第四条 公司董事和高级管理人员在买卖公司股票及其衍生品种前，应知悉 《公司法》《证券法》等法律、法规、规范性文件关于内幕交易、短线交易、限 售期出售股票、操纵市场等禁止行为的规定，不得进行违法违规的交易。 第二章 股票买卖禁止、限制行为 第五条 公司董事和高级管理人员所持本公司股份在下列情形下不得转让： 首华燃气科技（上海）股份有限公司 董事、高级管理人员所持有本公司股份及变动管理制度 第一章 总则 第一条 为规范首华燃气科技（上海）股份有限公司（以下简称"公司"）董 事、高级管理人员所持本公司股份及其变动的管理，进一步明确办理程序，公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）、《上市公司董事和高级管理人员所持本公司股份及其变 动管理规则》《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》 《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》等法律法规、规范性文件、 证券交易所业务规则及 ...

首华燃气科技（上海）股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范首华燃气科技（上海）股份有限公司（以下简称"公司"）董 事、高级管理人员离职程序，保障公司治理结构的稳定性和连续性，维护公司及 股东的合法权益，公司根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司治理准则》《深圳 证券交易所创业板股票上市规则》等法律法规、规范性文件、证券交易所业务规 则及《首华燃气科技（上海）股份有限公司章程》（以下简称《公司章程》）的有 关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）、高级管理人员离职的情 形。 第二章 离职情形与程序 第三条 公司董事、高级管理人员离职包含任期届满未连任、主动辞职、被 解除职务以及其他导致董事、高级管理人员实际离职的情形。 第五条 董事辞任，自公司收到通知之日生效，高级管理人员辞职的，自董 事会收到辞职报告时生效。存在下列情形的，在改选出的董事就任前，原董事仍 应当依照法律、行政法规、部门规章和《公司章程》的规定，履行董事职务，但 存在相关法规另有规定的除外： ...

格隆汇8月26日丨首华燃气(300483.SZ)公布2025年半年度报告，上半年公司实现营业收入13.38亿元，同 比增长117.20%；归属于上市公司股东的净利润836.82万元，同比扭亏为盈；归属于上市公司股东的扣 除非经常性损益的净利润605.52万元；基本每股收益0.031元。 ...

首华燃气科技（上海）股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 公司负责人（法定代表人）：_________ 主管会计工作负责人：________ 会计机构负责人：________ （接上表） 注 1：经公司第四届董事会第二十八次会议、2020 年年度股东大会和第四届董事会第三十次会议审议通过，将向不特定对象发行可转换公司债券募集 资金中 96,564.80 万元借于公司控股子公司北京中海沃邦能源投资有限公司（以下简称"中海沃邦"）用于石楼西区块天然气阶段性开发项目的实施，借 款年利率为 7.5%，借款期限为实际借款之日起 36 个月。经公司第五届董事会第三十四次会议审议通过了《关于使用募集资金向子公司借款以实施募投项 目更改计息方式的议案》，同意公司向控股子公司中海沃邦提供的用于实施募投项目的募集资金借款年利率由"7.5%"更改为"全国银行间同业拆借中心 公布的同期贷款市场报价利率（LPR）或公司向不特定对象发行可转换公司债券的实际利率（以实际还款时孰高为准）"，同意授权管理层根据需要调整 利率及借款期限。2024 年 12 月 6 日，经双方协商确认，剩余未偿还借款的期 ...

根据中国证券监督管理委员会《上市公司募集资金监管规则》（证监会公告〔2025〕 10 号）、《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》以及《深圳证券交易所创业板上市公司自律监管指南第 2 号——公告格式》的 相关规定，本公司就 2025 年半年度募集资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 (一) 实际募集资金金额、资金到位情况 首华燃气科技（上海）股份有限公司 2025年半年度 关于公司募集资金存放与使用情况的专项报告 首华燃气科技(上海)股份有限公司 2025年半年度募集资金存放与使用情况专项报告 根据中国证券监督管理委员会《关于同意首华燃气科技(上海)股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2021]2986 号），公司向不特 定对象发行 13,794,971 张可转换公司债券，每张面值为 100 元，募集资金总额为 1,379,497,100.00 元，扣除承销保荐费 20,000,000.00 元（不含增值税）、其他发行费 用（审计、信息披露及发行手续费等）2,465,797.04 元（不含增值税）后，募集资金 净额为人 ...

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2025-059 | | --- | --- | --- | | 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 关于拟购买董高责任险的公告 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。 首华燃气科技（上海）股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第六届董事会第十二次会议，审议了《关于拟购买董高责任险的议案》。 公司全体董事对本议案进行回避表决，本议案直接提交至公司 2025 年第四次临 时股东会审议。本议案提交公司董事会审议前已经薪酬与考核委员会审议讨论， 全体委员均回避表决。 为进一步完善公司风险控制体系，降低运营风险，促进公司董事、高级管理 人员在各自职责范围内更充分行使权利、履行职责，保障公司和投资者的权益。 公司拟根据《上市公司治理准则》等相关规定，为公司及公司全体董事、高级管 理人员（以下简称"董高"）购买董高责任险。具体情况如下： 一、保险方案 1、投保人：首华燃气科技（上海）股份有限公司 2、被保险人：公司 ...

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东会的召开符合《中华人民共和国公司法》 《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》等有关法律、行 政法规、部门规章、规范性文件和公司章程等的规定。 4、会议召开时间： 现场会议召开时间：2025 年 9 月 11 日（星期四）下午 14:00 首华燃气科技（上海）股份有限公司 关于召开 2025 年第四次临时股东会的通知 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。 首华燃气科技（上海）股份有限公司（以下简称"公司"）第六届董事会第十 二次会议决定于 2025 年 9 月11 日（星期四）下午 14:00 在公司会议室召开 2025 年 第四次临时股东会，会议召开情况如下： 网络投票时间： （1）通过深圳证券交易所交易系统进行 ...

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2025-056 | | --- | --- | --- | | 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 第六届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 首华燃气科技（上海）股份有限公司（以下简称"公司"）第六届董事会第 十二次会议于 2025 年 8 月 26 日在公司会议室以现场结合通讯表决方式召开，会 议通知已于 2025 年 8 月 15 日以通讯方式（电话及电子邮件）送达全体董事。本 次会议由董事长王志红先生召集并主持，应出席董事 7 名，实际出席董事 7 名（其 中：以通讯表决方式出席会议董事 4 名，分别为吴海江、周展、项思英、葛艾继）， 公司高级管理人员列席本次会议，本次董事会会议的召开符合《中华人民共和国 公司法》（以下简称《公司法》）等相关法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，并以记名投票方式表决，形成以下决议： （一）审议通过 ...

