Group 1: Pricing Mechanisms - The water pricing adjustment mechanism requires submission to government price authorities, following cost audits and public hearings [2] - The sewage treatment service fee is adjusted annually or biannually based on agreements with government entities, with provisions for temporary adjustments due to significant cost changes [3] Group 2: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a capacity of 800 tons/day for kitchen waste, expected to be operational by 2026 [3] Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion yuan, reflecting increased business scale [3] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3] Group 4: Future Capital Expenditure and Dividends - The company has significant capital expenditures due to multiple water supply and waste projects, which are expected to decrease as projects become operational in the next 1-2 years [4] - The company aims to enhance shareholder returns by increasing cash dividend ratios once major projects are operational [4]

Group 1 - The company approved a new related party transaction for centralized procurement of cationic polyacrylamide agents for the years 2025-2027, with a total estimated contract amount of 61.6147 million yuan (including tax), potentially increasing to 70.8569 million yuan (including tax) with allowable supplementary procurement [2] - The board meeting was attended by 9 directors, with 8 non-related directors voting in favor of the proposal, and the independent directors had already reviewed the matter prior to the board meeting [2][3] - The company also approved revisions to the "Internal Audit System," renaming it to "Internal Audit Management System," with unanimous support from all directors present [2][3] Group 2 - The company approved revisions to the "Management Measures for the Use of Audit Results," with unanimous support from all directors present [2][3]

第二条 审计定义 成都市兴蓉环境股份有限公司 内部审计管理制度 （经 2025 年 5 月 30 日公司第十届董事会第二十三次会议审议通过） 第一章 总则 第一条 目的和依据 为规范成都市兴蓉环境股份有限公司（以下简称：公司）内部审计工 作，构建集中统一、全面覆盖、权威高效的审计监督体系，加强企业内部 监督和风险控制，依据《中华人民共和国公司法》《中华人民共和国审计 法》《中国内部审计准则》《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 1 号——主板上市公司规范运作》《审计署 关于内部审计工作的规定》《企业内部控制基本规范》和《成都市属国有 企业内部审计管理办法》等有关法律法规，结合公司实际，制定本制度。 本制度所称内部审计是指公司各级内部审计机构和人员依据国家有 关法律法规和公司内部管理规定，受上级单位委托或自行决定，对本公司 及其下属各级公司的战略执行、财务收支、经济活动、内部控制、风险管 理以及内部管理领导人员履行经济责任情况等，实施独立、客观监督并作 出评价和建议，提升企业治理水平和风险防范能力的行为。 第三条 审计机构定义 本制度所称内部审计机构是指公司各级公司设立的独立内 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-27 成都市兴蓉环境股份有限公司 （二）审批程序 本次关联交易经公司独立董事专门会议审议通过，全体独立董事 同意后提交公司董事会审议。公司已于 2025 年 5 月 30 日召开第十届 董事会第二十三次会议审议通过该议案。关联董事刘嫏女士在审议该 1 关于因公开招标新增关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、关联交易基本情况 （一）关联交易概述 成都市兴蓉环境股份有限公司（以下简称：公司）全资子公司成 都市排水有限责任公司（以下简称：排水公司）通过公开招标实施 2025 年-2027 年聚丙烯酰胺（阳离子）药剂集中采购，经评审和公示，确 定成都汇锦水务发展有限公司（以下简称：汇锦水务公司）为中标人。 根据中标结果，本次采购合同金额合计为人民币 6,161.47 万元（含 税），加上合同允许的增补采购额度（不超过合同金额的 15%），金额 预计不超过 7,085.69 万元（含税）。药剂采购单位包括公司合并报表 范围内 18 家下属公司，中标人汇锦水务公司为公司关联方，因 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-26 成都市兴蓉环境股份有限公司 第十届董事会第二十三次会议决议公告 与会董事对议案进行了审议，形成如下决议： 一、审议通过《关于新增关联交易的议案》。 同意2025年-2027年聚丙烯酰胺（阳离子）药剂集中采购关联交易 事项。本次交易经公开招标产生，合同金额（暂估）合计为6,161.47 万元（含税），加上合同允许的增补采购额度（不超过合同金额的15%）， 金额预计不超过7,085.69万元（含税）。具体情况详见公司同日在《中 国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）披露的 《关于因公开招标新增关联交易的公告》（公告编号：2025-27）。 关联董事刘嫏女士回避表决，8名非关联董事进行了表决。 表决结果：8票同意、0票反对、0票弃权。 该议案在提交董事会审议前已经独立董事专门会议审议通过。 二、审议通过《关于修订<内部审计制度>的议案》。 同意修订《内部审计制度》，并更名为《内部审计管理制度》， 修订后的《内部审计管理制度》详见同日巨潮资讯网。 表决结果：9票同意、0票反对、0票弃权。 本公司及董事会全体成员保证 ...

