Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 3,945,445,711.61, representing a year-on-year increase of 1.89%[13] - The net profit attributable to shareholders of the listed company was CNY 604,567,527.66, up 3.38% compared to the same period last year[13] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 603,151,541.66, reflecting a significant increase of 10.52% year-on-year[13] - Basic earnings per share for the first half of 2024 were CNY 0.51, a decrease of 5.56% from CNY 0.54 in the same period last year[14] - The diluted earnings per share remained at CNY 0.45, unchanged from the previous year[14] - The total profit for the first half of 2024 was CNY 837,614,301.69, compared to CNY 802,425,472.79 in the same period of 2023, representing an increase of about 4.4%[105] - The company's total comprehensive income for the first half of 2024 was CNY 679,513,221.34, compared to CNY 671,040,432.62 in the previous year, indicating a slight increase of approximately 1.4%[106] Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 24,146,062,884.39, an increase of 5.41% from the end of the previous year[13] - The total liabilities as of June 30, 2024, were CNY 14,541,654,869.58, up from CNY 13,941,179,141.48, indicating an increase of about 4.3%[100] - The company's equity attributable to shareholders increased to CNY 8,511,760,364.43 from CNY 7,937,573,950.64, a rise of approximately 7.2%[100] - Long-term borrowings increased to CNY 4,417,453,705.08 from CNY 3,522,287,831.52, reflecting a growth of about 25.5%[99] - The company's short-term borrowings decreased slightly to CNY 2,040,803,490.03 from CNY 2,084,995,514.94, a decline of approximately 2.1%[99] Cash Flow - The net cash flow from operating activities decreased by 25.57% to CNY 609,025,990.14 compared to the previous year[13] - Total cash inflow from operating activities was CNY 3,849,622,231.43, down 7.2% from CNY 4,149,087,518.21 year-over-year[111] - Cash outflow from operating activities totaled CNY 3,240,596,241.29, a decrease of 2.7% compared to CNY 3,330,854,935.95 in the previous year[111] - The net cash flow from investing activities was -CNY 1,101,833,820.55, an improvement from -CNY 1,465,401,890.56 in the first half of 2023[111] - Cash inflow from financing activities was CNY 2,947,935,000.03, an increase of 12.2% from CNY 2,628,365,076.51 in the same period last year[111] Market Position and Strategy - The company is focusing on expanding its market presence in rural areas through various energy service models and contract energy management[18] - The company aims to enhance its core competitiveness and focus on "project breakthroughs and quality improvement" as part of its strategic goals[17] - The company is committed to enhancing the environmental infrastructure system as outlined in the national development plans for 2023-2025[17] - The company is actively participating in the wastewater treatment sector, aiming for significant progress in pollution reduction and carbon reduction by 2025[18] Environmental Compliance - The company has implemented emergency response plans for environmental incidents at all wastewater treatment facilities, submitted to local environmental authorities for record[43] - The company has not faced any administrative penalties for environmental issues during the reporting period[45] - The company’s wastewater treatment projects are compliant with the Class A discharge standards for pollutants, ensuring minimal environmental impact[39] - The company has established online monitoring systems for major pollutants, with real-time data available to environmental authorities[44] Shareholder Information - The total number of shareholders reached 18,362 by the end of the reporting period[82] - The company’s major shareholder, Nanchang Water Group, holds 404,904,557 shares, accounting for 32.94% of total shares[83] - The company’s stock incentive plan released 1,765,500 restricted shares on March 7, 2024[80] - The total number of restricted shares held by directors and executives at the end of the reporting period is 3,825,000, with no shares unlocked during the reporting period[87] Commitments and Governance - The company plans to enhance its governance structure to protect the interests of minority shareholders against potential influence from major shareholders[34] - The company has a long-term commitment to minimize related party transactions with Hongcheng Water Industry, ensuring fair pricing and full disclosure[51] - The company has committed to maintaining independence in assets, personnel, finance, and operations, ensuring compliance with regulations regarding independence for listed companies[52] Investment and Development - The company has invested RMB 37.263 million in the Niu Hang Water Plant Phase II expansion project, achieving a cumulative investment progress of 99.05%[71] - The company has completed the construction of the Nanchang City Jiulong Lake Group water supply network renovation project, with a total investment of RMB 3.292 million and a 100% investment progress[71] - The company has plans for further market expansion through new wastewater treatment projects, with a total investment of 12,800.00 million for the new construction in Fengxin County[75] Risks and Challenges - The company faces risks including market uncertainty, policy and regulatory adjustments, and potential delays in payment from government clients for sewage treatment services[34] - The overall accounts receivable balance showed a notable increase, indicating potential challenges in collection and credit risk management[200]

