Core Viewpoint - Victory Shares (000407.SZ) is initiating a restructuring plan to strengthen its gas industry layout by acquiring four gas-related companies controlled by its major shareholder [2][7]. Group 1: Restructuring Details - The restructuring involves purchasing 100% equity of Zhongyou Gas (Zhuhai Hengqin) Co., Ltd., Tianda Shengtong New Energy (Zhuhai) Co., Ltd., and Nantong Zhongyou Gas Co., Ltd., as well as 80% equity of Qinghai Zhongyou Ganhua Industrial Park Gas Co., Ltd. [2][4][6]. - The transaction will be executed through a combination of issuing shares and cash payments, with the final transaction price and share issuance details yet to be determined [6][7]. Group 2: Financial Performance - As of September 2025, the total assets of the four target companies amount to 2.171 billion yuan, with a combined net profit of 222 million yuan for the first nine months of 2025 [11][12]. - Victory Shares reported a revenue of 3.042 billion yuan for the first nine months of 2025, a decrease of 5.07% year-on-year, while its net profit attributable to shareholders increased by 9.43% to 120 million yuan [12]. Group 3: Market Reaction - Following the announcement of the restructuring plan, Victory Shares' stock price hit the daily limit, closing at 4.16 yuan per share, reflecting a 10.05% increase [3][8]. Group 4: Strategic Implications - The acquisition is expected to enhance Victory Shares' core competitiveness in the gas sector, as the target companies primarily provide natural gas application services to industrial, commercial, and residential sectors [7][9]. - The restructuring aligns with the healthy development of the renewable energy and gas industry, allowing Victory Shares to optimize its gas business layout and increase market share [9][10].

Core Viewpoint - Victory Shares has announced a significant asset restructuring plan focused on the deep integration and expansion of its gas business, which has been approved by the board of directors and is set to involve related party transactions [1][2][5]. Group 1: Restructuring Details - The restructuring involves acquiring assets from its controlling shareholder, China Oil Gas Investment Group, and its affiliates, including Tian Da Li Tong New Energy and China Oil Zhong Tai Gas Investment Group [1][2]. - The acquisition includes 100% equity of China Oil Gas (Zhuhai Hengqin), 100% equity of Tian Da Sheng Tong New Energy, 51% equity of Nantong Zhong Oil Gas, and 40% equity of Ganhe Zhong Oil [2][3]. - Post-acquisition, Victory Shares will directly hold 100% of China Oil Zhuhai and Tian Da Sheng Tong, and will control 100% of Nantong Zhong Oil and 80% of Ganhe Zhong Oil [3]. Group 2: Strategic Intent - The transaction aims to solidify the core business of natural gas, which accounted for 77.75% of the company's revenue in the 2024 annual report [3]. - The company intends to secure more low-cost long-term gas supply agreements to mitigate procurement cost fluctuations [3]. - The restructuring aligns with national policy to promote the integration of quality gas assets and enhance the company's profitability and shareholder equity [3]. Group 3: Financial Aspects - The transaction will involve both share issuance and cash payments, with a share price set at 3.07 yuan per share, which is 80% of the average trading price over the previous 20, 60, or 120 trading days [5]. - Victory Shares plans to raise funds from no more than 35 specific investors, with the total amount capped at 100% of the transaction price and the number of shares issued not exceeding 30% of the total post-transaction shares [5]. - The raised funds will be allocated for cash payments, intermediary fees, repayment of bank loans, and project construction for the acquired companies [5]. Group 4: Transaction Conditions - A transitional profit and loss arrangement has been established, where profits from the acquired assets during the transition period will belong to Victory Shares, while losses will be compensated by the transaction parties in cash [6]. - The audit and evaluation work related to the transaction is still ongoing, and the final transaction price has not yet been determined [6].

【导读】胜利股份拟购买控股股东所持燃气类相关资产，股票复牌 中国基金报记者 李智 11月10日，胜利股份发布公告称，公司计划发行股份及支付现金购买由公司控股股东及其关联方控制的燃气类相关资产并募集配套资金。 经申请，胜利股份股票将于2025年11月11日（星期二）开市起复牌。 胜利股份股票复牌 根据公告，本次交易预计构成重大资产重组、关联交易，但不构成重组上市。 标的公司为由上市公司控股股东及其关联方控制的公司，主要面向工业、商业、居民等领域提供天然气应用服务。 胜利股份表示，通过本次交易，公司将发挥协同优势，整合行业资源、增强盈利能力、深化燃气行业产业链布局。本次交易契合行业发展 趋势，将显著增强上市公司核心竞争力，提升上市公司在燃气业务的市场地位。本次交易完成后，公司主营业务范围不会发生变化，核心 竞争力将得到进一步巩固和加强。 经申请，胜利股份股票将于2025年11月11日（星期二）开市起复牌。 11月10日，胜利股份发布公告称，公司计划发行股份及支付现金购买由公司控股股东及其关联方控制的燃气类相关资产并募集配套资金， 交易标的包括由中油投资持有的中油珠海100%的股权、天达利通持有的天达胜通100%的 ...

