Group 1 - The company Victory Holdings announced plans to issue shares and pay cash to acquire gas-related assets controlled by its controlling shareholder and related parties, along with raising matching funds [1][4] - This transaction constitutes a related party transaction and is expected to be a significant asset restructuring, with the company's securities suspended from trading starting October 28, 2025, and a transaction plan to be disclosed within 10 trading days [4] - The targeted assets for acquisition include 100% equity of Zhongyou Gas (Zhuhai Hengqin) Co., Ltd., 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd., 51% equity of Nantong Zhongyou Gas Co., Ltd., and 40% equity of Qinghai Zhongyou Ganhe Industrial Park Gas Co., Ltd. [4] Group 2 - Following the transaction, Victory Holdings will directly hold 100% equity of Zhongyou Zhuhai and Tianda Shengtong, and will control 80% equity of Ganhe Zhongyou and 100% equity of Nantong Zhongyou, creating a multi-regional gas asset linkage [4] - The company reported a revenue of 3.042 billion yuan for the first three quarters, a decrease of 5.07% year-on-year, while net profit was 120 million yuan, an increase of 9.43% year-on-year [4][6] - As of October 27, 2025, the company's stock closed at 3.78 yuan per share, with a market capitalization of 3.327 billion yuan [7][8]

Core Viewpoint - The company is planning to issue shares and pay cash to acquire gas-related assets controlled by its controlling shareholder and related parties, which constitutes a significant asset restructuring [1][2] Group 1: Transaction Details - The transaction involves acquiring 100% equity of Zhongyou Gas (Zhuhai Hengqin) Co., Ltd. held by Zhongyou Gas Investment Group Co., Ltd., 100% equity of Tiandali Tong New Energy (Zhuhai) Co., Ltd. held by Tiandali Tong, and 51% equity of Nantong Zhongyou Gas Co., Ltd. and 40% equity of Qinghai Zhongyou Ganhe Industrial Park Gas Co., Ltd. held by Zhongyou Zhongtai Gas Investment Group Co., Ltd. [1] - After the completion of the transaction, the company will hold 100% equity of Zhongyou Zhuhai and Tiandali Tong, and will control 80% equity of Ganhe Zhongyou and 100% equity of Nantong Zhongyou [1] Group 2: Transaction Classification - This transaction is classified as a related party transaction and is expected to constitute a major asset restructuring [2] - The transaction will not lead to a change in the actual controller of the company and does not constitute a restructuring listing [2] Group 3: Trading Suspension - Due to uncertainties regarding the transaction, the company's securities will be suspended from trading starting October 28, 2025, and the company expects to disclose the transaction plan within no more than 10 trading days [2]

Core Viewpoint - Victory Holdings plans to acquire gas-related assets controlled by its controlling shareholder and related parties, which constitutes a significant asset restructuring and will involve issuing shares and cash payments [1] Group 1: Acquisition Details - The assets to be acquired include 100% equity of China Oil Gas (Zhuhai Hengqin) Co., Ltd., 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd., 51% equity of Nantong China Oil Gas Co., Ltd., and 40% equity of Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd. [1] - Upon completion of the transaction, Victory Holdings will directly hold 100% equity of China Oil Zhuhai and Tianda Shengtong, and will control 80% equity of Ganhe Zhongyou and 100% equity of Nantong Zhongyou, creating a multi-regional gas asset linkage [1] Group 2: Financial Performance - For the first three quarters, the company reported revenue of 3.042 billion yuan, a year-on-year decrease of 5.07%, while net profit was 120 million yuan, an increase of 9.43% [2][3] - The company also announced a mid-term profit distribution plan, proposing a cash dividend of 0.15 yuan per 10 shares, totaling 13.2 million yuan [3] Group 3: Market Position - As of October 27, the stock price of Victory Holdings was 3.78 yuan per share, with a market capitalization of 3.327 billion yuan [4]

