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].

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 1,189,586,715.24, a decrease of 0.99% compared to CNY 1,201,439,350.07 in the same period last year[19]. - Total profit for the period was CNY 30,516,564.05, down 61.72% from CNY 79,724,171.71 year-on-year[19]. - Net profit attributable to shareholders was CNY 26,894,031.01, reflecting a 60.35% decline from CNY 67,822,785.04 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 17,338,134.76, a decrease of 69.99% compared to CNY 57,774,034.64 last year[19]. - Basic earnings per share decreased by 60.29% to CNY 0.0305 from CNY 0.0768 in the same period last year[20]. - The weighted average return on net assets was 0.57%, down from 1.44% year-on-year[20]. - The company reported a net cash flow from operating activities of CNY 166,180,646.81, a decrease of 9.56% compared to CNY 183,740,608.42 last year[19]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 23,855,445,303.81, an increase of 1.91% from CNY 23,409,467,812.65 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were CNY 4,741,816,524.09, showing a slight increase of 0.01% from CNY 4,741,411,685.39 at the end of the previous year[19]. - Total liabilities rose to CNY 19,071,549,931.72 from CNY 18,641,831,727.26, an increase of 2.31%[123]. - The total equity increased to CNY 4,783,895,372.09 from CNY 4,767,636,085.39, a growth of 0.34%[123]. Cash Flow - The company reported a net cash flow from investing activities decreased significantly by 79.98% to -¥1,247,600,780.24, primarily due to increased funding for water supply and sewage treatment projects[49]. - The net cash flow from financing activities increased by 182.32% to ¥983,306,467.93, mainly due to an increase in new debt principal[50]. - Cash inflow from financing activities reached CNY 2,739,120,916.17 in the first half of 2025, significantly higher than CNY 1,555,434,719.48 in the same period of 2024, indicating an increase of about 75.9%[140]. - Net cash flow from financing activities was CNY 859,237,816.37 for the first half of 2025, compared to CNY 348,312,328.12 in the first half of 2024, marking an increase of approximately 146.5%[140]. Operational Capacity - The company’s designed water supply capacity is 2.13 million cubic meters per day, with operations in Nanning and surrounding areas[26]. - The company has expanded its wastewater treatment capacity by 25,000 cubic meters per day, bringing the total designed capacity to 1.875 million cubic meters per day[28]. - The company operates 8 water production units and 16 wastewater treatment units across its service areas[27]. - The company completed water sales of 25,658.46 million cubic meters, achieving 48.14% of the annual plan, with a year-on-year growth of 1.86%[33]. Market and Industry Context - The domestic water supply and wastewater treatment industry is experiencing growth driven by national and local policies, despite challenges such as incomplete sewage collection networks[30]. - The wastewater treatment market has reached a scale of hundreds of billions, with over 95% of urban wastewater being treated centrally[32]. - The company’s engineering and testing services contribute less to revenue and profit compared to its main water supply and wastewater treatment businesses[28]. Governance and Management - The company has completed the revision of eight governance documents to enhance its governance structure and efficiency[39]. - The company has a strong management team with extensive industry experience, contributing to its operational efficiency and innovation[47]. - The company has committed to transparent communication with investors, issuing regular reports and responding to investor inquiries effectively[65]. Risks and Challenges - The company faces risks from rising costs due to increased depreciation, financial expenses, and operational costs, which may lead to performance fluctuations[57]. - The company is exposed to foreign exchange risks due to a portion of its debt being financed through foreign loans, which could impact profitability[58]. - The company has significant debt financing needs due to the capital-intensive nature of the water industry, which may lead to increased debt levels[61]. Research and Development - The company is advancing two key R&D projects and six internal research topics, including the development of new technologies for wastewater treatment[38]. - Research and development expenses for the first half of 2025 were CNY 2,448,603.20, a decrease of 16.4% from CNY 2,926,678.16 in the first half of 2024[132]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 28,916[86]. - The largest shareholder, Nanning Jianning Water Investment Group Co., Ltd., held 450,336,273 shares, representing 51.00% of the total shares[87]. - The company plans to distribute cash dividends of 0.03 CNY per share, totaling 26.49 million CNY, which is not less than 30% of the net profit attributable to shareholders for the year[64]. Financial Reporting and Compliance - The company’s financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[152]. - The company has assessed its ability to continue as a going concern and found no issues affecting its operational capacity[153]. - The company has not reported any significant changes in accounting policies or prior period adjustments, maintaining consistency in financial reporting[142].

| 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 ...

广西绿城水务集团股份有限公司董事会预算管理委员会工作细则 第一章 总则 第一条 为建立健全公司内部监督约束机制，确保公司生产经营有序运行及 战略规划有效实施，根据《中华人民共和国公司法》、《上市公司治理准则》、《广 西绿城水务集团股份有限公司章程》（以下简称《公司章程》）及其他有关规定， 公司设立董事会预算管理委员会（以下简称"预算委员会"），并制定本工作细则。 第二条 预算委员会是公司董事会下设的专门机构，主要负责审议公司预算 管理制度，确定公司预算编制的总原则，组织编制和修订公司年度预算计划，审 核公司年度决算报告等工作。 第二章 人员组成 第三条 预算委员会由三名董事组成，其中至少包括一名会计专业的独立董 事。 独立董事因辞职或者被解除职务导致预算委员会中欠缺会计专业的独立董 事的，应当自前述事实发生之日起六十日内完成补选。在改选出的独立董事就任 前，原独立董事仍应当按照法律法规、上海证券交易所相关规定及公司章程规定 继续履行职责。 第四条 预算委员会委员由董事长、二分之一以上独立董事或三分之一以上 董事提名，并由董事会选举产生。 第五条 预算委员会设主任委员（召集人）一名，由董事会选定的董事担任， 负 ...

广西绿城水务集团股份有限公司信息披露事务管理制度 第一章 总 则 第一条 为规范公司及相关信息披露义务人的信息披露行为，加强信息披露事务管 理，促进公司依法规范运作，保护投资者的合法权益，依据《中华人民共和国公司法》、 《中华人民共和国证券法》、《上市公司信息披露管理办法》（以下简称"《管理办法》"）、 《上海证券交易所上市公司自律监管指引第2号——信息披露事务管理》、《上海证券交 易所上市公司自律监管指引第1号——规范运作》、《上海证券交易所股票上市规则》（以 下简称"《上市规则》"）等规定及《广西绿城水务集团股份有限公司章程》（以下简 称"《公司章程》"）的有关要求制定本制度。 第二条 本制度所称"信息"，是指对公司证券及其衍生品种交易价格已经或可能产 生较大影响或影响投资者决策的信息，以及其他相关法律、行政法规、部门规章和证券 监管部门要求或公司主动要求披露的信息。 本制度所称"信息披露"，是指公司或相关信息披露义务人在规定的时间内，在指定 的媒体以规定的程序、方式向社会公众公布前述信息并按规定报送证券监管部门的行为。 第三条 公司信息披露内容主要包括定期报告、临时报告、招股说明书、募集说明 书、上市公 ...

广西绿城水务集团股份有限公司董事会审计委员会工作细则 第一章 总则 第一条 为强化董事会决策功能，充分发挥审计委员会对公司财务信息、内 部控制、内外部审计等工作的监督作用，完善公司治理结构，根据《中华人民共 和国公司法》、《上市公司治理准则》、《上市公司独立董事管理办法》、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》、《广西绿城水务集 团股份有限公司章程》（以下简称《公司章程》）及其他有关规定，公司特设立 董事会审计委员会（以下简称"审计委员会"），并制定本工作细则。 第二条 审计委员会是董事会按照《公司章程》设立的专门工作机构，行使 《公司法》规定的监事会的职权，主要负责公司财务信息及其披露的审阅，公司 内部控制体系的评价与完善，公司内、外部审计的沟通、监督和核查等工作。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，由独立董事中的会计专业 人士担任，负责主持委员会工作；主任委员在委员内选举，并报请董事会批准产 生。 1 第六条 审计委员会任期与董事会一致，委员任期届满，连选可以连任。期 ...

广西绿城水务集团股份有限公司董事会 第二条 薪酬与考核委员会是董事会按照《公司章程》设立的专门工作机构， 主要负责制定公司董事及高级管理人员的考核标准并进行考核；负责制定、审查 公司董事及高级管理人员的薪酬政策与方案，对董事会负责。 第三条 本工作细则适用范围为在本公司领取薪酬的董事和高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由三名董事组成，其中独立董事两名。 独立董事因辞职或者被解除职务导致薪酬与考核委员会中独立董事所占的 比例不符合公司独立董事管理办法或者《公司章程》规定的，应当自前述事实发 生之日起六十日内完成补选。在改选出的独立董事就任前，原独立董事仍应当按 照法律法规、上海证券交易所相关规定及公司章程规定继续履行职责。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一以上提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员（召集人）一名，由独立董事担任， 负责主持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全公司董事（非独立董事）及高级管理人员的考核 和薪酬管理 ...