调研精彩要点产量目标：公司上半年完成产量4.23亿方，距全年9亿方目标还差4.77亿方。目前日产量在 270万方左右，随着新气井陆续投产，有望提前达成年产9亿方目标，下一步将锚定年末日产320万方目 标。经营利润：按照半年报数据，上半年无形资产（合同权益）计提摊销3267万，确认股权激励的股份 支付996万元，其中直接计入当期费用约534万元。新投产气井：今年投产一口致密气水平井，按设计完 成1200米水平段，砂岩钻遇率100%，初产12万方，目前日产约14万方。资本开支与融资：2025年资本 性开支约15亿，上半年购建相关资产支付现金约5亿元，上半年经营活动净现金流8亿元，预计全年经营 净现金流能覆盖资本开支，今年预计不会新增金融负债，将聚焦优化资产负债结构及融资成本，推进可 转债转股。成本下降空间：天然气开发板块成本下降体现在投资成本下降和气量上升固定成本摊薄。新 井投产使单方折耗从2024年约0.85元趋近0.53元/方，基础设施投运和新工艺应用也会降低投资成本；气 量增长可大幅摊薄单位生产运营成本。产量提升逻辑：直接原因是增加资本开支，新建和投产井增加带 来产量提升；根本原因是资源基础，公司2023年 ...

证券代码： 300483 证券简称：首华燃气 首华燃气科技(上海)股份有限公司 投资者关系活动记录表 编号：20250916 | | □ 分析师会议 ☑ | 特定对象调研 | | | | | --- | --- | --- | --- | --- | --- | | 投资者关系活动 | □ □ 业绩说明会 | 媒体采访 | | | | | 类别 | □ □ 路演活动 | 新闻发布会 | | | | | | □ | 现场参观 | | | | | | □ （请文字说明其他活动内容） | 其他 | | | | | 参与单位名称及 | 渤海财险、工银瑞信、光大保德信基金、国信证券、平安基金、 | | | | | | | 天弘基金、西南证券、长城基金、上海九祥资产管理有限公司、 | | | | | | | 鸿运私募基金管理（海南）有限公司、广州康祺资产管理中心(有 | | | | | | | 限合伙)、西安江岳基金管理有限公司、华泰柏瑞基金管理有限 | | | | | | | 公司、财通证券资产管理有限公司、天风证券、泰康资产、国泰 | | | | | | | | | | 海通、中泰证券、华泰保兴基金、银华基金、中金资 ...

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has set a new record in shale gas production with two wells in the Ziyang shale gas field, each exceeding one million cubic meters in output, marking a significant achievement in China's shale gas industry [1] Group 1: Production Achievements - One of the wells achieved a daily gas output of 1.407 million cubic meters, which is a record for shale gas production in China [1] - The gas reservoir being developed dates back 540 million years to the Cambrian period, representing one of the oldest shale formations globally to achieve large-scale exploration [1] Group 2: Technical Innovations - The successful high-yield wells are located in ultra-deep shale gas exploration areas, at depths of 4,500 meters, indicating a significant expansion of China's shale gas development potential [1] - The drilling faced complex geological conditions, including thick strata, deep burial, high pressure, and high temperature, which posed significant engineering challenges [1] - The team innovatively utilized the largest scale sand-carrying fracturing integrated device in China, leading to a strategic breakthrough in shale gas fracturing technology [1]

中国石化消息，位于四川盆地的中国石化资阳页岩气田的两口井测试产量均超百万立方米，刷新我国页 岩气产量纪录。此次刷新纪录的其中一口井测试日产气量达到140.7万立方米，开发气藏为距今5.4亿年 前的寒武系，是全球实现规模勘探最古老的页岩层系，也是一种新类型页岩气。（央视新闻） ...

