Core Viewpoint - Shouhua Gas Technology (Shanghai) Co., Ltd. is issuing convertible bonds to raise funds for natural gas development projects and working capital, while facing challenges in financial performance due to declining gas prices and increased operational costs [1][4][5]. Group 1: Company Overview - The company is primarily engaged in natural gas exploration, development, production, and sales through subsidiaries such as Zhonghai Wobang and Yonghe Weirun [4][5]. - As of the end of 2024, the company reported total assets of 8.36 billion yuan, a 5.87% increase from 2023, but a 25.96% decrease in net assets attributable to shareholders [5][6]. Group 2: Financial Performance - In 2024, the company experienced a 14.19% increase in revenue, totaling approximately 1.55 billion yuan, but reported a net loss of approximately 710.95 million yuan, a 188.99% increase in losses compared to the previous year [6]. - The average selling price of natural gas decreased by 6.34% to 2.37 yuan per cubic meter, while natural gas production increased by 35% to 469 million cubic meters [5][6]. Group 3: Fund Utilization and Management - The company raised approximately 1.36 billion yuan from the bond issuance, which is allocated for natural gas development projects and working capital [8]. - As of December 31, 2024, the remaining balance of the raised funds was approximately 57.98 million yuan, with proper utilization aligned with the disclosed reports [8][9]. Group 4: Debt and Credit Rating - The company has set up special accounts for the management of raised funds, ensuring proper handling and compliance with regulations [9]. - The credit rating for the company and its bonds is currently rated at AA-, reflecting a stable outlook despite recent financial challenges [14].

Core Viewpoint - The credit rating agency maintains a stable outlook for Shouhua Gas Technology (Shanghai) Co., Ltd., citing sufficient natural gas reserves and significant development potential, despite facing challenges such as declining gas prices and increased depreciation costs [2][7]. Company Overview - Shouhua Gas Technology's main credit rating is AA- for both the current and previous assessments, with a stable outlook for 2024 and 2025 [2][3]. - The company has seen a rapid increase in natural gas extraction volume, contributing to revenue growth, with a year-on-year increase of 35.31% and 129.40% in 2024 and Q1 2025, respectively [3][4]. Financial Performance - Total assets as of March 2025 are reported at 85.82 billion, with total liabilities at 32.78 billion, and equity attributable to shareholders at 26.85 billion [3]. - Operating income for 2025 Q1 is 6.88 billion, with a net profit of 0.41 billion, indicating a recovery from previous losses [3][4]. - The company maintains a positive cash flow from operating activities, with net cash flow of 4.13 billion in Q1 2025 [4]. Business Development - The acquisition of a 51% stake in Yonghe Weirun significantly enhances the company's natural gas transportation and sales capabilities, contributing to profit margins of 51.06% and 46.23% in 2024 and Q1 2025, respectively [4][5]. - The company is actively engaged in the construction of new gas wells, which will require substantial capital expenditure, leading to increased leverage [6][7]. Industry Context - The domestic natural gas market is expected to grow, with consumption projected to reach 4,300-4,500 billion cubic meters by 2025, driven by industrialization and urbanization [14][16]. - The government is supporting unconventional gas development, particularly in Shanxi Province, which is a key area for coalbed methane production [16][17]. Risks and Challenges - The company faces exploration and development risks associated with natural gas, particularly in the Shilou West Block, where geological uncertainties may impact production [5][6]. - There is a significant reliance on a single partner, China National Petroleum Corporation, for gas supply, which poses risks if the partnership changes [5][6]. - The company’s asset liquidity is weak, and there are concerns regarding the impairment of goodwill and contract rights due to fluctuating gas prices [6][7].

本公司股东西藏科坚企业管理有限公司及其一致行动人西藏嘉泽创业投资有限 公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 关于持股5%以上股东持股比例变动触及1%整数倍的公告 | 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 二、其他相关说明 （一）西藏科坚本次减持股份未违反《上市公司收购管理办法》《上市公司股 东减持股份管理暂行办法》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易 所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等相关 法律、法规、规章、业务规则的规定； 首华燃气科技（上海）股份有限公司（以下简称"公司"）于近日收到西藏科 坚企业管理有限公司（以下简称"西藏科坚"）及其一致行动人西藏嘉泽创业投资 有限公司（以下简称"嘉 ...

债券简称：首华转债 债券代码： 123128 首华燃气科技（上海）股份有限公司 向不特定对象发行可转换公司债券 2024 年定期受托管理事务报告 发行人 首华燃气科技（上海）股份有限公司 上海市闵行区元江路 5000 号 债券受托管理人 （住所：成都市青羊区东城根上街 95 号） 2025 年 6 月 1 声明 根据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行为准则》、 《可转换公司债券管理办法》（以下简称"管理办法"）、《首华燃气科技（上海） 股份有限公司 2021 年向不特定对象发行可转换公司债券之受托管理协议》、《首 华燃气科技（上海）股份有限公司向不特定对象发行可转换公司债券募集说明书》 等相关规定和约定，国金证券股份有限公司（以下简称"国金证券"）作为受托 管理人，以公开信息披露文件、发行人出具的相关说明文件以及第三方中介机构 出具的专业意见等为信息来源编制本定期受托管理事务报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国金证券所作的承诺 或声明。未经国金证券书面许可，不得将本报告用作其他任何用途。 2 ...

