Group 1 - The core point of the news is that Shunfa Gas has seen a stock price increase of 5.15%, reaching 6.74 CNY per share, with a total market capitalization of 3.094 billion CNY [1] - Shunfa Gas, established on December 4, 2002, and listed on April 24, 2015, is primarily engaged in the production and installation of gas system engineering equipment, with its main business revenue composition being: gas operation 54.84%, LNG business 30.28%, gas equipment 8.84%, distributed energy services 5.75%, and others 0.30% [1] Group 2 - Among the top ten circulating shareholders of Shunfa Gas, Jinyuan Shun'an Fund has entered the list with its fund, Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685), holding 2.1311 million shares, accounting for 0.56% of circulating shares [2] - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund has a total asset size of 1.432 billion CNY and has achieved a year-to-date return of 41.91%, ranking 1387 out of 8098 in its category [2] Group 3 - The fund manager of Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund is Miao Weibin, who has a tenure of 9 years and 6 days, with the fund's best return during his tenure being 557.04% [3]

Core Viewpoint - On November 28, a total of 11 companies had their restricted shares unlocked, with a total unlock volume of 109 million shares, amounting to a market value of 2.599 billion yuan based on the latest closing price [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes are Shunfa Gas, EVE Energy, and Xianheng International, with unlock shares of 75.5263 million, 27.6107 million, and 2.167 million shares respectively [1] Unlock Market Value - In terms of unlock market value, EVE Energy, Shunfa Gas, and Xianheng International lead with values of 1.979 billion yuan, 506 million yuan, and 40.6955 million yuan respectively [1] Unlock Ratio - The companies with the highest unlock ratios relative to their total share capital are Shunfa Gas, EVE Energy, and Tongxing Technology, with ratios of 16.45%, 1.33%, and 0.61% respectively [1]

Core Points - Water Development Gas announced the issuance of shares for asset acquisition and fundraising, along with a lock-up period for the shares to be listed for circulation [2] - The total number of shares to be listed for circulation is 75,526,333 shares [2] - The listing date for the shares is set for November 28, 2025 [2] Summary by Category - **Company Announcement** - The company is engaging in a non-public share issuance for asset acquisition and related fundraising [2] - The shares will be available for circulation after a lock-up period [2] - **Financial Details** - A total of 75,526,333 shares will be listed for circulation [2] - The shares will be available for trading starting from November 28, 2025 [2]

Core Viewpoint - The company announced that 75,526,333 restricted shares issued for asset acquisition and fundraising will be listed for trading on November 28, 2025, representing 16.45% of the total share capital [1] Group 1: Share Issuance and Trading - The shares are part of a restructuring approved by the China Securities Regulatory Commission in 2022, with a lock-up period of 36 months [1] - The new shares were registered in the same year as the approval [1] Group 2: Share Buyback - In 2023, the company repurchased and canceled 5,304,002 shares [1] Group 3: Performance Commitment - The target company, Ordos Water Development, has achieved 104.51% of its cumulative performance commitment for the years 2022 to 2024, meaning no compensation is required from Water Development Holdings [1]

中泰证券股份有限公司 关于水发派思燃气股份有限公司 发行股份购买资产并募集配套资金暨关联交易之 限售股份解除限售上市流通的核查意见 中泰证券股份有限公司（以下简称"本独立财务顾问"）作为水发派思燃气 股份有限公司（以下简称"水发燃气""上市公司"或"公司"）发行股份购买资 产并募集配套资金暨关联交易（以下简称"本次重组"）的独立财务顾问，根据 《上市公司重大资产重组管理办法》《上海证券交易所股票上市规则》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律法规的要求， 对上市公司本次限售股份解除限售上市流通事项进行了核查，具体情况如下： 一、本次申请解除限售股份的基本情况 公司于 2022 年 11 月 17 日收到中国证券监督管理委员会出具的《关于核准 水发派思燃气股份有限公司向山东水发控股集团有限公司发行股份购买资产并 募集配套资金的批复》（证监许可〔2022〕2877 号），核准公司向山东水发控股 集团有限公司（以下简称"水发控股"）发行 75,526,333 股股份购买相关资产， 并核准公司非公开发行股份募集配套资金不超过 11,000 万元。 本次重组发行股份购买资产部分的新增股 ...

证券代码：603318 证券简称：水发燃气 公告编号：2025-062 水发派思燃气股份有限公司 发行股份购买资产并募集配套资金暨关联交易 之限售股上市流通公告 一、本次限售股上市类型 本次限售股上市流通类型为发行股份购买资产并募集配套 资金暨关联交易（以下简称"本次重组"或"本次交易"）中向 特定对象山东水发控股集团有限公司（以下简称"水发控股"） 非公开发行的限售股，具体情况如下： （一）股票发行的核准情况 公司于 2022 年 11 月 17 日收到中国证券监督管理委员会出 具的《关于核准水发派思燃气股份有限公司向山东水发控股集团 有限公司发行股份购买资产并募集配套资金的批复》（证监许可 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 依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为 网下，上市股数为75,526,333股。 本次股票上市流通总数为75,526,333股。 本次股票上市流通日期为2025 年 11 月 28 日。 〔2022〕2877 号），核准公司发行 75,526,333 股股份 ...

