Group 1: Company Overview and Financial Performance - The company focuses on urban gas business, enhancing infrastructure to ensure gas supply capacity while exploring new energy services such as petrochemicals, hydrogen, thermal energy, photovoltaics, and green methanol [2][4] - As of Q3 2025, total assets reached CNY 21.052 billion, a 9.01% increase from the beginning of the year; total revenue was CNY 23.501 billion, a year-on-year growth of 5.38%; net profit attributable to shareholders was CNY 490 million, up 6.07% [2][3] - The company has maintained a stable dividend level since its listing in November 2017, with cumulative cash dividends amounting to CNY 3.088 billion, representing over 65% of net profit attributable to shareholders [3] Group 2: Gas Business and Customer Structure - The company holds 13 regional pipeline gas business licenses, establishing an integrated natural gas business model with competitive advantages in infrastructure, resource supply, and customer structure [4] - In H1 2025, the gas supply volume was 3.524 billion cubic meters, with industrial and commercial users accounting for approximately 81.29% of the customer structure [5] Group 3: Green Methanol Project - The company, in collaboration with Hong Kong and China Gas, has achieved large-scale production of green methanol since 2022, with an annual production capacity of 50,000 tons [6][7] - A total investment of CNY 10 billion is planned for establishing green methanol production bases nationwide, targeting a combined capacity of 1 million tons per year [7] - The green methanol project in Foshan is set to have a planned capacity of 200,000 tons per year, with an estimated total investment of CNY 2.058 billion and an expected annual profit of CNY 270 million post-completion [9] Group 4: SOFC Project Development - The company has formed a specialized R&D team of over 60 members, including PhDs and senior engineers, to advance the development of SOFC systems [10][11] - The company has been recognized as a key participant in national projects related to SOFC technology and has filed numerous patents in this field [11] Group 5: Energy Efficiency and Emission Reduction - The company is actively engaged in energy-saving and emission-reduction initiatives, focusing on digital solutions for manufacturing upgrades [11] - It has completed 19 energy management projects with an average energy-saving rate exceeding 7%, and has delivered a low-carbon digital intelligent kiln demonstration line [11]

Core Viewpoint - The company held its fourth extraordinary general meeting of shareholders in 2025, where all proposed resolutions were approved without any dissenting votes [1][2][3]. Meeting Details - The meeting took place on October 31, 2025, at 3:30 PM, combining both on-site and online voting methods [1][2]. - A total of 225 shareholders and their representatives attended, representing 1,079,818,587 shares, which is 83.1657% of the total shares [5]. - The meeting was convened by the company's board of directors and presided over by Chairman Yin Xiang [3][4]. Voting Results - The following proposals were approved during the meeting: 1. **Increase Capital for Subsidiaries and Related Transactions**: Approved with 99.8986% of votes in favor [7]. 2. **Use of Own Funds for Foreign Exchange Derivative Transactions**: Approved with 99.9438% of votes in favor [10]. 3. **Natural Gas Supply Cooperation Agreement**: Approved with 99.9299% of votes in favor [12]. 4. **Shareholder Return Plan for 2025-2027**: Approved with 99.9572% of votes in favor [15]. 5. **Reappointment of Audit Firm**: Approved with 99.9453% of votes in favor [17]. 6. **Change of Registered Capital and Amend Company Articles**: Approved with 99.7155% of votes in favor [18]. 7. **Resignation and Re-election of Non-independent Directors**: Approved with 99.9500% of votes in favor [20]. Legal Opinion - The meeting's procedures, qualifications of the conveners, and voting processes were confirmed to be in compliance with relevant laws and regulations by the legal counsel [21]. Agreement Progress - The company signed a natural gas supply cooperation agreement with Hebei Natural Gas on October 31, 2025, which aims to diversify its gas source and enhance supply security [25][26].

Core Points - The company announced the approval of a natural gas supply cooperation agreement with Hebei Natural Gas by its subsidiary Wuqiang Zhongshun Natural Gas Co., Ltd [2] - The agreement stipulates that Wuqiang Zhongshun will prioritize purchasing at least 10 million cubic meters of gas annually from Hebei Natural Gas, provided the pricing is competitive [2] Group 1 - The sixth board meeting and the fourth extraordinary shareholders' meeting were held on October 15 and October 31, 2025, respectively, to review and approve the related party transaction [2] - The cooperation agreement requires both parties to be responsible for the construction of connecting pipelines [2] - The agreement was officially signed on October 31, 2025 [2]

证券代码：002911 证券简称：佛燃能源 公告编号：2025-089 佛燃能源集团股份有限公司 关于控股子公司签署天然气供用气合作协议 暨关联交易的进展公告 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、误导性陈述或重大遗漏。 特此公告。 佛燃能源集团股份有限公司董事会 2025年11月1日 二、协议进展情况 2025 年 10 月 31 日，武强中顺与河北天然气签署了《天然气供用气合作协 议》。本次合作协议的签署，将优化武强中顺的气源结构，使其由单一气源向多 气源转变，显著提升供气保障能力。同时，有助于进一步降低武强中顺气源采购 成本，增强其市场竞争力，符合公司的发展战略。本次签署的合作协议对公司本 期和未来财务状况、经营成果不会产生重大影响，对公司业务独立性不构成影响。 三、备查文件 《天然气供用气合作协议》。 一、协议基本情况 佛燃能源集团股份有限公司（以下简称"公司"）分别于 2025 年 10 月 15 日、2025 年 10 月 31 日召开的第六届董事会第二十三次会议、2025 年第四次临 时股东大会审议通过了《关于控股子公司签署天然气供用气合作协议暨关联交易 的议案》 ...

