北京首创生态环保集团股份有限公司 第九届董事会 2025 年度第二次会议决议公告 证券代码：600008 证券简称：首创环保 公告编号：2025-015 二、审议通过《关于投资山东省烟台市八角污水处理厂及配套附属设施建 设项目的议案》 1.同意公司与首创(香港)有限公司、四川青石建设有限公司组成联合体实施 山东省烟台市八角污水处理厂及配套附属设施建设项目，总规模为 14 万吨/日， 近期规模为 6 万吨/日，配套管网为 16.7km，总投资为人民币 63,031 万元； 2．授权公司法定代表人或授权代表签署最终确认的相关法律文件。 表决结果：赞成11票，反对0票，弃权0票。 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法律责任。 北京首创生态环保集团股份有限公司（以下简称"公司"）第九届董事会 2025 年度第二次会议于 2025 年 4 月 18 日以电子邮件的方式发出召开董事会会议的通 知，会议于 2025 年 4 月 29 日在公司会议室以现场及通讯表决方式召开。会议应 出席董事 11 人，实际出席董事 11 人。鉴于公司董事长 ...

每经记者 杨煜 每经编辑 杨夏 近日，首创环保（600008.SH，股价3.13元，市值229.76亿元）召开2024年度业绩说明会。年报数据显示，公司全年实现营业收入200.50亿元，同比减少 6.01%；归母净利润35.28亿元，同比增长119.14%；扣非后归母净利润15.61亿元，同比增长0.81%。 据首创环保董事、总经理李伏京介绍，在效益型技改、精细运营等举措下，2024年公司资产业务中的工程业务实现归母净利润1.68亿元，减利2.12亿元，但 资产业务中运营业务实现归母净利润18.79亿元，增利2.38亿元，对冲了工程减利影响，推动公司总体资产业务归母净利润增长。 整体来看，首创环保2024年实现归母净利润35.28亿元，同比上涨119.14%。其中，处置新加坡ECO公司为首创环保带来17.80亿元的投资收益，是净利润大 幅上涨的核心原因。公司扣除非经常损益的归母净利润为15.61亿元，同比微增0.81%。 除了去年，首创环保在2021年和2022年也曾因投资收益实现净利润大幅增长。2021年，首创环保处置股权投资确认投资收益约7.2亿元，当年归母净利润同 比增长超50%；2022年，受新西兰公 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,241,699,419.57, a decrease of 2.66% compared to CNY 4,352,911,026.22 in the same period last year[3]. - Net profit attributable to shareholders increased by 9.45% to CNY 399,052,438.39 from CNY 361,525,504.13 year-on-year[3]. - Basic and diluted earnings per share rose by 9.46% to CNY 0.0544 from CNY 0.0493 in the same period last year[3]. - Total operating revenue for Q1 2025 was CNY 4,241,699,419.57, a decrease of 2.65% compared to CNY 4,357,479,023.95 in Q1 2024[23]. - Net profit for Q1 2025 increased to CNY 532,721,568.53, up 10.77% from CNY 480,899,754.78 in Q1 2024[24]. - Earnings per share for Q1 2025 was CNY 0.0544, compared to CNY 0.0497 in Q1 2024, reflecting a growth of 14.93%[25]. - The company reported a financial expense of CNY 344,295,873.62 in Q1 2025, down from CNY 394,090,246.76 in Q1 2024, a reduction of 12.63%[23]. - Investment losses for Q1 2025 were CNY -7,188,773.49, slightly improved from CNY -7,328,020.00 in Q1 2024[24]. - Other comprehensive income after tax for Q1 2025 was CNY 310,490.17, compared to a loss of CNY -20,542,240.22 in Q1 2024[24]. Cash Flow and Liquidity - The net cash flow from operating activities surged by 494.92% to CNY 386,985,758.92, compared to CNY 65,318,343.61 in the previous year[3]. - In Q1 2025, the net cash flow from operating activities was ¥386,985,758.92, a significant increase from ¥65,048,021.75 in Q1 2024, reflecting improved operational efficiency[28]. - Total cash inflow from investment activities in Q1 2025 was ¥862,825,572.46, compared to only ¥30,452,970.80 in Q1 2024, indicating a strong recovery in investment returns[29]. - The net cash flow from financing activities in Q1 2025 was ¥63,646,275.38, a decrease from ¥2,172,020,147.64 in Q1 2024, suggesting a tighter financing environment[29]. - The company's cash and cash equivalents at the end of Q1 2025 stood at ¥5,588,117,497.61, up from ¥5,347,938,812.16 in Q1 2024, showing a positive liquidity position[30]. - Cash and cash equivalents decreased to CNY 6.10 billion from CNY 6.42 billion, reflecting a decline of approximately 4.9%[17]. - The company's cash inflow from sales of goods and services in Q1 2025 was ¥3,503,424,873.67, slightly down from ¥3,553,186,928.19 in Q1 2024, reflecting a minor decline in revenue generation[28]. - The cash outflow for purchasing goods and services in Q1 2025 was ¥1,965,509,365.50, down from ¥2,347,598,299.47 in Q1 2024, indicating cost control measures[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 110,912,592,359.34, a slight decrease of 0.24% from CNY 111,183,026,215.34 at the end of the previous year[3]. - The total assets as of March 31, 2025, were ¥52,309,227,228.67, a slight decrease from ¥52,745,269,842.84 at the end of 2024, indicating a need for asset management[32]. - Total liabilities as of the end of the reporting period were CNY 72,654,059,750.40, an increase from CNY 72,018,368,707.05[20]. - The total liabilities increased to CNY 32.14 billion, compared to CNY 31.50 billion in the previous period, indicating a growth of about 2%[17]. - The company's total debt was CNY 26,049,719,120.74, an increase from CNY 25,075,422,632.91 year-over-year[34]. - The total equity decreased to CNY 38,258,532,608.94 from CNY 39,164,657,508.29, indicating a decline of 2.31%[20]. - The company's equity attributable to shareholders decreased by 3.40% to CNY 29,736,667,748.15 from CNY 30,784,081,491.98[4]. - The total equity decreased to CNY 26,259,508,107.93 from CNY 27,669,847,209.93, reflecting a decline of 5.1%[34]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Beijing Xindadu Industrial Co., Ltd. in December 2024, which is a subsidiary of its parent company[5]. - The company reported a decrease in inventory, which fell to CNY 968.25 million from CNY 1.04 billion, a decline of about 7.2%[17]. - Long-term equity investments slightly decreased to CNY 1.61 billion from CNY 1.63 billion, a reduction of approximately 2.6%[18]. - The company's long-term equity investments decreased to ¥29,568,714,694.41 as of March 31, 2025, from ¥29,847,785,467.97 at the end of 2024, suggesting a potential divestment strategy[32]. - The cash inflow from other investment activities surged to ¥819,221,585.34 in Q1 2025, compared to ¥23,770,798.20 in Q1 2024, highlighting a strategic shift towards more profitable investments[29]. Research and Development - The company incurred research and development expenses of CNY 3,898,452.39 in Q1 2025, down from CNY 7,035,488.19 in Q1 2024, a decrease of 44.5%[37].

