Guizhou Gas(SH:600903) Zheng Quan Zhi Xing·2025-06-27 16:52Core Viewpoint - Guizhou Gas Group Co., Ltd. has successfully issued convertible bonds totaling RMB 1 billion, with the funds primarily allocated for natural gas infrastructure projects, reflecting the company's strategic focus on expanding its operations in the clean energy sector [3][14][22]. Section 1: Bond Issuance Details - The convertible bond issuance was approved by the board on June 15, 2020, and received regulatory approval from the China Securities Regulatory Commission on September 10, 2021 [2][3]. - The total amount raised from the bond issuance is RMB 1 billion, with a net amount of RMB 992.42 million after deducting underwriting fees [3][22]. - The bonds have a maturity period of six years, from December 27, 2021, to December 26, 2027, with an annual interest rate of 0.30% for the first year [4][3]. Section 2: Financial Performance - In 2024, Guizhou Gas reported a revenue of RMB 6.68 billion, a year-on-year increase of 9.55%, while net profit decreased by 19.94% to RMB 630 million [20][21]. - The company’s total assets reached RMB 11.38 billion, reflecting a growth of 5.66% compared to the previous year [20][21]. - The company holds a dominant position in the natural gas market in Guizhou, with a significant share of the pipeline gas distribution rights across major cities [19][20]. Section 3: Use of Proceeds - The proceeds from the bond issuance are earmarked for key projects, including the construction of natural gas infrastructure in Guizhou, with a total investment requirement of RMB 1.88 billion [14][22]. - The company has established five natural gas pipelines and has secured gas distribution rights in 37 specific areas within Guizhou [19][20]. - The funds will also be used to cover any funding gaps for the projects, with the company prepared to utilize its own funds if necessary [14][22]. Section 4: Credit Rating - Guizhou Gas has received a credit rating of AA from China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for the company and its bonds [15].