格隆汇8月22日丨天津创业环保股份(01065.HK)发布公告，截至2025年6月30日止六个月，实现营业收入 人民币21.78亿元，同比减少1.81%；归属于公司股东的净利润为人民币4.73亿元，同比增加12.09%；归 属于公司股东的扣除非经常性损益的净利润为人民币3.96亿元，同比增加3.85%；基本每股盈利人民币 0.30元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） 1 (1)A股股票期權激勵計劃第三個行權期行權條件未成就；及(2)註銷部分首次授 予股票期權及預留部分股票期權的公告；及(xxiv)日期為2025年3月23日的相關海 外監管公告。除文義另有所指外，本公告所用詞彙應與該通函所界定者具有相 同涵義。 於2025年8月22日，董事會審議並批准《關於調整2020年股票期權激勵計劃激勵對 象名單及授予期權數量並註銷部分期權的議案》，據此，本公司擬註銷預留部分 股票期權共計4萬份。 本次調整及註銷的原因及註銷的數量 鑑於A股股票期權激勵計劃中1名原激勵對象因工作調動而不在本公司體系任職 不再符合激勵條件，其已獲授但尚未行權的40,000份預留部分股票期權將由本 公司註銷，其中第二個行權期行權數量為20,000份。 因此，A股股票期權激勵計劃預留部分股票期權激勵對象人數由14名調整為13 名；預留部分股票期權第二個行權期行 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號 ： 1065） 建議終止部分募投項目的公告 茲提述天津創業環保集團股份有限公司（「本公司」）日期同為2021年11月22日有 關(1)終止2020年度經調整的非公開發行A股股票事項；(2)建議非公開發行A股； (3)特別授權；及(4)建議採納股東回報規劃的相關公告及海外監管公告，日期為 2021年12月8日的相關通函（「該通函」），日期為2021年12月8日的2021年第四次臨 時股東大會通告及2021年第二次H股類別股東大會通告，日期為2021年12月10日 有關非公開發行A股股票獲得天津市國資委批覆的公告，日期為2021年12月24日 的2021年第四次臨時股東大會、2021年第二次H股類別股東大會及2021年第二次 A股類別股東大會決議公告，日期為2022年1月11日有關非公開發行A股股票申 請獲得中國證監會受理的公告，日期為2022年2月7 ...

[Important Notice](index=1&type=section&id=%C2%A71%20Important%20Notice) [Board of Directors' Statement](index=1&type=section&id=1.1%20Board%20of%20Directors'%20Statement) The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the interim report content and assume corresponding legal responsibilities, noting this interim financial report is unaudited - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the interim report content, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibilities[4](index=4&type=chunk) - The company's interim financial report for the six months ended June 30, 2025, is unaudited[4](index=4&type=chunk) [Fund Occupancy and Guarantees](index=1&type=section&id=1.3%20Fund%20Occupancy%20and%20Guarantees) During the reporting period, the company had no non-operating fund occupancy by controlling shareholders or other related parties, nor did it provide external guarantees in violation of prescribed decision-making procedures - No non-operating fund occupancy by controlling shareholders or other related parties[4](index=4&type=chunk) - No external guarantees provided in violation of prescribed decision-making procedures[3](index=3&type=chunk) [Statement by Persons Responsible for Financial Report](index=1&type=section&id=1.5%20Statement%20by%20Persons%20Responsible%20for%20Financial%20Report) Mr. Tang Fusheng, the company's responsible person, Ms. Nie Yanhong, the person in charge of accounting, and Mr. Liu Tao, the head of the accounting department, declare that the financial report in the interim report is true, accurate, and complete - Mr. Tang Fusheng, the company's responsible person, Ms. Nie Yanhong, the person in charge of accounting, and Mr. Liu Tao, the head of the accounting department (accounting supervisor), declare that the financial report in the interim report is true, accurate, and complete[3](index=3&type=chunk) [Company Profile](index=2&type=section&id=%C2%A72%20Company%20Profile) [Brief Introduction to Basic Information](index=2&type=section&id=2.1%20Brief%20Introduction%20to%20Basic%20Information) Tianjin Ventures Environmental Protection Group Co., Ltd. is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with A-share ticker "Chuangye Huanbao" (600874) and H-share ticker "Tianjin Ventures Environmental Protection" (1065), and the report provides detailed contact information for key personnel Company Stock Information | Indicator | A-share | H-share | | :--- | :--- | :--- | | Stock Abbreviation | Chuangye Huanbao | Tianjin Ventures Environmental Protection | | Stock Code | 600874 | 1065 | | Listing Exchange | Shanghai Stock Exchange | Hong Kong Stock Exchange Limited | Company Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Ms. Qi Lipin | 86-22-23930128 | qi_lp@tjcep.com | | Hong Kong Company Secretary | Ms. Cao Errong | 852-21629620 | cosec@tjcep.com | | Securities Affairs Representative | Mr. Zhu Fan | 86-22-23930128 | zhu_fan@tjcep.com | [Key Accounting Data and Financial Summary Prepared Under Chinese Accounting Standards](index=2&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Summary%20Prepared%20Under%20Chinese%20Accounting%20Standards) In H1 2025, operating revenue slightly decreased by **1.81%**, while net profit attributable to shareholders grew by **12.09%** and operating cash flow by **17.96%**; basic EPS increased by **11.11%**, and non-recurring gains totaled **RMB 76.53 million**, mainly from government subsidies and receivable impairment reversals Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | -1.81 | | Net Profit Attributable to Company Shareholders | 472,920,534.82 | 421,928,337.30 | 12.09 | | Net Profit Attributable to Company Shareholders (Excluding Non-recurring Gains/Losses) | 396,393,562.39 | 381,680,626.97 | 3.85 | | Net Cash Flow from Operating Activities | 517,864,524.50 | 439,000,213.39 | 17.96 | Period-End Asset and Liability Data (June 30, 2025 vs. Prior Year-End) | Indicator | Current Period-End (RMB) | Prior Year-End (RMB) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Company Shareholders | 9,869,881,582.87 | 9,668,867,730.10 | 2.08 | | Total Assets | 25,448,212,601.55 | 25,154,981,695.71 | 1.17 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.30 | 0.27 | 11.11 | | Diluted Earnings Per Share (RMB/share) | 0.30 | 0.27 | 11.11 | | Basic EPS (Excluding Non-recurring Gains/Losses) (RMB/share) | 0.25 | 0.24 | 4.17 | | Weighted Average Return on Net Assets (%) | 4.80 | 4.58 | 0.22 | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 4.02 | 4.15 | -0.13 | Non-recurring Gains and Losses Items (Jan-Jun 2025) | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -2,727,673.58 | | Government Subsidies Included in Current Profit/Loss | 38,025,791.26 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 53,953,772.88 | | Other Non-operating Income and Expenses Apart from the Above | 352,207.20 | | Less: Income Tax Impact | 12,812,616.20 | | Minority Interest Impact (After Tax) | 264,509.13 | | **Total** | **76,526,972.43** | [Share Capital Changes and Shareholder Information](index=5&type=section&id=%C2%A73%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Statement of Share Capital Changes](index=5&type=section&id=3.1%20Statement%20of%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or shareholding structure, and no share changes after the reporting period until the announcement date impacted financial indicators like EPS or net assets per share - During the reporting period, there were no changes in the company's total share capital or shareholding structure[11](index=11&type=chunk) - No share changes occurred from the end of the reporting period to the announcement date that impacted financial indicators such as earnings per share or net assets per share[12](index=12&type=chunk) [Changes in Restricted Shares](index=6&type=section&id=3.2%20Changes%20in%20Restricted%20Shares) During the reporting period, there were no changes in the company's restricted shares - Changes in restricted shares: Not applicable[13](index=13&type=chunk) [Shareholder