Sino Prima Gas(SZ:300483) Xin Lang Cai Jing·2025-09-09 12:40Core Viewpoint - The recent investor relations event for Shouhua Gas Technology (Shanghai) Co., Ltd. attracted significant attention, with various institutions gathering to understand the company's operational status and development plans [1] Group 1: Investor Relations Activity - The investor activity was categorized as a specific object survey held on September 8, 2025, at the Shanghai office, attended by 13 institutions including Morgan Fund, Caizhong Fund, and Tianfeng Securities [1] - Company representatives included the board secretary and vice general manager, Zhang Qian, along with securities affairs representative Wang Zhulin [1] Group 2: Tax Subsidy Policies - The company benefits from tax subsidy policies in unconventional natural gas extraction, including special development funds for clean energy and a VAT policy for coalbed methane extraction [2] - The expected subsidy scale is related to the company's production growth, with anticipated implementation in the second half of this year [2] - The VAT policy is expected to be gradually enjoyed from the second half of 2026 to 2027 due to the company's significant input exceeding output in recent years [2] Group 3: Cost Structure - The company has seen a decrease in extraction costs due to lower investment costs and the dilution of fixed costs from increased gas volume [2] - The investment cost for a single coalbed methane well is approximately 29 million (excluding tax), with a cumulative production of about 55 million cubic meters over its lifespan, leading to a per-cubic-meter investment cost of approximately 0.53 yuan [2] - The company anticipates further reductions in production costs due to infrastructure operations and the application of new technologies [2][3] Group 4: Capital Expenditure Plans - The company plans a capital expenditure of approximately 1.5 billion for 2025, primarily for gas well construction [4] - In the first half of the year, the company spent about 500 million on asset purchases, with an expected net cash flow from operating activities of 800 million, which is projected to cover capital expenditures for the year [4] - The company aims to optimize its asset-liability structure and financing costs without adding new financial liabilities this year [4] Group 5: Pipeline Capacity and Future Plans - The company completed the expansion of its gas transmission capacity to 3 million cubic meters per day last year, with expectations to exceed 900 million cubic meters in gas transmission this year [4] - Plans are in place to increase transmission capacity to 4 million cubic meters per day, with a project capital expenditure expected to be controlled within 100 million [4] - A supplementary agreement for a share transfer was signed on September 5, with ongoing work to be monitored through company announcements [4]