Group 1 - The core viewpoint of the news is that Shanghai Dazhong Public Utilities Co., Ltd. has seen a significant increase in its stock price, rising by 5.27% to 4.79 CNY per share, with a trading volume of 5.56 billion CNY and a turnover rate of 5.04%, resulting in a total market capitalization of 141.42 billion CNY [1] - The company, established on January 1, 1992, and listed on March 4, 1993, primarily engages in public utilities and financial investment businesses, with gas sales accounting for 89.67% of its main business revenue [1] - Other revenue sources include wastewater treatment (4.17%), construction (1.80%), transportation (1.75%), commerce (1.38%), and municipal tunnel operations (0.29%) [1] Group 2 - Among the top ten circulating shareholders of Dazhong Public Utilities, Huaxia Fund's Huaxia CSI 1000 ETF (159845) increased its holdings by 2.51 million shares in the second quarter, bringing its total to 10.54 million shares, which represents 0.36% of the circulating shares [2] - The Huaxia CSI 1000 ETF has a current scale of 38.227 billion CNY and has achieved a year-to-date return of 26.87%, ranking 1825 out of 4222 in its category [2] - Over the past year, the fund has delivered a return of 71.23%, ranking 1256 out of 3804, and since its inception, it has achieved a return of 27.65% [2]

INTERIM REPORT 中期報告 INTERIM REPORT 2025 年中期報告上海大眾公用事業︵集團︶股份有限公司 Shanghai Dazhong Public Utilities (Group) Co., Ltd. IMPORTANT NOTICE 重要提示 The forward-looking statements in this report do not constitute an actual commitment of the Company to investors. Investors should be aware of the investment risks. 本報告所涉及的前瞻性陳述，不構成本 公司對投資者的實質性承諾，請投資者 注意投資風險。 2025年中期報告 大眾公用 1 I. The Board, Directors and senior management of the Company confirm that the contents in this interim report are true, accurate and complete and ha ...

Market Overview - On September 16, the gas sector rose by 0.24% compared to the previous trading day, with Dazhong Public Utilities leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Dazhong Public Utilities (600635) closed at 4.55, with a gain of 6.31% and a trading volume of 2.0605 million shares, amounting to a transaction value of 942 million [1] - Other notable performers included: - Guo Xin Energy (600617) at 2.96, up 2.78% [1] - Zhongtai Co., Ltd. (300435) at 18.77, up 2.74% [1] - Changchun Gas (600333) at 5.74, up 2.14% [1] - Tianhuan Energy (300332) at 5.74, up 1.41% [1] Fund Flow Analysis - The gas sector saw a net inflow of 4.4662 million in main funds, while retail funds experienced a net outflow of 23.5136 million [2] - Retail investors contributed a net inflow of 19.0473 million [2] Detailed Fund Flow for Selected Stocks - Dazhong Public Utilities had a main fund net inflow of 85.0897 million, with retail funds showing a net outflow of 81.1711 million [3] - Zhongtai Co., Ltd. recorded a main fund net inflow of 25.4885 million, while retail funds had a net outflow of 22.5006 million [3] - Guo Xin Energy experienced a main fund net inflow of 6.9542 million, with retail funds showing a net outflow of 5.1265 million [3]

每经AI快讯，9月16日，港股大众公用涨幅扩大至14%，报2.88港元，成交额2599.72万港元，总市值 139.79亿港元。今年以来累计涨幅达34.2%。 （文章来源：每日经济新闻） ...

Market Overview - On September 15, the gas sector declined by 0.23%, with Meinuo Energy leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Shengtong Energy (001331) saw a significant increase of 10.01%, closing at 13.85 with a trading volume of 179,500 shares and a turnover of 238 million yuan [1] - ST Jinwan (000669) rose by 3.98%, closing at 3.40 with a trading volume of 161,500 shares and a turnover of 54.49 million yuan [1] - Meinuo Energy (001299) experienced a decline of 3.23%, closing at 12.90 with a trading volume of 119,000 shares and a turnover of 157 million yuan [2] - Wanhou Energy (002700) fell by 3.04%, closing at 7.02 with a trading volume of 159,400 shares and a turnover of 112 million yuan [2] Capital Flow Analysis - The gas sector experienced a net outflow of 110 million yuan from institutional investors, while retail investors saw a net inflow of 69.9 million yuan [2] - Major stocks like Shengtong Energy had a net inflow of 73.84 million yuan from institutional investors, but also faced a net outflow of 47.48 million yuan from retail investors [3] - ST Jinwan had a net inflow of 8.38 million yuan from institutional investors, with a net outflow of 4.99 million yuan from retail investors [3]

