舆情管理制度 江西洪城环境股份有限公司 第一章 总则 第一条 为提高江西洪城环境股份有限公司（以下简称"公司"）应对各类舆 情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、 公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据 《上海证券交易所股票上市规则》等相关法律法规的规定和《公司章程》，制定 本制度。 第二条 本制度所称舆情包括： 1.报刊、电视、网络等媒体对公司进行的负面报道； 2.社会上存在的已经或将给公司造成不良影响的传言或信息； 3.可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； 4.其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大 影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对。 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）, 由公司董事长任组长，董事会秘书担任副组长，成员由公司其他高级管理人员及 相关职能部门负责人组成。 第五条 舆情工作组是公司应对各类舆情（尤其是媒体质疑信息）处理工作 的领导 ...

证券代码：600461 证券简称：洪城环境 编号：临 2024－052 江西洪城环境股份有限公司 2024 年度"提质增效重回报"行动方案 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。 为深入贯彻党的二十大、二十届三中全会和中央金融工作会议精神，落实国 务院《关于进一步提高上市公司质量的意见》《关于加强监管防范风险推动资本 市场高质量发展的若干意见》要求，进一步推动公司高质量发展，不断提升公司 投资价值，江西洪城环境股份有限公司(以下简称"洪城环境"或"公司")积极 响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 2024 年度"提质增效重回报"行动方案，主要举措如下: 一、聚焦做强主业，厚植高质量发展底色 （一）主动服务重大战略落地 2024 年，是"十四五"战略规划攻坚克难的一年，公司将以习近平新时代 中国特色社会主义思想为指导，全面落实党的二十大精神，深入贯彻生态优先、 绿色发展新理念，坚持"打造中国一流的环境产业综合运营商"的发展定位，保 持稳中求进、以进促稳、先立后破的总基调，以新质生产力作 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][3]. Core Insights - The company achieved steady growth in both revenue and profit in H1 2024, with adjusted revenue of 3.95 billion yuan, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 600 million yuan, up 3.4% year-on-year [1]. - The company is focusing on enhancing its operational efficiency and expanding its complete industrial chain, with significant growth in its engineering business, which saw a remarkable increase of 97.1% year-on-year [1]. - The company is actively cultivating new business growth points, particularly in water supply, wastewater treatment, clean energy, and solid waste disposal, to support sustained performance growth [2]. Financial Performance Summary - In H1 2024, the company reported a comprehensive gross margin of 32.2%, an increase of 0.3 percentage points year-on-year, driven by improved margins in solid waste treatment and water supply [1]. - The company's operating expenses management has improved, with total expense ratios decreasing to 9.0%, down 1.0 percentage points year-on-year [1]. - The projected net profit for 2024-2026 is estimated at 1.18 billion yuan, 1.25 billion yuan, and 1.32 billion yuan respectively, with corresponding EPS of 1.0 yuan, 1.0 yuan, and 1.1 yuan per share [2][6]. Business Segment Performance - The water supply business generated 450 million yuan in revenue, up 2.6% year-on-year, while the wastewater treatment business brought in 1.24 billion yuan, a 1.6% increase year-on-year [1]. - The clean energy segment reported a revenue of 1.43 billion yuan, down 9.9% year-on-year, and the solid waste disposal segment saw a significant decline in revenue to 390 million yuan, down 41.5% year-on-year [1]. Market Position and Valuation - The company is well-positioned for value re-evaluation, with a high dividend yield and a solid business growth framework combining organic growth and external expansion [2]. - The company's P/E ratios for the projected years are 11.4X for 2024, 10.7X for 2025, and 10.2X for 2026, indicating a favorable valuation compared to its earnings growth [6].

证券研究报告·公司点评报告·环境治理 洪城环境（600461） 2024 年中报点评：扣非同比增长 10.52%，降 本增效成果显著 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7781 | 8048 | 8534 | 8831 | 9158 | | 同比（ % ） | (14.80) | 3.43 | 6.03 | 3.48 | 3.71 | | 归母净利润（百万元） | 961.76 | 1,082.87 | 1,162.63 | 1,224.59 | 1,288.72 | | 同比（ % ） | (5.84) | 12.59 | 7.37 | 5.33 | 5.24 | | EPS- 最新摊薄（元 ...

| --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

江西洪城环境股份有限公司 第八届监事会第十六次临时会议决议公告 本公司及监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。 江西洪城环境股份有限公司（以下简称"公司"或"洪城环境"）第八届监 事会第十六次临时会议于 2024 年 8 月 21 日在公司十五楼会议室召开。应出席 会议监事 3 人，到会监事 3 人，全体监事均亲自出席会议，符合《公司法》等 法律、法规和《公司章程》的有关规定。 本次会议由监事会主席邱小平女士主持，经各位监事认真审议，经一致表决 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》 公司监事会根据中国证监会《公开发行证券的公司信息披露内容与格式准则 第3号——半年度报告的内容与格式（2021年修订）》《上海证券交易所股票上市 规则（2024年4月修订）》《上海证券交易所上市公司自律监管指南第2号—业务办 理》以及《关于做好主板上市公司2024年半年度报告披露工作的重要提醒》等有 关规定和要求，对董事会编制的公司2024年半年度报告进行了认真严格的审核， 并提出 ...

