佛燃能源集团股份有限公司（以下简称"公司"）分别于 2023 年 5 月 12 日、2023 年 5 月 30 日召开的第五届董事会第四十七次会议、2023 年第一次临时 股东大会审议通过了《关于收购佛山福能智造科技有限公司股权暨关联交易的议 案》，同意公司全资子公司广东佛燃科技有限公司（以下简称"佛燃科技"）与 福能东方装备科技股份有限公司（以下简称"福能东方"）签署《股权转让协议》， 同意佛燃科技收购佛山福能智造科技有限公司（以下简称"福能智造"）100% 股权。 公司分别于 2023 年 5 月 12 日、2023 年 5 月 30 日召开的第五届董事会第四 十七次会议、2023 年第一次临时股东大会审议通过了《关于子公司为佛山福能 智造科技有限公司提供担保的议案》，同意佛燃科技为福能智造提供如下担保事 项： 2022 年 1 月 18 日，福能东方、福能智造、佛山市禅城区经济和科技促进局 （以下简称"禅城区经促局"）、佛山市禅城区张槎街道办事处（以下简称"禅 城张槎街道"）共同签订《<地块开发协议书>补充协议书》，约定福能东方作为 福能智造的连带保证担保人，在福能智造应向禅城张槎街道或其指定人支付的物 ...

证券代码：002911 证券简称：佛燃能源 公告编号：2025-104 二、进展情况 近日，佛燃科技已完成收购福能智造 51%股权，福能智造已完成相应工商变 更登记手续并取得了佛山市禅城区市场监督管理局核发的《登记通知书》，佛燃 科技已持有福能智造 100%股权。 本次变更登记事项的主要内容如下： | 登记事项 | 变更前内容 | 变更后内容 | | --- | --- | --- | | 股东 | 福能东方装备科技股份有限公司 广东佛燃科技有限公司 | 广东佛燃科技有限公司 | 三、备查文件 《登记通知书》。 佛燃能源集团股份有限公司 关于收购佛山福能智造科技有限公司股权暨 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。 一、交易概述 佛燃能源集团股份有限公司（以下简称"公司"）分别于 2023 年 5 月 12 日、2023 年 5 月 30 日召开的第五届董事会第四十七次会议、2023 年第一次临时 股东大会审议通过了《关于收购佛山福能智造科技有限公司股权暨关联交易的议 案》，同意公司全资子公司广东佛燃科技有限公司（以下简称"佛燃科技"） ...

Investment Rating - The report maintains an "Outperform" rating for the utility sector [3]. Core Viewpoints - The acceleration of solar thermal power construction, supported by scale enhancement and policy backing, is expected to secure returns [19]. - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the large-scale development of solar thermal power, aiming for a total installed capacity of approximately 15 million kilowatts by 2030, with investment expected to reach around 170 billion yuan [19][20]. Summary by Sections 1. Weekly Overview - From December 22 to December 26, the Shanghai Composite Index rose by 1.88%, the ChiNext Index increased by 3.9%, the utility index gained 0.83%, and the environmental index rose by 1.92% [27]. - In the utility sector, the thermal power segment increased by 2.45%, while the hydropower segment decreased by 0.77% [29]. 2. Utility Sector Dynamics 2.1. Electricity Tracking - In November 2025, the average transaction price in Jiangsu's centralized bidding was 355.95 yuan/MWh, up 4.45% month-on-month but down 13.60% year-on-year [39]. - The total electricity generation in November 2025 was approximately 779.2 billion kWh, a year-on-year increase of 3.96% but a month-on-month decrease of 2.62% [42]. 2.2. Water Conditions - As of December 26, the water level at the Three Gorges Reservoir was 170.95 meters, which is normal compared to 167.82 meters in the same period last year [55]. 2.3. Coal Price and Inventory Tracking - The CCI index for thermal coal was reported at 693 yuan/ton as of December 24, 2025, a decrease of 39 yuan/ton from December 17 [59]. - The inventory of thermal coal at Qinhuangdao Port was 7.02 million tons as of December 25, 2025, down by 110,000 tons from December 18 [65]. 2.4. Natural Gas Price Tracking - The LNG ex-factory price index in China was reported at 3937 yuan/ton as of December 25, 2025, a decrease of 3.39% from December 17 [70]. 3. Configuration Suggestions - Short-term recommendations include focusing on environmentally friendly public utility sectors that cater to residential demand, such as heating services and waste-to-energy projects [14]. - Long-term suggestions emphasize the importance of stable performance and attractive dividend yields in the current low-interest-rate environment, particularly for quality hydropower companies [14].

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]

Group 1 - The core point of the news is that 佛燃能源 (002911) held its fifth extraordinary general meeting on December 26, 2025, where several key resolutions were passed, including the issuance of debt financing instruments and the implementation of hedging activities for 2026 [1][2] - The company reported a closing price of 12.29 yuan on December 26, 2025, with a decrease of 1.05%, a turnover rate of 0.34%, a trading volume of 42,800 shares, and a transaction amount of 52.7651 million yuan [1] - The meeting was attended by 128 shareholders and representatives, representing 83.1307% of the total shares, and was deemed legally valid by 北京市君合（广州）律师事务所 [2] Group 2 - The company approved the issuance of debt financing tools and the execution of commodity and foreign exchange hedging for 2026 to mitigate price fluctuation risks [2][4] - 佛燃能源 will repurchase and cancel 218,387 shares of restricted stock, reducing its total share capital from 1,298,394,217 shares to 1,298,175,830 shares [2][4] - The company has notified creditors of their rights to claim debts or request guarantees within 45 days from the announcement date due to the capital reduction [2]

