Core Viewpoint - The company held its 28th meeting of the 4th Board of Directors on August 22, 2025, where a resolution regarding changes in accounting estimates was unanimously approved by all attending directors [1]. Group 1 - The meeting was conducted via communication voting, with a notification sent to all directors and supervisors on August 21, 2025 [1]. - The meeting was presided over by the Chairman, Zhang Xia, with 9 directors present and all 9 votes received [1]. - The resolution regarding the change in accounting estimates was passed with a unanimous vote of 9 in favor, with no votes against, abstentions, or avoidance [1].

Group 1 - The company held the 23rd meeting of the 4th Supervisory Board on August 22, 2025, via communication voting [1] - The meeting was chaired by the chairman of the Supervisory Board, Fei Wei, and all supervisors were notified on August 21, 2025 [1] - The Supervisory Board approved the proposal regarding changes in accounting estimates with a voting result of 3 votes in favor, 0 against, and 0 abstentions [1]

Core Viewpoint - The company is changing its accounting estimates regarding bad debt provisions for receivables related to renewable energy subsidies, which will enhance the accuracy and reasonableness of its financial reporting [1][2]. Summary by Sections Overview of Accounting Estimate Change - The company will adopt a future application method for the accounting estimate change, effective from April 1, 2025, without needing to restate previously disclosed financial reports [1][4]. - The change specifically addresses the provision for bad debts related to receivables from the national renewable energy price subsidy, now treated as a separate category with a 5% provision rate [1][4]. Reasons and Content of the Change - The change is driven by the need for a more accurate reflection of the company's financial status and operating results, given the distinct credit risk characteristics of receivables from renewable energy subsidies compared to other receivables [2][3]. - The government has emphasized the development of the solid waste treatment industry, leading to an expansion in the company's waste-to-energy business, which has different credit risk profiles [2]. Impact of the Change - The accounting estimate change is expected to reduce credit impairment losses by 2.79 million yuan and increase net profit by 2.16 million yuan for the first half of 2025 [4]. - The company cannot currently disclose the full-year impact for 2025 due to uncertainties regarding the year-end receivables balance and aging distribution [4]. Auditor's Opinion - The auditing firm has confirmed that the accounting estimate change is reasonable and complies with relevant accounting standards and regulations, ensuring it does not significantly impact the company's financial status [4][5]. Audit Committee Review - The audit committee has reviewed the change and agrees that it will provide a more timely and accurate reflection of the company's financial condition, affirming that it aligns with national accounting standards [5].

Core Viewpoint - The report discusses the accounting estimate change by Haitan Water Group Co., Ltd., focusing on the adjustment of bad debt provisions for receivables related to national renewable energy subsidies, aiming to enhance the accuracy and reasonableness of financial reporting [1][4]. Group 1: Management and Auditor Responsibilities - The management of Haitan Water Group is responsible for preparing the accounting estimate change in accordance with relevant accounting standards and maintaining necessary internal controls to prevent material misstatements due to fraud or error [1][2]. - The auditor's responsibility is to provide an opinion on the accounting estimate change based on the audit evidence obtained, ensuring compliance with Chinese auditing standards [2]. Group 2: Details of the Accounting Estimate Change - The company has changed its accounting estimate for bad debt provisions on receivables, specifically treating national renewable energy subsidies as a separate category with a provision rate of 5%, reflecting the actual risk associated with these receivables [4][5]. - The change is motivated by the need to align the bad debt provision policy with the distinct credit risk characteristics of different receivables, particularly those related to government subsidies, which differ significantly from other customer credit risks [4][5]. Group 3: Impact of the Change - The adjustment in accounting estimates is expected to improve the accuracy of financial reporting and better reflect the company's financial position and operational results [4][5]. - Prior to the change, the company used an aging method for estimating expected credit losses, with rates varying from 5% for receivables within one year to 100% for those over three years [5].

