Core Viewpoint - Greentown Water (601368.SH) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 1.19 billion yuan in the first half of 2025, representing a year-on-year decrease of 0.99% [1] - The net profit attributable to shareholders was 26.89 million yuan, down 60.35% compared to the previous year [1] - Basic earnings per share were reported at 0.0305 yuan [1]

证券代码：601368 证券简称：绿城水务 公告编号：2025-024 一、董事会会议召开情况 广西绿城水务集团股份有限公司（以下简称"公司"）第五届董事会第二十六次会议于 2025 年 8 月 21 日在广西南宁市青秀区桂雅路 13 号绿城水务调度检测中心 1519 会议室召 开，本次会议以现场方式进行。会议应出席董事 9 人，现场出席董事 8 人，委托出席董事 1 人（魏金先生因工作原因未能亲自出席本次会议，委托黄东海先生代为表决）。本次会 议由董事长黄东海先生召集和主持，公司高级管理人员列席了会议。会议的召集、召开及 表决程序符合《公司法》和本公司章程的有关规定。 二、董事会会议审议情况 1、审议通过《关于审议公司 2025 年半年度报告及其摘要的议案》 公司审计委员会认为：公司 2025 年半年度报告全面总结并真实反映了公司生产经营情 况及财务状况，同意提交公司董事会审议。本议案已经公司第五届董事会审计委员会 2025 年第三次会议审议通过。 具体内容详见上海证券交易所网站（www.sse.com.cn）披露的《广西绿城水务集团股 份有限公司 2025 年半年度报告》及其摘要。 表决结果：9 票赞成， ...

Group 1 - The board of directors of Guangxi Greentown Water Group Co., Ltd. held its 26th meeting of the 5th board, with 9 directors required to attend and 8 present, confirming compliance with legal and procedural requirements [1] - The audit committee approved the company's 2025 semi-annual report, which comprehensively summarizes and accurately reflects the company's operational and financial status, and submitted it for board review [1] - The voting results for the audit committee's approval were 9 votes in favor, 0 against, and 0 abstentions [1] Group 2 - The company has revised several internal management systems as of August 2025, including information disclosure, shareholding management, audit committee working rules, nomination committee working rules, compensation and assessment committee working rules, budget management committee working rules, and strategic and investment committee working rules [2] - The voting results for the approval of these revised systems were consistently 9 votes in favor, 0 against, and 0 abstentions [2] - The company also revised its internal control system related to financial reporting as of August 2025, with the same voting results [2]

General Provisions - The establishment of the Audit Committee aims to enhance the decision-making function of the Board and strengthen the supervision of financial information, internal controls, and audits [1][2] - The Audit Committee is a specialized working body set up by the Board, responsible for reviewing financial information and overseeing internal and external audits [1][2] Composition of the Committee - The Audit Committee consists of five directors, with a majority being independent directors and at least one member being a professional accountant [2][3] - The committee members are nominated by the Chairman, more than half of the independent directors, or one-third of all directors, and elected by the Board [2] Responsibilities and Authority - The Audit Committee has the authority to inspect the company's finances, supervise the actions of directors and senior management, and propose the convening of extraordinary shareholder meetings [4][5] - It is responsible for reviewing financial reports, supervising internal and external audits, and evaluating internal control systems [4][5] Internal Audit Oversight - The Audit Committee guides and supervises the establishment and implementation of internal audit systems and reviews annual internal audit plans [5][6] - It coordinates relationships between internal audit departments and external auditors, ensuring effective communication and oversight [5][6] Meeting Procedures - The Audit Committee must meet at least quarterly, with additional meetings called as necessary, and requires a two-thirds attendance for decisions [8][9] - Meeting records must be maintained for at least ten years, and all members have confidentiality obligations regarding meeting discussions [9][10] Implementation and Effectiveness - The work rules of the Audit Committee will be effective upon approval by the Board and will be interpreted by the Board [11]

