Core Viewpoint - Jiangnan Waterworks (601199.SH) announced that its wholly-owned subsidiary, Jiangnan Waterworks Municipal Engineering Jiangyin Co., Ltd., in partnership with China Machinery International Engineering Design and Research Institute, has won the bid for the integrated supply and drainage improvement project in the Jiangyin Lingang Economic Development Zone with a contract value of 368 million yuan [1] Group 1 - The project involves the implementation of rain and sewage diversion renovations in 100 areas [1] - Construction includes drainage pipeline installation under 43 municipal roads [1] - The project also encompasses the standardized renovation of 35 municipal sewage pump stations and optimization of 21 interception facilities [1]

Core Viewpoint - Jiangnan Water (601199) announced that its wholly-owned subsidiary, Jiangnan Water Municipal Engineering Jiangyin Co., Ltd., in partnership with China Machinery International Engineering Design and Research Institute Co., Ltd., has been awarded the EPC general contracting bid for the integrated water supply and drainage quality improvement project in the Lingang Development Zone, with a bid price of 368 million yuan [1] Group 1 - Jiangnan Water's subsidiary has received a bid notification for a significant project [1] - The project involves the construction of a drainage compliance area [1] - The total contract value for the project is 368 million yuan [1]

Core Viewpoint - Jiangnan Water announced that its wholly-owned subsidiary, the Municipal Engineering Company, has won a bid for the integrated improvement project of water supply and drainage in the Lingang Development Zone, which is expected to positively impact the company's future operating performance [1] Group 1: Project Details - The project is located in the Jiangyin Lingang Economic Development Zone, specifically in the Shengan, Ligang, and Xiagang areas [1] - The construction includes rain and sewage diversion renovation, municipal road drainage pipeline construction, municipal sewage pump station renovation, and optimization of interception facilities [1] - The bid amount for the project is 368 million yuan, with a construction period of 488 days [1]

Core Viewpoint - Jiangnan Water (601199.SH) announced that its wholly-owned subsidiary, Jiangnan Water Municipal Engineering Jiangyin Co., Ltd., in partnership with China Machinery International Engineering Design and Research Institute, has won the bid for the integrated supply and drainage improvement project in the Jiangyin Lingang Economic Development Zone with a contract value of 368 million yuan [1] Group 1: Project Details - The project involves the implementation of rain and sewage diversion renovations in 100 areas [1] - It includes the construction of drainage pipelines under 43 municipal roads [1] - The project also encompasses the standardized renovation of 35 municipal sewage pumping stations and optimization of 21 interception facilities [1]

Core Viewpoint - Jiangnan Waterworks (601199.SH) announced that its wholly-owned subsidiary, Jiangnan Waterworks Municipal Engineering Jiangyin Co., Ltd., in partnership with China Machinery International Engineering Design and Research Institute Co., Ltd., has been awarded a contract for an integrated water supply and drainage improvement project in Jiangyin Lingang Economic Development Zone, with a bid price of 368 million yuan and a construction period of 488 days [1]. Group 1 - Jiangnan Waterworks' subsidiary has formed a joint venture with China Machinery International for the project [1] - The project is focused on enhancing the water supply and drainage systems in the Jiangyin Lingang Economic Development Zone [1] - The total contract value for the project is 368 million yuan [1] Group 2 - The construction period for the project is set at 488 days [1] - The project is categorized as an EPC (Engineering, Procurement, and Construction) contract [1] - The awarding of the contract reflects the company's capabilities in municipal engineering projects [1]

Group 1 - The company Jiangnan Water (601199.SH) announced that its wholly-owned subsidiary Jiangnan Water Municipal Engineering Jiangyin Co., Ltd. has been awarded a bid for an integrated water supply and drainage improvement project in the Jiangyin Lingang Economic Development Zone [1] - The joint venture with China Machinery International Engineering Design and Research Institute has been confirmed as the general contractor for the EPC project with a bid price of 368 million yuan [1] - The project has a construction period of 488 days [1]