Core Viewpoint - In the complex economic environment of the first half of 2025, the company reported impressive financial results, showcasing strong profitability and cash flow growth, which reflects its dual investment logic of being a "utility cash cow + venture capital growth option" [1][6]. Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 333 million yuan, a year-on-year increase of 172.62% [1]. - The net profit excluding non-recurring gains and losses was 265 million yuan, up 143.19% year-on-year [1]. - The net cash flow from operating activities reached 761 million yuan, a significant increase of 160.29% year-on-year [1]. Group 2: Utility Business Attributes - The utility business has a "bond-like" defensive attribute, which is the foundation of its performance growth, supported by regional monopolies and rigid demand characteristics [1]. - The gas business covers seven administrative regions in Shanghai and provides exclusive services in Nantong, creating a significant supply barrier [1]. - The wastewater treatment business operates nine plants in Shanghai and Jiangsu, with a total treatment capacity of 46,500 tons per day, and the Dazhong Jiading plant meets the highest A+ level standards in Shanghai [2]. Group 3: Policy and Market Dynamics - Policy incentives are catalyzing continuous profit improvement, with 65% of cities adjusting gas prices, leading to a price increase of 0.21 yuan per cubic meter [3]. - Water price reforms are also underway, with cities like Guangzhou ending a 13-year price freeze, enhancing the sustainability of profits [3]. - The optimization of pipeline costs is beneficial, as new guidelines reduce procurement costs for gas companies, indirectly improving profit margins [3]. Group 4: Dividend and Investment Strategy - The company has distributed a total cash dividend of 210 million yuan over the past three years, representing 94.07% of average net profit, which is significantly higher than industry standards [4]. - The venture capital business injects strong growth momentum, with the company indirectly sharing in the profits of Shenzhen Innovation Investment Group, which reported a net profit of 1.047 billion yuan in the first half of the year [4][5]. - The management of venture capital assets is synergistic with the utility business, creating a closed-loop model that balances risk and return effectively [5]. Group 5: Future Outlook - The mid-term performance is seen as a starting point, with expectations for continued value release from the dual characteristics of being a "cash cow + growth stock" as policies are fully implemented [6]. - The company is positioned as a core asset that combines dividend safety with technological growth potential, appealing to investors seeking stable yet flexible investment opportunities [6].

Core Viewpoint - In the complex economic environment of the first half of 2025, the company reported impressive financial results, showcasing strong profitability and cash flow growth, which reflects its dual investment logic of being a "utility cash cow + venture capital growth option" [1] Group 1: Utility Business Defense Attributes - The utility business serves as a "quasi-bond" defensive attribute, underpinned by regional monopolies and rigid demand characteristics, ensuring stable performance [2] - The gas business has established a supply barrier in Shanghai and Nantong, while the wastewater treatment segment operates nine plants with a total capacity of 46.5 thousand tons per day, demonstrating essential service characteristics that are less affected by economic cycles [2] - The weak cyclical nature of water, electricity, and gas services provides solid cash flow support, making them essential for residents and urban operations [2] Group 2: Policy Benefits and Profit Improvement - National policy changes are catalyzing profit improvements, with 65% of cities adjusting gas prices, leading to a price increase of 0.21 yuan per cubic meter, indicating potential profit enhancement [3] - Water price reforms are also underway, transitioning from government payments to user payments, which enhances the sustainability of profits [3] - Optimizations in pipeline costs, as outlined by recent government guidelines, are expected to reduce procurement costs for gas companies, further supporting the utility sector's defensive attributes [3] Group 3: High Dividend Yield - The company has distributed a total cash dividend of 210 million yuan over the past three years, representing 94.07% of average net profit, which is significantly above industry standards [4] - This high dividend yield, especially in a declining interest rate environment, makes utility stocks more attractive compared to government bonds, drawing in incremental capital and providing valuation support [4] Group 4: Venture Capital Business Growth Potential - The venture capital segment injects strong growth momentum into the company, with a focus on high-quality asset value reassessment [5] - Through a stake in Shenzhen Innovation Investment Group, the company indirectly benefits from the growth of leading venture capital firms, with reported profits of 1.18 million yuan from this investment [5] - The favorable policy environment for venture capital is expected to accelerate value release, with smoother exit channels for mature projects, enhancing investment returns [5] Group 5: Synergy Between Utility and Venture Capital - The management of venture capital assets is not merely financial but synergizes with the company's core operations, leveraging government relationships and industry resources to enhance project sourcing and operational efficiency [6] - This dual approach mitigates the weaknesses of relying solely on utility growth or venture capital cash flow instability, achieving an effective balance of risk and return [6] Conclusion - The company is transitioning from being overlooked due to its diversified business and valuation discount to a redefined valuation framework, supported by stable cash flows and favorable policies [7] - As pricing policies are fully implemented and profit margins improve, the dual value of being a "cash cow + growth stock" is expected to continue to be released, appealing to investors seeking both stability and growth [7]

