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 ...

一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | | 是，根据《广州恒运企业集团股份有限公司 | | | 2024年度内部控制自我评价报告》《广州恒运 | | （2）公司是否有效执行相关规章制度 | 企业集团股份有限公司2024年度内部控制审计 | | | 报告》，发行人有效执行了相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月1次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导情况 | | 1 | （1）列席公司股东大会次数 | 无 | | --- | --- | | （2）列席公司 ...

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 2024 年度持续督导定期现场检查报告 保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：穗恒运 A 保荐代表人姓名：胡彦威 联系电话：020-32258106 保荐代表人姓名：廖俊民 联系电话：020-32258106 现场检查人员姓名：胡彦威、廖俊民、全俊燊、曹鑫达 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 现场检查时间：2025 年 4 月 7 日至 2025 年 4 月 8 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 文件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点、出席人员 ...

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 2024 年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）根据《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》对广州恒运企业集团 股份有限公司（以下简称"穗恒运"、"公司"）进行了 2024 年度持续督导培 训，报告如下： 一、本次持续督导培训的基本情况 （一）保荐人：中信证券股份有限公司 （二）保荐代表人：胡彦威、廖俊民 （三）协办人：全俊燊 （四）培训时间：2025 年 4 月 8 日 （五）培训地点：穗恒运会议室 （六）培训人员：胡彦威、廖俊民 保荐人本次持续督导培训的工作过程中，公司积极予以配合，保证了培训工 作的有序进行，达到了良好效果。 （七）培训对象：上市公司董事、监事、高级管理人员、部分中层管理人员 三、本次持续督导培训的结论 保荐人按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 （八）培训内容：本次培训重点介绍了新"国九条"政策、目前国内资本市 场动态，并结合《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司 规范运作》等规则要求，对上市 ...

证券代码： 000531 证券简称：穗恒运Ａ 广州恒运企业集团股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | 新闻发布会 路演活动 □ □ | | | 现场参观 □ | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 4 月 16 日 (周三) 下午 15:00~16:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事 总经理 周水良 | | 员姓名 | 2、董事会秘书 张晖 | | | 3、财务总监 陈宏志 | | | 4、独立董事 袁英红 | | | 5、保荐代表人 胡彦威 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、请问公司在未来是否有具体的环保目标或社会责任项目 | | | 计划？这些计划将如何 ...

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between 80 million and 108 million yuan, representing a year-on-year increase of 155% to 244%[3] - The net profit after deducting non-recurring gains and losses is expected to be between 57 million and 85 million yuan, reflecting a year-on-year growth of 91% to 184%[3] - Basic earnings per share are forecasted to be between 0.0768 yuan and 0.1037 yuan, compared to 0.0302 yuan in the same period last year[3] Factors Influencing Profit - The significant increase in profit is primarily attributed to a rise in investment income and a decrease in coal prices compared to the previous year[5] Reporting and Estimates - The financial data for Q1 2025 will be detailed in the quarterly report, and the current estimates carry uncertainties[6] - The company has communicated with the accounting firm regarding the earnings forecast, and there are no discrepancies noted[3]

Core Insights - Guangzhou Hengrun Enterprise Group Co., Ltd. (referred to as "Hengrun A") is a long-established energy company founded in 1987, actively diversifying into new energy, finance, and technology park construction [1] - The company faced significant challenges in its operating performance, with a net profit of 167 million yuan in 2024, a substantial decrease of 43.15% compared to 293 million yuan in 2023 [1] - Total revenue for 2024 was 4.299 billion yuan, reflecting a year-on-year decline of 10.86%, indicating intense competition in the energy market and pressures in cost control and market expansion [1] Employee Compensation - In 2023, Hengrun A had a total of 1,042 employees with an average salary of 314,575.64 yuan, which decreased to 1,072 employees and an average salary of 298,715.83 yuan in 2024, marking a decline of approximately 5% [2] - Despite the overall challenges, the chairman of Hengrun A, Xu Hongsheng, saw his salary increase from 1.1016 million yuan in 2023 to 1.3328 million yuan in 2024, representing an increase of over 20% [2]

公司的毛利率为14.27%，同比下降3.98%；净利率为4.57%，同比下降36.47%。每股收益为0.16元，同 比下降54.34%。尽管每股经营性现金流有所改善，达到0.73元，同比增长35.57%，但整体盈利能力仍显 疲软。 资产负债状况 截至2024年底，公司货币资金为10.9亿元，较2023年的25.63亿元减少了57.46%。有息负债为99.65亿 元，较2023年的105.7亿元减少了5.73%。流动比率仅为0.44，表明公司短期偿债能力较弱，存在较大的 短期债务压力。 现金流状况 近期穗恒运A(000531)发布2024年年报，证券之星财报模型分析如下： 经营活动产生的现金流量净额同比增长35.57%，主要由于燃煤采购支出减少。然而，筹资活动产生的 现金流量净额为负，同比下降133.69%，主要原因是报告期内偿还债券及部分项目贷款。现金及现金等 价物净增加额为负，同比下降182.85%。 经营业绩概览 穗恒运A(000531)在2024年的营业总收入为42.99亿元，较2023年的48.22亿元下降了10.86%。归母净利润 为1.67亿元，同比下降43.15%。扣非净利润为1.61亿元，同比 ...

2025年4月8日，穗恒运A发布了2024年年报。报告显示，公司全年实现营业收入42.99亿元，同比下降 10.86%；归属净利润1.67亿元，同比下降43.15%。尽管公司在绿色能源领域取得了一定进展，但整体经 营状况依然不容乐观。 绿色能源转型进展缓慢 营收利润双降，核心业务承压 穗恒运A的营收和利润双双下滑，主要受到上网电价和供热价格下降的影响。报告期内，公司上网电量 同比下降9.30%，售汽量虽同比增长6.76%，但未能抵消电价下降带来的负面影响。此外，燃煤价格下 降虽降低了营业成本，但燃煤机组上网电量减少导致燃煤耗用量下降，进一步影响了公司的盈利能力。 公司的核心业务——售电和供热，面临较大的市场压力。2024年，公司售电业务中长期电量占比 88.1%，现货电量占比11.9%。尽管中长期电量占比较高，但现货电量的波动性较大，增加了公司经营 的不确定性。此外，供热业务虽有所增长，但整体规模较小，难以成为公司的主要利润来源。 穗恒运A在绿色能源领域的转型虽取得了一定进展，但整体经营状况依然面临较大挑战。营收利润双 降、核心业务承压、绿色能源转型进展缓慢以及资金压力凸显，都成为公司未来发展的重要障碍。如何 ...