Core Viewpoint - Wuhan Sanzhen Industry Holding Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, driven by growth in its core businesses of wastewater treatment, water engineering construction, and water supply [2][4][12]. Financial Performance - The company achieved operating revenue of CNY 2,075,823,941.91, a 14.76% increase compared to the same period last year [2]. - Total profit reached CNY 101,461,494.22, reflecting a 15.54% increase year-on-year [2]. - Net profit attributable to shareholders was CNY 88,768,997.33, up 9.22% from the previous year [2]. - The net cash flow from operating activities improved to -CNY 95,217,515.04, an increase from -CNY 179,002,552.96 in the previous year [3]. Business Overview - The company operates in the wastewater treatment, water engineering construction, water supply, and tunnel operation sectors [4][12]. - It holds a 30-year concession for wastewater treatment services in Wuhan's main urban area, with a total design capacity of 3.21 million tons per day across nine treatment plants [4][5]. - The company has expanded its wastewater treatment projects through various models, including BOT and PPP, enhancing its market presence [5][6][8]. Industry Context - The wastewater treatment industry is experiencing growth due to increasing environmental regulations and government support for ecological protection [3][4]. - Policies such as the "Beautiful China" initiative and the "Water Pollution Prevention Action Plan" are driving demand for wastewater treatment and infrastructure improvements [3][4]. - The water engineering construction sector is also expected to grow, with government plans to enhance urban infrastructure and increase wastewater treatment capacity [4][12]. Competitive Advantages - The company benefits from exclusive rights to provide wastewater services in its designated area, ensuring a stable revenue stream [12][13]. - It has established a strong reputation in the water services market, supported by a comprehensive quality control system and innovative technology integration [13][14]. - The company maintains a good credit rating of AA+, indicating strong financial health and low default risk, which supports future financing activities [14].

Group 1 - The board of directors of Wuhan San Zhen Industrial Holdings Co., Ltd. held its 43rd meeting on August 28, 2025, with all 11 directors present, complying with the Company Law and the company's articles of association [1][2] - The meeting approved the 2025 semi-annual report and summary, which had been reviewed by the audit committee [1] - The company established a "Market Value Management Measures" in accordance with various regulatory guidelines to enhance market value management [2] - The company revised its "Fundraising Management Measures" to improve the efficiency of fundraising usage, aligning with new legal regulations effective from July 1, 2024, and March 28, 2025 [2]

Group 1 - The company has released its unaudited semi-annual report for the first half of 2025, emphasizing the importance of reviewing the full report for a comprehensive understanding of its operational results and financial status [1][4] - There were no profit distribution or capital reserve transfer plans during the reporting period [2] - The company has confirmed that all board members attended the board meeting where the semi-annual report was approved [2][9] Group 2 - The report includes key financial data, although specific figures are not provided in the excerpts [3] - The company operates in the wastewater treatment sector, with different service fee rates for various subsidiaries, including a rate of 1.99 RMB per cubic meter for Wuhan Drainage Company and 1.07 RMB per cubic meter for Wuhan Jize Company, resulting in an average rate of 1.96 RMB per cubic meter [4][5] - The company also manages wastewater treatment projects outside Wuhan, with an average service fee of 3.15 RMB per cubic meter for other regions [5] Group 3 - The company has engaged in entrusted operation fees for wastewater treatment projects in Hainan, amounting to 11.26 million RMB for one project and 2.55 million RMB for another [5] - The board meeting also approved the semi-annual report and discussed the establishment of a market value management system and revisions to the fundraising management measures [10][11][12]

