经济观察网 近一周国中水务（600187）股价表现疲软，资金持续流出。根据内部数据库，截至2026年 02月13日收盘，股价报2.13元，当日下跌1.84%，成交额6830万元，换手率1.96%。近5日累计跌幅 4.05%，近20日跌幅达14.46%。资金面上，2月13日主力资金净流出约1293万元，连续多日呈现净流出 态势；2月12日主力净流出724万元，当日股价下跌2.25%。股价近期触及近一年低点2.08元（2月3 日），技术面显示当前靠近支撑位2.12元，若跌破可能进一步下行。 机构观点 机构估值分析指出国中水务股价偏高。证券之星2月11日发布的估值指针显示，公司相对估值范围1.82- 2.01元，估值准确性评级C，综合基本面各维度看股价缺乏吸引力。行业层面，招商证券2月9日环保公 用事业周报提到，2025年风电、光伏利用率下滑，2026年电力供需总体平衡，可能对环保板块带来间接 压力。当前该股无机构评级覆盖，市场关注度一般。 ...

证券代码：600187 证券简称：国中水务 编号：临 2026-006 关于签署股权转让合同之补充协议及全资子公司对外提供担保的公告 本公司董事会及全体董事保证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: 一、交易背景概述 黑龙江国中水务股份有限公司（以下简称"公司"或"转让方"）于 2025 年 2 月 7 日召开第九届董事 会第七次会议审议通过了《关于出售资产的议案》，公司与东营市河口区财金投资集团有限公司（以下简 称"财金投资集团"或"受让方"）签署《股权转让合同》，向其出售全资子公司东营国中环保科技有限 公司（以下简称"东营国中"或"目标公司"）100%股权，标的股权的转让价格为￥338,000,000.00 元（大 写：人民币叁亿叁仟捌佰万元整）。转让完成后，财金投资集团将持有目标公司的 100%的股权以及附属于 该股权的全部权利和利益。具体内容详见公司于 2025 年 2 月 12 日在《上海证券报》《中国证券报》和上 海证券交易所网站（www.sse.com.cn）上披露的《关于出售资产的公告》（公告编号：2025- ...

Group 1 - The core issue revolves around the internal power struggle at Beijing Huiyuan Food and Beverage Co., which has jeopardized a previously hopeful restructuring plan [1] - The restructuring plan, approved in 2022, involved an investment commitment of 1.6 billion yuan from Shanghai Wensheng Assets to revitalize the Huiyuan brand [1] - The internal conflicts, including disputes over company seals and public accounts, have escalated, leading to a loss of control over the brand by the restructuring investors [1] Group 2 - The ongoing disputes have resulted in significant operational disruptions for Huiyuan, including widespread stock shortages on e-commerce platforms and a loss of confidence among distributors [2] - Guozhong Water, a listed company that invested 930 million yuan in Huiyuan, has faced severe financial repercussions due to the failed restructuring plan, leading to expected losses of 104 million to 130 million yuan in 2025 [4] - The investment from Guozhong Water was initially seen as a potential turnaround strategy, but the inability to execute the restructuring has resulted in substantial asset impairment and a risk of delisting [4][5] Group 3 - The restructuring plan's failure is attributed to various issues, including delayed payments and mismanagement of funds, which have led to governance chaos within Huiyuan [6] - As of August 2025, only 750 million yuan of the promised 1.6 billion yuan investment had been paid, with over 600 million yuan controlled by Wensheng Assets rather than being utilized for operations [6] - The internal conflicts have severely impacted Huiyuan's market presence, with reports of empty product listings on major e-commerce platforms and hesitance from distributors to invest further [6] Group 4 - The situation highlights broader challenges in the relationship between Chinese enterprises and capital markets, emphasizing the need for effective governance and operational integrity [7]

