Core Viewpoint - The company Suihengyun A (穗恒运Ａ) experienced a decline in stock price and significant net outflow of funds, while reporting mixed financial results for the first quarter of 2025, indicating potential challenges and opportunities in its operations [1]. Financial Performance - As of the first quarter of 2025, the company reported total operating revenue of 1.02 billion yuan, a year-on-year decrease of 7.79% [1] - The net profit attributable to shareholders was 97.46 million yuan, showing a substantial year-on-year increase of 210.36% [1] - The non-recurring net profit was 75.11 million yuan, reflecting a year-on-year growth of 151.37% [1] - The current ratio was 0.762, the quick ratio was 0.725, and the debt-to-asset ratio stood at 60.66% [1] Stock Market Activity - The stock closed at 6.15 yuan, down 3.91%, with a turnover rate of 1.13% [1] - The trading volume was 102,400 lots, with a total transaction value of 63.77 million yuan [1] - There was a net outflow of main funds amounting to 10.09 million yuan, accounting for 15.82% of the transaction value [1] - Large orders saw a net outflow of 6.83 million yuan, while small orders experienced a net inflow of 2.90 million yuan [1] Company Background - Guangzhou Hengyun Enterprise Group Co., Ltd. was established in 1992 and is primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of 10.41 billion yuan and a paid-in capital of 3.97 billion yuan [1] - The legal representative of the company is Xu Hongseng [1]

2024 年年度股东大会的法律意见书 广东广信君达律师事务所 关于广州恒运企业集团股份有限公司 致：广州恒运企业集团股份有限公司 广东广信君达律师事务所（以下简称"本所"）接受广州恒运企业集团股份有限公司（以 下简称"公司"）的委托，指派许丽华、黄菊律师（以下简称"本律师"）出席了公司于 2025 年 5 月 8 日（星期四）下午 14:30 在广州市黄埔区科学大道 251 号恒运中心 18 楼会议室召开 的 2024 年年度股东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》、 《中华人民共和国证券法》、《上市公司股东会规则》、《深圳证券交易所股票上市规则》 等中国现行法律、法规和其它规范性法律文件（以下合称"法律法规"）以及《广州恒运企 业集团股份有限公司章程》（以下简称"公司章程"）的有关规定，就本次股东大会的召集 和召开程序、出席会议人员的资格和召集人资格、表决程序和表决结果等相关事宜出具法律 意见。 为出具本法律意见书，本律师听取了公司就有关事实的陈述和说明，审查了公司提供的 相关文件，包括但不限于： 1. 公司章程； 2. 公司第十届董事会第七次会议决议； 3. 公司于 2025 ...

证券代码：000531 证券简称：穗恒运 A 公告编号：2025—026 广州恒运企业集团股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开及出席情况 （一）会议召开情况 1、召开日期和时间 现场会议召开时间：2025 年 5 月 8 日（星期四）下午 14：30； （2）通过网络投票的股东（代理人）124 人，代表股份 15,171,668 股，占公司有表决权总股份 1.4704%。 部门规章、规范性文件和《公司章程》的有关规定。 （二）会议出席情况 1、出席本次会议的股东（代理人）共 126 人，代表股份 623,130,641 股，占公司有表决权总股份 60.3923%。其中： 网络投票时间：深圳证券交易所交易系统投票时间为 2025 年 5 月 8 日 9:15—9:25,9:30—11:30 和 13:00—15:00；互联网投票系统开始投 票的时间为 2025 年 5 月 8 日上午 9 ...

证券代码：000531 证券简称：穗恒运A公告编号：2025一025 广州恒运企业集团股份有限公司 关于转让部分股权形成被动财务资助款项全部归还的 进展公告 一、基本情况 广州恒运企业集团股份有限公司（以下简称"公司"）通过产权交易所公开挂牌方式出售广州白云恒运能 源有限公司（以下简称"白云气电公司"）51%股权暨引进战略投资者。根据产权交易所公开竞拍结果， 确定受让方为中海油电力投资有限公司（以下简称"中海油电投"），成交价格为人民币伍佰壹拾万元整 （小写：￥5,100,000.00元）。详情请见公司2024年11月29日披露的《关于公司出售广州恒运东区天然 气热电有限公司40%股权及广州白云恒运能源有限公司51%股权的进展公告》（公告编号：2024- 055）。 由于本次交易完成前，白云气电公司为本公司全资子公司，期间，本公司为白云气电公司提供的且尚未 归还的借款本金为84,000万元，利率为同期贷款市场报价利率。本次交易完成后，公司持有白云气电公 司股比降为49%，由控股公司转为参股公司，白云气电公司将不再纳入公司合并报表的范围，上述借款 形成被动财务资助。白云气电公司就前述借款出具了还款计划，约定20 ...

