TBEA(SH:600089) Zheng Quan Shi Bao Wang·2025-08-19 07:08Group 1 - The company plans to raise 8 billion yuan through a convertible bond issuance, with all proceeds allocated to the 20 billion Nm/year coal-to-natural gas project in Xinjiang, which has a total investment of 17.039 billion yuan [1] - The project will be constructed by a wholly-owned subsidiary of the company, with a construction period of 3 years, and is expected to achieve production capacity in the 5th year [1] - The project is projected to produce 121,428 million Nm of synthetic natural gas (SNG) and 58,267.2 tons of liquefied natural gas (LNG) annually, with an after-tax internal rate of return ranging from 6.54% to 11.71% based on different sales prices [1] Group 2 - The coal-to-natural gas project is significant for ensuring national energy security, promoting clean and efficient coal utilization, and supporting high-quality economic development [2] - The project aligns with national energy resource strategy and is essential for the structural upgrade of the company's energy business, enhancing shareholder returns and demonstrating the company's commitment to energy transition [2] - The company possesses substantial coal resources, with a total of 12.6 billion tons and an approved coal production capacity of 74 million tons per year, indicating a strong foundation for the project [2] Group 3 - The development of coal-to-gas in China has been limited by pipeline transportation capacity, but ongoing reforms are creating favorable conditions for the industry [3] - Natural gas consumption in China is expected to grow significantly, reaching approximately 4.3 to 4.5 trillion cubic meters by 2025 and 5.5 to 6 trillion cubic meters by 2030, indicating a robust market outlook for the company's coal-to-gas products [3] - The transportation costs from the project site to major cities are relatively low, further enhancing the project's economic viability [3]