河南蓝天燃气股份有限公司 证券代码：605368 证券简称：蓝天燃气 公告编号：2024-027 债券代码：111017 债券简称：蓝天转债 关于控股股东减持可转换公司债券 暨权益变动达到 1%的提示性公告 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： 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"）因 减持河南蓝天燃气股份有限公司（以下简称"公司"）可转换公司债券（以下简 称"可转债"）导致其与实际控制人拥有公司的合并权益比例由 53.91%下降至 52.76%。蓝天集团实际拥有的公司股份未发生变化。本次权益变动系可转债大宗 交易减持，不触及要约收购。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 自 2024 年 3 月 23 日至 2024 年 3 月 29 日，蓝天集团通过上海证券交易 所系统以大宗交易的方式合计减持可转债 899,980 张，占公司可转债发行总量的 比例为 10.34%。 2024 年 4 月 1 日，公司收到蓝天集团的通知，自 2024 年 3 月 23 日至 ...

证券代码：605368 证券简称：蓝天燃气 公告编号：2024-026 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"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。 重要内容提示： 累计转股情况："蓝天转债"自 2024 年 2 月 21 日开始转 股，截至 2024 年 3 月 31 日，河南蓝天燃气股份有限公司（以下 简称"蓝天燃气""公司"）可转债"蓝天转债"累计转股的金额 332,000 元，累计因转股形成的股份数量 32,762 股，占可转债转 股前公司已发行股份总额的 0.00%。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的 "蓝天转债"金额为 869,668,000 元，占可转债发行总量的 99.96%。 本季度转股情况：截至 2024 年 3 月 31 日，2024 年第一季 度转股金额为 332,000 元，因转股形成的股份数量 32,762 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 ...

Company Overview - The company is a leading city gas operator in Henan Province, with a business layout covering the midstream and downstream of the gas industry chain [41][87] - The company has a robust midstream pipeline business, leveraging its extensive network of branch pipelines in Henan to sell natural gas to downstream distributors and industrial users [123][145] - The downstream city gas business operates under exclusive franchise rights, distributing natural gas to residential and industrial users in designated areas [128] - The company has a strong track record of revenue and profit growth, with a compound annual growth rate (CAGR) of 9.06% in total revenue and 15.33% in net profit attributable to the parent company from 2018 to 2023 [128] Financial Performance - The company's total revenue increased from 21.25 billion yuan in 2020 to 24.90 billion yuan in 2023, with a CAGR of 4.0% [26] - Net profit attributable to the parent company grew from 607 million yuan in 2023 to an estimated 725 million yuan in 2026, with a CAGR of 5.4% [93] - The company's gross margin for pipeline natural gas business remained stable, ranging from 12.05% to 15.51% from 2020 to 2022 [26] - The company's free cash flow has been strong, with EBIT-adjusted free cash flow increasing from 3.33 billion yuan in 2018 to 6.33 billion yuan in 2023 [19] Industry Analysis - Henan Province has significant potential for natural gas demand growth due to its low urbanization rate and rapid urbanization progress [6][20] - The natural gas penetration rate in rural areas of Henan is much lower than in urban areas, indicating substantial growth potential as rural infrastructure improves [14][165] - The Henan Development and Reform Commission projects that natural gas demand in the province will increase to 200 billion cubic meters by 2025, up from 128 billion cubic meters in 2022 [7][116] - National policies strongly support the development of natural gas as a key bridge in China's energy transition, with targets set for urban gas penetration rates by 2025 [172] Competitive Advantages - The company benefits from its monopoly position in pipeline transportation, which provides strong bargaining power and cost control capabilities [11][123] - The company has diversified gas sources, including stable supplies from PetroChina, Sinopec, and low-cost coalbed methane from Shanxi, which enhances its cost competitiveness [43][179] - The company's strong cost control is reflected in its stable gross margins for midstream pipeline business, which increased from 0.16 yuan/cubic meter in 2020 to 0.45 yuan/cubic meter in 2022 despite rising upstream costs [9][124] - The company's asset turnover efficiency is high, with accounts receivable turnover and inventory turnover rates consistently outperforming industry averages [114] Future Outlook - The company has announced a generous dividend policy, committing to a dividend payout ratio of at least 70% for the next three years (2023-2025) [3][53] - The company's IPO and convertible bond projects are expected to bring additional growth, with most IPO projects already reaching their intended use and convertible bond projects set to be operational by 2024-2025 [62][75] - The company's downstream city gas business is expected to benefit from price adjustments in residential gas tariffs, with potential for further price increases in other cities following the lead of Xuchang City [45][104] - The company's profit is expected to be further boosted by the resumption of coalbed methane supply, with a potential profit increase of 0.55 billion yuan if 2.5 billion cubic meters of coalbed methane is supplied [44][181] Valuation and Recommendations - The company is expected to achieve revenue of 51.64 billion yuan in 2024, with a year-on-year growth of 4.39%, and net profit attributable to the parent company of 6.65 billion yuan, with a year-on-year growth of 9.73% [53][75] - The company's 2024 estimated PE ratio is 15x, with a target price of 14.40 yuan, based on its stable operations, high dividend policy, and strong performance in 2023 [75][92] - The report recommends a "Buy" rating for the company, citing its strong midstream cost control, potential profit growth from coalbed methane supply, and downstream business expansion [75][92]

