Core Viewpoint - Water Development Gas announced that it will hold a semi-annual performance briefing on September 16, 2025, from 15:00 to 16:00 [2] Company Summary - The company is scheduled to present its semi-annual performance results, indicating a commitment to transparency and communication with stakeholders [2]

证券代码：603318 证券简称：水发燃气 公告编号：2025-052 水发派思燃气股份有限公司 关于召开 2025 年半年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 和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025年9月16日（星期二）下午15:00-16:00 会议召开地点：上海证券报·中国证券网： https://roadshow.cnstock.com/ 会议召开方式：网络文字互动方式 投资者可于 2025 年 9 月 15 日 16:00 前将相关问题通过电 子邮件发送至本公司电子邮箱：dmbgs@energas.cn 或登录上海证 券报·中国证券网网站提问。本公司将会在 2025 年半年度业绩 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）于 2025 年 8 月 27 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年半年度报告。为便于广大投资者全面深入了解公司 2025 年上半年经营业绩，公司拟于 2025 年 9 月 16 ...

Market Overview - The Shanghai Composite Index is at 3757.36 points, with a decline of 1.47% and total A-share trading volume of 20349.66 billion yuan [1] - As of now, 73 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates [1] Notable Stocks - Stocks with the highest deviation rates include: - Aibulu (301259) with a deviation rate of 8.09% and a price increase of 10.22% [1] - Gongxiao Daji (000564) with a deviation rate of 8.06% and a price increase of 8.56% [1] - Shenglong Co. (603178) with a deviation rate of 6.11% and a price increase of 10.02% [1] - Other stocks with lower deviation rates that have just crossed the annual line include: - Weiguang Biological, Changjiang Electric Power, and Yunnan Tourism [1] Deviation Rate Rankings - The top stocks by deviation rate on September 4 include: - Aibulu (301259): Latest price 47.35 yuan, annual line 43.81 yuan [1] - Gongxiao Daji (000564): Latest price 2.79 yuan, annual line 2.58 yuan [1] - Shenglong Co. (603178): Latest price 20.54 yuan, annual line 19.36 yuan [1] - Additional stocks with notable performance include: - Wufangzhai (603237) with a deviation rate of 4.78% [1] - Yuanzhu Co. (603886) with a deviation rate of 3.50% [1]

Core Viewpoint - Water Development Gas (603318) reported a significant decline in net profit and revenue for the first half of 2025, indicating financial distress and high goodwill ratio [1] Financial Performance Summary - Total operating revenue for H1 2025 was 1.189 billion yuan, a decrease of 7.4% year-on-year [1] - Net profit attributable to shareholders was -61.057 million yuan, a decline of 218.33% compared to the previous year [1] - Gross margin fell to 14.16%, down 19.6% year-on-year, while net margin turned negative at -2.58%, a drop of 138.54% [1] - Total expenses (selling, administrative, and financial) amounted to 93.939 million yuan, accounting for 7.9% of revenue, an increase of 5.12% year-on-year [1] - Earnings per share were -0.13 yuan, a decrease of 218.18% year-on-year [1] Cash Flow and Debt Analysis - Operating cash flow per share increased significantly by 389.83% to 0.2 yuan [1] - The company’s cash and cash equivalents decreased by 36.47% to 394 million yuan [3] - Interest-bearing liabilities decreased by 17.94% to 1.576 billion yuan [1] Changes in Financial Items - Accounts receivable increased by 2.3% to 254 million yuan, while other receivables saw a significant drop of 77.73% due to the disposal of equity investments [3] - Long-term borrowings increased by 61.37%, indicating a rise in long-term financing [4] - The company reported a substantial increase in expected liabilities by 6567.25% due to litigation provisions [4] Business Evaluation - The company's return on invested capital (ROIC) was 7.28%, indicating average capital returns [4] - Historical data shows a median ROIC of 6.97% since its listing, with one year of losses [4] - The company’s cash flow situation is concerning, with cash to current liabilities ratio at 29.1% [5]

Core Insights - Water Development Gas disclosed that as of June 30, 2025, the number of shareholders reached 30,282, an increase of 324, or 1.08% from May 20, 2025 [1] - The average number of shares held per shareholder decreased from 15,300 shares to 15,200 shares, with an average market value of 99,900 yuan [1] - Compared to the industry average, Water Development Gas has a higher number of shareholders but a lower average market value per shareholder [1] Summary by Category Shareholder Statistics - As of June 30, 2025, the number of shareholders is 30,282, an increase of 324, or 1.08% from the previous period [2] - The average market value per shareholder is 99,900 yuan, which is below the industry average of 313,300 yuan [1][2] Stock Performance - From May 20, 2025, to June 30, 2025, the stock price of Water Development Gas decreased by 2.51% [1][2] - During this period, the net outflow of main funds was 78.04 million yuan, while retail investors saw a net inflow of 52.77 million yuan [2] Comparative Analysis - The average number of shareholders in the gas industry is 24,400, indicating that Water Development Gas has a higher shareholder base [1] - The average market value per shareholder in the gas industry is 313,300 yuan, significantly higher than that of Water Development Gas [1]

