| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2025-024 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 | 转债 | 深圳燃气关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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： 会议召开时间：2025 年 6 月 11 日(星期三) 下午 3:00-5:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.s seinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 26 日(星期一) 至 6 月 9 日(星期一)16:00 前登录上 海证券交易所上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 x gq@szgas.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 深圳市燃气集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日 发布公司 ...

证券代码：601139 证券简称：深圳燃气 公告编号：2025-023 深圳市燃气集团股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 23 日 (二)股东大会召开的地点：深圳市福田区梅坳一路 268 号深燃大厦十四楼第 7 会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 310 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,187,423,105 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 76. 0382 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长王文杰先生主持。本次会议以现场方式 和网络投票相结合的方式对股东大会通知中列明的 ...

上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 2024年年度股东大会的 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：86 755-82816698 传真：86 755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳市燃气集团股份有限公司 2024 年年度股东大会的 法律意见书 致：深圳市燃气集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳市燃气集 团股份有限公司（以下简称"公司"）的委托，指派本所韩欣茹律师、黄栩珅律 师出席了公司于 2025 年 5 月 23 日召开的公司 2024 年年度股东大会（以下简称 "本次股东大会"），并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）以及《上市公司股东会 规则》（中国证券监督管理委员会公告〔2025〕7 号）（以下简称"《股东会规 则》"）、《上海证券交易所股票上市规则》（上证发〔2025〕59 号）（以下 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Demand remains weak in the US and domestic gas prices have declined, while European gas prices have slightly increased. The inventory levels are lower year-on-year [1][10] - The US LNG import tariff has been reduced from 140% to 25%, improving the economic feasibility of US gas imports [1][41] Summary by Sections Price Tracking - As of May 16, 2025, the week-on-week changes in gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10] Supply and Demand Analysis - After a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand. The average total supply of natural gas in the US increased by 0.4% week-on-week to 1,104 billion cubic feet per day, while total demand decreased by 0.4% to 944 billion cubic feet per day [14] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year. As of May 15, 2025, European gas inventory was 497 TWh, down 251.5 TWh year-on-year [16] Pricing Progress - Nationwide pricing adjustments are gradually advancing, with 63% of cities implementing residential pricing adjustments, resulting in an average increase of 0.21 yuan per cubic meter [34] Important Events - The reduction of the US LNG import tariff from 140% to 25% enhances the economic viability of US gas imports [41] - The European Commission has voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals with greater flexibility [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing mechanism adjustments. Key recommendations include: - New Hope Energy (dividend yield 5.4%) - China Resources Gas (dividend yield 4.5%) - Kunlun Energy (dividend yield 4.5%) - China Gas (dividend yield 7.0%) - Blue Sky Gas (dividend yield 8.8%) [48]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The report highlights weak demand in the US and domestic gas price declines, with European gas prices showing a slight increase. The US LNG import tariff has been reduced to 25% [1][48] - The supply is expected to remain ample, with gas companies optimizing costs and a continued adjustment of pricing mechanisms, leading to potential demand growth [48] Price Tracking - As of May 16, 2025, the weekly price changes for various gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10][1] - The average total supply of natural gas in the US increased by 0.4% week-on-week to 110.4 billion cubic feet per day, while total demand decreased by 0.4% to 94.4 billion cubic feet per day [14][1] Supply and Demand Analysis - The report notes that after a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand in the US natural gas market [14] - In Europe, natural gas consumption for the first two months of 2025 was 115.5 billion cubic meters, a year-on-year increase of 11% [16][1] - Domestic gas prices in China have slightly decreased by 0.4% due to slow demand recovery and ample supply [22][1] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 63% of cities having executed residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [34][1] Important Events - The US LNG import tariff has been significantly reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][1] - The European Commission has voted in favor of introducing more flexible natural gas storage filling targets to avoid supply shortages and price spikes [46][1] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the easing supply conditions, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, among others [48][1]

