| 证券代码：601158 | 证券简称：重庆水务 | | 公告编号：2025-084 | | --- | --- | --- | --- | | 债券代码：188048 | 债券简称：21 | 渝水 01 | | | 债券代码：242471 | 债券简称：25 | 渝水 01 | | | 债券代码：242472 | 债券简称：25 | 渝水 02 | | | 债券代码：113070 | 债券简称：渝水转债 | | | 重庆水务集团股份有限公司 2025年第四次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 1、 公司在任董事7人，出席7人； 2、 财务总监、董事会秘书郭剑出席会议。 | 1、出席会议的股东和代理人人数 | 247 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 31,257,355 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 5 ...

关于重庆水务集团股份有限公司 2025 年第四次临时股东会的 法律意见书 二〇二五年十一月 北京市中伦（重庆）律师事务所 北京市中伦（重庆）律师事务所 关于重庆水务集团股份有限公司 2025 年第四次临时股东会的 法律意见书 致：重庆水务集团股份有限公司 北京市中伦（重庆）律师事务所（以下简称"本所"）接受重庆水务集团股份 有限公司（以下简称"贵公司"）委托，指派律师出席贵公司2025年第四次临时股 东会（以下简称"本次股东会"），并就贵公司本次股东会的召集和召开程序、召 集人资格、出席会议人员资格、本次股东会的表决程序、表决结果等相关事项出 具本法律意见书。 本法律意见书根据已发生或存在的事实，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东会规则》等法律、法规、规范性文件以及 《重庆水务集团股份有限公司章程》（以下简称"《公司章程》"）的相关规定出 具。 本法律意见书仅供贵公司本次股东会之目的使用，不得被其他任何人用于其 他任何目的。本所律师同意将本法律意见书随贵公司本次股东会其他信息披露资 料予以公告。 - 1 - 法律意见书 本所律师根据现行、有效的中国法律、法规及规范性文件的要 ...

Core Viewpoint - Chongqing Water Group has shown a stable performance in terms of stock trading and financial results, with a slight increase in stock price and positive growth in revenue and net profit for the year 2025. Group 1: Stock Performance - On November 11, Chongqing Water's stock rose by 0.83%, with a trading volume of 69.94 million yuan [1] - The financing buy-in amount for Chongqing Water on the same day was 7.44 million yuan, while the financing repayment was 6.92 million yuan, resulting in a net financing buy of 0.52 million yuan [1] - As of November 11, the total financing and securities lending balance for Chongqing Water was 88.69 million yuan, with the financing balance at 87.20 million yuan, accounting for 0.37% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 2: Financial Performance - For the period from January to September 2025, Chongqing Water achieved an operating income of 5.568 billion yuan, representing a year-on-year growth of 8.67% [2] - The net profit attributable to the parent company for the same period was 779 million yuan, reflecting a year-on-year increase of 6.88% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Chongqing Water was 41,500, a decrease of 0.57% from the previous period [2] - The average circulating shares per person increased by 0.57% to 115,643 shares [2] - Since its A-share listing, Chongqing Water has distributed a total of 18.11 billion yuan in dividends, with 2.861 billion yuan distributed over the past three years [3]

Market Overview - On November 6, the Chongqing state-owned enterprise reform sector rose by 2.47% compared to the previous trading day, with Chongqing Construction leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Chongqing Construction (600939) closed at 3.61, with a gain of 10.06% and a trading volume of 656,900 shares, amounting to a transaction value of 230 million [1] - Yudai Development (000514) closed at 5.81, gaining 10.04% with a trading volume of 914,800 shares, totaling 511 million [1] - Yusansha A (000565) closed at 8.75, up 5.42% with a trading volume of 452,400 shares, amounting to 387 million [1] - Qianli Technology (601777) closed at 12.08, gaining 4.32% with a trading volume of 1,604,200 shares, totaling 720 million [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 217 million from main funds, while retail investors experienced a net outflow of 1530 million [2][3] - Main funds showed significant net inflows in Yudai Development (9783.24 million) and Chongqing Construction (7499.73 million) [3] - Retail investors had notable outflows in Chongqing Construction (-5708.57 million) and Yudai Development (-7054.23 million) [3]

Core Points - The Shanghai Composite Index is at 3977.20 points, slightly above the annual line with a change of 0.02% [1] - A total trading volume of A-shares reached 929.27 billion yuan today [1] - 30 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Dahua Intelligent (002512) has the highest deviation rate at 9.08%, with a daily increase of 10.04% and a turnover rate of 16.96% [1] - Zhongmin Energy (600163) follows with a deviation rate of 6.19%, increasing by 9.96% today [1] - Fujian Expressway (600033) shows a 4.40% deviation rate with a daily increase of 5.03% [1] Trading Activity - The total trading volume of A-shares today is 929.27 billion yuan, indicating active market participation [1] - Stocks like Chengdu Bank (601838) and Zhejiang Dingli (603338) have lower deviation rates, just above the annual line [1][2] Notable Stocks - Other stocks with significant performance include Maike Audi (300341) with a 3.58% deviation rate and a daily increase of 5.68% [1] - Stocks with minor deviations include Chongqing Water (601158) and Zhejiang Dingli (603338), both showing minimal changes [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Core Viewpoint - The company demonstrated steady performance growth with significant cash flow, achieving a revenue of 5.568 billion yuan and a net profit of 779 million yuan in the first three quarters of 2025, reflecting a year-on-year growth of 7.21% and 7.10% respectively [2][3] Financial Performance - In Q3 alone, the company reported a revenue of 2.049 billion yuan, marking a year-on-year increase of 7.30%, and a net profit of 322 million yuan, up by 3.16% [2] - The net cash flow from operating activities reached 1.597 billion yuan, showing a substantial year-on-year growth of 26.55%, supporting the company's high dividend strategy [2] Market Dynamics - The upcoming water price reform is expected to enhance the company's profitability, as the supply pricing mechanism will shift towards a more market-oriented approach, ensuring reasonable returns for enterprises [2] - The company's current water supply business has a low profitability, with a gross margin of 14.41% in the first half of 2025, down by 1.53 percentage points year-on-year, indicating ample room for price increases [2] Strategic Development - The company is actively pursuing asset integration and external acquisitions to strengthen its regional leadership, including the acquisition of 100% equity in Chongqing Yujing Water Co., Ltd. for 354 million yuan [3] - The management of various water supply companies under the major shareholder indicates a significant step towards future asset injections, which could enhance the company's performance and open new growth avenues [3] Earnings Forecast - The company is projected to achieve revenues of 7.351 billion yuan, 7.740 billion yuan, and 8.166 billion yuan from 2025 to 2027, with year-on-year growth rates of 5.02%, 5.29%, and 5.51% respectively [3] - The net profit forecasts for the same period are 883 million yuan, 891 million yuan, and 935 million yuan, with growth rates of 12.51%, 0.85%, and 4.92% respectively [3] - Based on the closing price on October 30, 2025, the corresponding PE ratios are projected to be 25.92, 25.70, and 24.50, with EPS estimates of 0.18, 0.19, and 0.19 yuan [3]

