侨源股份(301286) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The board and management affirm the report's truthfulness and completeness, with no plans for cash dividends or bonus shares this period - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[5] - Company head Qiao Zhiyong, chief accountant Tong Yao, and head of accounting department Fu Fangtao declare and guarantee the truthfulness, accuracy, and completeness of the financial report[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This report's clear table of contents includes eight main chapters, covering key information, company profile, management discussion, governance, significant matters, share changes, bond status, and financial reports - The report contains eight main chapters, with a clear structure[8] List of Documents for Reference Reference documents, including signed financial statements and the semi-annual report, are available at the company's board office - Reference documents include signed financial statements, original drafts of publicly disclosed documents, the semi-annual report and its summary, among others[10] - All reference documents are kept at the company's board of directors' office[11] Definitions This section defines common terms used in the report, ensuring accurate understanding of company names, subsidiaries, partners, regulations, and reporting periods - "Qiaoyuan Gas", "the Company", and "Company" refer to Sichuan Qiaoyuan Gas Co., Ltd[12] - "Reporting Period", "Current Period", and "Current Reporting Period" refer to January 1, 2025, to June 30, 2025[14] - Several subsidiaries and partners are listed, such as Aba Qiaoyuan, Fuzhou Qiaoyuan, Hangyang Stock, and CATL[12] Section II Company Profile and Key Financial Indicators 1. Company Profile The company, listed on the Shenzhen Stock Exchange with stock code 301286, is named Qiaoyuan Gas Co., Ltd., and its legal representative is Qiao Zhiyong Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Qiaoyuan Gas | | Stock Code | 301286 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Sichuan Qiaoyuan Gas Co., Ltd. | | Legal Representative | Qiao Zhiyong | 2. Contact Persons and Information The company's board secretary and securities affairs representative are located at the same address in Dujiangyan, Chengdu, with provided contact details Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Tong Yao | No. 1399, Guanwen Road, Dujiangyan City, Chengdu, Sichuan Province | 028-87229039 | 028-87229696 | tongy@qygas.com | | Securities Affairs Representative | Qiao Xin | No. 1399, Guanwen Road, Dujiangyan City, Chengdu, Sichuan Province | 028-87229039 | 028-87229696 | qiaoxin@qygas.com | 3. Other Information While contact details and registration remained unchanged, the company completed a business scope amendment in April and May 2025, without significantly impacting its main operations - The company's registered address, office address, website, and email remained unchanged during the reporting period[18] - Information disclosure and storage locations remained unchanged during the reporting period[19] - The company approved resolutions to increase its business scope and amend its Articles of Association on April 21, 2025, and May 15, 2025, respectively, and completed the industrial and commercial change registration[21] - After the business scope adjustment, the company's main business has not changed and will not have a significant impact on its operating performance[21] 4. Key Accounting Data and Financial Indicators The company achieved significant year-on-year growth in revenue, net profit, and operating cash flow, with increases in total assets and net assets Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 529,313,090.56 | 479,310,554.03 | 10.43% | | Net Profit Attributable to Shareholders of Listed Company | 117,420,286.99 | 74,414,564.85 | 57.79% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 108,821,697.16 | 68,880,769.83 | 57.99% | | Net Cash Flow from Operating Activities | 88,704,435.96 | 41,359,176.59 | 114.47% | | Basic Earnings Per Share (RMB/share) | 0.2961 | 0.1860 | 59.19% | | Diluted Earnings Per Share (RMB/share) | 0.2961 | 0.1860 | 59.19% | | Weighted Average Return on Net Assets | 6.47% | 4.22% | 2.25% | Asset and Liability Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 2,004,976,130.50 | 1,996,863,826.20 | 0.41% | | Net Assets Attributable to Shareholders of Listed Company | 1,844,676,920.22 | 1,753,088,859.98 | 5.22% | 5. Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reports no differences in net profit or net assets between international/overseas accounting standards and Chinese accounting standards for the period - The company's financial report for the current period shows no differences in net profit and net assets between international accounting standards and Chinese accounting standards[23] - The company's financial report for the current period shows no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[24] 6. Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled RMB 8,598,589.83, primarily from government subsidies, fair value changes, and non-current asset disposals Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -270,055.89 | Primarily due to gains and losses from disposal of fixed assets in the current reporting period | | Government grants recognized in current profit and loss | 10,073,160.45 | Primarily due to government grants received in the current reporting period | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 382,266.61 | Primarily due to gains from bank wealth management products in the current reporting period | | Other non-operating income and expenses apart from the above items | 15,587.46 | | | Less: Income tax impact | 1,602,368.80 | | | Total | 8,598,589.83 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[26][27] Section III Management Discussion and Analysis 1. Main Business Activities During the Reporting Period The company