Core Viewpoint - Victory Co., Ltd. plans to acquire gas-related assets controlled by its controlling shareholder and its affiliates, and will resume trading on November 11, 2025 [2][4]. Group 1: Acquisition Details - The company intends to issue shares and pay cash to purchase gas-related assets, including 100% equity of Zhongyou Zhuhai held by Zhongyou Investment, 100% equity of Tianda Shengtong held by Tianda Litong, and 51% equity of Nantong Zhongyou and 40% equity of Ganhe Zhongyou held by Zhongyou Zhongtai [4][6]. - The transaction is expected to constitute a major asset restructuring and related party transaction, but will not result in a restructuring listing [6]. Group 2: Strategic Implications - The acquisition aims to enhance the company's profitability, integrate industry resources, and deepen its layout in the gas industry, aligning with industry development trends [6]. - Post-transaction, the company's main business scope will remain unchanged, but its core competitiveness in the gas business will be further strengthened [6]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.042 billion yuan, a year-on-year decrease of 5.07%, while the net profit attributable to shareholders increased by 9.43% to approximately 120 million yuan [7][8]. - The company plans to distribute cash dividends of 0.15 yuan per 10 shares, totaling approximately 13.2 million yuan, to reward shareholders [8]. Group 4: Market Position - As of October 27, 2025, the company's stock price was 3.78 yuan per share, with a total market capitalization of 3.3 billion yuan [9].

Core Viewpoint - The core of the restructuring plan by Shengli Co., Ltd. is the deep integration and expansion of its natural gas segment, aiming to enhance its core business foundation and respond to national policies for promoting quality asset integration [1][4]. Group 1: Restructuring Details - Shengli Co., Ltd. plans to acquire assets from its controlling shareholder, China Oil Gas Investment Group Co., Ltd., and its affiliates, through a combination of issuing shares and cash payments [1][5]. - The acquisition involves four target companies, including 100% equity of China Oil Gas (Zhuhai Hengqin) Co., Ltd. and Tian Dasheng Tong New Energy (Zhuhai) Co., Ltd., as well as 51% and 40% stakes in Nantong China Oil Gas Co., Ltd. and Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd., respectively [2][3]. - The transaction is expected to constitute a related party transaction and a significant asset restructuring, but it will not result in a restructuring listing [1][6]. Group 2: Financial Aspects - The share issuance price for the asset purchase is set at 3.07 yuan per share, which is not less than 80% of the average trading price over the previous 20, 60, or 120 trading days [6][7]. - Shengli Co., Ltd. plans to raise funds from no more than 35 specific investors to cover cash payments, intermediary fees, and repay bank loans for both the company and the target companies [5][7]. - The raised funds will also be used for project construction of the target companies, with a dual ceiling on the total amount raised [6][7]. Group 3: Strategic Intent - The restructuring aligns with Shengli Co., Ltd.'s strategy to solidify its core business, as natural gas and value-added services accounted for 77.75% of the company's revenue in the 2024 annual report [4]. - The company aims to secure more low-cost long-term gas supply agreements to reduce procurement costs and mitigate price volatility risks [4].

Core Viewpoint - The company plans to acquire gas-related assets controlled by its major shareholder and affiliates through a combination of share issuance and cash payment, aiming to enhance its market position and profitability in the gas industry [1] Group 1: Transaction Details - The transaction involves acquiring 100% equity of Zhongyou Zhuhai held by Zhongyou Investment, 100% equity of Tianda Shengtong held by Tianda Litong, and 51% equity of Nantong Zhongyou and 40% equity of Ganhe Zhongyou held by Zhongyou Zhongtai [1] - After the transaction, the company will control 100% of Zhongyou Zhuhai and Tianda Shengtong, as well as 80% of Ganhe Zhongyou and 100% of Nantong Zhongyou [1] Group 2: Strategic Implications - The acquired companies provide natural gas application services to industrial, commercial, and residential sectors, which aligns with the company's strategy to integrate industry resources and enhance profitability [1] - The transaction is expected to strengthen the company's core competitiveness and improve its market position in the gas business without changing its main business scope [1] Group 3: Market Impact - The transaction is in line with industry development trends and is anticipated to significantly enhance the company's core competitiveness [1] - The company's stock will resume trading on November 11, 2025, indicating a positive outlook following the announcement [1]