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、可转债发行上市概况 证券代码：605368 证券简称：蓝天燃气 公告编号：2024-025 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"蓝天转债"预计满足赎回条件的提示性公告 根据《蓝天燃气向不特定对象发行可转换公司债券募集说明书》 约定：在转股期内，如果公司 A 股股票在连续三十个交易日中至少十 五个交易日的收盘价格不低于"蓝天转债"当期转股价格的 130%（含 130%），公司有权决定按照债券面值加当期应计利息的价格赎回全部 或部分未转股的可转换公司债券。 （二）赎回条款预计触发情况 自 2024 年 3 月 18 日至 2024 年 3 月 29 日十个交易日中，公司股 票已有十个交易日收盘价不低于"蓝天转债"当期转股价格 10.13 元 /股的 130%（13.169 元/股）。若在未来二十个交易日内有五个交易 日公司股票收盘价不低于"蓝天转债"当期转股价格 10.13 元/股的 130%（13.169 元/股），将触发"蓝天转债"的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 6 to 12 months [18][34]. Core Insights - The company reported a revenue of 4.947 billion yuan in 2023, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 606 million yuan, up 2.33% year-on-year [2][29]. - The company plans to distribute a cash dividend of 0.85 yuan per share, resulting in a dividend payout ratio of 97.13%, reflecting a strong commitment to returning value to shareholders [2][34]. - The report highlights the gradual implementation of natural gas pricing policies in Henan Province, which is expected to benefit the company as residential price differentials improve [5][30]. Financial Performance Summary - The company's revenue from pipeline natural gas sales was 2.322 billion yuan, a decrease of 4.08% year-on-year, with a gross margin of 12.27% [28][33]. - Revenue from urban natural gas sales reached 1.897 billion yuan, an increase of 1.62%, with a gross margin of 16.18% [3][33]. - The gas installation engineering segment saw a significant revenue increase of 71.48% to 600 million yuan, driven by the completion of rural projects and increased installation activity post-pandemic [4][33]. - Other main business revenues increased by 37.56% to 100 million yuan, attributed to the ongoing development of gas value-added services [14][33]. Profit Forecast and Valuation - The company expects net profits for 2024, 2025, and 2026 to be 650 million, 690 million, and 710 million yuan respectively, with year-on-year growth rates of 7.9%, 5.4%, and 2.6% [18][34]. - The current market capitalization corresponds to a price-to-earnings ratio of 14.4, 13.7, and 13.3 for the years 2024 to 2026 [18][34].

本报告仅供 Choice 东方财富 使用，请勿传阅。 红利标杆 公司发布 2023 年年度报告，业绩稳健增长。全年公司实现营业收入 49.47 亿元，同比增长 4.06%；实现归母净利润 6.06 亿元，同比增长 2.33%；加权平均净资产收益率达到 16.58%。 公司始终致力于为所有股东创造价值，具有高分红传统，2020- 2022 财年，公司现金分红比例分别为 69.51%、54.97%、83.55%。 据 2023 年年报披露，此次公司拟每 10 股派发现金红利 8.5 元（含 税），以截至 2024 年 3 月 24 日公司总股本 6.93 亿股计算，公司 2024 年拟派发现金红利总额为 5.89 亿元，分红比例高达 97.13%， 按照 2024 年 3 月 25 日收盘价计算，公司股息率达到 6.2%。2023 年 11 月，公司发布未来三年股东分红回报规划，明确 2023-2025 年每年现金分红比例不低于净利润的 70%。主业稳健叠加高分红， 公司投资价值凸显。 公司拥有河南省内稀缺的天然气长输管网资产，近年来积极从中 游向下游城市燃气业务延伸，逐步形成"长输管网+城燃"中下游 一体化布局 ...