Core Viewpoint - Victory Holdings plans to acquire gas-related assets controlled by its controlling shareholder and related parties, which constitutes a significant asset restructuring and will lead to a suspension of trading from October 28, 2025 [1] Group 1: Acquisition Details - The assets to be acquired include 100% equity of China Oil Gas (Zhuhai Hengqin) Co., Ltd., 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd., 51% equity of Nantong China Oil Gas Co., Ltd., and 40% equity of Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd. [1] - Post-transaction, Victory Holdings will directly hold 100% equity of both China Oil Zhuhai and Tianda Shengtong, and will control 80% equity of Ganhe Oil and 100% equity of Nantong Oil, creating a multi-regional gas asset linkage [1] Group 2: Financial Performance - For the first three quarters, the company reported revenue of 3.042 billion yuan, a decrease of 5.07% year-on-year, while net profit was 120 million yuan, an increase of 9.43% year-on-year [2][3] - The company also reported a net cash flow from operating activities of -44.79 million yuan for the year-to-date period, reflecting a 31.31% increase in cash flow compared to the previous year [3] Group 3: Dividend Distribution - To reward shareholders, the company plans to distribute a cash dividend of 0.15 yuan per 10 shares, totaling 13.2 million yuan (including tax), based on the total share capital of 880 million shares as of June 30, 2025 [3] Group 4: Market Position - As of October 27, 2025, Victory Holdings' stock closed at 3.78 yuan per share, with a market capitalization of 3.327 billion yuan [4]

Core Viewpoint - Victory Co., Ltd. plans to acquire gas-related assets controlled by its controlling shareholder and related parties, which constitutes a significant asset restructuring and will involve issuing shares and cash payments [2][5]. Group 1: Acquisition Details - The assets to be acquired include 100% equity of China Oil Gas (Zhuhai Hengqin) Co., Ltd., 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd., 51% equity of Nantong China Oil Gas Co., Ltd., and 40% equity of Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd. [5] - Post-transaction, Victory Co., Ltd. will directly hold 100% equity of China Oil Zhuhai and Tianda Shengtong, and will control 80% equity of Ganhe Zhongyou and 100% equity of Nantong Zhongyou, creating a multi-regional gas asset linkage [5]. Group 2: Financial Performance - For the first three quarters, the company reported revenue of 3.042 billion yuan, a year-on-year decrease of 5.07%, while net profit was 120 million yuan, an increase of 9.43% [6][7]. - The company plans to distribute cash dividends of 0.15 yuan per 10 shares, totaling 13.2013 million yuan, based on the total share capital of 880 million shares as of June 30, 2025 [7]. Group 3: Market Position - As of October 27, the stock price of Victory Co., Ltd. was 3.78 yuan per share, with a market capitalization of 3.327 billion yuan [8].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The report focuses on the research of Xinjiang Torch in the gas industry. The company has good business operations and steady performance growth. It also has various business development strategies and directions, including expansion of its main gas business, exploration of new business areas, and cautious advancement of hydrogen - energy related businesses [23][24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Xinjiang Torch, belonging to the gas industry. The reception time was on October 27, 2025. The listed company's reception staff included the company's chairman Kang Qingshan, director and general manager Chen Zhilong, director, board secretary and deputy general manager Wei Kun, financial director Yue Zhaohui, and independent director Qu Xuezhong [16]. 3.2 Detailed Research Institutions - The reception object was all investors who participated in the company's Q3 2025 performance briefing online, with the reception object type being "other" [19]. 3.3 Research Institution Proportion - There is no information about the research institution proportion in the provided content. 3.4 Main Content Data - **Financial Status**: In 2025 from January to September, the company achieved an operating income of 1.117 billion yuan, a year - on - year increase of 8.24%, and a net profit attributable to shareholders of the listed company of 158 million yuan, a year - on - year increase of 20.49% [23]. - **Business for Railway Construction**: The company's main businesses are urban gas supply, gas station operation management, urban heating supply, and gas facility installation services. It will closely monitor the construction of the China - Kyrgyzstan - Uzbekistan Railway and strive to seize opportunities [23]. - **Taxi - related Business**: The company's wholly - owned subsidiary, Kashi Situlushun Tourism Automobile Service Co., Ltd., is mainly engaged in taxi - related business [23]. - **Future Profit Growth Points and Hydrogen - energy Business**: The company aims to seek external development opportunities, such as the acquisition of Jiangxi Yushan Laitai Gas in the first half of 2025; seize new opportunities in Xinjiang; expand non - gas businesses in the region; and explore new business areas in emerging and future industries supported by the state. Regarding the hydrogen - energy business, it will make decisions based on the industry's development trend and market dynamics [24].

