2016-2025年1-9月燃气生产和供应业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国城市燃气生产和供应行业市场深度评估及投资机会预测 报告》 2025年1-9月，燃气生产和供应业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 4328个，和上年同期相比，增加了301个，同比增长7.47%，占工业总企业的比重为0.83%。 上市公司：胜利股份（000407），德龙汇能（000593），ST金鸿（000669），胜通能源（001331）， ST升达（002259），陕天然气（002267），新奥股份（600803），贵州燃气（600903），重庆燃气 （600917），深圳燃气（601139 ...

Core Viewpoint - Victory Co., Ltd. (胜利股份) has announced a plan to issue shares and pay cash to acquire gas-related assets controlled by its major shareholder and related parties, leading to a significant stock price increase of 10.05% to 4.16 yuan per share [1][2]. Group 1: Transaction Details - The transaction involves acquiring 100% equity of Zhongyou Zhuhai, 100% equity of Tianda Shengtong, and 51% and 40% equity of Nantong Zhongyou and Ganhe Zhongyou, respectively [2]. - The final transaction price and the number of shares to be issued are yet to be determined, pending the completion of auditing and evaluation [2][3]. - The share issuance price for the acquisition has been set at 3.07 yuan per share [3]. Group 2: Fundraising and Use of Proceeds - The company plans to raise funds through a private placement to no more than 35 specific investors, with the total amount not exceeding 100% of the transaction price for the asset acquisition [3][4]. - The raised funds will be used for cash payments for the transaction, supplementing working capital, repaying bank loans, and project construction [4]. Group 3: Financial Performance - The financial data for the target companies shows a decline in revenue from 30.68 billion yuan in 2023 to 16.16 billion yuan in the first nine months of 2025, with net profit also fluctuating [6]. - Victory Co., Ltd. reported revenues of 4.645 billion yuan in 2023, with a slight increase to 4.677 billion yuan in 2024, and a decrease to 4.226 billion yuan in the first nine months of 2025 [7]. Group 4: Company Background - Victory Co., Ltd. was established in 1994 and is primarily engaged in gas production and supply, with a registered capital of approximately 8.8 billion yuan [8].

Group 1: Lingzhi Software - Lingzhi Software announced a major asset restructuring plan to acquire 100% equity of Kaimeiride through issuing shares and cash payments, along with raising supporting funds [1][4] - The transaction is expected to enhance Lingzhi Software's revenue and net profit, while reducing reliance on the Japanese market and improving responsiveness to domestic financial institutions' needs [3][4] - The company reported revenues of 6.96 billion, 11.14 billion, and 7.63 billion for the years 2023, 2024, and the first three quarters of 2025, respectively, with net profits of 865.27 million, 1.24 billion, and 967.46 million [2][3] Group 2: Victory Co., Ltd. - Victory Co., Ltd. plans to acquire gas-related assets controlled by its major shareholder and related parties through issuing shares and cash payments, which will include 100% equity of Zhongyou Zhuhai and Tianda Shengtong, among others [1][5][7] - The company reported revenues of 46.77 billion, 42.26 billion, and 30.42 billion for the years 2023, 2024, and the first three quarters of 2025, respectively, with net profits of 1.53 billion, 1.17 billion, and 1.2 billion [5][6] - The transaction is expected to enhance the company's core competitiveness and market position in the gas industry, while not changing the control structure of the company [6][7]

Core Insights - The article discusses the growth and export performance of China's gas production and supply industry, highlighting significant increases in export value from 2019 to September 2025 [1] Industry Overview - The gas production and supply industry in China is projected to see an export value of 340 million yuan in September 2025, representing a year-on-year growth of 16.1% [1] - Cumulatively, the export value for the first nine months of 2025 is expected to reach 3.26 billion yuan, with a year-on-year increase of 25.3% [1] Company Insights - The article lists several companies involved in the gas production and supply sector, including Victory Co., Ltd. (000407), Delong Energy (000593), ST Jinhong (000669), and others [1] - These companies are positioned to benefit from the overall growth trends in the gas industry as indicated by the export statistics [1]

