Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

证券代码：600168 证券简称：武汉控股 公告编号：临 2025-031 号 武汉三镇实业控股股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易的进展公告 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法律责任。 一、本次交易的基本情况 武汉三镇实业控股股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金方式购买武汉市城市建设投资开发集团有限公司（以下简称"武汉市城投 集团"）持有的武汉市政工程设计研究院有限责任公司 100%股权，并募集配套资 金（以下简称"本次交易"）。 本次交易预计不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，构成关联交易，本次交易不会导致公司实际控制人发生变更，不构成重组上 市。 二、本次交易的进展情况 根据上海证券交易所的相关规定，经公司申请，公司股票自 2025 年 2 月 21 日（星期五）开市起开始停牌，停牌时间不超过 10 个交易日，具体详见公司于 2025 年 2 月 21 日披露的《武汉三镇实业控股股份有限公司关于筹划发行股份及支付现 金购买资产并配套募集资 ...

关于发行股份及支付现金购买资产并募集配套资金 暨关联交易的进展公告 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法律责任。 一、本次交易的基本情况 证券代码：600168 证券简称：武汉控股 公告编号：临 2025-031 号 武汉三镇实业控股股份有限公司 本次交易尚需履行必要的决策程序，并经有权监管机构批准后方可正式实施， 能否实施尚存在不确定性。 武汉三镇实业控股股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金方式购买武汉市城市建设投资开发集团有限公司（以下简称"武汉市城投 集团"）持有的武汉市政工程设计研究院有限责任公司 100%股权，并募集配套资 金（以下简称"本次交易"）。 2025 年 4 月 4 日，公司披露了《武汉三镇实业控股股份有限公司关于发行股 份及支付现金购买资产并募集配套资金暨关联交易的进展公告》（公告编号：临 2025-023 号）。 2025 年 5 月 7 日，公司披露了《武汉三镇实业控股股份有限公司关于发行股 份及支付现金购买资产并募集配套资金暨关联交易的进展公告》（公告编号：临 2025-0 ...

Group 1 - The company, Wuhan San Zhen Industrial Holding Co., Ltd., has issued a public offering of technology innovation perpetual corporate bonds for professional investors, with a total issuance amount of up to RMB 20 billion [1] - The first phase of the bond issuance has been approved by the China Securities Regulatory Commission on April 11, 2025, under the registration number (2025) 766 [1] - The basic term of the bonds is set for 3 years, with the issuer having the right to extend the term at the end of each pricing cycle, which occurs every 3 years [1] Group 2 - The bond issuance was completed on June 5, 2025, with a final issuance scale of RMB 10 billion and a coupon rate of 2.35%, achieving a subscription multiple of 3.04 [2] - Key stakeholders, including directors, supervisors, senior management, and shareholders holding more than 5% of shares, did not participate in the bond subscription [2] - CITIC Securities Co., Ltd. acted as the lead underwriter for the bond issuance, participating with a subscription of RMB 150 million [2]

武汉三镇实业控股股份有限公司（以下简称"发行人"或"本公司"）面向 专业机构投资者公开发行（不超过）人民币20.00亿元（含20.00亿元）的可续期 公司债券已于2025年4月11日获得中国证券监督管理委员会注册批复（证监许可 〔2025〕766号）。 根据《武汉三镇实业控股股份有限公司2025年面向专业投资者公开发行科技 创新可续期公司债券（第一期）发行公告》，武汉三镇实业控股股份有限公司2025 年面向专业投资者公开发行科技创新可续期公司债券（第一期）（以下简称"本 期债券"）基础期限为3年，以每3个计息年度为1个重定价周期，在约定的基础 期限期末及每一个周期末，发行人有权行使续期选择权，按约定的基础期限延长 1个周期；发行人不行使续期选择权则全额到期兑付。发行人续期选择权的行使 不受次数的限制。本期债券发行规模不超过10亿元（含10亿元）。 本期债券发行工作已于2025年6月5日结束，本期债券（债券简称：武控KY01， 债券代码：242982）最终发行规模为10亿元，票面利率为2.35%，认购倍数为3.04。 本公司的董事、监事、高级管理人员、持股比例超过5%的股东及其他关联 方未参与本期债券认购。中信 ...

Core Viewpoint - Wuhan Holdings reported significant growth in net profit for 2024, attributed to market expansion, effective cost control, and tax incentives, while addressing concerns regarding high accounts receivable and performance commitments from acquisitions [1][2][3]. Group 1: Performance and Financials - The company achieved a net profit of 88.22 million yuan in 2024, a decrease of 39.03% year-on-year, despite a revenue increase of 21.62% to 3.775 billion yuan [4][5]. - The net profit decline was primarily due to the absence of non-recurring gains from land disposal in the previous year, which had contributed 369 million yuan to last year's profit [4]. - For 2025, the company projects a revenue of 4.072 billion yuan, a slight increase of approximately 7.87%, but expects a further decline in net profit to 84.28 million yuan [4][5]. Group 2: Accounts Receivable Concerns - The company's accounts receivable balance increased from 4.798 billion yuan in 2022 to 5.847 billion yuan by the end of 2024, representing 154.89% of the annual revenue, with a growth of 16.89% from the beginning of the year [3]. - The company stated that its accounts receivable are primarily from government and large state-owned enterprises, which have strong creditworthiness, thus mitigating the risk of uncollectible receivables [3]. Group 3: Market and Operational Strategy - The significant increase in net profit for 2024 was supported by the company's efforts in market expansion, stable business volume, and the application of new technologies to enhance efficiency and reduce costs [2]. - The company aims to optimize operational management and improve efficiency to achieve its business goals, although it clarifies that the annual operating plan does not constitute a profit commitment to investors [5].

