Market Overview - On August 8, the A-share market experienced narrow fluctuations throughout the day, with the three major indices showing slight declines [2] - In terms of sectors, local stocks in Xinjiang surged in the afternoon, with Xiyu Tourism hitting a 20% limit up, alongside 11 other stocks including Bayi Steel, Tianshan Shares, Xinjiang Communications Construction, Xinjiang Torch, and Western Construction also reaching their limit up [2] Company Developments - Recently, a new company named Xinjiang Tibet Railway Co., Ltd. was established with a registered capital of 95 billion RMB [2] - The company is fully owned by China National Railway Group Co., Ltd. [2]

Core Viewpoint - Xinjiang Torch is experiencing a slight decline in stock price, reflecting market volatility and investor sentiment in the energy sector [1] Company Overview - Xinjiang Torch is a comprehensive energy service company primarily engaged in natural gas transmission, distribution, sales, and installation services [1] - The company's operational area covers the Kashgar region of Xinjiang, making it a significant operator of gas infrastructure in the area [1] - Business segments include urban gas supply, vehicle gas operations, and long-distance pipeline construction [1] Market Performance - As of August 7, 2025, Xinjiang Torch's stock closed at 20.09 yuan, down 0.50% from the previous trading day [1] - The stock exhibited a trading range of 5.35% on that day, with a trading volume of 104,400 hands and a transaction amount of 211 million yuan [1] - The stock price reached a peak of 20.71 yuan at 10:44 AM, with fluctuations exceeding 2% within five minutes [1] Capital Flow - On August 7, the net outflow of main funds was 6.18 million yuan, although there was a cumulative net inflow of 28.33 million yuan over the past five trading days [1] - The current total market capitalization of the company is 2.843 billion yuan, with a dynamic price-to-earnings ratio of 15.62 times [1]

Group 1 - The core point of the announcement is that Xinjiang Torch Gas Co., Ltd. is acquiring 100% equity of Yushan Litai Natural Gas Co., Ltd. from Jiangxi Zhongjiu Natural Gas Group Co., Ltd. through a cash transaction, which has been approved by the company's shareholders [1][2] - The acquisition has been completed with the necessary business registration changes, and the company now holds 100% equity of Yushan Litai, making it a wholly-owned subsidiary [1][2] - The business registration change was officially approved on June 10, 2025, with the investor changing from Jiangxi Zhongjiu Natural Gas Group Co., Ltd. to Xinjiang Torch Gas Co., Ltd. [1]

证券代码：603080 证券简称：新疆火炬 公告编号：2025-032 新疆火炬燃气股份有限公司 关于收购江西中久天然气集团有限公司持有的玉山县利泰 天然气有限公司 100%股权进展暨完成工商变更登记的公告 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。 一、关联交易概述 新疆火炬燃气股份有限公司（以下简称"新疆火炬"或"公司"）拟以现金 方式收购江西中久天然气集团有限公司所持玉山县利泰天然气有限公司（以下简 称"玉山利泰"）100%的股权（以下简称"本次交易"）。本次交易完成后，公司 将直接持有玉山利泰 100%的股权。 2025 年 5 月 15 日，公司第四届董事会第七次会议审议通过了《关于收购玉 山县利泰天然气有限公司 100%股权暨关联交易的议案》，并经 2025 年 6 月 4 日 召开的新疆火炬 2025 年第二次临时股东会审议通过。 具体内容详见公司分别于 2025 年 5 月 16 日及 2025 年 6 月 5 日在《中国证 券报》《上海证券报》《证券时报》《证券日报》和上海证券交易所网站 （www.sse ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The acquisition of Yushan Litai by Xinjiang Torch at a price of 125 million, representing a 203.20% premium over its book value, raises concerns about potential related-party transactions and the quality of the acquired asset [1][8][9] - The financial performance of Yushan Litai is underwhelming, with gross margins significantly lower than its peers, indicating potential challenges in profitability [9][10][11] - The financial health of Yushan Litai is concerning, with a high debt ratio of 41.3% and limited cash reserves, which could pose risks to Xinjiang Torch's overall financial stability [13][14][41] - The strategic rationale behind the acquisition is questioned, as it involves a significant geographical distance and may not align with Xinjiang Torch's core operational strengths [19][30][34] Summary by Sections Section 1: Acquisition Details - Xinjiang Torch announced the acquisition of Yushan Litai for 125 million, with a substantial premium over its assessed value [1][8] - The acquisition has drawn scrutiny from the exchange due to the high premium and the timing of the transaction [1][2] Section 2: Financial Performance of Yushan Litai - Yushan Litai's gross margins for 2023, 2024, and Q1 2025 were reported at 9%, 13%, and 12%, respectively, which are below industry standards [9][10] - The company has a significant debt burden, with interest-bearing liabilities amounting to 5,074 million against cash reserves of only 713 million [13][14] Section 3: Strategic Considerations - The acquisition raises questions about the strategic fit, as Xinjiang Torch has invested heavily in local pipeline infrastructure, making the acquisition of a distant asset less logical [19][30] - The report highlights previous high-premium acquisitions by Xinjiang Torch, suggesting a pattern of related-party transactions that may not benefit shareholders [36][40]