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Core Insights - The article discusses the performance of Shenzhen state-owned enterprises and their affiliated listed companies in terms of new media information dissemination, highlighting the "Shenzhen State-owned Enterprises New Media Information Release Observation List" for March 2025 [1] Group 1: Overall Performance - The overall activity of state-owned enterprise accounts has significantly increased, with an average of 8 more posts per account compared to the previous month, indicating a rebound in promotional activity after the Spring Festival [4][10] - The top-performing accounts in terms of total reading volume include Shenzhen Metro with over 474,000 reads, followed by Guoxin Securities and Shenzhen Gas with 198,000 and 196,000 reads respectively [2][3] Group 2: Engagement Metrics - In terms of likes, Shenzhen Metro leads with 3,649 likes, while Shenzhen Innovation Investment Group saw a remarkable increase of 3,499 likes, totaling 3,541 [6][7] - The "in-view" metrics show Shenzhen Bus Group leading with 1,246 views, followed by Shenzhen Metro with 1,142 views [9] Group 3: Content Strategy - The content strategy of various accounts has shown a trend towards integrating business services with brand culture and social issues, enhancing user engagement [11][12] - Notable campaigns include Shenzhen Bus Group's "Deep Bus 'Feng' Scenery Line" and Shenzhen Port Group's thematic posts that creatively combine employee stories with corporate values [12] Group 4: Listed Companies Performance - Among the listed companies, China Ping An stands out with a reading volume of 128,000+, followed by Shenzhen Airlines with 103,000 and China International Marine Containers with 56,066 [15] - The engagement metrics for listed companies show China Ping An leading in likes with 3,227, while several companies like Deep Property Group and Tianyin Communication Holdings have minimal engagement [16][19]

深圳市燃气集团股份有限公司 2024 年年度股东大会会议资料 深圳市燃气集团股份有限公司 2024 年年度股东大会 会议资料 二零二五年五月 深圳市燃气集团股份有限公司 2024 年年度股东大会会议资料 会议须知 根据中国证监会《上市公司股东大会规则》和《公司章 程》的有关规定，为确保公司股东大会顺利召开，特制订大 会须知如下，望出席股东大会的全体人员遵守执行： 一、股东参加股东大会，应当认真履行其法定义务，不 得侵犯其他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法 利益、确保大会正常秩序和议事效率为原则，认真履行法定 职责； 三、出席大会的股东依法享有发言权、咨询权、表决权 等各项权利，但需由公司统一安排发言和解答； 四、任何人不得扰乱大会的正常秩序和会议程序；会议 期间请关闭手机或将其调至静音状态。 深圳市燃气集团股份有限公司 2024 年年度股东大会会议资料 会议议程 | 序 | 号 | 内 容 | | --- | --- | --- | | 第1项 | | 宣布会议开始 | | 第2项 | | 介绍出席现场会议股东和代理人人数及其持有表决权的股 份总数；介绍出席会议董事、监事和高级管理 ...

