| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2026-023 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 关于提前赎回"首华转债"的第七次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、"首华转债"赎回价格：100.616 元/张（含当期应计利息，当期年利率为 1.80%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中国结算"）核准的价格为准。 11、本次赎回完成后，"首华转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"首华转债"如存在被质押或被冻结的，建议在 停止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 12、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"首华转债"转换为股票，特提请投资者关注不 能转股的风险。 2、赎回条件满足日：2026 年 2 月 4 日 3、停止交易日：2026 ...

Core Viewpoint - Shouhua Gas announced the full redemption of its convertible bonds at a price of 100.616 yuan per bond, including tax, scheduled for March 6, 2026 [1] Summary by Relevant Sections - **Redemption Announcement** - The company will redeem all "Shouhua Convertible Bonds" on March 6, 2026, at a price of 100.616 yuan per bond [1] - The redemption registration date is set for March 5, 2026 [1] - **Trading and Conversion Suspension** - Trading of the bonds will cease on March 3, 2026, and conversion will stop on March 6, 2026 [1] - Investors who do not convert their bonds within the specified period will be subject to forced redemption and must have access to the ChiNext trading platform [1]

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2026-022 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 关于提前赎回"首华转债"的第六次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、"首华转债"赎回价格：100.616 元/张（含当期应计利息，当期年利率为 1.80%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中国结算"）核准的价格为准。 11、本次赎回完成后，"首华转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"首华转债"如存在被质押或被冻结的，建议在 停止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 12、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"首华转债"转换为股票，特提请投资者关注不 能转股的风险。 2、赎回条件满足日：2026 年 2 月 4 日 3、停止交易日：2026 ...

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2026-021 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 关于提前赎回"首华转债"的第五次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、"首华转债"赎回价格：100.616 元/张（含当期应计利息，当期年利率为 1.80%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中国结算"）核准的价格为准。 11、本次赎回完成后，"首华转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"首华转债"如存在被质押或被冻结的，建议在 停止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 12、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"首华转债"转换为股票，特提请投资者关注不 能转股的风险。 2、赎回条件满足日：2026 年 2 月 4 日 3、停止交易日：2026 ...

Summary of Shouhua Gas Conference Call Company Overview - **Company**: Shouhua Gas - **Industry**: Natural Gas Production Key Points Financial Performance - Shouhua Gas's 2025 performance exceeded expectations, with Q4 earnings reaching between 150 to 200 million yuan, including approximately 90 million yuan in subsidies, resulting in operational earnings exceeding 100 million yuan after tax and equity incentive deductions [2][4] - The company holds a 67.5% stake in Zhonghai Wobang, contributing approximately 90 million yuan to its actual earnings after tax [4] Production and Growth Projections - Production is expected to double in 2025 to 910 million cubic meters, with forecasts of exceeding 1.2 billion cubic meters in 2026 and reaching 1.5 billion cubic meters by 2027 [2][5][6] - Current daily production exceeds 3.2 million cubic meters, indicating a near capacity of 1.2 billion cubic meters per year [6] Cost Management - Significant cost reductions have been achieved through technological advancements and economies of scale, with drilling costs decreasing from 60 million yuan to less than 30 million yuan [2][6] - The stable sales price, anchored to PetroChina, mitigates concerns over global gas price fluctuations [2][6] Profit Growth Expectations - Profit projections indicate over 400 million yuan in 2026, 700 to 800 million yuan in 2027, and reaching 1 billion yuan by 2028, with growth potential extending beyond 2030 [2][7] - Based on the 2027 profit estimate of 800 million yuan, a valuation of 15 times the earnings suggests a market capitalization potential of 12 billion yuan, indicating more than double the current market value [2][7] Market Reactions and Investment Opportunities - The early redemption of convertible bonds may lead to a short-term price correction, as some investors may need to sell bonds and convert to stocks, potentially causing a temporary dip in stock prices [3] - However, this short-term pressure is expected to be temporary, with long-term stock prices driven by fundamental performance [3] Strategic Recommendations - Investors are advised to view any short-term price corrections due to early bond redemption as a buying opportunity, focusing on the long-term improvements in the company's fundamentals [2][7]