Core Viewpoint - Jiangnan Waterworks (601199) reported a decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating challenges in maintaining growth despite improvements in profitability metrics such as gross margin and net margin [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 606 million yuan, a decrease of 5.32% year-on-year [1]. - Net profit attributable to shareholders was 164 million yuan, down 3.25% year-on-year [1]. - In Q2 2025, total revenue was 312 million yuan, reflecting a 9.51% decline year-on-year, while net profit was approximately 69.08 million yuan, a decrease of 19.34% [1]. - Gross margin improved to 39.73%, up 6.28% year-on-year, and net margin increased to 27.09%, up 2.19% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 72.81 million yuan, accounting for 12.01% of revenue, which is a 14.93% increase year-on-year [1]. - Earnings per share remained at 0.18 yuan, unchanged from the previous year, while operating cash flow per share dropped to 0.04 yuan, a decrease of 49.66% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased by 3.43% to 671.7 million yuan [2]. - Accounts receivable rose significantly by 28.29% to 321 million yuan [1]. - Interest-bearing debt increased by 1.42% to 686 million yuan [1]. - Net assets per share increased by 17.19% to 4.76 yuan [1]. Cash Flow Analysis - Net cash flow from operating activities decreased by 49.66%, attributed to increased cash payments for goods and services and higher tax payments [3]. - Net cash flow from investing activities increased by 26.09%, influenced by previous recoveries of investment funds [3]. - Net cash flow from financing activities decreased by 28.52%, primarily due to reduced cash inflows from bank borrowings [4]. Business Evaluation - The company's return on invested capital (ROIC) was 7.4% last year, indicating a generally weak capital return performance over the past decade, with a median ROIC of 6.74% [5]. - The net profit margin was reported at 26.22%, suggesting a high value-added in products or services [5]. Debt Servicing Capability - The company maintains a healthy cash asset position, indicating strong debt servicing capabilities [6].

债券代码：252240 债券简称：23 江南 01 证券代码：601199 证券简称：江南水务 公告编号：临 2025-036 江苏江南水务股份有限公司 关于公开挂牌转让参股公司股权的进展公告 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。 一、交易概述 江苏江南水务股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第八 届董事会第二次会议审议通过了《关于以公开挂牌方式转让西藏禹泽投资管理有限公 司 30%股权的议案》，同意以公开挂牌方式转让西藏禹泽投资管理有限公司（以下简 称"禹泽投资"）30%股权，挂牌转让价格不低于所持禹泽投资 30%股权对应评估值 596.39 万元。具体内容详见公司于 2025 年 4 月 25 日披露的《江南水务关于以公开 挂牌方式转让西藏禹泽投资管理有限公司 30%股权的公告》（公告编号：临 2025-020）。 2025 年 6 月 13 日，禹泽投资 30%股权正式在常州产权交易所有限公司（e 交易平 台 www.ejy365.com）公开挂牌转让，挂牌价格为 618 ...

Company Overview - Jiangnan Waterworks (SH 601199) announced the fourth meeting of the eighth board of directors held on August 26, 2025, where the proposal for organizational structure adjustment was reviewed [1] - For the first half of 2025, the revenue composition of Jiangnan Waterworks was as follows: water supply industry accounted for 48.13%, engineering business 34.97%, other businesses 13.36%, wastewater treatment 2.45%, and other services 1.1% [1] Industry Insights - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Group 1 - The company plans to distribute a cash dividend of RMB 0.03 per share (including tax) based on a total share capital of 935,210,292 shares, amounting to a total cash dividend of RMB 28,056,308.76 (including tax) [1][39][37] - As of June 30, 2025, the company's undistributed profits amounted to RMB 1,740,368,180.54 [1][39] - The profit distribution plan does not require approval from the shareholders' meeting as it was authorized in the previous annual shareholders' meeting [1][40] Group 2 - The company will hold a half-year performance briefing on September 12, 2025, from 15:00 to 16:30, via video live streaming and online interaction [4][8][6] - Investors can submit questions for the briefing from September 5 to September 11, 2025 [9][4] - The briefing will include participation from key executives such as the chairman and general manager [8][6] Group 3 - The company reported a total asset value of RMB 684,794.31 million, a decrease of 1.90% year-on-year, and a net profit attributable to shareholders of RMB 16,424.17 million, a decrease of 3.25% year-on-year [44] - The company has actively engaged in green development initiatives, including the construction of "zero carbon water plants" and the implementation of energy-saving technologies [46][45] - The company has invested RMB 356.96 million in research and development, a 27.77% increase compared to the previous year, representing 0.59% of its operating income [49]