| 证券代码：600461 | 证券简称：洪城环境 公告编号：临 2024－048 | | --- | --- | | 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 第八届董事会第十八次临时会议决议公告 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个别及连带责任。 江西洪城环境股份有限公司（以下简称"公司"）第八届董事会第十八次临 时会议于2024年8月21日上午九时半在公司三楼会议室以现场和通讯相结合的方 式召开。本次会议已于2024年8月16日起以专人送出方式、电话方式及电子邮件 方式通知全体董事和监事。本次会议应到董事人数11人，实到董事人数11人。本 次会议的召开符合《公司法》和《公司章程》及其他有关法律法规的规定，会议 合法有效。 本次会议由董事长邵涛先生主持，经各位董事的认真审议和表决，作出如下 决议： 一、审议通过了《关于<江西洪城环境股份有限公司 2024 年半年度报告及 其摘要>的议案》 《江西洪城环境股份有限公司 2024 年半年度报告及摘要》全文详见上海交 易所网站（http:// ...

Research and Development Center 洪城环境：稳定盈利&持续高分红的南昌综合环境运营商 —洪城环境(600461)公司首次覆盖报告 2024 年 8 月 1 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

请稍后 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位领导晚上好欢迎参加长江环保的电话会今天晚上呢由我们给大家来汇报一下宏城环境的一个核心投资逻辑那我呢是长江环保的徐柯那么下面呢我们来对宏城环境这个公司做一些详细的梳理给大家介绍一下宏城环境这个优质的绝对收益的标的 首先呢我们从目录也可以看到哈那公司呢他其实也是上市时间比较久的一个综合环境服务商那么他的业务呢主要包括水务水务包括像供水污水都有再加上了燃气和库费这几块业务呢是他的主要的业务构成那么我们可以看到哈红秀环境的成立于2001年后续在2004年上市之后呢通过不断的把一些其他的板块注进来 到目前形成了一个综合环境服务商的一个平台那么这个公司要从运营类的业务的占比可以看到在所有端已经超过80%那么在毛利端的贡献的是更高的因为我们看右侧这个图从毛利角度来看的话那工程类的毛利贡献已经在小个位数的一个状况那么其他的这个部分的占比也是 一直在下降比较少主体呢是由运营的业务去构成 ...

Investment Rating - The report assigns a positive investment rating to Hongcheng Environment (600461 CH) based on its strong market position and growth potential in the public utility sector [5][6]. Core Views - Continuous water price adjustments are expected to enhance the company's performance, with 27 regions adjusting water prices since October 2023. A 15% increase in water and sewage prices could lead to profit elasticity of 11% and 28% respectively for Hongcheng Environment [5]. - The company holds a leading position in profitability and asset quality within the industry, controlling over 80% of the sewage treatment market in Jiangxi Province. The integrated investment in plant and network amounts to 3.7 billion, with some projects expected to achieve an internal rate of return (IRR) exceeding 9% [5][6]. - High dividend payouts are anticipated to elevate the valuation center, with a static dividend yield maintained above 5% from 2020 to 2023. The company has committed to a dividend payout ratio of no less than 50% for the years 2021-2023 and 2024-2026, indicating a strong focus on shareholder returns [6][7]. Summary by Sections Company Overview - Hongcheng Environment operates in water supply, sewage treatment, gas energy, and solid waste management, with a total of 10 water plants and a supply capacity of 1.94 million tons per day, serving a population of 4 million [11][12]. Financial Performance - From 2011 to 2023, the company's revenue grew at a compound annual growth rate (CAGR) of 19%, while net profit grew at a CAGR of 21%. The revenue in 2016 saw a significant increase of 91% due to the acquisition of the Nanchang Gas Group [17][19]. - The company's gross profit has shown steady growth, with a CAGR of 18% from 2011 to 2023, primarily driven by the sewage treatment segment, which has a gross profit CAGR of 16% [22][33]. Market Position - Hongcheng Environment maintains a dominant market share in Jiangxi Province, with over 80% in sewage treatment and more than 90% in gas services in Nanchang. The company has over 80 years of experience in water supply management [27][42]. Future Growth Potential - The company plans to expand its direct drinking water projects, aiming for a daily supply of 400 tons by the end of 2024, which is expected to become a new growth point for its water supply business [37].