Group 1 - Company Hai Tian Co., Ltd. announced the convening of its 28th meeting of the fourth board of directors on August 22, 2025, via communication voting, where it reviewed the proposal on changes in accounting estimates [1] - For the fiscal year 2024, the revenue composition of Hai Tian Co., Ltd. is as follows: wastewater treatment business accounts for 60.79%, water supply business for 25.5%, engineering business for 8.04%, waste incineration power generation business for 4.16%, and other businesses for 1.22% [1] - As of the report date, the market capitalization of Hai Tian Co., Ltd. is 4.1 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for autumn positions, with 25 job roles available, highlighting a demand for talent in the sector [1]

关于海天水务集团股份公司 会计估计变更事项专项说明的 专项审计报告 XYZH/2025CDAA3B0228 海天水务集团股份公司 海天水务集团股份公司全体股东： | 索引 | 页码 | | --- | --- | | 专项审计报告 | 1-2 | | 会计估计变更事项的专项说明 | 1-2 | 关于海天水务集团股份公司 会计估计变更事项专项说明的专项审计报告 我们审计了后附的海天水务集团股份公司（以下简称海天股份）会计估计变更事项 说明。该会计估计变更事项说明已由海天股份管理层按照规定编制以满足信息披露监管 要求。 一、 管理层的责任 海天股份管理层负责按照《企业会计准则第28号——会计政策、会计估计变更和差 错更正》及上海证券交易所的相关规定编制会计估计变更事项说明，并负责设计、执行 和维护必要的内部控制，以使会计估计变更事项按照适用的财务报告编制基础确认、计 量和披露，不存在由于舞弊或错误导致的重大错报。 二、 注册会计师的责任 我们的责任是在执行审计工作的基础上对该会计估计变更事项说明发表审计意见。 我们按照中国注册会计师审计准则的规定执行了审计工作。中国注册会计师审计准则要 求我们遵守职业道德守则，计 ...

证券代码：603759 证券简称：海天股份 公告编号：2025-079 海天水务集团股份公司 为更客观反映公司及子公司的财务状况和经营成果，公司对应收款项坏账准 备计提的会计估计进行变更，对应收国家可再生能源电价附加补助（以下简称"国 补"）作为一项单独组合，按照 5%计提坏账。通过此变更，公司坏账计提政策 更贴合应收国补电费收入的实际风险状况，提升了财务报告的准确性与合理性。 二、本次会计估计变更的具体情况及对公司的影响 （一）本次会计估计变更原因及内容 近年来，政府高度重视固废处理行业的发展，出台了一系列政策法规，以推 动固废处理行业的规范化、标准化和可持续发展。2025 年上半年，公司进一步 拓展固废板块布局，提升垃圾焚烧发电业务规模。公司发电业务应收账款主要为 1 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》的 相关规定，海天水务集团股份公司（以下简称"公司"）本次会计估计变更 拟采用未来适用法进行会计处理，无需对已披露的财务报告进行追溯调整， 对公司以往各年度财务状况和经营成果不会产生影响。 本次会计估计变更自 2025 年 4 月 1 日起实施。 关于会计估计变更的公告 本 ...

证券代码：603759 证券简称：海天股份 公告编号：2025-078 海天水务集团股份公司 第四届监事会第二十三次会议决议公告 本公司监事会及全体监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。 海天水务集团股份公司（下称"公司"）于 2025 年 8 月 22 日以通讯表决方式 召开第四届监事会第二十三次会议。会议通知于 2025 年 8 月 21 日通过书面及电 子邮件方式送达至所有监事。本次会议由监事会主席费伟主持，会议应出席监事 3 人，实际收到表决票 3 张。公司部分高级管理人员列席了会议。会议的召开符 合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定。出席会议的监事以记名方式投票表决通过了如下议案： 一、审议通过了《关于会计估计变更的议案》 表决结果：3 票同意，0 票反对，0 票弃权，0 票回避。 特此公告。 海天水务集团股份公司监事会 2025 年 8 月 26 日 1 ...

证券代码：603759 证券简称：海天股份 公告编号：2025-077 海天水务集团股份公司 第四届董事会第二十八次会议决议公告 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。 海天水务集团股份公司（下称"公司"）于 2025 年 8 月 22 日以通讯表决方式 召开第四届董事会第二十八次会议。会议通知于 2025 年 8 月 21 日通过书面及电 子邮件方式送达至所有董事和监事。本次会议由董事长张霞主持，会议应出席董 事 9 人，实际收到表决票 9 张。公司监事和高级管理人员列席了会议。会议的召 开符合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。出席会议的董事审议并以记名方式投票表决通过了如下议案： 一、审议通过了《关于会计估计变更的议案》 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避。 特此公告。 海天水务集团股份公司董事会 2025 年 8 月 26 日 1 ...

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]