Core Viewpoint - Water Development Gas (603318.SH) has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, indicating compliance with issuance, listing, and information disclosure requirements [1] Group 1 - The company announced that it received the review opinion from the Shanghai Stock Exchange on November 14, 2025 [1] - The approval confirms that the company's application meets the necessary conditions for issuance and listing [1] - The decision reflects the company's adherence to information disclosure requirements [1]

Core Viewpoint - The company has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final registration from the China Securities Regulatory Commission [1] Group 1: Company Actions - The company announced that it received the Shanghai Stock Exchange's review opinion on November 14, 2025, regarding its application to issue shares to specific investors [1] - The issuance of shares is subject to the approval of the China Securities Regulatory Commission, which introduces uncertainty regarding the timing and outcome of the registration [1] Group 2: Regulatory Process - The Shanghai Stock Exchange believes that the company's application meets the conditions for issuance, listing, and information disclosure requirements [1] - The company will fulfill its information disclosure obligations based on the progress of the application [1]

Core Viewpoint - The company has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission [1] Group 1 - The Shanghai Stock Exchange issued an opinion on November 14, 2025, stating that the company's application for a specific share issuance meets the necessary issuance and listing conditions, as well as information disclosure requirements [1] - The company’s application will be submitted to the China Securities Regulatory Commission for registration after the exchange receives the application documents [1] - The final decision and timing regarding the approval from the China Securities Regulatory Commission remain uncertain [1]

Core Viewpoint - Water Development Gas has shown a positive stock performance with a year-to-date increase of 7.12%, indicating a potential investment opportunity in the gas utility sector [2]. Group 1: Stock Performance - As of November 14, Water Development Gas's stock price increased by 2.00%, reaching 7.64 CNY per share, with a trading volume of 64.28 million CNY and a turnover rate of 2.20% [1]. - The stock has experienced a 3.38% increase over the last five trading days, an 11.37% increase over the last 20 days, and a 13.86% increase over the last 60 days [2]. Group 2: Company Overview - Water Development Gas, established on December 4, 2002, and listed on April 24, 2015, is located in Jinan, Shandong Province, and specializes in the production and installation of gas system engineering equipment [2]. - The company's revenue composition includes gas operations (54.84%), LNG business (30.28%), gas equipment (8.84%), distributed energy services (5.75%), and other (0.30%) [2]. Group 3: Financial Performance - For the period from January to September 2025, Water Development Gas reported a revenue of 1.807 billion CNY, a year-on-year decrease of 3.67%, and a net profit attributable to shareholders of -45.469 million CNY, reflecting a year-on-year decline of 171.15% [2]. - Cumulative cash dividends since the company's A-share listing amount to 131 million CNY, with 72.0741 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Water Development Gas was 27,700, a decrease of 3.10% from the previous period, with an average of 13,824 circulating shares per shareholder, an increase of 3.20% [2]. - Among the top ten circulating shareholders, Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685) is the eighth largest, holding 2.1311 million shares as a new shareholder [3].

Core Viewpoint - Water Development Gas has shown a positive stock performance with a year-to-date increase of 6.84%, indicating a strong market interest in the company despite a decline in revenue and net profit [2]. Group 1: Stock Performance - As of November 12, Water Development Gas's stock price increased by 2.01%, reaching 7.62 CNY per share, with a trading volume of 34.83 million CNY and a turnover rate of 1.20% [1]. - The stock has experienced a 4.53% increase over the last five trading days, an 11.89% increase over the last 20 days, and an 8.86% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Water Development Gas reported a revenue of 1.807 billion CNY, reflecting a year-on-year decrease of 3.67%, and a net profit attributable to shareholders of -45.47 million CNY, a significant decline of 171.15% [2]. - Cumulative cash dividends since the company's A-share listing amount to 131 million CNY, with 72.07 million CNY distributed over the past three years [3]. Group 3: Business Overview - Water Development Gas, established on December 4, 2002, and listed on April 24, 2015, is primarily engaged in the production and installation of gas and gas system engineering equipment [2]. - The company's revenue composition includes gas operations (54.84%), LNG business (30.28%), gas equipment (8.84%), distributed energy services (5.75%), and other services (0.30%) [2]. - The company is categorized under the public utility sector, specifically in gas-related industries, and is associated with concepts such as natural gas, small-cap stocks, hydrogen energy, the Belt and Road Initiative, and state-owned enterprise reform [2]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Water Development Gas was 27,700, a decrease of 3.10% from the previous period, with an average of 13,824 circulating shares per shareholder, an increase of 3.20% [2]. - Among the top ten circulating shareholders, Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685) is the eighth largest, holding 2.1311 million shares as a new shareholder [3].