证券代码：002911 证券简称：佛燃能源 公告编号：2025-088 佛燃能源集团股份有限公司 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、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决议案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 2025 年第四次临时股东大会决议公告 （一）会议召开情况 1.会议召开时间 现场会议召开时间：2025 年 10 月 31 日（星期五）下午 3:30； 网络投票时间：通过深圳证券交易所交易系统进行投票的时间为 2025 年 10 月 31 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投 票系统投票的时间为 2025 年 10 月 31 日 9:15-15:00。 2.现场会议召开地点：广东省佛山市禅城区南海大道中 18 号公司 16 楼会议 室。 3.会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 4.会议召集人：公司董事会。 5.会议主持人：董事长尹祥先生。 6.本次会议的召集、召开与表决程序符合《公司法》《上市公司股东会 ...

致：佛燃能源集团股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受佛燃能源集团股份有限 公司（以下简称"公司"）的委托，指派本所经办律师出席了公司于 2025 年 10 月 31 日在广东省佛山市禅城区南海大道中 18 号 16 楼会议室召开的 2025 年第四次临时股东 大会（以下简称"本次股东大会"）的现场会议。现根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股东会规则》等中国（为本法律意见之目的，"中国" 不包括香港特别行政区、澳门特别行政区及台湾地区）现行法律、法规和规范性文件（以 下简称"法律、法规"）以及《佛燃能源集团股份有限公司章程》（以下简称"公司章程"）、 《佛燃能源集团股份有限公司股东大会议事规则》（以下简称"公司股东大会议事规则"） 的有关规定，就本次股东大会有关事宜出具本法律意见。 本所经办律师依据本法律意见出具日以前已经发生的事实并基于本所经办律师对有 关事实的了解和对法律、法规的理解发表法律意见。本所经办律师仅就本次股东大会的 召集和召开程序、出席会议人员的资格、本次股东大会的表决程序、表决结果等事项发 表法律意见，不对本次股东大会提案的内容以及提 ...

Core Viewpoint - The signing of the natural gas supply cooperation agreement between Wuqiang Zhongshun and Hebei Natural Gas on October 31, 2025, will optimize the gas source structure, transitioning from a single source to multiple sources, significantly enhancing supply security and reducing procurement costs, thereby increasing market competitiveness and aligning with the company's development strategy [1] Company Impact - The cooperation agreement will not have a significant impact on the company's current and future financial status or operating results [1] - The agreement does not affect the company's business independence [1]

Core Insights - The gas sector experienced a rise of 1.43% on October 29, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Gas Sector Performance - Delong Huineng (000593) saw a closing price of 9.58, with a significant increase of 9.99% and a trading volume of 38,200 shares, amounting to 36.55 million yuan [1] - Xin'ao Co. (600803) closed at 19.15, up 4.25%, with a trading volume of 234,200 shares and a transaction value of 439 million yuan [1] - Other notable performers included Kaitan Gas (920010) with a 3.94% increase, closing at 13.97, and Fuan Energy (002911) with a 3.02% increase, closing at 12.62 [1] Capital Flow Analysis - The gas sector saw a net inflow of 33.11 million yuan from main funds, while retail funds experienced a net inflow of 75.86 million yuan [2] - Notable net inflows from main funds included Fuan Energy (002911) with 42.44 million yuan and Xin'ao Co. (600803) with 40.47 million yuan [3] - Conversely, retail funds showed a net outflow from several companies, including Delong Huineng (000593) with a net outflow of 11.83 million yuan [3]

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]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.43 CNY over the next six months [6]. Core Insights - The company reported a revenue of 23.501 billion CNY for Q1-Q3 2025, representing a year-over-year increase of 5.38%, and a net profit of 490 million CNY, up 6.07% year-over-year, primarily due to the expansion of supply chain operations [1]. - The company has announced a shareholder return plan for 2025-2027, committing to a cash dividend of no less than 65% of the net profit attributable to shareholders each year [2]. - The demand for decarbonization in the shipping industry is increasing, creating significant growth opportunities for green methanol, as international regulations push for reduced greenhouse gas emissions [3]. - A collaboration framework agreement was signed with Hong Kong China Gas to invest in green fuel and chemical projects, with a total planned investment of 10 billion CNY [4]. Financial Summary - For the first three quarters of 2025, the company achieved a natural gas supply of 3.524 billion cubic meters, with supply chain and other business revenues reaching 13.621 billion CNY, a year-over-year growth of 20.67% [1]. - The company’s operating cash flow was 524 million CNY, down 57.74% year-over-year, mainly due to increased inventory for business expansion [1]. - The projected revenue growth rates for 2025-2027 are 3.9%, 9.0%, and 8.0%, respectively, with net profit growth rates of 7.7%, 9.7%, and 8.7% [9]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.71 CNY, with a price-to-earnings (PE) ratio of 17.2 [10].