记者注意到，百川资管此前减持套现了1.35亿元，且从2017年开始高比例分红，而百川资管及其行动人 持股比例超过50%，还大比例质押所持公司股票。《华夏时报》就此致电公司董秘办，截至发稿电话未 能接通。 作为从事城市燃气业务的上市公司，2025年第三季度，百川能源业绩出现下滑，公司表示和天然气采购 成本增加有关。厦门大学中国能源政策研究院院长林伯强告诉《华夏时报》记者，天然气采购成本这几 年是有增加一些，国内天然气大概40%以上是从国外进口，这部分的定价与国际市场深度挂钩，近几年 价格确实出现上涨。 1月6日，百川能源（600681.SH）发布公告称，公司控股股东廊坊百川资产管理有限公司（下称"百川资 管"）因自身资金需要，计划减持公司股份不超过4023万股，即不超过公司总股本的3%。若按1月5日收 盘价4.37元/股估算，此次减持市值约1.76亿元。 从减持原因来看，百川资管两次均表示因自身资金需要，而此前的一则质押公告或为这一资金需求提供 了注脚。 2025年12月10日，百川能源发布控股股东及一致行动人股份解质及质押的公告，表示在本次解质和质押 完成后，控股股东及一致行动人累计质押股份数量约为4.19亿 ...

（编辑 丛可心 袁冠琳） 证券日报网讯 12月24日，大众公用在互动平台回答投资者提问时表示，根据燃气企业所在地相应政策 执行，已建立气价联动机制的，按照气价联动机制适当相应传导。公司城燃公司核心目标是保供，并有 效管控成本，确保企业盈利的稳定性。 ...

Core Viewpoint - The article discusses the acquisition of a significant stake in Caixin Development by Jiangxi Zhongjiu Natural Gas Group, led by entrepreneur Yong Zhijun, marking a strategic shift in the company's ownership and potential restructuring efforts [1][4]. Group 1: Company Background - Caixin Development, established in 1996, operates in real estate development and environmental protection, previously recognized as one of China's top 100 real estate companies from 2018 to 2022 [4]. - The company has faced continuous losses and operational challenges, with revenue declining from 5.055 billion yuan in 2021 to 828 million yuan in 2024, and net profits remaining negative over the same period [4][6]. Group 2: Acquisition Details - On December 2, 2023, Caixin Development announced that its controlling shareholder, Caixin Real Estate Development Group, signed a restructuring investment agreement with Jiangxi Zhongjiu, which plans to acquire 20% to 29.99% of the company's shares [1][4]. - If the acquisition is completed, Yong Zhijun will become the new actual controller of Caixin Development, changing the company's ownership structure [1][4]. Group 3: Financial Performance - As of the third quarter of 2025, Caixin Development reported total assets of 2.494 billion yuan and liabilities of 2.051 billion yuan, resulting in a high debt-to-asset ratio of 82.24% [7]. - The company reported a net profit of -18.65 million yuan for the year, reflecting a 209.14% year-on-year decline [8]. Group 4: Market Reaction - Following the announcement of the acquisition, Caixin Development's stock price surged to the daily limit of 3.89 yuan per share, with a total market capitalization of 4.281 billion yuan [8].