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific stock issuance, and it has responded to the inquiries raised [1][2]. Group 1: Stock Issuance Application - The company received an inquiry letter from the Shanghai Stock Exchange on October 14, 2025, regarding its application for a specific stock issuance [1]. - The company, along with relevant intermediaries, has carefully studied and responded to the issues listed in the inquiry letter [1]. - The stock issuance is subject to approval by the Shanghai Stock Exchange and the China Securities Regulatory Commission, indicating uncertainty regarding the final approval [2]. Group 2: Q3 Performance Briefing - The company plans to hold a Q3 performance briefing on November 13, 2025, from 15:00 to 16:00 [5][6]. - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [6]. - Investors can submit questions for the briefing from November 6 to November 12, 2025, and the company will address commonly asked questions during the session [7].

Core Viewpoint - Water Development Gas (603318.SH) addressed concerns regarding potential competition in its recent filing for a specific stock issuance, clarifying that its core business includes gas operation, LNG, gas equipment, and distributed energy services [1] Group 1: Competition Issues - The company identified potential competition from seven gas operation enterprises and two distributed energy companies controlled by its major shareholder, Water Development Group [1] - However, these competing enterprises operate in different regions and do not overlap with Water Development Gas's operations, thus mitigating significant competitive risks [1] Group 2: Management and Integration Commitments - Water Development Group has committed to continuously entrust the management of related gas enterprises to the listed company and plans to inject qualified gas assets when conditions are met, with a consolidation period starting from December 2024 over 60 months [1] - The company has already injected the Caoxian Water Development Qihang Gas into the listed entity and is in the process of integrating other assets, with low risk of further delays in commitments [2]

上海市锦天城律师事务所 关于水发派思燃气股份有限公司 2023年度向特定对象发行股票的 补充法律意见书（一） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 补充法律意见书（一） 上海市锦天城律师事务所 致：水发派思燃气股份有限公司 上海市锦天城律师事务所接受水发派思燃气股份有限公司（以下简称"发 行人"或"水发燃气"、"公司"、"上市公司"）的委托，并根据发行人与 本所签订的《聘请律师合同》，作为发行人本次发行的专项法律顾问，根据《证 券法》《公司法》《注册管理办法》和《公司章程》等有关法律、法规和规范 性文件的规定，已出具《上海市锦天城律师事务所关于水发派思燃气股份有限 公司 2023 年度向特定对象发行股票的律师工作报告》、《上海市锦天城律师事 务所关于水发派思燃气股份有限公司 2023 年度向特定对象发行股票的法律意 见书》。 鉴于发行人收到上海证券交易所于 2025 年 10 月 14 日印发的《关于水发派 思燃气股份有限公司向特定对象发行股票申请文件的审核问询函》（ ...

证券代码：603318 证券简称：水发燃气 公告编号：2025-057 水发派思燃气股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 13 日（星期四）15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 06 日（星期四）至 11 月 12 日（星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或通过公司邮箱 dmbgs@energas.cn 进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 水发派思燃气股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资 者更全面深入地了解公司 2025 年第三季度经营成果、财务状况， 公司计划于 2025 年 11 月 1 ...

股票简称：水发燃气 证券代码：603318 关于水发派思燃气股份有限公司 向特定对象发行股票申请文件的审核问 询函的回复报告 保荐人（主承销商） （济南市市中区经七路 86 号） 二○二五年十一月 上海证券交易所： 根据贵所于 2025 年 10 月 14 日出具的《关于水发派思燃气股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕299 号）（以下简称"审核问询函"），水发派思燃气股份有限公司（以下简称"水 发燃气""发行人"或"公司"）与中泰证券股份有限公司（以下简称"保荐机 构""保荐人"）、致同会计师事务所（特殊普通合伙）（以下简称"申报会计 师"）、上海市锦天城律师事务所（以下简称"发行人律师"）对审核问询函所 涉及的问题认真进行了逐项核查和落实，现回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称或名词释义与《水发派思燃 气股份有限公司 2023 年度向特定对象发行股票募集说明书》（以下简称"募集 说明书"）中一致。 本审核问询函回复中的字体代表以下含义： | 字体 | 释义 | | --- | --- | | 黑体加粗 | 审核问询函中的问题 | ...