specializes in industrial gas production and sales, serving diverse industries with high-purity oxygen, nitrogen, and argon, and operates production bases in Southwest China and Fujian 1. Industry Development Status China's industrial gas market is rapidly expanding, driven by emerging industries and supportive national policies, despite regional and cyclical characteristics, with intense competition from domestic and international players - China's industrial gas industry market size is approximately RMB 220 billion, with an average compound annual growth rate of about 10% from 2019 to 2023, projected to reach RMB 280 billion by 2026[30] - The industrial gas industry has certain cyclical characteristics, but with the rapid development of emerging industries such as new energy, new materials, and electronic information, cyclical fluctuations are further weakened[30] - National policies strongly support the development of the industrial gas industry, listing it as one of the key supported industries[31][32] - Major competitors include international giants such as Linde, Air Products, and Air Liquide, as well as domestic enterprises like Yingde Gas, Heyuan Gas, and Hangyang Stock[32][33] 2. Main Products and Services The company is a comprehensive supplier of high-purity gases, including oxygen, nitrogen, and argon, serving traditional and emerging industries through liquid, pipeline, and cylinder supply modes from its Sichuan and Fujian bases - The company's main products include high-purity oxygen, high-purity nitrogen, high-purity argon, medical oxygen, food-grade nitrogen, industrial oxygen, carbon dioxide, hydrogen, various electronic gases, and mixed gases[33] - The company's products primarily meet the demands of traditional industries such as metallurgy, chemical, military, medical, and food, as well as emerging industries like new energy, semiconductors, electronic information, biomedicine, and new materials[33] - The company operates the largest all-liquid air separation gas production line in Southwest China in the Sichuan region, and two air separation gas production lines in the Fujian region[34] 3. Main Business Model The company operates an integrated system for procurement, production, sales, and service, ensuring continuous supply through diverse gas delivery methods and efficient logistics - The company's procurement primarily includes energy (electricity), machinery and equipment, transport vehicles, auxiliary materials, and some outsourced air separation gas products and finished gases for adjustment[34] - The company's production system consists of a main system and a backup system to ensure continuous and sufficient gas supply[35] - The company primarily sells gas products to end-users, expanding business through marketing personnel, and maintains business relationships with peer gas companies, gas filling stations, and gas traders who are not self-users[36] - The company offers various gas supply modes, including liquid gas, pipeline gas, and cylinder gas, and provides professional service teams for supporting facilities and regular services[37] - The logistics model is primarily self-delivery, with over 100 transport vehicles, supplemented by qualified third-party delivery[38] 4. Company's Industry Position With over two decades in the Southwest and Fujian industrial gas markets, the company holds a leading position in the Sichuan-Chongqing region, supported by a strong brand, core technologies, and a diverse client base - The company has been recognized as a "Chengdu Famous Trademark", its products awarded "Sichuan Famous Brand Product" title, and its medical oxygen and industrial gas products listed in the "Provincial Famous and High-Quality Products Promotion and Application Catalog"[38] - Core customers include listed companies such as Sansteel Minguang, Tongwei Co., Ltd., Dongfang Electric, and CATL, as well as renowned military and medical institutions like China Academy of Engineering Physics and West China Hospital of Sichuan University[39][40] - The company possesses core technologies such as "waste gas and residual liquid recovery", "vacuum pipeline application", and "energy recovery comprehensive utilization", which improve product purity, extraction efficiency, and reduce energy consumption[40] - The company is one of the largest professional suppliers of all-liquid air separation gas in Southwest China, establishing a leading position in the Sichuan-Chongqing market competition against international giants[41] 2. Analysis of Core Competencies The company's core strengths include a first-mover advantage in the Sichuan-Chongqing retail market, high-quality products, leading scale, cost advantages from hydropower and energy-saving technologies, efficient logistics, diverse customer resources, and flexible supply models - The company has a prominent first-mover advantage in the Sichuan-Chongqing air separation gas retail market, with a deep understanding of local customers' personalized needs[42] - The company's product quality is stable, with medical oxygen and industrial gas products listed in the "Provincial Famous and High-Quality Products Promotion and Application Catalog", and "Qiaoyuan Brand Gas" awarded the "Sichuan Famous Brand Product" title[42] - The company operates large-scale air separation gas production lines in Sichuan and Fuzhou, possessing a regionally leading scale and supply assurance capability[43] - The company achieves production cost advantages through large-scale production, low electricity prices at its Wenchuan base, and energy-saving technologies (such as "waste gas and residual liquid recovery")[43][44] - The company owns over 100 dedicated transport vehicles and a real-time monitoring system, providing professional and efficient logistics and distribution services[44] - The company has accumulated high-quality customer resources covering multiple industries, including several listed companies and renowned