首创环保（600008）公告，2025年第一季度营收为42.42亿元，同比下降2.66%；净利润为3.99亿元，同 比增长9.45%。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 3.63 [7][8]. Core Views - The company achieved a revenue of RMB 20.05 billion in 2024, a year-on-year decrease of 6%, while the net profit attributable to shareholders increased by 120% to RMB 3.53 billion, primarily due to investment gains from the disposal of the Singapore ECO company amounting to RMB 1.78 billion [2][4]. - The company has seen a steady increase in water prices, with the comprehensive water price for sewage treatment rising by 1.14% to RMB 1.77 per ton, and for tap water by 0.87% to RMB 1.94 per ton, contributing to revenue growth [3][4]. - The company reported a significant increase in dividends per share (DPS), which grew by 70% to RMB 0.17, resulting in a dividend payout ratio of 35.37% and a dividend yield of 5.5% [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 20.05 billion, down 6% year-on-year, while the net profit attributable to shareholders was RMB 3.53 billion, up 120% year-on-year [1][2]. - The fourth quarter revenue was RMB 6.18 billion, a decrease of 14.12% year-on-year but an increase of 30.67% quarter-on-quarter [1]. Cash Flow and Dividends - The operating cash flow increased by 19.3% year-on-year to RMB 4.08 billion, with accounts receivable rising by 22% to RMB 14.7 billion [4]. - The company’s DPS reached RMB 0.17, marking a 70% increase year-on-year, with a dividend yield of 5.5% based on the closing price as of April 11 [4][5]. Price and Earnings Forecast - The company’s EPS for 2025-2027 is projected to be RMB 0.23, RMB 0.25, and RMB 0.26 respectively, with a downward adjustment of 11.5% and 10.7% for 2025 and 2026 [5][6]. - The target price is set at RMB 3.63, based on a PE ratio of 15.8 times for 2025, reflecting the company's quality assets and expected continuous increase in water prices [5][6].

