Core Viewpoint - Jiangnan Water's stock experienced a decline of 1.34% on September 9, with a trading volume of 44.25 million yuan, indicating a potential concern in market sentiment towards the company [1] Financial Performance - For the first half of 2025, Jiangnan Water reported a revenue of 606 million yuan, representing a year-on-year decrease of 5.32%, while the net profit attributable to shareholders was 164 million yuan, down 3.25% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.035 billion yuan, with 303 million yuan distributed over the past three years [3] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Jiangnan Water was 24,700, a decrease of 1.85% from the previous period, while the average circulating shares per person increased by 1.88% to 37,855 shares [2] - On September 9, the financing buy-in for Jiangnan Water was 3.3093 million yuan, with a net financing buy of -22,100 yuan, indicating a low level of investor confidence [1] Business Operations - Jiangnan Water's main business segments include water supply (48.13%), engineering installation (34.97%), service (13.36%), sewage treatment (2.45%), and others (1.10%), showcasing a diversified revenue structure [2] - The company has a daily water supply capacity of 930,000 cubic meters and a total length of over 600 kilometers of water supply pipelines, serving over 2 million people, positioning it as a leader in the county-level water supply industry [2]

| 证券代码：601199 | 证券简称：江南水务 | | 编号：临 | 2025-037 | | --- | --- | --- | --- | --- | | 债券代码：252240 | 债券简称：23 | 江南 01 | | | 中标工期：488 天。 联合体成员及分工：联合体牵头人中机国际，负责总承包牵头管理和工程设计 工作；市政工程公司作为联合体成员负责工程施工、设备购置并安装直至竣工验收 合格及保修期内的保修、移交、备案等工作。 2025 年 9 月 9 日，江苏江南水务股份有限公司（以下简称"公司"）全资子公司 江南水务市政工程江阴有限公司（以下简称"市政工程公司"）与中机国际工程设计 研究院有限责任公司（以下简称"中机国际"）联合体收到招标人江苏江阴临港经济 开发区管理委员会、招标代理机构江苏省苏辰建设投资顾问有限公司发来的中标通 知书： 市政工程公司与中机国际组成的联合体被确定为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（以下简称"项目"）中标人。 项目地点：江阴临港经济开发区申港、利港、夏港区域 江苏江南水务股份有限公司 关于工程项目中标的自愿性信息披露公 ...

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 ...