Core Viewpoint - The establishment of the Compensation and Assessment Committee aims to enhance the governance structure of Guangxi Greentown Water Group Co., Ltd. by developing a comprehensive assessment and compensation management system for directors and senior management [1][2]. Group 1: Committee Structure and Composition - The Compensation and Assessment Committee consists of three directors, including two independent directors [2]. - The committee is chaired by an independent director, who is responsible for leading the committee's activities [2]. - The term of the committee aligns with that of the board of directors, and members can be re-elected [2][3]. Group 2: Responsibilities and Authority - The committee is tasked with formulating assessment standards for directors and senior management, as well as reviewing compensation policies and plans [4]. - It is responsible for proposing recommendations on the compensation of directors and senior management, including stock incentive plans and employee shareholding plans [4]. - Any compensation plans proposed by the committee must be approved by the board and subsequently submitted for shareholder approval [4][6]. Group 3: Operational Procedures - The committee's working group, composed of personnel from the board office and human resources, is responsible for preparing materials and supporting the committee's functions [3][6]. - The evaluation process for directors and senior management includes the submission of work summaries and performance evaluations, leading to recommendations for compensation [6]. - Meetings of the committee require a two-thirds attendance of members to be valid, and decisions must be approved by a majority [7][8]. Group 4: Meeting Regulations - Meetings should be held in person, but can also utilize video or phone conferencing when necessary [8]. - All meeting records must be documented, and confidentiality is required from all attendees regarding discussed matters [8][9]. - The committee's operational guidelines are subject to relevant laws and the company's articles of association [9].

General Provisions - The purpose of the Nomination Committee is to standardize the selection of directors and senior management, optimize the composition of the board and management, and improve corporate governance structure [1] - The Nomination Committee is a specialized working body established by the board of directors, responsible for selecting candidates for directors and senior management, as well as proposing selection criteria and procedures [1][2] Composition of the Committee - The Nomination Committee consists of three directors, including two independent directors [2] - The chairman of the committee is an independent director, responsible for presiding over committee work [2] Responsibilities and Authority - The Nomination Committee is responsible for drafting selection criteria and procedures for directors and senior management, reviewing candidates' qualifications, and making recommendations to the board on various matters [3] - The committee's proposals must be recorded in the board's resolutions if not fully adopted, along with reasons for non-adoption [3] Working Procedures - The committee must research the election conditions, selection procedures, and terms of office for directors and senior management, and submit decisions to the board for approval [4] - The selection process includes searching for candidates internally and externally, collecting their qualifications, and obtaining their consent before nomination [4] Meeting Rules - Meetings of the Nomination Committee require a three-day notice to all members and must be chaired by the chairman or an appointed independent director [5] - A quorum of two-thirds of the committee members is required for meetings, and decisions must be approved by a majority [5] Confidentiality and Record Keeping - Meeting records must be signed by attending members and kept for at least ten years [6] - Members have a confidentiality obligation regarding meeting discussions and decisions [6] Additional Provisions - Any matters not covered by these rules will be executed according to relevant national laws and the company's articles of association [8] - The rules take effect upon approval by the board of directors [8]