Numbers and Shareholding](index=6&type=section&id=3.3%20Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, the company had **52,554** common shareholders, including **61** H-share shareholders; among the top ten shareholders, Tianjin Municipal Investment Co., Ltd. held the highest stake at **45.57%**, with some shares pledged, and Hong Kong Securities Clearing (Nominees) Limited was the second-largest shareholder, holding **21.52%** - As of the end of the reporting period, the total number of common shareholders was **52,554**, including **61** H-share shareholders[13](index=13&type=chunk)[14](index=14&type=chunk) Top Ten Shareholders' Shareholding (as of June 30, 2025) | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Municipal Investment Co., Ltd. | 715,565,186 | 45.57 | Pledged | 285,000,000 | State-owned Legal Person | | Hong Kong Securities Clearing (Nominees) Limited | 337,888,710 | 21.52 | None | - | Other | | Hong Kong Securities Clearing Company Limited | 13,915,164 | 0.89 | None | - | Other | | Central Huijin Asset Management Co., Ltd. | 13,868,294 | 0.88 | None | - | State-owned Legal Person | | China Construction Bank Corporation - Oriental Red CSI Oriental Red Dividend Low Volatility Index Securities Investment Fund | 7,318,800 | 0.47 | None | - | Other | | Zhejiang Jinxin Construction Engineering Co., Ltd. | 6,920,000 | 0.44 | None | - | Domestic Non-state-owned Legal Person | | Wang Caijin | 6,860,738 | 0.44 | None | - | Domestic Natural Person | | Jinan Hanxiang Investment Management Partnership (Limited Partnership) | 6,412,789 | 0.41 | None | - | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF Securities Investment Fund | 5,688,700 | 0.36 | None | - | Other | | Yan Gang | 5,032,150 | 0.32 | None | - | Overseas Natural Person | - Ningbo Bestless Trading Co., Ltd. and its concerted parties collectively held **156,956,000** H-shares of the company, accounting for **9.99%** of the company's total share capital, with none of the shares pledged[19](index=19&type=chunk) [Changes in Controlling Shareholder and Actual Controller](index=7&type=section&id=3.4%20Changes%20in%20Controlling%20Shareholder%20and%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - Changes in controlling shareholder and actual controller: Not applicable[19](index=19&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=8&type=section&id=%C2%A74%20Information%20on%20Directors,%20Supervisors,%20and%20Senior%20Management) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=8&type=section&id=4.1%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - Changes in shareholdings of directors, supervisors, and senior management: Not applicable[20](index=20&type=chunk) [Equity Incentives Granted to Directors, Supervisors, and Senior Management During the Reporting Period](index=8&type=section&id=4.2%20Equity%20Incentives%20Granted%20to%20Directors,%20Supervisors,%20and%20Senior%20Management%20During%20the%20Reporting%20Period) During the reporting period, no equity incentives were granted to the company's directors, supervisors, or senior management - Equity incentives granted to directors, supervisors, and senior management during the reporting period: Not applicable[20](index=20&type=chunk) [Board Report](index=8&type=section&id=%C2%A75%20Board%20Report) [Explanation of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) In 2025, the water and environmental protection industry benefits from policies like urban renewal and beautiful river/lake initiatives, shifting towards quality improvement and new business areas; the company's core business includes municipal sewage, water supply, and reclaimed water, complemented by strategic new ventures in new energy heating/cooling, solar, and waste treatment, optimizing its business structure - As the final year of the '14th Five-Year Plan' in 2025, the Central Urban Work Conference proposed the goal of building modern people's cities, requiring the water and environmental protection industry to shift from incremental expansion to quality improvement of existing assets, and fostering new segmented business areas in the urban environmental protection market[20](index=20&type=chunk)[21](index=21&type=chunk) - The Ministry of Ecology and Environment and the National Development and Reform Commission issued the 'Action Plan for Beautiful River and Lake Protection and Construction (2025-2027)', setting quantitative targets and bringing business opportunities in environmental monitoring, industrial park wastewater, rural domestic sewage, and agricultural non-point source pollution control[22](index=22&type=chunk) - The General Office of the CPC Central Committee and the General Office of the State Council issued the 'Opinions on Improving the Market-based Allocation System for Resource and Environmental Factors', aiming to promote the sound development of carbon emission rights, water use rights, and pollutant discharge rights trading systems, which is conducive to the development of asset-light professional emission reduction operation services[23](index=23&type=chunk) - The National Development and Reform Commission and other departments issued the 'Action Plan to Promote High-Quality Development of the Heat Pump Industry', emphasizing policy support for heat pump promotion, application, and renovation, facilitating the company's water source and ground source heat pump heating and cooling businesses[24](index=24&type=chunk) [Company's Industry Overview](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Company's%20Industry%20Overview) In the final year of the '14th Five-Year Plan', policies such as the Central Urban Work Conference, Beautiful River and Lake Action Plan, and opinions on market-based allocation of resource and environmental factors were intensively introduced, guiding the water and environmental protection industry from incremental expansion to quality improvement of existing assets, and fostering new segmented business areas like environmental monitoring, industrial park wastewater, and rural domestic sewage treatment, with the heat pump industry development plan also bringing opportunities for new energy heating and cooling businesses - The Central Urban Work Conference proposed building modern people's cities that are innovative, livable, beautiful, resilient, civilized, and smart, requiring the water and environmental protection industry to shift from large-scale incremental expansion to quality improvement of existing assets, focusing on enhancing comprehensive capabilities in technology, operations, and management[21](index=21&type=chunk) - The 'Action Plan for Beautiful River and Lake Protection and Construction (2025-2027)' sets a target of achieving approximately **40%** beautiful river and lake completion rate by **2027**, covering six aspects: rectification of river discharge outlets, water pollution control in industrial parks, collection and treatment of domestic sewage, control of agricultural non-point source pollution, cleanliness of water bodies and shorelines, and safety of drinking water