Core Viewpoint - The announcement by Caixin Development indicates a significant change in its ownership structure, with Jiangxi Zhongjiu Natural Gas Group planning to acquire 20% to 29.99% of the company's shares, which will result in a change of the controlling shareholder and actual controller [2][3]. Company Overview - Caixin Development's main business includes real estate development and environmental protection, with a reported revenue of 828 million yuan and a net loss of 260 million yuan for 2024 [2]. - As of the end of September 2025, the company had total assets of 2.494 billion yuan and total liabilities of 2.051 billion yuan, continuing to face profitability challenges [2]. Recent Business Adjustments - In February 2025, Caixin Development announced the abandonment of acquiring shares in Caixin Environment and its subsidiaries due to insufficient profitability of the related assets [3]. - The company reported zero new construction area in 2024 and a signed sales amount of 478 million yuan, showing a decline compared to previous periods, while the environmental protection segment saw over 40% revenue growth following the launch of a hazardous waste disposal project [3]. Acquisition Details - Jiangxi Zhongjiu, established in 2014 with a registered capital of 260 million yuan, focuses on urban gas, industrial supply, and LNG logistics, and is fully controlled by the couple Yong Zhijun and Lu Yifan [3]. - The company has previously invested 638 million yuan to acquire Xinjiang Torch, marking its second major capital market move in 2023 [3]. Market Concerns - There are uncertainties regarding the business synergy between Jiangxi Zhongjiu, which has strengths in the energy sector, and Caixin Development, which operates in real estate and environmental protection [3]. - The announcement did not disclose specific transaction prices, payment methods, or future business integration plans, raising questions about Jiangxi Zhongjiu's funding sources and its ability to support Caixin Development's transformation [4]. Stock Performance - As of December 2, the stock price of Caixin Development was 3.54 yuan per share, with a total market capitalization of 3.896 billion yuan [4].

公司成立于1993年，为新奥集团下属全国性城燃公司，控股股东新能(香港)为新奥股份的全资子公司。 2025年3月26日，新奥股份(A)、新奥能源(H)发布重组方案公告，新奥股份当前持有新奥能源34.28%股 权，拟对新奥能源进行私有化，并在港股上市;交易完成后新奥能源将退市并成为新奥股份的全资子公 司，相关程序持续推进。根据重组方案，新奥能源计划股东每股股份可获得2.9427股新奥股份发行的H 股股份(估价18.86港元/股)及24.50港元现金付款，对应总价值80港元，较11月28日收盘价存在12.8%空 间。若2025年并购完成，可获取新奥股份0.96元/股的分红，对应股息率6.7%。 公司深入挖掘客户需求，泛能业务规模持续扩张，截至2025年9月底，公司累计投运装机6.9GW，在建 装机1.6GW。公司智家业务较快发展，渗透率存在提升空间，2020-2024年智家业务毛利CAGR为 22.7%，有望持续增厚业绩。 天然气零售气量稳健，降本顺价盈利改善 截至2025H1，公司在全国运营263个城燃项目，截至2024年底项目数量前五省份分别为河北、广东、安 徽、江苏、山东。2024年零售气量262.0亿立方 ...

截至2025H1，公司在全国运营263个城燃项目，截至2024年底项目数量前五省份分别为河北、广东、安 徽、江苏、山东。2024年零售气量262.0亿立方米，同比增长4.2%;2025Q1-3实现零售气量191.9亿立方 米，同比增长2.0%，高于全国天然气表观消费量同比增速。居民顺价持续推进，助力毛差修复，2024 年公司毛差0.54元/立方米，同比提升0.04元/立方米。成本端受益于国际气价下行，有望持续改善，在 手长协挂钩日本JCC原油价格指数，下行趋势亦带来成本改善空间。 燃气接驳利润占比持续下降，影响减弱期待企稳 华源证券发布研报称，首次覆盖，给予新奥能源(02688)"买入"评级，新奥能源作为全国性城燃企业， 正通过私有化整合实现与母公司新奥股份（600803）的协同效应。公司天然气业务稳健，泛能及智家业 务具备成长空间，私有化流程推进促进产业链一体化整合。 华源证券主要观点如下： 民营全国性城燃公司，私有化促进优势协同 公司成立于1993年，为新奥集团下属全国性城燃公司，控股股东新能(香港)为新奥股份的全资子公司。 2025年3月26日，新奥股份(A)、新奥能源(H)发布重组方案公告，新奥股份当 ...

