted average return on net assets was 4.02%, down from 5.00% [2] Sales and Operations - Natural gas sales volume reached 3.388 billion cubic meters, an increase of 23.83% compared to 2.736 billion cubic meters in the same period last year [3] - Pipeline natural gas sales volume was 2.630 billion cubic meters, up 5.71% from 2.488 billion cubic meters [3] - Wholesale natural gas volume surged to 0.758 billion cubic meters, a significant increase of 205.65% from 0.248 billion cubic meters [3] - Sales volume in the Greater Bay Area reached 0.763 billion cubic meters, a growth of 4.66% year-on-year [3] - Sales volume in other regional cities was 1.119 billion cubic meters, up 2.57% from 1.091 billion cubic meters [3] - Power plant sales volume increased to 0.748 billion cubic meters, reflecting an 11.98% growth from 0.668 billion cubic meters [3] - Gas transmission volume was 0.438 billion cubic meters, a rise of 28.82% from 0.340 billion cubic meters [3] Assets and Equity - Total assets at the end of the reporting period were 4,672,347 million yuan, an increase of 3.32% from 4,522,084 million yuan at the beginning of the period [2] - The equity attributable to shareholders of the listed company remained stable with a slight increase in share capital [2]

[Shenzhen Gas H1 2025 Performance Snapshot Analysis](index=1&type=section&id=Shenzhen%20Gas%20H1%202025%20Performance%20Snapshot%20Analysis) [Financial Performance Overview](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20(Consolidated)) The company's H1 2025 total operating revenue increased by 11.99%, while net profit attributable to shareholders declined by 13.61% due to reduced smart service profits, with total assets showing a modest 3.32% increase from the period's start Key Financial Indicators (Consolidated) | Key Financial Indicators | H1 2025 (Million CNY) | H1 2024 (Million CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 15,431.55 | 13,779.77 | 11.99% | | **Operating Profit** | 876.66 | 928.10 | -5.54% | | **Net Profit Attributable to Shareholders** | 637.68 | 738.13 | -13.61% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items)** | 617.89 | 703.12 | -12.12% | | **Basic Earnings Per Share (CNY)** | 0.22 | 0.26 | -15.38% | | **Weighted Average Return on Net Assets (%)** | 4.02% | 5.00% | Decrease of 0.98 percentage points | | **Total Assets (Million CNY)** | 46,723.47 | 45,220.84 | 3.32% (vs. beginning of period) | | **Shareholders' Equity Attributable to Parent Company (Million CNY)** | 15,740.69 | 15,560.40 | 1.16% (vs. beginning of period) | [Operating Performance and Financial Condition Analysis](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) During the reporting period, the company's revenue growth was primarily driven by gas resources and integrated energy businesses, while the decline in net profit was attributed to reduced profits from smart services, with total natural gas sales achieving a significant 23.83% increase, and wholesale volume surging by 205.65% as a key growth driver [Overall Performance Attribution Analysis](index=2&type=section&id=2.1%20Overall%20Performance%20Attribution%20Analysis) The company's 11.99% revenue growth was primarily driven by gas resources and integrated energy income, while the 13.61% decline in net profit attributable to shareholders was due to reduced smart service profits - Total operating revenue increased by **11.99%** year-on-year, primarily driven by growth in gas resources and integrated energy income[6](index=6&type=chunk) - Net profit attributable to shareholders decreased by **13.61%** year-on-year, mainly due to reduced profits from the smart services business[6](index=6&type=chunk) [Natural Gas Business Volume Analysis](index=2&type=section&id=2.2%20Natural%20Gas%20Business%20Volume%20Analysis) Total natural gas sales volume increased by 23.83% to 3.388 billion cubic meters, with pipeline gas sales growing steadily by 5.71%, while natural gas wholesale volume surged by 205.65%, indicating strong growth momentum, and natural gas transmission volume also saw a rapid 28.82% increase Natural Gas Business Volume | Business Segment | H1 2025 (Billion m³) | H1 2024 (Billion m³) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | **Total Natural Gas Sales Volume** | **3.388** | **2.736** | **23.83%** | | Pipeline Natural Gas Sales Volume | 2.630 | 2.488 | 5.71% | |    - Greater Bay Area City Gas | 0.763 | 0.729 | 4.66% | |    - Other Regions City Gas | 1.119 | 1.091 | 2.57% | |    - Power Plant Sales | 0.748 | 0.668 | 11.98% | | Natural Gas Wholesale Volume | 0.758 | 0.248 | 205.65% | | **Natural Gas Transmission Volume** | **0.438** | **0.340** | **28.82%** | - Natural gas wholesale business was the primary growth driver during the reporting period, with sales volume significantly increasing by **205.65%** year-on-year[6](index=6&type=chunk) [Risk Disclosure and Reference Documents](index=2&type=section&id=III.%20Risk%20Disclosure) The company states there are no significant uncertainties affecting the accuracy of this performance snapshot and has prepared comparative financial statements signed and sealed by management for reference - The company confirms no uncertain factors exist that would affect the accuracy of this performance snapshot[7](index=7&type=chunk) - Reference documents include comparative balance sheets and income statements signed and sealed by the company's legal representative, chief accountant, and other senior management[7](index=7&type=chunk)

Core Insights - Shenzhen Gas (601139) reported a revenue of 15.432 billion yuan for the first half of 2025, representing a year-on-year increase of 11.99% [1] - The net profit attributable to shareholders decreased to 638 million yuan, down 13.61% year-on-year [1] - Basic earnings per share fell to 0.22 yuan, a decline of 15.38% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 618 million yuan, down 12.12% year-on-year [1] - Natural gas sales volume reached 3.388 billion cubic meters, showing a year-on-year growth of 23.83% [1]