[Item I. Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section guarantees the truthfulness, accuracy, and completeness of the semi-annual report by the company's board and management, while also highlighting potential risks related to natural gas exploration, industry policies, contract rights, and goodwill [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - The company highlighted risks such as natural gas exploration and development, natural gas industry policy, contract rights, and high goodwill balances[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear table of contents covers eight main chapters, including company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports - The report contains eight main chapters, covering company operations, finance, governance, and significant matters[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include the semi-annual report signed by the legal representative, signed and sealed financial statements, originals of all publicly disclosed company documents and announcements during the reporting period, and other relevant materials - Reference documents include the semi-annual report signed by the legal representative, signed and sealed financial statements, and originals of publicly disclosed company documents and announcements[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms appearing in the report, including company name, major subsidiaries, cooperation contracts, relevant laws and regulations, and reporting period, to ensure accurate understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year period refers to January 1, 2024, to June 30, 2024[9](index=9&type=chunk) - Company, the Company, and Shuhua Gas all refer to Shuhua Gas Technology (Shanghai) Co., Ltd[9](index=9&type=chunk) - Zhonghai Wobang refers to Beijing Zhonghai Wobang Energy Investment Co., Ltd., one of the main operating entities for the company's natural gas business[9](index=9&type=chunk) [Item II. Company Profile and Key Financial Indicators](index=6&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section details Shuhua Gas Technology (Shanghai) Co., Ltd.'s basic information and discloses key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in operating revenue and net profit [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shuhua Gas Technology (Shanghai) Co., Ltd.'s stock abbreviation is Shuhua Gas, stock code is 300483, listed on the Shenzhen Stock Exchange, and its legal representative is Wang Zhihong - Company stock abbreviation: Shuhua Gas, stock code: **300483**, listed on: Shenzhen Stock Exchange[11](index=11&type=chunk) - Company legal representative: Wang Zhihong[11](index=11&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Zhang Qian, and Securities Affairs Representative is Wang Zhulin, both located at Room 1204, Building 3, No. 58 Yaoyuan Road, Pudong New Area, Shanghai, with provided phone, fax, and email - Board Secretary: Zhang Qian, Securities Affairs Representative: Wang Zhulin[12](index=12&type=chunk) - Contact address: Room 1204, Building 3, No. 58 Yaoyuan Road, Pudong New Area, Shanghai[12](index=12&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration changes, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[13](index=13&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[14](index=14&type=chunk) - The company's registration status remained unchanged during the reporting period[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 117.20% to 1.338 billion yuan, and net profit attributable to shareholders turned profitable at 8.368 million yuan 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,338,246,570.99 | 616,146,572.19 | 117.20% | | Net Profit Attributable to Shareholders of Listed Company | 8,368,183.12 | -64,116,312.94 | 113.05% | | Net Cash Flow from Operating Activities | 799,535,318.85 | 116,191,751.94 | 588.12% | | Basic Earnings Per Share (yuan/share) | 0.031 | -0.239 | 112.97% | | Total Assets (Period-end) | 8,626,200,991.54 | 8,364,635,841.80 | 3.13% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,062,041,987.36 | 1,987,847,906.99 | 3.73% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports prepared under international accounting standards and Chinese accounting standards during the reporting period[17](index=17&type=chunk) - The company reported no differences in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese accounting standards during the reporting period[18](index=18&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to 2.313 million yuan, primarily including disposal gains/losses on non-current assets, government subsidies, fair value changes and disposal gains/losses of financial assets and liabilities 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | 135,056.50 | | Government subsidies recognized in current profit or loss | 936,103.29 | | Gains/losses from changes in fair value of financial assets and liabilities, and disposal gains/losses of financial assets and liabilities | 4,168,227.19 | | Other non-operating income and expenses apart from the above | -173,827.73 | | Less: Income tax impact | 1,603,071.76 | | Impact on minority interests (after tax) | 1,149,464.77 | | **Total** | **2,313,022.72** | - The company had no other items meeting the definition of non-recurring gains and losses, nor did it classify any non-recurring items as recurring gains and losses[21](index=21&type=chunk) [Item III. Management Discussion and Analysis](index=9&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) This section comprehensively reviews the company's operating performance for the first half of 2025, covering main businesses, industry developments, core competencies, operating results, and key work progress [I. Company's Main Businesses During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in natural gas business, encompassing exploration, development, production, transportation, compression, and sales, with production reaching a new historical high in the first half of 2025 - The company's main business is natural gas exploration, development, production, transportation, compression, and sales, primarily operated by Zhonghai Wobang, Yonghe Weirun, Zhejiang Wojing, and Shanxi Wojin[23](index=23&type=chunk)[24](index=24&type=chunk) - In the first half of 2025, national industrial natural gas output reached **130.8 billion cubic meters**, a year-on-year increase of **5.8%**, setting a new historical high for the same period[23](index=23&type=chunk) - The company's main product is natural gas, transported via pipeline systems to cities along the route in Shanxi Province or large direct users, or uploaded to the "West-to-East Gas Pipeline" national trunk line[27](index=27&type=chunk) - The company, through a Production Sharing Contract (PSC), obtained the 30-year natural gas exploration, development, and production operating rights for the **1,524 square kilometers** Shilou West block[28](index=28&type=chunk) [(I) Industry Development of the Company](index=9&type=section&id=(I)Industry%20Development%20of%20the%20Company) 2025 marks the final year of the "14th Five-Year Plan," with the natural gas industry deepening its commitment to energy security, increasing reserves and production, and advancing the construction of a production, supply, storage, and sales system - In the first half of 2025, national industrial natural gas output reached **130.8 billion cubic meters**, setting a new historical high for the same period, with a year-on-year increase of **5.8%**[23](index=23&type=chunk) - The "Energy Law of the People's Republic of China" came into effect on January 1, 2025, providing a legal foundation for energy development and security[23](index=23&type=chunk) [(II) Company's Main Businesses, Products, and Their Uses](index=9&type=section&id=(II)Company%27s%20Main%20Businesses%2C%20Products%2C%20and%20Their%20Uses) The company's main business is natural gas, including