证券代码：000531 证券简称：穗恒运 A 公告编号：2025—025 广州恒运企业集团股份有限公司 关于转让部分股权形成被动财务资助款项全部归还的 2025 年 4 月 18 日，公司收到广州白云恒运能源有限公司归还借 款 6,590.16 万元。2025 年 4 月 30 日，公司收到广州白云恒运能源有 限公司归还借款 77,409.84 万元。截至 2025 年 4 月 30 日，公司对广 州白云恒运能源有限公司的财务资助借款 84,000 万元已全部收回。 特此公告。 一、基本情况 广州恒运企业集团股份有限公司（以下简称"公司"）通过产权 交易所公开挂牌方式出售广州白云恒运能源有限公司（以下简称"白 云气电公司"）51%股权暨引进战略投资者。根据产权交易所公开竞 拍结果，确定受让方为中海油电力投资有限公司（以下简称"中海油 电投"），成交价格为人民币伍佰壹拾万元整（小写：¥5,100,000.00 元）。详情请见公司 2024 年 11 月 29 日披露的《关于公司出售广州 恒运东区天然气热电有限公司 40%股权及广州白云恒运能源有限公司 51%股权的进展公告》（公告编号：2024-055）。 由于 ...

Financial Performance - The company reported total revenue of 1.02 billion yuan for Q1 2025, a decrease of 7.79% year-on-year [1] - The net profit attributable to shareholders reached 97.46 million yuan, an increase of 210.36% year-on-year [1] - The gross margin improved to 14.69%, up 30.0% year-on-year, while the net margin increased to 10.05%, up 204.24% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 125 million yuan, accounting for 12.28% of revenue, an increase of 2.97% year-on-year [1] - Earnings per share rose to 0.09 yuan, a 209.93% increase year-on-year, while operating cash flow per share was -0.05 yuan, a decrease of 127.92% year-on-year [1] Debt and Cash Flow - The company's short-term debt pressure increased, with a current ratio of 0.76 [1] - Cash and cash equivalents decreased significantly by 61.07% year-on-year to 1.207 billion yuan [1] - The company’s receivables increased by 10.56% year-on-year to 579 million yuan [1] - The interest-bearing debt decreased by 11.46% year-on-year to 10.038 billion yuan [1] Business Model and Strategy - The company has a low return on invested capital (ROIC) of 2.74% and a net profit margin of 4.57%, indicating limited value addition in its products or services [3] - The company has cumulatively raised 2.868 billion yuan and distributed 2.289 billion yuan in dividends since its listing, resulting in a dividend-to-financing ratio of 0.8 [3] - The company is focusing on transitioning to green and clean energy in line with national carbon reduction goals, while also emphasizing social responsibility and regional economic development [4]

二、监事会会议审议情况 证券简称：穗恒运 A 证券代码：000531 公告编号：2025—023 广州恒运企业集团股份有限公司 第十届监事会第五次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 广州恒运企业集团股份有限公司（简称"公司"）第十届监事会第五次 会议于 2025 年 4 月 21 日发出书面通知，于 2025 年 4 月 29 日上午以通讯 表决方式召开，会议应参与表决监事 5 人，实际参与表决监事 5 人。本次 会议符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 会议审议并经记名投票表决，形成如下决议： 2 1 三、备查文件 第十届监事会第五次会议决议。 特此公告。 广州恒运企业集团股份有限公司监事会 2025 年 4 月 30 日 （一） 审议通过了《关于公司 2025 年第一季度报告的议案》。 经审议，监事会认为：董事会编制和审议公司 2025 年第一季度报 告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、 准确、完整的反映了公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大 ...