Group 1 - The company Shouhua Gas announced the early redemption of its convertible bonds at a price of 100.616 yuan per bond, including tax [2] - The redemption registration date is set for March 5, 2026, with the actual redemption occurring on March 6, 2026 [2] - The conditional redemption clause was triggered as the closing price was not lower than 130% of the conversion price of 12.15 yuan per share for at least 15 out of 30 consecutive trading days, reaching 15.795 yuan per share [2]

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2026-018 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 首华燃气科技（上海）股份有限公司 特别提示： 关于提前赎回"首华转债"的第四次提示性公告 1、"首华转债"赎回价格：100.616 元/张（含当期应计利息，当期年利率为 1.80%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中国结算"）核准的价格为准。 11、本次赎回完成后，"首华转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"首华转债"如存在被质押或被冻结的，建议在 停止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 12、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"首华转债"转换为股票，特提请投资者关注不 能转股的风险。 2、赎回条件满足日：2026 年 2 月 4 日 3、停止交易日：2026 ...

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2026-019 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 关于控股股东及其一致行动人 因可转债转股持股比例被动稀释触及1%整数倍的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动主要系首华燃气科技（上海）股份有限公司（以下简称"公司"） 可转换公司债券（以下简称"可转债"）转股导致总股本增加，公司控股股东上海 厚得妙景商务咨询有限公司（以下简称"厚得妙景"）及其一致行动人山西汇景企 业管理咨询有限公司（以下简称"山西汇景"）、刘晋礼持股比例被动稀释触及 1% 整数倍，不涉及持股数量发生变化。 2、本次权益变动不涉及股东股份增持或减持，不触及要约收购，不会导致公司 控制权发生变更，不会对公司治理结构及持续经营产生影响。 近日，因公司可转债转股导致总股本增加，公司控股股东厚得妙景及其一致行 动人山西汇景、刘晋礼在持股数量不变的情况下，合计持股比例被动稀释触及 1% 的整 ...

| 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2026-020 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 2、本次权益变动不涉及股东股份增持或减持，不触及要约收购，不会导致公司 控制权发生变更，不会对公司治理结构及持续经营产生影响。 近日，因公司可转债转股导致总股本增加，公司持股 5%以上股东吴海林及其 一致行动人吴君亮、吴汝德在持股数量不变的情况下，合计权益比例被动稀释，持 股比例被动稀释触及 1%的整数倍，现将有关情况公告如下： 一、股东权益比例被动稀释触及 1%整数倍的情况 | 1.基本情况 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息披露义务人 | | 吴海林 | | | | | | | | | 住所 | | | 上海市闵行区莘松路 | 958 | 弄 | | | | | | 权益变动时间 | | 年 2026 | 月 1 26 | 日至 2026 | 年 2 | 月 日 6 | | | | | ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a warming trend in temperatures leading to a decline in gas prices in Europe and the US, while domestic gas prices remain stable [1][9] - It emphasizes the overall supply being relaxed, with domestic gas prices decreasing by 2.0% week-on-week [26] - The report suggests that the pricing mechanism is being rationalized, and demand is expected to increase [1] Price Tracking - As of February 6, 2026, the week-on-week changes in gas prices are as follows: US HH down 31.5%, European TTF down 11%, East Asia JKM down 3.6%, China LNG ex-factory down 2%, and China LNG CIF down 11.6% [9][10] - The report notes that the average gas consumption in Europe for the first ten months of 2025 was 349.5 billion cubic meters, a year-on-year increase of 4.6% [15] Supply and Demand Analysis - The report indicates that the US natural gas market price decreased by 31.5% week-on-week due to a high base, with storage levels at 28,230 billion cubic feet, a year-on-year increase of 9.8% [14] - In Europe, gas supply decreased by 5.2% week-on-week, with a notable drop in gas-fired power generation output by 10.9% week-on-week [15] - Domestic gas consumption for 2025 is projected to increase by 2.3% year-on-year to 433.2 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [26] Pricing Progress - The report states that 68% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [40] - The report anticipates continued pricing adjustments and improvements in profitability for city gas companies [40] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [1] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Co. [1] - The report highlights the importance of energy independence and recommends companies with gas production capabilities, such as Shouhua Gas [1]