exploration, development, production, transportation, compression, and sales, serving diverse downstream applications - The company's main business is natural gas exploration, development, production, transportation, compression, and sales[24](index=24&type=chunk) - The company's main product is natural gas, transported via pipeline systems to cities along the route in Shanxi Province or large direct users, or uploaded to the "West-to-East Gas Pipeline" national trunk line[27](index=27&type=chunk) - Downstream customers use natural gas primarily for urban residential use, industrial production and chemical use, transportation, and natural gas power generation, among other applications[27](index=27&type=chunk) [(III) Company's Main Business Model](index=10&type=section&id=(III)Company%27s%20Main%20Business%20Model) The company's main business models include natural gas extraction and sales through a Production Sharing Contract, natural gas sales by purchasing from adjacent blocks, and natural gas transportation and compression services - The company's controlled subsidiary, Zhonghai Wobang, operates natural gas exploration, development, production, and sales through a Production Sharing Contract (PSC contract) as the operator of the cooperation block[28](index=28&type=chunk) - Zhonghai Wobang signed a "Cooperation Contract" with CNPC Coal, obtaining 30 years of natural gas exploration, development, and production operating rights for the **1,524 square kilometers** Shilou West block[28](index=28&type=chunk) - The company, through its sales subsidiaries, purchases natural gas from adjacent CNPC blocks for sales and utilizes Yonghe Weirun's Yongxi connection line to provide natural gas transportation and compression services[31](index=31&type=chunk)[32](index=32&type=chunk) [(IV) Exploration and Development of Shilou West Block](index=11&type=section&id=(IV)Exploration%20and%20Development%20of%20Shilou%20West%20Block) As of the end of the reporting period, the Shilou West block has filed tight gas geological reserves of 127.6 billion cubic meters and coalbed methane proven geological reserves of 88.741 billion cubic meters Shilou West Block Natural Gas (Tight Gas) Reserve Status (as of the end of the reporting period) | Item | Overlapping Gas-bearing Area (square kilometers) | Geological Reserves (billion cubic meters) | Technically Recoverable Reserves (billion cubic meters) | Economically Recoverable Reserves (billion cubic meters) | | :--- | :--- | :--- | :--- | :--- | | Yonghe 18 Well Area | 114 | 157 | 77 | 46 | | Yonghe 30 Well Area | 346 | 484 | 231 | 186 | | Yonghe 45 Well Area | 468 | 635 | 302 | 211 | | **Total** | **928** | **1,276** | **610** | **443** | Shilou West Block Natural Gas (Coalbed Methane) Reserve Status (as of the disclosure date) | Item | Overlapping Gas-bearing Area (square kilometers) | Geological Reserves (billion cubic meters) | Technically Recoverable Reserves (billion cubic meters) | Economically Recoverable Reserves (billion cubic meters) | | :--- | :--- | :--- | :--- | :--- | | Yonghe 45-34 Well Area | 230.50 | 681.90 | 340.95 | 264.96 | | Yonghe 45-34 Well Area West | 69.60 | 205.51 | 102.75 | 77.46 | | **Total** | **300.10** | **887.41** | **443.70** | **342.42** | [II. Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in abundant reserves, accumulated unconventional natural gas exploration and development technology, and strong market channels through its sales subsidiaries and pipeline network - The company possesses abundant natural gas reserves, with economically recoverable tight gas reserves of **44.3 billion cubic meters** and economically recoverable coalbed methane reserves of **34.242 billion cubic meters**[37](index=37&type=chunk) - The company has been deeply involved in natural gas extraction for many years, accumulating rich experience in unconventional natural gas exploration and development, and established a New Energy Research Institute to continuously explore new technologies[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's controlled subsidiary, Zhonghai Wobang, was recognized as a "High-tech Enterprise" and obtained multiple intellectual property certifications and honors[41](index=41&type=chunk) - The company leverages Shanxi Province's complete natural gas industry chain and its own sales subsidiaries to continuously expand downstream sales markets and enhance natural gas sales bargaining power[42](index=42&type=chunk) - Through the acquisition of **51%** equity in Yonghe Weirun, the company further expanded its downstream natural gas sales business and enhanced the upload capacity of the Yongxi connection line[43](index=43&type=chunk) [(I) Reserve Advantage](index=11&type=section&id=(I)Reserve%20Advantage) Zhonghai Wobang, as the core of the company's natural gas business, relies on the natural gas reserves of its cooperation blocks for its development, with significant tight gas and coalbed methane reserves - The Shilou West block has tight gas geological reserves of **127.6 billion cubic meters**, technically recoverable reserves of **61 billion cubic meters**, and economically recoverable reserves of **44.3 billion cubic meters**[37](index=37&type=chunk) - The Shilou West block has accumulated proven coalbed methane geological reserves of **88.741 billion cubic meters**, technically recoverable reserves of **44.370 billion cubic meters**, and economically recoverable reserves of **34.242 billion cubic meters**[37](index=37&type=chunk) - The company continues to conduct outward exploration for coalbed methane to further increase proven reserves in new areas[37](index=37&type=chunk) [(II) Technological Advantage](index=12&type=section&id=(II)Technological%20Advantage) The company has accumulated rich experience in unconventional natural gas exploration and development, possessing a professional technical team and continuously investing in R&D and technological innovation - The company has accumulated rich experience in unconventional natural gas exploration and development, with technical personnel averaging over **10 years** of experience[38](index=38&type=chunk) - The company established a New Energy Research Institute to focus on natural gas exploration and development technology research, and its subsidiary Zhonghai Wobang established a High-tech Science and Technology Committee[39](index=39&type=chunk) - Zhonghai Wobang was recognized as a "High-tech Enterprise" and obtained "Zhongguancun High-tech Enterprise Certificate" and "Intellectual Property Management System Certification," as well as national patent-intensive product registration and recognition[41](index=41&type=chunk) - As of the end of June 2025, the company's natural gas business had obtained **146 authorized patents** and applied for **17 software copyrights**[41](index=41&type=chunk) [(III) Market and Industry Chain Advantage](index=13&type=section&id=(III)Market%20and%20Industry%20Chain%20Advantage) Shanxi Province boasts a complete natural gas industry chain and the advantage of national trunk pipelines passing through, with the Shilou West block's export pipeline connected to provincial trunk lines and the national pipeline network - The Shilou West block's export pipeline is connected to the provincial trunk line Linlin Line and the national pipeline network West-to-East Gas Pipeline I for sales to domestic downstream markets[42](index=42&type=chunk) - The company expands downstream sales markets by establishing Shanxi Wojin Gas Sales Co., Ltd., Zhejiang Wojing Energy Co., Ltd., and jointly forming Shanxi Hengjing Energy Co., Ltd[42](index=42&type=chunk) - In February 2024, the company completed the acquisition of **51%** equity in Yonghe Weirun, enhancing its natural gas compression, pipeline transportation, and sales capabilities, and expanding its business footprint[43](index=43&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) In the first half of 2025, the company's