Group 1 - The implementation of new dividend regulations has significantly enhanced the dividend awareness among listed companies in Shaanxi, establishing a stable, timely, and predictable normalization of dividend mechanisms [1] - In 2024, nearly 70% of listed companies in Shaanxi overcame substantial declines in net profits, distributing cash dividends totaling 24.3 billion yuan, maintaining a high level of dividend scale [2] - The overall dividend amount accounted for over 70% of the net profit in the region, a substantial increase of 25 percentage points [2] Group 2 - The dividend payout ratio reached 47% after excluding loss-making companies, reflecting a year-on-year increase of 7 percentage points, indicating a continuous rise in dividend levels [2] - Shaanxi Coal's annual dividend exceeded 13 billion yuan, with a payout ratio close to 60%, setting a benchmark in the Northwest region [2] - In 2024, 36 companies in Shaanxi implemented interim dividends, representing 44% of the total, ranking first in the country [2] Group 3 - Companies such as Shaanxi Coal have maintained cash dividends for five consecutive years, while 11 companies have consistently paid dividends for over ten years, establishing a long-term, stable, and sustainable shareholder return mechanism [3] - Companies are actively improving operations to balance development and returns, as seen with Fenghuo Electronics, which implemented cash dividends and share buybacks after turning its retained earnings positive [3] - Overall, Shaanxi listed companies are responding positively to the new dividend regulations, fulfilling their responsibilities and enhancing investor satisfaction [3]

Group 1 - Kaichun Co., Ltd. adjusted the share repurchase price limit from 26.625 yuan/share to 40 yuan/share, effective from June 10, 2025 [1] - Yipin Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, a Class 3 chemical drug used for sedation during anesthesia [1] - Bohui Innovation obtained a medical device registration certificate for HPV Genotyping Test Kit, used for qualitative detection of HPV DNA [1][2] Group 2 - Lingyi Zhi Zao's application for issuing convertible bonds and cash payment to acquire 66.46% of Jiangsu Kedasiteng Automotive Technology Co., Ltd. has been accepted by the Shenzhen Stock Exchange [3] - Kemin Food reported a 23.06% year-on-year increase in pig sales in May, with a total of 48,300 pigs sold [4][5] - Meian Sen decided to terminate the issuance of shares to specific objects due to market conditions and strategic considerations [6][7] Group 3 - Zhengbang Technology reported a 146.6% year-on-year increase in pig sales revenue in May, totaling 731 million yuan [9] - Yuanda Holdings plans to reduce the registered capital of its subsidiary from 73 million to 24.3 million USD to optimize asset structure [10] - East China Pharmaceutical's subsidiary received FDA approval for clinical trials of HDM1010 tablets for type 2 diabetes [12] Group 4 - Liangxin Co., Ltd. received a government subsidy of 14.1 million yuan, accounting for 4.52% of its audited net profit for 2024 [13] - Erkang Pharmaceutical's Vitamin B6 Injection passed the consistency evaluation for generic drugs [14] - New Industry received a patent certificate for an antibody related to anti-PIC detection, enhancing detection efficiency [16][15] Group 5 - Dongxing Medical signed a 6 million yuan technology development contract with Shanghai Jiao Tong University for collagen preparation processes [16] - Suchang Chai A's subsidiary will absorb and merge another subsidiary, adjusting internal equity structure [17] - Yibin Technology received a project designation notice from a domestic new energy vehicle company, with an estimated total sales of 256 million yuan over five years [18] Group 6 - Mingchen Health received a cash dividend of 20 million yuan from its subsidiary [19] - Hendi Pharmaceutical obtained a drug registration certificate for Ibuprofen Suspension, a common medication for children [19] - Huaren Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, classified as a Category B drug under national medical insurance [20] Group 7 - Enwei Pharmaceutical obtained a renewed drug production license for six key products [21] - Xiaoming Co., Ltd. reported a 45.59% year-on-year increase in chicken product sales in May, totaling 23.25 million birds [23][24] - Shan Natural Gas successfully issued a 350 million yuan short-term financing bond with a 1.78% interest rate [25] Group 8 - Xidamen announced plans for board members to reduce their holdings by up to 581,000 shares [26] - Shentong Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Saintno Bio plans to distribute a cash dividend of 0.14 yuan per share and a capital increase of 0.4 shares per share [28] Group 9 - *ST King Kong's subsidiary received a debt transfer notice from its controlling shareholder, totaling 364 million yuan [29] - Foxit Software's executives plan to reduce their holdings by a total of 55,800 shares [30] - Youyou Green Energy plans to apply for a bank credit line of up to 1.5 billion yuan [31] Group 10 - Guoxing Optoelectronics plans to distribute a cash dividend of 0.5 yuan per 10 shares [32] - Guangxun Technology plans to distribute a cash dividend of 2.6 yuan per 10 shares [33] - Hanrui Cobalt plans to distribute a cash dividend of 1.5 yuan per 10 shares [35] Group 11 - Tigermed plans to distribute a cash dividend of 3 yuan per 10 shares [37] - Shenliang Holdings plans to distribute a cash dividend of 1.5 yuan per 10 shares [38] - Yishitong plans to distribute a cash dividend of 1 yuan per 10 shares [39]