enterprises[44] - The company offers diverse gas supply modes, including liquid gas, pipeline gas, and cylinder gas, and provides one-stop, comprehensive service solutions[45] 3. Analysis of Main Business The company's main business revenue increased by 10.43%, while operating costs decreased, leading to a significant 57.79% rise in net profit, driven by increased sales and improved oxygen product gross margin Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 529,313,090.56 | 479,310,554.03 | 10.43% | | | Operating Cost | 342,455,862.45 | 344,082,461.66 | -0.47% | | | Financial Expenses | 416,299.13 | 970,831.73 | -57.12% | Primarily due to repayment of part of the loan principal in the current reporting period | | Income Tax Expenses | 30,717,631.64 | 21,163,488.29 | 45.14% | Primarily due to increased profit in the current reporting period | | R&D Investment | 147,385.59 | 293,743.63 | -49.83% | Primarily due to reduction in R&D personnel in the current reporting period | | Net Cash Flow from Operating Activities | 88,704,435.96 | 41,359,176.59 | 114.47% | Primarily due to increased cash collection in the current reporting period | | Net Cash Flow from Investing Activities | 12,656,897.78 | -7,895,689.30 | 260.30% | Primarily due to redemption of wealth management products upon maturity in the reporting period | | Net Increase in Cash and Cash Equivalents | 7,014,673.18 | -80,625,959.27 | 108.70% | Primarily due to increased sales collection in the current reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Year-on-year Change in Operating Revenue | Year-on-year Change in Operating Cost | Year-on-year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oxygen | 223,873,653.31 | 132,767,457.00 | 40.70% | 9.22% | -9.05% | 11.92% | | Nitrogen | 203,245,216.00 | 156,401,970.46 | 23.05% | 7.59% | 12.17% | -3.14% | | Argon | 28,825,342.53 | 19,124,677.34 | 33.65% | -32.51% | -38.42% | 6.36% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[48] 4. Analysis of Non-Main Business Non-main business income primarily includes government subsidies (sustainable), investment income from structured deposits (non-sustainable), and fair value changes from wealth management products (non-sustainable), with credit impairment losses as a negative contributor Non-Main Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Explanation for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 379,683.23 | 0.26% | Structured deposits | No | | Fair Value Change Gains and Losses | 2,583.38 | 0.00% | Fair value changes of wealth management products | No | | Asset Impairment | -1,067.38 | 0.00% | Inventory depreciation losses | No | | Non-Operating Income | 114,682.29 | 0.08% | Gains from disposal of non-current assets, etc. | No | | Non-Operating Expenses | 393,336.41 | 0.27% | Losses from disposal of non-current assets, etc. | No | | Other Income | 10,133,431.42 | 6.84% | Government grants received | Yes | | Credit Impairment Losses | -2,928,264.29 | -1.98% | Provision for bad debts | Yes | | Asset Disposal Gains | 24,185.69 | 0.02% | Gains from disposal of non-current assets | No | 5. Analysis of Assets and Liabilities Total assets slightly increased by 0.41%, with fixed assets rising due to construction project transfers, while long-term borrowings decreased from principal repayments, and trade receivables financing significantly increased Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 220,684,339.23 | 11.01% | 213,576,838.36 | 10.70% | 0.31% | | | Fixed Assets | 1,004,151,965.53 | 50.08% | 947,263,596.91 | 47.44% | 2.64% | Primarily due to transfer of some construction in progress to fixed assets in the current reporting period | | Construction in Progress | 250,670,671.57 | 12.50% | 298,788,222.30 | 14.96% | -2.46% | Primarily due to transfer of some construction in progress to fixed assets in the current reporting period | | Contract Liabilities | 12,911,388.09 | 0.64% | 6,483,852.18 | 0.32% | 0.32% | Primarily due to increased advance receipts for goods in the current reporting period | | Long-term Borrowings | 27,500,000.00 | 1.37% | 91,237,500.00 | 4.57% | -3.20% | Primarily due to repayment of part of the loan principal in the current reporting period | | Trading Financial Assets | 0.00 | 0.00% | 31,005,836.63 | 1.55% | -1.55% | Primarily due to redemption of wealth management products upon maturity in the reporting period | | Notes Receivable | 9,138,017.23 | 0.46% | 6,414,047.41 | 0.32% | 0.14% | Primarily due to an increase in the outstanding amount of commercial acceptance bills received at the end of the current reporting period | | Notes Receivable Financing | 79,867,243.58 | 3.98% | 42,894,738.91 | 2.15% | 1.83% | Primarily due to an increase in the outstanding amount of bank acceptance bills received at the end of the current reporting period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains and Losses for the Period (RMB) | Amount Purchased During the Period (RMB) | Amount Sold During the Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 31,005,836.63 | 2,583.38 | 232,000,000.00 | 263,008,420.01 | 0.00 | | Notes Receivable Financing | 42,894,738.91 | | | | 79,867,243.58 | | Total | 74,550,575.54 | 2,583.38 | 232,000,000.00 | 263,008,420.01 | 80,517,243.58 | - There were no significant changes in the measurement attributes of the company's main assets during the reporting period[57] Restricted Asset Rights | Item | Carrying Amount at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 1,366,312.91 | Loan collateral | | Intangible Assets | 2,866,394.28 | Loan collateral | | Total | 4,232,707.19 | | 6. Analysis of Investment Status Total investment decreased by 28.10%, with major non-equity investments in nitrogen recovery and air separation projects under construction, and a significant portion of raised funds used for committed projects, with some yet to yield expected returns Investment Amount for the Reporting Period | Investment Amount for the