Investment Highlights - The report highlights the recovery of revenue growth for Yuyue Medical, with a significant increase in overseas sales, achieving a revenue of 7.57 billion yuan in 2024, down 5.1% year-on-year, and a net profit of 1.81 billion yuan, down 24.6% year-on-year [3][8] - Guotai Group's performance shows resilience in its civil explosives business, with a non-net profit growth of 17.09% year-on-year in Q1 2025, despite a slight revenue decline of 1.26% [12][13] - China Merchants Highway reported a revenue of approximately 2.803 billion yuan in Q1 2025, down 7.24% year-on-year, but net profit improved by 2.74% due to cost control and increased investment income [16][17] - Shenzhen Gas's main business in urban gas sales showed growth, with a revenue of 28.348 billion yuan in 2024, down 8.34% year-on-year, but a net profit increase of 1.19% [21][22] - New Industry's overseas business continued to grow rapidly, with a revenue of 4.535 billion yuan in 2024, up 15.41% year-on-year, and a net profit of 1.828 billion yuan, up 10.57% [25][26] - Huali Group's revenue in Q1 2025 grew by 12% year-on-year, driven by new brand collaborations and strong sales of sports shoes [30][31] - Bohai Leasing, a leading aircraft leasing company, reported a significant increase in aircraft sales revenue, reaching 12.7 billion yuan in 2024, up 61.08% year-on-year, driven by a strong aircraft market [35][36] - Weimao Electronics, an industrial intelligent connection control solution manufacturer, achieved a revenue of 260 million yuan in 2024, up 13.69% year-on-year, with a focus on expanding into emerging fields [39][40] Company-Specific Summaries Yuyue Medical (002223.SZ) - The company experienced a revenue decline in 2024 due to high base effects from the previous year, but Q1 2025 showed a recovery with a 9.2% year-on-year increase in revenue [3][9] - The product mix has led to a slight decrease in gross margin, with a 50.1% gross margin in 2024, down 1.2 percentage points year-on-year [10] - The company maintains a strong financial position with 7.08 billion yuan in cash and no short-term or long-term loans [10] Guotai Group (603977.SH) - The civil explosives business showed growth, with a revenue of 327 million yuan in Q1 2025, up 1.4% year-on-year [13][14] - The company faced a decline in electronic detonator sales but saw an increase in explosive engineering revenue [14][15] - The gross margin for Q1 2025 was 32.72%, down 0.5 percentage points year-on-year, but the non-net profit remained stable [15] China Merchants Highway (001965.SZ) - The company is actively pursuing expansion projects, including the ongoing reconstruction of key highways [17][18] - The net profit forecast for 2025-2027 is expected to grow steadily, with projected profits of 5.74 billion yuan in 2025 [18] Shenzhen Gas (601139.SH) - The urban gas sales volume increased by 2.78% in 2024, with significant growth in the Greater Bay Area [22] - The company is expected to benefit from lower upstream gas prices and increased sales volume [22][24] New Industry (300832.SZ) - The company reported a strong performance in overseas markets, with a 27.67% increase in overseas revenue [27] - The gross margin for 2024 was 72.26%, with a focus on expanding the product lineup in the chemical luminescence sector [28] Huali Group (300979.SZ) - The company maintained a strong partnership with major brands, resulting in a 12.34% revenue increase in Q1 2025 [30][31] - The company is expanding production capacity to meet growing demand, with a workforce increase of 17% [31] Bohai Leasing (000415.SZ) - The company is positioned as a global leader in aircraft leasing, with a fleet size of 1,158 aircraft [36] - The net profit forecast for 2025-2027 is expected to grow significantly, with a projected profit of 1.913 billion yuan in 2025 [37] Weimao Electronics (833346.BJ) - The company is focusing on the automotive and industrial automation sectors, with a projected growth in the vehicle wiring harness market [40][41] - The company is expanding its production capabilities to meet increasing demand in emerging markets [41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core business in urban gas is experiencing both volume and price increases, while comprehensive energy services are dragging down overall performance [5] - The company reported a revenue of 28.35 billion yuan in 2024, a year-on-year decline of 8.34%, with a net profit attributable to shareholders of 1.46 billion yuan, a slight increase of 1.19% [7] - The first quarter of 2025 saw a revenue of 7.51 billion yuan, a year-on-year increase of 9.48%, but net profit decreased by 15.47% due to reduced profits from smart services and comprehensive energy businesses [7] Financial Performance Summary - The company’s revenue and profit forecasts for 2025-2027 are as follows: - Revenue: 28.48 billion yuan in 2025, 29.02 billion yuan in 2026, and 29.84 billion yuan in 2027, with growth rates of 0.45%, 1.92%, and 2.83% respectively [6] - Net profit: 1.56 billion yuan in 2025, 1.73 billion yuan in 2026, and 2.06 billion yuan in 2027, with growth rates of 6.73%, 11.51%, and 18.55% respectively [6] - Earnings per share (EPS) are projected to be 0.54 yuan in 2025, 0.60 yuan in 2026, and 0.71 yuan in 2027 [6] Business Segment Analysis - Urban gas sales volume reached 4.98 billion cubic meters in 2024, a year-on-year increase of 2.78%, with significant growth in the Greater Bay Area [7] - The comprehensive energy segment's revenue fell by 27.01% in 2024, primarily due to declining sales prices of photovoltaic films [7] - The company has signed a long-term gas supply agreement with PetroChina for 9.69 billion cubic meters, enhancing its gas supply capabilities [7] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 12.69 for 2025, decreasing to 9.00 by 2027 [9] - The return on equity (ROE) is expected to stabilize around 9.36% for 2025 and increase to 10.74% by 2027 [9]