Core Points - The company, Shaanxi Natural Gas Co., Ltd., has successfully registered and issued a short-term financing bond amounting to 1.5 billion yuan [1] - The bond issuance was approved during the fourth extraordinary shareholders' meeting held on December 30, 2022 [1] - The total amount of the bond issued was 350 million yuan, with an interest rate of 1.78% and a maturity period of 270 days [1] Summary by Sections Company Announcement - The company announced the successful issuance of the short-term financing bond, with the registration amount set at 1.5 billion yuan [1] - The bond, named "25 Shaanxi Natural Gas SCP001," has a maturity date of March 2, 2026 [1] - The main underwriter for this bond issuance was Shanghai Pudong Development Bank Co., Ltd. [1] Subscription Details - There were three compliant subscription applications, totaling 180 million yuan [1] - The highest subscription price was 1.78%, while the lowest was 1.68% [1] - The effective subscription amount matched the total issuance amount of 350 million yuan [1]

证券代码：002267 证券简称：陕天然气 公告编号：2025-023 | 主承销商 | 上海浦东发展银行股份有限公司 | | | | --- | --- | --- | --- | | | 申购情况 | | | | 合规申购家数 | 3 家 | 合规申购金额 | 1.8 亿元 | | 最高申购价位 | 1.78% | 最低申购价位 | 1.68% | | 有效申购家数 | 3 家 | 有效申购金额 | 1.8 亿元 | | 簿记管理人 | 上海浦东发展银行股份有限公司 | | | 本 期 超 短 期 融 资 券 发 行 相 关 文 件 在 中 国 货 币 网 （www.chinamoney.com.cn）和上海清算所网站（www.shclearing.com.cn） 刊登。 经查询，截至本公告日，公司不是失信责任主体。 特此公告。 陕西省天然气股份有限公司 关于2025年度第一期超短期融资券发行结果的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 陕西省天然气股份有限公司（以下简称"公司"）于 2022 年 12 月 13 日分别召开第五届董事会第二十六 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2][9] Core Viewpoints - The company is a leading operator of long-distance natural gas pipelines in Shaanxi Province, benefiting from high dividend yields and stable cash flows. The business model is characterized by a mix of stable pipeline transportation fees and city gas sales, with long-distance pipeline operations contributing 62.2% to revenue and 81.7% to gross profit in 2024 [6][9][11] - The company is expected to experience long-term growth driven by asset injections from the group and ongoing pipeline expansions. The acquisition of pipeline assets is anticipated to significantly increase gas sales volume, with a projected 70% year-on-year increase in gas sales volume in 2024 [6][9][11] - The company has a strong focus on shareholder returns, maintaining a dividend payout ratio above 60% from 2019 to 2024, with a projected dividend yield of approximately 5.6% based on the closing price on June 4, 2025 [6][9][29] Summary by Sections Company Overview - The company is controlled by Shaanxi Gas Group and is a major operator of long-distance natural gas pipelines in Shaanxi Province, with a pipeline network covering 4,569 kilometers and an annual gas transmission capacity of 17 billion cubic meters [12][54] Business Model - The primary business models include long-distance pipeline operations and city gas sales, with the former being the main profit contributor. The long-distance pipeline business operates on a stable fee structure, while city gas sales profit from the price difference between procurement and sales [16][19] Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 11.5% in gas transmission volume from 2014 to 2024. The revenue for 2024 is projected to be 90.33 billion yuan, a 19.6% increase compared to the previous year [8][54][20] Growth Drivers - The company is expected to benefit from the injection of group assets and the completion of key pipeline projects, which will enhance its gas transmission capacity significantly. Two major pipelines under construction are projected to add substantial capacity upon completion [11][54] Market Position - The company holds a monopolistic position in the regional market, supported by high entry barriers and a stable operational framework. The government pricing mechanism ensures a steady cash flow linked to gas transmission volumes [50][51]