Policy Insights - The "Three Assets" reform of state-owned enterprises (SOEs) is expected to initiate a new wave of mergers and acquisitions (M&A) in the state sector, with a focus on asset securitization[3] - Hubei and Anhui provinces are leading the reform efforts, with specific actions planned from September to December 2025 to enhance asset management and debt linkage[3][17] - The core principles of the reform include maximizing the assetization of state resources, securitization of state assets, and leveraging state funds[15] Investment Opportunities - Potential M&A targets include central state-owned enterprises (SOEs) with low asset securitization rates and strong restructuring intentions, particularly in sectors like defense, utilities, and transportation[4][24] - Local SOEs with recent changes in ownership, capital operations, or urgent M&A intentions are also recommended for investment consideration[4][24] Market Performance - The A-share market saw a general increase, with mid-cap indices like the CSI 500 and CSI 1000 outperforming large-cap indices such as the SSE 50 and CSI 300, with respective increases of +1.00% and +1.18%[30] - The lithium battery electrolyte index recorded the highest weekly increase of 17.12%, with top performers including Tianji Co. (+41.86%) and Haike New Source (+39.42%)[30][34] Key Recommendations - Focus on sectors such as smart vehicles and high-end manufacturing, with specific stocks like Hu Guang Co., Rui Hu Mould, and Ao Lai De recommended for their growth potential[6][36] - The report highlights the importance of identifying companies with significant restructuring potential and those that can benefit from the upcoming M&A wave in the state sector[4][24] Risk Factors - Potential risks include changes in macroeconomic conditions, IPO policies, refinancing policies, and M&A regulations that could impact the market dynamics[7]

Core Insights - Xinjiang's economy has shown overall stability and progress in the first three quarters of the year, with a year-on-year increase in industrial added value of 7.3% [1] Economic Performance - The industrial added value growth is categorized into three main sectors: manufacturing (10.9%), mining (6.0%), and electricity, heat, gas, and water production and supply (3.2%) [1] - By economic type, the added value growth for state-owned enterprises, private enterprises, and joint-stock enterprises is 3.1%, 6.6%, and 7.6% respectively [1] Key Industries - Among 12 key industries, notable growth includes: - Non-ferrous metal mining and selection (37.6%) - Textile industry (26.8%) - Non-ferrous metal smelting and rolling processing (18.0%) - Gas production and supply (12.4%) - Chemical raw materials and chemical products manufacturing (11.4%) - Petroleum, coal, and other fuel processing (10.1%) [1] Private Sector Performance - The added value of private enterprises in the industrial sector has increased by 15.8%, surpassing the overall industrial added value growth by 8.5 percentage points [1]

Core Insights - The gas production and supply industry in China has seen an increase in the number of enterprises, with a total of 4,319 companies reported from January to August 2025, marking an increase of 324 companies or 8.11% year-on-year [1][1][1] Industry Overview - The gas production and supply sector's share of total industrial enterprises stands at 0.83% as of the reported period [1][1][1] - The threshold for scale enterprises in this sector has been raised from an annual main business income of 5 million yuan to 20 million yuan since 2011 [1][1][1] Market Research - The report titled "2025-2031 China Urban Gas Production and Supply Industry Market Deep Assessment and Investment Opportunity Forecast" was published by Zhiyan Consulting, a leading industry consulting firm in China [1][1][1] - Zhiyan Consulting has been engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1][1][1]

Core Insights - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of liquefied petroleum gas (LPG) products, testing 20 batches with no non-compliance found [2] Group 1: Inspection Results - All 20 batches of LPG products tested were found to meet relevant quality standards, indicating a strong compliance rate [2] - The inspection included 2 batches from production and 18 batches from retail sales, all sourced from within Shanghai [2] Group 2: Regulatory Framework - The inspection was organized based on the SHSSXZ0199-2025 guidelines for quality supervision of LPG products in Shanghai [2]

Company Overview - Jieya Co., Ltd. is a high-quality wet wipes manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipes orders post-pandemic, with projected revenue and net profit of 547 million and 19 million CNY respectively, resulting in a net profit margin of 3.50% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million CNY, a year-on-year increase of 8.8%, and a net profit of 33 million CNY, up 22.6%, leading to a net profit margin recovery to 10.50% [2][13] Industry Analysis - The global wet wipes market is steadily expanding, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In China, the wet wipes market is expected to exceed 12.9 billion CNY in 2024, growing by 4.3% year-on-year, with the top 10 brands holding a market share of 48.0% [3][13] Competitive Position - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a 10.50% margin compared to Hangzhou Guoguang's 4.08% [4][13] - The company’s top five clients accounted for 77.6% of its revenue in 2024, with international brand clients driving a 46.2% increase in foreign revenue in the first half of 2025, raising the foreign revenue share to 60.3% [4][13] - The establishment of a production facility in the United States is expected to enhance the company's global competitiveness, with a projected capacity of 15 billion wet wipes annually [4][13] Financial Projections - Forecasts for Jieya Co., Ltd. indicate net profits of 77 million, 107 million, and 144 million CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion CNY, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

Group 1 - The core viewpoint of the article highlights the growth in the gas production and supply industry in China, with an increase in the number of enterprises in this sector [1] - As of January to April 2025, there are 4,289 gas production and supply enterprises, which is an increase of 321 compared to the same period last year, representing a year-on-year growth of 8.09% [1] - The gas production and supply enterprises account for 0.83% of the total industrial enterprises in China [1] Group 2 - The report referenced is the "2025-2031 China Urban Gas Production and Supply Industry Market Deep Assessment and Investment Opportunity Forecast Report" published by Zhiyan Consulting [1] - The threshold for scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [1]