Investment Rating - The report maintains a positive outlook on the environmental industry, indicating an "Overweight" investment rating for the sector, suggesting it will outperform the overall market [2][11]. Core Insights - The environmental industry is experiencing a continuous differentiation in performance, with stable operational assets. The report anticipates steady growth in net profits for various segments in 2025, with specific companies showing significant year-on-year increases [2][3]. - Municipal water services are stable, benefiting from strategic expansions and water price adjustments, while the demand for sewage engineering is declining [2]. - The waste incineration sector is also stable, with operational improvements despite a slowdown in new projects and tenders. Different companies are experiencing varied profit growth due to factors like historical revenue recognition and depreciation [2][3]. - The sanitation market remains stable, with profit growth influenced by impairment and the introduction of automated sanitation orders [2]. - Equipment products are facing a widening performance gap due to varying impacts from downstream sectors, with some companies expected to see declines in net profit growth [2]. Summary by Segment Municipal Water Services - Overall operations are stable, with net profit growth expected to be steady in 2025. Key companies include: - Zhongshan Public Utilities: 2025 net profit expected to increase by 67% to 2,000 million [3]. - Jiangnan Water: 3% increase to 415 million [3]. - Xingrong Environment: 8% increase to 2,150 million [3]. - Hongcheng Environment: 1% increase to 1,200 million [3]. Waste Incineration - The sector is stable with operational improvements. Key companies include: - Green Power: 23% increase to 720 million [3]. - Hanlan Environment: 20% increase to 2,000 million [3]. - Junxin Co.: 49% increase to 800 million [3]. Sanitation - The market is stable, with profit growth influenced by impairment and automation. Key companies include: - Yingfeng Environment: 36% increase to 700 million [3]. - Yuhua Tian: 4% increase to 600 million [3]. Equipment Products - Performance varies significantly across companies. Key companies include: - Longjing Environmental: 32% increase to 1,100 million [3]. - Qinda Environmental: 88% increase to 175 million [3]. - Woton Technology: 26% increase to 250 million [3]. Investment Recommendations - Municipal Environmental: Stable profitability with improving cash flow and opportunities in environmental assets. Recommended companies include Zhongshan Public Utilities, Junxin Co., Hanlan Environment, and others [2]. - Automated Sanitation: Growth potential in the field of sanitation robots. Recommended companies include Yingfeng Environment and Yuhua Tian [2]. - Green Methanol and SAF: Benefiting from EU policies, with recommended companies including CIMC Anrui and others [2].

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 (一)股东会召开的时间：2026年2月5日 (二)股东会召开的地点：江苏江南水务股份有限公司三楼会议中心（江苏省江阴市滨江扬子江路66号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601199 证券简称：江南水务 公告编号：临2026-006 债券代码：252240 债券简称：23江南01 江苏江南水务股份有限公司 2026年第一次临时股东会决议公告 ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长华锋先生主持。本次会议采用现场投票与网络投票相结合的方 式召开。本次会议的召集、召开及表决方式符合《公司法》及《公司章程》的相关规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席9人。 2、董事会秘书出席了会议；其他高管列席了会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于 ...

重要内容提示： | 证券代码：601199 | 证券简称：江南水务 | 公告编号：临 2026-006 | | --- | --- | --- | | 债券代码：252240 | 债券简称：23 江南 01 | | 江苏江南水务股份有限公司 2026年第一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。 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 159 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 609,842,352 | | 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（%） | 65.2091 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长华锋先生主持。本次会议采用现场投 票与网络投票相结合的方式召开。本次会议的召集、召开及表决方式符合《公司法》 及《公司章程》的相关规定。 (五) 公司董事和董事会秘书的 ...

致:江苏江南水务股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证券监督 管理委员会《上市公司股东会规则》等法律、法规和规范性文件以及《江苏江南 水务股份有限公司章程》(以下简称"《公司章程》"的规定,江苏世纪同仁律师 事务所(以下简称"本所")受贵公司董事会的委托,指派本所律师出席贵公司 2026 年第一次临时股东会,并就本次股东会的召集、召开程序、出席会议人员 资格、召集人资格、表决程序以及表决结果的合法有效性等事项出具法律意见。 江南水务 2026年第一次临时股东会 法律意见书 江苏世纪同仁律师事务所 关于江苏江南水务股份有限公司 2026年第一次临时股东会的法律意见书 为出具本法律意见书,本所律师对本次股东会所涉及的有关事项进行了审查, 查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随贵公司本次股东会决议一并公告,并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东会的召集、召开程序和召集人资格 1、本次股东会由董事会 ...

