中信建投证券股份有限公司关于 四川侨源气体股份有限公司 2023 年年度持续督导跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：侨源股份 | | --- | --- | | 保荐代表人姓名：贾志华 | 联系电话：028-68850816 | | 保荐代表人姓名：张翔 | 联系电话：028-68850835 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | | | | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 2 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 ...

Financial Performance - Net profit for the period was ¥27,222,986.63, down 42.53% from ¥47,350,490.52 in the same period last year[11] - The total profit decreased to ¥35,703,603.68 from ¥59,723,504.54, reflecting a decline of 40.25% year-over-year[11] - Net profit attributable to shareholders was ¥27,222,986.63, down 42.51% from ¥47,350,490.52 year-on-year[35] - The net profit after deducting non-recurring gains and losses was ¥23,303,655.76, a decline of 47.59% compared to ¥44,463,342.86 in the previous year[35] - The company reported a basic earnings per share of ¥0.07, down from ¥0.12 in the same period last year[11] - Basic earnings per share decreased to ¥0.07, down 41.67% from ¥0.12 year-on-year[35] - Diluted earnings per share decreased from ¥0.12 to ¥0.07, representing a decline of 41.7%[54] Revenue and Costs - The company's operating revenue for Q1 2024 was ¥232,331,862.14, a decrease of 4.74% compared to ¥243,897,698.49 in the same period last year[35] - Total operating revenue for the first quarter was CNY 232,331,862.14, a decrease of 4.3% compared to CNY 243,897,698.49 in the previous year[47] - Total operating costs increased to CNY 199,436,023.50, up 7.4% from CNY 185,350,825.87 in the prior year[47] Cash Flow - Operating cash flow improved by 71.47%, with a net cash flow from operating activities of -¥3,054,714.32 compared to -¥10,708,381.90 in the previous year[15] - The net cash flow from operating activities improved to -¥3,054,714.32, a 71.47% increase from -¥10,708,381.90 in the same period last year[35] - Cash inflow from operating activities totaled ¥191,448,321.94, compared to ¥188,434,774.06 in the previous period, an increase of about 1.1%[55] - Cash outflow for operating activities totaled ¥194,503,036.26, down from ¥199,143,155.96, a decrease of approximately 2.4%[55] - Investment cash flow also improved, decreasing by 43.67% to -¥3,448,424.16 from -¥6,121,712.71, mainly due to reduced capital investment expenditures[15] - The company reported a net cash outflow from investing activities of -¥3,448,424.16, an improvement from -¥6,121,712.71 in the previous period[55] - Financing cash flow showed a significant decline of 671.24%, with a net cash flow of -¥47,360,604.14 compared to -¥6,140,871.56, primarily due to share buybacks and payments for leasing fixed asset buyouts[15] - The company experienced a net cash outflow from financing activities of -¥47,360,604.14, compared to -¥6,140,871.56 in the previous period, indicating a significant increase in cash outflow[59] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,957,336,473.66, a decrease of 2.22% from ¥2,001,804,287.77 at the end of the previous year[35] - Total assets decreased from ¥2,001,804,287.77 to ¥1,957,336,473.66, a decline of approximately 2.2%[51] - Total liabilities decreased from ¥279,596,289.43 to ¥230,084,711.02, a reduction of about 17.7%[51] - The company’s total liabilities decreased by 75.66% for current liabilities due to repayment of lease liabilities[39] - The company’s cash and cash equivalents decreased to CNY 173,429,542.25 from CNY 227,256,203.31, a decline of 23.7%[44] - Cash and cash equivalents at the end of the period decreased from ¥229,195,448.07 to ¥173,286,537.64, a decline of approximately 24.5%[59] Research and Development - R&D expenses increased significantly by 245.26% to ¥229,716.70 from ¥66,534.84, attributed to increased investment in R&D projects during the reporting period[3] - The company’s research and development expenses for the quarter were CNY 229,716.70, significantly higher than CNY 66,534.84 in the previous year, marking an increase of 245.5%[47] Other Income and Expenses - Other income rose by 82.46% to ¥3,939,673.29 compared to ¥2,159,219.43, mainly due to an increase in government subsidies received[3] - The company received government subsidies amounting to CNY 3,939,673.29 during the reporting period[39] - The company reported a decrease in the provision for credit impairment losses, with a loss of CNY -1,571,293.41 compared to CNY -2,316,577.03 in the previous year[47] Shareholder Information - The total number of common shareholders at the end of the reporting period was 4,229[16] - The top ten shareholders held a combined 99.99% of the shares, with the largest shareholder holding 71.10%[16] - Shareholders' equity attributable to the parent company increased slightly to ¥1,727,251,762.64, up 0.29% from ¥1,722,207,998.34[35] - Total equity increased slightly from ¥1,722,207,998.34 to ¥1,727,251,762.64, an increase of about 0.3%[53] - The weighted average return on net assets was 1.57%, down 1.42 percentage points from 2.99% in the previous year[35]