Core Insights - The Chongqing state-owned enterprise reform sector saw a rise of 0.52% on October 31, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - Qianli Technology (601777) closed at 11.91, up 2.67%, with a trading volume of 466,600 shares and a transaction value of 553 million [1] - Yushanxia A (000565) closed at 8.16, up 1.87%, with a trading volume of 105,200 shares and a transaction value of 86.01 million [1] - ST Huicheng (002168) closed at 4.08, up 1.75%, with a trading volume of 57,300 shares and a transaction value of 23.44 million [1] - Other notable stocks include Yukaifang (000514) at 5.23 (+1.16%), Chuan Yi Co. (603100) at 23.34 (+0.78%), and Jieling Pickles (002507) at 13.12 (+0.69%) [1] Capital Flow Analysis - The Chongqing state-owned enterprise reform sector experienced a net inflow of 26.71 million from institutional investors, while retail investors saw a net inflow of 11.87 million [2] - However, speculative funds recorded a net outflow of 38.58 million [2] Individual Stock Capital Flow - Qianli Technology (601777) had a net inflow of 35.02 million from institutional investors, while it faced a net outflow of 13.45 million from speculative funds [3] - Chuan Yi Co. (603100) saw a net inflow of 14.05 million from institutional investors, with a net outflow of 8.75 million from speculative funds [3] - Sanfeng Environment (601827) had a net inflow of 13.99 million from institutional investors, but a net outflow of 14.78 million from retail investors [3]

Core Insights - Chongqing Water Authority (601158.SH) reported a total operating revenue of 5.568 billion yuan for Q3 2025, ranking 10th among disclosed peers, with a year-on-year increase of 7.21% [1] - The net profit attributable to shareholders reached 779 million yuan, ranking 9th among peers, reflecting a year-on-year growth of 7.10% [1] - The net cash inflow from operating activities was 1.597 billion yuan, ranking 7th among peers, with a significant year-on-year increase of 26.55% [1] Financial Ratios - The latest debt-to-asset ratio stands at 51.37%, a decrease of 0.44 percentage points from the previous quarter [3] - The gross profit margin is 29.73%, ranking 41st among disclosed peers [3] - Return on equity (ROE) is 4.51%, ranking 36th among peers, with a year-on-year increase of 0.22 percentage points [3] Earnings Per Share and Turnover - The diluted earnings per share is 0.16 yuan, an increase of 0.10 yuan year-on-year, representing a growth of 166.67% [3] - The total asset turnover ratio is 0.16 times, reflecting a year-on-year increase of 4.65% [3] - The inventory turnover ratio is 15.05 times, ranking 23rd among peers, with a substantial year-on-year increase of 121.10% [3] Shareholder Structure - The number of shareholders is 41,500, with the top ten shareholders holding 4.337 billion shares, accounting for 90.34% of the total share capital [3] - The largest shareholder is Chongqing Derun Environment Co., Ltd., holding 50% of the shares [3]

Core Viewpoint - Chongqing Water Authority reported steady growth in revenue and net profit for the first three quarters of 2025, indicating a stable operational performance and a strong market position in the water supply and drainage sector [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 5.568 billion yuan, a year-on-year increase of 7.21% [1] - The net profit attributable to shareholders reached 779 million yuan, reflecting a year-on-year growth of 7.10% [1] - Basic earnings per share were 0.16 yuan, up by 6.67% compared to the previous year [1] - In the third quarter alone, operating revenue was 2.049 billion yuan, with a year-on-year increase of 7.3% [1] - The net profit for the third quarter was 322 million yuan, showing a year-on-year growth of 3.16% [1] Operational Highlights - The company's production operations remained stable, with water supply and drainage quality consistently meeting standards [1] - The company has reinforced its leading market position in the local water supply and drainage sector [1] - Financial structure and asset conditions are reported to be sound, providing a solid foundation for sustainable operations [1] Strategic Acquisition - Chongqing Water Authority announced plans for its wholly-owned subsidiary to acquire assets related to the expansion of sewage treatment capacity for approximately 152 million yuan [1] - This acquisition aims to enhance the company's sewage treatment capacity and market share in the sewage treatment service sector [1] - The move is expected to strengthen the company's core competitiveness and leading advantage in the Chongqing regional market [1]