Core Points - Jiangxi Hongcheng Environment Co., Ltd. is holding its second extraordinary general meeting of shareholders on September 11, 2025, to discuss key proposals including the cancellation of the supervisory board and changes to the company's registered capital [3][6][12]. Group 1: Meeting Procedures - Shareholders must present valid identification and proof of shareholding to attend the meeting [1]. - The meeting will be held both in-person and via online voting, with specific time slots designated for each [3]. - The meeting will be presided over by the chairman, who will announce the attendance and the agenda [4]. Group 2: Proposals - Proposal 1 involves the cancellation of the supervisory board and the corresponding amendments to the company's articles of association [5][6]. - Proposal 2 includes changes to the registered capital due to the conversion of convertible bonds, increasing the total share capital from 1,090,074,048 shares to 1,284,155,178 shares [6][12]. Group 3: Governance and Compliance - The company aims to enhance its governance structure and compliance with legal regulations through these proposed changes [6][12]. - The meeting will ensure that all shareholder rights are respected and that the process adheres to relevant laws and regulations [21].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The logic of improving solid waste quality and efficiency, along with cash flow enhancement, continues to be realized, while the construction of the national carbon market is strengthened and carbon constraints are tightening [1] - The report highlights the importance of cash flow improvements and dividend increases in the waste incineration sector, driven by reduced capital expenditures and enhanced operational efficiency [39] Summary by Sections Industry Trends - The environmental protection industry is experiencing a stable revenue growth, with the waste incineration sector's revenue reaching 23.2 billion yuan, a 1% increase year-on-year, and net profit of 5.1 billion yuan, an 8% increase year-on-year [10][13] - The report emphasizes the need for a market-oriented approach in water services, predicting significant cash flow improvements similar to those seen in the waste incineration sector [7] Policy Tracking - The central government has issued guidelines to strengthen the national carbon market, aiming for a more comprehensive coverage of industrial sectors and a robust carbon pricing mechanism by 2030 [35][36] - The report suggests that stricter carbon monitoring will increase demand for carbon monitoring equipment, benefiting companies like Snowy Dragon and Juguang Technology [38] Company Performance - **Huanlan Environment**: Achieved a net profit of 966 million yuan in H1 2025, a 28% increase year-on-year, with a significant contribution from its subsidiary [29] - **Green Power**: Reported a 24% increase in net profit in H1 2025, driven by increased waste incineration and operational efficiency [31] - **Haihua Entrepreneurship**: Experienced a 9.33% increase in net profit, with a focus on stable growth in waste disposal and energy generation [31] - **Yongxing Co.**: Increased its waste processing volume, leading to a 9% rise in net profit [32] Cash Flow and Dividends - The waste incineration sector is seeing a significant increase in free cash flow, with projections indicating potential dividend payouts reaching 50% to 150% in the coming years [40][41] - The report notes that companies are beginning to distribute dividends more actively, with Huanlan Environment initiating its first mid-year dividend [24][29]

2025 年 9 月 11 日 股东大会须知 一、根据公司《股东大会议事规则》第三十二条规定，股东应当持股票账户 卡、身份证或其他能够表明其身份的有效证件或证明出席股东大会。代理人还应 当提交股东授权委托书和个人有效身份证件。 二、根据公司《股东大会议事规则》第三十四条规定，召集人和律师依据证 券登记结算机构提供的股东名册共同对股东资格的合法性进行验证，并登记股东 姓名或名称及其所持有表决权的股份数。在会议主持人宣布现场出席会议的股东 和代理人人数及所持有表决权的股份总数之前，会议登记应当终止。 三、根据公司《股东大会议事规则》第三十九条规定： （一）股东发表意见，可以采取口头形式和书面形式； （二）股东大会对所议事项和提案进行审议的时间，以及每一股东的发言时 间和发言次数，由股东大会主持人在股东大会会议议程中规定并宣布。股东要求 在股东大会上发言时，应在会前进行登记，并在会议规定的审议时间内发言，发 言顺序按股东持股数多寡依次安排。在规定时间内未能发表意见的股东，可以将 意见以书面形式报告主持人； 江西洪城环境股份有限公司 JIANGXI HONGCHENG ENVIRONMENT CO., LTD. 20 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11]. Core Insights - The environmental protection sector showed a slight increase in net profit, with a year-on-year growth of 1.32% in the first half of 2025, despite a slight decline in revenue [6][22]. - The performance of waste incineration and water services remains stable, while the overall growth of the sector is hindered by declines in air quality and recycling resources [6][22]. - The industry is transitioning towards a ToB model, which is expected to accelerate valuation recovery [9]. Summary by Sections Performance Overview - In H1 2025, the environmental protection sector achieved revenue of 142.1 billion yuan, a decrease of 0.20% year-on-year, and a net profit of 13.7 billion yuan, an increase of 1.32% [6][22]. - The gross profit margin improved to 28.7%, up by 0.30 percentage points year-on-year [6][22]. Income Statement - The sector's net profit growth is primarily driven by stable performance in waste incineration and water operations, while the recycling and air quality segments experienced declines [22][24]. - Waste incineration saw revenue growth of 1.81% and net profit growth of 9.31% in H1 2025 [23]. - Water operations reported a slight revenue decline of 1.38% but a net profit increase of 1.79% [30]. Balance Sheet - The environmental protection sector's debt ratio was 57.7%, showing a slight increase of 0.27 percentage points year-on-year [7]. - Accounts receivable and related assets continue to rise, indicating potential cash flow challenges [7]. Cash Flow Statement - The cash collection ratio improved to 93.5%, up by 3.9 percentage points year-on-year, with net cash flow from operating activities reaching 10.44 billion yuan, an increase of 13.8% [8]. - Investment activities showed a net expenditure of 27.4 billion yuan, primarily directed towards waste incineration and water operations [8]. Investment Strategy - The report recommends continued investment in waste incineration and water services, highlighting that the sector can support a price-to-earnings ratio of 14x-16x, while many quality stocks are currently trading at 10x-12x [9]. - The report suggests potential growth opportunities in various segments, including testing services and energy conservation [9].