Reporting Period (RMB) | Investment Amount for the Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | | 44,624,539.86 | 62,066,959.42 | -28.10% | - There were no significant equity investments during the reporting period[59] Significant Non-Equity Investments in Progress | Project Name | Investment Method | Investment Industry | Amount Invested in Current Reporting Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | Estimated Return (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1100TPD Nitrogen Recovery Environmental Protection and Energy Saving Technical Transformation Project | Self-built | Gas Industry | 129,811.32 | 42,291,029.95 | 13.20% | 1,041,756,000.00 | | Jintang Qiaoyuan Phase III 40000 Air Separation Project | Self-built | Gas Industry | 26,853,391.67 | 164,956,364.16 | 65.98% | 821,835,400.00 | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gains and Losses for the Period (RMB) | Amount Purchased During the Reporting Period (RMB) | Amount Sold During the Reporting Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 74,550,575.54 | 2,583.38 | 232,000,000.00 | 263,008,420.01 | 80,517,243.58 | Overall Utilization of Raised Funds (Unit: RMB 10,000) | Net Raised Funds | Total Raised Funds Used in Current Period | Total Raised Funds Used Cumulatively | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | | 62,551.17 | 242.35 | 54,467.58 | 87.08% | - As of June 30, 2025, the balance of raised funds was RMB 83,330,242.06, including RMB 82,000,000.00 used for cash management of idle raised funds[66] - The "1100TPD Nitrogen Recovery Environmental Protection and Energy Saving Technical Transformation Project" and "Integrated Intelligent Management Platform" have not yet reached their expected returns because the projects have not reached the date of availability for use[67] Overview of Wealth Management Entrustment During the Reporting Period (Unit: RMB 10,000) | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred | Outstanding Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 28,700 | 0 | | Other Categories | Raised Funds | 8,200 | 8,200 | | Total | | 36,900 | 8,200 | - The company had no derivative investments or entrusted loans during the reporting period[72][73] 7. Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[74] - The company did not dispose of significant equity during the reporting period[75] 8. Analysis of Major Holding and Participating Companies The company's key subsidiaries, including those in Aba Wenchuan, Fuzhou, Meishan, and Jintang, primarily engage in industrial gas production and sales, contributing significantly to net profit, with no new acquisitions or disposals during the period Financial Data of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | Subsidiary | Production, sales: oxygen, nitrogen, argon, medical oxygen, etc. | 8,116 | 57,249.15 | 33,709.94 | 18,565.71 | 1,496.25 | 1,073.59 | | Qiaoyuan Gas (Fuzhou) Co., Ltd. | Subsidiary | Research, development, production, operation of industrial gases; medical oxygen, etc. | 1,169 | 33,338.42 | 22,359.67 | 13,121.94 | 5,293.31 | 3,983.30 | | Qiaoyuan Gas (Meishan) Co., Ltd. | Subsidiary | Production of hazardous chemicals; operation of hazardous chemicals; production of food additives, etc. | 5,216 | 49,794.19 | 18,383.54 | 13,641.30 | 4,170.02 | 3,526.30 | | Qiaoyuan (Jintang) Gas Co., Ltd. | Subsidiary | Production and operation of hazardous chemicals; production of food additives; production of pharmaceuticals, etc. | 10,000 | 46,436.65 | 16,007.36 | 9,418.46 | 2,523.51 | 2,127.20 | - The company did not acquire or dispose of any subsidiaries during the reporting period[77] 9. Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[78] 10. Risks Faced by the Company and Countermeasures The company addresses risks such as production safety, energy price fluctuations, bad debts, and market competition through robust safety management, energy-saving technologies, stringent accounts receivable management, and a regional leadership strategy - Product production and transportation involve safety risks, which the company addresses by improving management systems, equipping safety facilities, and strengthening internal management[78][79] - Significant increases in energy prices could impact profitability, which the company mitigates through energy-saving technologies and timely adjustments to product sales pricing[79][80] - The risk of bad debts from accounts receivable is managed by improving credit ratings, strengthening information system management, enhancing collection efforts, and implementing performance appraisals[80][81] - Intense market competition is addressed by adhering to a regional leadership strategy, enhancing product quality and supply assurance capabilities, controlling costs, and optimizing logistics[81][82] 11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company held an online performance briefing on May 8, 2025, via Dongfang Fortune Roadshow Center, engaging with the public and investors Research Activities Received During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | May 08, 2025 | Dongfang Fortune Roadshow Center (Online Platform) | Online platform communication | General public, investors, etc. | Refer to Juchao Information Network | 12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a Market Value Management System, approved by the board on January 22, 2025, to standardize market value management and enhance investment value - The company has formulated the "Sichuan Qiaoyuan Gas Co., Ltd. Market Value Management System"[85] - This system was approved by the company's Twelfth Meeting of the Fifth Board of Directors on January 22, 2025[85] 13. Implementation of "Quality and Return Dual Enhancement" Action Plan The company implemented a "Quality and Return Dual Enhancement" plan, focusing on core business, governance, investor communication, and shareholder returns, including RMB 31.7258 million in cash dividends and RMB 