Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In Q1 2025, the company achieved revenue of 1.922 billion yuan, a year-on-year decrease of 10.64%, while the net profit attributable to the parent company was 332 million yuan, an increase of 2.63% year-on-year [2][6] - The company's capital expenditure has significantly decreased, which is beneficial for maintaining a high dividend payout ratio [2][13] - The ongoing market-oriented reforms in public utilities are expected to enhance the profitability and cash flow of water companies, supporting valuation recovery [2][13] Summary by Sections Financial Performance - Revenue for Q1 2025 was 1.922 billion yuan, down 10.64% year-on-year; net profit attributable to the parent company was 332 million yuan, up 2.63% year-on-year; and the non-recurring net profit was 331 million yuan, up 2.45% year-on-year [2][6] - The gross margin for Q1 2025 was 31.12%, an increase of approximately 2.1 percentage points year-on-year, attributed to cost reduction and efficiency improvements [13] - The basic earnings per share (EPS) was 0.26 yuan, a decrease of 3.7% year-on-year, mainly due to dilution from an increase in share capital [13] Capital Expenditure and Cash Flow - The cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 294 million yuan, a significant decrease from 738 million yuan in the same period last year, indicating a downward trend in capital expenditure [2][13] - The net cash flow from operating activities was 104 million yuan, down 56.22% year-on-year, with a cash collection ratio of 81.1%, up approximately 2.0 percentage points year-on-year [13] Market Reforms and Future Outlook - The market-oriented reforms in public utilities are expected to improve the profitability and cash flow of water companies, with price adjustments for water services already being implemented in several first-tier cities [13] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 1.23 billion, 1.27 billion, and 1.30 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.2, 9.8, and 9.58 [13]

证券代码：600461 证券简称：洪城环境 编号：临 2025－025 江西洪城环境股份有限公司 关于回购注销部分股票减少注册资本暨通知债权人 的公告 本公司及董事会全体成员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、准确和完整承担个别及连带责任。 一、通知债权人的原因 江西洪城环境股份有限公司（以下简称"本公司"）于 2025 年 5 月 7 日召 开了 2024 年年度股东大会，审议通过了《关于洪城环境发行股份及支付现金购 买资产的标的资产 2024 年度业绩承诺实现情况、业绩承诺期满减值测试结果与 及补偿方案的议案》、《关于提请股东大会授权公司董事会及其授权人士全权办 理股份回购注销等相关事项的议案》。具体内容详见公司分别于 2025 年 4 月 15 日和 2025 年 5 月 7 日在上海证券交易所网站（www.sse.com.cn）披露的《江西 洪城环境股份有限公司关于发行股份及支付现金购买资产的标的资产 2024 年度 业绩承诺实现情况、业绩承诺期满减值测试结果与及补偿方案的公告》（公告编 号：临 2025－020）和《江西洪城环境股份有限公司 2024 年年度股 ...

证券代码：600461 证券简称：洪城环境 公告编号：2025-024 江西洪城环境股份有限公司 2024年年度股东大会决议公告 (二)股东大会召开的地点：江西省南昌市红谷滩区绿茵路 1289 号三楼会议室 (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 | 196 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 466,424,851 | | 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（%） | 36.3216 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由公司董事会召集，董事长邵涛先生主持会议；会议召开的时间、 地点、内容与《会议通知》一致。本次股东大会采用现场投票和网络投票相结合 的方式召开，其中网络投票通过上海证券交易所股东大会网络投票系统进行。本 次股东大会的召集、召开符合有关法律法规、规范性文件及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 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 ...