Summary of Conference Call for Xingrong Environment Industry Overview - The conference call primarily discusses the wastewater treatment and water supply industry in Chengdu, focusing on the company's operations and financial performance in these sectors [2][4][10]. Key Points and Arguments 1. **Wastewater Treatment Pricing**: The current price for wastewater treatment is set at 2.73 CNY per cubic meter, an increase from 2.44 CNY in 2024, which significantly impacts gross margins [2][4][5]. 2. **New Projects**: New wastewater treatment projects are expected to commence operations between late 2025 and early 2026, with a total processing capacity of 520,000 tons per day [2][6]. 3. **Growth Projections**: The growth rate for wastewater treatment volume in Q1 2025 is projected to be less than 4%, with overall annual growth expected to be slow due to the ramp-up of new project capacities [2][7]. 4. **Water Supply Capacity**: The total water supply capacity is 4.3 million tons per day, with 3.18 million tons currently operational in Chengdu's main urban area, which is running at full capacity [2][8]. 5. **Supply Growth Rate**: The growth rate for water supply in Chengdu is expected to be between 3% and 5% in 2025, lower than the 2024 growth rate of 7% [2][9]. 6. **Price Adjustment Pressure**: Chengdu's water supply prices have not been adjusted for over a decade, leading to significant pressure for future price increases despite high gross margins [2][10]. 7. **Garbage Incineration Projects**: The gross margin for garbage incineration projects is expected to increase by 8 percentage points in 2024, primarily due to improved capacity utilization of existing facilities [2][11]. 8. **Future Projects**: The Wanxing Phase III project, with an investment exceeding 5 billion CNY, is expected to start commissioning by the end of 2025 and will significantly impact revenue and profit [2][11][14]. 9. **Long-term Accounts Receivable**: The total accounts receivable for 2024 is 4 billion CNY, with local government debts accounting for half of this amount [2][17]. 10. **Capital Expenditure**: Capital expenditure for 2025 is expected to be lower than 2024's 4.5 billion CNY, with a significant decrease anticipated in 2026 [2][18]. 11. **Tax Incentives**: Some tax incentives for subsidiaries will expire soon, but new projects can apply for new tax benefits [2][19]. 12. **M&A Opportunities**: The company is exploring M&A opportunities but remains cautious about projects outside the province, focusing on local government financial capabilities and project quality [2][20]. 13. **Cost Control Measures**: The company is implementing various cost control measures, including optimizing operational processes and improving resource utilization [2][21][22]. 14. **Long-term Receivables Management**: The company is taking steps to manage long-term receivables by establishing a leadership group for collection efforts [2][23][24]. 15. **Performance Outlook**: The company anticipates facing significant pressure on performance in 2025 due to declining population growth in Chengdu, which will affect water supply and wastewater treatment growth [2][26]. Other Important but Overlooked Content - The company has a structured management system in place to monitor and control costs effectively, which includes a cloud-based operational center for real-time oversight of wastewater treatment processes [2][22]. - The impact of government debt resolution policies on the industry is seen as beneficial, but the effects will take time to materialize [2][17]. - The company is also focusing on enhancing employee efficiency, with a notable ratio of water supply capacity to staff numbers [2][22].