Core Viewpoint - The company achieved steady profit growth in H1 2025 despite a slight decline in revenue, indicating resilience in its operations and effective cost management [1][2]. Financial Performance - In H1 2025, the company reported adjusted revenue of 3.69 billion yuan, a year-over-year decrease of 6.5%, while net profit attributable to shareholders was 610 million yuan, reflecting a year-over-year increase of 0.7% [1]. - The company's comprehensive gross margin improved to 33.4%, up 1.2 percentage points year-over-year, driven by increased gross margins in the engineering and water supply segments [1]. Segment Performance - Water Supply Division: Revenue of 440 million yuan, down 4.1% year-over-year, with a gross margin of 49.4%, up 2.5 percentage points [1]. - Wastewater Division: Revenue of 1.39 billion yuan, up 12.3% year-over-year, with a gross margin of 42.3%, down 0.1 percentage points [1]. - Engineering Division: Revenue of 430 million yuan, down 41.2% year-over-year, with a gross margin of 20.1%, up 3.2 percentage points [1]. - Energy Division: Revenue of 1.33 billion yuan, down 7.0% year-over-year, with a gross margin of 9.0%, down 3.2 percentage points [1]. - Solid Waste Treatment Division: Revenue of 380 million yuan, down 2.8% year-over-year, with a gross margin of 37.9%, down 1.5 percentage points [1]. Cost Management - The company demonstrated excellent cost control, with selling, general, and administrative expense ratios of 2.8%, 3.6%, and 2.3% respectively, resulting in a total expense ratio of 8.6%, down 0.4 percentage points year-over-year [2]. - Net cash flow from operating activities was 340 million yuan, a decrease of 43.4% year-over-year, primarily due to reduced cash receipts from sales and increased tax payments [2]. Business Strategy - The company focuses on core business areas while promoting the development of an integrated environmental industry chain, enhancing collaborative effects across various segments [3]. - Water Supply: Commitment to high-quality water service throughout the lifecycle [3]. - Wastewater Treatment: Emphasis on urban environmental governance and integrated operation models [3]. - Energy: Exploration of dual-energy cooperation models to provide comprehensive energy solutions [3]. - Solid Waste Management: Development of a comprehensive solution for "waste-free cities" [3]. Investment Outlook - The company is expected to maintain steady business growth with a high dividend yield, anticipating net profits of 1.26 billion, 1.32 billion, and 1.37 billion yuan for 2025-2027, with corresponding EPS of 1.0, 1.0, and 1.1 yuan per share [4].

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025－046 | | --- | --- | --- | | 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 关于注销募集资金专户的公告 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。 特此公告。 公司募集资金专项账户的开立情况如下： 三、本次注销的募集资金专户情况 公司和公司全资子公司江西洪城水业环保有限公司在南昌农商银行劳动支 行开立的募集资金专项账户（账号：606059000000011007、606059000000011369） 的募集资金已按规定使用完毕。 鉴于公司募集资金已使用完毕，上述募集资金专用账户将不再使用，为方便 公司资金账户管理，减少管理成本，截至本公告披露日，公司及子公司已办理完 成上述募集资金专项账户的注销手续。上述账户注销后，公司和国泰君安证券股 份有限公司、南昌农商银行劳动支行签订的《三方监管协议》相应终止；公司、 公司全资子公司江西洪城水业环保有限公司和国泰君安证券股份有限公司、南昌 农 ...