Investment Rating - The report does not explicitly state an investment rating for the green methanol industry, but it highlights significant growth potential and investment opportunities in the sector. Core Insights - The global scale of green and low-carbon methanol projects is rapidly increasing, with a total planned capacity of 56.3 million tons by November 2025. GENA Solutions estimates that actual global green methanol capacity could reach between 6 to 13 million tons by 2030, with securing purchase agreements and financing for construction being the main challenges for project realization [5][14][25]. - Biomass methanol technology's gasification stage is critical, as its technical level and operational stability directly impact project feasibility and economics. Balancing costs and carbon utilization rates based on raw material characteristics is essential for project success. Electrolytic methanol technology is mature and synergizes well with renewable energy, but high costs of water electrolysis and complex system integration hinder large-scale promotion, making the reduction of electricity costs a priority [5][31][49]. - A complete core loop of resources, technology, and customers is essential for green methanol projects from planning to production. In the context of high costs for green methanol, finding end customers willing to pay a green premium and signing long-term purchase agreements to secure future cash flows is crucial for stable commercial operations [5][64]. Summary by Sections 1. Green Methanol Capacity Scale Steadily Increases - The production methods for methanol include natural gas (dominant globally), coal (high domestic share in China), and green methanol (biomass or electrolytic, lower carbon emissions but higher costs). The future trend focuses on "carbon neutrality," with renewable electricity and biomass routes accelerating towards mainstream production after cost reductions [8][19]. 2. Biomass Methanol: Gasification is Key, Cost Reduction and Efficiency Improvement are Directions - Gasification is the core process for biomass methanol production, involving four key steps: pretreatment, gasification, gas purification and adjustment, and methanol synthesis and purification. The efficiency of gasification directly affects project production efficiency and unit costs [31][74]. 3. Electrolytic Methanol: Cost Reduction is the Top Priority - Electrolytic methanol technology typically captures CO2 from biomass power plant emissions and combines it with hydrogen produced from renewable energy through electrolysis. While the technology is mature and synergizes well with renewable energy, high costs associated with hydrogen production and carbon capture present significant challenges for large-scale promotion [49][58]. 4. From Planning to Production: Resources, Technology, and Customers are Indispensable - The Northeast region of China is a key area for green methanol projects, supported by abundant biomass, wind, and water resources. Local government policies further accelerate industry clustering, creating a dual policy dividend of "national subsidies + local matching" [64][79]. 5. Investment Recommendations - Companies that have preemptively laid out green methanol manufacturing and have products certified (e.g., RED, ISCC) are highlighted as key investment targets, including JinFeng Technology, China Tianying, Jilin Electric Power, and others [5][64].

（二）债权申报具体方式 证券代码：002911 证券简称：佛燃能源 公告编号：2025-103 佛燃能源集团股份有限公司 关于回购注销部分限制性股票减少注册资本 暨通知债权人的公告 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。 一、通知债权人的原由 佛燃能源集团股份有限公司（以下简称"公司"）分别于 2025 年 12 月 10 日、2025 年 12 月 26 日召开公司第六届董事会第二十五次会议、2025 年第五次 临时股东会，审议通过了《关于回购注销部分限制性股票及调整回购数量和回购 价格的议案》，同意公司回购注销 2023 年限制性股票激励计划首次授予部分已获 授但尚未解除限售的 21.8387 万股限制性股票。具体内容详见公司分别于 2025 年 12 月 11 日、2025 年 12 月 27 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）上的相关公告。 二、需债权人知晓的相关信息 公司回购注销部分股权激励限制性股票注销完成后，公司总股本将由 1,298,394,217 股（截至 20 ...

证券代码：002911 证券简称：佛燃能源 公告编号：2025-102 佛燃能源集团股份有限公司 2025 年第五次临时股东会决议公告 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。 特别提示： 1.本次股东会未出现否决议案的情形； 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间 现场会议召开时间：2025 年 12 月 26 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 12 月 26 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 12 月 26 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》《上市公司股东会规则》 《 ...

广东省广州市天河区珠江新城珠江西路 28 号 粤海金融中心 28 层 邮编：510627 电话：(86-20) 2805-9088 传真：(86-20) 2805-9099 北京市君合（广州）律师事务所 关于佛燃能源集团股份有限公司 2025 年第五次临时股东会的法律意见 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 12 月 26 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 年第五次临时股东 会（以下简称"本次股东会"）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会议事规则》（以下简称"公司股东会议事规则"）的 有关规定，就本次股东会有关事宜出具本法律意见。 本所经办律 ...

Core Viewpoint - The report highlights the current state and future outlook of the liquefied petroleum gas (LPG) industry in China, indicating a slight increase in production for 2025 but a cumulative decline in the first ten months of the year [1] Industry Overview - As of October 2025, China's LPG production reached 4.68 million tons, reflecting a year-on-year growth of 2.4% [1] - Cumulatively, from January to October 2025, the total LPG production in China was 44.442 million tons, showing a decrease of 1.6% compared to the previous year [1] Companies Mentioned - Listed companies in the LPG sector include Xin'ao Co., Ltd. (600803), Fuan Energy (002911), Guizhou Gas (600903), Chongqing Gas (600917), Changchun Gas (600333), and Shaanxi Natural Gas (002267) [1] Research Report - The report titled "Analysis of the Competitive Landscape and Investment Development Research of China's LPG Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1]