Group 1: Company Overview and Activities - The company, 佛燃能源集团股份有限公司, is involved in the production of green methanol and has a significant investment plan of 10 billion [2] - The company has established a joint venture with Hong Kong China Gas to acquire Inner Mongolia Yigao Coal Chemical Technology Co., which has achieved a production capacity of 50,000 tons of green methanol annually [2] Group 2: SOFC Development - The company has completed the assembly of a 50kW SOFC system and is currently conducting debugging work, with a 300kW demonstration project underway [3] - A total of 113 patents related to SOFC technology have been authorized, including 32 invention patents and 63 utility model patents [3] Group 3: Financial Performance - From 2017 to 2024, the company's revenue grew from 4.292 billion to 31.589 billion, with a compound annual growth rate (CAGR) of 33.00%, while net profit increased from 347 million to 853 million, with a CAGR of 13.69% [3] - In the first half of 2025, total assets reached 19.906 billion, with a year-on-year revenue increase of 8.59% to 15.338 billion and a net profit growth of 7.27% to 310 million [5] Group 4: Dividend Policy - Since its listing in November 2017, the company has maintained a stable dividend level, with cumulative cash dividends amounting to 3.088 billion, averaging over 65% of net profit [4] - In 2024, the company distributed a total of 623 million in cash dividends, accounting for 73% of net profit, and plans to consider mid-term profit distribution in 2025 [4]

Core Insights - The gas sector experienced a rise of 1.92% on September 19, with Jiufeng Energy leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Gas Sector Performance - Jiufeng Energy (605090) closed at 33.39, up 8.09% with a trading volume of 255,900 shares and a turnover of 840 million yuan [1] - Dazhong Public Utilities (600635) closed at 5.01, up 5.92% with a trading volume of 2,870,600 shares and a turnover of 1.464 billion yuan [1] - Xinjiang Torch (603080) closed at 21.92, up 4.03% with a trading volume of 123,900 shares and a turnover of 270 million yuan [1] - Other notable performers include Fuan Longyuan (002911) up 4.00%, Hongtong Gas (605169) up 3.60%, and Baichuan Energy (600681) up 2.90% [1] Capital Flow Analysis - The gas sector saw a net inflow of 248 million yuan from main funds, while retail investors experienced a net outflow of 189 million yuan [2] - Dazhong Public Utilities had a main fund net inflow of 250 million yuan, while retail investors had a net outflow of 89.24 million yuan [3] - Fuan Energy (002911) recorded a main fund net inflow of 35.55 million yuan, with retail investors seeing a net outflow of 26.52 million yuan [3]

Summary of 佛燃能源 Conference Call Company Overview - 佛燃能源 is a natural gas supply company with a significant focus on energy management services, including distributed energy solutions and renewable energy initiatives. [2][4] Key Financial Metrics - From 2018 to 2024, the company's revenue compound annual growth rate (CAGR) is projected to be 35.54%, while profit CAGR is expected to be 15.36%. [2][8] - In 2023, the net profit attributable to shareholders increased significantly by 29%, driven by investment income and performance compensation from the Nansha storage business. [2][8] - Forecasted net profits for 2025, 2026, and 2027 are expected to be 872 million, 922 million, and 976 million yuan respectively, with year-on-year growth rates of 2.2%, 5.7%, and 5.9%. [5][16] Business Segments - Natural gas supply accounts for 77.5% of gross profit, while supply chain and extended services contribute 22.5%. The technology research and equipment manufacturing segment has a low contribution to gross profit. [2][7] - The city gas business maintains a stable gross margin of around 10%, while the supply chain business has seen its gross margin decline to below 3%. [2][7] - The company has secured 13 regional pipeline gas operating rights, achieving regional monopolies. [10] User Demographics and Market Dynamics - The user base consists of 80% industrial and commercial users, 15% power plants, and 5% residential users, indicating a strong cyclical nature tied to macroeconomic conditions. [10][11] - The natural gas consumption in 佛山市 is expected to grow at a CAGR of 8.9% from 2025 to 2035, with gas-electric consumption projected to grow at 8.5%. [11] Investment Highlights - The company has a high dividend safety margin, with an average dividend payout ratio of 70% over the past five years. The expected dividend yield for 2025 is 4.1%. [3][9] - The company is exploring new business avenues, such as solid oxide fuel cells (SOFC) and hydrogen equipment manufacturing, indicating a strategy for growth beyond its core operations. [3][14] Strategic Partnerships and Resource Management - 佛燃能源 has stakes in two LNG receiving stations in Guangdong and collaborates with major suppliers like PetroChina and CNOOC to expand international resource channels. [13] - By 2028, the company anticipates that its overseas long-term contract volume will reach 1.09 million tons, covering 30%-40% of its demand. [13] Future Outlook - The company is expected to maintain a balanced approach between safety margins, dividend characteristics, and growth potential, with a buy rating suggested for investors. [16][17]

