Core Viewpoint - Guizhou Gas Group Co., Ltd. is in the process of issuing convertible bonds and planning to acquire assets through share issuance, with ongoing developments in related transactions and regulatory compliance [38][40][42]. Group 1: Convertible Bonds Issuance - The company has approved the issuance of convertible bonds totaling RMB 100 million, with the bonds listed on the Shanghai Stock Exchange since January 18, 2022 [3][4]. - The bonds have a maturity period of six years, from December 27, 2021, to December 26, 2027, with a tiered interest rate starting at 0.30% in the first year and reaching 2.00% by the sixth year [6][7]. - The initial conversion price for the bonds was set at RMB 10.17 per share, with provisions for adjustments based on various corporate actions [13][15]. Group 2: Recent Developments and Transactions - The company is actively pursuing the acquisition of 100% equity in Guizhou Shale Gas Exploration and Development Co., Ltd. through share issuance, involving specific investors for fundraising [40][41]. - Due to ongoing asset audits and evaluations, the company anticipates delays in notifying shareholders for a meeting regarding the transaction, which is expected to extend beyond the six-month regulatory timeframe [39][42]. - The company has undergone a board member change, with the appointment of a new director, which is considered a routine governance adjustment and is not expected to adversely affect operations [34][35].

Core Viewpoint - Guizhou Gas Group Co., Ltd. has issued convertible bonds totaling RMB 100 million, with a structured plan for interest payments and conversion terms, aimed at enhancing its capital structure and providing returns to investors [3][4][5]. Summary by Sections Bond Issuance Overview - The convertible bond issuance was approved by the board on June 15, 2020, and subsequently by the shareholders on July 1, 2020 [2]. - The China Securities Regulatory Commission approved the issuance on September 10, 2021, allowing for a total face value of RMB 100 million [3]. Bond Details - The total issuance amount is RMB 100 million, with 1 million units issued at a face value of RMB 100 each [5][6]. - The bond has a term of six years, from December 27, 2021, to December 26, 2027 [7]. - The interest rates are structured to increase over the years, starting at 0.30% in the first year and reaching 2.00% by the sixth year [8]. Conversion Terms - The initial conversion price is set at RMB 10.17 per share, with provisions for adjustments based on corporate actions such as stock dividends and capital increases [15][17]. - The conversion period is from July 1, 2022, to December 26, 2027 [14]. Price Adjustments - The conversion price has been adjusted downwards to RMB 7.22 per share as of May 16, 2022, and further adjustments have been made following subsequent dividend distributions [22][23][24]. - The latest adjustment brings the conversion price to RMB 7.11 per share effective from September 17, 2025 [35]. Redemption and Buyback Provisions - The company has outlined conditions for redemption, including a mandatory redemption at 110% of the face value upon maturity and optional redemption under specific stock price conditions [28]. - Holders have the right to sell back the bonds under certain conditions if the stock price falls below 70% of the conversion price during the last two interest years [30]. Credit Rating - The bonds have received a credit rating of AA from China Chengxin International Credit Rating Co., Ltd., with a stable outlook [33]. Management and Oversight - Hongta Securities Co., Ltd. serves as the trustee for the bonds, ensuring the protection of bondholders' interests and compliance with regulatory requirements [34].

Core Points - Guizhou Gas Group Co., Ltd. announced the implementation of its 2025 semi-annual profit distribution plan, which includes a cash dividend of CNY 0.01423 per share [2][4][11] - The total cash dividend to be distributed amounts to CNY 16,364,629.89, based on a total share capital of 1,150,009,128 shares [4][14] - The profit distribution plan was approved by the board on August 28, 2025, following authorization from the annual shareholders' meeting held on May 26, 2025 [2][3] Distribution Plan - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [3][4] - The distribution will be executed through the clearing system of the China Securities Depository and Clearing Corporation, with shareholders able to receive their dividends at their designated securities firms on the payment date [5][6] Taxation Details - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of CNY 0.01423 per share [8] - For shares held for less than one year, the tax will be calculated upon the transfer of shares, with a tax burden of 20% for holdings of one month or less, and 10% for holdings between one month and one year [8][9] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of CNY 0.01281 per share [9] Convertible Bond Adjustment - The conversion price for the company's convertible bonds ("Gui Ran Convertible Bonds") will be adjusted from CNY 7.12 to CNY 7.11 per share, effective September 17, 2025, due to the cash dividend distribution [15][17] - The adjustment follows the formula for cash dividend distribution, where the new conversion price is calculated by subtracting the cash dividend from the previous conversion price [16][17] - The bonds will be suspended from conversion from September 10 to September 16, 2025, and will resume conversion on September 17, 2025 [18]