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [7]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $1,022 million in 2023, increasing to $1,973 million by 2026, representing a compound annual growth rate (CAGR) of 13.6% [7]. - The earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to rise from $256 million in 2023 to $705 million in 2026, reflecting a strong growth trajectory [7]. - The report highlights a robust increase in net income, forecasting growth from $30 million in 2023 to $43 million in 2026, which indicates a healthy profit margin expansion [7]. Summary by Relevant Sections Financial Projections - Revenue is expected to grow from $1,022 million in 2023 to $1,973 million in 2026, with year-on-year growth rates of 39.7% in 2024 and 21.7% in 2025 [7]. - EBITDA is projected to increase from $256 million in 2023 to $705 million in 2026, with a notable growth rate of 14.0% in 2024 [7]. - Net income is forecasted to rise from $30 million in 2023 to $43 million in 2026, with a consistent growth pattern [7]. Market Position - The company is positioned to capitalize on market trends, leveraging its competitive advantages to enhance market share and profitability [7]. - The report emphasizes the company's strategic initiatives aimed at expanding its product offerings and improving operational efficiencies [7]. Risk and Opportunities - The report identifies potential opportunities for growth through market expansion and innovation, which could further enhance the company's financial performance [7].

Market Overview - The industrial gas market in China is approximately 200 billion yuan, with a compound annual growth rate (CAGR) of 11% over the past five years, outpacing GDP growth[35]. - The industrial gas industry in China has been supported by national policies, leading to increased demand for industrial gases from traditional manufacturing sectors[80]. - The company is positioned as a leading player in the industrial gas market in Southwest China, benefiting from expanding market demand[80]. Financial Performance - The total operating revenue for 2023 was approximately CNY 1,021,681,665.65, representing a year-on-year increase of 12.5%[53]. - The net profit attributable to shareholders for 2023 was CNY 202,850,057.77, an increase of 8.3% compared to the previous year[53]. - The company reported a cash flow from operating activities of CNY 150,369,191.89 for the year, showing a significant improvement from the previous year's cash flow[53]. - The total operating revenue for 2023 reached ¥1,021,681,665.6, representing an increase of 11.25% compared to ¥918,391,578.97 in 2022[97]. - Main business revenue accounted for ¥963,691,013.68, which is 94.32% of total revenue, showing a year-on-year growth of 9.94%[97]. - The revenue from oxygen was ¥458,016,737.87, contributing 44.83% to total revenue, with a slight increase of 2.04% from the previous year[97]. - The revenue from nitrogen increased significantly by 22.81% to ¥392,358,007.95, representing 38.40% of total revenue[97]. - The company reported a net cash flow from operating activities of ¥150,410,191.89, an increase of 43.53% compared to the previous year[96]. - The gross profit margin for main business revenue was 33.32%, reflecting an increase of 3.62% year-on-year[98]. Dividends and Retained Earnings - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (before tax) for the 2023 fiscal year[16]. - The company’s retained earnings increased to 463,271,666.90 yuan after adjustments for the fiscal year 2022[28]. Research and Development - Research and development efforts are focused on new gas products and technologies to meet growing industrial demands[49]. - Research and development expenses totaled ¥885,378.84, marking a substantial increase of 240.76% due to new project investments[96]. - The company's R&D investment for 2023 amounted to ¥885,378.84, representing an increase from ¥259,821.83 in 2022, with a growth rate of 240.76%[139]. - The proportion of R&D investment to operating revenue increased to 0.09% in 2023 from 0.03% in 2022[139]. - The company has initiated a new R&D project focused on energy conservation and efficiency, with expected annual benefits exceeding ¥1.5 million from a single project[139]. Production and Capacity - The company has a production capacity of 25,000 Nm³/h and 40,000 Nm³/h for air separation gas production lines in Fujian, primarily supplying pipeline gas to major clients[62]. - The company’s oxygen production capacity is 618,192,000 Nm³ with a utilization rate of 37.43%, while nitrogen