Financial Performance - The company's operating revenue for 2023 was CNY 4,946,802,882.22, representing a 4.06% increase compared to CNY 4,753,700,193.84 in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 606,310,448.46, a 2.33% increase from CNY 592,528,052.47 in 2022[24]. - The net cash flow from operating activities decreased by 18.02% to CNY 680,423,906.31 in 2023 from CNY 830,022,685.26 in 2022[24]. - The total assets at the end of 2023 were CNY 6,717,569,076.33, reflecting a 7.50% increase from CNY 6,248,820,186.66 at the end of 2022[24]. - The net assets attributable to shareholders increased by 4.78% to CNY 3,837,305,517.27 at the end of 2023 from CNY 3,662,099,761.33 at the end of 2022[24]. - The basic earnings per share for 2023 remained stable at CNY 0.88, unchanged from 2022[25]. - The diluted earnings per share decreased by 3.41% to CNY 0.85 in 2023 from CNY 0.88 in 2022[26]. - The weighted average return on equity for 2023 was 16.58%, down from 18.25% in 2022, a decrease of 1.67 percentage points[26]. Dividend Policy - The board of directors proposed a cash dividend of 8.5 RMB per 10 shares for the 2023 fiscal year, with the remaining undistributed profits to be carried forward to the next year[5]. - The company plans to distribute a cash dividend of 8.5 RMB per 10 shares in 2024, totaling approximately 588.91 million RMB, which represents 97.13% of the 2023 net profit attributable to shareholders[35]. - The cash dividend payout ratio for the past three years was 69.51%, 54.97%, and 83.55% respectively[34]. - The company aims to distribute at least 70% of its net profit as cash dividends annually from 2023 to 2025, subject to certain conditions[35]. Audit and Compliance - The company received a standard unqualified audit report from Zhongxing Cai Guanghua Accounting Firm[4]. - The company has committed to maintaining the accuracy and completeness of its financial reports, as stated by its management[4]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[4]. - The company has no violations of decision-making procedures regarding external guarantees[7]. - The company has maintained complete independence in business, personnel, assets, institutions, and finance from its controlling shareholder and actual controller[78]. - The company has implemented a comprehensive internal control system to enhance management effectiveness and risk prevention[119]. - The internal control audit report for the year ended December 31, 2023, received a standard unqualified opinion, indicating effective financial reporting internal controls[120]. Operational Strategy - The company plans to expand its market presence and enhance its service offerings in the natural gas sector[6]. - The company has outlined its future development strategies, emphasizing sustainable growth and market expansion[6]. - The company is focused on developing new technologies and products to improve operational efficiency[6]. - The company aims to transition from a single natural gas supplier to a composite energy supplier, expanding its service offerings and market reach[69]. - The company is actively managing its executive compensation to align with performance and shareholder interests[85]. - The management team has outlined a commitment to developing new technologies and products to meet market demands[84]. Market and Industry Context - The company operates in the natural gas pipeline and urban gas sectors, focusing on midstream and downstream activities within Henan Province[42]. - The natural gas production in China is projected to reach 230 billion cubic meters by 2025 and stabilize above 300 billion cubic meters by 2040[39]. - The company has established a comprehensive gas supply network, including multiple high-pressure long-distance pipelines, enhancing its market coverage[40]. - The company benefits from a stable gas supply by partnering with multiple suppliers, including China National Petroleum Corporation and Sinopec[43]. - The integration of midstream and downstream operations allows the company to enhance its market position and overall competitiveness[45]. Risks and Challenges - The company has detailed the main operational risks in the report, urging investors to pay attention to investment risks[7]. - The company faces risks related to government pricing policies for natural gas, which may affect its financial performance[71]. - The company is dependent on major suppliers like PetroChina for natural gas, which poses a risk if supply is disrupted[72]. - The company acknowledges the risk of not meeting expected returns on investment projects due to market changes or local demand issues[74]. - The company recognizes competition from alternative energy sources, which could impact its market position[74]. Corporate Governance - The company has implemented a series of measures to improve corporate governance, including the establishment of independent director systems and various committees, ensuring compliance with laws and regulations[77]. - The company has a total of 22 employees with a master's degree, 455 with a bachelor's degree, 748 with a college diploma, and 397 with education below college level[109]. - The company has not faced any penalties from securities regulatory agencies in the past three years[96]. - The company has established a profit distribution policy requiring annual cash dividends to be no less than 70% of the net profit attributable to shareholders, provided there are no major investment plans or cash expenditures[112]. Employee and Management Changes - The total number of employees in the parent company is 395, while the main subsidiaries employ 1,227, resulting in a total of 1,622 employees[108]. - Changes in senior management included the appointment of a new general manager and the election of new directors due to board restructuring[95]. - The total remuneration for the reporting period was 473.74 million yuan, with significant increases in shareholdings for several executives[85]. Future Outlook - The company plans to achieve a sales revenue of 5.3 billion yuan and a net profit of 650 million yuan for the fiscal year 2024[70]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 15% to 1.725 billion yuan[88]. - Future guidance indicates a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[88]. - The company has set a performance guidance of 1.8 billion yuan in revenue for the next fiscal year, reflecting a 20% increase[91].