胜利股份（000407）(000407.SZ)发布公告，上市公司拟通过发行股份及支付现金的方式，购买由公司 控股股东及其关联方控制的燃气类相关资产并募集配套资金，交易标的包括由中油投资持有的中油珠海 100%的股权、天达利通持有的天达胜通100%的股权以及由中油中泰持有的南通中油51%的股权、甘河 中油40%的股权，其中，天达胜通通过子公司珠海投资间接控制甘河中油40%的股权及南通中油49%的 股权，因此本次交易完成后公司将合计持有中油珠海100%的股权、天达胜通100%的股权，合计控制甘 河中油80%的股权、南通中油100%的股权。 标的公司为由上市公司控股股东及其关联方控制的公司，主要面向工业、商业、居民等领域提供天然气 应用服务。通过本次交易，上市公司将发挥协同优势，整合行业资源、增强盈利能力、深化燃气行业产 业链布局。本次交易契合行业发展趋势，将显著增强上市公司核心竞争力，提升上市公司在燃气业务的 市场地位。本次交易完成后，上市公司主营业务范围不会发生变化，核心竞争力将得到进一步巩固和加 强。 经公司申请，公司股票将于2025年11月11日(星期二)开市起复牌。 ...

Core Viewpoint - Shandong Shengli Co., Ltd. (stock code: 000407) is set to resume trading on November 11, 2025, after announcing plans to acquire gas-related assets controlled by its major shareholder and related parties through a combination of issuing shares and cash payments [1][4][7]. Group 1: Company Announcement - The company has been suspended from trading since October 28, 2025, due to the planned acquisition and fundraising activities, which were deemed to have uncertainties that could significantly impact trading [5]. - The company aims to enhance its profitability and market position in the gas industry through this acquisition, which aligns with industry development trends and is expected to strengthen its core competitiveness [7]. Group 2: Financial Performance - In the first three quarters of the year, the company reported a revenue of 3.042 billion yuan, a year-on-year decrease of 5.07%, while the net profit attributable to shareholders was 120 million yuan, reflecting a year-on-year increase of 9.43% [8]. Group 3: Transaction Details - The acquisition involves a 51% stake in a company and a 40% stake in Qinghai Zhongyou Ganhe Industrial Park Gas Co., Ltd., with the goal of integrating industry resources and enhancing operational capabilities [6][7]. - The transaction is classified as a major asset restructuring but will not constitute a restructuring listing according to the regulations [7].

Core Viewpoint - The company plans to acquire gas-related assets controlled by its major shareholder and related parties through a combination of share issuance and cash payment, aiming to enhance its market position and operational efficiency in the gas industry [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, leading to full control over these entities post-transaction [1]. - The total amount of funds raised will not exceed 100% of the asset purchase price, with the number of shares issued not exceeding 30% of the total share capital after the transaction [1]. - Funds will be allocated for cash payments, intermediary fees, and to supplement working capital or repay bank loans, with a cap of 25% of the transaction price or 50% of the total raised funds for working capital and debt repayment [1]. Group 2: Strategic Implications - The target companies provide natural gas application services across industrial, commercial, and residential sectors, allowing the company to leverage synergies and enhance profitability [2]. - The transaction aligns with industry development trends and is expected to significantly strengthen the company's core competitiveness and market position in the gas business [2]. - The company remains under the control of Xu Tieliang post-transaction, with no change in control anticipated [2]. Group 3: Company Background - The company is a key enterprise supported by the Shandong provincial government, holding significant positions in the natural gas and plastic pipeline sectors, with over 30 subsidiaries and 14 regional gas operating rights [2]. - It serves over 1.5 million users and aims to optimize its gas business layout and increase market share through the acquisition of quality assets [2]. - For the first three quarters of 2025, the company reported revenues of 3.042 billion yuan and a net profit of approximately 120 million yuan [3].

Core Viewpoint - Victory Co., Ltd. (000407) is set to resume trading on November 11, 2025, following announcements regarding a significant asset acquisition involving gas-related assets controlled by its major shareholder and affiliates [2][4]. Group 1: Transaction Details - The company plans to acquire 100% equity of Zhongyou Zhuhai held by Zhongyou Investment, 100% equity of Tianda Shengtong held by Tianda Litong, and 51% equity of Nantong Zhongyou and 40% equity of Ganhe Zhongyou held by Zhongyou Zhongtai through a combination of share issuance and cash payment [1][4]. - This transaction is expected to enhance the company's core competitiveness and market position in the gas business, aligning with industry development trends [4]. Group 2: Financial Performance - For the first three quarters of the year, the company reported a revenue of 3.042 billion yuan, a decrease of 5.07% year-on-year, while the net profit attributable to shareholders increased by 9.43% to 120 million yuan [4][5]. - The company aims to improve total assets, net assets, operating income, and net profit through this transaction, which is anticipated to provide stable returns to investors [4].