sources[22](index=22&type=chunk) - The 'Opinions on Improving the Market-based Allocation System for Resource and Environmental Factors' aims to promote the sound development of carbon emission rights, water use rights, and pollutant discharge rights trading systems, with the market expected to be more active by **2027**, benefiting the development of professional emission reduction operation services[23](index=23&type=chunk) [Company's Main Business Operations](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89Company's%20Main%20Business%20Operations) The company's main business comprises basic services and strategic new businesses; basic services include municipal sewage treatment, water supply, and reclaimed water, with a total capacity of **6.2371 million cubic meters/day**, serving as the primary source of revenue and profit, while strategic new businesses include new energy heating/cooling (serving **6.96 million square meters**), distributed photovoltaic power generation and energy storage (total designed installed capacity of **38 MWp/5.5 MWh**), hazardous waste treatment (total disposal capacity of **181,300 tons/year**), and sludge treatment (total capacity of **3,010 tons/day**), aiming to optimize the overall business structure - The company's main business consists of basic services and strategic new businesses. Basic services are the primary source of revenue and profit, while strategic new businesses in terms of profitability, economic added value, and investment payback period complement basic services, optimizing the overall business structure[25](index=25&type=chunk) Basic Business Scale (as of the end of the reporting period) | Business Type | Scale | | :--- | :--- | | Total Water Business Scale | 6.2371 million cubic meters/day | | Equity Sewage Treatment Scale | 5.2701 million cubic meters/day | | Equity Water Supply Business Scale | 0.315 million cubic meters/day | | Equity Reclaimed Water Scale | 0.48 million cubic meters/day | | Entrusted Operation Sewage Treatment Scale | 0.172 million cubic meters/day | Strategic New Business Scale (as of the end of the reporting period) | Business Type | Scale | | :--- | :--- | | Total New Energy Heating/Cooling Service Area | 6.96 million square meters | | Total Designed Installed Capacity of Distributed Photovoltaic Power Generation | 38 MWp | | Designed Installed Capacity of User-side Energy Storage | 5.5 MWh | | Total Hazardous Waste Business Disposal Capacity | 181,300 tons/year | | Total Sludge Treatment Business Scale | 3,010 tons/day | [Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=%E4%BA%8C%E3%80%81Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in safe and efficient operations, practical and leading R&D, professional and innovative teams, and a reputation for integrity and stability, enhanced during the reporting period by optimizing operational control, deepening cost reduction and efficiency improvement, increasing R&D investment (obtaining **2** invention patents), promoting digital intelligence and AI+ technology applications, and strengthening talent development and brand building - The company's core competitive capabilities are reflected in its safe, stable, compliant, and efficient operational capabilities; practical, leading, systematic, and continuous R&D capabilities; professional, responsible, collaborative, and innovative employee team; and a reputation for integrity, accountability, standardization, and stability[27](index=27&type=chunk) - In terms of operational management, the company has established an integrated large-scale operational control system, deepened cost reduction and efficiency improvement management, and vigorously promoted smart water construction[28](index=28&type=chunk) - In terms of scientific research and development, the company continued to increase R&D investment, achieving breakthroughs in phosphorus removal agent application, deep treatment equipment development, and energy storage project promotion, obtaining **2** authorized invention patents, and promoting the deep application of IoT digital intelligence and AI+ technologies in various business areas[28](index=28&type=chunk) - In terms of brand building, the company was recognized as one of the 'Top Ten Influential Enterprises in China's Water Industry' for the **twentieth consecutive year**, won the First Prize of the Natural Science Award from the All-China Environmental Federation, and had multiple cases selected by the All-China Federation of Environmental Service Industry Chambers of Commerce[29](index=29&type=chunk) [Discussion and Analysis of Operating Performance](index=13&type=section&id=%E4%B8%89%E3%80%81Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company achieved significant results in innovation-driven development, operational efficiency, deepening reforms, and capital management, focusing on 'three new' and 'three quantity' initiatives, with R&D investment of approximately **RMB 20 million**, the launch of the Baoying Xianhe project, expansion into the asset-light market, restructuring of a two-tier control and institutional system, and successful issuance of a **RMB 500 million** green medium-term note, enhancing market value - The company focused on its technology leadership positioning, restructured its technology management and achievement transformation system, invested approximately **RMB 20 million** in R&D during the reporting period, obtained **2** authorized invention patents, and won the First Prize of the Natural Science Award from the All-China Environmental Federation[30](index=30&type=chunk) - The company actively sought policy and resource support, explored and promoted existing asset revitalization projects such as plant-network integration and Xianyang Road Phase II, steadily advanced projects like Wuhu, Karamay, and Wendeng upgrade and renovation, launched the Baoying Xianhe project, and steadily expanded the asset-light market[30](index=30&type=chunk) - The company restructured its 'Group-Project' two-tier control and institutional system by adjusting its organizational structure, compressing management levels, clarifying control responsibilities, built **11** full-level module control systems, and successfully completed the first phase of its digital transformation with a focus on business-finance integration[31](index=31&type=chunk) - The company actively engaged with financial institutions, successfully completed the filing for a **RMB 500 million** green medium-term note issuance, has over **RMB 4 billion** in available bank credit lines, and enhanced its capital market image through market value management and investor relations management[31](index=31&type=chunk) [Analysis of Main Business Operations](index=15&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Analysis%20of%20Main%20Business%20Operations) The company's operating revenue decreased by **1.81%** year-on-year, mainly due to the water inflow at Tianjin No. 4 Plant; operating costs, selling expenses, administrative expenses, and financial expenses all decreased, with financial expenses decreasing