佛燃能源集团股份有限公司（以下简称"公司"）董事会于 2025 年 5 月 13 日收到董事张应统先生提交的书面辞职报告，张应统先生因工作调整申请辞去公 司第六届董事会董事职务。辞职后，张应统先生不再担任公司任何职务。 证券代码：002911 证券简称：佛燃能源 公告编号：2025-046 佛燃能源集团股份有限公司 关于公司董事辞职的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 佛燃能源集团股份有限公司董事会 2025年5月14日 截至本公告日，张应统先生未持有公司股份。根据《公司法》《公司章程》 的相关规定，张应统先生的辞职未导致公司董事会成员人数低于法定最低人数， 不会影响董事会的正常运作，其辞职报告自送达公司董事会之日起生效。公司将 按照法定程序及时补选董事。张应统先生在公司任职期间恪尽职守、勤勉尽责， 公司董事会对张应统先生为公司所做的各项工作及贡献表示衷心的感谢。 特此公告。 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights a potential decline in production, an increase in US gas prices, and lower year-on-year inventory levels, leading to a rise in European gas prices [1][6] - It emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, suggesting a favorable outlook for gas companies [6][59] Summary by Sections Price Tracking - As of May 9, 2025, US HH, European TTF, East Asia JKM, and China's LNG prices have increased by 4%, 3.9%, 1.7%, 0%, and 7.3% respectively, with prices at 0.8, 2.9, 2.9, 3.1, and 3.1 yuan per cubic meter [11][16] Supply and Demand Analysis - US natural gas production may decline as some energy companies reduce drilling rigs, with average total supply decreasing by 0.5% week-on-week to 1,099 billion cubic feet per day, while total demand fell by 1.8% to 950 billion cubic feet per day [18] - European gas consumption in May 2025 was 605 billion cubic meters, up 1.8% year-on-year, but inventory levels were down 13.6% year-on-year [23][30] Pricing Progress - Nationwide pricing adjustments are being implemented, with 61% of cities having initiated residential pricing reforms, leading to improved profitability and valuation recovery for city gas companies [43] Important Events - The report notes that tariffs on US LNG have increased to 140%, which has a limited impact due to the small share of US LNG in total imports [51][53] - The European Commission has voted to introduce more flexible natural gas storage filling targets to avoid supply shortages [56][58] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting key companies such as Xinao Energy, China Resources Gas, and Kunlun Energy [59] - It suggests monitoring companies with quality long-term contracts and flexible operations, such as Jiufeng Energy and Xinao Holdings [59]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights a potential decline in production, an increase in US gas prices, and lower year-on-year inventory levels, leading to a rise in European gas prices [1][6] - It emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, suggesting a favorable outlook for gas companies [6][59] Summary by Sections Price Tracking - As of May 9, 2025, US HH, European TTF, East Asia JKM, and China's LNG prices have increased by 4%, 3.9%, 1.7%, 0%, and 7.3% respectively, with prices at 0.8, 2.9, 2.9, 3.1, and 3.1 yuan per cubic meter [11][16] Supply and Demand Analysis - US natural gas production may decline as some energy companies reduce drilling rigs, with average total supply decreasing by 0.5% week-on-week to 1,099 billion cubic feet per day, while total demand fell by 1.8% to 950 billion cubic feet per day [18] - European gas consumption in May 2025 was 605 billion cubic meters, up 1.8% year-on-year, but inventory levels were down 13.6% year-on-year [23] Pricing Progress - Nationwide pricing adjustments are being implemented, with 61% of cities having initiated residential pricing reforms, leading to improved profitability and valuation recovery for city gas companies [43] Important Events - The report notes that tariffs on US LNG have increased to 140%, which has a limited impact due to the small share of US LNG in total imports [51] - The European Commission has voted to introduce more flexible natural gas storage filling targets to avoid supply shortages [56] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting key companies such as Xinao Energy, China Resources Gas, and Kunlun Energy [59] - It also suggests monitoring companies with quality long-term contracts and flexible operations, such as Jiufeng Energy and Xinao Holdings [59]

