Core Viewpoint - Blue Sky Gas is experiencing a decline in stock price and operational performance, prompting its controlling shareholder to initiate a share buyback to boost investor confidence and support the company's long-term development [1][2]. Group 1: Stock Performance and Buyback Plan - As of June 19, Blue Sky Gas's stock price fell to 9.79 CNY per share, with a low of 9.72 CNY on June 17, marking the lowest point since February of the previous year [1]. - The controlling shareholder, Henan Blue Sky Group, plans to buy back shares worth between 100 million CNY and 150 million CNY, with a maximum of 2% of the total share capital [1]. - The buyback will be executed without a set price range, depending on market conditions and the perceived value of the stock [1]. Group 2: Business Operations and Financial Performance - Blue Sky Gas operates in the mid to downstream sectors of the natural gas industry, primarily in pipeline and urban gas services in Henan Province [2]. - The company reported a decline in revenue and net profit for 2024, attributed to delayed price adjustments for residential gas and a strategy to maintain market share through a tailored pricing mechanism [2]. - Despite the downturn, the company continues to expand its business operations [3]. Group 3: Strategic Expansion and Acquisition - In 2022, Blue Sky Gas announced a plan to acquire a 52% stake in Changge Blue Sky New Energy, which will become a wholly-owned subsidiary upon completion of the deal [3]. - The acquisition is expected to add over 100 million cubic meters of urban gas sales annually and enhance the company's distribution capabilities [3]. - Financial projections for Changge Blue Sky show a steady increase in net profit from 57.92 million CNY in 2022 to 68.88 million CNY in 2024, exceeding performance commitments [3].

Market Overview - Federal Reserve Chairman Jerome Powell anticipates significant inflationary pressures, overshadowing optimistic sentiments from Trump's comments on Iran negotiations, leading to a slight decline in major U.S. stock indices [1] - The S&P 500 index closed down 0.03%, the Dow Jones down 0.10%, while the Nasdaq rose 0.13% [1] - Technology stocks led the gains in the U.S. market, with banks benefiting from proposed easing of capital regulations on U.S. Treasury transactions [1] - Circle, the first stablecoin company, surged over 34% following the U.S. Senate's passage of a stablecoin regulatory framework [1] Commodity and Financial Markets - Gold prices fell over 1% from intraday highs, while platinum reached an eleven-year high [3] - Oil prices experienced volatility, declining after Trump expressed a desire to avoid U.S. involvement in Middle Eastern conflicts [3] AI and Technology Developments - OpenAI has initiated a price war by discounting its ChatGPT enterprise version, putting Microsoft in a reactive position [4] - Sam Altman, in a recent interview, discussed the potential of AI to discover new sciences and the future prevalence of AI companions and humanoid robots [5] Regulatory and Policy Updates - The Central Financial Committee of China issued opinions to support the development of Shanghai as an international financial center, emphasizing the use of blockchain in supply chain finance [8] - The China Securities Regulatory Commission released guidelines to enhance the inclusivity of the Sci-Tech Innovation Board [8] Industry Insights - Goldman Sachs predicts a boom in China's AI/AR glasses market, projecting sales to reach 7 million units by 2030 [7] - The Ministry of Industry and Information Technology of China aims for over 70% digitalization in key business processes of large textile enterprises by 2027 [9] Stock Market Highlights - Circle's market capitalization reached approximately $44.4 billion (around 320 billion RMB) after a significant price increase [15] - The price of platinum has risen over 60 CNY per gram in the past month, with a nearly 30% increase [16][17] - DRAM prices saw a significant increase, with DDR4 experiencing a 53% rise in May, the largest increase since 2017 [18][19]

根据中国证券监督管理委员会 2022 年 6 月 13 日出具的《关于核准河南蓝天燃 气股份有限公司向长葛市宇龙实业股份有限公司发行股份购买资产的批复》 （证监 证券代码：605368 证券简称：蓝天燃气 公告编号：2025-037 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 非公开发行股票上市公告 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： ? 本次股票上市类型为 非公开发行股份；股票认购方式为 网下，上市股数为 本次股票上市流通总数为45,016,076股。 ? 本次股票上市流通日期为2025 年 6 月 24 日。 一、本次限售股上市类型 许可〔2022〕1202 号）,河南蓝天燃气股份有限公司（以下简称"蓝天燃气"或"公 司"）向长葛市宇龙实业股份有限公司（以下简称"长葛宇龙"）发行人民币普通 股（A 股）32,154,340 股股份用于购买其持有的长葛蓝天新能源有限公司（以下 简称"长葛蓝天"）52%的股权，本次发行新增股份已于 2022 年 6 月 20 日完成在 ...

非公开发行股票上市公告 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： 本次股票上市流通日期为2025 年 6 月 24 日。 一、本次限售股上市类型 | 证券代码：605368 | 证券简称：蓝天燃气 公告编号：2025-037 | | --- | --- | | 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 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 45,016,076股。 本次股票上市流通总数为45,016,076股。 根据中国证券监督管理委员会 2022 年 6 月 13 日出具的《关于核准河南蓝天燃 气股份有限公司向长葛市宇龙实业股份有限公司发行股份购买资产的批复》（证监 许可〔2022〕1202 号）,河南蓝天燃气股份有限公司（以下简称"蓝天燃气"或"公 司"）向长葛市宇龙实业股份有限公司（以下简称"长葛宇龙"）发行人民币普通 股（A 股）32,154,340 股股份用于购买其持有的长葛蓝天新能源有限公司（以下 简称"长葛蓝天"）52%的股 ...

