Company Overview - Jiangxi Hongcheng Environment Co., Ltd. is a significant public utility operator in Nanchang, engaged in water supply, gas sales, and sewage treatment within Nanchang and beyond [9][10] - The company is primarily owned by Nanchang Water Industry Group Co., Ltd., with the actual controller being Nanchang Municipal Public Utilities Group Co., Ltd. [10] Credit Rating - The company maintains a credit rating of AA+ with a stable outlook, as does its bond "Hongcheng Convertible Bond" [1][4] - The rating reflects strong market position and profitability in water supply, sewage treatment, and gas supply services [6][8] Financial Performance - As of the end of 2024, the company reported total assets of 247.37 billion yuan and a net profit of 13.38 billion yuan, with a gross profit margin of 31.75% [5][6] - The company has consistently paid interest on its bonds and has utilized raised funds for project construction and working capital [9] Economic Environment - Nanchang's economy is robust, providing a favorable operating environment for public utility companies, with GDP growth projected to continue [6][12] - The city has a population of approximately 6.67 million and is positioned as a key transportation and innovation hub in central China [12][19] Industry Context - The water industry in China faces challenges such as resource scarcity and uneven distribution, with significant investment needs for water resource protection and efficiency improvements [12][15] - The gas industry is expected to see continued growth in demand, with a reliance on imports for natural gas supply, indicating a stable market outlook [16][17]

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-031 | | --- | --- | --- | | 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 关于可转换公司债券 2025 年跟踪评级结果的公告 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。 重要内容提示： ●前次评级结果：主体评级"AA+"，评级展望"稳定"，洪城转债评级"AA+"； ●本次评级结果：主体评级"AA+"，评级展望"稳定"，洪城转债评级"AA+"， 评级结果无变化。 根据《上市公司证券发行管理办法》《上海证券交易所公司债券上市规则》 等有关规定，江西洪城环境股份有限公司（以下简称"公司"）委托信用评级机 构东方金诚国际信用评估有限公司（以下简称"东方金诚"）对公司 2020 年公 开发行的可转换公司债券（以下简称"洪城转债"）进行了跟踪信用评级。 公司前次主体信用评级结果为 AA+，前次评级展望为稳定；洪城转债前次信 用评级结果为 AA+；评级机构为东方金诚，评级时间为 2024 年 6 ...

信用等级通知书 东方金诚债跟踪评字【2025】0088 号 江西洪城环境股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"洪 城转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA+，评级展望为稳定，同 时维持"洪城转债"信用等级为 AA+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月十一日 东方金诚债跟踪评字【2025】0088 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信用评级 报告（以下简称"本报告"），本公司声明如下： 1.本次评级为委托评级，东方金诚与受评对象不存在任何影响本次评级行为独立、客观、公正 的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为独立、客观、 公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充分履行了 勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受评级对象 和第三方组织或个人的干 ...

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

Group 1 - The municipal environmental protection sector is characterized by stable profitability, improved cash flow, and opportunities in environmental dividend assets due to debt reduction and water price adjustments. High dividend stocks are emerging in the municipal water and solid waste sectors, with companies like Guangdong Investment, Yongxing Co., Hongcheng Environment, and others recommended for investment [4][30][28] - The integration of AI is driving secondary growth in the municipal environmental protection sector, particularly through solid waste management and AI Data Centers (AIDC). The collaboration between waste incineration and AIDC can significantly enhance profitability and cash flow for waste management companies [4][34][37] - The report highlights the acceleration of water price adjustments across various regions, with 17 areas having raised water prices since January 2024. This trend is expected to enhance the profitability of water service companies [18][20][21] Group 2 - The report emphasizes the importance of stable revenue and income in municipal water and solid waste operations, which are essential for urban functioning. The cost structure primarily consists of depreciation, amortization, and labor costs, ensuring long-term profitability through a franchise model [17][9] - The report outlines a significant reduction in capital expenditures (Capex) within the municipal environmental sector, leading to improved free cash flow and dividend rates. This trend is expected to continue as the industry matures [23][25] - The introduction of a 12 trillion yuan debt reduction plan is anticipated to benefit the environmental protection sector, particularly companies with high dividend yields and significant accounts receivable, such as Hongcheng Environment and Yongxing Co. [27][28]