力，稳中求进开拓燃气业务。建立了集资源采购、接收、储运、销售一 体化的天然气业务模式，在基础设施、资源供应、客户结构、区域布局 等方面具备一定竞争优势。2024 年国内天然气供应量 49.07 亿方。 4、在城市燃气业务上，公司未来的拓展计划是怎样的？ 答：在燃气经营方面，公司将充分利用国家及地方政府在节能减排 及工业化、城市化进程方面推出的一系列重大政策，继续加快现有经营 区域的天然气利用工程的建设，在经营区域内精耕细作，以陶瓷、金属、 玻璃等高耗能"煤改气"工业客户、电厂、热电联产等大型用气项目为 重点，持续进行市场开发，加快推进工业市场天然气的全面推广使用， 使城市燃气业务持续稳定增长。此外，公司积极配合政府推动老旧小区、 城中村等区域的天然气管网覆盖，推行餐饮、酒店等商业单位的"瓶改 管"工作，完善公共基础服务设施。 证券代码：002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2025003 |  | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ...

Group 1: Company Performance - The company's operating revenue increased from CNY 4.292 billion in 2017 to CNY 31.589 billion in 2024, with a compound annual growth rate (CAGR) of 33.00% [1] - The net profit attributable to shareholders rose from CNY 347 million in 2017 to CNY 853 million in 2024, with a CAGR of 13.69% [1] - In 2024, the operating cash flow reached CNY 1.750 billion, a year-on-year increase of 8.97%, with a net cash ratio of 205.16% [1] Group 2: Revenue Drivers - The primary revenue source is the urban gas business, influenced by natural gas supply capacity, commodity costs, market expansion, government policies, and internal management [1] - Future growth will focus on refining gas supply operations and expanding commercial user development while enhancing supply chain services and investing in technology R&D [1][2] Group 3: Dividend Policy - Since its listing in November 2017, the company has maintained a stable dividend level, with cumulative cash dividends amounting to CNY 3.088 billion, averaging over 65% of net profit [3] - In 2024, the total cash dividend was approximately CNY 623 million, representing 73% of net profit [3] - The 2024 special dividend plan includes a cash distribution of CNY 2.5 per 10 shares, totaling around CNY 324 million [3] Group 4: Strategic Development - The company aims to become an outstanding energy service provider, focusing on clean, efficient, and competitive energy resources [4] - The strategic layout includes five business segments: urban gas, new energy, technology R&D and equipment manufacturing, supply chain, and extension services [4] Group 5: Customer Structure - The urban gas business revenue primarily comes from natural gas sales in Foshan, Zhaoqing, and Enping, located in the economically vibrant Pearl River Delta [5][6] - As of the end of 2024, the domestic natural gas supply was 4.907 billion cubic meters, with industrial and commercial users accounting for approximately 77.69% [6] Group 6: Hydrogen Energy Initiatives - The company is actively expanding into hydrogen energy, focusing on SOFC technology and hydrogen equipment manufacturing [8] - In 2024, the company provided over 6,400 hydrogen refueling services, with a total refueling amount exceeding 68,000 kilograms [8] - A strategic cooperation framework agreement was signed with a leading hydrogen production company to expand energy equipment business [8]