蓝天燃气独立董事关于独立性情况的自查报告 按照《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第 1 号—规范运作》等有关规定的要求，我们作为公司 在任独立董事对独立性情况进行自查，结果如下： （七）最近十二个月内我们不曾具有第一项至第六项所列举情形 的人员； （八）我们不属于法律、行政法规、中国证监会规定、证券交易 所业务规则和公司章程规定的不具备独立性的其他人员。 综上，我们符合《上市公司独立董事管理办法》《上海证券交易 所上市公司自律监管指引第 1 号—规范运作》等法律法规关于独立董 事独立性的要求，特此向公司董事会报告。 （一）我们不属于在上市公司或者其附属企业任职的人员及其配 偶、父母、子女、主要社会关系； （二）我们不是直接或者间接持有上市公司已发行股份百分之一 以上或者是上市公司前十名股东中的自然人股东及其配偶、父母、子 女； （三）我们不是在直接或者间接持有上市公司已发行股份百分之 五以上的股东或者在上市公司前五名股东任职的人员及其配偶、父母、 子女； （四）我们不是在上市公司控股股东、实际控制人的附属企业任 职的人员及其配偶、父母、子女； （五）我们不是与上市公司及其控股股 ...

河南蓝天燃气股份有限公司 持续督导保荐总结报告书 招商证券股份有限公司 关于河南蓝天燃气股份有限公司 首次公开发行股票并上市之持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）担任河南 蓝天燃气股份有限公司（以下简称"发行人"、"蓝天燃气"或"公司"）首次 公开发行股票并上市的保荐机构，负责本次发行股票上市后的持续督导工作，持 续督导期自 2021 年 1 月 29 日起至 2023 年 12 月 31 日止（以下简称"持续督导 期间"）。招商证券根据《证券发行上市保荐业务管理办法》《上海证券交易所 股票上市规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》等相关规定，出具本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 （二）保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事 项进行的任何质询和调查。 （三）保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐 业务管理办法》的有 ...

1、本人基本情况 出生于 1968 年，中国国籍，无境外永久居留权，现任中南财经政法大学 会计学院教师，副教授，硕士生导师，中国会计学会会员，中国注册会计师协 会非执业会员。兼任森霸传感科技股份有限公司独立董事、武汉光迅科技股份 有限公司独立董事。2014 年 11 月至 2017 年 11 月曾任公司独立董事；2020 年 11 月至今任公司独立董事。 2、是否存在影响独立性情况的说明 作为公司的独立董事，本人未在公司担任除独立董事外的其他职务，直系 亲属、主要社会关系均不在公司或其附属企业任职，没有为公司或其附属企业 提供财务、法律、咨询等服务。本人具有《上市公司独立董事规则》《上海证券 交易所上市公司自律监管指引第 1 号—规范运作》《公司章程》及《独立董事工 作制度》所要求的独立性和担任公司独立董事的任职资格，能够确保客观、独 立的专业判断，不存在影响独立性的情况。 二、本人年度履职情况 1、会议出席情况 独立董事述职报告-王征 各位董事： 我们作为河南蓝天燃气股份有限公司董事会独立董事，2023 年度按照《公 司法》《公司章程》《上市公司独立董事管理办法》《上海证券交易所上市公司自 律监管指引第 1 ...