Acquisition - Beijing Holdings' wholly-owned subsidiary, Beijing Gas, has signed a share acquisition agreement to purchase 100% equity of Beijing Beiran Special Equipment Inspection and Testing Co., Ltd. from Beiran Industry for a transaction price of 54.6 million yuan [1] Financial Performance - BeiGene reported a third-quarter revenue of 10.077 billion yuan, representing a year-on-year increase of approximately 41.10%, with a net profit attributable to shareholders of 689 million yuan and basic earnings per share of 0.48 yuan [2] - For the first three quarters, BeiGene achieved a total revenue of 27.595 billion yuan, up approximately 44.20%, with a net profit of 1.139 billion yuan and basic earnings per share of 0.81 yuan [2] Shareholding Changes - Ruimait announced that its major shareholder and director, Chen Bei, plans to reduce his holdings by no more than 1.76% of the company's shares, equating to 1.568 million shares, due to personal financial arrangements [3] - Haodangjia's controlling shareholder intends to reduce its stake by up to 2.70%, which amounts to 3.9468 million shares, through centralized bidding and block trading [4] - Bluetian Gas's controlling shareholder, Bluetian Group, has increased its stake by 2.00%, acquiring 14.291956 million shares for a total investment of 141 million yuan [5] Legal and Compliance Issues - North Medical's chairman, Xu Xiren, has been approved for arrest due to suspected criminal activity, with the company's board member Chen Yuezhong temporarily taking over the chairman's responsibilities [6] - Zhonggong Education's shareholder Wang Zhendong has had part of his shares judicially frozen, totaling 53.3 million shares, due to a loan dispute amounting to 142 million yuan [7] Financial Liabilities - Huayi Group has received a bill totaling 27.1494 million USD related to an anti-dumping investigation by the U.S. Department of Commerce, with an estimated liability of 29.84 million USD already accrued [8] - Chitianhua's wholly-owned subsidiary is required to pay back taxes and late fees totaling 25.1142 million yuan, which have been fully paid without administrative penalties from tax authorities [9]

Core Viewpoint - The company, Henan Blue Sky Gas Co., Ltd., announced a share buyback plan by its controlling shareholder, Blue Sky Group, to enhance investor confidence and support the company's long-term development [2] Summary by Relevant Sections Share Buyback Plan - Blue Sky Group plans to increase its stake in the company through the Shanghai Stock Exchange, with a total investment ranging from 100 million yuan to 150 million yuan [2] - The buyback will not exceed 2% of the company's total share capital [2] Implementation Details - From September 11, 2025, to November 11, 2025, Blue Sky Group has cumulatively acquired 14,291,956 shares, representing 2.00% of the total share capital [2] - The total amount spent on this acquisition was 141.4875 million yuan [2]

| 证券代码：605368 | 证券简称：蓝天燃气 | 公告编号：2025-066 | | --- | --- | --- | | 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实施完毕 暨增持结果的公告 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： | 增持主体名称 | 河南蓝天集团股份有限公司 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | √是 | 否 | | | 控股股东或实控人的一致行动人 | 是 | 否 | 一、增持主体的基本情况 已披露增持计划情况：河南蓝天燃气股份有限公司（以下简称"公司"） 于 2025 年 6 月 19 日披露了《蓝天燃气关于控股股东增持公司股份计 划的公告》（公告编号：2025-038），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。公司控股股东河南蓝 ...

君致（法）字[2025]328 号 北京市君致律师事务所 北京市东城区北三环东路 36 号环球贸易中心 B 座 11 层 邮编(100013) Add: 11/F, Tower B, Global Trade Center, No.36 North Third Ring Road East, Dongcheng District, Beijing, 100013, PRC Tel: 010-52213236/7 www.junzhilawyer.com 北京市君致律师事务所 北京市东城区 北三环东路 36 号环球贸易中 心 B 座 11 层 电话（Tel）： 52213236/7 邮编（P.C）： 100013 关于河南蓝天燃气股份有限公司 控股股东增持公司股份的 法律意见书 君致法字[2025]328 号 致：河南蓝天燃气股份有限公司 北京市君致律师事务所（以下简称"本所"）作为河南蓝天燃气股份有限公司 （以下简称"公司"或"蓝天燃气"）的常年法律顾问，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》"）、《上市公司收购管理办法》（以下简称"《收购管 ...

