河南蓝天燃气股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为规范河南蓝天燃气股份有限公司（以下简称"公司"） 投资者关系管理工作，加强公司与投资者之间的有效沟通，促进公司 完善治理，切实保护投资者特别是中小投资者合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《上市公司投资者关系管理工作指引》等有关法律、行政法规、规范 性文件及《河南蓝天燃气股份有限公司章程》（以下简称"《公司章 程》"）等，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息 披露、互动交流和诉求处理等工作，加强与投资者及潜在投资者之间 的沟通，增进投资者对公司的了解和认同，以提升公司治理水平和企 业整体价值，实现尊重投资者、回报投资者、保护投资者目的的相关 活动。 第三条 公司投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披 露义务的基础上开展，符合法律、法规、规章及规范性文件、行业规 范和自律规则、公司内部规章制度，以及行业普遍遵守的道德规范和 行为准则。 1 （二）平等性原则。公司开展投资者关系管理活动，应当平等 ...

第四条 公司为控股股东、实际控制人及其关联方提供担保的，控股股东、 实际控制人及其关联方应当提供反担保。 第五条 公司全体董事应当审慎对待和严格控制对外担保产生的债务风险， 并对违规或失当的对外担保产生的损失依法承担连带责任。控股股东及其他关联 方不得强制公司为他人提供担保。 第六条 本制度适用于本公司及公司控股子公司。公司控股子公司发生的对 外担保，视同公司行为，按照本制度执行。公司控股子公司应在其董事会或股东 会做出决议后，及时通知公司按规定履行信息披露义务。 1 河南蓝天燃气股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范河南蓝天燃气股份有限公司（以下简称"公司"）对外担保行 为，控制对外担保风险，维护公司财产安全和投资者的合法权益，根据《中华人 民共和国民法典》《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《上海证券交 易所股票上市规则》及《河南蓝天燃气股份有限公司章程》（以下简称"《公司章 程》"）等规定，制定本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控股 子公司的担保。所称"公司及其 ...

蓝天燃气公告，2025年上半年营业收入22.54亿元，同比下降13.98%。净利润2.05亿元，同比下降 40.08%。公司拟以2025年半年度权益分派实施时的股权登记日登记的总股本为基数，向全体股东每10 股派发现金红利4元（含税）。 ...

Market Overview - The gas sector experienced a decline of 2.31% on August 27, with Shouhua Gas leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Kaitan Gas saw an increase of 1.34%, closing at 14.41, with a trading volume of 95,000 shares and a transaction value of 138 million [1] - Zhongtai Co. remained unchanged at 16.57, with a trading volume of 149,300 shares [1] - Fuan Energy decreased by 1.10%, closing at 11.73, with a trading volume of 187,700 shares [1] - ST Jinwan fell by 1.23%, closing at 3.22, with a trading volume of 133,100 shares [1] - New Natural Gas and Blue Sky Gas both experienced declines of 1.23% and 1.28%, respectively [1] Capital Flow Analysis - The gas sector saw a net outflow of 243 million from main funds, while retail funds had a net inflow of 139 million [2] - The main funds' net inflow and outflow for specific stocks showed varied trends, with Zhongtai Co. having a net inflow of 23.57 million [3] - New Natural Gas experienced a net inflow of 6.68 million from main funds, while Chongqing Gas had a net outflow of 1.52 million [3]

Group 1 - The core point of the news is the performance of the convertible bond of Blue Sky Gas, which saw a 2.0% decline in price to 137.002 yuan per share, with a trading volume of 60.91 million yuan and a conversion premium rate of 13.36% [1] - The convertible bond has a credit rating of "AA" and a maturity of 6 years, with interest rates increasing from 0.30% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 8.38 yuan, with the conversion period starting on February 21, 2024 [1] Group 2 - Henan Blue Sky Gas Co., Ltd. was established in 2002 and is a major gas enterprise in Henan Province, primarily engaged in natural gas transmission and sales [2] - The company operates significant projects including the national West-to-East gas transmission lines, with a total pipeline length exceeding 700 kilometers [2] - For the first quarter of 2025, Blue Sky Gas reported a revenue of 1.3961 billion yuan, a year-on-year decrease of 11.73%, and a net profit of 132 million yuan, down 34.86% year-on-year [2] - As of August 2025, the company has a relatively dispersed shareholder base with 27,910 shareholders and an average holding of 25.91 million yuan per person [2]