Core Viewpoint - Victory Co., Ltd. is planning to issue shares and pay cash to acquire gas-related assets controlled by its controlling shareholder and related parties, with trading suspension starting from October 28 [1] Group 1: Transaction Details - The transaction involves acquiring 100% equity of Zhongyou Zhuhai, 100% equity of Tianda Shengtong, 51% equity of Nantong Zhongyou, and 40% equity of Ganhe Zhongyou [1] - This transaction is classified as a related party transaction and is expected to constitute a major asset restructuring [1] - The transaction will not result in a change of the company's actual controller and does not constitute a restructuring listing [1] Group 2: Timeline and Disclosure - The company plans to disclose the transaction plan within no more than 10 trading days, specifically by November 11 [1]

胜利股份为一间于中国成立的股份有限公司，其已发行股份于深圳证券交易所主板上市及买卖(股份代 号：000407)，集团持有其已发行股份约22.16% 。 智通财经APP讯，中油燃气(00603)发布公告，于2025年10月27日，中油燃气投资集团有限公司(中油投 资)、天达利通新能源(珠海)有限公司(天达利通)、中油中泰燃气投资集团有限公司(中油中泰)与山东胜 利股份有限公司(胜利股份)订立发行股份及支付现金购买资产意向协议，据此，胜利股份拟通过发行股 份及支付现金方式购买集团持有的若干附属公司的股权。 建议交易事项包括胜利股份收购以下公司股权：(1)中油投资持有的中油燃气(珠海横琴)有限公司(中油 珠海)100%股权;(2)天达利通持有的天达胜通新能源(珠海)有限公司(天达胜通)100%股权;(3)中油中泰持 有的南通中油燃气有限责任公司(南通中油)51%股权;(4)中油中泰持有的青海中油甘河海工业园区燃气有 限公司(甘河中油)40%股权。 ...

Core Viewpoint - China Oil Gas (00603) announced a share issuance and cash payment agreement with Shandong Shengli Co., Ltd. for the acquisition of several subsidiaries [1] Group 1: Transaction Details - The agreement involves Shengli Co. acquiring 100% equity of China Oil Gas (Zhuhai Hengqin) Co., Ltd. from China Oil Investment [1] - Shengli Co. will also acquire 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd. from Tianda Litong [1] - Additionally, Shengli Co. will purchase 51% equity of Nantong China Oil Gas Co., Ltd. and 40% equity of Qinghai China Oil Ganhai Industrial Park Gas Co., Ltd. from China Oil Zhongtai [1] Group 2: Company Background - Shengli Co. is a publicly listed company in China, with its shares traded on the Shenzhen Stock Exchange under the stock code 000407 [1] - The group holds approximately 22.16% of Shengli Co.'s issued shares [1]

Core Viewpoint - Victory Co., Ltd. is planning a significant asset restructuring by issuing shares and cash to acquire gas-related assets controlled by its major shareholder, China Oil Gas Investment Group, with the transaction expected to constitute a major asset restructuring [1][4]. Group 1: Transaction Details - The assets to be acquired include 100% equity of China Oil Gas (Zhuhai Hengqin) Co., Ltd., 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd., 51% equity of Nantong China Oil Gas Co., Ltd., and 40% equity of Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd. [4] - Upon completion of the transaction, Victory Co., Ltd. will directly hold 100% equity of China Oil Zhuhai and Tianda Shengtong, and will control 80% of Ganhe Zhongyou and 100% of Nantong Zhongyou, creating a multi-regional gas asset linkage [4]. Group 2: Business Strategy and Performance - Since the second half of 2011, Victory Co., Ltd. has entered the natural gas industry, transitioning from diversification to specialization in clean energy, with clean energy now being the company's leading industry [4]. - In the first half of this year, the company's revenue from natural gas and value-added services was 1.647 billion yuan, accounting for 76% of total revenue [4]. - The main revenue contributions in the first half of the year came from Shandong, Hebei, Chongqing, Henan, and Zhejiang, and the acquisition of assets in Zhuhai, Nantong, and Qinghai will further expand the company's business footprint and create regional synergies [5]. Group 3: Financial Performance - In the first three quarters, Victory Co., Ltd. achieved revenue of 3.042 billion yuan, a year-on-year decrease of 5.07%, while net profit was 120 million yuan, a year-on-year increase of 9.43%, and the net profit after deducting non-recurring items was 119 million yuan, with a year-on-year growth of 20.21%, indicating a significant improvement in profit quality [5]. - Future growth points include promoting industrial development through internationalization and supply chain thinking, actively exploring the new energy industry, and developing value-added services to create new profit sources [5].