关于水发派思燃气股份有限公司 申请向特定对象发行股票的审核问询函中 有关财务会计问题的专项说明 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于水发派思燃气股份有限公司 申请向特定对象发行股票的审核问询函中 有关财务会计问题的专项说明 致同专字（2025）第 210A022120 号 上海证券交易所： 根据贵所于 2025 年 10 月 14 日下发《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》（以下简称"问询函"）的要求，对问询函 所提财务会计问题，致同会计师事务所（特殊普通合伙）（以下简称"我们"）对 水发派思燃气股份有限公司（以下简称"水发燃气"、"发行人"、"公司"）相关资 料进行了核查。 本专项说明中 2025 年 1-6 月及 2025 年度的财务数据未经审计，以下所述的核 查程序不构成审计或审阅。按照问询函的要求，基于公司对问询函相关问题的说 明以及我们 ...

证券代码：603318 证券简称：水发燃气 公告编号：2025-058 水发派思燃气股份有限公司 关于向特定对象发行股票申请文件的 审核问询函回复的提示性公告 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。 水发派思燃气股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日收到上海证券交易所（以下简称"上交所"）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"）。 公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐 项落实，并逐项进行了说明和回复。具体内容详见公司同日披露的《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 函的回复报告》等文件。 公司本次向特定对象发行股票事项尚需经上交所审核通过，并获得 中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的 决定后方可实施，最终能否通过上交所审核并获得中国证监会同意注册 的决定尚存在不确定性。公司将根据进展情况及时履行信息披露 ...

Core Insights - The gas sector experienced a slight increase of 0.44% on November 5, with Shouhua Gas leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Gas Sector Performance - Shouhua Gas (300483) closed at 14.85, with a rise of 4.72% and a trading volume of 279,000 shares, amounting to a transaction value of 413 million yuan [1] - ST Jinwan (000669) and Shuifa Gas (603318) also showed significant gains, with increases of 4.35% and 3.55% respectively [1] - The overall trading volume and transaction values for various gas stocks indicate active market participation [1] Fund Flow Analysis - The gas sector saw a net outflow of 169 million yuan from institutional investors, while retail investors contributed a net inflow of 218 million yuan [2] - Notable stocks like Shouhua Gas and Changchun Gas experienced varying levels of net inflow and outflow from different investor categories [3] - The data indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3]

Core Viewpoint - Water Development Gas was established in December 2002 and listed on the Shanghai Stock Exchange in April 2015, focusing on gas system engineering and equipment with strong technical capabilities [1] Group 1: Business Performance - For Q3 2025, Water Development Gas reported revenue of 1.807 billion yuan, ranking 21st among 31 companies in the industry, with the industry leader, New Hope, generating 95.856 billion yuan [2] - The revenue composition includes gas operation at 654 million yuan (54.84%), LNG business at 360 million yuan (30.28%), gas equipment at 105 million yuan (8.84%), distributed energy services at 68.34 million yuan (5.75%), and others at 3.51 million yuan (0.30%) [2] - The net profit for the same period was -4.648 million yuan, ranking 29th in the industry, with the industry average net profit being 466 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Water Development Gas was 58.26%, higher than the industry average of 46.36% [3] - The gross profit margin for the same period was 14.28%, below the industry average of 16.52% [3] Group 3: Executive Compensation - The chairman, Zhu Xianlei, received a salary of 843,700 yuan in 2024, an increase of 392,600 yuan from 2023 [4] - The general manager, Li Qiming, had a salary of 731,600 yuan in 2024, a decrease of 906,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.10% to 27,700, while the average number of circulating A-shares held per shareholder increased by 3.20% to 13,800 [5]

Group 1 - The core point of the article is that Shui Fa Gas (603318.SH) reported a decline in revenue and a net loss for the first three quarters of 2025 compared to the same period last year [1] Group 2 - For the first three quarters of 2025, the company achieved total operating revenue of 1.807 billion yuan, a year-on-year decrease of 3.67% [1] - The net profit attributable to shareholders of the parent company was -45.469 million yuan, compared to a net profit of 63.9019 million yuan in the same period last year [1] - The basic earnings per share were -0.1 yuan [1]