Group 1: Industry Overview - The environmental industry is experiencing a slight improvement in profitability due to rising metal prices and increased discount coefficients [1][6] - The average price of lithium carbonate is 83,900 (up 1.4% week-on-week), while cobalt and nickel prices are 261,000 (down 0.8%) and 120,900 (down 0.7%) respectively [1][6] - The government is implementing new guidelines to regulate PPP projects, which could lead to a revaluation of asset values and improved cash flow in the environmental sector [3][4] Group 2: Company Tracking - **China Everbright Environment** reported a 8% decline in revenue to 14.304 billion HKD and a 10% drop in net profit to 2.207 billion HKD for H1 2025, attributed to construction revenue decline and impairment losses [3] - **Jinlv Environment** is leading in the unmanned sanitation equipment market, with over 90 projects won in H1 2025, totaling 5.579 billion [3] - **ST Zhongzhuang** has entered a restructuring phase, with a plan to increase its total share capital to no more than 1.95 billion shares [3] Group 3: Investment Recommendations - Companies recommended for investment include: Hanlan Environment, Green Power, Conch Venture, Yongxing Shares, and others [2] - Companies to watch include: Green Power Environmental, Deyu Water Saving, and others [2] Group 4: Market Trends - The sanitation equipment market is seeing a 6.75 percentage point increase in new energy penetration, with total sales of sanitation vehicles reaching 43,967 units in the first seven months of 2025 [5] - The biodiesel market is stable, with an average price of 8,275 CNY per ton, while the profit margin has decreased significantly [5][6]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights a cooling trend in temperatures leading to a decrease in US gas prices, while European storage efforts are pushing prices up. Domestic gas prices are also experiencing a decline due to slow demand recovery [5][10] - The supply-demand analysis indicates a slight increase in total gas supply in the US, while demand has decreased slightly. European gas prices have risen due to storage efforts, and domestic gas prices have also fallen [15][16] - The report emphasizes the ongoing progress in price adjustments across various cities, which is expected to enhance profitability for city gas companies and support valuation recovery [35] Summary by Sections Price Tracking - As of August 22, 2025, US HH gas prices decreased by 3.1%, while European TTF prices increased by 7.6%. Domestic LNG prices fell by 1.7% [10][12] Supply and Demand Analysis - US total gas supply increased by 0.4% week-on-week to 1,126 billion cubic feet per day, while total demand decreased by 1.2% to 1,061 billion cubic feet per day. European gas consumption for the first five months of 2025 was 2,180 billion cubic meters, up 6.6% year-on-year [15][16] Price Adjustment Progress - Nationwide, 64% of cities have implemented residential price adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price gap recovery [35] Important Announcements - The report notes significant mid-year performance announcements from various gas companies, indicating mixed results in revenue and profit growth [41] Important Events - The report mentions a reduction in the US LNG import tariff from 140% to 25%, enhancing the economic viability of US gas imports [42][44] - It also discusses the EU's agreement to provide greater flexibility in natural gas storage targets, allowing for a 10% deviation from the 90% storage goal [49] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, particularly those with strong long-term contracts and flexible operations [5][35]

Group 1 - The core viewpoint of the news highlights the performance and growth trends in the energy sector in Henan Province, China, particularly focusing on the generation of electricity from various sources in 2025 [1] - In May 2025, Henan Province's electricity generation reached 263.8 billion kilowatt-hours, marking a year-on-year increase of 6.4% [1] - From January to May 2025, the total electricity generation in Henan Province was 1,337.8 billion kilowatt-hours, showing a year-on-year decline of 1% [1] Group 2 - The breakdown of electricity generation by type from January to May 2025 indicates that thermal power accounted for 1,018.6 billion kilowatt-hours, which is 76.1% of the total, reflecting a year-on-year decrease of 6.7% [1] - Hydropower generation was 63.3 billion kilowatt-hours, representing 4.7% of the total, with a year-on-year increase of 8.3% [1] - Wind power generation reached 223.1 billion kilowatt-hours, making up 16.7% of the total, and saw a significant year-on-year growth of 28.4% [1] - Solar power generation was 32.75 billion kilowatt-hours, accounting for 2.4% of the total, with a year-on-year increase of 19.8% [1]

