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 ...

（一）收益法评估涉及主要参数选择 收益法是指将预期收益资本化或者折现，确定标的公司玉山利泰价值的评估 方法。本次评估采用现金流口径的未来收益折现法，即现金流折现法（DCF）， 其中，现金流采用企业自由现金流（FCFF）。具体方法为，以加权资本成本（WACC） 作为折现率，将未来各年的预计企业自由现金流折现加总得到经营性资产价值， 再加上评估基准日的溢余资产和非经营性资产的价值后，减去非经营性负债、付 息债务价值后，得到股东全部权益价值。基本公式如下： 股东全部权益价值=经营性资产价值+溢余资产价值+非经营资产价值-非经 营负债价值-付息债务价值 1、经营性资产价值 （1）计算公式 经营性资产是指与标的公司玉山利泰生产经营相关的，评估基准日后企业自 由现金流量预测所涉及的资产与负债。经营性资产价值的计算公式如下： $\mathbf{P}=\mathbf{N}\mathbf{C}\mathbf{r}_{1}+\mathbf{N}\mathbf{C}\mathbf{r}_{n+1}$ $\mathbf{i}=1$ ($1+\mathbf{r}$)${}^{\mathbf{i}}$ ($\mathbf{r}-\mat ...

新疆火炬燃气股份有限公司 2025 年第二次临时股东会会议资料 新疆火炬燃气股份有限公司 2025 年第二次临时股东会 会 议 资 料 二〇二五年六月 新疆火炬燃气股份有限公司 2025 年第二次临时股东会会议资料 | 目 | 录 | | --- | --- | | 2025 | 年第二次临时股东会会议须知 3 | | 2025 | 年第二次临时股东会会议议程 4 | | 议案一：《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》 5 | 2 新疆火炬燃气股份有限公司 2025 年第二次临时股东会会议资料 新疆火炬燃气股份有限公司 2025 年第二次临时股东会会议须知 各位股东及股东代表： 为维护股东的合法权益，确保股东在本公司 2025 年第二次临时股东会期间依法行使权力， 保证股东会的正常秩序和议事效率，依据中国证券监督管理委员会《上市公司股东会规则》的 有关规定，请会议出席人员注意以下事项： 一．参加大会的股东请按规定出示身份证或法人单位证明以及授权委托书等证件，经过验 证后领取股东会资料，方可出席会议。 二．请按时进入会场，听从工作人员安排入座。 三．与会者要保持会场正常秩序，会议 ...

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its equity acquisition and related party transactions, and it has applied for an extension to respond to the inquiry [1][2]. Group 1 - The company received the inquiry letter on May 16, 2025, and was required to respond within five trading days [1]. - The company has taken the inquiry seriously and has begun to organize a response, completing a preliminary reply to some of the questions [2]. - Due to the need for further supplementation and improvement of certain questions in the inquiry letter, the company has applied for an extension to respond, which will not exceed the specified period [2]. Group 2 - The company will actively promote the relevant work to complete the response to the inquiry letter as soon as possible [2]. - The designated media for information disclosure includes "China Securities Journal," "Shanghai Securities Journal," "Securities Times," "Securities Daily," and the official website of the Shanghai Stock Exchange [2].

新疆火炬燃气股份有限公司（以下简称"公司"）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"）， 要求公司在 5 个交易日内对相关问题进行回复并披露，具体内容详见公司于 2025 年 5 月 17 日披露的《新疆火炬关于收到上海证券交易所<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>的公告》（公告编号：2025-027）。 公司在收到问询函后高度重视，立即组织相关人员开展问询函回复工作，就 涉及的问题进行逐项核查。截至本公告披露日，公司已初步完成问题回复，但由 于《问询函》中的部分问题仍需进一步补充和完善，为保证信息披露的真实、准 确、完整，经向上海证券交易所申请，公司将延期回复问询函，延期时间不超过 5 个交易日，由此给投资者带来的不便，敬请谅解。 延期期间，公司将积极推进相关工作，尽快完成问询函回复并履行信息披露 义务。公司指定的信息披露媒体为《中国证券报》《上海证券报》《证券时报》《证 券日报》和上海证券交易所官方网站（www.sse.com ...