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Views - The company is a leading operator of long-distance natural gas pipelines in Shaanxi Province, benefiting from high dividend yields and stable cash flows. The business model is primarily based on collecting stable pipeline transportation fees, with long-distance pipeline operations contributing 62.2% of revenue and 81.7% of gross profit in 2024. The company has maintained a dividend payout ratio above 60% from 2019 to 2024, with a projected dividend yield of approximately 5.6% based on the closing price on June 4, 2025 [6][9][29]. Summary by Sections Company Overview - The company is controlled by Shaanxi Gas Group and is a major operator of long-distance natural gas pipelines in Shaanxi Province. It has a well-established network covering most of the province, with a total pipeline length of 4,569 kilometers and an annual transportation capacity of 17 billion cubic meters [12][56]. Business Model - The main business segments include long-distance pipeline operations and urban gas distribution, with the former being the primary profit contributor. The long-distance pipeline business operates under a mixed model of unified purchase and sales plus transportation, while urban gas operations focus on the price difference between procurement and sales [16][19]. Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 11.5% in gas transportation volume from 2014 to 2024. The revenue for 2024 is projected to be 90.33 billion yuan, a 19.6% increase compared to the previous year, driven by the acquisition of pipeline assets [20][56]. Growth Drivers - The company is expected to benefit from the injection of group assets and the construction of key pipelines, which will enhance its long-term growth potential. Two major pipelines under construction are projected to significantly increase the company's gas transportation capacity upon completion [11][56]. Market Demand - The natural gas demand in Shaanxi Province is expected to continue growing steadily, with residential gas consumption being a significant portion of the total demand. The province has abundant natural gas resources, with proven geological reserves of approximately 1.2 trillion cubic meters [38][41].

证券代码：002267 证券简称：陕天然气 公告编号：2025-020 陕西省天然气股份有限公司 关于修订《公司章程》并取消监事会的公告 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。 陕西省天然气股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日 召开第六届董事会第十八次会议，审议通过了《关于修订 <公司章程> 并 取消监事会的议案》。 根据中国证监会《关于新 <公司法> 配套制度规则实施相关过渡期安 排》规定"上市公司应当在 2026 年 1 月 1 日前，按照《公司法》《实施 规定》及证监会配套制度规则等规定，在公司章程中规定在董事会中设审 计委员会，行使《公司法》规定的监事会的职权，不设监事会或者监事"， 现根据《公司法》《上市公司章程指引》（2025 年修订）有关规定并结 合公司实际情况，对《公司章程》进行修订，公司将不设立监事会或监事， 由审计委员会行使《公司法》规定的监事会的职权，公司《监事会议事规 则》等与监事会有关的制度条款废止。修订内容对照如下： 第 1 页 共 87 页 《公司章程》修订对比表 《中华人民共和国证券法》（以 ...