Investment Rating - The investment rating for the natural gas industry is "Positive" (first-time rating) [4] Core Viewpoints - Natural gas is recognized as a clean, low-carbon, and flexible fossil energy source, serving as a crucial bridge for energy transition. It is expected to support global energy transformation for an extended period [4][7] - The "14th Five-Year Plan" has shown significant achievements in supply-side development, with infrastructure construction accelerating. By the end of 2024, China's natural gas production is projected to reach 246.451 billion cubic meters, a 28% increase from 2020 [4][14] - The consumption growth rate of natural gas during the "14th Five-Year Plan" has slowed compared to the previous five years, but the price mechanism is gradually being rationalized. The apparent consumption of natural gas in China is expected to reach 426.05 billion cubic meters in 2024, an 8% year-on-year increase [4][36] - The report anticipates a continued downward trend in natural gas costs, with stable demand growth expected before 2030. The demand for LNG in the transportation sector is projected to reach 40-55 billion cubic meters by 2030 [4][14] Summary by Sections Industry Overview - Natural gas is positioned as a transitional energy source to achieve carbon peak goals by 2030, with a target of 15% of total energy consumption by that year [4][7] - The "14th Five-Year Plan" emphasizes energy security, energy conservation, and carbon reduction, with a clear trend of increasing natural gas consumption in provincial plans [8] Supply and Infrastructure - Significant progress has been made in increasing domestic gas production, with a focus on conventional and unconventional gas sources. The total length of natural gas pipelines reached 126,000 kilometers by the end of 2023 [14][25] - By the end of 2024, 31 LNG receiving stations will be operational, with a total receiving capacity exceeding 15 million tons per year [25][26] Consumption Trends - The natural gas consumption structure includes urban gas, industrial fuel, power generation, and chemical use, with urban gas and industrial fuel maintaining stable proportions [36] - The report highlights the impact of geopolitical factors on gas prices, with a notable increase in the average import price of LNG in 2022 [4][19] Investment Recommendations - The report suggests focusing on upstream exploration companies like Xin Natural Gas, integrated companies like ENN Energy and Jiufeng Energy, and downstream city gas companies such as China Resources Gas and Kunlun Energy [4]

Group 1 - Shenzhen Gas Group Co., Ltd. has obtained a patent for a "one-way self-closing valve," with the authorization announcement number CN223063237U, applied on September 2024 [1] - The patent relates to valve technology, specifically providing a one-way self-closing valve that includes a valve body with an intake and an outlet channel, and a one-way valve set in the intake channel [1] - The design of the one-way self-closing valve aims to prevent erroneous disconnection due to sudden pressure drops in the pipeline caused by external factors, such as the activation of a water heater, thereby enhancing user convenience and practicality [1] Group 2 - Shenzhen Gas Group Co., Ltd. was established in 1996 and is primarily engaged in gas production and supply [2] - The company has a registered capital of 2,876.77 million RMB and has invested in 32 enterprises, participated in 5,000 bidding projects, and holds 578 patents [2] - Additionally, the company has 92 trademark registrations and 1,807 administrative licenses [2]

Core Viewpoint - The announcement details the conversion results of the "燃23转债" convertible bonds issued by Shenzhen Gas Group, highlighting the limited conversion activity and the remaining outstanding bonds. Summary by Sections 1. Convertible Bond Issuance Overview - The company issued 30 million convertible bonds with a total value of RMB 300 million on July 27, 2023, with a maturity of six years until July 26, 2029 [3] - The bonds were approved for trading on the Shanghai Stock Exchange starting August 18, 2023, under the name "燃23转债" and code "113067" [3] - The latest conversion price for the bonds is set at RMB 7.40 per share, with conversion starting from February 2, 2024 [3] 2. Conversion Status of Convertible Bonds - As of June 30, 2025, a total of RMB 80,000 has been converted into 10,448 shares, representing 0.000363% of the company's total shares before conversion [2][4] - During the period from April 1, 2025, to June 30, 2025, RMB 3,000 was converted into 402 shares, accounting for 0.000014% of the total shares before conversion [2][4] - The remaining unconverted bonds amount to RMB 2,999,920,000, which is 99.9973% of the total issuance [2][4] 3. Share Capital Changes - The document indicates changes in share capital due to the conversion of bonds, although specific details are not provided [5]

证券代码：601139 证券简称：深圳燃气 公告编号：2025-029 转债代码：113067 转债简称：燃 23 转债 深圳燃气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、准确性和完整性依法承担法律责任。 重要内容提示： 累计转股情况：深圳市燃气集团股份有限公司（以下简称"公司"）向 不特定对象发行可转换公司债券"燃 23 转债"自 2024 年 2 月 2 日开始转股。截 至 2025 年 6 月 30 日，"燃 23 转债"共有人民币 80,000 元已转换为公司股票， 转股数量为 10,448 股，占"燃 23 转债"转股前公司已发行股份总额的 0.000363%。 未转股可转债情况：截至 2025 年 6 月 30 日，"燃 23 转债"尚未转股的 可转债金额为人民币 2,999,920,000.00 元，占"燃 23 转债"发行总量的 99.9973%。 本季度转股情况：2025 年 4 月 1 日至 2025 年 6 月 30 日期间，"燃 23 转债"共有人民币 3,000 元已转换为公司股票，转股数量为 ...