Shuifa Energas(SH:603318) Chang Jiang Shang Bao·2025-11-19 09:09Core 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].