Core Insights - The company reported a decline in revenue but a significant increase in net profit for the first half of 2025, indicating improved profitability despite lower sales [1][2] Financial Performance - Revenue for the first half of 2025 was CNY 3.43 billion, a decrease of 5.78% compared to the same period last year [1] - Total profit reached CNY 509.31 million, reflecting a year-on-year increase of 55.94% [1] - Net profit attributable to shareholders was CNY 333.02 million, up 172.62% year-on-year [1] - The net profit excluding non-recurring gains and losses was CNY 264.69 million, an increase of 143.19% compared to the previous year [1] - Basic earnings per share stood at CNY 0.11 [1] Profitability Metrics - Gross margin for the first half of 2025 was 19.21%, an increase of 2.49 percentage points year-on-year [2] - Net profit margin improved to 12.42%, up 6.15 percentage points from the previous year [2] Expense Management - Total operating expenses for the first half were CNY 393 million, a reduction of CNY 27.46 million compared to the same period last year [2] - The expense ratio was 11.44%, a slight decrease of 0.09 percentage points year-on-year [2] - Sales expenses increased by 7.06%, while management expenses decreased by 14.31% [2] Shareholder Equity - As of the end of the reporting period, net assets attributable to shareholders were CNY 8.90 billion, a 4.11% increase from the end of the previous year [1] - Total assets amounted to CNY 23.03 billion, reflecting a marginal increase of 0.18% [1]

Market Performance - The gas sector increased by 0.1% on September 10, with Shouhua Gas leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Shouhua Gas (300483) closed at 12.69, up 4.88% with a trading volume of 362,500 shares and a turnover of 458 million yuan [1] - Victory Co. (000407) closed at 3.74, up 0.81% with a trading volume of 295,100 shares and a turnover of 110 million yuan [1] - Xinjiang Torch (603080) closed at 21.85, up 2.49% with a trading volume of 64,900 shares and a turnover of 141 million yuan [1] Capital Flow Analysis - The gas sector experienced a net outflow of 27.37 million yuan from institutional investors and 49.78 million yuan from speculative funds, while retail investors saw a net inflow of 77.15 million yuan [2] - The top net inflow from retail investors was observed in Meino Energy (001299) with 8.51 million yuan, while Shouhua Gas had a net outflow of 7.80 million yuan from retail investors [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海大眾公用事業（集團）股份有限公司 Shanghai Dazhong Public Utilities (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1635） 海外監管公告 關於參加2025年上海轄區上市公司集體接待日暨 中報業績說明會活動的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 下 文 載 列 上 海 大 眾 公 用 事 業 （ 集 團 ） 股 份 有 限 公 司 在 上 海 證 券 交 易 所 網 站 (http://www.sse.com.cn)刊發的「關於參加2025年上海轄區上市公司集體接 待日暨中報業績說明會活動的公告」。 承董事會命 上海大眾公用事業（集團）股份有限公司 董事局主席 楊國平 中華人民共和國，上海 2025年9月9日 於本公告日期，本公司執行董事為楊國平先生、梁嘉瑋先生及汪寶平先生；本 ...