证券代码：603318 证券简称：水发燃气 公告编号：2025-056 水发派思燃气股份有限公司 关于增加日常关联交易预计的公告 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 整性承担个别及连带责任。 重要内容提示： 本次关联交易原因：根据日常经营实际需要，拟增加公司 全资子公司鄂尔多斯市水发燃气有限公司（以下简称"鄂尔多斯 水发"）与关联方胜利油田胜利环海机械有限责任公司（以下简 称"胜利环海"）日常关联交易金额。 日常关联交易对上市公司的影响：本次预计增加的日常关 联交易有利于鄂尔多斯水发拓展 LNG 销售业务。该关联交易定价 系根据市场价格综合确定，定价公允，不会损害公司及中小股东 的利益。关联方经营风险可控，不会对公司的财务状况、经营成 果造成不利影响，也不会影响公司独立性，不会对关联人形成依 赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1.水发派思燃气股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第五届董事会第九次会议，审议通过《关于增 — 1 — 加日常关联交易预计的议案》，同意增加 ...

证券代码：603318 证券简称：水发燃气 公告编号：2025-055 水发派思燃气股份有限公司 第五届董事会第九次会议决议公告 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 整性承担个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议召开符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 表决结果：9 票同意、0 票弃权、0 票反对。 （二）本次董事会会议通知于 2025 年 10 月 19 日以电子邮 件和直接送达的方式发出。 （三）本次董事会会议于 2025 年 10 月 29 日上午在山东省 济南市历城区经十东路33399号水发大厦10层公司会议室召开。 （四）本次董事会会议应到董事 9 人，亲自出席会议董事 9 人。 （五）本次会议由公司董事长朱先磊先生主持，公司高级管 理人员列席了会议。 二、董事会会议审议情况 本次会议以记名投票表决的方式审议并通过了以下议案。 （一）审议通过了《2025 年第三季度报告的议案》 — 1 — 本议案已经公司董事会审计委员会审议通过，各位委员一致 同意该报告，并同意提交公司董 ...

Financial Performance - The company's operating revenue for the third quarter was ¥617,907,764.96, representing a year-on-year increase of 4.43%[4] - The total profit for the quarter was ¥41,000,623.23, showing a decrease of 3.46% compared to the same period last year[4] - The net profit attributable to shareholders was ¥15,587,964.62, which is an increase of 26.68% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥14,888,326.42, reflecting a significant increase of 94.17%[4] - Total operating revenue for the first three quarters of 2025 was CNY 1,807,280,638.20, a decrease of 3.67% compared to CNY 1,876,122,232.73 in the same period of 2024[20] - The company reported a net profit of -CNY 4,647,808.88 for the first three quarters of 2025, a significant decline from a net profit of CNY 111,391,120.81 in the same period of 2024[21] - The operating profit for the first three quarters of 2025 was CNY 88,724,893.34, down from CNY 161,746,368.38 in 2024, reflecting operational challenges[21] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥4,395,457,030.83, an increase of 4.17% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to RMB 4,395,457,030.83, an increase from RMB 4,219,515,694.00 at the end of 2024[16] - Current assets totaled RMB 1,254,105,538.25, up from RMB 1,143,070,562.94 in the previous year, reflecting a growth of approximately 9.73%[16] - Total non-current assets reached RMB 3,141,351,492.58, compared to RMB 3,076,445,131.06, showing a growth of about 2.1%[17] - The total liabilities increased to CNY 2,560,605,792.13 in 2025 from CNY 2,378,198,372.40 in 2024, indicating a rise in financial obligations[18] - Total current liabilities were RMB 1,590,496,693.17, down from RMB 1,734,981,532.20, indicating a decrease of about 8.3%[17] Shareholder Information - The equity attributable to shareholders decreased by 4.54% to ¥1,420,395,569.16 compared to the end of the previous year[5] - The total equity attributable to shareholders decreased to CNY 1,420,395,569.16 in 2025 from CNY 1,487,920,579.80 in 2024, reflecting a decline in shareholder value[18] - Basic earnings per share for the first three quarters of 2025 were -CNY 0.10, compared to CNY 0.14 in 2024, indicating a negative return for shareholders[22] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥56,796,166.25, down 64.72% compared to the previous year[4] - In the first three quarters of 2025, the net cash flow from operating activities was ¥56,796,166.25, a decrease of 64.7% compared to ¥160,995,237.75 in the same period of 2024[24] - Total cash inflow from operating activities was ¥1,770,888,885.60, down 9.5% from ¥1,956,487,566.97 year-on-year[24] - The net cash flow from investing activities was ¥116,018,844.50, a significant improvement from a negative cash flow of -¥58,303,404.01 in the same period last year[25] - Cash inflow from financing activities totaled ¥2,210,874,258.44, an increase of 80.9% compared to ¥1,223,250,000.00 in 2024[25] Operational Challenges and Strategies - The company experienced a significant decline in net profit for the year-to-date period, down 171.15% to -¥45,469,004.88, primarily due to reduced gas operation revenue and provisions for goodwill impairment[10] - The company reported a total of CNY 52,350,919.29 in non-operating expenses in 2025, compared to CNY 1,530,594.02 in 2024, indicating increased financial strain[21] - Research and development expenses increased to CNY 16,173,963.67 in 2025 from CNY 11,497,667.57 in 2024, highlighting a focus on innovation[20] - The company is actively involved in market expansion and new product development, although specific details were not disclosed in the provided content[15] Shareholder Structure - The company has a major shareholder, Water Development Group Co., Ltd., holding 24.35% of shares, with a pledged amount of 98,113,184 shares[12] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[26]