105 million in share repurchases for 2024 - The company has formulated and disclosed the "Quality and Return Dual Enhancement" action plan, aiming to thoroughly implement the business philosophy of "investor-centric"[86] - The company focuses on main business development, maintaining a healthy development trend through technological innovation and refined management[86] - The company improves its governance system, formulating "Market Value Management System" and "Public Opinion Management System", and revising multiple internal systems[86] - The company strengthens information disclosure and investor communication, with its 2023 information disclosure rated "A", and high-frequency interaction with investors through online and offline channels[87] 2024 Shareholder Return Measures | Return Measure | Amount/Proportion | | :--- | :--- | | Cash Dividend | Cash dividend of RMB 0.80 per 10 shares (tax inclusive), totaling RMB 31.7258 million (tax inclusive) | | Share Repurchase | RMB 105 million | | Comprehensive Return Rate (as a percentage of net profit attributable to shareholders of the listed company in 2024) | 91.66% | Section IV Corporate Governance, Environment, and Society 1. Changes in Directors, Supervisors, and Senior Management Li Hong was elected as an employee representative director on May 15, 2025, due to a job transfer Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Hong | Employee Representative Director | Elected | May 15, 2025 | Job transfer | 2. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period 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[92] 3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's 2025 Restricted Stock Incentive Plan was approved in February, granting 739,700 restricted shares to 229 employees at RMB 17.64 per share, with the first batch registered on April 3 - The company's board of directors convened on January 22, 2025, and approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary, among other proposals[93] - The incentive plan was approved by the shareholders' meeting on February 13, 2025[94] - On February 27, 2025, the company agreed to grant 739,700 restricted shares (of which 66,000 are Class I and 673,700 are Class II) to 229 incentive recipients at a price of RMB 17.64 per share[95] - On April 3, 2025, the company completed the registration of the first class of restricted shares under the 2025 Restricted Stock Incentive Plan, with 66,000 shares granted and registered[95] - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[96] 4. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[96] 5. Social Responsibility The company upholds stakeholder rights, ensures employee welfare, prioritizes safety and green development, and actively contributes to local economic growth and philanthropy - The company ensures shareholder rights by improving its governance structure, operating in compliance, diligently fulfilling information disclosure obligations, and actively communicating with investors[96] - The company standardizes employment systems, protects employees' legitimate rights and interests, values talent reserves and training, actively conducts employee training, and ensures employee occupational safety and health[97] - The company strictly adheres to national safety production laws and regulations, upholding the policy of "safety first, prevention foremost, comprehensive governance", with no safety production accidents or casualties during the reporting period[98] - The company continuously increases safety investment for safety production education and training, protective equipment, hazard investigation and rectification, and emergency rescue drills[104][105][106] - The company focuses on and values the protection of legitimate rights and interests of customers and suppliers, establishing fair and just selection mechanisms, and improving product quality and service efficiency[110] - The company actively creates employment opportunities, participates in charitable activities, assists the needy and supports education, and pays taxes according to law, supporting local economic development[111] - The company's middle and senior management actively participate in social public relations activities, promoting the introduction of local industrial policies through the CPPCC platform[112] Section V Significant Matters 1. Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period All commitments by the company, its actual controller, shareholders, directors, supervisors, and senior management regarding share lock-up, profit distribution, share price stability, and control maintenance were fulfilled on time during the reporting period - Commitments by shareholders Qiao Xin, Zhang Lirong, Zhechuang Haoyu, Huatuo Zhiyuan, etc., regarding share lock-up, which began on June 14, 2022, for a period of 36 months, have been fulfilled[114] - Commitments by the company, controlling shareholder Qiao Zhiyong, directors (Jin Zhi, Li Guoping, Qiao Kun, Qiao Zhiyong, Wang Shaonan), supervisors (Chen Na, Chen Haijun, Wei Jiarong), and senior management (Li Guoping, Li Hong, Qiao Kun, Qiao Lina, Tong Yao, Zheng Yongping) regarding profit distribution policy have been fulfilled[115][116][117][118][119] - Commitments by the company, controlling shareholder, actual controller, and directors and senior management regarding share price stability have been fulfilled[119] - Commitments by controlling shareholders Qiao Zhiyong, Zhang Lirong, Qiao Kun, and Qiao Xin regarding maintaining the issuer's control have been fulfilled[119][120] - All commitments were fulfilled on time, with no overdue unfulfilled situations[120] 2. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company There was no non-operating occupation of listed company funds by the controlling shareholder or other related parties during the reporting period - There was no non-operating occupation of listed company funds by the controlling shareholder or other related parties during the reporting period[121] 3. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[123] 5. Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period As the semi-annual report was unaudited, there is no explanation regarding a non-standard audit report - The company's semi-annual report was unaudited, thus there is no explanation regarding a non-standard audit report[124] 6. Board of Directors' Explanation of the "Non-Standard Audit Report" for the Previous Year As the semi-annual report was unaudited, there is no explanation regarding a non-standard audit report for the previous year - The company's semi-annual report was unaudited, thus there is no explanation regarding a non-standard audit report for the previous year[124] 7. Bankruptcy Reorganization Matters The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[125] 8. Litigation Matters The company had no major litigation or arbitration matters, with minor ongoing cases totaling RMB 4.0705 million having no significant impact - The company had no major litigation or arbitration matters in the current reporting period[126] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Litigation (Arbitration) Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other non-major litigation (arbitration) matters where the company/subsidiary is the plaintiff | 407.05 | No | Some have been ruled, some are still in progress | No significant impact | Currently being executed | 9. Penalties and Rectification The company had no significant penalties or rectification situations during the reporting period - The company had no significant penalties or rectification situations during the reporting period[127] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[128] 11. Significant Related Party Transactions The company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions, joint investments, or intercompany debt, nor any financial business with affiliated finance companies - The company had no significant related party transactions related to daily operations during the reporting period[128] - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[129] - The company had no related party transactions involving joint external investment during the reporting period[130] - There were no significant related party creditor-debtor transactions during the reporting period[131] - The company had no deposits, loans, credit lines, or other financial business with affiliated finance companies, nor did its controlled finance companies have such business with related parties[132][133] - The company had no other significant related party transactions during the reporting period[134] 12. Significant Contracts and Their Performance The company had no托管 or 承包 situations, generated RMB 6.9185 million in rental income, provided guarantees totaling RMB 16.4175 million to subsidiaries, and has major gas supply contracts under construction - The company had no entrustment or contracting situations during the reporting period[135][136] - During the reporting period, the company and some of its controlled subsidiaries had property leasing situations, incurring rental expenses of RMB 685,800[137] - During the reporting period, some customers leased the company's fixed assets, generating rental income of RMB 6,918,500[137] Company Guarantees to Subsidiaries (Unit: RMB 10,000) | Name of Guaranteed Party | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit | Actual Occurrence Date | Actual Guarantee Amount | Type of Guarantee | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qiaoyuan (Jintang) Gas Co., Ltd. | April 23, 2025 | 40,000.00 | June 21, 2023 | 1,154.25 | Joint and several liability guarantee | Yes | | Qiaoyuan (Jintang) Gas Co., Ltd. | April 23, 2025 | 40,000.00 | June 20, 2024 | 487.50 | Joint and several liability guarantee | No | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | April 23, 2025 | 20,000.00 | | 0.00 | Joint and several liability guarantee | | | Qiaoyuan Gas (Meishan) Co., Ltd. | April 23, 2025 | 20,000.00 | | 0.00 | Joint and several liability guarantee | | Total Company Guarantees (Unit: RMB 10,000) | Indicator | Amount | | :--- | :--- | | Total Guarantee Limit Approved During the Reporting Period | 80,000 | | Total Actual Guarantee Amount Occurred During the Reporting Period | 1,641.75 | | Total Approved Guarantee Limit at End of Reporting Period | 80,000 | | Total Actual Guarantee Balance at End of Reporting Period | 87.5 | | Proportion of Total Actual Guarantee Amount to Company's Net Assets | 0.05% | Significant Daily Operating Contracts (Unit: RMB 100 million) | Name of Company Party to Contract | Name of Counterparty to Contract | Total Contract Amount | Contract Performance Progress | Sales Revenue Recognized in Current Period | Cumulative Sales Revenue Recognized | | :--- | :--- | :--- | :--- | :--- | :--- | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | Deyang Chuanfa Longmang New Materials Co., Ltd. | 4.60 | Project under construction | 0.00 | 0.00 | | Qiaoyuan (Jintang) Gas Co., Ltd. | Chengdu Bamo Technology Co., Ltd. | 20.00 | Project under construction (delayed performance) | 0.00 | 0.00 | | Qiaoyuan (Jintang) Gas Co., Ltd. | Chengdu Bamo Technology Co., Ltd. | 10.23 | Project under construction (delayed performance) | 0.00 | 0.00 | Other Significant Contracts (Unit: RMB 10,000) | Name of Company Party to Contract | Name of Counterparty to Contract | Contract Subject | Total Contract Amount (RMB 10,000) | Execution Status as of End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Sichuan Qiaoyuan Gas Co., Ltd. | Deyang-Aba Ecological Economic Industrial Park Management Committee | Deyang Qiaoyuan Phase I Line 1 Project | 76,000.00 | Project under construction | | Qiaoyuan (Jintang) Gas Co., Ltd. | Tangshan Dachang Engineering Co., Ltd. | Expansion of Tongwei Solar Photovoltaic Industrial Base Project Qiaoyuan Gas Supporting Air Separation Production Line | 38,000.00 | Project