Financial Performance - The company's operating revenue for the third quarter was CNY 1,209,345,862.56, a decrease of 10.61% compared to the same period last year[3] - The total profit for the quarter was a loss of CNY 19,204,425.27, down 31.01% year-on-year[3] - The net profit attributable to shareholders was a loss of CNY 50,710,776.54, representing a decline of 27.44% compared to the previous year[3] - The basic and diluted earnings per share for the quarter were both CNY -0.04, a decrease of 38.67% compared to the same period last year[3] - Net profit for the first three quarters of 2025 was ¥110,252,828.81, down from ¥182,870,570.84 in 2024, reflecting a decrease of approximately 39.6%[24] - The company's operating profit for the first three quarters of 2025 was ¥149,874,266.63, compared to ¥240,831,691.77 in 2024, showing a decline of around 37.8%[24] - Basic earnings per share for the first three quarters of 2025 were ¥0.04, down from ¥0.11 in the same period of 2024[25] Cash Flow - The net cash flow from operating activities was a negative CNY 19,752,424.56, a significant decrease of 85.71% year-on-year[3] - Operating cash inflow for the first three quarters of 2025 reached CNY 5,637,962,742.77, a 2.07% increase from CNY 5,523,667,976.50 in the same period of 2024[27] - Net cash flow from operating activities was CNY 544,720,698.35, up 39.4% compared to CNY 390,334,018.77 in the first three quarters of 2024[27] - Cash outflow for purchasing goods and services was CNY 4,225,568,415.39, slightly down from CNY 4,284,022,502.40 in the previous year[27] - Investment cash outflow totaled CNY 551,315,468.02, compared to CNY 377,250,378.38 in the same period of 2024[28] - Net cash flow from financing activities was CNY 15,762,709.70, a significant improvement from a net outflow of CNY 142,646,710.28 in the first three quarters of 2024[28] - The total cash and cash equivalents at the end of the period stood at CNY 462,781,151.61, compared to CNY 588,092,332.71 at the end of the same period in 2024[28] - The company received CNY 1,891,504,967.17 in cash from borrowings, an increase from CNY 1,667,013,214.04 in the previous year[28] - Cash received from investment income was CNY 1,357,784.24, down from CNY 12,705,293.57 in the first three quarters of 2024[27] - Cash received from other operating activities increased to CNY 63,893,534.78 from CNY 32,370,851.91 in the previous year[27] Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,468,473,931.40, an increase of 0.75% from the end of the previous year[5] - The total assets of the company amounted to ¥11,468,473,931.40, an increase from ¥11,383,019,183.42 in the previous period[21] - Total liabilities increased to ¥7,332,107,781.27 from ¥7,309,076,897.67, indicating a rise of approximately 0.31%[21] - The company's total equity rose to ¥4,136,366,150.13, compared to ¥4,073,942,285.75 in the previous year, marking an increase of about 1.53%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,580[12] - Guizhou Wujang Energy Investment Co., Ltd. holds 29.69% of shares, while Guiyang Industrial Investment Co., Ltd. holds 19.34%[12] Research and Development - Research and development expenses for the quarter increased by 95.22% compared to the previous period[10] - Research and development expenses for the first three quarters of 2025 were ¥11,280,578.10, significantly higher than ¥5,778,308.61 in 2024, representing an increase of approximately 95%[24] Government Subsidies - The company received government subsidies amounting to CNY 4,834,798.00, which are considered regular operating income[7] Inventory and Receivables - Accounts receivable decreased to ¥859,608,563.95 from ¥1,045,948,126.58, a decline of about 17.8%[19] - Inventory increased to ¥513,494,498.31 from ¥379,388,174.13, reflecting a growth of approximately 35.3%[19] Corporate Actions - The company established a wholly-owned subsidiary with a registered capital of ¥5 million, completed registration on January 3, 2025[15] - The company successfully acquired a 5% stake in Liupanshui Gas Co., increasing its ownership to 56% for ¥6,918,536[16] - The company has outstanding capital contributions of ¥4,700,000 for the subsidiary Sichuan Lunan Energy Co., Ltd. as of the report date[15] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[29]