Core Insights - Wuhan Holdings (600168.SH) reported a revenue of 2.076 billion yuan for the first half of 2025, representing a year-on-year growth of 14.76% [1] - The company's net profit after deducting non-recurring items reached 74.28 million yuan, an increase of 21.08% compared to the previous year [1] Business Segments - The four core business segments of the company—wastewater treatment, water engineering, tap water production, and tunnel operation—are developing in synergy, contributing to a positive operational outlook [1] - Wastewater treatment revenue amounted to 1.006 billion yuan, with an increase of 6.64 million yuan year-on-year, and the total design capacity for wastewater treatment rose to 3.4161 million tons per day, a year-on-year increase of 0.61 million tons [1] - The water engineering segment has shifted towards ecological environment technology construction, achieving significant external market expansion with engineering revenue of 911 million yuan, a year-on-year increase of 260 million yuan [2] - The tap water business saw steady growth, with revenue of 83.20 million yuan, an increase of 2.90 million yuan year-on-year, supported by price adjustments from 0.55 yuan to 0.60 yuan per ton [2] - The tunnel operation segment achieved a breakthrough in external markets, securing a contract worth 63.07 million yuan for the management services of the "Gulf Tunnel" project, with a service period of three years [2] Industry Outlook - The water and environmental protection industry is poised for new development opportunities, driven by national strategies such as Beautiful China construction, water environment governance, and urban renewal [2] - The company plans to continue focusing on its four core business segments, enhancing integrated plant and network operations, and advancing smart water management through technological innovation and market expansion [2]

Core Insights - Wuhan Holdings reported a revenue of 2.076 billion yuan for the first half of 2025, representing a year-on-year increase of 14.76% [1] - The net profit attributable to shareholders reached 88.769 million yuan, up 9.22% year-on-year, while the net profit after deducting non-recurring gains and losses was 74.276 million yuan, reflecting a growth of 21.08% [1] Business Segments - The company's core business includes wastewater treatment, water engineering construction, tap water production, and tunnel operation [1] - In the wastewater segment, revenue was 1.006 billion yuan, an increase of 6.6435 million yuan compared to the same period last year [1] - The total design capacity for wastewater treatment increased by 0.61 thousand tons per day, reaching 341.61 thousand tons per day [1] Engineering Construction - Engineering construction revenue for the first half of the year was 911 million yuan, an increase of 260 million yuan year-on-year [1] - The company is transitioning from a traditional water service construction enterprise to a water ecological environment technology construction leader, signing new contracts worth 814 million yuan [1] Water Supply and Pricing - The water supply sales price was raised from 0.55 yuan per ton to 0.60 yuan per ton, resulting in tap water revenue of 83.2004 million yuan, an increase of 2.8989 million yuan year-on-year [2] Research and Development - R&D expenses amounted to 44.687 million yuan, a year-on-year increase of 45.64% [2] - Several subsidiaries received recognition as "High-tech Enterprises" and "Specialized and Innovative Little Giants" [2] Environmental Initiatives - The company is actively involved in green circular economy initiatives, including photovoltaic power generation and wastewater energy utilization [2] - Wuhan Holdings is participating in water environment governance in Wuhan, focusing on blue-green algae control and ecological dredging [2] Financing Activities - In June, the company successfully issued its first phase of technology innovation perpetual corporate bonds, with a scale of 1 billion yuan and a coupon rate of 2.35% [2]

Group 1 - The company Wuhan Holdings (600168.SH) reported a total operating revenue of 2.076 billion yuan for the first half of 2025, representing a year-on-year increase of 14.76% [1] - The net profit attributable to shareholders of the parent company reached 88.769 million yuan, showing a year-on-year growth of 9.22% [1] - The basic earnings per share were reported at 0.09 yuan [1]