by **17.43%** primarily due to loan interest rate replacement; net cash flow from operating activities increased by **17.96%** year-on-year, but net cash flow from investing activities saw a significant outflow due to increased project construction payments and asset acquisition payments, and net cash flow from financing activities significantly decreased due to reduced borrowings Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | -1.81 | Tianjin No. 4 Plant's sewage treatment revenue decreased due to water inflow | | Operating Costs | 1,361,599,524.47 | 1,375,177,188.63 | -0.99 | Continuous optimization of operating costs | | Selling Expenses | 3,853,033.52 | 5,114,154.66 | -24.66 | Decrease in selling expenses for hazardous waste business | | Administrative Expenses | 91,448,154.98 | 94,702,270.65 | -3.44 | Continuous promotion of cost reduction and efficiency improvement | | Financial Expenses | 146,373,643.87 | 177,271,541.28 | -17.43 | Interest expenses decreased due to loan interest rate replacement | | R&D Expenses | 16,303,446.24 | 20,828,281.90 | -21.72 | Recognized based on research project progress | | Net Cash Flow from Operating Activities | 517,864,524.50 | 439,000,213.39 | 17.96 | Operating cash receipts higher than prior year period | | Net Cash Flow from Investing Activities | -664,062,442.29 | -420,007,736.25 | -58.11 | Payments for project construction and asset acquisition higher than prior year period | | Net Cash Flow from Financing Activities | -210,528,343.58 | 5,099,916.95 | -4,228.07 | Decrease in cash received from borrowings | | Taxes and Surcharges | 35,690,376.21 | 22,408,506.23 | 59.27 | Increase in property tax and land tax | | Investment Income | 829,978.35 | 0.00 | Not applicable | Disposal of equity in Hong Kong subsidiary | | Credit Impairment Losses | 25,286,554.13 | -1,218,065.09 | 2,175.96 | Recovery of some accounts receivable for which impairment was previously recognized | | Asset Disposal Income | -3,553,929.71 | -322.07 | -1,103,365.00 | Termination of Shandong Tanchuang Company's landfill project | | Non-operating Income | 286,355.32 | 4,858,010.19 | -94.11 | Last year's period recognized case execution funds, none this period | | Non-operating Expenses | 69,581.34 | 127,024.30 | -45.22 | Last year's period subsidiary paid overdue property tax | | Minority Interest Income/Loss | 17,982,216.75 | 38,749,741.81 | -53.59 | Net profit of non-wholly owned subsidiaries lower than prior year period | [Analysis of Assets and Liabilities](index=18&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets increased by **1.17%** compared to the end of the previous year; notes receivable and receivables financing significantly decreased due to endorsement transfers and maturities; investment properties and right-of-use assets grew notably due to property leasing and new building leases; short-term borrowings and contract liabilities increased due to new borrowings and increased prepayments, while employee compensation payable and taxes payable decreased due to payments of year-end accruals Analysis of Changes in Major Balance Sheet Items (June 30, 2025 vs. December 31, 2024) | Item Name | Current Period-End Amount (RMB) | Percentage of Total Assets (%) | Prior Year-End Amount (RMB) | Prior Year-End Percentage of Total Assets (%) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 20,705,527.71 | 0.08 | 34,433,958.06 | 0.14 | -39.87 | Subsidiary's bank acceptance bills endorsed and transferred | | Receivables Financing | 2,000,000.00 | 0.01 | 7,024,347.00 | 0.03 | -71.53 | Subsidiary's bank acceptance bills matured | | Investment Properties | 14,211,374.09 | 0.06 | 7,657,173.00 | 0.03 | 85.60 | Subsidiary's properties leased out | | Right-of-Use Assets | 8,796,274.63 | 0.03 | 3,722,393.42 | 0.01 | 136.31 | Subsidiary added new building leases | | Short-term Borrowings | 62,425,038.33 | 0.25 | 29,228,819.26 | 0.12 | 113.57 | Subsidiary added new short-term borrowings | | Contract Liabilities | 314,139,225.82 | 1.23 | 221,717,388.90 | 0.88 | 41.68 | Prepayments for road tolls, reclaimed water pipeline connection fees, EPC contract payments, etc. | | Employee Compensation Payable | 49,525,761.49 | 0.19 | 105,252,309.61 | 0.42 | -52.95 | Payment of part of performance bonuses accrued at year-end | | Taxes Payable | 54,665,202.58 | 0.21 | 111,152,981.14 | 0.44 | -50.82 | Payment of taxes accrued at year-end | | Lease Liabilities | 4,504,548.79 | 0.02 | 1,280,116.25 | 0.01 | 251.89 | Subsidiary added new building leases | [Analysis of Investment Status](index=19&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89Analysis%20of%20Investment%20Status) During the reporting period, the company's main external equity investments were for capital injections into subsidiaries in the water business sector, such as a **RMB 11.2 million** investment in Baoying Chuangye Water Co., Ltd. for the Xianhe Sewage Treatment Plant upgrade and renovation project, while Shandong Tanchuang Environmental Technology Development Co., Ltd. terminated the Tancheng Integrated Material Ecological Disposal Center project - During the reporting period, the company's external equity investments were distributed in the water business sector, primarily for capital injections into subsidiaries[43](index=43&type=chunk) - The company invested **RMB 11.2 million** in Baoying Chuangye Water Co., Ltd. to implement the Xianhe Sewage Treatment Plant upgrade and renovation project, accounting for **70%** of the project's capital[44](index=44&type=chunk) - Shandong Tanchuang Environmental Technology Development Co., Ltd. terminated the Tancheng Integrated Material Ecological Disposal Center project and completed the signing of the 'Land Reclamation Agreement'[44](index=44&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries include Tianjin Zhongshui Co., Ltd. and Hangzhou Tianchuang Water Co., Ltd.; Tianjin Zhongshui primarily engages in reclaimed water production, sales, and facility construction, with operating revenue of **RMB 101.891 million** and net profit of **RMB 29.7975 million** during the reporting period, while Hangzhou Tianchuang Water mainly operates and maintains sewage treatment and reclaimed water utilization facilities, with operating revenue of **RMB 129.3892 million** and net profit of **RMB 47.7081 million** Financial Data of Major Holding and Participating Companies (as of the end of the reporting period) | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Zhongshui Co., Ltd. | Subsidiary | Reclaimed water production, sales; development and construction of reclaimed water facilities, etc. | 10,000 | 175,429.01 | 48,360.25 | 10,189.1 | 3,877.06 | 2,979.75 | | Hangzhou Tianchuang Water Co., Ltd. | Subsidiary | Operation and maintenance of sewage treatment and reclaimed water utilization facilities and technical services, etc. | 37,744.5 | 74,884.63 | 70,359.21 | 12,938.92 | 5,658.9 | 4,770.81 | [Other Disclosure Matters](index=21&type=section&id=%E4%BA%94%E3%80%81Other%20Disclosure%20Matters) The company faces government credit risk, policy and market