under construction | 13. Explanation of Other Significant Matters The company has no other significant matters requiring explanation during the reporting period - The company has no other significant matters requiring explanation during the reporting period[148] 14. Significant Matters of Company Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[149] Section VI Share Changes and Shareholder Information 1. Share Change Information The company's total share capital remained at 400,100,000 shares, with a decrease in restricted shares due to the expiration of lock-up periods and an increase in restricted shares from the 2025 equity incentive plan Share Change Information (Unit: shares) | Item | Number Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) | Number After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 360,375,000 | 90.07% | -121,554,398 | 238,820,602 | 59.69% | | Of which: Shares held by domestic legal persons | 356,053,920 | 88.99% | -117,233,318 | 238,820,602 | 59.69% | | Funds, wealth management products, etc. | 4,321,080 | 1.08% | -4,321,080 | 0 | 0.00% | | II. Unrestricted Shares | 39,725,000 | 9.93% | 121,554,398 | 161,279,398 | 40.31% | | III. Total Shares | 400,100,000 | 100.00% | 0 | 400,100,000 | 100.00% | - On June 16, 2025, some shares issued before the company's initial public offering became unrestricted and were released from lock-up, involving 6 shareholders and a total of 360,090,000 shares, accounting for 90.00% of the company's total share capital[153] - On April 3, 2025, the company completed the registration of the first class of restricted shares under the 2025 Restricted Stock Incentive Plan, with 66,000 shares granted and registered, resulting in 66,000 shares being converted from unrestricted tradable shares to restricted shares[154] Changes in Restricted Shares (Unit: shares) | Shareholder Name | Restricted Shares at Beginning of Period | Shares Released from Restriction in Current Period | Shares Added to Restriction in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Qiao Zhiyong | 284,471,100 | 284,471,100 | 213,353,325 | 213,353,325 | Senior management lock-up shares | | Qiao Kun | 33,488,370 | 33,488,370 | 25,116,277 | 25,116,277 | Senior management lock-up shares | | Zhang Lirong | 23,405,850 | 23,405,850 | 0 | 0 | Pre-IPO restricted shares | | Qiao Xin | 14,403,600 | 14,403,600 | 0 | 0 | Pre-IPO restricted shares | | Zhejiang Zhechuang Haoyu Emerging Industry Equity Investment Partnership (Limited Partnership) | 2,520,630 | 2,520,630 | 0 | 0 | Pre-IPO restricted shares | | Shenzhen Huatuo Zhiyuan No. 3 Investment Enterprise (Limited Partnership) | 1,800,450 | 1,800,450 | 0 | 0 | Pre-IPO restricted shares | | Qiao Lina | 285,000 | 0 | 0 | 285,000 | Senior management lock-up shares | | Li Guoping | 0 | 0 | 20,000 | 20,000 | Equity incentive restricted shares | | Tong Yao | 0 | 0 | 30,000 | 30,000 | Equity incentive restricted shares | | Li Hong | 0 | 0 | 16,000 | 16,000 | Equity incentive restricted shares | | Total | 360,375,000 | 360,090,000 | 238,535,602 | 238,820,602 | | 2. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[162] 3. Number of Shareholders and Shareholding Information As of the reporting period end, the company had 6,797 common shareholders, with Qiao Zhiyong holding the largest stake at 71.10%, and the company's buyback account holding 3,527,606 shares - The total number of common shareholders at the end of the reporting period was 6,797[163] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders (Unit: shares) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Qiao Zhiyong | Domestic Natural Person | 71.10% | 284,471,100 | 213,353,325 | 71,117,775 | | Qiao Kun | Domestic Natural Person | 8.37% | 33,488,370 | 25,116,277 | 8,372,093 | | Zhang Lirong | Domestic Natural Person | 5.85% | 23,405,850 | 0 | 23,405,850 | | Qiao Xin | Domestic Natural Person | 3.65% | 14,613,600 | 0 | 14,613,600 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying Wealth No. 1 Private Securities Investment Fund | Other | 0.46% | 1,844,100 | 0 | 1,844,100 | | Shanghai Panyao Asset Management Co., Ltd. - Panyao Jinxuan Multi-Strategy No. 1 Private Securities Investment Fund | Other | 0.41% | 1,621,400 | 0 | 1,621,400 | | Shanghai Panyao Asset Management Co., Ltd. - Panyao Phase III Private Securities Investment Fund | Other | 0.37% | 1,462,800 | 0 | 1,462,800 | | Shanghai Weichen Private Fund Management Co., Ltd. - Weichen Juyuan Private Securities Investment Fund | Other | 0.25% | 1,017,600 | 0 | 1,017,600 | | Shanxi Province No. 9 Occupational Annuity Plan - CITIC Bank | Other | 0.17% | 696,600 | 0 | 696,600 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.17% | 679,258 | 0 | 679,258 | - Qiao Zhiyong and Zhang Lirong are a married couple, Qiao Kun is Qiao Zhiyong's younger brother, and Qiao Xin is the daughter of Qiao Zhiyong and Zhang Lirong, indicating a related party relationship[164] - As of the end of the reporting period, the company's dedicated securities account for share repurchases held 3,527,606 shares of the company[164] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management Directors and senior management, including Li Guoping, Li Hong, and Tong Yao, increased their restricted stock holdings through the equity incentive plan during the reporting period Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Employment Status | Shares Held at Beginning of Period | Shares Increased in Current Period | Shares Held at End of Period | Number of Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Guoping | Director, General Manager, Chief Engineer | Current | 0 | 20,000 | 20,000 | 20,000 | | Li Hong | Employee Representative Director, Deputy General Manager, Core Technical Personnel | Current | 0 | 16,000 | 16,000 | 16,000 | | Tong Yao | CFO, Board Secretary | Current | 0 | 30,000 | 30,000 | 30,000 | | Total | | | 0 | 66,000 | 66,000 | 66,000 | 5. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[167] - The company's actual controller did not change during the reporting period[167] 6. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[168] Section VII Bond-Related Information Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[170] Section VIII Financial Report 1. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[172] 2. Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[173][177][181][186][188][190][192][199] 3. Company Basic Information Sichuan Qiaoyuan Gas Co., Ltd., established in March 2011 with a registered capital of RMB 400.10 million, is controlled by Qiao Zhiyong, specializes in industrial gas, and consolidates 10 subsidiaries this period - The company was established as a joint-stock company by the overall conversion of Sichuan Qiaoyuan Gas Co., Ltd. in March 2011[206] - As of June 30, 2025, the company's total issued share capital was 400.10 million shares, with a registered capital of RMB 400.10 million, and the actual controller is Qiao Zhiyong[206] - The company belongs to the industrial gas industry, with main products including oxygen, nitrogen, and other industrial gases[208] - The company consolidated 10 subsidiaries in the current period[209] 4. Basis of Financial Statement Preparation The company's financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and CSRC regulations, based on a going concern assumption, with no significant doubts about its ability to continue as a going concern - The company prepares its financial statements in accordance with the "Accounting Standards for Business Enterprises" promulgated by the Ministry of Finance and "No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions for Financial Reports" (Revised in 2023) issued by the China Securities Regulatory Commission[211] - These financial statements are prepared on a going concern basis, and no significant doubts or circumstances regarding the ability to continue as a going concern have been identified[212] 5. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates, covering compliance with accounting standards, reporting periods, business cycles, functional currency, materiality, business combinations, financial instruments, fixed assets, revenue recognition, government grants, and other key areas - The company's financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting financial position, operating results, cash flows, and other information[214] - The accounting period is from January 1 to December 31 of the Gregorian calendar, the operating cycle is 12 months, and the functional currency is RMB[215][216][217] - Materiality criteria include significant individual accounts receivable for which bad debt provisions are made, significant construction in progress, and significant non-wholly-owned subsidiaries, with monetary thresholds of RMB 5 million or RMB 20 million, or accounting for over 10% of consolidated net profit[218] - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[234] - The company applies impairment accounting for financial assets measured at amortized cost based on expected credit losses[247] - Fixed asset depreciation is calculated using the straight-line method, with depreciation periods of 20 years for buildings and structures, 10 years for machinery and equipment, structures, and auxiliary facilities, and 5 years for transportation equipment, office equipment, and other equipment[278] - Revenue recognition follows the principle of recognizing revenue when the customer obtains control of the related goods or services, with specific methods determined by liquid gas, pipeline gas, and cylinder gas models[297][298] - Government grants are classified as asset-related or income-related based on the beneficiary specified in relevant government documents, and are accounted for separately[305][306] - The company had no significant changes in accounting policies or accounting estimates during the reporting period, nor any adjustments to financial statement items at the beginning of the first year of implementation due to the initial adoption of new accounting standards[313] 6. Taxation The company's main taxes include VAT (tax rates 13%, 9%, 6%), Urban Maintenance and Construction Tax (7%), and Education Surcharge (5%). Corporate income tax rates vary from 15% to 25% based on the taxpayer and policy preferences, with some subsidiaries enjoying a 15% preferential rate under the Western Development policy or a 20% rate for small and micro-enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Domestic sales, provision of tangible movable property leasing services; provision of transportation, construction, real estate leasing services; other taxable sales services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge (including local education surcharge) | Amount of actual turnover tax paid | 5% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Sichuan Qiaoyuan Gas Co., Ltd. | 25% | | Chengdu Chenyuan Logistics Co., Ltd. | 15% | | Chengdu Chenyuan Gas Co., Ltd. | 20% | | Sichuan Qiaoyuan Investment Co., Ltd. | 20% | | Chengdu Qiaoyuan Gas Co., Ltd. | 25% | | Qiaoyuan (Chongqing) Gas Co., Ltd. | 20% | | Qiaoyuan Gas (Meishan) Co., Ltd. | 15% | | Qiaoyuan Gas (Fuzhou) Co., Ltd. | 25% | | Qiaoyuan (Jintang) Gas Co., Ltd. | 15% | | Qiaoyuan (Deyang) Gas Co., Ltd. | 25% | | Aba Wenchuan Qiaoyuan Gas Co., Ltd. | 25% | - Some subsidiaries (e.g., Qiaoyuan Gas (Meishan) Co., Ltd., Qiaoyuan (Jintang) Gas Co., Ltd., Chengdu Chenyuan Logistics Co., Ltd.) enjoy a 15% preferential corporate income tax policy under the Western Development program[315] - Some subsidiaries (e.g., Sichuan Qiaoyuan Investment Co., Ltd., Qiaoyuan (Chongqing) Gas Co., Ltd., Chengdu Chenyuan Gas Co., Ltd.) qualify for small and micro-enterprise corporate income tax preferential policies, taxed at 20%[315] 7. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, highlighting changes in fixed assets, construction in progress, long-term borrowings, financi