| | 证券简称：贵州燃气 公告编号：2025-090 债券简称：贵燃转债 | | --- | --- | | 证券代码：600903 债券代码：110084 | | 贵州燃气集团股份有限公司 关于筹划发行股份购买资产并募集配套资金暨关联 交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要提示： 贵州燃气集团股份有限公司（以下简称"贵州燃气"或"公司"）于 2025 年 4 月 9 日披露的《贵州燃气集团股份有限公司发行股份购买资产并募集配套资 金暨关联交易预案》（以下简称"本次交易预案"）及其摘要中已对本次交易涉及 的有关风险因素及尚需履行的审批程序进行了详细说明，公司将根据相关事项的 进展情况，及时履行信息披露义务，提请广大投资者关注后续进展公告并注意投 资风险。 截至本公告披露日，除本次交易预案披露的风险因素外，公司尚未发现 可能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案作出 实质性变更的相关事项。本次交易相关工作正在有序推进中，公司将根据相关事 项的进展情况，及时履行信息披露义 ...

Core Insights - Guizhou Gas reported a third-quarter revenue of 1.209 billion yuan, a year-on-year decrease of 10.61% [1] - The company experienced a net loss of 50.71 million yuan in the third quarter, representing a year-on-year decline of 27.44% [1] - For the first three quarters, the total revenue was 4.878 billion yuan, showing a slight year-on-year growth of 0.45% [1] - The net profit for the first three quarters was 44.11 million yuan, which is a significant year-on-year decline of 64.29% [1]

Core Viewpoint - As of October 24, a total of 94 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Notable Financing Inflows - The stock with the longest consecutive net inflow is Maixinlin, which has seen net buying for 12 consecutive trading days [1] - Other stocks with significant consecutive net inflows include Hangyang Co., Guizhou Gas, Anbang Guard, Xusheng Group, Jifeng Co., Dazhong CNC, Shanghai Airport, and CITIC Bo [1]

Core Points - Guizhou Gas Group Co., Ltd. announced a change in the equity stake of a major shareholder, Guizhou Industrial Investment Co., Ltd., which reduced its shareholding from 19.89% to 19.00% through the sale of 10,199,207 shares between August 20, 2025, and October 24, 2025 [3][4]. Group 1 - The equity change was part of a previously disclosed share reduction plan and does not trigger a mandatory takeover bid [4]. - The change in equity will not affect the company's controlling shareholder or actual controller, nor will it have a significant impact on the company's governance structure or ongoing operations [4]. - The shareholder's reduction plan is not yet fully executed, and the company will continue to monitor the situation and fulfill its disclosure obligations as required by law [4].

| 证券代码：600903 | 证券简称：贵州燃气 公告编号：2025-088 | | --- | --- | | 债券代码：110084 | 债券简称：贵燃转债 | 贵州燃气集团股份有限公司关于持股 5%以上股东权 益变动触及 1%刻度的提示性公告 二、 权益变动触及 1%刻度的基本情况 信息披露义务人保证向本公司提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。本公司董事会及全体董事保证公告内容与信息披露义务人提供 的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 19.89% | | | | 权益变动后合计比例 | 19.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人基本信息 （一）身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | 信息披露义务人身份 | 其他 5%以上大股东 | | ...

Core Points - The announcement details a change in equity ownership by a major shareholder, Beijing Dongjia Investment Co., Ltd., which reduced its stake in Guizhou Gas Group from 18.76% to 18.00% by selling 8,822,000 shares [3][4] - The company plans to establish a wholly-owned subsidiary, Guizhou Gas Group Guiyang Gas Co., Ltd., with a registered capital of RMB 300 million, and will transfer assets worth RMB 2.786 billion and liabilities of RMB 1.943 billion to this new entity [7][22] - The asset transfer is part of a strategy to streamline management responsibilities and improve service quality in the Guiyang area, without significantly impacting the company's financial status [9][15] Group 1: Shareholder Equity Change - Beijing Dongjia Investment Co., Ltd. reduced its shareholding by 8,822,000 shares through both centralized bidding and block trading [3][4] - The reduction in shareholding was part of a disclosed plan and does not trigger a mandatory tender offer [4] Group 2: Establishment of Wholly-Owned Subsidiary - The new subsidiary, Guizhou Gas Group Guiyang Gas Co., Ltd., will focus on gas operations in accordance with the Guiyang urban pipeline gas franchise agreement [9][22] - The asset transfer includes a total of RMB 2.786 billion in assets and RMB 1.943 billion in liabilities, resulting in a net asset value of RMB 843 million [10][22] - The establishment and asset transfer have been approved by the company's board and do not require shareholder approval [14][22] Group 3: Impact and Strategic Rationale - The asset transfer is expected to enhance operational efficiency and market competitiveness without affecting the consolidated financial statements [15] - The move aligns with the company's long-term strategic development goals and is intended to optimize resource allocation [15]

