Sino Prima Gas(SZ:300483) Zheng Quan Zhi Xing·2025-06-27 16:52Core Viewpoint - Shouhua Gas Technology (Shanghai) Co., Ltd. is issuing convertible bonds to raise funds for natural gas development projects and working capital, while facing challenges in financial performance due to declining gas prices and increased operational costs [1][4][5]. Group 1: Company Overview - The company is primarily engaged in natural gas exploration, development, production, and sales through subsidiaries such as Zhonghai Wobang and Yonghe Weirun [4][5]. - As of the end of 2024, the company reported total assets of 8.36 billion yuan, a 5.87% increase from 2023, but a 25.96% decrease in net assets attributable to shareholders [5][6]. Group 2: Financial Performance - In 2024, the company experienced a 14.19% increase in revenue, totaling approximately 1.55 billion yuan, but reported a net loss of approximately 710.95 million yuan, a 188.99% increase in losses compared to the previous year [6]. - The average selling price of natural gas decreased by 6.34% to 2.37 yuan per cubic meter, while natural gas production increased by 35% to 469 million cubic meters [5][6]. Group 3: Fund Utilization and Management - The company raised approximately 1.36 billion yuan from the bond issuance, which is allocated for natural gas development projects and working capital [8]. - As of December 31, 2024, the remaining balance of the raised funds was approximately 57.98 million yuan, with proper utilization aligned with the disclosed reports [8][9]. Group 4: Debt and Credit Rating - The company has set up special accounts for the management of raised funds, ensuring proper handling and compliance with regulations [9]. - The credit rating for the company and its bonds is currently rated at AA-, reflecting a stable outlook despite recent financial challenges [14].