Summary of Key Points Core Viewpoint - Guizhou Gas Group Co., Ltd. has announced its 2025 mid-term profit distribution plan, which includes a cash dividend distribution to shareholders based on the company's total share capital as of the equity distribution registration date. Group 1: Equity Distribution Plan - The company will distribute a total cash dividend of 16,359,818.92 yuan (including tax), which accounts for 17.25% of the net profit attributable to shareholders for the first half of 2025 [3][4] - The cash dividend per share is calculated to be 0.01423 yuan (including tax), based on a total share capital of 1,150,008,568 shares as of July 31, 2025 [3][4] - The company will not increase capital from the capital reserve nor issue bonus shares as part of this distribution [3] Group 2: Convertible Bonds and Trading Suspension - The "Gui Ran Convertible Bonds" will suspend conversion from September 10, 2025, until the equity distribution registration date, after which conversion will resume [2][4] - Holders of the convertible bonds wishing to benefit from the equity distribution must convert their bonds before September 9, 2025 [4] Group 3: Disclosure and Contact Information - The company will disclose the implementation announcement of the mid-term equity distribution and the adjustment of the convertible bond conversion price on September 11, 2025 [4] - Contact information for the board office is provided for further inquiries [4]

Core Viewpoint - Guizhou Gas Group Co., Ltd. announced a temporary suspension of the conversion of its convertible bonds "Gui Ran Convertible Bonds" during the implementation of its 2025 mid-term profit distribution plan, which includes a cash dividend distribution of 16,359,818.92 yuan, accounting for 17.25% of the net profit attributable to shareholders for the first half of 2025 [1][2][3]. Summary of Key Points 1. Equity Distribution Plan - The company will distribute a total cash dividend of 16,359,818.92 yuan (including tax) to all shareholders, with a per-share cash dividend of 0.01423 yuan based on a total share capital of 1,150,008,568 shares as of July 31, 2025 [1]. - The cash dividend represents 17.25% of the net profit attributable to the parent company's shareholders for the first half of 2025 [1]. 2. Suspension of Conversion - The conversion of "Gui Ran Convertible Bonds" will be suspended from September 10, 2025, until the equity distribution registration date, with resumption on the first trading day after the registration date [2][3]. - Holders of the convertible bonds wishing to enjoy the equity distribution must convert their bonds before September 9, 2025 [3]. 3. Disclosure and Contact Information - The company will disclose further details regarding the equity distribution plan on September 11, 2025, through the Shanghai Stock Exchange and other legal information disclosure media [2]. - For inquiries, the company can be contacted via the board office at 0851-86771204 or via email at gzrq@gzgas.com.cn [3].

Summary of Key Points Group 1: Convertible Bond Issuance Overview - The company issued 10 million convertible bonds with a face value of 100 RMB each, totaling 1 billion RMB, approved by the China Securities Regulatory Commission on December 27, 2021 [1] - The bonds were listed on the Shanghai Stock Exchange on January 18, 2022, under the name "贵燃转债" and code "110084" [1] Group 2: Conversion Price Adjustments - The initial conversion price was set at 10.17 RMB per share, which was later adjusted down to 7.12 RMB per share as of the latest update [2] - The conversion price has undergone several adjustments since its initial setting, with the most recent adjustment occurring on June 16, 2025, lowering it to 7.12 RMB per share [3] Group 3: Conversion and Redemption Status - As of June 30, 2025, the total amount converted from the bonds was 84,896,000 RMB, representing 8.4896% of the total issuance, resulting in 11,823,401 shares, which is 1.0388% of the company's total shares before conversion [4] - There were 30 bonds redeemed under the additional redemption clause, totaling 3,000 RMB, with the redemption funds disbursed on May 31, 2023 [4] Group 4: Share Capital Changes - The total share capital increased from 1,150,008,288 shares to 1,150,008,428 shares due to the conversion of bonds, with only 140 shares being added [5]

Core Viewpoint - Guizhou Gas Group Co., Ltd. has successfully issued convertible bonds totaling RMB 1 billion, with the funds primarily allocated for natural gas infrastructure projects, reflecting the company's strategic focus on expanding its operations in the clean energy sector [3][14][22]. Section 1: Bond Issuance Details - The convertible bond issuance was approved by the board on June 15, 2020, and received regulatory approval from the China Securities Regulatory Commission on September 10, 2021 [2][3]. - The total amount raised from the bond issuance is RMB 1 billion, with a net amount of RMB 992.42 million after deducting underwriting fees [3][22]. - The bonds have a maturity period of six years, from December 27, 2021, to December 26, 2027, with an annual interest rate of 0.30% for the first year [4][3]. Section 2: Financial Performance - In 2024, Guizhou Gas reported a revenue of RMB 6.68 billion, a year-on-year increase of 9.55%, while net profit decreased by 19.94% to RMB 630 million [20][21]. - The company’s total assets reached RMB 11.38 billion, reflecting a growth of 5.66% compared to the previous year [20][21]. - The company holds a dominant position in the natural gas market in Guizhou, with a significant share of the pipeline gas distribution rights across major cities [19][20]. Section 3: Use of Proceeds - The proceeds from the bond issuance are earmarked for key projects, including the construction of natural gas infrastructure in Guizhou, with a total investment requirement of RMB 1.88 billion [14][22]. - The company has established five natural gas pipelines and has secured gas distribution rights in 37 specific areas within Guizhou [19][20]. - The funds will also be used to cover any funding gaps for the projects, with the company prepared to utilize its own funds if necessary [14][22]. Section 4: Credit Rating - Guizhou Gas has received a credit rating of AA from China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for the company and its bonds [15].