Group 1 - The company plans to establish a wholly-owned subsidiary named Guizhou Gas Group Guiyang Gas Co., Ltd. with a registered capital of 300 million yuan [1] - The company intends to transfer total assets of 2.786 billion yuan and total liabilities of 1.943 billion yuan to the new subsidiary, resulting in a net asset value of 843 million yuan [1] - The transfer aims to streamline management responsibilities and improve service quality for gas users in Guiyang, while also optimizing pricing and cost management [1] Group 2 - The establishment and transfer have been approved by the company's board of directors and do not require shareholder approval [2] - The transfer will not significantly impact the company's financial status or operational results, as it is within the consolidated financial statements [2] - This initiative aligns with the company's strategic development plan and is expected to enhance operational efficiency and market competitiveness [2]

Core Viewpoint - Guizhou Gas Group Co., Ltd. has approved the establishment of a wholly-owned subsidiary, Guizhou Gas Group Guiyang Gas Co., Ltd., and the transfer of assets totaling 2.786 billion yuan, with liabilities of 1.943 billion yuan, resulting in a net asset value of 843 million yuan [3][10][12]. Meeting Details - The fourth board meeting of Guizhou Gas was held on October 20, 2025, with all nine directors present, confirming the legality and validity of the meeting [2][4]. Approval of Proposals - The board approved the establishment of the new subsidiary with an investment of 300 million yuan and the asset transfer, which includes a total asset transfer of 2.786 billion yuan and a total liability of 1.943 billion yuan, effective from June 30, 2025 [3][10][12]. - The board also authorized the management to handle all related procedures for the establishment and asset transfer [5][6]. Company Establishment Details - The new subsidiary will be named Guizhou Gas Group Guiyang Gas Co., Ltd., with a registered capital of 300 million yuan, and will operate within the framework of the Guiyang Urban Pipeline Gas Franchise Agreement [11][12]. Asset Transfer Specifics - The asset transfer will include a total of 2.786 billion yuan in assets and 1.943 billion yuan in liabilities, with adjustments made based on changes occurring between the transfer base date and the actual transfer date [10][13]. - The transfer will not affect the consolidated financial statements of Guizhou Gas, and it does not constitute a major asset restructuring or related party transaction [10][18]. Impact on Company - The asset transfer is expected to enhance operational efficiency, optimize governance, and improve market competitiveness, aligning with the company's long-term strategic goals [18].

Shareholder Reductions - Baolingbao's shareholder, Paofu Tong, plans to reduce holdings by no more than 3% [1] - Nanjing Julong's shareholder, Suhao Fashion, intends to reduce holdings by 2.94% [1] - Shen Shen Fang A's controlling shareholder plans to reduce holdings by no more than 1% [1] - Blue Arrow Electronics' shareholders, Yin Shengyu and Bilin Innovation, plan to collectively reduce holdings by no more than 3% [1] - Zhejiang Mining's shareholders, Chen Lianfang and Chen Ligang, intend to collectively reduce holdings by no more than 2.9999% [1] - Guangwei Composite's directors and senior management plan to collectively reduce holdings by no more than 450,000 shares [1] - Shannon Chip's New Energy Fund intends to reduce holdings by no more than 1% [1] - Xiyu Tourism's shareholder, Kunlun Investment, plans to reduce holdings by no more than 3% [1] - Mengtian Home's shareholder, Mengyue Investment, intends to reduce holdings by no more than 0.77% [1] - Liaoning Energy's Liaoning Jiaotou plans to reduce holdings by no more than 1% [1] - Jiazhe New Energy's shareholder, GLP, intends to reduce holdings by no more than 3% [1] - Guizhou Gas's Beijing Dongjia plans to reduce holdings by 8.822 million shares [1] - Huali Shares' shareholder, Xie Shaozhuang, plans to reduce holdings by 1.07% [1] Financial Performance - Hubei Broadcasting reported a net loss of 388 million yuan for the first three quarters [1] - Shanshui Technology's actual controller and chairman, Huang Guorong, has been subjected to criminal coercive measures [1]