| 证券代码：605368 | 证券简称：蓝天燃气 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于控股股东增持公司股份计划的公告 本公司董事会、全体董事及相关股东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： 增持主体的基本情况 本次增持主体为河南蓝天燃气股份有限公司（以下简称"公司"）控股 股东河南蓝天集团股份有限公司（以下简称"蓝天集团"），本次增持 计划实施前，控股股东蓝天集团及一致行动人李新华合计持有公司无 限售流通股 352,910,384 股，占公司总股本 714,634,963 股的 49.38%。 增持计划的主要内容 基于对公司未来发展前景的信心及中长期投资价值的认可，同时为提 振投资者信心，切实维护投资者利益，促进公司持续、稳定、健康的 发展。蓝天集团拟通过上海证券交易所交易系统以集中竞价方式择机 增持公司 A 股股份。蓝天集团拟增持金额不低于 10,000 万元，不超过 15,000 万元，且增 ...

招商证券股份有限公司 关于河南蓝天燃气股份有限公司 发行股份购买资产暨关联交易限售股份解禁上市流通的核查意见 1 45,016,076 股。 截至 2025 年 6 月 17 日，公司因可转债转股导致总股本累计增加 21,836,087 股至 714,634,963 股。本次因可转债转股导致股本增加不涉及本次上市流通的限 售股股东。 三、本次限售股上市流通的有关承诺及履行情况 （一）关于股份限售的承诺 招商证券股份有限公司（以下简称"招商证券"、"独立财务顾问"）作为 河南蓝天燃气股份有限公司（以下简称"蓝天燃气"、"公司"）发行股份购买 资产暨关联交易（以下简称"本次交易"）的独立财务顾问，根据《上市公司重 大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《上海证券 交易所上市公司自律监管指引第 11 号——持续督导》等相关法规和规范性文件 的要求，对蓝天燃气发行股份购买资产暨关联交易限售股份解禁上市流通事项进 行了核查，核查情况如下： 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准河南蓝天燃气股份有限公司向长葛市 宇龙实业股份有限公司发行股份购买资产的批复》（证监许可[2022]1 ...

蓝天燃气（605368）公告，控股股东蓝天集团拟通过上海证券交易所交易系统以集中竞价方式增持公司 A股股份。增持金额不低于1亿元，不超过1.5亿元，且增持数量不超过目前总股本的2%。增持资金来源 为自有资金及增持专项贷款。蓝天集团已取得工商银行河南省分行出具的《贷款承诺函》，承诺提供不 超过1.35亿元的股票增持专项贷款，贷款期限3年。增持计划实施期间为自公告披露之日起12个月内。 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Weak demand has led to a decline in domestic gas prices, while storage levels are pushing down European gas prices [1][5] - The report highlights the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, with a focus on cost optimization for gas companies [5][48] Price Tracking - As of May 30, 2025, the weekly price changes for various gas markets are as follows: US HH +0.6%, European TTF -7%, East Asia JKM -2.6%, China LNG ex-factory -1.1%, and China LNG CIF -4.2% [10][11] - Domestic gas prices have slightly decreased by 1.1% due to slow demand recovery and the upcoming Dragon Boat Festival [24] Supply and Demand Analysis - In the US, total gas supply increased by 0.6% week-on-week to 1,125 billion cubic feet per day, while total demand decreased by 0.8% to 973 billion cubic feet per day [15] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year, but supply decreased by 10.8% week-on-week [16] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price gap recovery in city gas companies [34] Important Events - The US LNG import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][43] - The European Commission has voted to introduce more flexible natural gas storage filling targets to avoid supply shortages [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies like Xinao Energy and China Gas [48] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xinao [48]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a significant increase in inventory, a decline in US gas prices, and weak demand domestically, while European gas prices show a slight increase [1][10] - It emphasizes the ongoing adjustments in pricing mechanisms and the potential for demand recovery in 2025, alongside cost optimization for gas companies [1][54] Summary by Sections Price Tracking - As of May 23, 2025, US HH gas prices decreased by 4.8%, while European TTF prices increased by 5.8%. The prices for East Asia JKM and China's LNG showed increases of 5% and 5.5% respectively [10][12] Supply and Demand Analysis - US natural gas supply increased by 1.3% week-on-week to 1,118 billion cubic feet per day, with total demand rising by 4.2% to 982 billion cubic feet per day. However, the industrial sector saw a decrease in consumption by 0.9% [15] - European gas consumption for January-February 2025 was 115.5 billion cubic meters, up 11% year-on-year, while the average gas generation in Europe decreased by 15.5% week-on-week [17][26] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price adjustment [39] Important Events - The US LNG import tariff was reduced from 140% to 25%, enhancing the economic viability of US gas imports [46] - The European Commission voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals more easily [51] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments. Key recommendations include New Energy (5.2% dividend yield), China Gas (7.0% dividend yield), and Kunlun Energy (4.1% dividend yield) [54]

Core Insights - A new company, Henan Lantian Zhijia Technology Co., Ltd., has been established with a registered capital of 10 million yuan [1] - The company is wholly owned by Lantian Gas and has a diverse range of business activities including internet services, gas operations, and various design and consulting services [1] Company Overview - The legal representative of the company is Zhang Lingling [1] - The registered capital is 10 million yuan [1] - The company’s business scope includes both licensed and general projects, indicating a broad operational capacity [1] Business Activities - Licensed projects include sales of computer information system security products, construction engineering design, and gas-related services [1] - General projects encompass IoT application services, industrial engineering design, software development, and various retail and wholesale activities [1] - The company is involved in the manufacturing and sales of household appliances and related products, indicating a focus on consumer goods [1]