证券代码：000531 证券简称：穗恒运 A 公告编号：2025—022 广州恒运企业集团股份有限公司 第十届董事会第八次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 广州恒运企业集团股份有限公司(简称"公司")第十届董事会第八次 会议于 2025 年 4 月 21 日发出书面通知，于 2025 年 4 月 29 日上午以通 讯表决方式召开，会议应参与表决董事 10 人，实际参与表决董事 10 人。本次董事会会议的召开符合有关法律、行政法规、部门规章、规 范性文件和公司章程的规定。 二、董事会会议审议情况 会议审议并经记名投票表决，形成如下决议： （一）审议通过了《关于公司 2025 年第一季度报告的议案》。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议并一致通过。 公司董事和高级管理人员签署了公司 2025 年第一季度报告的书 面确认意见。 详情请见公司同日披露的《广州恒运企业集团股份有限公司 2025 年第一季度报告全文》。 三、备查文件 第十届董事会第八次会议决议。 1 特 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,020,227,838.27, a decrease of 7.79% compared to ¥1,106,366,984.18 in the same period last year[4] - Net profit attributable to shareholders increased by 210.36% to ¥97,458,424.85 from ¥31,401,651.30 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 151.37% to ¥75,114,424.89 compared to ¥29,881,476.41 in the previous year[4] - Basic and diluted earnings per share increased by 209.93% to ¥0.0936 from ¥0.0302 year-on-year[4] - The net profit for the current period is CNY 102,512,095.70, a significant increase from CNY 36,539,562.59 in the previous period, representing a growth of approximately 180%[22] - Operating profit reached CNY 103,601,008.43, compared to CNY 28,122,288.44 in the prior period, indicating an increase of about 268%[22] - The total comprehensive income for the current period was CNY 102,837,588.61, compared to CNY 39,576,509.49 in the previous period, an increase of about 160%[22] - The company's total profit for the current period was CNY 103,326,409.46, significantly higher than CNY 27,989,540.54 in the previous period, representing an increase of approximately 269%[22] Cash Flow and Assets - The net cash flow from operating activities decreased by 127.92%, resulting in a negative cash flow of ¥51,088,750.96, down from ¥182,981,156.57 in the same period last year[4] - As of March 31, 2025, the company's cash and cash equivalents amount to RMB 1,207,276,563.47, an increase from RMB 1,090,277,256.71 at the beginning of the period[18] - Cash flow from investment activities generated a net inflow of CNY 212,830,668.01, compared to a net outflow of CNY -334,560,867.47 in the prior period[24] - The cash and cash equivalents at the end of the period amounted to CNY 1,192,026,314.82, down from CNY 3,061,640,897.17 in the previous period[24] - Total assets at the end of the reporting period were ¥19,292,906,254.99, an increase of 1.77% from ¥18,958,118,495.62 at the end of the previous year[4] - Total liabilities are ¥11,703,412,302.31, slightly down from ¥11,712,850,544.99 in the previous period[20] - Non-current liabilities total ¥7,072,833,657.16, an increase from ¥6,432,438,826.25 in the previous period[20] - The company's equity attributable to shareholders increased by 1.47% to ¥6,715,556,070.81 from ¥6,618,401,890.60 at the end of the previous year[4] - Cash and cash equivalents increased to ¥3,526,773,637.00 from ¥2,332,286,827.44, reflecting a growth of 51.2%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,298[13] - The largest shareholder, Guangzhou High-tech Zone Modern Energy Group Co., Ltd., holds 43.89% of the shares, totaling 457,114,910 shares[13] - The company has repurchased a total of 9,597,000 shares, representing 0.92% of the total share capital, with a total expenditure of RMB 59,766,205.00[16] - The company has proposed a share repurchase plan with a budget between RMB 50 million and RMB 100 million, with a maximum repurchase price of RMB 8 per share[16] Investment and Subsidiaries - The company plans to sell a 40% stake in Guangzhou Hengyun Dongqu Natural Gas Power Co., Ltd. for RMB 320,400,000 and a 51% stake in Guangzhou Baiyun Hengyun Energy Co., Ltd. for RMB 5,100,000 to introduce strategic investors[15] - The company will no longer consolidate Guangzhou Baiyun Hengyun Energy Co., Ltd. in its financial statements after the stake sale, reducing its ownership to 49%[15] - The company experienced a 67.17% increase in investment income, attributed to the transfer of equity in its subsidiary and increased investment income from joint ventures[8] - The company reported a 100.00% increase in cash received from the transfer of equity in subsidiaries, primarily from the sale of its stake in the subsidiary[10] Other Financial Metrics - The company reported a 360.85% increase in credit impairment losses, primarily due to an increase in bad debt provisions[8] - The company incurred a credit impairment loss of CNY -3,379,586.71, compared to a gain of CNY 1,295,586.33 in the previous period[22] - Total operating costs for the current period are ¥1,022,179,537.55, down 10.7% from ¥1,145,429,251.93 in the previous period[21] - Operating costs include ¥870,353,463.55 in operating expenses, which decreased by 11.3% from ¥981,341,704.16[21] - Research and development expenses for the current period are ¥21,080,721.09, a decrease of 24.0% from ¥27,721,001.30 in the previous period[21] - The accounts receivable increased to RMB 579,423,558.65 from RMB 441,957,561.93 at the beginning of the period, indicating a growth of approximately 31.2%[18] - The company’s inventory as of March 31, 2025, is valued at RMB 170,852,933.71, compared to RMB 160,457,734.77 at the beginning of the period[18] - The company’s other receivables have significantly increased to RMB 946,274,442.01 from RMB 46,529,445.53 at the beginning of the period[18]

中信证券股份有限公司关于 广州恒运企业集团股份有限公司 2022 年度向特定对象发行股票持续督导 保荐总结报告书 三、保荐工作概述 保荐人及保荐代表人严格按照《证券发行上市保荐业务管理办法》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保 1 荐业务》等相关规定，在公司发行后持续督导公司履行规范运作、信息披露等义 务，具体工作如下： 1、督导公司完善法人治理结构，执行并完善防止控股股东、实际控制人、 其他关联方违规占用公司资源的制度；执行并完善防止董事、监事、高级管理人 员利用职务之便损害公司利益的内控制度；对公司内部控制自我评价报告发表意 见； 保荐人编号：Z20374000 申报时间：2025 年 4 月 | 公司名称 | 广州恒运企业集团股份有限公司（以下简称"公司"） | | --- | --- | | 证券代码 | 000531.SZ | | 总股本 | 1,041,401,332 股 | | 注册地址 | 广东省广州市黄埔区西基路 8 号（A 厂） | | 办公地址 | 广东省广州市黄埔区科学大道 251 号 | | 法定代表人 | 许鸿生 | | 经营范围 ...