Core Viewpoint - Wuhan Holdings has responded to regulatory inquiries regarding its acquisition performance and high accounts receivable, asserting that the significant increase in net profit for 2024 is due to market expansion, cost control, and tax benefits, with no premature revenue recognition [1][2][3] Group 1: Acquisition Performance - The acquired company, Wuhan Water Construction Engineering Co., Ltd., achieved a total net profit of 166.56 million RMB from 2022 to 2024, surpassing the performance commitment of 163.35 million RMB, with a completion rate of 101.97% [2] - The substantial growth in net profit for 2024 is attributed to market expansion, stable business volume, increased contract amounts, and the application of new technologies, which have improved efficiency and reduced costs [2] Group 2: Accounts Receivable - Wuhan Holdings reported accounts receivable of 4.798 billion RMB, 5.002 billion RMB, and 5.847 billion RMB for the years 2022 to 2024, with 2024 accounts receivable representing 154.89% of annual revenue, an increase of 16.89% from the beginning of the year [3] - The company claims that its accounts receivable are primarily from government and large state-owned enterprises, which have strong creditworthiness, and that there is no risk of significant uncollectible accounts [3] Group 3: Financial Performance and Projections - For 2024, Wuhan Holdings expects to achieve revenue of 3.775 billion RMB, a year-on-year increase of 21.62%, but a net profit attributable to shareholders of 88.22 million RMB, reflecting a 39.03% decrease [4] - The decline in net profit is mainly due to the absence of non-recurring gains from land disposal that occurred in the previous year [4] - The company has set a revenue target of 4.072 billion RMB for 2025, representing a modest growth of approximately 7.87%, while projecting a slight decrease in net profit [4][5]

中勤万信会计师事务所 关于上交所对武汉三镇实业控股股份有限公司 公司回复： 2024年年报监管函相关问题的专项意见 （1）工程公司 2022 年至 2024 年资产负债表、利润表、现金流量表中主要会计科目数据及 同比变化情况，并说明变动幅度超 20%的原因； 1、资产负债表主要会计科目变化情况及变动原因 上海证券交易所上市公司管理一部： 我所于 2025 年 4 月 25 日收到由武汉三镇实业控股股份有限公司（以下简称"武汉控 股"或"公司"）转发的贵部《关于对武汉三镇实业控股股份有限公司 2024 年年度报告信 息披露的工作监管函》（上证公函〔2025〕第 0447 号）已收悉。根据贵部要求，现将年报 监管函中需我所发表意见的事项回复如下： 问题一：关于业绩承诺。年报及其他公告显示，前期公司收购控股股东持有的武汉市 水务建设工程有限公司（以下简称工程公司）100%股权，并设 2022 年至 2024 年三年期业 绩承诺，承诺净利润三年合计数不低于人民币 16,335.11 万元。工程公司 2022 年至 2024 年 分别实现净利润 3,785.40 万元、4,063.41 万元、8,807.38 万元，合 ...

证券代码：600168 证券简称：武汉控股 公告编号：临 2025-029 号 武汉三镇实业控股股份有限公司 （1）2023-2024 年资产负债表主要会计科目数据及同比变化情况说明 单位：万元 | 项目 | 2024 | 年期末余额 | 2023 | 年期末余额 | 变动幅度 | 情况说明 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | （%） | | | 货币资金 | | 54,293.12 | | 46,932.43 | 15.68 | | | 应收票据 | | - | | 635.29 | -100.00 | 主要系 年收到的银行承 2023 兑 汇 票 及 商 业 承 兑 汇 票 在 | | | | | | | | 2024 年到期所致 | | 应收账款 | | 160,198.04 | | 122,983.12 | 30.26 | 主要系 2024 年较 2023 年收入 增长，当期按照工程项目结算 进度确认的应收款项增加所 | | | | | | | | 致 | | 预付款项 | | 1,362.01 | | 4,227.65 ...

Financial Performance - In 2024, the company achieved operating revenue of 3.775 billion yuan, a year-on-year increase of 21.62% [2] - The net profit attributable to shareholders for Q1 2025 was 31.25 million yuan, a decrease of 36.64% compared to the same period last year [2] - The company reported a net cash flow from operating activities of only 12.9958 million yuan in 2024, with a slight increase to 72.3835 million yuan in Q1 2025 [4][5] Business Operations - The company’s wastewater treatment capacity reached 3.4158 million tons per day, processing 1.065 billion tons of wastewater in 2024, a year-on-year increase of 4.56% [4] - The water engineering construction segment generated approximately 1.432 billion yuan in revenue in 2024, a significant increase of 67.91% [4] - The company is actively responding to the national "factory-network integration" model by implementing unified scheduling and operation for wastewater treatment plants, pump stations, and pipelines [4][6] Strategic Initiatives - The company is pursuing a series of strategies to enhance performance, including internal cost reduction, major asset restructuring, and strengthening industry-academia-research cooperation [2][6] - The company plans to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute to enhance its integrated service capabilities in the water and environmental protection sector [6][7] - The establishment of a "1+N platform" innovation ecosystem aims to improve the efficiency of technology transfer and promote sustainable development [7][8] Market Position and Future Outlook - The company is positioned as the first listed company in Wuhan's urban construction system to undergo shareholding reform, continuously extending its water and environmental protection industry chain [3] - The goal is to achieve a centralized sewage collection rate of over 75% by 2026 and establish a long-term mechanism for "factory-network integration" by 2027 [3] - The company is focused on capital market engagement and technological innovation to create new growth points for future performance [6][8]