Group 1 - Domestic gold jewelry prices continue to decline, with some falling below 1,000 yuan per gram [1] - Multiple gold jewelry brands reported a decrease in the price of 24K gold jewelry, with prices dropping by 13 yuan per gram to 1,009 yuan per gram [1] - Specific brands such as Laomiao and Caibai saw price reductions of 21 yuan per gram to 995 yuan per gram and 10 yuan per gram to 998 yuan per gram, respectively [1][3] Group 2 - The current prices for various brands of 24K gold jewelry are as follows: Zhou Dasheng at 1,009 yuan per gram, Caibai at 998 yuan per gram, and Chao Hongji at 1,022 yuan per gram [3] - TSL and Jin Zun brands are also priced at 1,009 yuan per gram, while Zhou Liufu is at 1,022 yuan per gram [3]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights a seasonal decline in demand and potential relaxation of European storage targets, leading to a global price drop in gas [1][10] - It emphasizes the need to monitor the impact of increased tariffs on US LNG imports, particularly for companies with US gas sources [48] Price Tracking - As of April 25, 2025, global gas prices have decreased week-on-week: US HH by 7.2%, European TTF by 8.6%, East Asia JKM by 6.7%, and China's LNG ex-factory price by 0.6% [10][11] - The average total supply of natural gas in the US decreased by 0.9% week-on-week to 1,113 billion cubic feet per day, while total demand fell by 6.9% to 957 billion cubic feet per day [16][22] Supply and Demand Analysis - The report notes a weak seasonal demand, with US natural gas prices dropping significantly [16] - European gas consumption in 2025M1 was 605 billion cubic meters, up 1.8% year-on-year, but overall consumption has been reduced due to the search for alternative energy sources [18] - Domestic gas prices in China decreased by 0.6% week-on-week, with a year-on-year apparent consumption decline of 1.8% [22][27] Pricing Progress - The report indicates that 61% of cities have implemented residential pricing adjustments, with a price increase of 0.20 yuan per cubic meter [37] Important Events - The EU Commission voted to introduce more flexible natural gas storage filling targets, alleviating downstream replenishment pressure and improving market sentiment [18][44] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from a more favorable pricing mechanism, such as Xin'ao Energy and China Gas [48] - It suggests monitoring companies with quality long-term contracts and flexible scheduling, like Jiufeng Energy and Xin'ao [48]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The report highlights a seasonal decline in demand and potential relaxation of European storage targets, leading to a global price drop for gas [1][10] - It emphasizes the need for companies to adapt to increased tariffs on US LNG imports, which may impact their cost structures and pricing strategies [49] Price Tracking - As of April 25, 2025, global gas prices have decreased week-on-week: US HH by 7.2%, European TTF by 8.6%, East Asia JKM by 6.7%, and China's LNG ex-factory price by 0.6% [10][11] - The average total supply of natural gas in the US decreased by 0.9% week-on-week to 1,113 billion cubic feet per day, while total demand fell by 6.9% to 957 billion cubic feet per day [16][23] Supply and Demand Analysis - The report notes a significant drop in residential and commercial gas consumption in the US, with a 31.7% week-on-week decline in the residential sector [16] - In Europe, the gas consumption for April 2025 is projected at 605 billion cubic meters, a year-on-year increase of 1.8%, despite ongoing efforts to reduce consumption due to the Russia-Ukraine conflict [18] Pricing Mechanism Progress - The report indicates that 61% of cities in China have implemented residential pricing adjustments, with a proposed increase of 0.20 yuan per cubic meter [38] - The pricing gap for major city gas companies is expected to continue to narrow, indicating a potential for further price adjustments [38] Important Events - The EU has voted to introduce more flexible natural gas storage filling targets, which may alleviate market pressures and improve sentiment [48] - The report discusses the increase of tariffs on US LNG to 140%, noting that the impact on supply will be limited due to the small proportion of US LNG in China's total imports [45] Investment Recommendations - The report recommends focusing on companies that can optimize costs and adapt to the evolving pricing mechanisms, such as Xin'ao Energy and China Gas, which have attractive dividend yields [49] - It also suggests monitoring companies with strong long-term contracts and flexible operations, such as Jiufeng Energy and Xin'ao Shares, for potential investment opportunities [49]

近日，公司已按照发行条款的有关规定按期完成了该期中期票据的兑付，本 息合计人民币515,450,000.00元。 特此公告。 佛燃能源集团股份有限公司董事会 2025年4月28日 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 佛燃能源集团股份有限公司（以下简称"公司"）于2022年4月22日发行了 2022年度第一期中期票据，发行总额为人民币5亿元，发行利率为3.09%，发行期 限为3年，起息日为2022年4月26日。具体内容详见公司于2022年4月27日刊登在 《中国证券报》 《 证券时报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《2022年度第一期中期票据发行情况公告》 （公告编号：2022-043）。 证券代码：002911 证券简称：佛燃能源 公告编号：2025-045 佛燃能源集团股份有限公司 关于 2022 年度第一期中期票据兑付完成的公告 ...

证券代码：002911 证券简称：佛燃能源 公告编号：2025-041 佛燃能源集团股份有限公司 第六届监事会第十二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 佛燃能源集团股份有限公司（以下简称"公司"）第六届监事会第十二次会 议于2025年4月25日以通讯表决的方式召开。本次会议通知于2025年4月18日以电 子邮件方式发出，应参加会议人数3人，实际参加会议人数3人。会议由监事会主 席周衡翔先生主持，公司高级管理人员列席会议，本次会议的召集、召开符合《公 司法》等相关法律法规及《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过了《关于2025年第一季度报告的议案》 表决结果：3票同意，0票反对，0票弃权。 《2025年第一季度报告》（公告编号：2025-042）同日刊登于《中国证券报》 《证券时报》《证券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）。 （二）审议通过了《关于调整2019年股票期权激励计划行权价格的议案》 经核查，监事会认为，鉴于公司实施2024年度回报股东特别分红权益 ...