江西华邦律师事务所 关于江西洪城环境股份有限公司 本所律师根据《规则》的有关规定，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，对公司本次股东大会的召集及召开等法律事项发表如下意见： 一、本次股东大会的召集、召开程序 2024 年年度股东大会的法律意见书 致：江西洪城环境股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）及《上市公司股东会规则》（以下简称 "《规则》"）及《江西洪城环境股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，受江西洪城环境股份有限公司（以下简称"公司"或"洪城环境"） 委托，江西华邦律师事务所（以下简称"本所"）指派雷萌律师、李沛律师（以 下简称"本所律师"）出席公司 2024 年年度股东大会（以下简称"本次股东大 会"），并为本次股东大会出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的召开本次股东大会的有关 文件的原件或复印件，包括（但不限于）公司召开本次股东大会公告，公司本次 股东大会的各项议程及相关决议等文件，同时听取了公司就有关事实的陈述和说 明。 本次股东大会是由公司董 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4]. Core Insights - The environmental protection industry faced pressure in 2024, with overall revenue declining by 3.3% year-on-year to CNY 348.96 billion, and net profit dropping by 37.7% to CNY 13.8 billion, attributed to difficulties in accounts receivable collection and increased impairment losses [1][13]. - In Q1 2025, the industry showed signs of recovery with revenue at CNY 78.83 billion, a slight decline of 1.8% year-on-year, while net profit increased by 4.1% to CNY 7.25 billion, driven by reduced production costs and increased investment income [1][16]. - The report highlights a divergence in performance among sub-sectors, with solid waste management showing growth while energy-saving and atmospheric governance sectors faced significant challenges [3][19]. Summary by Sections Overview - The environmental protection industry is categorized into six sub-sectors: water services, water treatment, solid waste management, atmospheric governance, monitoring, and energy-saving [11]. Sub-Industry Analysis - **Solid Waste Management**: Revenue increased by 6.2% to CNY 162.26 billion, but net profit fell by 12.3% to CNY 7.28 billion due to increased credit impairment losses [41][45]. - **Water Services**: Revenue remained stable at CNY 76.72 billion, with a slight decline of 0.4%, while net profit rose by 24.7% to CNY 12.11 billion, benefiting from operational efficiencies [49][54]. - **Monitoring**: Revenue decreased by 1.7% to CNY 10.28 billion, with net profit showing a significant decline of 109.5% to -CNY 0.45 billion due to increased impairment losses [60]. Financial Performance - The overall net profit margin for the environmental sector decreased to 4.6%, down 2.1 percentage points year-on-year, influenced by rising asset impairment losses and increased expense ratios [23]. - Operating cash flow for the industry grew by 10.9% to CNY 48.3 billion, primarily due to reduced procurement and improved collection [28]. Investment Recommendations - The report recommends focusing on high-growth areas such as resource recycling and public utility platforms, particularly companies like Gaoneng Environment and Huicheng Environmental, which are expected to benefit from carbon neutrality initiatives [3][4].

Core Viewpoint - Jiangxi Hongcheng Environment Co., Ltd. is committed to ensuring the authenticity, accuracy, and completeness of its financial reports and disclosures, taking legal responsibility for any misleading statements or omissions [1][2][5]. Financial Data Summary - The quarterly financial report for the first quarter of 2025 has not been audited [2]. - The company has provided key financial data and indicators, but specific figures are not disclosed in the provided text [3]. - Non-recurring gains and losses are applicable, but details on significant items are not specified [2][3]. Shareholder Information - The total number of ordinary shareholders and the status of major shareholders are not disclosed in detail [4]. - There are no changes reported in the shareholding structure due to securities lending activities [4]. Other Important Reminders - There are no additional significant reminders regarding the company's operational performance during the reporting period [4]. Earnings Presentation Announcement - The company will hold an earnings presentation on May 9, 2025, to discuss the 2024 annual report and the first quarter of 2025 [6][7]. - The meeting will be conducted online, allowing investors to participate and ask questions [8][9]. - Key personnel, including the chairman and financial director, will be present to address investor inquiries [7][8].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600461 证券简称：洪城环境 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 √适用 □不适用 单位：元 币种：人民币 ■ (三)主要会计数据、财务指标发生变动 ...

