DO&SH(SZ:002798) Zhong Guo Jing Ji Wang·2025-11-03 06:18Core Viewpoint - The company Diou Waterhua (002798.SZ) plans to issue A-shares to specific investors, aiming to raise no more than 360 million yuan, primarily for replenishing working capital and repaying interest-bearing debts [1][2]. Summary by Sections Issuance Details - The issuance will consist of domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share, priced at 5.05 yuan per share, which is not less than 80% of the average price of the company's A-shares over the previous 20 trading days [2]. - The total number of shares to be issued will not exceed 71,287,128 shares, accounting for no more than 30% of the company's total share capital prior to the issuance [2]. - The shares will be subscribed by Waterhua Zhiyun, which currently holds 4.52% of the company's shares and is controlled by the actual controller Zhu Jiang, making this a related party transaction [1][2]. Control and Ownership Structure - Following the issuance, the actual controller and their concerted parties are expected to hold 36.26% of the company's equity, up from 27.41%, thereby further consolidating control without changing the overall control structure [2]. Financial Performance - For Q3 2025, the company reported a net profit attributable to shareholders of -57.03 million yuan, a decrease of 33.42% year-on-year, with a net profit of -141.35 million yuan for the first three quarters, showing a slight decrease of 0.45% year-on-year [4]. - The company's total revenue for Q3 was approximately 583.49 million yuan, reflecting an 11.26% decline compared to the same period last year, and a total revenue of approximately 1.76 billion yuan for the first three quarters, down 14.04% year-on-year [4]. - The company has experienced consecutive losses from 2022 to 2024, with net profits of -1.508 billion yuan, -658.1 million yuan, and -569.1 million yuan respectively [4][5]. Growth Indicators - The company's total revenue has decreased significantly over the years, from 6.147 billion yuan in 2021 to 2.741 billion yuan in 2024, indicating a downward trend in business performance [5]. - The gross profit has also declined, with a reported gross profit of 541.2 million yuan in 2024 compared to 1.603 billion yuan in 2021 [5].