Core Insights - The internal power struggle at Beijing Huiyuan Food and Beverage Co., Ltd. has jeopardized a previously promising restructuring plan, which was initiated in 2022 when the core subsidiary's restructuring plan was approved [1] - The restructuring investor, Shanghai Wensheng Assets, committed to invest 1.6 billion yuan to revitalize the brand, but subsequent disputes over control led to significant operational disruptions [1][5] Group 1: Company Background and Restructuring Efforts - In 2022, Huiyuan Juice's restructuring plan was approved, with Wensheng Assets promising to invest 1.6 billion yuan to acquire 70% of the company [5] - The restructuring aimed to facilitate an A-share listing within 3-5 years, but internal conflicts and external disputes have hindered progress [5][6] - By August 2025, Wensheng Assets had only paid 750 million yuan of the promised investment, leaving a significant overdue amount of 850 million yuan [6] Group 2: Impact on Stakeholders - The internal disputes have led to a significant loss of confidence among distributors, resulting in a major disruption of Huiyuan's e-commerce platform and physical retail presence [2][6] - National Water Affairs, which invested 930 million yuan in Huiyuan, faced severe financial repercussions due to the failed restructuring, leading to a projected net loss of 104 million to 130 million yuan for 2025 [4][5] - The investment from National Water Affairs was crucial, as it accounted for 165.29% of the company's net profit in 2024, indicating that without this investment, the company would have reported a loss [3][4] Group 3: Future Challenges and Considerations - The ongoing disputes have raised concerns about the future of Huiyuan Juice and its ability to recover, as well as the implications for National Water Affairs, which is at risk of being delisted [7] - The situation highlights the complexities of capital operations and the challenges faced by companies in aligning financial strategies with operational realities [7]

Market Performance - The environmental governance sector increased by 1.66% on February 3, with Sains leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Gainers in Environmental Governance Sector - The top-performing stocks included: - Sains (688480) with a closing price of 81.99, up 13.25% and a trading volume of 39,500 shares, totaling 313 million yuan [1] - Zhonglan Environmental (300854) at 23.62, up 7.46% with 63,300 shares traded, amounting to 148 million yuan [1] - Shanghai Xianba (603200) at 81.85, up 6.28% with 70,000 shares traded, totaling 560 million yuan [1] Decliners in Environmental Governance Sector - Notable decliners included: - Xuelang Environment (300385) at 11.34, down 1.99% with a trading volume of 250,700 shares, totaling 278 million yuan [2] - Guozhong Water (600187) at 2.12, down 1.85% with 973,700 shares traded, amounting to 206 million yuan [2] - Delinhai (688069) at 23.98, down 1.07% with 20,800 shares traded, totaling 50.4 million yuan [2] Capital Flow in Environmental Governance Sector - The environmental governance sector saw a net inflow of 130 million yuan from institutional investors, while retail investors experienced a net outflow of 54.53 million yuan [2] - The main stocks with significant capital inflow included: - Fuzhijie Technology (688335) with a net inflow of 52.43 million yuan, accounting for 13.68% of the total [3] - Huicheng Environmental (300779) with a net inflow of 36.99 million yuan, representing 7.20% [3] - Gaon Environment (603588) with a net inflow of 35.59 million yuan, making up 7.46% [3]

Market Overview - On February 2, the environmental governance sector declined by 1.84% compared to the previous trading day, with Guozhong Water leading the decline [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the environmental governance sector included: - Fuke Technology (688335) with a closing price of 42.54, up 20.00% on a trading volume of 82,400 shares and a transaction value of 338 million [1] - United Water (603291) closed at 12.71, up 7.26% with a trading volume of 215,300 shares and a transaction value of 268 million [1] - ST Jinglan (000711) closed at 2.23, up 5.19% with a trading volume of 797,900 shares and a transaction value of 176 million [1] - Major decliners included: - Guozhong Water (600187) closed at 2.16, down 8.86% with a trading volume of 1,666,200 shares and a transaction value of 368 million [2] - Science (688480) closed at 72.40, down 6.21% with a trading volume of 38,900 shares and a transaction value of 287 million [2] - Tongyuan Environment (688679) closed at 50.45, down 5.86% with a trading volume of 59,800 shares and a transaction value of 305 million [2] Capital Flow - The environmental governance sector experienced a net outflow of 345 million from institutional investors, while retail investors saw a net inflow of 124 million [2] - The capital flow for key stocks showed: - Fuke Technology had a net inflow of 55.48 million from institutional investors, while retail investors had a net outflow of 30.27 million [3] - Guozhong Water had a net outflow of 25.20 million from retail investors [3] - United Water had a net inflow of 15.88 million from institutional investors, with a net outflow of 7.57 million from retail investors [3]

