证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 储库推进欧洲气价上升，高温天气缓和美国气价回 落，关注利润稳定的高股息标的新奥股份 2025 年 07 月 14 日 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025-06-30 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2024/7/15 2024/11/12 2025/3/12 2025/7/10 燃气Ⅱ 沪深300 相关研究 《欧洲储库推进、美国高温天气持续， 各地气价平稳》 2025-07-07 《中东局势缓和欧洲气价回落，高温 天气带动美国气价上涨，国内气价平 稳》 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：欧洲储库推进气价上升，美国高温天气缓和气价回落，国内气价弱势运 行。截至 2025/07/11,美国 HH ...

中兴财光华会计师事务所（特殊普通合伙） 关于河南蓝天燃气股份有限公司 2024 年度报告问询函的回复 关于河南蓝天燃气股份有限公司 2024年度报告问询函的回复 上海证券交易所: 根据贵所下发的《关于对河南蓝天燃气股份有限公司 2024年年度报告的信 息披露监管问询函》（上证公函〔2025〕第 0764 号）（ 以下简称"问询函"） 的要求,我们对问询函中提及的事项进行了审慎核查。现回复如下(除特别说 明外,均以人民币万元列示,回复中若出现各分项数值之和与总数尾数不符的 情况,均为四舍五入原因造成): 问题一、关于业绩承诺。年报及相关公告显示,前期公司发行股份收购长 葛 蓝天新能源有限公司(以下简称长葛蓝天)52%股权并将其纳入合并报表范 围,交易对方设有 2022年至 2024年三年期业绩承诺。长葛蓝天主要从事河南 省长葛市的城市燃气业务,分为天然气销售和燃气工程安装,2024年合计扣非 归母净利润为 6,888.09 万元,实现当年业绩承诺的比例为 104.09%。关注到，长 葛蓝天 2022 年、2023 年业绩承诺完成率也分别为 101.65%、104.33%，已连续三 年压线完成业绩承诺。此外,长葛 ...

证券代码：605368 证券简称：蓝天燃气 公告编号：2025-041 转债代码：111017 转债简称：蓝天转债 河南蓝天燃气股份有限公司 关于公司 2024 年年度报告的信息披露监管问询函 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。 河南蓝天燃气股份有限公司（以下简称"公司"）于近期收到上 海证券交易所《关于河南蓝天燃气股份有限公司 2024 年年度报告的 信息披露监管问询函》（上证公函【2025】0764 号）（以下简称"《问 询函》"），根据《问询函》要求，公司对 2024 年年度报告相关事 项回复并补充披露如下： 问题一、关于业绩承诺。年报及相关公告显示，前期公司发行股 份收购长葛蓝天新能源有限公司（以下简称长葛蓝天）52%股权并将 其纳入合并报表范围，交易对方设有 2022 年至 2024 年三年期业绩承 诺。长葛蓝天主要从事河南省长葛市的城市燃气业务，分为天然气销 售和燃气工程安装，2024 年合计扣非归母净利润为 6,888.09 万元， 实现当年业绩承诺的比例为 104.09%。关注到，长葛 ...

证券代码：605368 证券简称：蓝天燃气 公告编号：2025-040 转债代码：111017 转债简称：蓝天转债 重要内容提示： 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日累计有 1,000 元"蓝天转债"转为公司 A 股股票，因转股形成的股份数量为 119 股。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意河南蓝天燃气股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕 1630号）核准，公司于2023年8月15日向不特定对象发行了870万张可 转换公司债券，每张面值100元，发行总额8.70亿元。期限6年，票面 河南蓝天燃气股份有限公司 关于"蓝天转债"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。 1 累计转股情况："蓝天转债"自 2024 年 2 月 21 日开始转股，截至 2025 年 6 月 30 日，"蓝天转债"累计转股的金额为 198,458,000 元，累计因转股形成的股份数量为 21,836,087 ...

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 中东局势缓和欧洲气价回落，高温天气带动 美国气价上涨，国内气价平稳 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 2024/7/1 2024/10/29 2025/2/26 2025/6/26 燃气Ⅱ 沪深300 相关研究 《中东局势带动欧美气价上涨，国内 气价平稳》 2025 年 06 月 30 日 2025-06-23 《中东局势带动欧洲气价上涨，美国 库存充足气价下降，国内气价平稳》 2025-06-17 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：中东局势缓和欧洲气价回落，高温天气带动美国气价上涨，国 内气价平稳。截至 2025/06/27,美国 HH/欧洲 TTF/东亚 ...

