Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Demand remains weak in the US and domestic gas prices have declined, while European gas prices have slightly increased. The inventory levels are lower year-on-year [1][10] - The US LNG import tariff has been reduced from 140% to 25%, improving the economic feasibility of US gas imports [1][41] Summary by Sections Price Tracking - As of May 16, 2025, the week-on-week changes in gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10] Supply and Demand Analysis - After a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand. The average total supply of natural gas in the US increased by 0.4% week-on-week to 1,104 billion cubic feet per day, while total demand decreased by 0.4% to 944 billion cubic feet per day [14] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year. As of May 15, 2025, European gas inventory was 497 TWh, down 251.5 TWh year-on-year [16] Pricing Progress - Nationwide pricing adjustments are gradually advancing, with 63% of cities implementing residential pricing adjustments, resulting in an average increase of 0.21 yuan per cubic meter [34] Important Events - The reduction of the US LNG import tariff from 140% to 25% enhances the economic viability of US gas imports [41] - The European Commission has voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals with greater flexibility [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing mechanism adjustments. Key recommendations include: - New Hope Energy (dividend yield 5.4%) - China Resources Gas (dividend yield 4.5%) - Kunlun Energy (dividend yield 4.5%) - China Gas (dividend yield 7.0%) - Blue Sky Gas (dividend yield 8.8%) [48]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The report highlights weak demand in the US and domestic gas price declines, with European gas prices showing a slight increase. The US LNG import tariff has been reduced to 25% [1][48] - The supply is expected to remain ample, with gas companies optimizing costs and a continued adjustment of pricing mechanisms, leading to potential demand growth [48] Price Tracking - As of May 16, 2025, the weekly price changes for various gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10][1] - The average total supply of natural gas in the US increased by 0.4% week-on-week to 110.4 billion cubic feet per day, while total demand decreased by 0.4% to 94.4 billion cubic feet per day [14][1] Supply and Demand Analysis - The report notes that after a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand in the US natural gas market [14] - In Europe, natural gas consumption for the first two months of 2025 was 115.5 billion cubic meters, a year-on-year increase of 11% [16][1] - Domestic gas prices in China have slightly decreased by 0.4% due to slow demand recovery and ample supply [22][1] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 63% of cities having executed residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [34][1] Important Events - The US LNG import tariff has been significantly reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][1] - The European Commission has voted in favor of introducing more flexible natural gas storage filling targets to avoid supply shortages and price spikes [46][1] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the easing supply conditions, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, among others [48][1]

Group 1 - The domestic gold jewelry prices continue to decline, with most brands reporting a price of 976 CNY per gram [1][5] - Several brands have adjusted their prices, with Zhou Shengsheng's gold jewelry dropping by 17 CNY to 975 CNY per gram, and Caibai's gold jewelry priced at 965 CNY per gram [1][5] - The price decrease reflects a broader trend in the gold market, indicating potential shifts in consumer demand and market dynamics [1]

佛燃能源集团股份有限公司（以下简称"公司"）董事会于 2025 年 5 月 13 日收到董事张应统先生提交的书面辞职报告，张应统先生因工作调整申请辞去公 司第六届董事会董事职务。辞职后，张应统先生不再担任公司任何职务。 证券代码：002911 证券简称：佛燃能源 公告编号：2025-046 佛燃能源集团股份有限公司 关于公司董事辞职的公告 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、误导性陈述或重大遗漏。 佛燃能源集团股份有限公司董事会 2025年5月14日 截至本公告日，张应统先生未持有公司股份。根据《公司法》《公司章程》 的相关规定，张应统先生的辞职未导致公司董事会成员人数低于法定最低人数， 不会影响董事会的正常运作，其辞职报告自送达公司董事会之日起生效。公司将 按照法定程序及时补选董事。张应统先生在公司任职期间恪尽职守、勤勉尽责， 公司董事会对张应统先生为公司所做的各项工作及贡献表示衷心的感谢。 特此公告。 ...

力，稳中求进开拓燃气业务。建立了集资源采购、接收、储运、销售一 体化的天然气业务模式，在基础设施、资源供应、客户结构、区域布局 等方面具备一定竞争优势。2024 年国内天然气供应量 49.07 亿方。 4、在城市燃气业务上，公司未来的拓展计划是怎样的？ 答：在燃气经营方面，公司将充分利用国家及地方政府在节能减排 及工业化、城市化进程方面推出的一系列重大政策，继续加快现有经营 区域的天然气利用工程的建设，在经营区域内精耕细作，以陶瓷、金属、 玻璃等高耗能"煤改气"工业客户、电厂、热电联产等大型用气项目为 重点，持续进行市场开发，加快推进工业市场天然气的全面推广使用， 使城市燃气业务持续稳定增长。此外，公司积极配合政府推动老旧小区、 城中村等区域的天然气管网覆盖，推行餐饮、酒店等商业单位的"瓶改 管"工作，完善公共基础服务设施。 证券代码：002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2025003 |  | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ...

