山西蓝焰控股股份有限公司 2025 年第三季度报告 证券代码：000968 证券简称：蓝焰控股 公告编号：2025-040 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 山西蓝焰控股股份有限公司 2025 年第三季度报告 山西蓝焰控股股份有限公司 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 498,127,015.72 | -21.77% | 1,6 ...

Group 1 - The former Vice General Manager of Jincheng Coal Group and Chairman of Shanxi Blue Flame Holding Co., Ltd., Wang Baoyu, is under investigation for suspected bribery [1][2] - The case has been transferred to the prosecutorial authority for review and prosecution by the Yangquan City People's Procuratorate [2] - Wang Baoyu has been formally arrested on charges of bribery, and the case is currently under further processing [2]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that colder weather has led to an increase in gas prices in the US and China, while Europe has entered the inventory withdrawal season with a slight price increase [1][9] - It emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, suggesting a positive outlook for gas companies [1][48] Price Tracking - As of October 24, 2025, gas prices have changed week-on-week as follows: US HH +25.4%, European TTF +1.2%, East Asia JKM +0.5%, China LNG ex-factory +6.5%, and China LNG CIF +0.4% [9][11] - The report notes that the price inversion between domestic and international markets has ended [9] Supply and Demand Analysis - The US natural gas market saw a week-on-week price increase of 25.4% due to colder weather, with storage levels rising by 870 billion cubic feet to 38,080 billion cubic feet, a year-on-year increase of 0.6% [14] - In Europe, gas prices increased by 1.2% as the region entered the inventory withdrawal phase, with gas consumption from January to July 2025 reaching 265.4 billion cubic meters, a year-on-year increase of 5% [15] - Domestic gas prices in China rose by 6.5% due to colder weather, with apparent consumption from January to September 2025 increasing by 0.7% to 318.8 billion cubic meters [21][24] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [33] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting key companies such as Xin'ao Energy, China Gas, and Kunlun Energy [49] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [49] - The report also emphasizes the importance of energy independence and suggests关注ing companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [49]

Core Insights - The oil and gas extraction sector experienced a decline of 0.94% on October 24, with Blue Flame Holdings leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - The following companies in the oil and gas extraction sector reported their closing prices and percentage changes: - *ST Xinchao: Closed at 4.16, down 0.24% with a trading volume of 145,300 shares and a transaction value of 60.50 million [1] - Yutong: Closed at 27.31, down 0.65% with a trading volume of 513,100 shares and a transaction value of 14.05 million [1] - Intercontinental Oil and Gas: Closed at 2.40, down 3.23% with a trading volume of 2,432,500 shares and a transaction value of 5.95 million [1] - Blue Flame Holdings: Closed at 7.42, down 3.39% with a trading volume of 313,600 shares and a transaction value of 235 million [1] Capital Flow - The oil and gas extraction sector saw a net outflow of 229 million from main funds, while retail investors contributed a net inflow of 137 million [1] - The detailed capital flow for specific companies is as follows: - *ST Xinchao: Main funds net outflow of 6.91 million, retail net inflow of 4.00 million [2] - Blue Flame Holdings: Main funds net outflow of 42.23 million, retail net inflow of 45.17 million [2] - Intercontinental Oil and Gas: Main funds net outflow of 43.39 million, retail net inflow of 37.55 million [2] - China National Offshore Oil Corporation: Main funds net outflow of 137 million, retail net inflow of 49.82 million [2]

Core Insights - The oil and gas extraction sector experienced a 1.23% increase on October 21, with Intercontinental Oil leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - Intercontinental Oil (600759) closed at 2.49, with a rise of 3.32% and a trading volume of 3.2767 million shares, amounting to a transaction value of 808 million yuan [1] - ST Xinchao (600777) closed at 4.25, up 3.16%, with a trading volume of 271,000 shares [1] - China National Offshore Oil Corporation (600938) closed at 26.21, with a slight increase of 0.42% [1] - Blue Flame Holdings (000968) closed at 7.65, up 0.13%, with a trading volume of 420,600 shares [1] Capital Flow Analysis - The oil and gas extraction sector saw a net outflow of 58.1538 million yuan from major funds, while retail investors contributed a net inflow of 59.9322 million yuan [1] - Intercontinental Oil had a net inflow of 13.8447 million yuan from major funds, while retail investors saw a net outflow of 3.6901 million yuan [2] - ST Xinchao experienced a net inflow of 2.7074 million yuan from major funds, with a net outflow of 4.3513 million yuan from retail investors [2] - China National Offshore Oil Corporation had a significant net outflow of 29.2681 million yuan from major funds, but a net inflow of 27.5971 million yuan from retail investors [2] - Blue Flame Holdings faced a net outflow of 45.4378 million yuan from major funds, while retail investors contributed a net inflow of 40.3766 million yuan [2]