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]

江西洪城环境股份有限公司 募集资金实际存放与使用情况的专项报告 江西洪城环境股份有限公司关于 2024 年半年度 募集资金实际存放与使用情况的专项报告 上海证券交易所： 现根据贵所印发的《上海证券交易所上市公司自律监管指引第1号—规范运作》的规定， 将江西洪城环境股份有限公司（以下简称"公司"或"本公司"）2024年半年度募集资金存放 与使用情况专项说明如下。 一、募集资金基本情况 （一）扣除发行费用后的实际募集资金金额、资金到账时间 1.2016 年度发行股份购买资产并募集配套资金 经中国证券监督管理委员会《关于核准江西洪城水业股份有限公司向南昌水业集团有限责 任公司等发行股份购买资产并募集配套资金的批复》（证监许可[2016]554 号）核准，公司以 非公开发行方式向南昌市政投资集团有限公司、李龙萍以及上海国泰君安证券资产管理有限公 司（以"国泰君安君享新发 2 号集合资产管理计划"参与认购）合计发行 49,824,144 股人民 币普通股募集配套资金，发行价格为 10.52 元/股，募集资金总额共计人民币 524,149,994.88 元。本次募集资金已于 2016 年 4 月 22 日全部到位。大信会 ...

| 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:// ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [1][2]. Core Insights - Hongcheng Environment is recognized as a leading comprehensive environmental operator in Nanchang, with stable profitability and a commitment to high dividends. The company benefits from strong support from its major shareholder, Nanchang Water Group, which holds a 29.79% stake [1][3]. - The company's water supply business demonstrates industry-leading operational capabilities, with a gross margin of 45% in 2023, while the sewage treatment business maintains a gross margin of 42%. The company's return on equity (ROE) reached 14.4% in 2023, the highest among comparable companies in the industry [1][3]. - The company has committed to maintaining a dividend payout ratio of no less than 50% of net profit attributable to shareholders from 2024 to 2026, with a static dividend yield of 4.82% in 2023 and a projected yield of 4% in 2024 [1][3]. Summary by Sections 1. Hongcheng Environment: Stable Profitability & Continuous High Dividends - The company leverages resources from its parent company, Nanchang Water Group, to establish itself as a comprehensive environmental operator, integrating water supply, gas, and solid waste management [1][8]. - The operational gross margin of the company's business segments is close to 80%, indicating robust profitability [1][12]. - The company has a strong commitment to shareholder returns, with a leading dividend capability in the industry [1][3]. 2. Water Supply Segment: Steady Operations and Expansion of Direct Drinking Water - The company holds a leading position in the Nanchang water supply market, with a gross margin of 45%. There is potential for profit enhancement due to possible water price adjustments [1][3]. - The company is actively expanding its direct drinking water business, aiming to establish 100 projects by the end of 2024, targeting a daily supply of 400 tons [1][3]. 3. Sewage Treatment Segment: Growth Potential from Water Pollution Control Reforms - As the largest sewage treatment enterprise in Jiangxi Province, the company has a market share exceeding 80%. The ongoing water pollution control reforms are expected to drive revenue growth [1][3]. - The company is advancing integrated plant and network investments, with a project investment of 3.7 billion yuan and an internal rate of return of 5%-10% [1][3]. 4. Gas Segment: Price Mechanism Implementation to Ensure Profit Stability - The gas segment, which includes gas sales and engineering, has a gross margin of 15.67%. The company holds a monopolistic position in Nanchang, with a compound annual growth rate of 9.3% in gas users from 2018 to 2023 [1][3]. 5. Solid Waste Segment: Recent Asset Injections Enhance Profitability - The company has successfully completed performance commitments for three consecutive years, with new assets expected to boost profitability. The gross margins for new photovoltaic and fly ash landfill projects are 67% and 81%, respectively [1][3]. 6. Profit Forecast and Valuation - The company is expected to generate revenues of 8.447 billion yuan, 8.905 billion yuan, and 9.419 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.169 billion yuan, 1.235 billion yuan, and 1.289 billion yuan [1][2].