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-023 | | --- | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | | 江西洪城环境股份有限公司 关于召开2024年度暨2025年第一季度 业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 05 月 09 日（星期五）15:00-16:00 会议召开地点： 上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 价值在线（www.ir-online.cn） 中证路演中心（https://www.cs.com.cn/roadshow/yjsmh/ ） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2025 年 05 月 09 日①登录上证路演中心网站 首页点击"提问预征集"栏目（https://roadshow.sseinfo.com/questionCollection.do）； ②前访问网址 http ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,922,161,805.53, a decrease of 10.64% compared to CNY 2,151,040,982.85 in the same period last year[4] - Net profit attributable to shareholders was CNY 331,740,981.18, reflecting a year-on-year increase of 2.63% from CNY 323,244,885.34[4] - Basic earnings per share decreased by 3.70% to CNY 0.26 from CNY 0.27 in the same period last year[4] - Total operating revenue for Q1 2025 was CNY 1,922,161,805.53, a decrease of 10.63% compared to CNY 2,151,040,982.85 in Q1 2024[20] - Net profit for Q1 2025 was CNY 346,189,462.87, slightly down from CNY 347,726,804.84 in Q1 2024, representing a decrease of 0.44%[21] - Earnings per share for Q1 2025 were CNY 0.26, compared to CNY 0.27 in Q1 2024[22] Cash Flow - The net cash flow from operating activities decreased significantly by 56.22%, amounting to CNY 104,114,803.58 compared to CNY 237,821,342.93 in the previous year[4] - Cash inflow from operating activities in Q1 2025 was CNY 1,762,628,391.44, a decrease from CNY 1,955,989,279.68 in Q1 2024[25] - Cash paid for operating activities totaled $1,658,513,587.86, slightly down from $1,718,167,936.75 in the prior period[26] - The company experienced a net decrease in cash and cash equivalents of $242,873,723.06, compared to a decrease of $198,761,966.96 in the prior period[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,927,762,070.24, an increase of 0.77% from CNY 24,737,421,971.94 at the end of the previous year[5] - Current assets totaled RMB 6,667,066,634.33, compared to RMB 6,463,936,335.86 in the previous period, reflecting a growth of approximately 3.15%[15] - Total liabilities as of the reporting date were CNY 14,025,377,632.24, a slight decrease from CNY 14,181,555,388.71 in the previous period[17] - The company’s total non-current liabilities were CNY 5,765,664,763.45, an increase from CNY 5,713,144,505.98 in the previous period[16] Equity - The total equity attributable to shareholders increased by 3.54% to CNY 9,726,291,565.70 from CNY 9,393,686,969.51[5] - Total equity increased to CNY 10,902,384,438.00 from CNY 10,555,866,583.23, reflecting a growth of 3.29%[17] Investments and Expenses - Research and development expenses for Q1 2025 were CNY 22,923,892.50, slightly down from CNY 22,963,370.83 in Q1 2024[21] - The company reported a decrease in short-term borrowings to CNY 2,000,378,421.27 from CNY 2,016,352,714.43, a reduction of 0.87%[16] Other Financial Metrics - The weighted average return on net assets was 3.56%, down 0.31 percentage points from 3.87% in the previous year[5] - Non-recurring gains and losses amounted to CNY 641,335.25 after tax, with significant contributions from government subsidies and other non-operating income[7] - The company received CNY 4,798,555.17 in VAT refunds related to its waste treatment and power generation business[8] - The total number of ordinary shareholders at the end of the reporting period was 22,854[10]

Financial Performance - The company's basic earnings per share for Q1 2025 is 0.2600 yuan, a decrease of 3.7% compared to Q1 2024, which was 0.2700 yuan [1] - The net profit for Q1 2025 is 3.32 billion yuan, showing a 2.79% increase from 3.23 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 is 19.22 billion yuan, down 10.65% from 21.51 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 3.56%, a decline of 8.01% from 3.87% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 61,260.6 million shares, accounting for 51.16% of the circulating shares, with a decrease of 1,394.91 million shares compared to the previous period [1] - The largest shareholder, Nanchang Water Industry Group, holds 31,843.29 million shares, representing 26.59% of the total share capital, with no change [2] - New entrants among the top shareholders include China Pacific Life Insurance and Hongta Securities, while China Life Insurance and others have exited the top ten [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]