Core Viewpoint - Jiangnan Water's stock price increased by 0.85% on January 30, with a trading volume of 52.42 million yuan, indicating a stable market performance [1] Financing Summary - On January 30, Jiangnan Water had a financing buy-in amount of 4.88 million yuan and a financing repayment of 7.39 million yuan, resulting in a net financing outflow of 2.50 million yuan [1] - The total financing and securities balance for Jiangnan Water reached 120 million yuan, with the current financing balance of 119 million yuan accounting for 2.16% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1] - The company had no shares sold or repaid in the securities lending market on January 30, with a securities lending balance of 124,300 yuan, which is above the 90% percentile level over the past year, indicating a high level of securities lending [1] Company Overview - Jiangnan Water, established on July 15, 2003, and listed on March 17, 2011, is located in Jiangyin City, Jiangsu Province, and primarily engages in the production and sale of tap water, drainage, and related water treatment services [2] - The company has a daily water supply capacity of 930,000 cubic meters, with over 600 kilometers of water supply pipelines and serves a population of over 2 million, leading the industry in various operational metrics [2] - The revenue composition of Jiangnan Water includes 48.13% from tap water, 34.97% from engineering installation, 13.36% from services, 2.45% from sewage treatment, and 1.10% from other sources [2] Financial Performance - For the period from January to September 2025, Jiangnan Water achieved an operating income of 1.039 billion yuan, representing a year-on-year growth of 1.27%, and a net profit attributable to shareholders of 275 million yuan, with a year-on-year increase of 1.43% [2] - The total cash dividends distributed by Jiangnan Water since its A-share listing amount to 1.063 billion yuan, with 331 million yuan distributed over the past three years [3]

Core Viewpoint - Jiangnan Waterworks (601199) plans to issue corporate bonds to raise funds for various purposes, including debt repayment, working capital, equity investments, fixed asset investments, or asset acquisitions, in compliance with legal regulations [1] Group 1 - The company aims to use the raised funds to repay interest-bearing liabilities [1] - The funds will also be allocated to supplement working capital [1] - The company intends to invest in equity and fixed asset projects or acquisitions that comply with legal regulations [1] Group 2 - The company emphasizes a scientific and prudent approach to planning and using the raised funds [1] - The goal is to promote sustainable and high-quality development of the enterprise [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601199 证券简称：江南水务 公告编号：临2026-005 债券代码：252240 债券简称：23江南01 江苏江南水务股份有限公司2025年第四季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管规则适用指引第3号一一行业信息披露》要求，现将江苏江南 水务股份有限公司2025年第四季度经营数据公告如下： 一、自来水业务 ■ 新签合同累计金额与上年同比增长209.43%，主要原因是： 公司子公司江南水务市政工程江阴有限公司（简称"市政工程公司"）中标了临港开发区供排水提质增效 一体化工程（排水达标区建设项目）EPC工程总承包，合同金额为36,835.86万元，其中市政工程公司工 程安装费用为36,325.86万元；城市建成区水质清劣提质工程（市政排水管网修复）EPC工程总承包项 目，合同金额为19,556.50万元，其中市政工程公司工程安装费用为19,245.00万元；璜土镇排水管网完善 及水质提升一期项目E ...

Core Viewpoint - Jiangnan Water announced a decrease in water supply and sales volume for the fourth quarter of 2025, indicating a slight decline in overall performance compared to the previous year [2]. Group 1: Quarterly Performance - The water supply volume for Q4 2025 was 65.2746 million cubic meters, a year-on-year decrease of 0.68% [2]. - The water sales volume for Q4 2025 was 60.2469 million cubic meters, showing a year-on-year increase of 0.92% [2]. Group 2: Annual Performance - The total water supply volume for the year 2025 was 257.4338 million cubic meters, reflecting a year-on-year decline of 1.52% [2]. - The total water sales volume for the year 2025 was 232.7367 million cubic meters, which represents a year-on-year decrease of 1.35% [2].

根据《上海证券交易所上市公司自律监管规则适用指引第 3 号——行业信息披 露》要求，现将江苏江南水务股份有限公司 2025 年第四季度经营数据公告如下： 证券代码：601199 证券简称：江南水务 公告编号：临 2026-005 债券代码：252240 债券简称：23 江南 01 江苏江南水务股份有限公司 2025 年第四季度经营数据公告 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。 | 项目 | 平均水 | 2025 年 | 供水量（万立方米） 2024 年 | 同比变化 | 本年累计 供水量（万立 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 同比变化（%） | | | 价（元） | 10-12 月 | 10-12 月 | （%） | 方米） | | | | | 6,527.46 | 6,572.17 | -0.68 | 25,743.38 | -1.52 | | 自来水 | 2.68 | 2025 年 | 售水量（万立方米） 2024 ...

证券简称：江南水务 证券代码：601199 江苏江南水务股份有限公司 2026 年第一次临时股东会会议资料 二〇二六年二月五日 江苏江南水务股份有限公司 2026 年第一次临时股东会会议资料 江苏江南水务股份有限公司 2026 年第一次临时股东会会议资料 目 录 | 2026 年第一次临时股东会议程 3 | | --- | | 2026 年第一次临时股东会须知 5 | | 议案一：关于公司符合发行公司债券条件的议案 6 | | 议案二：关于公司拟发行公司债券的议案 7 | | 议案三：关于提请股东会授权董事会及董事会获授权人士全权办理本次公司债券发 | | 行相关事宜的议案 9 | 2 江苏江南水务股份有限公司 2026 年第一次临时股东会会议资料 2026 年第一次临时股东会议程 一、会议时间、地点及投票方式： 1、召开时间：2026 年 2 月 5 日 14 点 00 分 2、现场会议地点：公司三楼会议中心（江苏省江阴市滨江扬子江路 66 号）。 3、会议投票方式：现场投票和网络投票相结合 网络投票系统及网络投票时间：采用上海证券交易所网络投票系统，通过交易 系统投票平台的投票时间为股东会召开当日的交易时 ...