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries was 390 million tons, a year-on-year decrease of 3.2%, with the decline narrowing by 0.6 percentage points compared to July; the average daily production was 12.6 million tons [2] - From January to August, the total raw coal production reached 3.17 billion tons, showing a year-on-year increase of 2.8% [2] - The production of crude oil in August was 18.26 million tons, a year-on-year increase of 2.4%, with the growth rate accelerating by 1.2 percentage points compared to July; the average daily production was 589,000 tons [4] - From January to August, the total crude oil production was 144.86 million tons, reflecting a year-on-year increase of 1.4% [4] - The processing of crude oil in August was 63.46 million tons, a year-on-year increase of 7.6%, with an average daily processing of 2.047 million tons [4] - From January to August, the total crude oil processing volume was 488.07 million tons, with a year-on-year increase of 3.2% [4] - Natural gas production in August was 21.2 billion cubic meters, a year-on-year increase of 5.9%, with an average daily production of 690 million cubic meters [6] - From January to August, the total natural gas production was 173.7 billion cubic meters, showing a year-on-year increase of 6.1% [6] Group 2: Electricity Production - In August, the total electricity generation in large-scale industries was 936.3 billion kilowatt-hours, a year-on-year increase of 1.6%; the average daily generation exceeded 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [9] - From January to August, the total electricity generation was 6.4193 trillion kilowatt-hours, reflecting a year-on-year increase of 1.5%, with a daily average increase of 1.9% after adjusting for the number of days [9] - In August, the growth rates for different types of electricity generation varied: thermal power increased by 1.7% (a slowdown of 2.6 percentage points from July), hydropower decreased by 10.1% (an expanded decline of 0.3 percentage points), nuclear power grew by 5.9% (a slowdown of 2.4 percentage points), wind power surged by 20.2% (an acceleration of 14.7 percentage points), and solar power increased by 15.9% (a slowdown of 12.8 percentage points) [9]

Core Insights - The company is implementing the Amiba management model to enhance grassroots management efficiency, focusing on alignment of goals, management, and benefits [1][2] - The Amiba model involves establishing a comprehensive accounting system for cost and benefit analysis at the grassroots level, promoting a culture of accountability and performance [1] Group 1: Management Strategy - The company adheres to the principle of "top-level design and layered implementation," setting clear objectives and responsibilities while ensuring collaboration [1] - A special meeting for the Amiba integration team is held to address bottlenecks and innovate solutions for cost challenges, including the introduction of a "substitute indicator method" [1] Group 2: Performance Metrics - The company has developed a control system that includes core indicators such as energy consumption and standard costs, breaking down annual targets to team levels [1] - A dynamic tracking system is in place to ensure all employees are engaged in performance accountability, with a focus on optimizing processes and reducing energy consumption [1] Group 3: Cultural and Training Initiatives - The company promotes a dual-driven approach of "cultural leadership and capability building," utilizing party integration and diverse training methods to enhance efficiency [2] - Currently, 44 teams are operating the Amiba model smoothly, with the integration work entering a comprehensive implementation phase [2]

Group 1 - The provincial government is focusing on the implementation of the "14th Five-Year Plan" and planning for the "15th Five-Year Plan" to enhance economic growth and development in the region [1][2] - Key projects being monitored include the construction of a civil airport, coal oil gas comprehensive utilization, and the development of low-altitude economy [2] - Emphasis is placed on strengthening core technology research, promoting technological and industrial innovation, and ensuring safety production measures are effectively implemented [2] Group 2 - The government aims to improve the quality and efficiency of key project construction and enhance the comprehensive benefits of investments [2] - There is a focus on the high-end, diversified, and low-carbon development of the coal chemical industry [2] - The establishment of the Yulin Energy Revolution Innovation Demonstration Zone is a priority to strengthen the modern energy industry cluster [2]