Core Viewpoint - The acquisition of Yushan Litai by Xinjiang Torch at a price significantly above its book value raises concerns about potential related-party transactions and the rationale behind such a high premium [2][4][8]. Group 1: Acquisition Details - Xinjiang Torch announced the acquisition of 100% equity in Yushan Litai for 125 million, representing a 203.20% premium over its book value [2][4]. - The counterparty, Jiangxi Zhongjiu Natural Gas Group, became the indirect controlling shareholder of Xinjiang Torch just two months prior to the transaction [2][4]. - The acquisition has drawn scrutiny from the exchange, leading to an inquiry from Xinjiang Torch, which took two weeks to respond [2][3]. Group 2: Financial Performance of Yushan Litai - Yushan Litai's gross profit margins for gas sales were 9%, 13%, and 12% for the years 2023, 2024, and Q1 2025, respectively, which are significantly lower than Xinjiang Torch's margins exceeding 20% [9][11]. - The financial health of Yushan Litai is concerning, with cash on hand at only 7.13 million and interest-bearing debt at 50.74 million, resulting in a high debt ratio of 41.3% [12][13]. - Yushan Litai's projected net profits for 2024 are 9.55 million, with performance commitments for the following years, indicating a modest growth expectation [14][15]. Group 3: Strategic Considerations - The rationale for acquiring a company located over 4,000 kilometers away raises questions about the strategic logic, especially given Xinjiang's abundant natural gas resources [17][25]. - Xinjiang Torch has previously focused on expanding its operations in regions adjacent to its existing infrastructure, making this acquisition appear inconsistent with past strategies [22][25]. - The company has indicated that external growth through acquisitions will be a focus for 2025, suggesting a shift in strategic direction [28][31]. Group 4: Financial Implications for Xinjiang Torch - The financial burden of the acquisition is significant, with Xinjiang Torch's cash reserves dwindling to 220 million by Q1 2025, raising concerns about liquidity [33][32]. - Jiangxi Zhongjiu has profited substantially from these transactions, having recouped a significant portion of its investment in Xinjiang Torch through high-premium sales [39][40].

证券代码：603080 证券简称：新疆火炬 公告编号：2025-031 新疆火炬燃气股份有限公司 2025年第二次临时股东会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 6 月 4 日 (二)股东会召开的地点：新疆喀什地区喀什市时代大道北侧火炬大厦 10 楼会议 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 | 198 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 26,399,700 | | 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（%） | 18.6570 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，以现场会议和网络投票相结合的方式召开。本 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： | 表决情况： | | --- | | 股东类型 | 同意 | ...