Group 1: Company Performance - The company's operating revenue increased from CNY 4.292 billion in 2017 to CNY 31.589 billion in 2024, with a compound annual growth rate (CAGR) of 33.00% [1] - The net profit attributable to shareholders rose from CNY 347 million in 2017 to CNY 853 million in 2024, with a CAGR of 13.69% [1] - In 2024, the operating cash flow reached CNY 1.750 billion, a year-on-year increase of 8.97%, with a net cash ratio of 205.16% [1] Group 2: Revenue Drivers - The primary revenue source is the urban gas business, influenced by natural gas supply capacity, commodity costs, market expansion, government policies, and internal management [1] - Future growth will focus on refining gas supply operations and expanding commercial user development while enhancing supply chain services and investing in technology R&D [1][2] Group 3: Dividend Policy - Since its listing in November 2017, the company has maintained a stable dividend level, with cumulative cash dividends amounting to CNY 3.088 billion, averaging over 65% of net profit [3] - In 2024, the total cash dividend was approximately CNY 623 million, representing 73% of net profit [3] - The 2024 special dividend plan includes a cash distribution of CNY 2.5 per 10 shares, totaling around CNY 324 million [3] Group 4: Strategic Development - The company aims to become an outstanding energy service provider, focusing on clean, efficient, and competitive energy resources [4] - The strategic layout includes five business segments: urban gas, new energy, technology R&D and equipment manufacturing, supply chain, and extension services [4] Group 5: Customer Structure - The urban gas business revenue primarily comes from natural gas sales in Foshan, Zhaoqing, and Enping, located in the economically vibrant Pearl River Delta [5][6] - As of the end of 2024, the domestic natural gas supply was 4.907 billion cubic meters, with industrial and commercial users accounting for approximately 77.69% [6] Group 6: Hydrogen Energy Initiatives - The company is actively expanding into hydrogen energy, focusing on SOFC technology and hydrogen equipment manufacturing [8] - In 2024, the company provided over 6,400 hydrogen refueling services, with a total refueling amount exceeding 68,000 kilograms [8] - A strategic cooperation framework agreement was signed with a leading hydrogen production company to expand energy equipment business [8]

Group 1 - Domestic gold jewelry prices continue to decline, with some falling below 1,000 yuan per gram [1] - Multiple gold jewelry brands reported a decrease in the price of 24K gold jewelry, with prices dropping by 13 yuan per gram to 1,009 yuan per gram [1] - Specific brands such as Laomiao and Caibai saw price reductions of 21 yuan per gram to 995 yuan per gram and 10 yuan per gram to 998 yuan per gram, respectively [1][3] Group 2 - The current prices for various brands of 24K gold jewelry are as follows: Zhou Dasheng at 1,009 yuan per gram, Caibai at 998 yuan per gram, and Chao Hongji at 1,022 yuan per gram [3] - TSL and Jin Zun brands are also priced at 1,009 yuan per gram, while Zhou Liufu is at 1,022 yuan per gram [3]

近日，公司已按照发行条款的有关规定按期完成了该期中期票据的兑付，本 息合计人民币515,450,000.00元。 特此公告。 佛燃能源集团股份有限公司董事会 2025年4月28日 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。 佛燃能源集团股份有限公司（以下简称"公司"）于2022年4月22日发行了 2022年度第一期中期票据，发行总额为人民币5亿元，发行利率为3.09%，发行期 限为3年，起息日为2022年4月26日。具体内容详见公司于2022年4月27日刊登在 《中国证券报》 《 证券时报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《2022年度第一期中期票据发行情况公告》 （公告编号：2022-043）。 证券代码：002911 证券简称：佛燃能源 公告编号：2025-045 佛燃能源集团股份有限公司 关于 2022 年度第一期中期票据兑付完成的公告 ...

证券代码：002911 证券简称：佛燃能源 公告编号：2025-041 佛燃能源集团股份有限公司 第六届监事会第十二次会议决议公告 本公司及监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。 一、监事会会议召开情况 佛燃能源集团股份有限公司（以下简称"公司"）第六届监事会第十二次会 议于2025年4月25日以通讯表决的方式召开。本次会议通知于2025年4月18日以电 子邮件方式发出，应参加会议人数3人，实际参加会议人数3人。会议由监事会主 席周衡翔先生主持，公司高级管理人员列席会议，本次会议的召集、召开符合《公 司法》等相关法律法规及《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过了《关于2025年第一季度报告的议案》 表决结果：3票同意，0票反对，0票弃权。 《2025年第一季度报告》（公告编号：2025-042）同日刊登于《中国证券报》 《证券时报》《证券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）。 （二）审议通过了《关于调整2019年股票期权激励计划行权价格的议案》 经核查，监事会认为，鉴于公司实施2024年度回报股东特别分红权益 ...

佛燃能源集团股份有限公司 第六届董事会第十九次会议决议公告 证券代码：002911 证券简称：佛燃能源 公告编号：2025-040 本次新增的日常关联交易额度是在公平互利的基础上进行的，属于正常的商 业交易行为，且公司及子公司与关联方的交易价格均参照市场价格合理确定，不 存在损害公司和全体股东利益的情况。上述关联交易对公司的业务独立性不构成 影响，对财务状况和经营成果不构成重大影响，公司主营业务不会因上述关联交 易行为而对关联方形成任何依赖。 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。 一、董事会会议召开情况 佛燃能源集团股份有限公司（以下简称"公司"）第六届董事会第十九次会 议于 2025 年 4 月 25 日以通讯表决的方式召开，本次会议通知于 2025 年 4 月 18 日以电子邮件方式发出，应参加会议人数 9 人，实际参加会议人数 9 人，会议由 公司董事长尹祥先生主持，公司监事和高级管理人员列席会议。本次会议的召集、 召开符合《公司法》等相关法律法规及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过了《关于2025年第一季度报告的议案》 ...