Core Insights - The press conference highlighted the achievements in high-quality development of natural resources during the "14th Five-Year Plan" period, showcasing significant increases in land and water resources, as well as improvements in forest coverage and ecological protection efforts [1][4]. Group 1: Land and Water Resources - By the end of 2024, the total arable land area in China is expected to reach 1.94 billion acres, an increase of 28 million acres compared to 2020 [1]. - The total water resources in the country amount to 31.1 trillion cubic meters, with groundwater resources accounting for 867.92 billion cubic meters [1]. - The national forest coverage rate has reached 25.09%, an increase of approximately 2 percentage points since 2020, making China the fastest-growing country in terms of greening [1]. Group 2: Urban and Spatial Planning - The Ministry of Natural Resources has deepened the "multi-planning integration" reform, optimizing the land spatial layout and implementing a national land spatial planning framework [3]. - The strategic urbanization framework includes a "two horizontal and three vertical" urbanization strategy and a "seven zones and twenty-three belts" agricultural development pattern [3]. - Strict land use controls have been established to protect arable land and ecological spaces, effectively curbing urban sprawl [3]. Group 3: Ecological Protection and Restoration - The Ministry has implemented significant ecological system protection and restoration initiatives, completing over 10 million acres of land rehabilitation [4]. - Major achievements include the restoration of 240,000 acres of abandoned mines and the improvement of marine ecosystems, with coral reef health rates exceeding 60% [4]. - The "Three North" project has completed construction tasks covering 164 million acres, reinforcing ecological safety barriers [4]. Group 4: Mineral Resource Exploration - A new round of mineral exploration has been launched, with nearly 450 billion yuan invested, leading to significant breakthroughs in energy resources, including the discovery of 10 large oil fields and 19 large gas fields [5][6]. - The newly discovered geological reserves of coalbed methane in the Ordos Basin exceed 300 billion cubic meters, approaching the total added over the past decade [5]. - Major breakthroughs in uranium mining have been achieved, particularly in Gansu and Heilongjiang, establishing a solid resource base for uranium security [5]. Group 5: Strategic Mineral Resources - The discovery of a significant "Asian lithium belt" spanning 2,800 kilometers across four provinces has positioned China as a leader in lithium resource exploration [7]. - Technological advancements have enabled the extraction of helium from natural gas, marking a significant shift from reliance on imports to domestic production [7]. - New resource bases are emerging, such as the Dandong gold mine in Liaoning, which is expected to become a world-class gold mine [6].

Group 1 - The core theme of the discussion is "Safety and Environmental Protection have only a starting point, not an endpoint," emphasizing the commitment to building a robust and sustainable safety and environmental risk warning mechanism [1] - The company has implemented a QHSE management system and a "three basic" management model to enhance safety and environmental standards, significantly improving hazard management and risk prevention capabilities [1][2] - A three-tier responsibility mechanism has been established, ensuring safety responsibilities are clearly defined and executed at all levels, from leadership to individual employees [2] Group 2 - The company has adopted a "double prevention + double supervision" mechanism to manage safety risks, focusing on risk classification and hazard identification to reduce safety risks proactively [2] - Daily inspections involve all employees, ensuring comprehensive hazard identification, while specialized checks focus on high-risk operations [2][3] - A "safety points system" has been introduced to incentivize employees to participate in safety management actively, linking hazard identification with performance rewards [3] Group 3 - The company emphasizes strict control over special operations, implementing a three-tier control system for high-risk tasks, ensuring safety protocols are followed [3] - Comprehensive management of engineering construction processes is enforced, including rigorous checks on contractor qualifications and material quality [3] - These measures collectively enhance the safety and environmental protection levels in production, ensuring stable output and operational safety in the gas field [3]

Meeting Information - The company will hold its fourth extraordinary general meeting of shareholders on September 11, 2025, at 14:00 [1] - The meeting will be conducted in accordance with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shenzhen Stock Exchange's rules [1] Voting Procedures - Shareholders can vote either in person or via online voting, with specific time slots for each method [1][2] - The online voting will be available through the Shenzhen Stock Exchange trading system and internet voting system [1][4] - Only one voting method can be chosen for the same share, and the first valid vote will be counted [2] Shareholder Rights - All shareholders registered by the cut-off date of September 5, 2025, have the right to attend the meeting and can appoint proxies to vote on their behalf [2][3] - The company has a commitment from a major shareholder to waive voting rights on certain proposals [2] Meeting Agenda - The meeting will review proposals that have been approved by the board, with separate counting for votes from minority investors [2][3] - Related party shareholders must abstain from voting on proposals that involve their interests [3] Registration Requirements - Legal representatives of corporate shareholders must provide specific documentation to register for the meeting [3][4] - Individual shareholders must present their identification, and proxies must have authorization documents [4] Voting Process Details - The voting process will follow specific guidelines, including how to handle multiple votes on the same proposal [6] - Detailed instructions for online voting will be provided in the attachments [6]