Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 6.548 billion CNY, a year-on-year increase of 5.39% [3] - Total profit reached 2.172 billion CNY, up 11.31% year-on-year [3] - Net profit attributable to shareholders was 1.764 billion CNY, reflecting a growth of 8.49% [3] - As of September 2025, total assets amounted to 49.371 billion CNY, a 1.90% increase from the end of the previous year [3] - Net assets attributable to shareholders grew to 19.482 billion CNY, up 7.28% from the previous year [3] Group 2: Factors Influencing Performance - Revenue and profit growth were primarily driven by increased business volume in water supply and drainage, adjustments in sewage treatment fees, and improved credit recovery in certain regions [3] - New operational projects, such as the Chengdu Washaway Reclaimed Water Plant and the third phase of the First City Sewage Sludge Treatment Plant, contributed to additional capacity [3] Group 3: Profitability Metrics - The gross margin for the main business was 47.90%, an increase from 44.76% in the same period last year [3] - Factors contributing to the improved gross margin included increased water sales and a reduction in costs due to changes in tax accounting [3] Group 4: Project Updates - The second phase of the Chengdu Sixth Reclaimed Water Plant and the second phase of the Eighth Reclaimed Water Plant are currently in the commissioning stage, with expected operation next year [4] Group 5: Accounts Receivable Management - The company has prioritized accounts receivable management, forming a dedicated team to enhance collection efforts, resulting in stable overall collection rates compared to the previous year [5] Group 6: Sales Expenses - Sales expenses increased by 44.04% year-on-year, primarily due to higher water meter testing costs [6] Group 7: Future Development Plans - The company aims to expand its water and environmental services through both organic growth and acquisitions, focusing on integrated water management and exploring new markets [7] - Plans include diversifying into areas such as reclaimed water utilization and waste disposal [7] Group 8: Pricing Mechanism - Water supply prices are adjusted based on national policies and agreements, with periodic reviews and adjustments based on cost changes [8] Group 9: Capital Expenditure and Dividends - The company anticipates a decrease in capital expenditure as new projects come online, which will enhance free cash flow and allow for improved dividend distribution [9]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

Core Insights - The A-share listed companies in Chengdu have reported strong performance for the third quarter of 2025, with 91 out of 122 companies profitable, representing a profitability rate of 74.6% [1][3] - Total operating revenue for these companies reached 4340.55 billion, with a net profit totaling 411.75 billion [1][3] - Chengdu Bank led in net profit with 94.93 billion, while Olin Bio achieved the highest year-on-year net profit growth rate at 1079.36% [1][3] Financial Performance - Among the 122 Chengdu A-share listed companies, 58 reported positive year-on-year net profit growth, accounting for nearly 48% [3] - Twelve companies reported net profits exceeding 10 billion, including Chengdu Bank, New Yisheng, and Sichuan Road and Bridge [3] - The net profit growth rates for several companies were remarkable, with Olin Bio at 1079.36% and Zhimingda at 995.37% [3][4] Sector Performance - The economic data from Chengdu shows a GDP of 18226.9 billion for the first three quarters, growing by 5.8% year-on-year, indicating a stable growth environment for listed companies [4] - Various sectors, including electronics, non-ferrous metals, and biomedicine, showed strong performance, particularly driven by downstream demand [4] - New Yisheng reported significant growth in the artificial intelligence sector, with a revenue increase of 221.70% and a net profit increase of 284.37% [4][5] Company Highlights - New Yisheng's revenue for the first three quarters reached 165.05 billion, with a third-quarter revenue of 60.68 billion, reflecting a year-on-year growth of 152.53% [4][5] - Olin Bio achieved a revenue of 5.07 billion, with a net profit of 4747.98 million, marking a year-on-year growth of 1079.36% [5] - Zhimingda, focusing on high-reliability embedded computing, reported a revenue of 5.12 billion, with a net profit turnaround [5]