Core Viewpoint - Water Development Gas has experienced a significant decline in stock price, dropping 5.03% on November 21, with a total market value of 3.117 billion yuan and a cumulative decline of 6.04% over four consecutive days [1] Company Overview - Water Development Gas Co., Ltd. is located in Jinan, Shandong Province, and was established on December 4, 2002, with its listing date on April 24, 2015 [1] - The company's main business includes the production and installation of gas and gas system engineering equipment, with revenue composition as follows: gas operation 54.84%, LNG business 30.28%, gas equipment 8.84%, distributed energy services 5.75%, and others 0.30% [1] Shareholder Information - Jin Yuan Shun An Fund has a presence among the top ten circulating shareholders of Water Development Gas, with its fund, Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685), newly entering the top ten in the third quarter, holding 2.1311 million shares, accounting for 0.56% of circulating shares [2] - The fund has incurred a floating loss of approximately 767,200 yuan today and a total floating loss of 980,300 yuan during the four-day decline [2] Fund Performance - The Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685) has a total asset size of 1.432 billion yuan, with a year-to-date return of 44.72%, ranking 1035 out of 8136 in its category, and a one-year return of 47.76%, ranking 687 out of 8056 [2] - The fund manager, Miao Weibin, has been in position for 8 years and 343 days, with the best fund return during his tenure being 589.61% and the worst being -28.79% [3]

Core Viewpoint - Water Development Gas experienced a decline of 1.24% on November 20, with a trading volume of 54.68 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On November 20, Water Development Gas had a financing buy-in amount of 3.59 million yuan and a financing repayment of 4.65 million yuan, resulting in a net financing buy of -1.06 million yuan [1]. - The total financing and securities balance as of November 20 was 123 million yuan, which represents 4.50% of the circulating market value, indicating a low financing balance compared to the past year [1]. - The company had no shares repaid in the securities lending market on November 20, with 200 shares sold, amounting to 1,430 yuan, and a securities lending balance of 1,430 yuan, which is above the 50th percentile of the past year [1]. Business Performance - For the period from January to September 2025, Water Development Gas reported an operating income of 1.807 billion yuan, a year-on-year decrease of 3.67%, and a net profit attributable to shareholders of -45.47 million yuan, reflecting a significant year-on-year decline of 171.15% [2]. - The company's main business revenue composition includes gas operation (54.84%), LNG business (30.28%), gas equipment (8.84%), distributed energy services (5.75%), and other (0.30%) [1]. Shareholder Information - As of November 10, the number of shareholders for Water Development Gas was 28,000, an increase of 1.02% from the previous period, while the average circulating shares per person decreased by 1.01% to 13,685 shares [2]. - Since its A-share listing, the company has distributed a total of 131 million yuan in dividends, with 72.07 million yuan distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders included a new shareholder, Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund, holding 2.131 million shares [3].

Core Viewpoint - Water Development Gas (603318.SH) is taking multiple measures to reduce financial pressure, including the divestiture of loss-making assets and a capital increase to its controlling shareholder [1][2]. Group 1: Asset Divestiture - Water Development Gas plans to publicly transfer 100% equity of its wholly-owned subsidiary, Yichuan Water Development Gas Co., Ltd., along with all debts owed to it, with a minimum total listing price of 35.32 million yuan [1]. - The divestiture aims to align with the company's strategic positioning and current gas market conditions, helping to integrate resources, reduce management costs, and improve asset operational efficiency [1]. - Yichuan Water Development has been continuously losing money, with revenues of 2.67 million yuan and 2.49 million yuan for the first nine months of 2024 and 2025, respectively, and net profits of -2.06 million yuan and -1.17 million yuan [1]. Group 2: Financial Performance - For the first three quarters of 2025, Water Development Gas reported revenues of 1.807 billion yuan, a year-on-year decrease of 3.67%, and a net loss attributable to shareholders of -45.47 million yuan, a decline of 171.15% [2]. - The company experienced a significant drop in net profit due to reduced revenue from gas operations, goodwill impairment, and provisions for litigation losses [2]. - However, in the third quarter, the company achieved revenues of 618 million yuan, a year-on-year increase of 4.43%, and a net profit of 15.59 million yuan, a growth of 26.68% [2]. Group 3: Capital Increase - On November 14, Water Development Gas's application for a capital increase was approved by the Shanghai Stock Exchange, aiming to issue up to 95.6023 million shares to its controlling shareholder, Water Development Group, raising up to 500 million yuan [3]. - The funds raised will be used entirely for repaying interest-bearing debts of the company and its subsidiaries [3]. - Following the issuance, Water Development Group will maintain its status as the controlling shareholder, and the proportion of shares controlled by the Shandong State-owned Assets Supervision and Administration Commission will increase [3].

Core Viewpoint - Water Development Gas (603318) announced that there are no overdue guarantees as of November 18 [1] Group 1 - The company confirmed the absence of overdue situations regarding its guarantees [1]