main business performed strongly, with operating revenue increasing by 117% and net profit attributable to the parent company turning profitable, supported by a significant increase in natural gas production and sales 2025 Semi-Annual Overview of Operating Results | Indicator | Current Reporting Period | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | **1.338 billion yuan** | **117%** | | Net Profit | **34.6101 million yuan** | Increased by **108.4922 million yuan** | | Net Profit Attributable to Shareholders of Listed Company | **8.3682 million yuan** | Increased by **72.4845 million yuan** (turned profitable) | | Net Cash Flow from Operating Activities | **800 million yuan** | **588%** | - In the first half of 2025, the company's natural gas production was **423 million cubic meters**, a **116%** increase year-on-year; natural gas sales volume was **639 million cubic meters**, a **109%** increase year-on-year[47](index=47&type=chunk) - The "Report on New Proven Reserves of Coalbed Methane in the Permian Lower Taiyuan Formation No. 8 Coal Seam in the Western Area of Yonghe 45-34 Well Block, Daji Coalbed Methane Field, Linfen" passed review and filing, adding **20.551 billion cubic meters** of proven geological reserves[48](index=48&type=chunk) - The company prepared the "Development Plan for the YH45-34 Well Block Production Capacity Construction Project in Shilou West Block, Daji Coalbed Methane Field, Linfen Coalbed Methane Company," with an overall design capacity of **1.3 billion cubic meters/year**[49](index=49&type=chunk) - The company's subsidiary Yonghe Weirun achieved natural gas pipeline transportation volume of approximately **468 million cubic meters**, a year-on-year increase of **85%**[53](index=53&type=chunk) - The first vesting period of the company's 2024 Restricted Stock Incentive Plan has been completed, and the 2025 Restricted Stock Incentive Plan was approved in the first half of 2025[54](index=54&type=chunk)[55](index=55&type=chunk) [(I) Overview of Operating Results](index=14&type=section&id=(I)Overview%20of%20Operating%20Results) In the first half of 2025, driven by a significant increase in natural gas production and sales, the company achieved operating revenue of 1.338 billion yuan, a 117% year-on-year increase - In the first half of 2025, the company achieved operating revenue of **1.338 billion yuan**, a year-on-year increase of **117%**[45](index=45&type=chunk) - Net profit attributable to shareholders of the listed company reached **8.3682 million yuan**, a year-on-year increase of **72.4845 million yuan**, achieving a turnaround from loss to profit year-on-year[45](index=45&type=chunk) - Net cash flow from operating activities reached **800 million yuan**, a year-on-year increase of **588%**[45](index=45&type=chunk) [(II) Review of Key Work in H1 2025](index=14&type=section&id=(II)Review%20of%20Key%20Work%20in%20H1%202025) The company efficiently advanced production and construction in the Shilou West block, with natural gas production and sales both significantly increasing, and continuously submitted new proven deep coalbed methane reserves - In the first half of 2025, the company's natural gas production was **423 million cubic meters**, a **116%** increase compared to the prior year period; natural gas sales volume was **639 million cubic meters**, a **109%** increase compared to the prior year period[47](index=47&type=chunk) - In the first half of the year, **31 deep coalbed methane horizontal wells** were completed in the Shilou West block, and **11 wells** were put into production[47](index=47&type=chunk) - The "Report on New Proven Reserves of Coalbed Methane in the Permian Lower Taiyuan Formation No. 8 Coal Seam in the Western Area of Yonghe 45-34 Well Block, Daji Coalbed Methane Field, Linfen" passed review and filing, adding **20.551 billion cubic meters** of proven geological reserves[48](index=48&type=chunk) - The company's geological engineering team established a set of development technical policies and strategies adapted to the tight gas and coalbed methane in the Shilou West block[51](index=51&type=chunk) - The company continued to advance power grid construction and water pipeline construction projects, achieving electric drilling and fracturing operations and water supply to all platforms[52](index=52&type=chunk) - The company's subsidiary Yonghe Weirun achieved natural gas pipeline transportation volume of approximately **468 million cubic meters**, a year-on-year increase of **85%**[53](index=53&type=chunk) - The first vesting period of the company's 2024 Restricted Stock Incentive Plan has been completed, greatly enhancing employee motivation[54](index=54&type=chunk)[55](index=55&type=chunk) [Year-on-Year Changes in Key Financial Data](index=16&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) During the reporting period, the company's operating revenue increased by 117.20% primarily due to increased production and sales, with operating costs increasing by 101.42% correspondingly Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,338,246,570.99 | 616,146,572.19 | 117.20% | Mainly due to increased production in Shilou West and external gas sources | | Operating Costs | 1,156,359,816.86 | 574,092,176.98 | 101.42% | Mainly due to increased costs corresponding to increased production and sales | | Selling Expenses | 2,462,261.47 | 974,139.47 | 152.76% | Mainly due to increased expenses corresponding to increased sales business scale | | Income Tax Expense | 21,531,139.86 | 1,158,496.59 | 1,758.54% | Mainly due to increased total profit and corresponding increased income tax expense in the reporting period | | R&D Investment | 767,842.27 | 1,136,546.90 | -32.44% | Mainly due to decreased expensed R&D investment in the reporting period | | Net Cash Flow from Operating Activities | 799,535,318.85 | 116,191,751.94 | 588.12% | Mainly due to increased net inflow from operating activities corresponding to increased production and sales in the reporting period | | Net Cash Flow from Investing Activities | 232,988,985.22 | -837,172,954.48 | 127.83% | Mainly due to purchase and redemption of wealth management investments shifting from net outflow in the prior period to net inflow in the current period | | Net Cash Flow from Financing Activities | -174,123,574.99 | 246,585,147.73 | -170.61% | Mainly due to obtaining and repaying borrowings shifting from net inflow in the prior period to net outflow in the current period | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[57](index=57&type=chunk) [Products or Services Accounting for Over 10%](index=16&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25) Natural gas business is the company's main product or service accounting for over 10%, with operating revenue reaching 1.338 billion yuan in the reporting period, a 117.19% year-on-year increase Key Financial Data for Natural Gas Business | Indicator | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Costs | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Natural Gas Business | 1,338,197,769.22 | 1,156,359,816.86 | 13.59% | 117.19% | 101.42% | 6.76% | [IV. Analysis of Non-Core Business](index=17&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) During the reporting period, the company's non-core businesses primarily included investment income, fair value change gains/losses, and asset impairment, with investment income being sustainable Analysis of Non-Core Business | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 5,919,514.85 | 10.54% | Mainly wealth management income of **5.7633 million yuan** | Yes | | Fair Value Change Gains/Losses | -1,595,033.36 | -2.84% | - | No | | Asset Impairment | -4,219,008.88 | -7.51% | Mainly reversal of accounts receivable impairment at the end of the reporting period | No | [V. Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both the company's total assets and net assets attributable to shareholders increased, with monetary funds significantly rising and trading financial assets decreasing Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,789,614,656.13 | 20.75% | 694,104,786.90 | 8.30% | 12.45% | Mainly due to net cash inflow from operating activities and maturity of wealth management products at the end of the reporting period | | Accounts Receivable | 79,282,988.30 | 0.92% | 156,079,202.93 | 1.87% | -0.95% | - | | Construction in Progress | 1,107,014,108.67 | 12.83% | 948,482,223.17 | 11.34% | 1.49% | - | | Short-term Borrowings | 109,933,962.75 | 1.27% | 225,210,541.45 | 2.69% | -1.42% | - | | Long-term Borrowings | 834,180,000.00 | 9.67% | 1,163,700,000.00 | 13.91% | -4.24% | - | | Trading Financial Assets | 110,269,347.22 | 1.28% | 937,706,784.58 | 11.21% | -9.93% | - | Financial Assets Measured at Fair Value | Item | Amount at Beginning of Period (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Amount at End of Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 937,706,784.58 | -2,437,437.36 | 3,742,000,000.00 | 4,567,000,000.00 | 110,269,347.22 | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[67](index=67&type=chunk) [1. Significant Changes in Asset Composition](index=17&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's monetary funds increased by 12.45% compared to the end of the previous year, mainly due to net cash inflow from operating activities and maturity of wealth management products Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,789,614,656.13 | 20.75% | 694,104,786.90 | 8.30% | 12.45% | Mainly due to net cash inflow from operating activities and maturity of wealth management products at the end of the reporting period | | Accounts Receivable | 79,282,988.30 | 0.92% | 156,079,202.93 | 1.87% | -0.95% | - | | Construction in Progress | 1,107,014,108.67 | 12.83% | 948,482,223.17 | 11.34% | 1.49% | - | | Short-term Borrowings | 109,933,962.75 | 1.27% | 225,210,541.45 | 2.69% | -1.42% | - | | Long-term Borrowings | 834,180,000.00 | 9.67% | 1,163,700,000.00 | 13.91% | -4.24% | - | | Trading Financial Assets | 110,269,347.22 | 1.28% | 937,706,784.58 | 11.21% | -9.93% | - | [3. Assets and Liabilities Measured at Fair Value](index=18&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value primarily consisted of trading financial assets, with an ending balance of 110 million yuan, a significant decrease from 938 million yuan at the beginning of the period Financial Assets Measured at Fair Value | Item | Amount at Beginning of Period (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Amount at End of Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 937,706,784.58 | -2,437,437.36 | 3,742,000,000.00 | 4,567,000,000.00 | 110,269,347.22 | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[67](index=67&type=chunk) [4. Asset Restrictions as of the End of the Reporting Period](index=18&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, details of the company's asset restrictions are provided in Section VIII Financial Report / VII. Notes to Consolidated Financial Statements / 19. Assets with Restricted Ownership or Use Rights - As of the end of the reporting period, details of asset restrictions are provided in Section VIII Financial Report / VII. Notes to Consolidated Financial Statements / 19. Assets with Restricted Ownership or Use Rights[67](index=67&type=chunk) [VI. Analysis of Investment Status](index=18&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake significant equity or non-equity investments, with raised funds primarily used for the "Shilou West Block Natural Gas Phased Development Project" and supplementing working capital - The company's net proceeds from issuing convertible corporate bonds to unspecified investors amounted to **1,357.0313 million yuan**[70](index=70&type=chunk) - The raised funds investment project "Shilou West Block Natural Gas Phased Development Project" has completed project construction and been closed[72](index=72&type=chunk) - As of the end of the reporting period, cumulative raised funds invested totaled **747.7032 million yuan**, with the remaining **673.9486 million yuan** (including interest income) primarily used for cash management[73](index=73&type=chunk) Raised Funds Commitment Project Status | Financing Project Name | Committed Investment Amount of Raised Funds (million yuan) | Cumulative Investment Amount at Period-End (million yuan) | Investment Progress at Period-End | | :--- | :--- | :--- | :--- | | Shilou West Block Natural Gas Phased Development Project | 96,564.8 | 33,320.67 | 35.24% | | Supplement Working Capital | 41,384.91 | 41,449.65 | 100.16% | | **Total** | **137,949.71** | **74,770.32** | **--** | - The company plans to temporarily use no more than **400 million yuan** of temporarily idle raised funds to supplement working capital for operating activities related to the company's main business[75](index=75&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Entrusted Wealth Management Amount (million yuan) | Outstanding Balance (million yuan) | | :--- | :--- | :--- | | Brokerage Wealth Management Products | 18,000 | 0 | | Bank Wealth Management Products | 131,000 | 11,000 | | **Total** | **149,000** | **11,000** | - The company had no derivative investments or entrusted loans during the reporting period[79](index=79&type=chunk)[80](index=80&type=chunk) [1. Overall Situation](index=18&type=section&id=1.%20Overall%20Situation) During the reporting period, the company did not undertake significant equity or non-equity investments - The company had no significant equity investments during the reporting period[68](index=68&type=chunk) - The company had no significant ongoing non-equity investments during the reporting period[69](index=69&type=chunk) [5. Use of Raised Funds](index=19&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's net proceeds from issuing convertible corporate bonds to unspecified investors amounted to 1,357.0313 million yuan, with the "Shilou West Block Natural Gas Phased Development Project" completed and closed - The company's actual net proceeds from issuing convertible corporate bonds to unspecified investors amounted to **1,357.0313 million yuan**[70](index=70&type=chunk) - The raised funds investment project "Shilou West Block Natural Gas Phased Development Project" has completed project construction and been closed[72](index=72&type=chunk) Raised Funds Commitment Project Status | Financing Project Name | Committed Investment Amount of Raised Funds (million yuan) | Cumulative Investment Amount at Period-End (million yuan) | Investment Progress at Period-End | | :--- | :--- | :--- | :--- | | Shilou West Block Natural Gas Phased Development Project | 96,564.8 | 33,320.67 | 35.24% | | Supplement Working Capital | 41,384.91 | 41,449.65 | 100.16% | | **Total** | **137,949.71** | **74,770.32** | **--** | - As of June 30, 2025, the company had unused raised funds of **673.9486 million yuan**, of which **50 million yuan** was used for cash management[75](index=75&type=chunk) - The company plans to temporarily use no more than **400 million yuan** of temporarily idle raised funds to supplement working capital for operating activities related to the company's main business[75](index=75&type=chunk) [6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=21&type=section&id=6.