Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Core Viewpoint - The announcement of the election of Mr. Li Weiliang as the employee representative director of the ninth board of directors of Guozhong Water [2] Company Summary - Guozhong Water announced the election of Mr. Li Weiliang as the employee representative director [2]

证券代码：600187 证券简称：国中水务 公告编号：2025-037 黑龙江国中水务股份有限公司 根据《公司法》《公司章程》等有关规定，闫银柱先生的辞职未导致公司董事会成员低 于法定最低人数，不会影响公司董事会的正常运作以及日常经营的正常进行。截至本公告披 露日，闫银柱先生未直接持有公司股份。其辞职报告自送达董事会之日起生效。 二、选举职工代表董事基本情况 关于非独立董事辞职暨选举职工代表董事 及调整部分专门委员会委员的公告 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法律责任。 一、董事离任情况 黑龙江国中水务股份有限公司（以下简称"公司"）董事会于近日收到公司董事闫银柱先 生提交的书面辞职报告，因工作原因，闫银柱先生请求辞去公司董事、董事会审计委员会委 员、董事会内控与风险管理委员会主任委员职务，具体情况如下： (一) 提前离任的基本情况 | | | | | | | | | | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于黑龙江国中水务股份有限公司 2025 年第二次临时股东大会的 法律意见书 国枫律股字[2025]A0533 号 致：黑龙江国中水务股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2025 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《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》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《黑龙江国中水务股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人 员资格、会议表决程序及表决结果等事宜 ...

本次会议是否有否决议案：无 证券代码：600187 证券简称：国中水务 公告编号：2025-036 黑龙江国中水务股份有限公司 2025年第二次临时股东大会决议公告 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法律责任。 重要内容提示： 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 7 日 (二)股东大会召开的地点：上海市青浦区朱家角浦祥路 79 号上海朱家角皇家郁 金香花园酒店 5 号楼一楼贵宾会见厅 2 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 850 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 402,031,533 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 24.9123 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，由董事长丁宏伟先生主持。本次会议的召集和 召开程序、表决 ...

Core Viewpoint - The company, Heilongjiang Guozhong Water Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial statements for the third quarter are not audited, indicating that the figures presented are preliminary and subject to change [3][7]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][4]. - The company has not identified any non-recurring gains or losses that are significant enough to warrant special mention in the report [4][5]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the status of the top ten shareholders, although specific details are not provided [5][6]. - There are no changes reported in the shareholding structure of the top ten shareholders due to securities lending activities [6]. Other Important Information - The company has confirmed that there are no additional significant matters that investors need to be aware of regarding the operational status during the reporting period [6].

Core Insights - Guozhong Water (600187.SH) released its Q3 2025 report on October 31, 2025, indicating a total of 4 institutional investors holding shares, amounting to 281 million shares, which represents 17.44% of the total share capital [1] - The institutional holding ratio increased by 0.03 percentage points compared to the previous quarter [1] - Six public funds were disclosed this period, including major funds like Zhongzheng 2000 and Southern Zhongzheng 2000 ETF [1] - One new foreign institutional investor was disclosed, namely Hong Kong Central Clearing Limited [1]

黑龙江国中水务股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会 会议资料 二零二五年十一月七日 1 黑龙江国中水务股份有限公司 2025 年第二次临时股东大会会议资料 目录 黑龙江国中水务股份有限公司 第一部分会议议程 第二部分会议议案 | 议案一：关于取消监事会并修订《公司章程》的议案 5 | | --- | | 议案二：关于新增及修订公司部分治理制度的议案 6 | | 议案三：关于选举刘国虎为公司非独立董事候选人的议案 7 | 2 黑龙江国中水务股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议须知 各位股东及股东代理人： 为确保公司股东在公司 2025 年第二次临时股东大会（以下简称"股东大会"） 期间依法行使股东权利，保证股东大会的会议秩序和议事效率，依据中国证监会 《上市公司股东会规则》及本公司《公司章程》的有关规定，本公司特通知如下： 一、本公司根据《公司法》、《证券法》、《上市公司股东会规则》及《公 司章程》的规定，认真做好召开股东大会的各项工作。 二、本次股东大会由公司证券事务部负责股东大会的程序安排和会务工作。 三、董 ...