production capacity is 1,048,176,000 Nm³ with a utilization rate of 64.72%[87]. - Liquid oxygen production capacity stands at 765,931.46 tons with a utilization rate of 62.33%, and liquid nitrogen production capacity is 607,624.6 tons with a utilization rate of 77.47%[87]. - The company’s production capacity for liquid gases is over 120,000 tons, making it the largest in the Southwest region, which helps in significantly reducing production costs[110]. Logistics and Distribution - The company has established a comprehensive gas supply and service network, covering high-purity gases such as oxygen, nitrogen, and argon, with a focus on traditional industries and emerging sectors like semiconductors and renewable energy[62]. - The company has a logistics model primarily based on self-delivery, supported by third-party logistics, ensuring efficient distribution within a 300 km radius[65]. - The company's logistics system allows for real-time monitoring and efficient distribution, effectively reducing logistics costs[74]. - The company’s logistics capabilities have been strengthened, allowing for stable relationships with numerous small and medium-sized clients, contributing to brand effect and market reputation[111]. Government Support and Subsidies - The company received government subsidies totaling CNY 6,395,904.45 in 2023, up from CNY 2,122,905.79 in 2022[56]. Corporate Governance - The company’s financial report has been audited by Beijing Dahua International Accounting Firm[24]. - The company’s board of directors and management guarantee the accuracy and completeness of the annual report[15]. - The company emphasizes that all forward-looking statements do not constitute substantive commitments to investors[39]. - The company has established a robust internal control system to enhance governance and operational standards in compliance with regulatory requirements[188]. Customer Relationships - The company maintains long-term relationships with key clients across various industries, including metallurgy, chemicals, and emerging sectors like photovoltaics and semiconductors[83]. - The top five customers accounted for 38.01% of total sales, indicating a significant concentration of revenue among a few key clients[104]. - The top five customers contributed a total sales revenue of ¥388,326,904.28, accounting for 38.01% of the annual total sales[121]. Future Plans and Expansion - The company plans to expand its market presence by increasing production capacity and enhancing distribution networks in key regions[49]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the industrial gas sector[49]. - The company plans to extend the expected operational status date of the comprehensive intelligent management platform from June 30, 2024, to December 31, 2025[156]. - The company plans to expand its operations in multiple pipeline gas projects across Fujian Fuzhou, Sichuan Meishan, and Sichuan Jintang, targeting key industrial areas for nationwide expansion[184]. Asset Management - The company reported a deferred tax asset of 12,106,978.00 yuan as of December 31, 2022, after adjustments[28]. - The total assets at the end of 2023 were significantly impacted by an increase in fixed assets, which reached ¥938,050,838.81, representing 46.86% of total assets[145]. - The cumulative procurement amount from major suppliers has not included any related party transactions, maintaining a clear procurement structure[121]. Meetings and Investor Relations - The company held its 2022 Annual General Meeting with an investor participation rate of 89.52% on May 15, 2023[190]. - The first extraordinary general meeting of 2023 had an investor participation rate of 89.07% on June 21, 2023[190]. - The second extraordinary general meeting of 2023 recorded an investor participation rate of 83.22% on July 14, 2023[190]. - The third extraordinary general meeting of 2023 is scheduled for December 26, 2023, with an investor participation rate of 89.08%[190].

四川侨源气体股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 北京大华核字[2024]00000020 号 北 京 大 华 国 际 会计师事务所 (特 殊 普 通 合 伙 ) Beijing Dahua International Certified Public Accountants (Limited Liability Partnership) 四川侨源气体股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2023 年 12 月 31 日） 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 二、 四川侨源气体股份有限公司 2023 年度非经营 性资金占用及其他关联资金往来情况汇总表 1-2 北京大华国际会计师事务所（特殊普通合伙） 北京市西城区阜成门外大街 31号五层 519A [100071] 电话：86 (10) 6827 8880 传真：86 (10) 6823 8100 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 北京大华核字[2024]00000020 号 四川侨源气体股份有限公司全体股东： 我们接受委 ...

