Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. is facing internal conflicts as its major shareholder, Zhuji Wenshenghui, is accused of misusing control and failing to fulfill capital commitments, potentially harming minority shareholders and creditors [2][3]. Group 1: Shareholder Disputes - Beijing Huiyuan publicly accused Zhuji Wenshenghui of contributing only 22.8% of the registered capital and failing to pay 850 million yuan overdue for over a year, despite controlling the company's management [2]. - The company has initiated legal action against Zhuji Wenshenghui and Shanghai Wensheng Asset Management Co., Ltd., which has been accepted by the court, but there is a possibility of withdrawal [3]. Group 2: Financial Commitments and Performance - After the restructuring plan approval in June 2022, Wensheng Asset became the new controlling shareholder, promising to inject 1.6 billion yuan to restart Huiyuan [4]. - Revenue projections for Beijing Huiyuan are 2.75 billion yuan for 2023 and 2.48 billion yuan for 2024, with net profits of 420 million yuan and 340 million yuan respectively, indicating normal operational conditions [4]. - However, Wensheng Asset has yet to fulfill its commitment of 850 million yuan in subsequent capital injections, leading to disputes over the classification of the initial 750 million yuan investment [6]. Group 3: Impact of Legal and Financial Issues - The freezing of shares held by Zhuji Wenshenghui due to legal disputes with Guangdong Minying Investment Co., Ltd. has led to the termination of a planned acquisition by Guozhong Water [5][6]. - The ongoing legal issues have resulted in a public escalation of conflicts between Wensheng Asset and Beijing Huiyuan, complicating the restructuring efforts [5][7].

Group 1 - Beijing Huiyuan issued a public letter on August 9, highlighting issues with its major shareholder, Zhuji Wenshenghui, including failure to fulfill capital contribution obligations and control over company governance, which infringes on the rights of minority shareholders [1][2] - The public letter revealed a significant mismatch between shareholder rights and capital contribution obligations, with Zhuji Wenshenghui committing to invest 1.6 billion but only contributing 22.8% of the registered capital, resulting in an overdue amount of 850 million [3] - The company has initiated legal action against Zhuji Wenshenghui and Wensheng Assets, which has been accepted by the court, due to the latter's failure to meet investment obligations [3][4] Group 2 - National Water Investment, which holds a 21.89% stake in Beijing Huiyuan through Zhuji Wenshenghui, may face uncertainties regarding its investment returns following the lawsuit initiated by Beijing Huiyuan [5][6] - National Water's previous plans to acquire additional shares from Shanghai Yongrui were halted due to a court-ordered freeze on the shares, complicating its investment strategy [6] - In 2024, National Water reported a revenue of 179 million, a decrease of 20.73%, while its net profit increased by 43.58% to 43.58 million, with investment income from Zhuji Wenshenghui accounting for 165.29% of its net profit [7][8]

Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. has publicly accused its major shareholder, Zhuji Wenshenghui, of failing to fulfill capital contribution obligations and manipulating corporate governance, which has harmed the rights of minority shareholders [2][3][9]. Group 1: Conflict and Legal Actions - The public letter highlights the conflict between Beijing Huiyuan and Zhuji Wenshenghui, bringing attention to the latter's control over the company and the implications for minority shareholders [5][9]. - Beijing Huiyuan has initiated legal action against Zhuji Wenshenghui and Wensheng Assets for failing to meet investment commitments, which has been accepted by the court [10]. - The company has called for shareholders to take specific actions, including limiting the rights of Zhuji Wenshenghui due to unfulfilled capital contributions and seeking judicial remedies against resolutions passed under the abuse of control [10]. Group 2: Financial and Operational Concerns - Zhuji Wenshenghui committed to invest 1.6 billion yuan but has only contributed 22.8% of the registered capital, with an overdue amount of 850 million yuan [9]. - The actual funds paid have not been utilized for production and operations, raising concerns about "false capital contributions" [9]. - The current equity structure allows Zhuji Wenshenghui to hold 60% of shareholder rights despite only contributing a fraction of the capital, which could significantly dilute the interests of minority shareholders in future distributions [9]. Group 3: Implications for Related Companies - The situation has implications for Guozhong Water, which has invested in Beijing Huiyuan through Zhuji Wenshenghui, raising concerns about the uncertainty of investment returns following the lawsuit [11][12]. - Guozhong Water's previous plans to acquire additional shares from Shanghai Yongrui have been hindered due to legal disputes, leading to a freeze on shares [13]. - The financial performance of Guozhong Water has been under scrutiny, with a reported revenue of 179 million yuan in 2024, a decrease of 20.73% year-on-year, and a net profit of 43.58 million yuan, indicating a complex financial landscape [15].