risk, operational management risk, and legal risk; to mitigate these, the company adopts measures such as proactive policy research, strengthening risk management, adhering to rule of law in enterprise governance, and improving management levels, including enhancing policy analysis, establishing sound risk prevention and control mechanisms, utilizing legal means to protect rights, standardizing management, and perfecting emergency plans - The company faces government credit risk, as sewage treatment service fees primarily originate from the government; any issues with government fiscal revenue or credit directly impact project companies' cash flow[47](index=47&type=chunk) - The company faces policy and market risks, including the impact of policy changes on business models (e.g., new concession mechanisms), regional industrial policy impacts on hazardous waste business, and slowing growth in the environmental protection industry with intensified market competition[47](index=47&type=chunk) - The company faces operational management risks due to increasingly stringent environmental governance standards, leading to renovation and operational risks for sewage treatment plants, and risks associated with adjusting original concession agreements[48](index=48&type=chunk) - The company faces legal risks, including default risks from government delays in service fee payments under concession contracts, and risks of illegal subcontracting/sub-subcontracting in construction contracts, or general contractors' tight cash flow leading to lawsuits from actual constructors demanding joint liability from the company[48](index=48&type=chunk) [Potential Risks](index=21&type=section&id=1%E3%80%81Potential%20Risks) The company's main risks include government credit risk (reliance on government payments), policy and market risk (policy adjustments, intensified market competition), operational management risk (higher environmental standards, renovation and operational challenges), and legal risk (contract breaches, joint liability) - Government credit risk: Funds for sewage treatment service fees primarily come from the government, and government fiscal revenue and credit directly affect the cash flow of project companies[47](index=47&type=chunk) - Policy and market risk: Policy changes involve industrial structure adjustment, financial regulation, taxation, environmental protection, and other areas, significantly impacting the business models of public utilities and the water and environmental protection industry; intensified market competition will lead to changes in industry structure[47](index=47&type=chunk) - Operational management risk: The nation's increasing emphasis on environmental protection issues and increasingly stringent environmental governance standards impose higher requirements on environmental enterprises' management capabilities and operational quality, leading to renovation and operational risks for sewage treatment plants[48](index=48&type=chunk) - Legal risk: Concession-type contracts carry default risks due to government delays in service fee payments; construction engineering contracts carry risks of illegal subcontracting/sub-subcontracting, or general contractors' tight cash flow leading to lawsuits from actual constructors demanding joint liability from the company[48](index=48&type=chunk) [Risk Control Measures](index=22&type=section&id=2%E3%80%81Risk%20Control%20Measures) The company manages risks through policy research, strengthening risk management, adhering to rule of law in enterprise governance, and improving management levels; specific measures include high-standard planning for the '15th Five-Year Plan', establishing sound risk prevention and control mechanisms, utilizing litigation management to increase collections, standardizing production and operation risk management, strengthening facility and equipment maintenance, improving quality monitoring, and developing emergency plans - Proactive policy research and strategic future planning: Closely monitor domestic and international economic situations, intensify research and analysis of industry policies, plan for the '15th Five-Year Plan' with high standards, and seek new developments in comprehensive water resource utilization and comprehensive energy utilization[49](index=49&type=chunk)[50](index=50&type=chunk) - Strengthening risk management and adhering to rule of law in enterprise governance: Establish a comprehensive risk management organization, enhance policy risk assessment and early warning, improve risk prevention and control mechanisms, and utilize litigation management and other means to increase collections and protect legitimate corporate rights and interests[51](index=51&type=chunk) - Improving management levels and reducing operational risks: Timely control production and operational risks through standardized management, including personnel training, compiling compliance obligation checklists, strengthening facility and equipment maintenance, improving quality monitoring, and developing water environment rescue plans and safety production plans[51](index=51&type=chunk) [Company Guarantee Status](index=24&type=section&id=%C2%A76%20Company%20Guarantee%20Status) [Company's External Guarantees](index=24&type=section&id=Company's%20External%20Guarantees) During the reporting period, the company provided no guarantees to entities other than its subsidiaries; guarantees provided to subsidiaries totaled **RMB 164.505 million**, with a total outstanding guarantee balance of **RMB 2.7925064 billion** at period-end, accounting for **28.29%** of the company's net assets, and debt guarantees provided to guaranteed parties with an asset-liability ratio exceeding **70%** amounted to **RMB 222.3688 million** Company Guarantee Status (as of the end of the reporting period) | Guarantee Type | Amount (RMB 10,000) | | :--- | :--- | | Total Guarantees Issued During Reporting Period (Excluding Guarantees to Subsidiaries) | 0 | | Total Outstanding Guarantees at Period-End (A) (Excluding Guarantees to Subsidiaries) | 0 | | Total Guarantees Issued to Subsidiaries During Reporting Period | 16,450.50 | | Total Outstanding Guarantees to Subsidiaries at Period-End (B) | 279,250.64 | | Total Guarantees (A+B) | 279,250.64 | | Total Guarantees as Percentage of Company's Net Assets (%) | 28.29 | | Amount of Guarantees Provided to Shareholders, Actual Controllers, and Their Related Parties (C) | 0 | | Amount of Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 22,236.88 | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 0 | | Total of the Above Three Guarantee Amounts (C+D+E) | 22,236.88 | [Financial Accounting Report](index=25&type=section&id=%C2%A77%20Financial%20Accounting%20Report) [Condensed Consolidated Balance Sheet](index=25&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were **RMB 25.448 billion**, an increase of **1.17%** from year-end 2024; total current assets were **RMB 7.047 billion**, and total non-current assets were **RMB 18.401 billion**; total liabilities were **RMB 14.414 billion**, with