Group 1 - Dazhong Public (600635) shares rose over 8%, reaching a peak increase of 8.66% at HKD 4.14, with a trading volume of HKD 218 million [1] - The highly anticipated result of the Moer Thread's issuance lottery was announced, with an initial subscription multiple of 4126.49 times, leading to a final winning rate of 0.03635054% after the callback mechanism was activated [1] - Moer Thread's IPO price reached a record high of RMB 114.28 per share, marking the highest issuance record in the A-share IPO market for the year [1] Group 2 - Dazhong Public's main business segments include urban gas, environmental municipal services, and financial investment, with a significant stake in Shenzhen Capital Group [1] - The company directly holds 10.8% of Shenzhen Capital Group's shares, ranking fourth among all shareholders, and its total stake, including indirect holdings, amounts to 13.93% [1] - Shenzhen Capital Group has numerous external investment projects, including notable IPO candidates such as Yushu Technology and Moer Thread [1]

Core Viewpoint - Baichuan Energy faces three major risks: high premium acquisitions potentially hiding related party transactions, unrecognized goodwill impairment amid declining performance, and the actual intent behind the transformation into embodied intelligence under high pledge ratios of the controlling shareholder [1] Group 1: Related Party Transactions and Acquisitions - The company received a regulatory penalty for concealing related party transactions, specifically regarding high premium acquisitions by the controlling shareholder Wang Donghai [1][2] - In October 2019, Baichuan Energy acquired 100% equity of Zhuolu Dadi and Suizhong Pipeline for a total of 220 million yuan, despite the controlling shareholder's undisclosed control over these entities [2] - The acquisition of Zhuolu Dadi was valued at 195.43 million yuan, reflecting a 269.38% increase over its book net assets, while Suizhong Pipeline showed a modest 7.89% increase [2] Group 2: Financial Performance and Goodwill Risks - The company reported a significant decline in profits, with a nearly halved net profit in the third quarter of 2025, attributed to increased natural gas procurement costs and changes in sales structure [5] - Baichuan Energy holds over 1.3 billion yuan in goodwill, primarily from the acquisition of Fuyang Guozhen Gas Co., which has shown declining performance without any impairment recognition [7][9] - The goodwill from the acquisition of Zhuoyang Gas was 685 million yuan, with the company failing to recognize impairment despite a significant drop in the target's revenue and profit [9] Group 3: Shareholder Pledge Ratios and Market Strategy - The controlling shareholder's pledge ratio is notably high, with Baichuan Asset Management pledging 78.65% of its shares, raising concerns about potential risks [10] - The company announced an investment of 215 million yuan in Xi'an Zhongke Optoelectronics, aiming to diversify into embodied intelligence, which led to a surge in stock prices [11]

Group 1 - Dazhong Public (600635) shares rose over 7%, with a peak increase of 7.91%, trading at 4.23 HKD and a transaction volume of 454 million HKD [1] - The company's main business segments include urban gas, environmental municipal services, and financial investment [1] - Dazhong Public is a major shareholder of Shenzhen Capital Group, holding 10.8% of its shares directly, ranking fourth among all shareholders [1] Group 2 - When considering indirect holdings, Dazhong Public's total stake in Shenzhen Capital Group reaches 13.93% [1] - Shenzhen Capital Group has numerous external investment projects, including notable IPO candidates Yushu Technology and Moore Threads [1] - Moore Threads has disclosed its intention to issue shares for an IPO on the Sci-Tech Innovation Board, with the preliminary inquiry date set for November 19 and subscription date for November 24 [1] - Yushu Technology has completed its IPO and listing counseling work as of November 15, according to the China Securities Regulatory Commission [1]

Core Viewpoint - Dazhong Public (01635) has seen its stock price increase by over 7%, with a current price of 4.23 HKD and a trading volume of 454 million HKD [1] Company Overview - Dazhong Public's main business segments include urban gas, environmental municipal services, and financial investment [1] - The company is a major shareholder of Shenzhen Capital Group, holding 10.8% of its shares directly, ranking fourth among all shareholders [1] - When considering indirect holdings, Dazhong Public's total stake in Shenzhen Capital Group rises to 13.93% [1] Investment Opportunities - Shenzhen Capital Group has numerous external investment projects, including two notable IPO candidates: Yushu Technology and Moore Threads [1] - Moore Threads has disclosed its intention to issue shares for its IPO on the Sci-Tech Innovation Board, with the preliminary inquiry date set for November 19 and subscription date for November 24 [1] - Yushu Technology has completed its IPO and listing counseling work as of November 15, according to the China Securities Regulatory Commission [1]