2023年度财务决算报告 四川侨源气体股份有限公司 一、2023年度公司财务报表的审计情况 公司2023年度财务报表已经北京大华国际会计师事务所（特殊普通合伙） 审计，并出具了北京大华审字[2024]00000225号标准无保留意见的审计报告。 注册会计师的审计意见：侨源股份的财务报表在所有重大方面按照企业会 计准则的规定编制，公允反映了侨源股份2023年12月31日合并及母公司财务状 况以及2023年度合并及母公司经营成果和现金流量。 二、2023年度主要经营指标状况 单位：万元 | 项目 | 合并 | | | | --- | --- | --- | --- | | | 2023 年 | 2022 年 | 变动比例 | | 资产总额 | 200,180.43 | 185,573.25 | 7.87% | | 负债总额 | 27,959.63 | 29,328.47 | -4.67% | | 所有者权益 | 172,220.80 | 156,244.78 | 10.22% | | 归属于母公司股东权益 | 172,220.80 | 156,244.78 | 10.22% | | 营业收入 | 102,168. ...

| 非经营性 | 资金占用 | 占用方与 上市公司 | 上市公 司核算 | 2023年期 初占用资 | 2023年度 占用累计 发生金额 | 2023年度 占用资金 | 2023年度 偿还累计 | 2023年期 末占用资 | 占用形 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金占用 | 方名称 | 的关联关 系 | 的会计 科目 | 金余额 | （不含利 息） | 的利息 | 发生金额 | 金余额 | 成原因 | | | 控股股东、实际控制人及其附属企业 | 无 | | | | | | | | | | | 小计 | — | — | — | | | | | | | — | | 前控股股东、实际控制人及其附属企业 | 无 | | | | | | | | | | | 小计 | — | — | — | | | | | | | — | | 其他关联方及其附属企业 | 无 | | | | | | | | | | | 小计 | — | — | — | | | | | | | — | | 总计 | — | — ...

四川侨源气体股份有限公司 募集资金存放与使用情况鉴证报告 北京大华核字[2024]00000019 号 北 京 大 华 国 际 会计师事务所 (特 殊 普 通 合 伙 ) Beijing Dahua International Certified Public Accountants (Limited Liability Partnership) 四川侨源气体股份有限公司 募集资金存放与使用情况鉴证报告 （2023 年度） 目 录 页 次 一、 募集资金存放与使用情况鉴证报告 1-2 二、 四川侨源气体股份有限公司 2023 年度募集资 金存放与使用情况的专项报告 1-4 北京大华国际会计师事务所（特殊普通合伙） 北京市西城区阜成门外大街 31号五层 519A [100071] 电话：86 (10) 6827 8880 传真：86 (10) 6823 8100 募 集 资 金 存 放 与 使 用 情 况 鉴 证 报 告 北京大华核字[2024]00000019 号 四川侨源气体股份有限公司全体股东： 我们审核了后附的四川侨源气体股份有限公司（以下简称侨源股 份）《2023 年度募集资金存放与使用情况的专项报告 ...

证券代码：301286 证券简称：侨源股份 公告编号：2024-024 四川侨源气体股份有限公司 关于 2024 年度日常关联交易预计的公告 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、日常关联交易基本情况 （一）日常关联交易概述 四川侨源气体股份有限公司（以下简称"公司"）及子公司因日常经 营需要，预计公司 2024 年度与相关关联方发生的采购/销售商品、提供/ 接受劳务、物业租赁等日常关联交易金额不超过 1,820.50 万元，并根据 实际需求接受实际控制人及其一致行动人、实际控制人控制的企业为公司 提供无偿担保。 公司于 2024 年 4 月 9 日召开第五届董事会第六次会议和第五届监事 会第六次会议，审议通过了《关于 2024 年度日常关联交易预计的议案》， 关联董事乔志涌、乔坤对关联交易进行了回避表决，该事项已经公司第五 届董事会独立董事专门会议审议通过并发表了同意的审核意见。 根据《深圳证券交易所创业板股票上市规则》的有关规定，公司预计 2024 年度与相关关联方发生的采购/销售商品、提供/接受劳务、物业租赁 等日常关联交易的累计交易金额未 ...

四川侨源气体股份有限公司 审计报告 北京大华审字[2024]00000225 号 北 京 大 华 国 际 会计师事务所 (特 殊 普 通 合 伙 ) 北京大华国际会计师事务所（特殊普通合伙） 北京市西城区阜成门外大街 31号五层 519A [100071] 电话：86 (10) 6827 8880 传真：86 (10) 6823 8100 审 计 报 告 Beijing Dahua International Certified Public Accountants (Limited Liability Partnership) 四川侨源气体股份有限公司 审计报告及财务报表 （2023 年 1 月 1 日至 2023 年 12 月 31 日止） | | | 目 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-5 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | ...