蓝天燃气公告称，截至公告披露日，控股股东蓝天集团持有公司320,442,340股，占总股本44.84%。本 次被冻结股份21,910,356股，占其所持公司股份比例6.84%，占总股本3.07%；轮候冻结25,000,000股， 占其所持比例7.80%，占总股本3.50%。蓝天集团及一致行动人李新华合计持股占总股本51.38%，累计 冻结、轮候冻结、司法标记股份占总股本比例分别为9.32%、38.48%、1.40%。目前公司经营正常，本 次冻结因诉讼保全程序所致，案件未开庭，若未妥善解决可能影响控制权稳定。 ...

Core Viewpoint - The announcements detail the conversion results of the "Lantian Convertible Bonds" and the freezing of shares held by the controlling shareholder, Lantian Group, indicating potential impacts on the company's capital structure and governance stability. Group 1: Convertible Bond Issuance and Conversion - The company issued 8.70 billion yuan worth of convertible bonds on August 15, 2023, with a maturity of 6 years and a tiered interest rate starting at 0.30% in the first year [3] - As of December 31, 2025, the total amount converted from the "Lantian Convertible Bonds" was 198.47 million yuan, resulting in 21,837,039 shares, which is 3.15% of the total shares before conversion [2][5] - The remaining unconverted bonds amount to 671.53 million yuan, representing 77.19% of the total issuance [2][5] Group 2: Shareholder Share Freezing - As of the announcement date, Lantian Group holds 320,442,340 shares, accounting for 44.84% of the total share capital, with 4,280,956 shares frozen, which is 1.34% of its holdings and 0.60% of the total share capital [8] - The total frozen shares for Lantian Group and its concerted actor, Li Xinhua, amount to 44,668,115 shares, representing 12.16% of their combined holdings and 6.25% of the total share capital [8][9] - The freezing of shares is due to a lawsuit related to a trust dispute, but it is stated that this will not adversely affect the company's operations or governance [10]

Core Viewpoint - As of December 31, 2025, the total number of common shareholders for Lantian Gas (605368) is projected to be 36,182 households [1] Summary by Category - **Company Information** - Lantian Gas has communicated through an interactive platform regarding its shareholder structure, indicating a total of 36,182 common shareholders by the end of 2025 [1]

Core Viewpoint - The company acknowledges significant stock price fluctuations influenced by various factors including macroeconomic environment, market sentiment, industry cycles, and trading behaviors [1] Group 1: Company Operations - The company emphasizes its commitment to prudent operations, focusing on value creation and shareholder returns [1] - The company is enhancing the quality of information disclosure, ensuring timeliness and transparency [1] - Recent efforts include strengthening communication with the controlling shareholder and conducting internal reviews to maintain the company's independence [1] Group 2: Market Response - The company will continue to monitor market trends and respond promptly to investor concerns [1]

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-001 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： 司债券于2023年9月8日起在上交所挂牌交易，债券简称"蓝天转债"，债券代码 "111017"。 根据有关规定和《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 债券证券募集说明书》的约定，"蓝天转债"自2024年2月21日起可转换为本公 司股份。转股期起止日期为2024年2月21日至2029年8月14日止，初始转股价格为 10.13元/股。目前转股价格为7.98元/股，历次调整如下： 因公司实施2023年度利润分配，自2024年4月29日起，"蓝天转债"转股价 格由10.13元/股调整为9.28元/股。具体内容详见公司于2024年4月23日在上海证 券交易所网站（www.sse.com.cn）披露的《蓝天燃气因利润分配调整"蓝天转债" 转股价格的公告》（公告编号：2024-03 ...

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-002 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被冻结的公告 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。 | 股东名称 | 冻结/标记股 | 占其所持 | 占公司总 | 冻结/标记 股份是否 | 冻结/标记 | 冻结/标记 | 冻结 | 冻结 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 份数量 | 股份比例 | 股本比例 | 为限售股 | 起始日 | 到期日 | 申请人 | 原因 | | 蓝天集团 | 4,280,000 | 1.34% | 0.60% | 否 | 2025 年 12 月 | 2028 年 12 | 杭州市上城区 | 司 法 | | | | | | | 30 日 | 月 29 日 | 人民法院 | 冻结 | | 蓝天集团 | 956 | 0% | 0.00% | 否 | 2025 年 12 月 | 2028 年 12 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that the expected low temperatures have led to an increase in US gas prices and a rise in European gas prices due to inventory withdrawals [1][9] - It emphasizes the long-term value enhancement of special gas in commercial aerospace [1] Price Tracking - As of January 2, 2026, the week-on-week changes in gas prices are as follows: US HH +20.2%, European TTF +4.2%, East Asia JKM -0.2%, China LNG ex-factory -1.4%, and China LNG CIF +2.3%, with prices at 1, 2.5, 2.5, 2.6, and 2.5 yuan per cubic meter respectively [9][14] Supply and Demand Analysis - Meteorological agencies predict that national temperatures will remain low until January 12, leading to a week-on-week increase of 20.2% in US natural gas market prices. As of December 26, 2025, the storage volume decreased by 38 billion cubic feet to 33,750 billion cubic feet, a year-on-year decline of 1.1% [16] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas prices decreased by 1.4% week-on-week, with apparent consumption in China from January to November 2025 increasing by 1.5% year-on-year to 392 billion cubic meters [24][29] Pricing Progress - From 2022 to 2025, 67% (195 cities) of cities at or above the prefecture level implemented residential pricing adjustments, with an increase of 0.22 yuan per cubic meter [38] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies such as Xinao Energy, China Resources Gas, and Kunlun Energy, among others [56] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xinao Shares [56] - The report notes the increasing uncertainty regarding US gas imports and emphasizes the importance of energy self-sufficiency, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [56]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights an upward adjustment in temperature expectations leading to a decrease in US gas prices, while European gas prices show a slight increase due to inventory withdrawals [1][4] - Domestic gas demand shows marginal improvement, with a year-on-year increase of 9.3% in November 2025 [1][25] Price Tracking - As of December 26, 2025, the week-on-week changes in gas prices are as follows: US HH down by 8.2%, European TTF up by 0.9%, East Asia JKM up by 0.5%, China LNG ex-factory down by 2.9%, and China LNG CIF up by 0.7% [9][14] - The average gas price in China is reported at 2.6 yuan per cubic meter for LNG ex-factory and 2.4 yuan per cubic meter for LNG CIF [14] Supply and Demand Analysis - US natural gas market prices decreased by 8.2% due to higher temperature expectations, with storage levels dropping by 1.2% year-on-year [16] - European gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas consumption in China for January to November 2025 increased by 1.5% year-on-year, totaling 392 billion cubic meters [25][28] Pricing Mechanism Progress - Nationwide price adjustments for residential gas have been gradually implemented, with 67% of cities adjusting prices by an average of 0.22 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [37] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, recommending companies such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [53][54] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xin'ao Shares [54] - The report emphasizes the significance of energy independence, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [54]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].

（文章来源：证券日报） 证券日报网讯 12月25日，蓝天燃气发布公告称，公司2025年12月25日在驻马店召开第三次临时股东 会，审议通过《关于聘请公司2025年度审计机构的议案》。 ...