Core Viewpoint - United Water (603291.SH) is a comprehensive water service company engaged in various water management activities, including water production and supply, sewage treatment and resource utilization, river and lake basin water governance, and water ecological restoration [1] Company Overview - The company operates in multiple sectors of the water industry, focusing on water production, sewage treatment, and ecological restoration [1] - Currently, the company has not ventured into seawater desalination business or research [1]

资料显示，自2023年上市以来，联合水务连续发布年度ESG报告，不断拓展ESG信息披露的深度与广 度。2025年4月25日，公司正式对外发布《2024年度环境、社会及治理报告》，遵循国内外最新信息披 露标准，系统展现公司在可持续发展领域的实践成果。 业内人士指出，联合水务的ESG实践已经从单一的环境保护拓展到全面的可持续发展体系。公司建立从 战略到执行的全链条ESG治理架构，实现环境绩效、社会责任和公司治理的有机统一。 近日，国内知名指数机构上海华证指数信息服务有限公司（以下简称"华证"）更新了联合水务 (603291)ESG评级，在原"BBB"级的基础上进一步提升至"A"级，在GICS（全球行业分类标准）三级行 业水公用事业全部17家上市公司中排名第2，并荣登"2025年A股上市公司公用事业行业ESG绩效 TOP20"榜单，展现出公司在可持续发展道路上的卓越追求与持续进步。 此次提升并非联合水务ESG表现的孤立亮点。6月19日，知名权威ESG评级机构万得（Wind）更新了公 司最新一期的ESG评级结果，联合水务凭借在ESG领域的领先实践和卓越成效，荣获"AA"级评级，连 续两年在水务行业中获得最高评级。最新 ...

Core Viewpoint - Jiangsu United Water Technology Co., Ltd. expects a significant decline in net profit for the first half of 2025, with a projected decrease of approximately 53.11% compared to the same period last year [2][3]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately 38.95 million yuan for the first half of 2025, down from 83.06 million yuan in the same period last year, representing a decrease of about 44.11 million yuan [2][3]. - The projected net profit after deducting non-recurring gains and losses is around 34.63 million yuan, a decrease of approximately 29.70% from 49.26 million yuan in the previous year [2][3]. Group 2: Previous Year’s Performance - In the same period last year, the total profit was 113.87 million yuan, with a net profit attributable to shareholders of 83.06 million yuan and a net profit after deducting non-recurring gains and losses of 49.26 million yuan [5]. Group 3: Reasons for Performance Decline - The decline in performance is primarily due to the absence of significant non-recurring gains, such as a one-time litigation compensation received in the previous year [7]. - Increased depreciation and amortization costs from upgrades to wastewater treatment plants have pressured profits, while water price adjustments have not yet been implemented [7]. - The water supply and related business segment has seen a slight decline in contributions from sub-segments, influenced by market conditions [7].

Jiangsu United Water Technology Co., Ltd. 2025 Semi-Annual Performance Forecast [Performance Forecast Summary](index=1&type=section&id=Key%20Content%20Highlights) The company forecasts a significant year-on-year decline in H1 2025 net profit, mainly due to a high comparative base from prior period's one-time litigation compensation Key Performance Indicators for H1 2025 Performance Forecast | Indicator | H1 2025 (Estimated) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Approx. 38.9478 million RMB | ↓ Approx. 53.11% | | Net Profit After Non-Recurring Gains/Losses | Approx. 34.6304 million RMB | ↓ Approx. 29.70% | [Details of Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20Overview) Preliminary estimates indicate H1 2025 net profit attributable to shareholders is approximately **38.95 million RMB**, a **53.11%** year-on-year decrease, with unaudited figures H1 2025 Performance Forecast | Item | Current Period (H1 2025) Estimated | Prior Period (H1 2024) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Approx. 38.9478 million RMB | 83.0580 million RMB | ↓ Approx. 53.11% | | Net Profit After Non-Recurring Gains/Losses | Approx. 34.6304 million RMB | 49.2582 million RMB | ↓ Approx. 29.70% | - The performance forecast data represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant[6](index=6&type=chunk) [Review of Prior Period Performance](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) In H1 2024, the company reported net profit attributable to shareholders of **83.06 million RMB** and earnings per share of **0.19625 RMB** Key Financial Data for H1 2024 | Indicator | Amount | | :--- | :--- | | Total Profit | 113.8687 million RMB | | Net Profit Attributable to Shareholders | 83.0580 million RMB | | Net Profit After Non-Recurring Gains/Losses | 49.2582 million RMB | | Earnings Per Share | 0.19625 RMB | [Analysis of Reasons for Performance Decline](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Decline) The performance decline is attributed to a high prior-period base from one-time litigation compensation, increased depreciation in wastewater treatment, and reduced water supply installation business - Decrease in non-recurring gains and losses: A subsidiary received a significant one-time litigation compensation in H1 2024, which is absent in H1 2025, leading to a substantial year-on-year reduction in current period profit[9](index=9&type=chunk) - Squeezed profit in wastewater treatment business: Increased depreciation and amortization from upgrades at some wastewater treatment plants, without corresponding water price adjustments, impacted project profitability[9](index=9&type=chunk) - Decline in water supply and related businesses: Contribution from water supply installation engineering business slightly decreased year-on-year due to market conditions[9](index=9&type=chunk) [Risk Warning and Other Matters](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties affecting the forecast's accuracy, emphasizing that the preliminary, unaudited data is subject to the final semi-annual report - The company states that as of the announcement date, there are no significant uncertainties affecting the accuracy of this performance forecast[11](index=11&type=chunk) - The company reminds investors that the performance forecast data is preliminary and unaudited, with final figures subject to the company's 2025 semi-annual report[12](index=12&type=chunk)

