蓝焰控股(000968) - 000968蓝焰控股调研活动信息20250717

Group 1: Production and Sales Performance - The growth rate of coalbed methane (CBM) sales has slowed down in recent years, particularly with a slight decline in 2024 due to factors such as mining activities and natural depletion in the Jincheng area [2][3] - The company aims to stabilize and increase production through various measures, including refined production management and new well construction, to achieve the annual production plan [4] - As of now, the company has a cumulative proven geological reserve of 53.191 billion cubic meters, with an additional 5.722 billion cubic meters added in 2024 from the Heshun Hengling block [4] Group 2: Market and Pricing Dynamics - The average gas price increased from 2021 to 2022 but decreased in 2023 and 2024, influenced by international and domestic natural gas market prices and supply-demand conditions [5][6] - The pricing mechanism for CBM sales is market-driven, with adjustments based on natural gas prices and local market conditions [6] Group 3: Regulatory and Subsidy Framework - Recent subsidy policies have shifted from fixed subsidies to performance-based incentives, encouraging exploration and production of CBM [7] - The Ministry of Finance has extended the incremental subsidy policy for clean energy development from 2025 to 2029 [7] Group 4: Cost Management and Efficiency - The unit sales cost of CBM has decreased due to the company's focus on internal management and cost control measures, including optimizing operational processes and improving equipment efficiency [8] - The company plans to continue its cost reduction efforts to support high-quality development [8] Group 5: Seasonal Performance Trends - The company's performance typically peaks in the first and fourth quarters due to higher sales during the heating season, while the second and third quarters experience fluctuations [8] - Government subsidies are primarily disbursed at the beginning and end of the year, significantly impacting the company's performance [8] Group 6: Future Outlook and Dividend Policy - The company intends to maintain a reasonable dividend distribution plan based on industry trends, operational performance, and development needs [9]