%20Entrusted%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) During the reporting period, the company's entrusted wealth management transactions totaled 1,490 million yuan, with an outstanding balance of 110 million yuan at period-end, primarily consisting of bank wealth management products Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Entrusted Wealth Management Amount (million yuan) | Outstanding Balance (million yuan) | | :--- | :--- | :--- | | Brokerage Wealth Management Products | 18,000 | 0 | | Bank Wealth Management Products | 131,000 | 11,000 | | **Total** | **149,000** | **11,000** | - The company had no derivative investments or entrusted loans during the reporting period[79](index=79&type=chunk)[80](index=80&type=chunk) [VII. Significant Asset and Equity Sales](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets or equity - The company did not sell significant assets during the reporting period[81](index=81&type=chunk) - The company did not sell significant equity during the reporting period[82](index=82&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=22&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) During the reporting period, the performance of the company's major controlled subsidiaries, Beijing Zhonghai Wobang Energy Investment Co., Ltd. and Yonghe County Weirun Gas Co., Ltd., grew significantly Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | Subsidiary | Oil and natural gas technology development, technology transfer | 55,555.56 | 815,047.97 | 404,470.81 | 86,966.60 | 3,065.45 | 2,586.22 | | Zhejiang Wojing Energy Co., Ltd. | Subsidiary | Natural gas sales | 5,000.00 | 9,516.64 | 9,168.87 | 41,873.30 | 333.18 | 262.32 | | Yonghe County Weirun Gas Co., Ltd. | Subsidiary | Natural gas sales, pipeline transportation services | 18,000.00 | 30,541.87 | 26,908.13 | 39,882.57 | 4,824.01 | 3,847.75 | - Zhonghai Wobang achieved operating revenue of **869.666 million yuan**, a year-on-year increase of **95.05%**, and net profit of **25.8622 million yuan**, turning profitable year-on-year[84](index=84&type=chunk) - Yonghe Weirun achieved operating revenue of **398.8257 million yuan**, a year-on-year increase of **188.51%**, and net profit of **38.4775 million yuan**, a year-on-year increase of **148.73%**[84](index=84&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces natural gas reserve uncertainty, exploration and development risks, industry policy changes, price policy adjustments, subsidy policy uncertainty, and impairment risks from high balances of contract rights and goodwill - The company faces natural gas reserve uncertainty, exploration risks, and development risks, which may lead to discrepancies between actual extraction volumes and proven reserves or investments not discovering resources[85](index=85&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk) - The company faces risks of changes in natural gas industry policies, price policies, and subsidy policies, which may impact its operations[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - The company's intangible assets (contract rights) balance is **1,588.0131 million yuan**, and goodwill amounts to **236 million yuan**, posing impairment risks if operating performance falls short of expectations[93](index=93&type=chunk) - The company will continuously increase research investment, deepen geological understanding, innovate development technologies, and optimize and dynamically adjust technical solutions to address exploration and development risks[88](index=88&type=chunk) [(I) Natural Gas Exploration and Development Risks](index=23&type=section&id=(I)Natural%20Gas%20Exploration%20and%20Development%20Risks) The company faces natural gas reserve uncertainty, where actual reserves and extraction volumes may differ from disclosed data, and exploration work carries the risk of investment not discovering resources and being unrecoverable - The calculation and compilation of natural gas reserve data may be affected by various uncontrollable factors, leading to potential inconsistencies between actual reserves and disclosed data[85](index=85&type=chunk) - Natural gas exploration work carries the risk that investments may not discover resources and cannot be recovered within the contract period[86](index=86&type=chunk) - The development of natural gas resources in the Shilou West block involves inherent industry risks such as complex geological conditions, limited geological understanding, and adaptability of development processes[88](index=88&type=chunk) - The company will continuously increase research investment, deepen geological understanding of the Shilou West block, innovate development technologies, and optimize and dynamically adjust technical solutions to improve development success rates and reduce costs[88](index=88&type=chunk) [(II) Natural Gas Industry Policy Risks](index=24&type=section&id=(II)Natural%20Gas%20Industry%20Policy%20Risks) China's natural gas industry benefits from national industrial policy support, but future policy adjustments may impact industry development, and the refinement of pricing mechanisms may bring uncertainty - National natural gas industry policies may be adjusted in the future, impacting the development of China's natural gas industry[89](index=89&type=chunk) - China's natural gas prices are undergoing market-oriented reform, with sales prices and pipeline transportation prices still influenced by policies to some extent[90](index=90&type=chunk) - The implementation period for special funds for clean energy development is 2025-2029, and there is uncertainty regarding whether relevant national policies will change or be extended after expiration[92](index=92&type=chunk) [(III) Risks of High Balances in Contract Rights and Goodwill](index=25&type=section&id=(III)Risks%20of%20High%20Balances%20in%20Contract%20Rights%20and%20Goodwill) As of June 30, 2025, the company's intangible assets (contract rights) balance was 1,588.0131 million yuan, and goodwill amounted to 236 million yuan, posing impairment risks if future operating performance falls short of expectations - As of June 30, 2025, the company's intangible assets (contract rights) balance was **1,588.0131 million yuan**, posing impairment risk[93](index=93&type=chunk) - The company acquired control of Yonghe Weirun in early 2024, recognizing goodwill of **236 million yuan** attributable to the listed company, which carries impairment risk[93](index=93&type=chunk) [XI. Registration Form for Research, Communication, Interview Activities During the Reporting Period](index=25&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted on-site research by institutions such as Xuan Yuan Investment and Sheng Shi Zhi Ji Investment and conducted an online investor exchange via the Panorama Network platform, primarily discussing the company's operating situation - On April 28-29, 2025, the company hosted on-site research by institutions such as Xuan Yuan Investment and Sheng Shi Zhi Ji Investment[94](index=94&type=chunk) - On May 13, 2025, the company conducted an online exchange via the Panorama Network "Investor Relations Interactive Platform"[94](index=94&type=chunk) - The main content of the research and exchanges was the company's operating situation[94](index=94&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company formulated and disclosed its "Market Value Management System" in April 2025 but has not yet disclosed a valuation enhancement plan - The company formulated the "Market Value Management System" in April 2025 and disclosed it on the Juchao Information Network on April 25, 2025[96](index=96&type=chunk) - The company has not yet disclosed a valuation enhancement plan[96](index=96&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=26&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company has not yet disclosed its "Quality and Return Dual Enhancement" action plan announcement - The company has not yet disclosed its "Quality and Return Dual Enhancement" action plan announcement[97](index=97&type=chunk) [Item IV. Corporate Governance, Environment, and Society](index=27&type=section&id=Item%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, profit distribution plans, and the implementation progress of equity incentive plans during the reporting period [I. Changes in Company Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, supervisors Jiang Lei, Zhi Qingcui, and Li Xiaoqin resigned on July 17, 2025, due to contract termination, to align with the transitional arrangements for the