Group 1 - The core viewpoint of the article is that the Qianjiaying Coal Mine low-concentration gas utilization project is progressing as planned, with expected returns on investment being highlighted [2] - The joint venture between the company and Zhejiang Yiyang Energy is currently in the process of establishing the project, which has not yet entered the construction phase [2] - The project is anticipated to achieve a capital return rate of 17%, with the potential for the internal rate of return (IRR) to increase to between 20% and 30% when factoring in CCER carbon asset revenues [2]

Core Viewpoint - The National Energy Administration has issued guidelines to promote the integration of coal and new energy, establishing a core path for green energy transition during the 14th Five-Year Plan period. Zhaoxin Co., Ltd. has announced a project for low-concentration gas recovery, aligning with national strategies and aiming to become a benchmark in the coal and new energy integration sector [1][2]. Policy and Industry Context - The dual national policies create a solid development moat for the low-concentration gas utilization industry. The guidelines emphasize "strengthening the full concentration utilization of coal mine gas" and "promoting deep integration of coal and new energy," incorporating green transformation of mining areas into the new energy system framework. The revised emission standards for coalbed methane complement the carbon peak and carbon neutrality action plan, focusing on clean and efficient coal utilization and control of non-CO2 greenhouse gases [1]. - The new policies provide robust support for addressing technological transformation and commercial closure challenges in the industry, establishing a development direction of "energy security + low-carbon transition" during the 14th Five-Year Plan period [1]. Company Strategy and Market Potential - Zhaoxin Co., Ltd. is pioneering a differentiated development path by focusing on the resource utilization of low-concentration gas in mining areas. The company has developed a three-dimensional collaborative model of "resource efficient recovery + energy utilization + carbon asset appreciation" through the Qianjiaying project, utilizing core technology for safe and harmless treatment of low-concentration gas and waste heat recovery [2]. - The low-concentration gas and new energy collaborative development is expected to enter a period of explosive growth. By 2025, the national processing demand is projected to reach 1.8 billion cubic meters, requiring approximately 100 new operational projects annually, which could generate over 5 billion yuan in market growth. The industry scale is expected to grow from 28 billion yuan in 2023 to 80 billion yuan by 2030, with a compound annual growth rate of 12% [2]. - Currently, wind-blown gas accounts for 81% of methane emissions from coal mines in China, but the utilization rate is below 10%, indicating a significant supply-demand gap and vast market potential for improvement [2]. Financial Performance and Competitive Advantage - Zhaoxin Co., Ltd. has established a robust competitive advantage through a mature profit model and forward-looking layout. The company has created a multi-revenue closed loop consisting of "treatment service fees + power/heat income + CCER carbon revenue," with the Qianjiaying project expected to achieve a capital return rate of 17%. The CCER could further enhance the internal rate of return (IRR) of the entire investment by over 3.5%, significantly improving the project's profitability and risk resilience [3].

Core Viewpoint - The company has signed strategic cooperation agreements with Zhejiang Yiyang Energy Technology Co., Ltd. to establish a joint venture focused on the utilization of low-concentration gas from coal mines and related projects [1] Group 1: Joint Venture Details - The joint venture will be established to implement the "Qianjiaying Coal Mine Low Concentration Gas Utilization Project" and similar gas utilization projects [1] - The registered capital of the joint venture is set at RMB 10 million, with the company contributing RMB 5.5 million for a 55% stake, thus becoming the controlling party [1] - Yiyang Energy will contribute RMB 4.5 million for a 45% stake in the joint venture [1] Group 2: Project Investment - The total investment for the project is capped at RMB 110 million [1] - This joint venture is expected to enhance the market competitiveness and sustainable development capabilities in the field of low-concentration gas recovery and utilization [1]

Core Viewpoint - The company Zhaoxin Co., Ltd. has signed strategic cooperation agreements with Zhejiang Yiyang Energy Technology Co., Ltd. to establish a joint venture focused on the utilization of low-concentration gas from coal mines [1] Group 1: Joint Venture Details - The joint venture will be established to implement the "Qianjiaying Coal Mine Low-Concentration Gas Utilization Project" and similar gas utilization projects [1] - The registered capital of the joint venture is set at RMB 10 million, with the company contributing RMB 5.5 million for a 55% stake, while Yiyang Energy will invest RMB 4.5 million for a 45% stake [1] - The total investment for the project is capped at RMB 110 million [1] Group 2: Strategic Implications - This joint venture is expected to enhance the market competitiveness and sustainable development capabilities of the company in the field of low-concentration gas recovery and utilization [1]