Core Viewpoint - The company, United Water (603291), anticipates a significant decline in net profit for the first half of 2025 compared to the same period in the previous year, indicating potential challenges ahead for the business [1] Financial Performance Summary - The company expects to achieve a net profit attributable to shareholders of approximately 38.95 million yuan for the first half of 2025, a decrease of about 44.11 million yuan compared to 83.06 million yuan in the same period last year, representing a year-on-year decline of approximately 53.11% [1] - The anticipated net profit, after deducting non-recurring gains and losses, is projected to be around 34.63 million yuan, down by approximately 14.63 million yuan from 49.26 million yuan in the previous year, reflecting a year-on-year decrease of about 29.70% [1] - The performance forecast data is based on preliminary calculations by the financial department and has not yet been audited by an accounting firm [1]

Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]

持股 5%以上股东减持股份实施结果公告 本公司董事会、全体董事及股东 UW Holdings Limited 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： 大股东持股的基本情况 本次减持计划实施前，股东 UW Holdings Limited 持有公司无限售流通股份 45,493,095 股，占公司总股本的 10.75%。股东 UW Holdings Limited 是公司 IPO 前引进的财务投资人，上述股份来源均为公司首次公开发行股票并上市前持有股 份，且已于 2024 年 3 月 27 日解除限售并上市流通。 减持计划情况 2025 年 3 月 29 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：2025-013），UW Holdings Limited 拟通过集中竞价和大宗交易的方式进行减持，合计不超过 12,696,618 股，合计减 持公司股份不超过总股本的 3%。 证券代码：603291 证券简称：联合水务 公告编号：2025-035 江苏联合水务科技股份有限公司 ( ...

提示性公告 公司股东 UW Holdings Limited 保证向本公司提供的信息真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 证券代码：603291 证券简称：联合水务 公告编号：2025-034 江苏联合水务科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 | 投 资 | 者 | 变动前股数 | 变 | 动 | 前 | 变动后股数 | 变 动 | 后 | | | 权益变动的 | 资 金 来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | （万股） | | 比例（%） | | （万股） | 比例（%） | | 权益变动方式 | | 时间区间 | 源（仅增 持填写） | | 发生直接持股变动的主体： | | | | | | | | | | | | | | UW Holdings Limited | | 3,669.6095 | | 8.67 | | 3,365.24 ...

Core Viewpoint - The company has provided a guarantee for a loan taken by its subsidiary, Shanghai Boruisi Environmental Technology Co., Ltd., amounting to RMB 2 million, with a maximum liability of RMB 2.2 million, to support its operational needs [2][6]. Group 1: Guarantee Details - On June 23, 2025, Shanghai Boruisi signed a loan agreement with Bank of Communications, and the company provided a joint liability guarantee for this loan [2]. - The guarantee does not have any counter-guarantee [2]. - The guarantee is within the authorized limit set by the company's 2024 annual shareholders' meeting, thus no further board or shareholder approval is required [4]. Group 2: Internal Decision-Making Process - The company held its 14th board meeting on April 23, 2025, and the 2024 annual shareholders' meeting on May 20, 2025, to approve the external guarantee limit for 2025, which is estimated at RMB 2.78 billion [3]. - The approved guarantee limits include RMB 329 million for subsidiaries with a debt-to-asset ratio above 70% and RMB 1.551 billion for those below 70% [3]. Group 3: Financial Overview - As of June 30, 2025, the total external guarantees provided by the company and its subsidiaries amounted to RMB 3.80491 billion, including the current guarantee [7]. - The guarantees provided to subsidiaries total RMB 2.44278 billion, which is 137.52% of the company's latest audited net assets [7]. - The company has not provided guarantees for its controlling shareholders or related parties, and there are no overdue guarantees or guarantees involved in litigation [7].

证券代码：603291 证券简称：联合水务 公告编号：2025-033 江苏联合水务科技股份有限公司 关于 2025 年 6 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 | | 上海博瑞思环境科技有限公司 万元 | | | --- | --- | --- | --- | | 本次担保金额 | 220 | | | | 实际为其提供的担保余额 | 220 | 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 | | | | 一、担保情况概述 （一）担保的基本情况 2025 年 6 月 23 日，上海博瑞思环境科技有限公司（以下简称"博瑞思"） 与交通银行股份有限公司上海静安分（支）行（以下简称"交通银行上海静安分 行"）签署《流动资金借款合同》（合同编号：Z2521LN15601077），向交通银行 上海静安 ...