Core Viewpoint - The company, Shudao Equipment, is establishing a gas industry equity investment fund to optimize its industrial layout and accelerate the implementation of merger and acquisition projects, focusing on industrial gases, clean energy, and hydrogen energy sectors [1] Group 1: Fund Establishment - Shudao Equipment plans to jointly invest with Shudao Chanquan (Sichuan) Private Fund Management Co., Ltd. and Shudao (Sichuan) Equity Investment Fund Co., Ltd. to set up the Shudao (Sichuan) Gas Industry Equity Investment Fund (tentative name) [1] - The fund will primarily focus on industrial gases (including specialty gases and electronic gases), LNG, and hydrogen energy, establishing sub-funds or conducting direct equity investments [1] Group 2: Fund Size and Contributions - The total fund size is set at 2 billion yuan, with Shudao Equipment committing 1 billion yuan, representing 50.00% of the fund [1] - Shudao Equity Investment Fund Co., Ltd. will contribute 998 million yuan, accounting for 49.90%, while Shudao Chanquan Management Co., Ltd. will act as the general partner with a contribution of 200,000 yuan, representing 0.10% [1] - The initial capital contribution of 10 million yuan has been made for registration with the Asset Management Association of China, with subsequent contributions based on investment decisions and operational needs [1]

Core Viewpoint - Xiamen Tungsten New Energy plans to invest 237.68 million yuan in the construction of a hydrogen energy and functional materials project, which will not significantly impact the company's financial status or operating results in the short term [1] Investment Details - The investment will be made by Xiamen Tungsten New Energy's wholly-owned subsidiary, Xiamen Tungsten Hydrogen Energy [1] - The project aims to establish a production line with an annual capacity of 5,000 tons of hydrogen materials and 7,000 tons of functional materials [1] - Funding for the project will come from the company's own funds and loans [1] Project Timeline - The construction period for the project is set at 26 months, with production expected to commence in January 2028 [1]

Core Viewpoint - The company plans to establish a joint venture with two other firms to enhance its hydrogen production capabilities, focusing on high-purity hydrogen and hydrogen products for fuel cell vehicles [1] Group 1: Joint Venture Details - The joint venture, named Luoyang Hangyang Longze Hydrogen Energy Co., Ltd., will have a registered capital of 15 million yuan [1] - Hangyang Co. will contribute 7.65 million yuan, holding a 51% stake, while Longze Energy will invest 5.85 million yuan for a 39% stake, and Shanghai Hydrogen Maple will invest 1.5 million yuan for a 10% stake [1] Group 2: Investment and Production Capacity - The joint venture will invest in a hydrogen production and filling facility with a capacity of 2825 Nm3/h, utilizing coke oven gas [1] - The total investment for the project is approximately 45.5 million yuan, with additional funding to be secured through external financing [1]

Overview - Sichuan Jinding (Group) Co., Ltd. plans to introduce investors for capital increase in its subsidiary, Sichuan New Industry Green Hydrogen Technology Co., Ltd. [1][2] - The investment amount is 60 million yuan, with 1.06172 million yuan added to registered capital and 58.93828 million yuan to capital reserve, resulting in a new registered capital of 11.67892 million yuan [1][2][8] - After the capital increase, the investor, Fengxian Future Industry Investment Fund Partnership, will hold 9.091% equity in New Industry Green Hydrogen [1][2][8] Capital Increase Details - The capital increase is not related to any connected transactions and does not constitute a major asset restructuring as per regulations [1][3] - The board of directors approved the capital increase without needing a shareholders' meeting, with all seven attending directors voting in favor [3][4] - The shareholding structure before and after the capital increase shows a decrease in Sichuan Jinding's stake from 48.04% to 43.668% [2][3] Investor Profile - Fengxian Future Industry Investment Fund Partnership is a limited partnership with a total contribution of 2 billion yuan, established on January 20, 2025 [4][6] - The fund's recent financial data indicates a significant increase in total assets and net assets from December 31, 2024, to March 31, 2025 [6][7] Business Impact - The capital increase aligns with the strategic development plan of New Industry Green Hydrogen, enhancing its production and delivery capabilities [1][2][8] - The company will not change its consolidated financial statement scope, and the capital increase is expected to positively impact its market competitiveness [1][8] Financial Projections - The investment agreement includes performance commitments, such as achieving a minimum invoiced revenue of 178 million yuan within 90 days post-capital increase and specific net profit targets for the following years [10][12] - The agreement stipulates that if performance targets are not met, the investor has the right to request a buyback of their shares [12][13]