Core Viewpoint - The environmental governance sector experienced a decline of 0.59% on January 30, with Feinan Resources leading the drop. The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1]. Group 1: Stock Performance - Xuelang Environment (300385) saw a significant increase of 15.43%, closing at 11.67 with a trading volume of 341,400 shares and a transaction value of 379 million yuan [1]. - Baichuan Changyin (300614) increased by 4.96%, closing at 15.66 with a trading volume of 143,900 shares and a transaction value of 221 million yuan [1]. - Feinan Resources (301500) led the decline with a drop of 15.32%, closing at 20.68 with a trading volume of 458,300 shares and a transaction value of 95.26 million yuan [2]. - Other notable declines include Jinyuan Co. (000546) down 10.03% and Guozhong Water (600187) down 9.89% [2]. Group 2: Capital Flow - The environmental governance sector experienced a net outflow of 838 million yuan from institutional investors, while retail investors saw a net inflow of 871 million yuan [2]. - The capital flow data indicates that Donghu Gaoxin (600133) had a net inflow of 64.01 million yuan from institutional investors, while it faced a net outflow of 50.12 million yuan from retail investors [3]. - Baichuan Changyin (300614) had a net inflow of 20.80 million yuan from institutional investors, but also saw outflows from retail investors [3].

Core Viewpoint - Several companies, including Heilongjiang Guozhong Water (国中水务) and Shenzhen Aotexun (奥特迅), have issued warnings about potential delisting risks due to expected significant losses and insufficient revenue, reflecting ongoing operational challenges in the A-share market [1][5][6] Company Summaries Heilongjiang Guozhong Water (国中水务) - The company anticipates a net profit loss of between 100 million yuan and 84 million yuan for the fiscal year 2025, marking a shift from profit to loss compared to the previous year [2] - Expected revenue, excluding non-core business income, is projected to be between 19 million yuan and 22.8 million yuan, falling below the 300 million yuan threshold [2][3] - The anticipated losses are attributed to credit asset impairment losses of 39.38 million yuan and delays in project commencement, alongside significant impairment on long-term equity investments [3] Shenzhen Aotexun (奥特迅) - Aotexun forecasts a total profit loss of between 71 million yuan and 79.5 million yuan for 2025, with net profit losses estimated between 70 million yuan and 78.5 million yuan [4] - Revenue, after excluding non-recurring gains, is expected to be between 25.3 million yuan and 26.8 million yuan, also below the 300 million yuan mark [4] - The decline in performance is primarily due to a significant drop in revenue from the power supply segment, despite growth in the new energy electric vehicle charging business [4] Tsinghua Unigroup Environment (启迪环境) - The company has indicated that its net assets may turn negative by the end of 2025, which could trigger delisting warnings [4] - This situation reflects broader financial pressures faced by multiple companies in the sector, highlighting the challenges of maintaining operational viability [5] Industry Insights - The recent wave of delisting risk warnings from multiple companies indicates a tightening regulatory environment and the necessity for firms to demonstrate sustainable operational capabilities [6] - The trend underscores the importance of financial transparency and the potential consequences of failing to meet performance benchmarks in the current market landscape [6]