Core Viewpoint - The sale of the Singapore company significantly boosted net profit and improved operating cash flow, despite a decline in revenue for 2024 [2] Revenue and Profit Summary - In 2024, the company achieved operating revenue of 20.05 billion yuan, a year-on-year decrease of 6% [2] - The net profit attributable to shareholders was 3.528 billion yuan, a year-on-year increase of 119% [2] - The non-recurring net profit was 1.561 billion yuan, a year-on-year increase of 1% [2] Business Performance and Structure - The company disposed of its 100% stake in the Singapore ECO company to focus resources on domestic environmental projects and reduce asset management risks [2] - Operating business revenue was 15.408 billion yuan, construction business revenue was 3.709 billion yuan, and other business revenue was 0.933 billion yuan, with operating revenue's share increasing by 8.36 percentage points year-on-year [2] - The net cash flow from operating activities was 4.083 billion yuan, a year-on-year increase of 19.30% [2] Water and Waste Management Operations - As of the end of 2024, the total capacity for water treatment was 12.4291 million tons/day, with an operational capacity of 7.7718 million tons/day and a utilization rate of 63.81% [3] - The water sales volume was 1.497 billion tons, a year-on-year increase of 3.59%, with a comprehensive water price of 1.94 yuan/ton, up 0.87% year-on-year [3] - The total capacity for wastewater treatment was 14.8964 million tons/day, with an operational capacity of 10.2001 million tons/day and a utilization rate of 84.07%, up 0.58 percentage points year-on-year [3] - The company processed 10.12 million tons of household waste, generating 2.65 billion kWh of electricity, a 16.23% increase year-on-year [3] New Orders and Business Structure Optimization - In 2024, the company signed new contracts worth 4.75 billion yuan, with the water sector contributing 1.796 billion yuan and the solid waste sector 1.973 billion yuan [4] - 85% of new orders were from light asset services and technology products, with significant contributions from sanitation and urban water projects [4] - The company established a city company system to enhance regional market capabilities, contributing over 1.5 billion yuan in new contracts [4] Profit Forecast - The company is expected to achieve operating revenues of 20.132 billion yuan, 20.464 billion yuan, and 20.934 billion yuan for 2025-2027, with year-on-year growth rates of 0.41%, 1.65%, and 2.30% respectively [5] - The net profit attributable to shareholders is projected to be 1.985 billion yuan, 2.183 billion yuan, and 2.336 billion yuan for the same period, with growth rates of -43.73%, 9.97%, and 6.97% respectively [5]

北京首创生态环保集团股份 有限公司 : 内控审计报告 大信审字[2025]第 1-02960 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查 WIJIGE Certified Pi Room 2206 22/F Xuevuan International Tower No 1 Zhichun Road, Haidian Dist Beijing China, 100083 内部控制审计报告 大信审字[2025]第 1-02960 号 北京首创生态环保集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了北 京首创生态环保集团股份有限公司(以下简称"首创环保公司")2024年12月31日的财务报 告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内 ...

北京首创生态环保集团股份 有限公司 审 计 报 告 大信审字[2025]第 1-02959 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 审计报告 大信审字[2025]第 1-02959 号 北京首创生态环保集团股份有限公司全体股东： 一、审计意见 我们审计了北京首创生态环保集团股份有限公司（以下简称"首创环保公司"）的财务 报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 ...

北京首创生态环保集团股份有限公司 2024 年度独立董事述职报告 独立董事 李艺 作为北京首创生态环保集团股份有限公司（以下简称 "首创环保集团"或"公司"）的独立董事，本人在 2024 年度任职期间严格按照《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》《上市公 司独立董事管理办法》（以下简称"《独立董事管理办法》"） 等相关法律法规、规范性文件，以及《上海证券交易所股票 上市规则》《北京首创生态环保集团股份有限公司公司章程》 （以下简称"《公司章程》"）、《北京首创生态环保集团 股份有限公司独立董事工作细则》等的要求，勤勉尽责地履 行独立董事的职责和义务。积极出席相关会议，认真审议董 事会各项议案，对公司董事会审议的相关重大事项公正、客 观、独立地发表意见，有效保证了公司运作的合理性和公平 性，维护了公司的规范化运作及股东的整体利益，对公司规 范、稳定、健康地发展起到了应有的作用。现将 2024 年度 工作情况报告如下： 一、独立董事的基本情况 (一)个人工作履历、专业背景以及兼职情况 1 李艺：男，1961 年 11 月出生，本科，北京市市政工程 设计研究总院有限公司原总工 ...

北京首创生态环保集团股份有限公司 2024 年度独立董事述职报告 独立董事 王巍 作为北京首创生态环保集团股份有限公司（以下简称 "首创环保集团"或"公司"）的独立董事，本人在 2024 年度任职期间严格按照《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》《上市公 司独立董事管理办法》（以下简称"《独立董事管理办法》"） 等相关法律法规、规范性文件，以及《上海证券交易所股票 上市规则》《北京首创生态环保集团股份有限公司公司章程》 （以下简称"《公司章程》"）、《北京首创生态环保集团 股份有限公司独立董事工作细则》等的要求，勤勉尽责地履 行独立董事的职责和义务。积极出席相关会议，认真审议董 事会各项议案，对公司董事会审议的相关重大事项公正、客 观、独立地发表意见，有效保证了公司运作的合理性和公平 性，维护了公司的规范化运作及股东的整体利益，对公司规 范、稳定、健康地发展起到了应有的作用。现将 2024 年度 工作情况报告如下： 一、独立董事的基本情况 (一)个人工作履历、专业背景以及兼职情况 1 王巍：男，1958 年 10 月出生，博士，全联并购公会创 始会长。曾有多年海外金融机 ...