本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 首华燃气科技(上海)股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【593】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

本文源自：金融界 龙虎榜显示，买入前五合计买入6358.69万元，卖出前五合计卖出4477.02万元，净额1881.67万元。 6月24日，首华燃气下跌18.00%登上龙虎榜，有价格涨跌幅限制的日收盘价格跌幅达到-15%，一线游资 卖出。 买入金额最大的前5名营业部 买入额/万 卖出额/万 净额/万 中信建投证券股份有限公司上海营口路证券 营业部 1866.65 0.37 1866.28 中国银河证券股份有限公司大连人民路证券营业部 865.70 14.27 851.43 东方 财富证券股份有限公司拉萨东环路第二证券营业部 745.74 784.60 -38.86 东方财富证券股份有限公司拉 萨团结路第二证券营业部 642.65 620.69 21.96 机构专用 632.19 76.37 555.82 卖出金额最大的前5名营业部 买入额/万 卖出额/万 净额/万 东方财富证券股份有限公司拉萨金融城南环路证券营业部 491.39 980.56 -489.17 东方财富证券股份有限公司拉萨东环路第二证券营业部 745.74 784.60 -38.86 东方财富证券股份 有限公司拉萨团结路第一证券营业部 586. ...

Core Points - The company has announced the results of the first vesting period for its 2024 Restricted Stock Incentive Plan, with a total of 3.10976 million shares vesting on June 20, 2025, for 68 individuals [1][21][22] - The incentive plan was approved during the company's 2024 first extraordinary general meeting and involves a total of 11.448 million shares, representing 4.26% of the company's total share capital at the time of the announcement [2][19] - The vesting conditions include both company-level performance assessments and individual performance evaluations, with specific growth targets set for revenue from 2024 to 2026 [6][8][16] Incentive Plan Overview - The incentive plan includes an initial grant of 11.448 million shares, with 80% allocated for the first grant and 20% reserved for future grants [2][3] - The vesting schedule is divided into three periods: 40% after 12 months, 40% after 24 months, and 20% after 36 months from the initial grant date [5][6] - The performance targets for the first vesting period require a revenue growth rate of at least 30% compared to the previous year, with a target of 40% for full vesting [16][18] Performance Assessment - The company-level performance assessment for the first vesting period is based on revenue growth, with specific target values set for each year [6][16] - Individual performance assessments categorize employees into three levels, with those rated B or above eligible for full vesting [8][16] - A total of 310.976 million shares will be vested, with adjustments made for individuals who have left the company or did not meet performance criteria [14][19] Shareholder Impact - The shares being vested are sourced from the company's repurchased shares, meaning the total share capital will not change, and there will be no dilution of earnings per share [22][23] - The company will use the funds raised from the vesting to supplement its working capital [20][22] - The vesting of shares will not significantly impact the company's financial status or operational results [22][23]

首次授予第一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： | | | 首华燃气科技（上海）股份有限公司 关于2024年限制性股票激励计划 首华燃气科技（上海）股份有限公司（以下简称"公司"）《2024 年限制性 股票激励计划（草案）》（以下简称"本激励计划"）规定的首次授予第一个归 属期归属条件已成就，根据公司 2024 年第一次临时股东大会的授权，公司于 2025 年 5 月 6 日分别召开第六届董事会第九次会议和第六届监事会第六次会议，审议 通过《关于 2024 年限制性股票激励计划首次授予第一个归属期归属条件成就的 议案》，近日，公司已办理完成本激励计划首次授予第一个归属期归属股份的登 记工作，现将有关事项公告如下： 一、股权激励计划实施情况概要 （一）股权激励计划简介 公司分别于 2024 年 4 月 1 日、2024 年 4 月 17 日召开第五届董事会第三十 次会议、2024 年第一次临时股东大会审议通过《关于<2024 年限制性股票激励计 划（草案）>及摘要的议案》等相关议案，本激励计划的主要内 ...

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 30% over two consecutive trading days on June 19 and June 20, 2025 [1] - The board of directors conducted inquiries with major stakeholders, including the controlling shareholder and senior management, to verify the reasons behind the stock price movement [1] - The company confirmed that there were no undisclosed significant events or information that could have impacted the stock price during the abnormal trading period [2] Group 2 - The company disclosed that there were no pending matters that should have been disclosed according to the Shenzhen Stock Exchange rules, nor any significant agreements or negotiations that could affect the stock price [2] - The board also stated that previous disclosures did not require any corrections or supplements [2]

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 关于公司股票交易异常波动的公告 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。 一、股票交易异常波动的具体情况 首华燃气科技（上海）股份有限公司（以下简称"公司"）股票于 2025 年 6 月 19 日、6 月 20 日连续 2 个交易日收盘价涨幅偏离值累计超过 30%，根据《深 圳证券交易所交易规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 1、公司未发现前期披露的信息存在需要更正、补充之处。 2、公司目前经营正常，市场环境、行业政策未发生重大调整，内部经营秩 序正常。 3、公司未发现近期公共传媒报道了有关本公司的可能或已经对股票交易价 格产生较大影响的未公开重大信息。 4、公司、控股股东及实际控制人不存在关于公司应披露而未披露的重大事 项或处于筹划阶段的重大事项。 5、股票异常波动期间，公司控股股东、实际控制 ...