implementation of new "Company Law" supporting rules Changes in Company Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Jiang Lei | Supervisor | Resignation | July 17, 2025 | Contract termination | | Zhi Qingcui | Supervisor | Resignation | July 17, 2025 | Contract termination | | Li Xiaoqin | Supervisor | Resignation | July 17, 2025 | Contract termination | - The changes are an adaptive adjustment to the company's governance framework based on the transitional arrangements for the implementation of new "Company Law" supporting rules[99](index=99&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[100](index=100&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The conditions for the first vesting period of the company's 2024 Restricted Stock Incentive Plan were met, and vesting for 68 incentive recipients was completed in June 2025 - The conditions for the first vesting period of the company's 2024 Restricted Stock Incentive Plan were met, and vesting for **68 eligible incentive recipients** was completed on June 20, 2025[106](index=106&type=chunk) - The company completed the initial grant of its 2025 Restricted Stock Incentive Plan, granting a total of **1.426 million restricted shares** to **15 incentive recipients** at a grant price of **4.69 yuan/share**[109](index=109&type=chunk) - During the reporting period, the company had no employee stock ownership plans or other employee incentive measures[110](index=110&type=chunk) [V. Social Responsibility](index=30&type=section&id=V.%20Social%20Responsibility) In the first half of 2025, the company operated legally and compliantly, actively fulfilling its social responsibilities, focusing on improving governance, standardizing operations, and safeguarding shareholder rights - The company focuses on improving governance, continuously refining its governance structure, standardizing company operations, and safeguarding the legitimate rights and interests of all shareholders[111](index=111&type=chunk) - The company strictly adheres to legal and regulatory requirements, promptly, accurately, and completely fulfills its information disclosure obligations, and communicates with investors through various channels[111](index=111&type=chunk) - The company places high importance on quality, occupational health and safety, and environmental protection management, establishing and certifying a comprehensive QHSE management system[112](index=112&type=chunk) - The company promotes local employment through industrial development, continuously increasing the local employee ratio, and actively participates in rural revitalization efforts, conducting aid-to-farmers and aid-to-disabled activities[113](index=113&type=chunk) [Item V. Significant Events](index=31&type=section&id=Item%20V.%20Significant%20Events) This section details significant events during the reporting period, including the fulfillment of asset restructuring commitments, non-operating fund occupation by controlling shareholders and related parties (none), illegal external guarantees (none), appointment of accounting firms (semi-annual report unaudited), major lawsuits and arbitrations (none), related party transactions (none), significant guarantees (guarantees for subsidiaries), and other major matters [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=31&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, all parties to the commitments made during asset restructuring (Tibet Jiaze Venture Capital Co., Ltd., Tibet Kejian Enterprise Management Co., Ltd., Cao Longxiang) fulfilled their respective commitments on time, with no violations found - As of January 6, 2025, Tibet Jiaze Venture Capital Co., Ltd., Tibet Kejian Enterprise Management Co., Ltd., Cao Longxiang, and other obligors have all complied with the commitments made during asset restructuring, with no violations found[116](index=116&type=chunk)[117](index=117&type=chunk) - Commitments include not seeking actual control of Woshi Shares, ensuring share reductions comply with relevant laws and regulations, and not transferring shares to specific parties via block trades or agreed transfers[116](index=116&type=chunk)[117](index=117&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=32&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the listed company[118](index=118&type=chunk) [III. Illegal External Guarantees](index=32&type=section&id=III.%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[119](index=119&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[120](index=120&type=chunk) [VII. Bankruptcy Reorganization Related Matters](index=33&type=section&id=VII.%20Bankruptcy%20Reorganization%20Related%20Matters) During the reporting period, the company did not experience any bankruptcy reorganization related matters - The company did not experience any bankruptcy reorganization related matters during the reporting period[121](index=121&type=chunk) [VIII. Litigation Matters](index=33&type=section&id=VIII.%20Litigation%20Matters) During this reporting period, the company had no significant litigation or arbitration matters - During this reporting period, the company had no significant litigation or arbitration matters[122](index=122&type=chunk) [XI. Significant Related Party Transactions](index=33&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor transactions - The company had no related party transactions related to daily operations during the reporting period[123](index=123&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[124](index=124&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[126](index=126&type=chunk) [XII. Significant Contracts and Their Performance](index=34&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, but provided significant guarantees for its subsidiaries, with an actual outstanding guarantee balance of 1,280 million yuan at period-end - The company had no entrustment, contracting, or leasing situations during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [2. Significant Guarantees](index=34&type=section&id=2.%20Significant%20Guarantees) The company's external guarantees and those of its subsidiaries primarily consist of guarantees for subsidiaries, with a total actual outstanding guarantee balance of 1,280 million yuan at period-end Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 60,000 | 60,000 | Pledge, Joint and Several Liability Guarantee | 4 years | No | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 60,000 | 60,000 | Pledge, Joint and Several Liability Guarantee | 4 years | No | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 18,000 | 13,388.68 | Joint and Several Liability Guarantee | 1 year | Yes | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 15,000 | 8,000 | Joint and Several Liability Guarantee | 1 year | No | | Shanxi Wojin Gas Sales Co., Ltd. | 10,000 | 10,000 | Joint and Several Liability Guarantee | 1 year | Yes | | **Total Actual Guarantee Balance for Subsidiaries at Period-End** | **--** | **128,000** | **--** | **--** | **--** | - The total actual guarantee amount accounts for **62.07%** of the company's net assets[134](index=134&type=chunk) [XIII. Explanation of Other Significant Matters](index=36&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, shareholders holding over 5% cumulatively reduced their holdings, the convertible bond conversion price was corrected downwards, and the new proven coalbed methane reserve report for the Shilou West block passed review and filing - Shareholders Tibet Kejian and its concerted party Jiaze Venture Capital, holding over **5%** of shares, cumulatively reduced their company shares, bringing their combined shareholding down to **5%**[139](index=139&type=chunk) - The conversion price of "Shuhua Convertible Bond" was proposed by the board and approved by the general meeting of shareholders, corrected downwards to **12.15 yuan/share**, with the corrected conversion price effective from May 7, 2025[143](index=143&type=chunk) - The