Core Viewpoint - The conflict between Beijing Huiyuan and Zhuhai Wensheng has intensified, with allegations of financial misconduct and control abuse impacting minority shareholders and creditors [1][2]. Group 1: Company Conflicts - Beijing Huiyuan has publicly accused its major shareholder, Zhuhai Wensheng, of underfunding and misusing control, potentially harming the interests of minority shareholders and creditors [1]. - The company claims that Zhuhai Wensheng's actual capital contribution is only 22.8% of its registered capital, with 850 million yuan overdue for over a year despite multiple reminders [1]. - Beijing Huiyuan has initiated legal action against Zhuhai Wensheng and Wensheng Asset Management, which has been accepted by the court, urging shareholders and creditors to protect their rights [2]. Group 2: Financial Commitments and Disputes - Wensheng Asset Management, which became the new controlling shareholder after Huiyuan Juice's restructuring, had previously committed to invest 1.6 billion yuan to restart Huiyuan [3]. - The company has faced challenges in securing the promised investments, with disputes over whether the initial 750 million yuan should be classified as registered capital or capital reserve [5]. - As of the latest updates, Wensheng Asset has not fulfilled the remaining two investment tranches totaling 850 million yuan, which has led to further complications in the relationship with Beijing Huiyuan [5]. Group 3: Market and Operational Impact - Despite the ongoing disputes, Beijing Huiyuan reported projected revenues of 2.75 billion yuan and 2.48 billion yuan for 2023 and 2024, respectively, with net profits of 420 million yuan and 340 million yuan [3]. - The termination of the acquisition by Guozhong Water due to share transfer restrictions has exacerbated the conflict between Wensheng Asset and Beijing Huiyuan, leading to a public fallout [4].

Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and corporate image [6][8]. Group 1: Environmental Violations and Penalties - ST晨鸣控股公司 was fined a total of 462,000 yuan for exceeding water pollution discharge standards [8][10]. - 巨星农牧控股公司 faced a penalty of 305,000 yuan due to construction not adhering to environmental impact assessment requirements, leading to wastewater overflow [10]. - A total of 11 listed companies were identified with environmental risks during the fourth and fifth weeks of July, with 6 of them being state-controlled enterprises [7][8]. Group 2: Regulatory Context and Data Collection - The "A股绿色周报" is published weekly, analyzing environmental information from thousands of listed companies based on data from 31 provinces and 337 cities [5][12]. - The report aims to enhance transparency regarding environmental information in the operational activities of listed companies [5][12]. - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles highlights the importance of companies' sustainable development capabilities [11][12].

Core Viewpoint - Guozhong Water has significantly increased its stake in Zhuhai Wenshenghui, raising its indirect holding in Beijing Huiyuan to 21.89%, which has contributed to the company's turnaround in profitability [1][2] Financial Performance - In 2023, Guozhong Water reported a revenue of 217 million yuan, a decrease of 24.62% year-on-year, and a net profit attributable to shareholders of 30.04 million yuan, compared to a loss of 116 million yuan in the previous year [1] - The investment in Zhuhai Wenshenghui yielded an investment return of 82.84 million yuan, accounting for 275.77% of the net profit for the period [1] Industry Context - The traditional environmental protection sector, including wastewater treatment, has seen significant changes in industry concentration, entering a "post-construction era" [1] - The market for municipal wastewater treatment in first- and second-tier cities is becoming saturated, leading to intensified competition [1] Strategic Moves - Guozhong Water plans to acquire at least 2.32 million yuan of registered capital from Shanghai Yongrui, which will increase its total holding in Zhuhai Wenshenghui to at least 51% [2] - The company aims to optimize its asset structure and enhance its asset scale and profitability through this acquisition, aligning with its future development strategy [2]

关于《关于黑龙江国中水务股份有限公司 2024 年年度报告的信息披露监管工作函》 的回复意见 深圳旭泰会计师事务所 (特殊普通合伙) Shenzhenxutai C.P.A.(Special General Partnership) (电话)TEL: (地址) ADDRESS: 0755-27709801 深圳市福田区滨河大道 9003 号湖北大厦 29 南 B 关于《关于黑龙江国中水务股份有限公司 2024 年年度报告的信息披露监管工作函》 的回复意见 上海证券交易所: 深圳旭泰会计师事务所(特殊普通合伙)(以下简称我们)收到黑龙江国中水 务股份有限公司(以下简称国中水务或公司)转来的贵所下发的《关于黑龙江国中 水务股份有限公司 2024 年年度报告的信息披露监管工作函》 (上证公函[2025]0795 号)（以下简称监管工作函）。根据要求,基于国中水务对监管工作函相关问题的 说明以及我们执行的工作,现就相关问题答复如下; 一、关于投资北京汇源。报告期公司对诸暨市文盛汇自有资金投资有限公司(以 下简称文盛汇 ) 确认投资收益 0.72 亿元,占归母净利润比例为 165.29%,直接影响本 期公司合并财务报表 ...