Core Viewpoint - The report highlights a significant decline in the financial performance of Guangxi Greencity Waterworks Group Co., Ltd. for the first half of 2025, with notable decreases in revenue and net profit compared to the previous year, primarily due to foreign exchange losses and increased bad debt provisions [2][3][4]. Financial Performance - Total revenue for the first half of 2025 was approximately CNY 1.19 billion, a decrease of 0.99% from CNY 1.20 billion in the same period last year [2][3]. - Total profit decreased by 61.72% to CNY 30.52 million from CNY 79.72 million year-on-year [2][3]. - Net profit attributable to shareholders fell by 60.35% to CNY 26.89 million from CNY 67.82 million [2][3]. - The net cash flow from operating activities was CNY 166.18 million, down 9.56% from CNY 183.74 million [2][3]. Business Operations - The company is primarily engaged in water supply and sewage treatment services in Nanning and surrounding areas, with a designed water supply capacity of 2.13 million cubic meters per day [4][5]. - The sewage treatment capacity was enhanced to 1.875 million cubic meters per day following the completion of an expansion project [4][5]. - The company operates under a franchise model, providing integrated water supply and sewage treatment services, which allows for cost savings and operational efficiency [4][5][6]. Industry Context - The domestic water supply and sewage treatment industry is experiencing growth driven by national and local policies, although challenges such as incomplete sewage collection networks and pricing mechanisms remain [5][6]. - Recent government initiatives aim to improve water supply infrastructure and enhance service quality, including measures to reduce water loss and upgrade aging pipelines [6][7]. - The sewage treatment market has expanded significantly, with a focus on high-quality development and resource utilization, as urban sewage treatment rates exceed 95% [7][8]. Strategic Initiatives - The company is focusing on expanding its service areas and improving infrastructure to meet increasing demand for water supply and sewage treatment [8][9]. - Efforts are being made to enhance operational efficiency through advanced management practices and technology integration, including the implementation of a smart water plant standard [9][10]. - The company is actively pursuing financing opportunities to support its growth and infrastructure projects, including issuing bonds and seeking government funding for urban renewal initiatives [12][13].

Core Viewpoint - Guangxi Greentown Water Group Co., Ltd. reported a decline in key financial metrics for the first half of 2025, indicating potential challenges in revenue generation and profitability [1][2]. Financial Performance - Total assets at the end of the reporting period reached approximately CNY 23.86 billion, an increase of 1.91% compared to the previous year [1]. - Operating revenue for the period was approximately CNY 1.19 billion, reflecting a decrease of 0.99% year-on-year [1]. - Total profit amounted to approximately CNY 30.52 million, down 61.72% from the previous year [1]. - Net profit attributable to shareholders was approximately CNY 17.34 million, a decline of 69.99% compared to the same period last year [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 28,916 [2]. - The largest shareholder, Nanning Jianning Water Investment Group, holds 51.00% of the shares, amounting to 450,336,273 shares [2]. - Other significant shareholders include Guangxi Shangshan Ruoshui Development Co., Ltd. and Guangxi Honggui Capital Operation Group, holding 3.81% and 1.10% respectively [2]. Debt and Financial Ratios - The company's debt-to-asset ratio was reported at 79.95%, slightly up from 79.63% in the previous year [4]. - The EBITDA interest coverage ratio was 2.28, down from 2.42 year-on-year [4].

广西绿城水务集团股份有限公司2025 年半年度报告 公司代码：601368 公司简称：绿城水务 广西绿城水务集团股份有限公司 2025 年半年度报告 1 / 182 广西绿城水务集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 魏金 | 工作原因 | 黄东海 | 三、本半年度报告未经审计。 四、公司负责人黄东海、主管会计工作负责人叶桂华及会计机构负责人（会计主管人员）叶桂华 声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 ...

| 第一章 | 总 则 | | | --- | --- | --- | | 第二章 | 岗位职责与分工 Z | | | 第三章 | 财务报告编制准备 | | | 第四章 | 财务报告编制 | | | 第五章 | 财务报告的对外提供 | | | 第六章 | 财务报告的分析利用 | | | 第七章 | 监督与检查 | | | 第八章 | 附 则 | 7 | 第一章 总 则 第一条 为了规范公司会计核算、财务报告编制与披露行为，防范因不当核算或编 制行为可能对财务报告产生的重大影响，保证会计信息的真实、完整，根据《中华人民 共和国会计法》《企业会计准则》《企业内部控制基本规范》《企业内部控制应用指引第 14 号——财务报告》《上市公司信息披露管理办法》等有关规定，结合本公司实际情况， 制定本制度。 第二条 本制度适用于公司及下属控股、实际控制子公司。 第三条 本制度所称财务报告，是指反映企业某一特定日期财务状况和某一会计期 间经营成果、现金流量的文件。 财务报告包括会计报表及其附注和其他应当在财务报告中披露的相关信息和资料。 会计报表至少应当包括资产负债表、利润表、现金流量表、所有者权益变动表等报表； 附注是对在资 ...