Group 1 - The core point of the article is the announcement by Shandong Water Development Gas Co., Ltd. regarding its board meeting and the composition of its revenue for the year 2024 [1] - The company held its fifth session of the eighth board meeting on August 26, 2025, in Jinan, Shandong Province, where it reviewed the semi-annual report and summary for 2025 [1] - For the year 2024, the revenue composition of the company is as follows: Energy comprehensive services account for 57.57%, LNG (LPG) gas sales account for 31.57%, gas equipment business accounts for 10.24%, and other businesses account for 0.62% [1] Group 2 - The article also highlights the booming pet industry, which is valued at 300 billion yuan, indicating a significant market opportunity for related companies [1] - The rise in the pet industry has led to an increase in stock prices for industry-listed companies [1]

Group 1 - The company reported a revenue of 1.189 billion yuan for the first half of 2025, representing a year-on-year decrease of 7.40% [1] - The net profit attributable to shareholders was a loss of 61.06 million yuan [1] - The net profit excluding non-recurring items was a loss of 14.25 million yuan [1] - The basic earnings per share were -0.13 yuan [1]

Group 1 - The board meeting of the company was held on August 26, 2025, in Jinan, Shandong Province, with all 9 directors present [1][2] - The board unanimously approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status for the first half of 2025 [2] - The voting results for the approval of the semi-annual report were 9 votes in favor, with no abstentions or oppositions [2] Group 2 - The meeting was convened in accordance with relevant laws, regulations, and the company's articles of association [1] - The report was prepared following applicable legal and regulatory requirements, and it was agreed to be disclosed externally [2] - The audit committee of the board reviewed and approved the report before it was submitted for board approval [1]

Core Viewpoint - The report indicates a significant decline in the financial performance of Shandong Waterfa Gas Co., Ltd. for the first half of 2025, with notable decreases in revenue and net profit compared to the previous year [1]. Financial Performance Summary - Total assets decreased by 1.50% from the previous year, amounting to approximately CNY 4.16 billion [1]. - Operating revenue fell by 7.40% year-on-year, totaling approximately CNY 1.19 billion [1]. - The total profit showed a drastic decline of 103.64%, resulting in a loss of approximately CNY 4.31 million [1]. - Net profit attributable to shareholders decreased by 218.33%, leading to a loss of approximately CNY 61.06 million [1]. - The net profit after deducting non-recurring gains and losses also saw a decline of 132.29%, amounting to a loss of approximately CNY 14.25 million [1]. - The weighted average return on net assets decreased by 4.28 percentage points, resulting in a rate of -4.28% [1]. - Basic earnings per share dropped by 218.18%, resulting in a loss of CNY 0.13 per share [1]. Shareholder Information Summary - As of the report date, the total number of shareholders was 30,282 [2]. - The largest shareholder, Waterfa Group Co., Ltd., holds 24.35% of the shares, amounting to approximately 111.77 million shares [2]. - The second-largest shareholder, Shandong Waterfa Holding Group Co., Ltd., owns 16.45% of the shares [2]. - Other notable shareholders include Dalian Paise Investment Co., Ltd. with 3.11% and Energas Ltd. with 1.21% [2]. - The report indicates that there are no preferred shareholders with restored voting rights [4].

Core Viewpoint - The report highlights significant financial challenges faced by Shuifa Gas Co., Ltd. in the first half of 2025, with a notable decline in revenue and net profit compared to the same period in 2024, primarily due to reduced gas operation revenues and increased asset impairment losses [2][3][6]. Financial Performance - Total revenue for the first half of 2025 was approximately CNY 1.28 billion, a decrease of 7.4% compared to CNY 1.19 billion in the same period of 2024 [2][3]. - The total profit for the period was CNY -43.08 million, representing a decline of 218.33% year-on-year [2][3]. - The net profit attributable to shareholders was CNY -61.06 million, a significant drop from CNY 51.60 million in the previous year [2][3]. - The company reported a net cash flow from operating activities of CNY 92.23 million, an increase of 389.83% compared to the previous year [6][10]. Business Segments - The company operates in four main business segments: gas operation, LNG business, gas equipment manufacturing, and distributed energy services, with gas operation and LNG being the primary focus [4][6]. - In the first half of 2025, domestic natural gas production increased by 5.9% year-on-year, while LNG production rose by 19.5% [4]. - The demand for natural gas in China saw a decline, with apparent consumption dropping to 208.06 billion cubic meters, influenced by high temperatures during the heating season and weak industrial demand [4][6]. Market Dynamics - The report indicates that the international LNG prices remained high due to colder weather in Europe and North America, which affected China's LNG import volumes, leading to a 7.9% decrease in natural gas imports [4][6]. - The company is positioned to benefit from the ongoing energy transition policies in China, which encourage the growth of natural gas consumption as part of the "dual carbon" goals [4][6]. Strategic Developments - The company has undergone a change in its controlling shareholder, now being under the management of Shuifa Group, which is expected to enhance its capital strength and resource allocation capabilities [6][7]. - The company aims to leverage its established brand and market reputation to expand its operations and improve its service offerings in the natural gas sector [7][8]. Risk Factors - The report mentions potential risks related to the company's future development, including market fluctuations and regulatory changes, which could impact its operational performance [2][3].