Group 1 - China Energy Construction won a major coal-fired power project with a bid amount of approximately 14.586 billion yuan, involving six 660 MW supercritical coal-fired generating units and supporting environmental facilities, with a total construction period of about 36.5 months [1] - Taiji Industry plans to repurchase company shares with a total amount not less than 1 billion yuan and not exceeding 1.2 billion yuan, with a maximum repurchase price of 10.38 yuan per share [1] - Youxun Technology won a project from State Grid with a bid amount of approximately 176 million yuan, accounting for 17.44% of the company's audited revenue for 2024 [2] Group 2 - Daili New Materials established an investment fund with a total subscribed capital of 163.3 million yuan, with Daili contributing 10 million yuan, accounting for 6.12% of the fund [4] - Wanyi Technology received a government subsidy of 2.3475 million yuan, which has been confirmed and classified according to relevant accounting standards [6] - Anke Biotech received a drug registration certificate for Acetate Atosiban Injection, which is used for treating preterm labor [7] Group 3 - Renfu Pharmaceutical received a drug registration certificate for Progesterone Soft Capsules, which are used to treat functional disorders caused by progesterone deficiency [9] - Linyang Energy is a recommended candidate for a major contract with State Grid, with a total expected bid amount of approximately 165 million yuan [11] - Hongtian Technology plans to invest 200 million to 300 million yuan to establish a wholly-owned subsidiary in Gansu Province [28] Group 4 - Hunan Xiang Electric received a total of 40 million yuan in government subsidies, which accounts for 16.07% of the company's audited net profit for 2024 [44] - Nengke Technology plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 20 million yuan, with a maximum repurchase price of 43.00 yuan per share [46] - Xiamen XGMA received 10 million yuan in historical debt repayment, which is expected to increase the company's net profit for 2025 by 3.186 million yuan [48]

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 关于收到控股股东现金补偿款的公告 证券代码：600461 证券简称：洪城环境 公告编号：临 2025－030 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。 江西洪城环境股份有限公司（以下简称"本公司"）已于近日收到控股股东 南昌水业集团有限责任公司（以下简称"水业集团"）支付的现金业绩补偿款 利润补偿期间内各期末按照上述方式计算的当期应补偿金额小于或等于零 时，水业集团无需对本公司进行补偿，但之前年度已经支付的补偿金额不再退回。 涉及上述补偿义务时，由水业集团首先以股份对本公司改造补偿义务，水业 集团在利润补偿期间内每年应补偿股份数量按以下公式计算确定： 当期需补偿的股份总数量=当期应补偿金额÷本次交易每股发行价格 一、本次发行股份及支付现金购买资产业绩承诺情况 （一）鼎元生态业绩承诺情况 水业集团将鼎元生态全部股权过户至本公司名下之日为本次交易实施完毕 日，补偿期间为 2021 年、2022 年、2023 年和 2024 年。 水业集团承诺，鼎元生态可实现 ...

证券代码：600461 证券简称：洪城环境 公告编号：临 2025－030 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 关于收到控股股东现金补偿款的公告 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。 江西洪城环境股份有限公司（以下简称"本公司"）已于近日收到控股股东 南昌水业集团有限责任公司（以下简称"水业集团"）支付的现金业绩补偿款 4,935,663.32 元，现公告如下： 一、本次发行股份及支付现金购买资产业绩承诺情况 （一）鼎元生态业绩承诺情况 水业集团将鼎元生态全部股权过户至本公司名下之日为本次交易实施完毕 日，补偿期间为 2021 年、2022 年、2023 年和 2024 年。 水业集团承诺，鼎元生态可实现的净利润分别为：2021 年不低于 10,941.00 万元，2022 年不低于 11,552.00 万元，2023 年不低于 12,118.00 万元，2024 年 不低于 13,450.00 万元。该等净利润指鼎元生态扣除非经常性损益后归属于母公 司所有者的净利润。 （二）盈利预测 ...

证券代码：600461 证券简称：洪城环境 公告编号：临 2025-029 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 关于为控股孙公司提供担保的公告 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个别及连带责任。 重要内容提示 ●被担保人名称：温州宏泽热电股份有限公司（以下简称"宏泽热电"） ●本次担保金额及已实际为其提供的担保金额：宏泽热电本次担保金额为人民币 ●本次担保不存在反担保 ●对外担保逾期的累计数量：截至本公告披露日，无逾期对外担保。 一、担保情况概述 号），担保金额为人民币 1,400 万元整，承担连带责任保证。 二、被担保人基本情况 公司名称：温州宏泽热电股份有限公司 法定代表人：熊樑 成立日期：2010 年 8 月 9 日 注册资本：24,000 万元 公司类型：其他股份有限公司（非上市） 经营范围：电力、热力生产和销售；污泥处置；工业固废处置；废渣利用； 热力管网的建设和维护。 经 2025 年 4 月 14 日召开的江西洪城环境股份有限公司（以下简称"公司"） 第八届董事会第四次会议和 ...

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-029 | | --- | --- | --- | | 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 关于为控股孙公司提供担保的公告 经 2025 年 4 月 14 日召开的江西洪城环境股份有限公司（以下简称"公司"） 第八届董事会第四次会议和 2025 年 5 月 7 日召开的公司 2024 年年度股东大会审 议通过了《关于江西洪城环境股份有限公司 2025 年度向商业银行申请综合授信 额度并对子公司综合授信提供担保的议案》，同意公司为下属子公司宏泽热电向 商业银行申请额度为 36,000 万元人民币的授信额度提供连带责任担保，实际贷 款金额按资金需求放款。根据银行信贷工作需要，近日，公司就宏泽热电综合授 信事项按 80%股权比例为其提供担保，与平安银行股份有限公司温州分行（以下 简称"平安银行"）签订《最高额保证担保合同》（合同编号：平银温业二额保 字 20250507 第 007-1 号），担保金额为人民币 5,600 万元整，承担连带责任保证； 温州宏泽科技发展股份有限公司按 20%股权 ...