重要内容提示： 本次股票上市类型为 首发 股份；股票认购方式为 网下 ，上市股数为 293,277,527股。 本次股票上市流通总数为293,277,527股，均为首次公开发行限售股，无战略 配售股。 本次股票上市流通日期为2026 年 3 月 27 日。 一、本次限售股上市类型 证券代码：603291 证券简称：联合水务 公告编号：2026-010 江苏联合水务科技股份有限公司 关于首次公开发行部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会出具的《关于核准江苏联合水务科技股份有限 公司首次公开发行股票的批复》（证监许可[2022]1973号），并经上海证券交易所 同意，江苏联合水务科技股份有限公司（以下简称"联合水务"或"公司"）首 次公开发行人民币普通股42,322,061股，并于2023年3月27日在上海证券交易所主 板上市。公司首次公开发行股票完成后，公司股份总数由380,898,543股增加至 423,220,604股，其中有限售条件股份数量为380,898, ...

核查意见 华泰联合证券有限责任公司 关于江苏联合水务科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为江苏联合水务科技股份有限公司（以下简称"公司"或"联合水务"）首次公 开发行股票并在主板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务 管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等有关规定，对联合水务首次公开发行部分限售股 上市流通相关事项进行了认真、审慎的核查，并发表本核查意见，具体情况如下： 一、本次限售股上市类型 根据中国证券监督管理委员会出具的《关于核准江苏联合水务科技股份有限 公司首次公开发行股票的批复》（证监许可[2022]1973号），并经上海证券交易 所同意，江苏联合水务科技股份有限公司（以下简称"联合水务"或"公司"） 首次公开发行人民币普通股42,322,061股，并于2023年3月27日在上海证券交易所 主板上市。公司首次公开发行股票完成后，公司股份总数由380,898,543股增加至 423,220,604股，其中有限售条件股份数量为380 ...

证券代码：603291 证券简称：联合水务 公告编号：2026-009 江苏联合水务科技股份有限公司 关于公司 2026 年度闲置自有资金用于委托理财的公 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。 重要内容提示： 为充分利用公司闲置的自有资金，提高资金使用效率，降低财务成本，增加 公司现金资产收益，在确保资金安全、操作合规合法、确保日常经营资金不受影 响的前提下，根据公司资金的闲置情况，拟使用闲置自有资金开展委托理财业务。 投资种类：安全性高、流动性好的理财产品。 投资金额：江苏联合水务科技股份有限公司（以下简称"公司"）及下 属子公司（含全资、控股子公司）拟使用最高不超过人民币 40,000 万元进行委 托理财，在上述额度内，资金可循环滚动使用。授权有效期内任一时点的交易金 额（含前述委托理财的收益进行委托理财再投资的相关金额）不超过委托理财授 权额度。 履行的审议程序：公司已于 2026 年 3 月 9 日召开第二届董事会第十九次 会议，审议通过《关于公司 2026 年度闲置自有资金用于委托理财的议案》，本 议案 ...

证券代码：603291 证券简称：联合水务 公告编号：2026-008 江苏联合水务科技股份有限公司 关于 2026 年 2 月提供担保的进展公告 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法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 上海鸿影衡源实业有限公司 | | --- | --- | --- | | | 本次担保金额 | 万元 2,500.00 | | 担保对象一 | 实际为其提供的担保余额 | 5,000.00 万元 | | | 是否在前期预计额度内 | √是 □否 □不适用：_________ | | | 本次担保是否有反担保 | □是 √否 □不适用：_________ | | 担保对象二 | 被担保人名称 | 桐乡申和水务有限公司 | | | 本次担保金额 | 6,000.00 万元 | | | 实际为其提供的担保余额 | 万元 12,331.50 | | | 是否在前期预计额度内 | √是 □否 □不适用：_________ | | | 本次担保是否有反担保 | □是 √否 □不适用：_ ...

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。 一、本次对外投资概述 证券代码：603291 证券简称：联合水务 公告编号：2026-007 江苏联合水务科技股份有限公司 关于全资子公司对参股公司增资暨关联交易 完成股权交割的进展公告 三、股权交割对公司的影响 1、本次交易完成后，联合水务国际投资持有可转换优先股不能控制 e4E 公 司董事会和股东会，未对其形成控制，e4E 公司不纳入公司合并报表范围。 2、e4E 公司是一家注册于开曼群岛的公司，主要从事碳减排、碳转化、碳 捕捉、碳封存技术研发和吸碳新材料的技术研发、生产及销售业务，目前的主要 产品为负碳砖，主要面向英国及欧盟地区销售。投资 e4E 公司有助于公司迅速布 局相关绿色低碳技术领域，并进一步探索具体应用场景，符合国家"双碳"战略。 3、投资款主要用于 e4E 公司下属全资子公司武汉市吸碳建材有限公司中试 线的建设、技术研发及补充营运资金。目前标的公司尚需进一步扩大对海外销售 市场具备丰富经验的销售团队，强化海外市场开拓能力，持续提升客户接受度， 存在销售成果不确定 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [3]. Core Insights - The company is a comprehensive water service investment operator that embraces technology and international expansion, focusing on water supply, wastewater treatment, and water environment restoration [1][19]. - The company has a complete industrial chain from "source to tap," with 26 domestic and 1 overseas operational company, actively expanding into Southeast Asia and the Middle East [1][2]. - The domestic water supply and wastewater treatment sectors are expected to grow steadily due to urban-rural integration and increased ecological water demand, supported by government fiscal policies [2][57]. - The successful operation of the Bangladesh project serves as a milestone for international business expansion, with significant potential in the South Asia and Southeast Asia water markets [2][75]. - The company anticipates a rebound in profitability in 2026, driven by the completion of upgrade projects and improved cash flow from overseas projects [2][3]. Summary by Sections Company Overview - The company operates in water supply, wastewater treatment, and water environment restoration, with a focus on EPC and PPP construction projects [1][25]. - It has established a strong presence in various provinces in China and has initiated operations in Dhaka, Bangladesh, providing water services to a population of 2 million [1][28][51]. Industry Opportunities - The water service industry in China is characterized by stable growth, driven by urbanization and government support for water governance [2][57]. - The company is well-positioned to benefit from the increasing demand for water services, with projected growth in water supply volumes and wastewater treatment rates [2][62][68]. Financial Performance - The company expects to achieve revenues of 1.135 billion, 1.274 billion, and 1.397 billion yuan from 2025 to 2027, with corresponding net profits of 113 million, 224 million, and 273 million yuan [3][4]. - The financial outlook indicates a recovery in profitability starting in 2026, following a period of pressure due to increased costs and reduced government subsidies [2][3][40]. Future Growth Drivers - The company is focusing on technological innovation and international market expansion as key growth drivers, with significant investments in smart water management technologies [2][47][51]. - The anticipated adjustments in water pricing and the completion of upgrade projects are expected to enhance revenue streams in the coming years [2][80].