Group 1 - The oil and gas extraction sector increased by 1.54% compared to the previous trading day, with Blue Flame Holdings leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] - The trading volume and turnover for key stocks in the oil and gas extraction sector were significant, with Blue Flame Holdings closing at 7.64, up 5.82% [1] Group 2 - The net inflow of main funds in the oil and gas extraction sector was 150 million yuan, while retail investors experienced a net outflow of 126 million yuan [1] - The detailed fund flow for individual stocks showed that China National Offshore Oil Corporation had a main fund net inflow of 59.64 million yuan, while Blue Flame Holdings had a net inflow of 54.94 million yuan [2] - The overall trend indicated that while main funds were entering the sector, retail investors were withdrawing, particularly from stocks like Blue Flame Holdings and Intercontinental Oil and Gas [2]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Shanxi Blue Flame Holdings Co., Ltd., which has seen a stock price increase of 5.12% to 7.59 CNY per share, with a total market capitalization of 7.343 billion CNY [1] - The company specializes in coal mine gas management and coalbed methane exploration, with 96.44% of its revenue coming from coalbed gas sales [1] - The company was established on December 22, 1998, and went public on June 22, 2000, indicating a long-standing presence in the market [1] Group 2 - From the perspective of fund holdings, the Hengsheng Qianhai Fund has a significant position in Blue Flame Holdings, with its Hengsheng Qianhai Xingtai Mixed A fund holding 499,900 shares, representing 1.7% of the fund's net value [2] - The fund has a total size of 151 million CNY and has achieved a year-to-date return of 3.61% [2] - The fund manager, Hu Qicong, has been in position for over 6 years, with the best fund return during his tenure being 72.35% [2]

Company Overview - Shanxi Blue Flame Holdings Co., Ltd. is located in Taiyuan, Shanxi Province, and was established on December 22, 1998, with its listing date on June 22, 2000 [1] - The company's main business involves coal mine gas management and coalbed methane exploration, development, and utilization, with revenue composition: 96.44% from coalbed methane sales, 3.25% from gas well construction, and 0.31% from other sources [1] Stock Performance - As of October 20, the stock price increased by 2.08% to 7.37 CNY per share, with a trading volume of 115 million CNY and a turnover rate of 1.63%, resulting in a total market capitalization of 7.13 billion CNY [1] - Year-to-date, the stock price has risen by 11.33%, with a 4.39% increase over the last five trading days, 5.14% over the last 20 days, and 4.24% over the last 60 days [1] Financial Performance - For the first half of 2025, the company reported revenue of 1.11 billion CNY, a year-on-year decrease of 4.12%, while the net profit attributable to shareholders was 234 million CNY, reflecting a year-on-year increase of 5.07% [2] - Cumulative cash dividends since the A-share listing amount to 1 billion CNY, with 252 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 33.59% to 48,500, while the average circulating shares per person decreased by 25.14% to 19,956 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 9.06 million shares, a decrease of 5.22 million shares compared to the previous period [3]

Core Points - The oil and gas extraction sector experienced a decline of 1.63% on October 17, with XD China Sea leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Sector Performance - The oil and gas extraction sector saw a net outflow of 117 million yuan from main funds, while retail investors contributed a net inflow of 43.72 million yuan [1] - Key stocks in the sector included: - *ST Xinchao: Closed at 4.18, up 1.46%, with a trading volume of 516,300 shares [1] - Blue Flame Holdings: Closed at 7.22, up 0.56%, with a trading volume of 248,800 shares [1] - Intercontinental Oil and Gas: Closed at 2.34, up 0.43%, with a trading volume of 1,969,300 shares [1] - XD China Sea: Closed at 25.59, down 0.58%, with a trading volume of 430,300 shares [1] Fund Flow Analysis - Main funds showed a significant outflow from XD China Sea, amounting to 103 million yuan, representing a net outflow of 9.29% [2] - Retail investors showed a net inflow of 50.23 million yuan into XD China Sea, indicating some interest despite the overall decline [2] - The overall fund flow in the sector indicates a mixed sentiment among different types of investors, with main funds pulling back while retail investors remained active [2]

Core Viewpoint - The appointment of Lian Fan as the Deputy General Manager of Huaxin Gas Group marks a significant leadership change within the company, which is the only comprehensive gas market entity in Shanxi Province, established to integrate state-owned gas enterprises [1][2]. Group 1: Leadership Changes - Lian Fan has been appointed as the Deputy General Manager of Huaxin Gas Group, as announced by the Shanxi Provincial Government [1]. - Wu Xu has been appointed as the Director and General Manager of the Provincial Affordable Housing Investment Company [1]. Group 2: Company Background - Huaxin Gas Group was established in September 2020, following the approval of the Shanxi Provincial Government, to consolidate all state-owned gas enterprises in the province [1]. - The company has a registered capital of 8 billion yuan and owns two listed companies, with total assets nearing 92.4 billion yuan [1].