Group 1: Company Announcements - Meinian Health plans to participate in the restructuring of Zhejiang Bangjie Holdings, aiming to become the controlling shareholder post-restructuring [1] - Silver Industry's gold and silver product revenues are low, with gold sales contributing 18.67% and silver 4.54% to total revenue in H1 2025 [2] - Tianneng Wind Power has decided to implement long-term production halts for six wholly-owned subsidiaries to optimize resource allocation and focus on core offshore wind power business [3] Group 2: Price and Supply Risks - Tongling Nonferrous Metals reports significant uncertainty in the prices of cathode copper and other main products, with low self-sufficiency in copper concentrate posing supply stability risks [4] - ST Aowei received a notice of termination of listing due to market capitalization falling below 500 million yuan for 20 consecutive trading days [5][6] Group 3: Performance Forecasts - Foton Motor expects a net profit increase of approximately 1551% to around 1.33 billion yuan in 2025, driven by sales growth across various segments [7] - Beimo High-Tech anticipates a net profit of 190 million to 220 million yuan, reflecting a growth of 1076.16% to 1261.87% [8] - Zhongke Sanhuan forecasts a net profit increase of 566.23% to 899.35%, driven by cost control and market expansion [9] - Wancheng Group expects a net profit of 1.23 billion to 1.4 billion yuan, a growth of 222.38% to 266.94% [10] - Wan Yi Technology anticipates a net profit increase of 191.52% to 330.34%, supported by product optimization and cost reduction measures [11] - Nanmo Biology expects a net profit of 24 million to 34 million yuan, a growth of 269.49% to 423.44% [12] - Bai'ao Saitou forecasts a net profit increase of 384.26% to 443.88%, benefiting from overseas market expansion [13] - Hailanxin anticipates a net profit of 40 million to 60 million yuan, a growth of 387.47% to 631.2% [14] - Panzhihua Coal expects a net profit of 318 million to 380 million yuan, a growth of 205.3% to 264.83% [15] - Huaguang New Materials forecasts a net profit increase of 104.67% to 141.88% [16] - Putian Technology expects a net profit of 1.92 million to 2.88 million yuan, a growth of 71.55% to 157.33% [17] - Guoda Special Materials anticipates a net profit increase of 82.61% [18] - Tongkun Co. expects a net profit of 1.95 billion to 2.15 billion yuan, a growth of 62.24% to 78.88% [19] - Yiming Pharmaceutical forecasts a net profit increase of 61.12% to 122.08% [20] - Guosheng Securities expects a net profit of 210 million to 280 million yuan, a growth of 25.44% to 67.25% [21] - Shengyi Technology anticipates a net profit increase of 87% to 98% [22] Group 4: Loss Forecasts - Saifutian expects a loss of 30 million to 45 million yuan, significantly reducing previous losses [23] - Magang Group forecasts a loss of 190 million to 250 million yuan, a substantial reduction in losses [24] - Shennong Seed Industry anticipates a profit of 90 million to 120 million yuan, reversing previous losses [25] - Jifeng Co. expects a profit of 410 million to 495 million yuan, reversing previous losses [26] - Bingchuan Network forecasts a profit of 436 million to 516 million yuan, reversing previous losses [27] - Zhongyou Technology anticipates a profit of 540 million to 640 million yuan, reversing previous losses [28] - Dongfang Biology expects a loss of 523 million yuan [29] - Wantai Biological anticipates a loss of 330 million to 410 million yuan due to market pressures [30] - Anbotong expects a loss of 114 million to 165 million yuan [31] - Shunxin Agriculture forecasts a loss of 116 million to 188 million yuan due to declining sales [32] - Guozhong Water expects a loss of 130 million to 104 million yuan, with potential delisting risks [33] Group 5: Major Contracts - China Communication Signal expects to win 21 major projects worth approximately 5.26 billion yuan [34]

Group 1 - The company, Heilongjiang Guozhong Water Co., Ltd., expects a significant loss for the fiscal year 2025, with a projected total profit ranging from -110 million to -88 million yuan and a net profit attributable to shareholders of -130 million to -104 million yuan, indicating a loss compared to the previous year [2][3][12] - The anticipated operating revenue for 2025 is estimated to be between 210 million and 252 million yuan, with the revenue excluding non-core business income expected to be between 190 million and 228 million yuan, which is below the 300 million yuan threshold [2][3][12] - The company reported a profit total of 58.15 million yuan and a net profit of 43.58 million yuan attributable to shareholders for the previous year, with an operating revenue of 179.16 million yuan [4] Group 2 - The primary reasons for the expected loss include a credit asset impairment loss of 39.38 million yuan due to bad debt provisions for accounts receivable related to sewage treatment fees and a delay in the commencement of a contract worth 196.41 million yuan for a sewage and garbage treatment project [5] - Non-operating losses are also a factor, with an estimated impairment of 242.22 million yuan on a long-term equity investment and a recognized investment income of 158.35 million yuan, primarily from the disposal of loss-making subsidiaries [6] Group 3 - The company may face delisting risk warnings as per the Shanghai Stock Exchange regulations if the projected financial conditions are met, specifically if the net profit or total profit is negative and the operating revenue is below 300 million yuan [3][12][13] - The company is required to issue multiple risk warning announcements before the annual report disclosure if it anticipates falling into the delisting criteria [15]