Market Overview - On August 29, the environmental governance sector declined by 0.18%, with Hai Tian Co. leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers in Environmental Governance Sector - DeChuang Environmental (603177) closed at 14.50, up 10.02% with a trading volume of 65,700 shares and a turnover of 95.21 million yuan [1] - Feima International (002210) closed at 3.53, up 9.97% with a trading volume of 3 million shares and a turnover of 1.041 billion yuan [1] - Yi Yi (603200) closed at 75.74, up 7.19% with a trading volume of 135,900 shares and a turnover of 1.010 billion yuan [1] Underperformers in Environmental Governance Sector - Hai Tian Co. (603759) closed at 7.97, down 7.86% with a trading volume of 204,900 shares and a turnover of 165 million yuan [2] - Zhonghang Taida (836263) closed at 16.79, down 7.29% with a trading volume of 169,900 shares and a turnover of 288 million yuan [2] - Wenbululu (301259) closed at 46.89, down 7.06% with a trading volume of 129,400 shares and a turnover of 618 million yuan [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 149 million yuan from institutional investors, while retail investors saw a net inflow of 58.54 million yuan [2][3] - Feima International had a net inflow of 31.8 million yuan from institutional investors, but a net outflow of 15.5 million yuan from speculative funds [3] - Wuhan Holdings (600168) had a net inflow of 17.07 million yuan from institutional investors, with a net outflow of 11.86 million yuan from speculative funds [3]

Investment Rating - The investment rating for Hongcheng Environment (600461.SH) is "Buy" [1] Core Views - The report highlights that the company's wastewater business has shown steady growth, while the engineering business has contracted, leading to a decline in overall revenue. The wastewater treatment segment generated revenue of 1.39 billion yuan, a year-on-year increase of 12.3%, contributing significantly to the company's performance [4] - Cost reduction and efficiency improvements have led to enhanced profitability, with a gross margin of 33.37%, up 1.18 percentage points year-on-year, and a net margin of 17.85%, up 0.63 percentage points year-on-year [4] - The increase in accounts receivable has pressured cash flow, with net cash flow from operating activities decreasing by 43.39% year-on-year to 345 million yuan [4] - The company is focusing on promoting direct drinking water and an integrated factory-network model, aiming to inject new growth momentum into its operations [4] - The company is expected to maintain stable profitability and high dividend attributes, with projected revenues of 8.55 billion yuan, 8.86 billion yuan, and 9.27 billion yuan for 2025, 2026, and 2027 respectively [4][7] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.687 billion yuan, a year-on-year decrease of 6.54%, while net profit attributable to the parent company was 609 million yuan, a slight increase of 0.68% [2][4] - The company’s gross profit margin and net profit margin have improved, indicating better cost management and operational efficiency [4] Business Segments - Wastewater treatment revenue increased to 1.39 billion yuan, while the engineering business saw a significant decline of approximately 40% in revenue, which was the main reason for the overall revenue drop [4] - The solid waste disposal business remained stable, with revenue of 382 million yuan and a net profit increase of 41 million yuan year-on-year [4] Future Outlook - The company plans to expand its direct drinking water business and continue its integrated factory-network operations, with a total investment scale of 4 billion yuan for new projects [4] - The company has committed to a dividend payout ratio of no less than 50% of net profit attributable to the parent company for the years 2024-2026, reflecting its strong dividend capability [4]

Group 1 - The core viewpoint of the article highlights the decrease in the number of shareholders for Hongcheng Environment, which fell to 19,764 as of June 30, 2025, a reduction of 3,090 or 13.52% compared to March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 56,200 to 65,000, with an average market value of 626,400 yuan per shareholder [1][2] - Hongcheng Environment's shareholder count is below the industry average of 28,100 as of June 30, 2025, while its average market value per shareholder is higher than the industry average of 219,800 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Hongcheng Environment's stock price increased by 4.44%, despite the decrease in shareholder numbers [1][2] - During the same period, the net outflow of main funds was 205 million yuan, while speculative funds saw a net inflow of 243 million yuan, and retail investors experienced a net outflow of 3.8851 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for Hongcheng Environment (600461) [1] Core Views - The company demonstrates stable performance through cost reduction and expense control, with a continued decline in capital expenditure [1] - The water service business remains robust, with a 12.32% year-on-year increase in sewage revenue for the first half of 2025 [8] - The company is expected to benefit from the extension of the depreciation period for water supply pipelines, leading to a profit increase [8] - The report forecasts a steady growth in net profit for 2025-2027, with expected figures of 12.51 billion, 13.07 billion, and 13.63 billion yuan respectively [8] Financial Summary - Total revenue for 2025 is projected at 8.501 billion yuan, reflecting a 3.34% year-on-year growth [1] - The net profit attributable to the parent company is expected to reach 1.251 billion yuan in 2025, with a growth rate of 5.11% [1] - The earnings per share (EPS) for 2025 is estimated at 0.97 yuan, with a price-to-earnings (P/E) ratio of 9.37 [1] - The company's asset-liability ratio is projected to decrease to 56.13% by 2026, indicating improved financial stability [9] - The report highlights a significant reduction in capital expenditure by 62.88% to 4.35 billion yuan in the first half of 2025 [8]