报告期公司对诸暨市文盛汇自有资金投资有限公司（以下简称文盛汇）确认投资收益 0.72 亿元，占归 母净利润比例为 165.29%，直接影响本期公司合并财务报表的盈亏性质。公告显示，文盛汇对北京汇源食 品饮料有限公司（以下简称北京汇源）尚有部分出资款未到位，目前出资已逾期。请公司：（1）说明对文 盛汇确认投资收益的计算过程及依据，并结合北京汇源及文盛汇的公司章程，说明未实缴出资是否实际有 损上市公司享有的股东权利，确认相关投资收益时是否予以考虑；（2）说明对文盛汇的长期股权投资采用 权益法核算确认的投资收益全部列入经常性损益的依据是否充分，相关会计处理是否符合《企业会计准则》 的有关规定；（3）结合近两年北京汇源业绩变化趋势情况，评估长期股权投资是否存在减值风险。请年审 会计师发表意见。 黑龙江国中水务股份有限公司 关于上海证券交易所 2024 年年度报告 的信息披露监管工作函的回复公告 公司回复： 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。 黑龙江国中水务股份有限公司（以下简称"公司"或"国中水务"）于近日收到上海证券 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a net loss for the first half of 2025, with net profit attributable to parent company shareholders projected between -19 million and -16 million RMB 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (Million RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -19 to -16 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -13.5 to -11 | - The financial period covered by this performance forecast is from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) - The data in this performance forecast has not been audited by a certified public accountant[6](index=6&type=chunk) [Prior Period Operating Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In contrast to the 2025 forecast, the company achieved profitability in the prior year's corresponding period, with net profit attributable to shareholders at **5.18 million RMB** 2024 Semi-Annual Performance (Prior Period) | Indicator | Amount (Million RMB) | | :--- | :--- | | Total Profit | 5.68 | | Net Profit Attributable to Listed Company Shareholders | 5.18 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 10.85 | | Earnings Per Share (RMB) | 0.0032 | [Primary Reasons for Current Period Forecasted Loss](index=1&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The shift from profit to loss is primarily due to a significant decrease in investment income and a one-time employee resettlement compensation expense - Investment income impact: Investment income from Zhuji Wenshenghui Self-Owned Capital Investment Co., Ltd. recognized during the reporting period was **22.07 million RMB**, a decrease of **17.17 million RMB** compared to the prior year[9](index=9&type=chunk)[10](index=10&type=chunk) - One-time expense: Employee resettlement compensation expenses of **4.37 million RMB** were incurred by Guozhong (Qinhuangdao) Wastewater Treatment Co., Ltd. during the reporting period[11](index=11&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This preliminary, unaudited performance forecast is subject to uncertainty, with final financial data to be based on the company's officially disclosed 2025 semi-annual report - This performance forecast represents the company's financial department's preliminary calculations and has not been audited by a certified public accountant[12](index=12&type=chunk) - The company states there are no significant uncertainties that could affect the accuracy of this performance forecast[13](index=13&type=chunk) - The final accurate financial data will be based on the company's officially disclosed '2025 Semi-Annual Report'[14](index=14&type=chunk)

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the improvement in cash flow and dividend potential due to reduced capital expenditures in the waste management sector, alongside enhanced return on equity (ROE) through quality improvements in heating and IDC collaborations [1][11][15]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a significant shift with a 9% increase in the sector's performance compared to the Shanghai and Shenzhen 300 indices [3]. - The report highlights a 73% increase in sales of new energy sanitation vehicles, with a penetration rate rising to 14.95% [25]. Key Recommendations - The report recommends several companies for investment, including Huaneng Environment, Green Power, and Yongxing Co., among others, due to their strong dividend potential and operational efficiency [5][11]. - It suggests focusing on companies like Yuehai Investment and Xingrong Environment for their robust cash flow and high dividend yields [17]. Policy Tracking - The Ministry of Ecology and Environment has issued a notice to enhance the quality of law enforcement, which is expected to improve operational efficiency and compliance in the industry [9][10]. - The report notes that the government is concentrating on environmental governance funding for 2025, which may positively impact the sector [7]. Financial Performance - The waste management sector is projected to see a significant increase in free cash flow, with dividends expected to rise as capital expenditures decrease [11][12]. - Specific companies are highlighted for their dividend growth, such as Junxin Co. with a 37% increase in cash dividends and Green Power with a 100% increase [12][13]. Market Dynamics - The report discusses the trend of garbage incineration and IDC collaborations as a new growth avenue, emphasizing the advantages of clean and efficient energy generation [14]. - The water utility sector is also highlighted for its stable growth and high dividends, with ongoing water price reforms expected to enhance profitability [15][17]. Sector Performance - The environmental protection and public utilities index rose by 2.69% during the week of July 7-11, 2025, outperforming the broader market indices [45].