Core Viewpoint - The news highlights the recent stock trading activities of Zhao Xin, a senior executive at Blue Sky Gas, indicating a reduction in his shareholding and providing insights into the company's financial performance and revenue composition [1][2]. Group 1: Executive Trading Activities - On August 14, Zhao Xin sold 320,000 shares at an average price of 10.17 yuan, resulting in a total transaction value of 3.2544 million yuan, leaving him with 1.0809 million shares [1][3]. - Zhao Xin has a background in finance, having served as the financial director of Henan Province Yunan Gas Pipeline Co., and holds various positions in other companies [1]. Group 2: Company Financial Performance - As of December 31, 2024, Blue Sky Gas reported a total revenue of 21.62 billion yuan from pipeline natural gas sales, accounting for 45.46% of total revenue, while city gas sales contributed 18.84 billion yuan or 39.62% [2]. - Other revenue streams include gas installation engineering at 5.65 billion yuan (11.88%), with minor contributions from other sources [2]. Group 3: Market Capitalization - The total market capitalization of Blue Sky Gas is reported to be 7.239 billion yuan [4].

Core Viewpoint - The report from Dongwu Securities indicates a forecast of cooler temperatures in late August, leading to a decline in U.S. gas prices, while domestic gas prices are also expected to decrease due to slow demand recovery [1][2]. Price Tracking - As of August 15, 2025, the week-on-week changes in gas prices are as follows: U.S. HH down 8.9%, European TTF up 0.8%, East Asia JKM down 0.3%, China's LNG ex-factory price down 1.1%, and China's LNG CIF price down 3.5%, resulting in prices of 0.7, 2.8, 3, 2.8, and 2.9 yuan per cubic meter respectively, indicating a slight price inversion between domestic and international gas prices [2][3]. Supply and Demand Analysis - Weather forecasts predict cooler temperatures in late August, contributing to an 8.9% week-on-week decrease in U.S. natural gas market prices. As of August 13, 2025, the average total supply of natural gas increased by 0.2% week-on-week to 1,121 billion cubic feet per day, with a year-on-year increase of 4%. Total demand rose by 5.2% week-on-week to 1,081 billion cubic feet per day, with a year-on-year increase of 8.9% [3]. - In Europe, gas consumption from January to May 2025 was 2,180 billion cubic meters, a year-on-year increase of 6.6%. The average daily gas generation in Europe increased by 33.2% week-on-week to 862.7 GWh as of August 15, 2025 [3]. - Domestic gas prices decreased by 1.1% week-on-week, with apparent consumption from January to June 2025 down 0.2% year-on-year to 2,103 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [3]. Pricing Progress - From 2022 to July 2025, 64% (187 cities) of cities at the prefecture level and above have implemented residential pricing adjustments, with an increase of 0.21 yuan per cubic meter. The price difference for leading city gas companies is between 0.53 and 0.54 yuan per cubic meter, indicating a 10% potential for price difference recovery [4]. Pipeline Pricing Mechanism - On August 1, 2025, the National Development and Reform Commission and the National Energy Administration issued guidelines to improve the provincial natural gas pipeline transportation pricing mechanism, aiming to reduce costs for downstream users. The allowed return on pipeline assets is set to be lower than the current levels, which is expected to facilitate cost reductions for city gas companies and enhance gas supply [5]. Investment Recommendations - For 2025, the outlook suggests a relaxed supply environment and cost optimization for gas companies. Key recommendations include focusing on companies with U.S. gas sources that can mitigate tariff impacts through resale, and those involved in provincial pipeline operations facing reduced transportation fees. Recommended companies include: - New Hope Energy (dividend yield 5.2%) - China Resources Gas (dividend yield 4.5%) - Kunlun Energy (dividend yield 4.5%) - China Gas (dividend yield 5.9%) - Blue Sky Gas (dividend yield 8.8%) - Fuzhou Energy (dividend yield 3.5%) [6].