Core Viewpoint - The report outlines the issuance and management of the convertible bonds by Guizhou Gas Group Co., Ltd., detailing the approval process, issuance specifics, and subsequent adjustments to the bond's terms, including interest rates and conversion prices [4][5][6]. Group 1: Bond Issuance Overview - The total amount of the convertible bonds issued is RMB 100 million, with the net proceeds after fees amounting to RMB 99.24 million [5]. - The bonds were approved by the China Securities Regulatory Commission on September 10, 2021, and listed on the Shanghai Stock Exchange on January 18, 2022 [5][6]. - The bonds have a maturity period of six years, from December 27, 2021, to December 26, 2027 [8]. Group 2: Bond Terms and Conditions - The bonds have a tiered interest rate structure, starting at 0.30% in the first year and increasing to 2.00% by the sixth year [9]. - Interest payments are made annually, with the principal and final interest due at maturity [10]. - The initial conversion price is set at RMB 10.17 per share, subject to adjustments based on corporate actions [15][22]. Group 3: Conversion Price Adjustments - The conversion price was adjusted downwards from RMB 10.17 to RMB 7.22 on May 16, 2022, following a review of stock performance [22]. - Subsequent adjustments were made, with the conversion price further reduced to RMB 7.18 after a cash dividend distribution on May 30, 2022 [24]. - The latest adjustment set the conversion price at RMB 7.12, effective from June 16, 2025, following the 2024 annual profit distribution [35][36]. Group 4: Redemption and Buyback Provisions - The company has the right to redeem the bonds at 110% of the face value within five trading days after maturity if they remain unconverted [27]. - Conditional redemption can occur if the stock price exceeds 130% of the conversion price for a specified period or if the unconverted balance falls below RMB 30 million [28][29]. Group 5: Profit Distribution and Impact - The company plans to distribute cash dividends based on the total share capital, with adjustments made to the bond's conversion price as necessary [34]. - The profit distribution process complies with legal and regulatory requirements, ensuring no adverse impact on the company's operations or debt repayment capabilities [37].

Core Viewpoint - Guizhou Gas Group Co., Ltd. has adjusted its profit distribution plan for 2024, increasing the cash dividend per share from 0.021 yuan to 0.02106 yuan due to changes in total share capital resulting from the conversion of convertible bonds [2][4]. Group 1 - The total cash dividend amount remains unchanged at 24,215,605.74 yuan (including tax), with the adjustment in per-share distribution reflecting the increase in total shares from 1,150,008,008 to 1,150,008,428 shares [3][4]. - The adjustment in the per-share cash dividend is calculated as follows: adjusted cash dividend per share = total cash dividend / total share capital on the record date = 24,215,605.74 / 1,150,008,428 ≈ 0.02106 yuan (including tax) [4][5]. - The actual total cash dividend after adjustment is 24,219,177.49 yuan (including tax), with the difference attributed to rounding adjustments in the per-share cash dividend [5].

Core Viewpoint - The report outlines the equity changes of Guizhou Gas Group Co., Ltd., indicating a reduction in shareholding by the information disclosure obligor, Guiyang Industrial Investment Co., Ltd., due to both passive dilution from convertible bonds and active share reduction through trading [1][2][3]. Group 1: Equity Change Details - The information disclosure obligor's shareholding in Guizhou Gas decreased from 20.25% to 20.00%, a reduction of 2,776,160 shares, due to the conversion of "Guizhou Gas Convertible Bonds" and active trading [7][8][9]. - The reduction in shareholding occurred between August 1, 2023, and May 19, 2025, with the shareholding ratio reaching a multiple of 5% [8][9]. - The obligor plans to continue reducing its shareholding in the next 12 months, with no intention to increase its stake [8][11]. Group 2: Information Disclosure Obligor Overview - Guiyang Industrial Investment Co., Ltd. has a registered capital of 1,000,000 million yuan and is primarily engaged in investment activities [5]. - The major shareholders of the obligor include Guiyang Industrial Development Holding Group Co., Ltd. (79% ownership) and Guiyang Foreign Trade Development Group Co., Ltd. (13% ownership) [5][6]. - The obligor has not faced any administrative or criminal penalties in the last five years [6][7]. Group 3: Regulatory Compliance - The report complies with the relevant laws and regulations, including the Securities Law of the People's Republic of China and the Measures for the Administration of Acquisitions of Listed Companies [2][3]. - The obligor has committed to the accuracy and completeness of the report, taking legal responsibility for any misrepresentation [2][3].