Company Overview - 佛燃能源集团股份有限公司 is located in 佛山市, Guangdong Province, and was established on February 26, 1993. The company was listed on November 22, 2017. Its main business involves the sales and distribution of natural gas, as well as gas engineering design and construction [2]. Business Segmentation - The revenue composition of 佛燃能源 is as follows: Supply chain business accounts for 54.00%, urban gas business 42.88%, extended business 1.54%, new energy business 1.51%, and technology research and equipment manufacturing business 0.07% [2]. Financial Performance - For the first half of 2025, 佛燃能源 achieved operating revenue of 15.338 billion yuan, representing a year-on-year growth of 8.59%. The net profit attributable to the parent company was 310 million yuan, with a year-on-year increase of 7.27% [2]. Stock Performance - As of September 18, 佛燃能源's stock price decreased by 2.08%, trading at 11.30 yuan per share, with a total market capitalization of 14.662 billion yuan. The stock has declined by 7.07% year-to-date, with a 0.96% drop over the last five trading days and a 3.09% decline over the last 20 days. However, it has increased by 8.97% over the last 60 days [1]. Shareholder Information - As of September 10, 佛燃能源 had 25,000 shareholders, an increase of 6.38% from the previous period. The average number of circulating shares per person was 50,254, which decreased by 6.00% [2]. Dividend Distribution - Since its A-share listing, 佛燃能源 has distributed a total of 3.088 billion yuan in dividends. In the last three years, the cumulative dividend payout was 1.645 billion yuan [3]. Institutional Holdings - As of June 30, 2025, 工银红利优享混合A (005833) was the seventh largest circulating shareholder, holding 6.3961 million shares, an increase of 3.2960 million shares from the previous period. Conversely, 香港中央结算有限公司 was the ninth largest shareholder, holding 4.5938 million shares, a decrease of 2.2666 million shares [3].

Core Viewpoint - On September 18, a total of 6 listed companies had their restricted shares unlocked, with a total market value of approximately 13.475 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - For 佛燃能源 (Forn Energy), stock code 002911, 9.9 million shares were unlocked under equity incentive restrictions - For 莱克电气 (Leek Electric), stock code 603355, 2.3528 million shares were unlocked under equity incentive restrictions - For 祥和实业 (Xianghe Industry), stock code 603500, 273,200 shares were unlocked under equity incentive restrictions - For 天地数码 (Tiandi Digital), stock code 300743, 222,700 shares were unlocked under equity incentive restrictions - For 康冠科技 (Kangguan Technology), stock code 001308, 459 million shares had an extended lock-up period but were unlocked - For 理工导航 (Rigong Navigation), stock code 688282, 5.148 million shares were unlocked [1]

Market Overview - On September 17, the gas sector rose by 0.15% compared to the previous trading day, with Dazhong Public Utilities leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Dazhong Public Utilities (600635) closed at 4.85, with a gain of 6.59% and a trading volume of 2.2875 million shares, amounting to a transaction value of 1.073 billion yuan [1] - Other notable performers included: - Zhongtai Co., Ltd. (300435) at 19.25, up 2.56% [1] - Fuan Longyuan (002911) at 11.54, up 2.49% [1] - Changchun Gas (600333) at 5.85, up 1.92% [1] - New Natural Gas (603393) at 29.21, up 1.14% [1] Fund Flow Analysis - The gas sector saw a net inflow of 90.0868 million yuan from institutional investors, while retail investors experienced a net outflow of 34.2687 million yuan [2] - The main stocks with significant fund flows included: - Dazhong Public Utilities with a net inflow of 68.1613 million yuan [3] - Fuan Energy with a net inflow of 18.0718 million yuan [3] - Changchun Gas with a net inflow of 13.9757 million yuan [3]