current liabilities at **RMB 4.542 billion** and non-current liabilities at **RMB 9.872 billion**; total equity attributable to listed company shareholders was **RMB 9.870 billion** Condensed Consolidated Balance Sheet (as of June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 7,046,972,353.49 | 6,856,660,856.38 | | Total Non-current Assets | 18,401,240,248.06 | 18,298,320,839.33 | | **Total Assets** | **25,448,212,601.55** | **25,154,981,695.71** | | **Liabilities** | | | | Total Current Liabilities | 4,542,127,049.46 | 4,587,557,557.10 | | Total Non-current Liabilities | 9,871,615,008.80 | 9,770,129,592.35 | | **Total Liabilities** | **14,413,742,058.26** | **14,357,687,149.45** | | **Shareholders' Equity** | | | | Total Equity Attributable to Listed Company Shareholders | 9,869,881,582.87 | 9,668,867,730.10 | | Minority Interests | 1,164,588,960.42 | 1,128,426,816.16 | | **Total Shareholders' Equity** | **11,034,470,543.29** | **10,797,294,546.26** | | **Total Liabilities and Shareholders' Equity** | **25,448,212,601.55** | **25,154,981,695.71** | [Condensed Consolidated Statement of Comprehensive Income](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) In H1 2025, the company achieved operating revenue of **RMB 2.178 billion** and net profit of **RMB 491 million**, a year-on-year increase of **6.56%**; net profit attributable to listed company shareholders was **RMB 473 million**, a year-on-year increase of **12.09%**; basic earnings per share were **RMB 0.30**, and diluted earnings per share were **RMB 0.30** Condensed Consolidated Statement of Comprehensive Income (H1 2025 vs. H1 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | | Operating Profit | 585,373,735.98 | 565,452,730.09 | | Total Profit | 585,590,509.96 | 570,183,715.98 | | Income Tax Expense | 94,687,758.39 | 109,505,636.87 | | Net Profit | 490,902,751.57 | 460,678,079.11 | | Net Profit Attributable to Listed Company Shareholders | 472,920,534.82 | 421,928,337.30 | | Minority Interest Income/Loss | 17,982,216.75 | 38,749,741.81 | | Total Comprehensive Income | 490,902,751.57 | 460,678,079.11 | | Basic Earnings Per Share (RMB) | 0.30 | 0.27 | | Diluted Earnings Per Share (RMB) | 0.30 | 0.27 | [Notes to Consolidated Financial Statements](index=28&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards and are unaudited; revenue and segment information indicate that the company's income primarily derives from sewage treatment, reclaimed water treatment, heating/cooling, and tap water supply, with sewage treatment business segmented by region; no interim dividends were distributed during the reporting period; total accounts receivable amounted to **RMB 4.418 billion**, with **58.23%** due within **1** year; total accounts payable were **RMB 972 million**, contract liabilities **RMB 314 million**, and other payables **RMB 1.083 billion** - These financial statements are prepared in accordance with the 'Enterprise Accounting Standards - Basic Standards' issued by the Ministry of Finance on February 15, 2006, and subsequent periods, various specific accounting standards, and relevant regulations; this interim financial report does not include all notes of a normal annual financial report[58](index=58&type=chunk) - Management determines operating segments based on reports regularly reviewed by the strategy committee for strategic decision-making, considering operations from the perspectives of services provided and the most significant operating regions[60](index=60&type=chunk) - The company's board of directors did not recommend any interim dividends for the six-month period ended June 30, 2025[68](index=68&type=chunk) [Revenue and Segment Information](index=28&type=section&id=2%20Revenue%20and%20Segment%20Information) The company's operating revenue primarily comes from sewage treatment and sewage treatment plant construction (Tianjin Plant, Hangzhou Plant, other regions), reclaimed water treatment and supporting projects, heating and cooling, and tap water supply; in H1 2025, Tianjin Plant's sewage treatment revenue was **RMB 707 million**, and other regions' sewage treatment revenue was **RMB 644 million**; all of the group's external transaction revenue and non-current assets originate from China Revenue and Other Income Analysis (H1 2025 vs. H1 2024) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 2,177,915,496.72 | 2,218,165,636.41 | | Other Income | 40,163,815.78 | 44,007,424.19 | | **Total** | **2,218,079,312.50** | **2,262,173,060.60** | External Transaction Revenue by Operating Segment (Six Months Ended June 30, 2025) | Segment | External Transaction Revenue (RMB) | | :--- | :--- | | Tianjin Plant (Sewage Treatment and Sewage Treatment Plant Construction) | 706,958,247.16 | | Hangzhou Plant (Sewage Treatment and Sewage Treatment Plant Construction) | 128,250,559.22 | | Other Regions (Sewage Treatment and Sewage Treatment Plant Construction) | 644,161,934.16 | | Reclaimed Water Treatment and Supporting Projects | 117,086,371.99 | | Heating and Cooling and Related Facility Construction Services | 114,299,849.10 | | Tap Water Supply and Tap Water Plant Construction | 40,974,404.91 | | Other Segments | 426,184,130.18 | | **Consolidated Total** | **2,177,915,496.72** | - The group's external transaction revenue and non-current assets are entirely sourced from China[63](index=63&type=chunk)[64](index=64&type=chunk) - For the six months ended June 30, 2025, the group's operating revenue from a single customer classified under the sewage treatment segment was **RMB 681,775,788.43**, accounting for **31%** of the group's total operating revenue (compared to **34%** in the same period of 2024)[64](index=64&type=chunk) [Operating Profit](index=31&type=section&id=3%20Operating%20Profit) In H1 2025, the company's operating profit was **RMB 585 million**; major expenses included depreciation and amortization of **RMB 375 million**, employee costs of **RMB 214 million**, raw materials and consumables used of **RMB 157 million**, and repair and insurance expenses of **RMB 70 million** Major Expense Components of Operating Profit (H1 2025 vs. H1 2024) | Expense Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Depreciation and Amortization Expenses | 375,130,425.96 | 349,291,130.85 | | Employee Costs | 213,808,092.77 | 213,769,641.15 | | Raw Materials and Consumables Used | 156,654,639.80 | 103,954,572.17 | | Repair and Insurance Expenses | 70,287,032.28 | 70,641,293.26 | [Income Tax](index=31&type=section&id=4%20Income%20Tax) Income tax expense for H1 2025 was **RMB 94.6878 million**, comprising current income tax of **RMB 107.1635 million** and deferred income tax of **-RMB 12.4757 million**; the company had no taxable profits in Hong Kong - As the group had no taxable profits in Hong Kong for the six months ended June 30, 2025, there was no Hong Kong income tax for the current period[66](index=66&type=chunk) Income Tax Components (H1 2025 vs. H1 2024) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Current Income Tax | 107,163,453.52 | 104,739,330.95 | | Deferred Income Tax | -12,475,695.13 | 4,766,305.92 | | **Total** | **94,687,758.39** | **109,505,636.87** | [Accounts Receivable](index=32&type=section&id=7%20Accounts%20Receivable) As of June 30, 2025, total accounts receivable amounted to **RMB 4.418 billion**, with a net amount of **RMB 4.048 billion** after deducting bad debt provisions of **RMB 369 million**; of this, accounts receivable due within **1** year accounted for **58.23%**, and **1-2** years accounted for **28.69%** Accounts Receivable Details (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Accounts Receivable | 4,417,694,508.41 | 3,984,679,509.64 | | Less: Bad Debt Provision | -369,450,065.44 | -394,853,174.49 | | **Net Amount** | **4,048,244,442.97** | **3,589,826,335.15** | Accounts Receivable Aging Analysis (as of June 30, 2025) | Aging | Amount (RMB) | Percentage (%) | | :--- | :--- | :--- | | Within 1 year | 2,572,325,655.94 | 58.23 | | 1-2 years | 1,267,590,293.76 | 28.69 | | 2-3 years | 196,550,021.89 | 4.45 | | 3-4 years | 240,326,244.67 | 5.44 | | 4-5 years | 91,319,976.56 | 2.07 | | Over 5 years | 49,582,315.59 | 1.12 | | **Total** | **4,417,694,508.41** | **100.00** | [Accounts Payable, Contract Liabilities, Other Payables, and Income Tax and Other Taxes Payable](index=33&type=section&id=8%20Accounts%20Payable,%20Contract%20Liabilities,%20Other%20Payables,%20and%20Income%20Tax%20and%20Other%20Taxes%20Payable) As of June 30, 2025, total accounts payable amounted to **RMB 972 million**, with over **1** year accounting for **32.63%**; total contract liabilities were **RMB 314 million**, mainly including prepayments for heating/cooling project ancillary fees, reclaimed water pipeline connection fees, and road tolls; total other payables were **RMB 1.083 billion**, primarily for engineering payments and quality retention fees Accounts Payable, Contract Liabilities, Other Payables, and Income Tax and Other Taxes Payable (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Accounts Payable | 971,897,012.09 | 946,965,173.51 | | Contract Liabilities | 314,139,225.82 | 221,717,388.90 | | Other Payables | 1,082,597,852.45 | 1,060,257,870.64 | | Income Tax and Other Taxes Payable | 54,665,202.58 | 111,152,981.14 | | **Total** | **2,423,299,292.94** | **2,340,093,414.19** | Accounts Payable Aging Analysis (as of June 30, 2025) | Aging | Amount (RMB) | Percentage (%) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 654,742,041.91 | 67.37 | | Over 1 year | 317,154,970.18 | 32.63 | | **Total** | **971,897,012.09** | **100.00** | - As of June 30, 2025, accounts payable overdue by more than one year amounted to **RMB 317,154,970.18**, primarily consisting of **RMB 97,722,207.03** in raw water fees payable by Qujing Chuangye Water Co., Ltd. and **RMB 43,164,456.80** in engineering payments payable by Tianjin Zhongshui Co., Ltd., which remain unsettled due to incomplete project finalization[70](index=70&type=chunk) Contract Liabilities Details (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Prepayment for Heating/Cooling Project Ancillary Fees | 109,152,098.43 | 124,788,900.75 | | Prepayment for Reclaimed Water Pipeline Connection Fees | 125,468,825.09 | 77,082,139.96 | | Prepayment for Road Tolls | 46,120,000.00 | - | | Prepayment for Hazardous Waste Treatment | 14,466,873.11 | 11,460,666.51 | | Prepayment for EPC Contract | 11,414,027.34 | - | | Other | 7,517,401.85 | 8,385,681.68 | | **Total** | **314,139,225.82** | **221,717,388.90** | Other Payables Details (as of June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Engineering Payments and Quality Retention Fees | 717,112,420.43 | 760,475,061.18 | | Payments for Acquisition of Fixed Assets and Intangible Assets | 44,859,294.77 | 116,882,401.92 | | East Suburb Project Old Plant Asset Transfer Collection | 66,887,408.80 | 66,987,858.80 | | Dividends Payable | 152,364,129.85 | 7,986,980.00 | | Other | 101,374,598.60 | 107,925,568.74 | | **Total** | **1,082,597,852.45** | **1,060,257,870.64** | - As of June 30, 2025, other payables overdue by more than one year primarily consist of engineering payments and quality retention fees for construction projects such as the Honghu City Sewage Treatment Project and Karamay City Sewage Treatment Project, which remain unsettled due to incomplete project finalization[72](index=72&type=chunk) [Repurchase, Sale, or Redemption of the Company's Listed Securities](index=35&type=section&id=%C2%A78%20Repurchase,%20Sale,%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) [Trading Status of the Company's Listed Securities](index=35&type=section&id=Trading%20Status%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities[73](index=73&type=chunk) [Corporate Governance Code](index=35&type=section&id=%C2%A79%20Corporate%20Governance%20Code) [Compliance with Corporate Governance Code](index=35&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Board is unaware of any reasonable indications that the company has not complied with the code provisions set out in Part 2 of Appendix C1 to the Listing Rules of the Stock Exchange of Hong Kong Limited during the reporting period or currently - The directors are unaware of any reasonable indications that the company has not complied with the code provisions set out in Part 2 of Appendix C1 to the Listing Rules of the Stock Exchange of Hong Kong Limited at any time during the reporting period or currently[74](index=74&type=chunk) [Audit and Risk Control Committee](index=35&type=section&id=%C2%A710%20Audit%20and%20Risk%20Control%20Committee) [Committee Responsibilities and Review](index=35&type=section&id=Committee%20Responsibilities%20and%20Review) The Audit and Risk Control Committee is responsible for reviewing and monitoring the company's financial reporting procedures, internal controls, and strategies for addressing significant risks; the committee members include Non-executive Director Mr. Wang Yongwei, Independent Non-executive Directors Mr. Xue Tao, Mr. Wang Shanggan, and Ms. Liu Fei; the committee has reviewed and agreed upon the financial accounting principles, standards, and methods adopted in the group's unaudited interim accounts for the six months ended June 30, 2025 - The Audit and Risk Control Committee is responsible for reviewing and monitoring the company's financial reporting procedures and internal controls, and has added responsibilities such as deliberating on significant risk response strategies and risk resolution plans[75](index=75&type=chunk) - The members of the Audit and Risk Control Committee consist of Non-executive Director Mr. Wang Yongwei, Independent Non-executive Directors Mr. Xue Tao, Mr. Wang Shanggan, and Ms. Liu Fei[75](index=75&type=chunk) - The Audit and Risk Control Committee and the company's management have reviewed the accounting principles and methods adopted by the group and discussed matters such as internal controls and financial reporting, including reviewing the unaudited interim results and interim report[75](index=75&type=chunk)

格隆汇8月22日丨创业环保(600874.SH)公布2025年半年报，公司营业收入为21.8亿元，同比下降1.8%； 归母净利润为4.73亿元，同比上升12.1%；扣非归母净利润为3.96亿元，同比上升3.9%。 ...