Overview of Capital Increase - Sichuan Jinding (Group) Co., Ltd. approved a capital increase for its subsidiary, Sichuan New Industry Green Hydrogen Technology Co., Ltd., by introducing Sichuan Xingyong Private Fund Management Co., Ltd. as an investor [1] - The investment amounts to 18 million yuan, with 457,200 yuan allocated to registered capital and 17.54 million yuan to capital reserves [1] - Post-investment, the registered capital of New Industry Green Hydrogen is updated to 10.6172 million yuan, with Xingyong Fund acquiring a 4.31% equity stake [1] Progress of Capital Increase - As of the announcement date, New Industry Green Hydrogen has received the 18 million yuan investment and completed the necessary registration changes, obtaining a new business license from the Chengdu High-tech Industrial Development Zone Market Supervision Administration [2] - The updated registration details include the company name, unified social credit code, type, legal representative, registered capital, establishment date, and business address [2] Shareholder Structure - The shareholder structure post-capital increase includes: - Sichuan Jinding (Group) Co., Ltd. with a contribution of 5.1 million yuan, holding 48.04% of shares - Yili Dynamic Energy (Beijing) Technology Co., Ltd. with 2.9 million yuan, holding 27.31% - Chengdu Electric Hydrogen Zhiyuan Enterprise Management Center (Limited Partnership) with 2 million yuan, holding 18.84% - Wuxi Mingyang Hydrogen Fuel Power Technology Co., Ltd. with 160,000 yuan, holding 1.50% - Sichuan Xingyong Private Fund Management Co., Ltd. with 457,200 yuan, holding 4.31% [3][5]

Core Viewpoint - The establishment of the "Chaoyang Hydrogen Energy New Momentum Venture Capital Fund" with a capital of 5 billion RMB signifies a strategic move by Sinopec to expand its investment in the hydrogen energy sector, reflecting its commitment to transitioning towards clean energy and enhancing its investment ecosystem in this area [4][5][10]. Group 1: Fund Establishment and Investors - The new fund has a total investment of 5 billion RMB, with Sinopec Capital holding a 48.98% stake, indicating strong backing from one of the world's largest refining and chemical companies [4][7]. - Other investors include Yantai Guotai Chengfeng Asset Management and the Shandong New Momentum Green Leading Investment Center, which is a government-backed fund with a registered capital of 20 billion RMB [7][8]. - The fund aims to invest in the entire hydrogen energy industry chain, including production, storage, transportation, and application technologies [10][11]. Group 2: Strategic Importance of Hydrogen Energy - Sinopec has been under pressure to transition towards low-carbon energy sources, having set ambitious goals to become a leading hydrogen energy company by 2025, including the establishment of 1,000 hydrogen refueling stations and producing over 1 million tons of green hydrogen annually [14]. - Shandong Province has been proactive in developing its hydrogen energy sector, with plans to achieve a total industry output value of 100 billion RMB by 2025 and 500 billion RMB by 2030 [15][16]. - The collaboration between Sinopec and Shandong's government-backed entities aligns with the province's strategic focus on new energy and the complete hydrogen energy industry chain [17]. Group 3: Market Activity and Financial Strength - Sinopec Capital has been active in the primary market, with 46 direct investment events totaling over 8.4 billion RMB, covering various strategic emerging industries [19]. - The company reported a revenue of 3.07 trillion RMB and a net profit of 50.3 billion RMB in 2024, showcasing its financial strength and ability to support extensive investments [18][19]. - The recent issuance of a 900 million RMB technology innovation bond, which was oversubscribed by more than seven times, further demonstrates market confidence in Sinopec's strategic direction [19][20].