Core Viewpoint - Blue Sky Gas (605368.SH) announced the completion of a share buyback plan, indicating confidence in the company's future performance and potential value appreciation [1] Summary by Categories Company Actions - Blue Sky Group increased its holdings in the company by purchasing 14.292 million A shares, which represents 2.00% of the total share capital [1] - The total amount spent on this buyback was 141 million yuan [1] Timeline - The share buyback occurred between September 11, 2025, and November 11, 2025 [1]

Core Viewpoint - Blue Sky Gas (605368) announced that Blue Sky Group has completed a share buyback plan, acquiring a total of 14.29 million A-shares, which represents 2.00% of the company's total share capital, for a total amount of 141.49 million yuan [1] Summary by Categories Share Buyback - Blue Sky Group conducted a share buyback from September 11, 2025, to November 11, 2025, through the Shanghai Stock Exchange trading system via centralized bidding [1] - The total shares acquired amounted to 14.29 million, equating to 2.00% of the company's total share capital [1] - The total expenditure for this buyback was 141.49 million yuan [1] Shareholding Structure - Following the completion of the buyback, Blue Sky Group and its concerted parties hold a combined shareholding ratio of 51.38% in Blue Sky Gas [1]

Core Viewpoint - The controlling shareholder, Blue Sky Group, has completed a share buyback of 14.29 million A-shares, increasing its stake in the company from 49.38% to 51.38% [1] Summary by Relevant Sections Share Buyback Details - The buyback occurred between September 11 and November 11, 2025, totaling an investment of 141 million yuan [1] - The buyback amount was between 100 million yuan and 150 million yuan, with the number of shares not exceeding 2% of the total share capital [1] Shareholding Structure - Prior to the buyback, Blue Sky Group and its concerted parties held a combined 49.38% of the shares [1] - After the buyback, the total shareholding increased to 51.38%, allowing Blue Sky Group to maintain control without triggering a mandatory offer [1]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Core Viewpoint - The announcement details the share pledge and release activities of Henan Blue Sky Gas Co., Ltd. and its controlling shareholder, Blue Sky Group, indicating a significant level of pledged shares and ongoing shareholding adjustments. Group 1: Share Pledge and Release - Blue Sky Group holds 317,704,340 shares of the company, accounting for 44.46% of the total share capital, with a cumulative pledge of 246,260,000 shares, representing 77.51% of its holdings and 34.46% of the company's total shares [2] - As of the report date, the actual controller, Li Xinhua, has pledged 46,760,000 shares, with a total pledge by Blue Sky Group and Li Xinhua amounting to 290,260,000 shares, which is 79.64% of their combined holdings and 40.62% of the company's total shares [2] - Recently, Blue Sky Group released the pledge of 5.4 million shares while pledging an additional 7.1 million shares to China Bank, with all related registration procedures completed [2][3] Group 2: Pledge Details and Financial Implications - The total number of pledged shares due within the next six months is 22,256,000, representing 31.14% of the company's total shares, with a corresponding financing amount of 1.701 billion [4] - For the next year, excluding the aforementioned six-month pledges, an additional 3,520,000 shares are due, accounting for 4.93% of the total shares, with a financing amount of 240 million [4] - Blue Sky Group's credit status is reported as good, with sufficient repayment capacity from self-owned funds, investment income, and dividends, indicating no immediate risk of forced liquidation [5] Group 3: Impact on Company Operations - The share pledges by Blue Sky Group are not expected to significantly impact the company's operations, main business, financing costs, or ongoing viability [5] - The pledges involve freely tradable shares, and Blue Sky Group's strong credit status suggests that the risks associated with these pledges are manageable, with no threat to its controlling shareholder status or corporate governance structure [5] - Blue Sky Group does not have any performance compensation obligations related to these pledges [6]

Core Viewpoint - Blue Sky Gas announced the release and re-pledging of shares by Blue Sky Group, indicating significant changes in shareholding structure and potential implications for the company's financial health and market perception [1] Group 1: Share Pledge Information - Blue Sky Group released 5.4 million shares and pledged 7.1 million shares to China Bank, indicating active management of share collateral [1] - After these transactions, Blue Sky Group has a total of approximately 246 million shares pledged, which represents 77.51% of its total holdings and 34.46% of the company's total share capital [1] - The combined pledged shares of Blue Sky Group and Li Xinhua amount to approximately 290 million shares, accounting for 79.64% of their total holdings and 40.62% of the company's total share capital [1] Group 2: Revenue Composition - For the first half of 2025, Blue Sky Gas's revenue composition is as follows: pipeline natural gas sales account for 46.44%, urban natural gas sales for 40.58%, gas installation projects for 9.83%, other revenues for 2.4%, and natural gas transmission for 0.66% [1] Group 3: Market Capitalization - As of the report, Blue Sky Gas has a market capitalization of 6.9 billion yuan [1]