证券代码：600874 股票简称：创业环保 公告编号：临 2025-031 天津创业环保集团股份有限公司 关于调整公司 2020 年股票期权激励计划 预留股票期权行权价格的公告 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。 天津创业环保集团股份有限公司（以下简称"本公司"或"公司"）根据公 司 2020 年第二次临时股东大会、2020 年第二次 A 股类别股东大会、2020 年第二 次 H 股类别股东大会的授权，于 2025 年 8 月 22 日召开第九届董事会第六十四 次会议，审议通过了《关于调整公司 2020 年股票期权激励计划预留股票期权行 权价格的议案》，现将有关事项说明如下： 一、已履行的相关审批程序和信息披露程序 1、2020年11月27日，公司召开第八届董事会第三十八次会议，审议通过了 《关于2020年股票期权激励计划（草案）及摘要的议案》《关于2020年股票期权 激励计划实施考核管理办法的议案》《关于2020年股票期权激励计划管理办法的 议案》和《关于提请股东大会授权董事会办理2020年股票期权激励计划 ...

证券代码：600874 股票简称：创业环保 公告编号：临 2025-030 天津创业环保集团股份有限公司 关于调整 2020 年股票期权激励计划激励对象名单 及期权数量并注销部分期权的公告 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： 天津创业环保集团股份有限公司（以下简称"本公司"或"公司"）于 2025 年 8 月 22 日召开第九届董事会第六十四次会议，审议通过了《关于调整 2020 年股票期权激励计划激励对象名单及授予期权数量并注销部分期权的议案》，同 意调整 2020 年股票期权激励计划（"本次股权激励计划"）预留股票期权激励 对象名单、授予期权数量并注销部分期权（"本次调整"）。现将相关事项说明 如下： 一、本次调整激励对象名单及授予期权数量并注销部分期权的相关内容 根据公司《2020年股票期权激励计划（草案）》（以下简称"《激励计划》"） 及《2020年股票期权激励计划实施考核管理办法》（以下简称"《考核管理办法》"） 的相关规定，公司对预留股票期权激励名单及授予期权数量作如下调整： 1名 ...

中信证券股份有限公司关于天津创业环保集团股份有限公司 部分募投项目终止及部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为天津创业 环保集团股份有限公司（以下简称"创业环保"或"公司"）2021 年非公开发行股票 持续督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》、《上市公司募 集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律、法规的规定，对创业环保本次部分募投项目终止及部分募投项目延 期的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 5 月 30 日签发的证监发行字 [2022]1122 号文《关于核准天津创业环保集团股份有限公司非公开发行股票的批 复》，公司于 2022 年 9 月向特定投资者非公开发行人民币普通股 143,189,655.00 股，每股发行价格为人民币 5.80 元，募集资金总额为 830,499,999.00 元，扣除发 行费用人民币 19,743,434.08 元后，募集资金净额共计人民币 810,756,564.92 元（以 下简称" ...

证券代码：600874 股票简称：创业环保 公告编号：临 2025-029 天津创业环保集团股份有限公司 第九届董事会第六十四次会议决议公告 的《2025 年半年度募集资金存放与实际使用情况专项报告》（公告编号：临 本议案表决结果如下：9 票同意，0 票反对，0 票弃权。本议案获得通过。 分期权的议案 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。 天津创业环保集团股份有限公司（以下简称"本公司"或"公司"）第九届 董事会第六十四次会议于 2025 年 8 月 22 日现场结合通讯表决方式召开，应参加 会议董事 9 人，实际参加会议董事 8 人，董事长唐福生先生因公无法参会，委托 董事付兴海先生代为参会表决。公司高级管理人员列席了本次会议。本公司已于 董事。本次董事会的召开程序符合《公司法》及《公司章程》的有关规定，会议 审议通过了如下议案： 经审议，董事会同意各股东方对子公司洪湖市天创环保有限公司进行同比例 减资。公司原出资 5340 万元，占比 89%，减资后公司认缴出资 2670 万元，占比仍 为 89%。公司将回 ...

Fundraising Overview - The company raised a net amount of RMB 810,756,564.92 through a non-public issuance of 143,189,655 shares at a price of RMB 5.66 per share [1] - As of June 30, 2025, the company has utilized RMB 638,343,936.30 of the raised funds, with RMB 35,946,005.87 used in the current reporting period [1][2] Fund Management - The company has established a fundraising management system in compliance with regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [1] - The company signed tripartite and quadripartite agreements with its sponsor and banks to ensure proper management of the raised funds [1] Changes in Fund Usage - The company has changed the use of part of the raised funds, reallocating RMB 103,000,000.00 to the Karamay South Suburb Wastewater Treatment Plant project [1][2] - An additional RMB 53,000,000.00 was redirected from the Tianjin Urban Reclaimed Water Pipeline project to the Chibi City Lushui Industrial Park Wastewater Treatment Plant project [1][2] Fund Storage Situation - As of June 30, 2025, the total balance of the raised funds in various bank accounts is RMB 174,460,378.73 [1] - The funds are stored in dedicated accounts at several banks, including China Construction Bank and Agricultural Bank of China [1] Project Implementation and Changes - The company has not changed the implementation locations or methods for its fundraising investment projects during the reporting period [1] - The company has approved the use of RMB 109,382,040.38 to replace self-raised funds previously invested in fundraising projects [2] Fund Usage Compliance - The company has confirmed that its fundraising usage disclosures align with actual usage, with no instances of non-compliance or misallocation of funds [2]