Group 1 - The company issued a total of 870 million yuan in convertible bonds, with a maturity of six years and a face value of 100 yuan per bond [1][12][14] - The coupon rates for the bonds are set at 0.30% for the first year, increasing to 2.00% by the sixth year [1][12] - The initial conversion price for the bonds is set at 10.13 yuan per share, with adjustments based on future corporate actions [1][22] Group 2 - In 2024, the company achieved a revenue of 4.755 billion yuan and a net profit of 503 million yuan, indicating a decline in profitability compared to the previous year [12][14] - The total assets of the company decreased by 7.47% year-on-year, amounting to 621.6 million yuan at the end of 2024 [12][14] - The company’s net assets attributable to shareholders decreased by 5.81% to 3.614 billion yuan [12][14] Group 3 - The company has utilized 29.46 million yuan of the raised funds for various projects, including natural gas pipeline construction and debt repayment [12][14] - The company has not provided any guarantees for the bonds, as its net assets exceed the required threshold [10][14] - The company has a credit rating of AA, with a stable outlook, as assessed by Zhongzheng Pengyuan [10][16] Group 4 - The company has adjusted the conversion price of the bonds multiple times due to profit distributions, with the latest adjustment reducing the price to 8.83 yuan per share [4][23] - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for a specified period [6][18] - The company has not exercised its right to redeem the bonds early, despite meeting the conditions for doing so [18][19]

河南蓝天燃气股份有限公司可转换公司债券 受托管理事务报告 （2024 年度） 发行人：河南蓝天燃气股份有限公司 股票代码：605368.SH 股票简称：蓝天燃气 转债代码：111017.SH 转债简称：蓝天转债 2025 年 6 月 1 重要声明 依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《募集 说明书》《受托管理协议》等相关规定及约定，招商证券股份有限公司（以下简 称"招商证券"、"受托管理人"）作为本次债券的受托管理人编制本报告。招 商证券编制本报告的内容及信息均来源于公开信息、河南蓝天燃气股份有限公司 （以下简称"蓝天燃气"、"公司"、"发行人"）对外发布的《河南蓝天燃气 股份有限公司 2024 年年度报告》等公开信息披露文件、发行人提供的相关资料 或出具的相关说明以及第三方中介机构出具的专业意见。招商证券对本报告中所 包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信 息的真实性、准确性和完整性作出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的内容据以作为招商证券所作的承诺或声 明 ...

Core Viewpoint - The announcement details the partial release and new pledge of shares by the controlling shareholder, Blue Sky Group, which holds 42.84% of the total shares of Henan Blue Sky Gas Co., Ltd. [1] Group 1: Share Pledge Details - Blue Sky Group has released a total of 30,360,000 shares from pledge, accounting for 9.92% of its holdings and 4.25% of the company's total shares [1] - After the release, Blue Sky Group has a total of 201,960,000 shares pledged, which is 77.47% of its holdings and 28.26% of the company's total shares [1] - The new pledge involves 35,200,000 shares, with a pledge period from June 2025 to June 2028 [1] Group 2: Financial Health and Impact - Blue Sky Group's financial condition is reported to be good, with sufficient repayment ability from self-owned funds, investment income, and dividends from held shares [2][3] - The share pledges are not expected to have a significant impact on the company's operations, main business, financing costs, or ongoing viability [2][3] - There is no substantial risk of forced liquidation, and the company will monitor the situation closely [3]

证券代码：605368 证券简称：蓝天燃气 公告编号：2025-039 债券代码：111017 债券简称：蓝天转债 河南蓝天燃气股份有限公司 关于控股股东部分股份解除质押及质押的公告 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。 注：上表中质押起始日及质押到期日为质押额度有效期，质押到期日具体以实际 解除质押登记日期为准。 | | | | | | | | | | | 单位：股 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 | 持股比 | 本次质押 | 本次质押 | 占其所持 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | | | | 例 | 前累计质 | 后累计质 | 股份比例 | 总股本 | 限售股份数 | 冻结股 | 限售股份 | 冻结股份 | | | | | | 押数量 | 押数量 | | 比例 | 量 | 份数量 | 数量 | 数量 | | | 蓝天集团 | 3 ...

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]