因长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利各位领导上午好欢迎参加长江环保的电话会我是长江环保的徐科 那么洪城环境的是优质的绝对收益标的也是我们一直在重点推荐的一个标的昨天的股价回撤较多我们认为呢公司的基本面没有发生变化值得继续推荐所以今天呢我们有幸请到了洪城环境的董秘邓总来和我们做一下就是公司近期经营情况的一些交流 那么邓总谢谢您抽出宝贵的时间来和我们交流那下面呢我们就直接进入到这个提问环节各位机构投资者有需要呢可以直接和邓总提问进行沟通那么下面呢麻烦会助理播报一下提问方式扩展机旁边的棘手按钮进行语音提问谢谢 好的 邓总那我们在等这个投资者沟通交流的时候我们先做一下这个提问的一些抛砖引玉吧这是传播公司那我们看是包括自来水然后污水然后燃气还有顾废这几个大的业务板块那我们一个一个来聊一聊这几个板块的情况那首先呢就是在自来水这个业务公司南昌市的这个供水特许基因权 大概在2039年末到期那这个呢就是整个自来水这块业务在今后的一个发展的趋势也好或者说有没有一些增量增速这些方面的一个整体的 ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位领导上午好欢迎参加长江环保的电话会我是长江环保的徐柯那么红城环境是优质的绝对收益标的也是我们一直在重点推荐的一个标的昨天的股价回撤较多我们认为公司的基本面没有发生变化值得继续推荐所以今天我们有幸请到了红城环境的董秘邓总来和我们做一下就是公司近期经营情况的一些交流 那么邓总谢谢您抽出宝贵的时间来和我们交流那下面呢我们就直接进入到这个提问环节各位机构投资者有需要呢可以直接和邓总提问进行沟通那么下面呢麻烦会助理播报一下提问方式大家好如需提问电话端的参会者请先按话机上的信号键再按数字1 网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问谢谢大家好如需提问电话端的参会者请先按话机上的信号键再按数字1网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问谢谢 好的邓总我们在等投资者沟通交流的时候我们先做一下提问的一些抛砖引玉吧整个公司我们看是包括 ...

关于"洪城转债"转股结果暨股份变动公告 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。 重要内容提示： | 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2024－047 | | --- | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | | ●转股情况：截至2024年6月30日，累计已有837,230,000元"洪城转债"转换为 公司A股股票，累计转股股数为143,817,915股，占可转债转股前公司已发行股份 总额948,038,351股的15.1701%。 江西洪城环境股份有限公司 ●未转股可转债情况：截至2024年6月30日，尚未转股的可转债金额为 962,770,000元，占可转债发行总量的53.4872%。 公司本次发行的"洪城转债"转股期为：2021年5月26日至2026年11月19日 止。 截至2024年6月30日，累计已有837,230,000元"洪城转债"转换为公司A股 股票，累计转股股数为143,817,915股，占可转债转股前公司已发行股份总额 948, ...

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：2024-045 | | --- | --- | --- | | 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"洪城转债"转股价格调整暨转股复牌的公告 一、可转债基本情况 经中国证券监督管理委员会证监许可[2020]2587 号文核准，江西洪城环境股 份有限公司（以下简称"公司"）于 2020 年 11 月 20 日公开发行了 18 亿元可转 换公司债券，并于 2020 年 12 月 17 日在上海证券交易所上市交易（债券简称"洪 城转债"，转债代码"110077"）。"洪城转债"存续的起止日期自 2020 年 11 月 20 日至 2026 年 11 月 19 日止，转股的起止日期自 2021 年 5 月 26 日至 2026 年 11 月 19 日止，初始转股价格为 7.13 元/股，具体详见公司 2020 年 12 月 15 日披 露的《江西洪城水业股份有限公司公开发行可转换公司债券上市公告书》（公告 编号：临 2020-098）。 ●调整前转股价格：5.78 元/股 ●调整后转股价格：5.34 ...

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：2024-044 | | --- | --- | --- | | 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 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.44073 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/3 | － | 2024/7/4 | 2024/7/4 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 7 日的 2023 年年度股东大会审议通过。 二、 分配方案 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | ...