水发燃气发布多项资本运作公告，2025年业绩预亏

Core Viewpoint - Water Development Gas recently announced multiple capital operation and guarantee matters, while also disclosing a projected loss for 2025 [1][2] Recent Events - On February 13, 2026, Water Development Gas held a board meeting and approved a proposal to replace self-raised funds and issuance costs with raised funds, totaling 448 million yuan [2] - On the same day, the company completed a private placement of 95.60229 million shares at a price of 5.23 yuan per share, raising approximately 490 million yuan to repay interest-bearing debts [2] - On February 14, the company disclosed a guarantee announcement, providing a total guarantee of 802 million yuan for its controlling subsidiary, which accounts for 53.93% of the latest audited net assets, with no overdue guarantees [2] Stock Performance - As of the close on February 13, 2026, Water Development Gas's stock price was 6.94 yuan, down 1.98% for the day and a cumulative decline of 2.25% over the past five days [3] - The trading volume was 48.18 million yuan, with a turnover rate of 1.50% and a net outflow of 10.93 million yuan from main funds [3] - The technical analysis indicates the stock is in a fluctuation range, with a 20-day Bollinger Bands resistance at 7.26 yuan and support at 6.90 yuan [3] Financial Report Analysis - On January 20, 2026, the company released its 2025 annual performance forecast, expecting a net loss attributable to shareholders of 72 million to 108 million yuan, a shift from profit to loss year-on-year [4] - The loss is primarily due to a decline in LNG prices and weak urban gas demand, leading to decreased profitability in core business, along with a provision for litigation liabilities of 49.91 million yuan [4] - The 2025 mid-year report showed revenue of 1.189 billion yuan, a year-on-year decrease of 7.40%, with a net loss attributable to shareholders of 61.057 million yuan [4] - Despite improved operating cash flow, there are still risks related to declining gross margins and litigation uncertainties [4] Institutional Views - Institutional sentiment is neutral, with no recent rating adjustments [5] - As of February 11, 2026, the stock price is considered to be in a reasonable range based on fundamental dimensions, with a relatively weak competitive moat in the industry and average profitability, but good future revenue growth potential [5] - Institutional research frequency is low, and market attention is moderate [5]