Group 1 - The core viewpoint of the news is that Shunfa Gas has experienced fluctuations in financing activities and a decline in financial performance, indicating potential challenges for the company [1][2]. Group 2 - On October 22, Shunfa Gas's stock price remained unchanged at 0.00%, with a trading volume of 116 million yuan. The financing buy-in amount was 19.15 million yuan, while the financing repayment was 21.43 million yuan, resulting in a net financing outflow of 2.27 million yuan [1]. - As of October 22, the total balance of margin trading for Shunfa Gas was 156 million yuan, accounting for 5.83% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing [1]. - In terms of securities lending, on October 22, Shunfa Gas repaid 100 shares and had a remaining balance of 300 shares, with a total lending balance of 2,097 yuan, which is above the 60th percentile of the past year, also indicating a high level [1]. Group 3 - As of September 10, the number of shareholders of Shunfa Gas was 28,600, a decrease of 5.45% from the previous period. The average circulating shares per person increased by 5.77% to 13,396 shares [2]. - For the first half of 2025, Shunfa Gas reported an operating income of 1.189 billion yuan, a year-on-year decrease of 1.70%. The net profit attributable to the parent company was -61.06 million yuan, a significant year-on-year decrease of 238.90% [2]. Group 4 - Since its A-share listing, Shunfa Gas has distributed a total of 131 million yuan in dividends, with 72.07 million yuan distributed over the past three years [3].

Market Performance - The gas sector increased by 2.93% compared to the previous trading day, with Kaitan Gas leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Individual Stock Performance - Kaitan Gas (code: 920010) closed at 15.77, up 10.43% with a trading volume of 250,200 shares and a transaction value of 375 million yuan [1] - Baichuan Energy (code: 600681) closed at 4.57, up 10.12% with a trading volume of 1,213,600 shares [1] - Changchun Gas (code: 600333) closed at 7.98, up 10.07% with a trading volume of 1,189,100 shares [1] - Guo Xin Energy (code: 600617) closed at 4.40, up 10.00% with a trading volume of 2,466,200 shares [1] - Other notable performers include Dazhong Public Utilities (up 9.94%) and Tianhao Energy (up 8.85%) [1] Capital Flow - The gas sector saw a net inflow of 365 million yuan from main funds, while retail investors experienced a net outflow of 290 million yuan [2][3] - Main funds showed significant net inflows in Dazhong Public Utilities (3.09 million yuan) and Guizhou Gas (36.58 million yuan) [3] - Retail investors had notable outflows in several stocks, including Dazhong Public Utilities and Guizhou Gas [3]