北京中银（珠海）律师事务所 关于新疆火炬燃气股份有限公司 2025 年第二次临时股东会的 法律意见书 北京中银（珠海）律师事务所 关于新疆火炬燃气股份有限公司 2025 年第二次临时股东会的法律意见书 致：新疆火炬燃气股份有限公司 北京中银（珠海）律师事务所（以下简称"本所"）接受新疆火炬燃气股份 有限公司（以下简称"公司"）的委托，指派本所律师出席 2025 年第二次临时 股东会（以下简称"本次股东会"）进行法律见证，并根据《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》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等有关法律法规以及《新疆火炬燃气股份有限公司章程》（以下简称"《公司章 程》"）、《新疆火炬燃气股份有限公司股东会议事规则》（以下简称"《股东 会议事规则》"）等有关规定，为本次股东会的召集、召开程序、出席会议人员 的资格、召集人资格、会议表决程序及表决结果等事项出具法律意见书。 地址：广东省珠海市海滨南路 47 号光大国际贸易中心 18 楼 邮编 P.C.：519015 电话: 0756 3225555 传真：0756 32 ...

Core Viewpoint - Xinjiang Torch Gas Co., Ltd. is responding to the Shanghai Stock Exchange's inquiry regarding its acquisition of equity and related party transactions, emphasizing the evaluation methods and financial metrics used in the assessment of the target company, Yushan Litai [1][2]. Group 1: Acquisition and Valuation - The company received an inquiry letter from the Shanghai Stock Exchange on May 16, 2025, regarding the acquisition of Yushan Litai and related transactions [1]. - The valuation of Yushan Litai was conducted using both the income approach and the asset-based approach, with the income approach yielding a valuation of 129.46 million yuan and an appreciation rate of 203.20%, while the asset-based approach resulted in a valuation of 43.74 million yuan and an appreciation rate of 2.44% [1]. - The final transaction price was negotiated at 125 million yuan, although the evaluation process and basis were not disclosed [1]. Group 2: Financial Metrics and Projections - The evaluation process involved forecasting key parameters such as revenue, costs, expenses, net profit, and cash flows, with a focus on the future cash flow discounting method (DCF) [2][3]. - The forecast period for Yushan Litai's operations is set until 2030, with a stable profit level expected in the perpetual phase starting from 2031 [3]. - The weighted average cost of capital (WACC) was used as the discount rate, calculated based on the company's specific financial characteristics [3][4]. Group 3: Historical Performance and Future Outlook - Yushan Litai's historical revenue is derived from gas sales, installation services, and value-added services, with gas sales being the primary business [5][6]. - The company has experienced fluctuations in gas supply and sales due to changes in supply sources and market conditions, with a notable recovery in user numbers and consumption expected following the integration into the national pipeline network [6][7]. - Future sales volume is projected to increase due to the addition of new residential and commercial users, driven by lower gas costs and government initiatives [7][8]. Group 4: Cost and Profitability Analysis - The main costs associated with the gas business include natural gas procurement, depreciation, operational labor costs, and safety production expenses [8][9]. - The management anticipates maintaining a stable gross margin, with projections indicating a gradual increase in profitability over the forecast period [9][10]. - The installation business, which supports gas user acquisition, is expected to see growth due to the ongoing demand for new installations [10][11].

证券代码：603080 证券简称：新疆火炬 公告编号：2025-030 新疆火炬燃气股份有限公司 关于上海证券交易所《关于对新疆火炬燃气股份有限公司收 购股权暨关联交易事项的问询函》的回复公告 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。 新疆火炬燃气股份有限公司（以下简称"公司"、"上市公司"或"新疆火 炬"）于 2025 年 5 月 16 日收到上海证券交易所上市公司管理一部《关于对新疆 火炬燃气股份有限公司收购股权暨关联交易事项的问询函》（上证公函【2025】 0585 号）（以下简称"问询函"），并于 2025 年 5 月 17 日披露了相关内容。 收到 《问询函》后，公司高度重视，针对《问询函》中提到的问题积极组 织会同相关中介机构及人员对有关问题进行了认真分析、逐项落实，并完成了《问 询函》之回复。 现将问询函的回复公告如下： 1.关于资产评估。 公告显示，公司同时采用收益法、资产基础法对标的公司进行评估。其中， 按照收益法玉山利泰的评估值为 12,946.00 万元，增值率为 203.20%，按照资 产基础法评 ...