new proven coalbed methane reserve report for the Shilou West block passed review and filing, adding **20.551 billion cubic meters** of proven geological reserves, **10.275 billion cubic meters** of technically recoverable reserves, and **7.746 billion cubic meters** of economically recoverable reserves[146](index=146&type=chunk) - The company revised its "Articles of Association" to adapt its corporate governance framework[145](index=145&type=chunk) [Item VI. Share Changes and Shareholder Information](index=39&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share changes during the reporting period, primarily an increase in share count due to convertible bond conversions, and lists shareholder information [I. Share Change Information](index=39&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total shares increased by 3,166,829 shares due to "Shuhua Convertible Bond" conversions, bringing the total share capital to 271,721,538 shares Share Change Information | Item | Quantity Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,377,000 | 3.49% | -9,257,000 | 120,000 | 0.04% | | II. Unrestricted Shares | 259,177,709 | 96.51% | 12,423,829 | 271,601,538 | 99.96% | | III. Total Shares | 268,554,709 | 100.00% | 3,166,829 | 271,721,538 | 100.00% | - In the first quarter of 2025, "Shuhua Convertible Bond" decreased by **132 units**, with **670 shares** converted[150](index=150&type=chunk) - In the second quarter of 2025, "Shuhua Convertible Bond" decreased by **384,712 units**, with **3,166,159 shares** converted[151](index=151&type=chunk) - After conversion, the company's share capital increased to **271,721,538 shares**. In the first half of 2025, the company's basic earnings per share were **0.031 yuan**, diluted earnings per share were **0.031 yuan**, and net assets per share attributable to ordinary shareholders were **7.59 yuan**[151](index=151&type=chunk) [2. Changes in Restricted Shares](index=40&type=section&id=2.%20Changes%20in%20Restricted%20Shares) During the reporting period, 9,377,000 restricted shares held by Wu Junliang were released from restriction, resulting in zero restricted shares at period-end Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Junliang | 9,377,000 | 9,377,000 | 0 | 0 | High-level executive lock-up shares (resignation for over half a year and original term expired for over half a year, shares no longer restricted) | | Li Chunnan | 0 | 0 | 24,000 | 24,000 | High-level executive lock-up shares (75% of total holdings locked annually) | | Gao Shangfang | 0 | 0 | 96,000 | 96,000 | High-level executive lock-up shares (75% of total holdings locked annually) | | **Total** | **9,377,000** | **9,377,000** | **120,000** | **120,000** | **--** | [III. Shareholder Numbers and Shareholding Information](index=41&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding%20Information) At the end of the reporting period, the total number of ordinary shareholders was 27,840, with Ganzhou Haide Investment Partnership (Limited Partnership) as the largest shareholder - At the end of the reporting period, the total number of ordinary shareholders was **27,840**[156](index=156&type=chunk) Shareholding of Shareholders Holding Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ganzhou Haide Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.02% | 27,216,000 | 27,216,000 | Pledged | 23,000,000 | | Liu Jinli | Domestic Natural Person | 6.32% | 17,183,968 | 17,183,968 | Pledged | 17,183,968 | | Tibet Jiaze Venture Capital Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.15% | 13,997,101 | 13,997,101 | Not Applicable | 0 | | Shi Xiumei | Domestic Natural Person | 3.68% | 9,997,349 | 9,997,349 | Not Applicable | 0 | | Wu Hailin | Domestic Natural Person | 3.45% | 9,384,700 | 9,384,700 | Pledged | 9,384,700 | | Wu Junliang | Domestic Natural Person | 3.45% | 9,377,000 | 9,377,000 | Pledged | 5,344,250 | - Ganzhou Haide Investment Partnership (Limited Partnership), Mr. Wu Hailin, Mr. Wu Haijiang, Mr. Wu Junliang, Mr. Wu Rude, and Ms. Wu Junmei are concerted parties[156](index=156&type=chunk) - Tibet Jiaze Venture Capital Co., Ltd. and Tibet Kejian Enterprise Management Co., Ltd. waived their voting rights for shares obtained in the asset acquisition through share issuance, which was approved by the China Securities Regulatory Commission on December 12, 2019, during their shareholding period[156](index=156&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the total shareholdings of the company's directors, supervisors, and senior management increased, with Gao Shangfang and Li Chunnan increasing their holdings and other executives granted restricted shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | Restricted Shares Granted at Beginning of Period (shares) | Restricted Shares Granted in Current Period (shares) | Restricted Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gao Shangfang | Director, Deputy General Manager | Current | 0 | 128,000 | 0 | 128,000 | 400,000 | 0 | 400,000 | | Li Chunnan | Chief Financial Officer | Current | 0 | 32,000 | 0 | 32,000 | 100,000 | 114,000 | 214,000 | | Wang Zhihong | Chairman, General Manager | Current | 0 | 0 | 0 | 0 | 0 | 282,000 | 282,000 | | Zhang Qian | Board Secretary, Deputy General Manager | Current | 0 | 0 | 0 | 0 | 0 | 210,000 | 210,000 | | Luo Chuanrong | Director | Current | 0 | 0 | 0 | 0 | 0 | 210,000 | 210,000 | | **Total** | **--** | **--** | **0** | **160,000** | **0** | **160,000** | **500,000** | **816,000** | **1,316,000** | [V. Changes in Controlling Shareholder or Actual Controller](index=43&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[160](index=160&type=chunk) - The company's actual controller did not change during the reporting period[160](index=160&type=chunk) [Item VII. Bond-Related Information](index=44&type=section&id=Item%20VII.%20Bond-Related%20Information) This section details the issuance, guarantors, holders, changes, cumulative conversion, conversion price adjustments, and credit rating of the company's convertible corporate bonds ("Shuhua Convertible Bond") [IV. Convertible Corporate Bonds](index=44&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company issued 1,379.4971 million yuan in convertible bonds on November 1, 2021, named "Shuhua Convertible Bond" with code 123128, with its conversion price adjusted downwards to 12.15 yuan/share on May 7, 2025 - The company is

Market Performance - The gas sector increased by 0.34% on August 26, with Shouhua Gas leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Shouhua Gas (300483) closed at 13.03, up 4.66% with a trading volume of 258,600 shares and a turnover of 334 million yuan [1] - Jiufeng Energy (605090) closed at 29.91, up 4.18% with a trading volume of 203,100 shares and a turnover of 606 million yuan [1] - Delong Huineng (000593) closed at 6.85, up 2.24% with a trading volume of 133,300 shares and a turnover of 91.12 million yuan [1] - Victory Co. (000407) closed at 3.68, up 1.94% with a trading volume of 405,300 shares and a turnover of 149 million yuan [1] - Other notable stocks include Fuan Longyuan (002911) and Baichuan Energy (600681), with respective increases of 1.63% and 1.32% [1] Capital Flow Analysis - The gas sector saw a net inflow of 9.11 million yuan from institutional investors, while retail investors experienced a net outflow of 71.99 million yuan [2] - Speculative funds had a net inflow of 62.88 million yuan [2] Detailed Capital Flow for Selected Stocks - Jiufeng Energy had a net outflow of 45.80 million yuan from institutional investors, while speculative funds saw a net inflow of 12.19 million yuan [3] - Shouhua Gas experienced a net inflow of 33.47 million yuan from institutional investors, with a net outflow of 38.41 million yuan from retail investors [3] - Delong Huineng had a net inflow of 19.39 million yuan from institutional investors, but a net outflow of 1.24 million yuan from retail investors [3]