Core Viewpoint - Wuhan Holdings (600168) reported a steady performance in its 2025 semi-annual earnings, with significant growth in revenue and net profit, indicating a strong focus on technological innovation and sustainable practices [1][2] Financial Performance - The company achieved an operating revenue of 2.076 billion, representing a year-on-year increase of 14.76% [1] - Net profit attributable to shareholders reached 88.769 million, up 9.22% year-on-year, while the non-recurring net profit was 74.276 million, reflecting a 21.08% increase [1] Technological Innovation - Wuhan Holdings increased its R&D expenditure to 44.687 million, a rise of 45.64% year-on-year, demonstrating a commitment to technological advancement [1] - The company has established collaborations with various universities and research institutions to enhance the conversion of scientific achievements into practical applications [1] Environmental Initiatives - The company is actively involved in green circular economy initiatives, focusing on areas such as photovoltaic power generation, wastewater energy recovery, and sludge resource treatment [1] - Wuhan Holdings is enhancing water quality in Wuhan through its wastewater treatment operations and expanding the use of reclaimed water for ecological replenishment and urban greening [2] Market Recognition - In June, the company successfully issued its first phase of technology innovation perpetual corporate bonds, amounting to 1 billion, with a subscription multiple of 3.04, indicating strong market confidence in its growth prospects [2]

证券代码：600168 证券简称：武汉控股 公告编号：临 2025—041 号 武汉三镇实业控股股份有限公司 第九届董事会第四十三次会议决议公告 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。 一、董事会会议召开情况 武汉三镇实业控股股份有限公司（以下简称"公司"）第九届董事会第四十 三次会议通知于 2025 年 8 月 15 日以书面方式通知各位董事，会议于 2025 年 8 月 28 日下午 14:40 在公司 24 楼会议室召开，会议应到董事 11 人，实到董事 11 人。本次会议的召开符合《公司法》和《公司章程》的规定。公司高级管理人员 列席了会议。 公司根据《国务院关于加强监管防范风险推动资本市场高质量发展的若干意 见》《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》 等法律法规、规范性文件，结合自身实际情况，制定《市值管理制度》。制度全 文详见上海证券交易所网站 www.sse.com.cn。 （11 票同意，0 票反对，0 票弃权） （三）关于修订《募集资金管理办法》的议案 为规范公 ...

第一条 本办法适用于上市公司通过发行股票或者其他具有股权性质的证 券，向投资者募集并用于特定用途的资金监管，但不包括上市公司为实施股权 激励计划募集的资金监管。 本办法所称超募资金是指实际募集资金净额超过计划募集资金金额的部 分。 第二条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效 防范投资风险，提高募集资金使用效益。 公司的董事和高级管理人员应当勤勉尽责，确保公司募集资金安全，不得 操控公司擅自或者变相改变募集资金用途。 武汉三镇实业控股股份有限公司 募集资金管理办法 为规范公司募集资金的管理和使用，最大限度地保障投资者的利益，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市 规则》《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》等有关法律法规的规定和要求，结合公司的实际情况，制定本 办法。 第一章 总则 第三条 公司的控股股东、实际控制人及其他关联人不得占用公司的募集 资金，不得利用公司募集资金及募集资金投资项目（以下简称"募投项目"） 获取不正当利益。 第四条 违反国家法律、法规及《公司章程》等规定使用募集资金，致使 公司 ...

市值管理制度 第一章 总 则 第一条 为规范武汉三镇实业控股股份有限公司（以下简称"公 司"）市值管理行为，加强公司市值管理工作，切实推动公司投资价 值提升，增强投资者回报，维护投资者利益，根据《中华人民共和国 公司法》《中华人民共和国证券法》《上市公司监管指引第 10 号— —市值管理》《上海证券交易所股票上市规则》等法律法规、规范性 文件和《武汉三镇实业控股股份有限公司公司章程》（以下简称"《公 司章程》"）等规定，结合公司实际情况，制订本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础，为 提升公司投资价值和股东回报能力而实施的战略管理行为。 武汉三镇实业控股股份有限公司 第二章 市值管理的目的与基本原则 第三条 市值管理的主要目的是通过诚实守信、规范运作、专注 主业、稳健经营，培育和运用新质生产力，推动经营水平和发展质量 提升，并在此基础上做好投资者关系管理，增强信息披露质量和透明 度，必要时积极采取措施提振投资者信心，推动公司投资价值合理反 映公司质量。 第四条 市值管理的基本原则： （一）合规性原则：公司应当在严格遵守相关法律法规、规范性 1 文件和《公司章程》等规定的前提下开展市值管 ...