Financial Performance - The company's operating revenue for the third quarter was ¥55,347,918.19, an increase of 38.54% compared to the same period last year[4] - The total profit for the third quarter was ¥4,001,233.68, a decrease of 59.99% year-on-year[4] - The net profit attributable to shareholders was ¥2,177,451.56, down 42.97% from the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥3,754,534.11, with no applicable comparison[4] - The basic earnings per share for the third quarter was ¥0.0013, a decrease of 43.78% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was a loss of ¥20,895,704.90, compared to a profit of ¥6,295,896.72 in the same period of 2024[18] - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.0100, compared to ¥0.0056 in the same period of 2024[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,484,492,611.80, a decrease of 3.23% from the end of the previous year[5] - The equity attributable to shareholders decreased by 0.76% to ¥3,181,048,262.39 compared to the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥1,215,077,105.18, a decrease from ¥1,314,010,065.19 as of December 31, 2024[13] - Total non-current assets decreased slightly to ¥2,269,415,506.62 from ¥2,286,724,662.02[14] - The company reported a total liability of ¥284,586,233.01, a decrease from ¥380,573,576.62 year-over-year[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 109,700[11] - The largest shareholder, Shanghai Pengxin (Group) Co., Ltd., holds 127,312,500 shares, representing 7.89% of total shares[11] Cash Flow and Investments - Operating cash flow for the first three quarters of 2025 was a net outflow of ¥10,525,173.19, an improvement from a net outflow of ¥41,767,280.64 in the same period of 2024[21] - Investment cash inflow totaled ¥404,980,378.18, compared to ¥380,332,509.00 in the first three quarters of 2024, indicating a 6.4% increase[21] - Net cash flow from investment activities was $84,474,820.53, compared to a negative cash flow of $91,690,290.76 in the previous period[22] - Total cash inflow from financing activities was $8,450,000.00, an increase from $5,050,000.00 year-over-year[22] - The net cash flow from financing activities was -$15,108,269.15, improving from -$25,437,898.80 year-over-year[22] - The ending balance of cash and cash equivalents was $229,197,328.02, up from $217,187,926.81 in the previous period[22] Operating Costs and Expenses - Total operating costs increased to ¥172,154,554.79, up 7.2% from ¥160,629,139.66 year-over-year[17] - Research and development expenses rose significantly to ¥4,702,411.72, up 80.7% from ¥2,601,027.34 in the previous year[17] - The company incurred a financial expense of ¥1,961,464.04, down from ¥2,980,293.40 in the same period last year[17] Other Information - The increase in operating revenue was primarily due to the addition of new imported feed sales during the reporting period[9] - The decrease in net profit was mainly attributed to reduced investment income from Wenshenghui compared to the previous reporting period[9] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending[12] - The company will not apply new accounting standards starting from 2025[23]

Core Points - The company has decided to cancel the supervisory board and amend its Articles of Association to enhance its governance structure and comply with the new Company Law effective from July 1, 2024 [1][2] - The amendments to the Articles of Association include changing "shareholders' meeting" to "shareholders' assembly" and other adjustments that will require approval at the upcoming extraordinary shareholders' meeting [2][3] - The company is also revising several governance systems to align with the latest legal and regulatory requirements, which will be submitted for approval at the shareholders' meeting [3] Group 1: Cancellation of Supervisory Board - The supervisory board will be replaced by the audit committee of the board of directors, which will assume the powers previously held by the supervisory board [1] - The relevant rules governing the supervisory board will be abolished as part of this restructuring [1] Group 2: Amendments to Articles of Association - The specific amendments to the Articles of Association include the renaming of "shareholders' meeting" to "shareholders' assembly" and other necessary adjustments to the numbering and references within the document [2] - The revised Articles of Association will require a special resolution at the company's second extraordinary shareholders' meeting in 2025 for final approval [2] Group 3: Governance System Revisions - The company plans to revise several governance systems, including the rules for shareholders' meetings, board meetings, independent directors' work, related party transactions, external guarantees, and the management of raised funds [3] - These revised governance systems will also be subject to approval at the upcoming shareholders' meeting before they can take effect [3]