Group 1 - The core point of the article is that 佛燃能源 has approved the first unlock conditions for its 2023 restricted stock incentive plan during its board and supervisory meetings held on September 16, 2025 [1] - A total of 123 individuals meet the conditions for unlocking, with a total of 12,661,142 shares eligible for release, which represents 0.98% of the company's total share capital [1]

佛燃能源集团股份有限公司（以下简称"公司"）于 2025 年 9 月 16 日召开 的第六届董事会第二十二次会议和第六届监事会第十五次会议，审议通过了《关 于 2023 年限制性股票激励计划首次授予第一个解除限售期解除限售条件成就的 议案》，现将有关事项公告如下： 一、本次激励计划已履行的审批程序 证券代码：002911 证券简称：佛燃能源 公告编号：2025-073 佛燃能源集团股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第一 个解除限售期解除限售条件成就的公告 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。 特别提示： 1.2023 年限制性股票激励计划（以下简称"本次激励计划"）首次授予部 分第一个解除限售期解除限售条件已成就，本次符合解除限售条件的激励对象共 计 123 名，可解除限售的限制性股票数量合计为 12,661,142 股，占目前公司总 股本的 0.98%。 2.本次解除限售的限制性股票在相关手续办理完成后、上市流通前，公司将 发布相关提示性公告，敬请投资者注意。 （一）2023 年 6 月 6 日，公司第五届董事会第四十九次会 ...

广州市天河区珠江新城珠江西路 21 号 粤海金融中心 28 层 邮编：510627 电话：(86-20) 2805-9088 传真：(86-20) 2805-9099 的文件以及本所经办律师认为必须查阅的其他文件。公司保证：其提供了本所为出具本 法律意见所要求提供的原始书面材料、副本材料、复印材料、确认函或口头证言，提供 给本所的材料和信息是真实、准确、完整和有效的，并无隐瞒记载、虚假陈述和重大遗 漏之处，且文件材料为副本或复印件的，其与原件一致。在此基础上，本所合理运用了 书面审查、与公司工作人员沟通的方式，对有关事实进行了查证和确认。 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 2023 年限制性股票激励计划 首次授予限制性股票第一个解除限售期解除限售条件成就事宜的法 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"）为具有从事法律业务资格的 律师事务所。本所接受佛燃能源集团股份有限公司（以下简称"公司"或"佛燃能源"） 的委托，担任专项法律顾问，就《佛燃能源集团股份有限公司 2023 年限制性股票激励 计划》（以下简称"《激励计划》"）所涉公司 202 ...

上海荣正企业咨询服务（集团）股份有限公司 关于 佛燃能源集团股份有限公司 2023年限制性股票激励计划首次授予 第一个解除限售期解除限售条件成就 相关事项 之 独立财务顾问报告 2025年9月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 5 | | 三、基本假设 | 6 | | 四、本激励计划授权与批准 | 7 | | 五、独立财务顾问意见 | 9 | | 六、备查文件及咨询方式 | 12 | 一、释义 | 佛燃能源、公司、 | 指 | 佛燃能源集团股份有限公司 | | --- | --- | --- | | 本公司 | | | | 本激励计划、《激 | 指 | 《2023年限制性股票激励计划》 | | 励计划》 | | | | 限制性股票 | | 公司根据本激励计划规定的条件和价格，授予激励对象一定数 | | | 指 | 量的公司股票，该等股票设置一定期限的限售期，在达到本激 | | | | 励计划规定的解除限售条件后，方可解除限售流通 | | 激励对象 | 指 | 按照本激励计划的规定，有资格获授一定数量限制性股票的员 | | | 工 | | | 授予日 | 指 | 公司向激励 ...