Core Viewpoint - The major shareholder, Shanghai Henglian, has completed a share reduction plan for Jiangsu United Water Technology Co., Ltd., reducing its stake from 5.15% to 5.01% through the sale of 582,400 shares [1][2][3]. Shareholder Holding Situation - Before the reduction plan, Shanghai Henglian held 21,775,415 shares, accounting for 5.15% of the total share capital of Jiangsu United Water Technology Co., Ltd. [1] - The shares were originally acquired prior to the company's initial public offering and became tradable on March 27, 2024 [1]. Reduction Plan Details - On November 19, 2025, the company announced a share reduction plan, allowing Shanghai Henglian to sell up to 582,492 shares, which represents 0.1376% of the total share capital [1]. - The reduction was to be executed through centralized bidding within three months following the announcement [1]. Implementation Results - As of February 2, 2026, Shanghai Henglian successfully reduced its holdings by 582,400 shares, achieving the planned reduction [2][3]. - Post-reduction, Shanghai Henglian holds 21,193,015 shares, which is 5.01% of the total share capital [2]. - The reduction plan was completed ahead of schedule, with the implementation period running from December 11, 2025, to March 10, 2026 [3].

证券代码：603291 证券简称：联合水务 公告编号：2026-006 2025 年 11 月 19 日，公司披露了《江苏联合水务科技股份有限公司持股 5% 以上股东减持股份计划公告》（公告编号：2025-055），公司股东上海衡联为公 司首次公开发行并上市前设立的员工持股平台，基于公司已退休离任多年的员工 自身资金需求，拟通过集中竞价方式减持公司股份不超过 582,492 股，占公司总 股本的 0.1376%，将于减持公告披露之日起 15 个交易日后的三个月内进行。 减持计划的实施结果情况 2026 年 2 月 2 日，公司收到股东上海衡联关于股份减持实施结果的通知。 截至 2026 年 2 月 2 日，本次减持计划实施期间，上海衡联通过集中竞价方式累 计减持公司股份 582,400 股，占公司总股本的比例为 0.1376%。本次减持实施后， 上海衡联持有公司无限售流通股 21,193,015 股，占公司目前总股本的 5.01%。上 海衡联本次减持计划已实施完毕，本次减持计划提前终止。 江苏联合水务科技股份有限公司 持股 5%以上股东提前终止减持计划暨减持实施结果 公告 本公司董事会、全体董事及股东上海衡联 ...

Core Viewpoint - The company, United Water (603291.SH), has completed a share reduction plan initiated by its shareholder, Shanghai Henglian, resulting in a decrease in the shareholder's stake in the company [1] Group 1 - As of February 2, 2026, Shanghai Henglian has reduced its holdings by a total of 582,400 shares, which represents 0.1376% of the company's total share capital [1] - Following the share reduction, Shanghai Henglian now holds 21,193,015 shares of the company, accounting for 5.01% of the total share capital [1] - The share reduction plan has been fully implemented and has been terminated ahead of schedule [1]

Market Performance - The environmental governance sector increased by 1.66% on February 3, with Sains leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Gainers in Environmental Governance Sector - The top-performing stocks included: - Sains (688480) with a closing price of 81.99, up 13.25% and a trading volume of 39,500 shares, totaling 313 million yuan [1] - Zhonglan Environmental (300854) at 23.62, up 7.46% with 63,300 shares traded, amounting to 148 million yuan [1] - Shanghai Xianba (603200) at 81.85, up 6.28% with 70,000 shares traded, totaling 560 million yuan [1] Decliners in Environmental Governance Sector - Notable decliners included: - Xuelang Environment (300385) at 11.34, down 1.99% with a trading volume of 250,700 shares, totaling 278 million yuan [2] - Guozhong Water (600187) at 2.12, down 1.85% with 973,700 shares traded, amounting to 206 million yuan [2] - Delinhai (688069) at 23.98, down 1.07% with 20,800 shares traded, totaling 50.4 million yuan [2] Capital Flow in Environmental Governance Sector - The environmental governance sector saw a net inflow of 130 million yuan from institutional investors, while retail investors experienced a net outflow of 54.53 million yuan [2] - The main stocks with significant capital inflow included: - Fuzhijie Technology (688335) with a net inflow of 52.43 million yuan, accounting for 13.68% of the total [3] - Huicheng Environmental (300779) with a net inflow of 36.99 million yuan, representing 7.20% [3] - Gaon Environment (603588) with a net inflow of 35.59 million yuan, making up 7.46% [3]