Core Viewpoint - Shaanxi Natural Gas Co., Ltd. conducted a risk assessment of Shaanxi Yanchang Petroleum Finance Co., Ltd., confirming its legal status and sound operational conditions, with no significant risks identified in its management practices [1][13]. Group 1: Company Overview - Shaanxi Yanchang Petroleum Finance Co., Ltd. is a non-bank financial institution established in December 2013, with a registered capital of 287.303 million yuan, primarily owned by Shaanxi Yanchang Petroleum (Group) Co., Ltd. with an 82.087% stake [1][2]. - The company provides various financial services, including deposit acceptance, loan processing, and financial consulting for its member units [2][3]. Group 2: Internal Control and Risk Management - The company has established a robust internal control environment, with clear governance structures and responsibilities, enhancing decision-making and operational efficiency [4][5]. - A comprehensive risk management system is in place, with dedicated departments for risk assessment and internal auditing, ensuring effective risk identification and mitigation [5][6]. Group 3: Financial Performance - As of December 31, 2024, the total assets of Shaanxi Yanchang Petroleum Finance Co., Ltd. amounted to 2,292.886 million yuan, with total liabilities of 1,685.866 million yuan and owner’s equity of 607.020 million yuan [10][11]. - The company has maintained compliance with regulatory requirements, with all key financial indicators meeting the standards set forth by the relevant financial regulations [11][12].

General Provisions - The company is established to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [2][3] - The company was approved by the Shaanxi Provincial Government and registered with the market supervision authority, with a registered capital of RMB 1,112.075445 billion [4][5] - The company is a permanent limited liability company, with the chairman serving as the legal representative [5][6] Business Objectives and Scope - The company's business objective is to adapt to market economic development, actively develop the natural gas industry, and create reasonable returns for investors [6] - The approved business scope includes natural gas transportation, related product development, comprehensive utilization, power generation, and hazardous chemical operations [6] Shares - The company's shares are issued in the form of stocks, with each share having a face value of RMB 1 [7][8] - The total number of shares issued at establishment was 408,418,675, with 1,112,075,445 shares currently outstanding, all being ordinary shares [9] Shareholder and Shareholder Meeting - The company establishes a shareholder register based on the securities registration and settlement institution's records, which serves as proof of shareholding [14] - Shareholders have rights to dividends, request meetings, supervise operations, and access financial information [15] - The company must hold an annual shareholder meeting within six months after the end of the previous fiscal year [49] Board of Directors - The board of directors is responsible for the company's operations and must report to the shareholders [76] - The board must ensure compliance with laws and regulations during meetings and decision-making processes [36][37] Financial Management - The company must adhere to financial accounting systems and internal auditing as per regulations [9] - Any financial assistance provided to others must be approved by the shareholders if it exceeds 10% of the latest audited net assets [47][48] Amendments and Legal Compliance - The company's articles of association can be amended in accordance with legal requirements and must be approved by the shareholders [12] - The company must comply with all relevant laws, regulations, and the articles of association in its operations [19][20]

General Overview - The document outlines a risk management plan for the financial services business conducted by Shaanxi Natural Gas Co., Ltd. and its subsidiaries with Shaanxi Yanchang Petroleum Finance Co., Ltd. [1][2] Risk Management Structure - A financial risk prevention and disposal leadership group is established, led by the company's general manager, responsible for overseeing financial risk management with members from various departments [3][4] - The leadership group is tasked with coordinating risk prevention measures and reporting on the financial status and risk conditions of Yanchang Finance Company [2][3] Risk Reporting and Disclosure - A financial business risk reporting mechanism is established to regularly or temporarily report to the board of directors [2][3] - Prior to depositing funds with Yanchang Finance Company, the company must review the latest audited financial reports and risk indicators, and disclose risk assessment reports after board approval [2][3] Risk Disposal Procedures - The leadership group must initiate risk disposal procedures if certain conditions arise, such as violations of financial regulations or significant financial distress at Yanchang Finance Company [4][5] - Specific triggers for risk disposal include non-compliance with regulatory indicators, liquidity crises, or significant operational changes [4][5] Emergency Response Measures - Upon risk initiation, an emergency response team is formed to assess the situation and implement risk mitigation strategies [6][7] - Measures may include halting new loans, recovering funds, or selling financial assets to manage liquidity [6][7] Post-Risk Management - After risk resolution, the leadership group will enhance supervision of Yanchang Finance Company and reassess the risk profile of ongoing financial services [8] - The group will analyze the causes of risks and improve the risk prevention and disposal mechanisms, potentially ceasing related financial services if risks cannot be mitigated [8]