Group 1: Pricing Mechanisms - The water pricing adjustment mechanism is based on national policies and agreements, requiring approval from government price authorities after cost audits and hearings [3] - The sewage treatment service fee is adjusted every 2 to 3 years, with a temporary adjustment possible due to significant cost changes; the average sewage treatment fee for 2024-2026 is set at 2.63 CNY per ton [3] Group 2: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day and sludge treatment capacity of 800 tons/day [3] - The company operates and is constructing water supply projects with a total capacity of approximately 4.3 million tons/day and sewage treatment projects with a capacity of about 4.8 million tons/day [3] Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion CNY, reflecting an increase due to market expansion [4] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [4] Group 4: Cost Reduction and Efficiency Improvement - The company implements refined management and innovation to reduce costs and improve efficiency, including standardization and the establishment of a smart cloud control center [5] - The "Digital Strong Enterprise" initiative aims to enhance operational efficiency through the creation of five centralized management centers [5] Group 5: Market Expansion Strategy - The company focuses on becoming a national water and environmental service provider, expanding its market presence in Chengdu and surrounding areas while exploring niche markets nationwide [6]

Group 1: Water Supply and Wastewater Projects - The company is currently constructing several water supply and wastewater projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day), Xiwayan Reclaimed Water Plant, and the second phase of Chengdu's Fifth and Sixth Reclaimed Water Plants, which are in debugging or trial operation stages [2][3]. Group 2: Waste Incineration Power Generation Projects - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a household waste processing capacity of 800 tons/day, sludge co-processing capacity of 5,100 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3]. Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion yuan, reflecting an increase due to market expansion. The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3]. Group 4: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while actively exploring resource integration and niche markets nationwide [3]. Group 5: Capital Expenditure and Dividend Policy - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to be operational within 1-2 years, leading to a gradual decrease in capital spending. The company is committed to increasing cash dividend ratios as major projects come online and generate capacity [3].

Group 1: Project Development - The company is currently constructing several water supply and drainage projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day) and multiple recycled water plants, which are in the debugging or trial operation stages [2][3]. Group 2: Pricing Mechanisms - The water pricing adjustment mechanism requires submission to government authorities, with adjustments contingent on cost audits and public hearings. Changes in upstream resource pricing will trigger synchronized adjustments [3]. - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 RMB/ton for the central urban area of Chengdu for the 2024-2026 period [3]. Group 3: Accounts Receivable Management - As the company expands its market presence, accounts receivable have increased, totaling approximately 4 billion RMB by the end of 2024. The company emphasizes the management of accounts receivable and has improved collection efforts [4]. Group 4: Business Expansion Strategy - The company aims to deepen its market presence in Chengdu and surrounding areas, optimize resource allocation, and explore mergers and acquisitions to strengthen its national market position. It also plans to extend into niche areas such as direct drinking water and waste disposal [4]. Group 5: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing projects, which are expected to decrease as projects are completed within the next 1-2 years. The company is committed to increasing cash dividends for shareholders as projects come online and capacity is released [4].

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-25 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开的情况 1、会议召开的时间 （1）现场会议时间：2025 年 5 月 9 日（星期五）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为 2025 年 5 月 9 日上午 9:15—9:25，9:30—11:30，下 午 13:00－15:00；通过互联网投票系统（http://wltp.cninfo.com.cn）投 票的具体时间为 2025 年 5 月 9 日上午 9:15 至下午 15:00 期间的任意 时间。 成都市兴蓉环境股份有限公司 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内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2、现场会议召开地点：成都市武侯区锦城大道 1000 号成都市兴 蓉环境股份有限公司。 3、会议召开方式：现场投票和网络投票相结合的表决方式。 1 4、会议召集人：公司董事会。 5、会议主 ...