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 ...

| 证券代码：600635 | 证券简称： | 大众公用 | | | 编号：临2025-031 | | --- | --- | --- | --- | --- | --- | | 债券代码：138999 | 债券简称： | 23 | 公用 | 01 | | | 债券代码：240539 | 债券简称： | 24 | 公用 | 01 | | 上海大众公用事业（集团）股份有限公司 关于参加 2025 年上海辖区上市公司集体接待日暨 中报业绩说明会活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： ● 投资者可于 2025 年 9 月 19 日（星期五）14：00 前访问 http://ir.p5w.net/zj/ 进入问题征集专题页面或通过公司邮箱（dmbstock@dzug.cn）进行提问。公司将 在本次集体接待日上，对投资者普遍关注的问题进行回答。 一、说明会类型 ● 会议召开时间：2025 年 9 月 19 日（星期五）15:00-17:00 ● 会议召开地点："全景路演"网站(http://rs.p5w.net)；或关注微信公众号 ( ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海大眾公用事業(集團)股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01635 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 533,643,000 | RMB | | 1 RMB | | 533,643,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 533,643,000 | RMB | | 1 RMB | | 533,643,000 | | 2. 股份分類 | 普通股 | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海大眾公用事業(集團)股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01635 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 533,643,000 | RMB | | 1 RMB | | 533,643,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 533,643,000 | RMB | | 1 RMB | | 533,643,000 | | 2. 股份分類 | 普通股 | ...

据证券之星公开数据整理，近期大众公用（600635）发布2025年中报。截至本报告期末，公司营业总收 入34.76亿元，同比下降5.8%，归母净利润3.33亿元，同比上升172.62%。按单季度数据看，第二季度营 业总收入13.77亿元，同比下降8.15%，第二季度归母净利润1.39亿元，同比上升47.02%。本报告期大众 公用短期债务压力上升，流动比率达0.68。 本次财报公布的各项数据指标表现一般。其中，毛利率19.21%，同比增14.92%，净利率12.42%，同比 增98.07%，销售费用、管理费用、财务费用总计3.93亿元，三费占营收比11.29%，同比减0.78%，每股 净资产3.01元，同比增6.63%，每股经营性现金流0.26元，同比增160.29%，每股收益0.11元，同比增 175.0% 偿债能力：公司现金资产非常健康。 商业模式：公司业绩主要依靠营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为56.78%、近3年经营性现金流均值/流动负债仅为 7.65%） 建议关注公司债务状况（有息资产负债率已达32.09%、有息负债总 ...

（文章来源：证券日报） 证券日报网讯 8月29日晚间，大众公用发布公告称，公司第十二届董事会第十二次会议审议通过了《公 司2025年上半年度经营工作报告》等多项议案。 ...