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Summary of Financial Environment Company Conference Call Company Overview - **Company**: Financial Environment Company - **Industry**: Water Treatment and Environmental Services Key Points Financial Performance - The company reported a **13% year-on-year increase** in net profit attributable to shareholders in Q3, driven by stable project operations, VAT policy benefits, and reduced credit impairment losses [2][5] - Revenue grew by **6.8%** to **2.356 billion yuan**, with gross profit increasing by **1.7 billion yuan** to **1.224 billion yuan** [5] Cash Flow and Capital Expenditure - Operating cash flow has steadily improved, with capital expenditures decreasing by **22%** year-on-year [2][6] - The company expects capital expenditures to decline further next year, with a key turning point anticipated as free cash flow turns positive [2][6] Regional Economic Impact - The economic development and population inflow in Chengdu are driving water demand, providing a stable market foundation for the company [7] - The company has signed a franchise agreement with the Chengdu government, ensuring a **10% return on investment** and stable pricing adjustments during the operational period [7] Future Growth and Capacity Expansion - New capacity is expected to come online by the end of this year and early next year, gradually reflecting in performance [2][8] - The company currently operates **4.52 million tons** of wastewater treatment capacity, with an additional **300,000 tons** under construction, expected to be released by the end of 2025 and into 2026 [11] Investment Characteristics - The company’s new underground wastewater treatment plants have a unit investment exceeding **15,000 yuan per ton**, which is more than three times that of conventional plants, potentially leading to higher processing fees and enhanced asset quality [9] - The pricing mechanism for wastewater assets is approaching international standards, which could lead to stable profitability [9] Valuation and Market Position - The company’s current price-to-book (PB) ratio is around **1.1**, with a price-to-earnings (PE) ratio of approximately **9.9**, indicating undervaluation compared to peers [4] - A projected **50% increase** in valuation is expected as free cash flow turns positive by 2026, with potential for PB to reach around **15 times** [3][13] Comparison with Other Sectors - The water treatment sector shows similarities to the waste-to-energy sector in terms of growth and cash flow dynamics, with both sectors benefiting from reduced capital expenditures and potential for dividend-driven valuation increases [14] Regulatory and Market Dynamics - Domestic wastewater treatment fees are primarily government-funded, contrasting with the "polluter pays" model in markets like the U.S., which is a significant factor in aligning domestic pricing with international standards [10] Conclusion - Financial Environment Company is positioned for significant growth with a strong operational foundation in Chengdu, improving cash flow, and a favorable investment outlook, supported by strategic capacity expansions and a stable pricing mechanism.

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 6.548 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.39%. The net profit attributable to the parent company was 1.764 billion yuan, up 8.49% year-on-year [2] - The third quarter alone saw a revenue of 2.356 billion yuan, a 6.85% increase year-on-year, with a net profit of 789 million yuan, reflecting a 13.09% growth [2] - The company is expected to achieve revenues of 9.795 billion yuan, 11.180 billion yuan, and 11.760 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 2.169 billion yuan, 2.488 billion yuan, and 2.613 billion yuan for the same years [4] Financial Performance - The company has shown significant improvement in cash flow, with a net cash flow from operating activities of 2.399 billion yuan for the first three quarters of 2025, an increase of 11.74% year-on-year. The cash received from sales and services was 6.326 billion yuan, up 8.35% [5] - The accounts receivable balance decreased to 3.495 billion yuan by the end of the third quarter, down from 3.584 billion yuan at the end of the second quarter, indicating effective control over receivables [5] - The gross profit margin for the first three quarters of 2025 was approximately 47.9%, an increase of 2.2 percentage points, while the net profit margin was 27.68%, up 3.8 percentage points [5] Business Stability and Growth Potential - The company has a leading market share of 100% in the water supply and sewage treatment business in Chengdu, ensuring stable cash flow through a user-pay model [5] - The company is actively expanding its water service projects, with over 9 million tons per day in operational, under-construction, and planned projects, which are expected to contribute to revenue growth starting in 2025 [5]

Core Viewpoint - The company's core business shows steady growth, with performance meeting expectations. In the first three quarters of 2025, the company achieved operating revenue of 6.548 billion yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 1.764 billion yuan, a year-on-year increase of 8.49% [1][2]. Revenue and Profit Growth - The company reported a non-recurring net profit of 1.735 billion yuan in the first three quarters, reflecting a year-on-year growth of 8.29%. In Q3 alone, the company achieved operating revenue of 2.356 billion yuan, up 6.85%, and a net profit of 789 million yuan, up 13.09% [2]. - The growth in performance is primarily driven by an increase in sewage treatment service fees and a rise in business volume, with the core water supply and sewage treatment business contributing steadily [2]. Major Projects and Future Growth - Several major construction projects are progressing smoothly, laying a solid foundation for future growth. The Chengdu central urban area kitchen waste harmless treatment project (Phase III) has entered the material testing phase, while the Wanjing Phase III waste incineration power generation project is gradually undergoing system debugging, with a waste processing capacity of 5,100 tons/day [3]. - The project is expected to be operational by 2026 and will help Chengdu achieve "zero landfill" for municipal waste, with pricing for treatment fees being a key factor for future profitability [3]. - Additional sewage treatment projects are expected to be operational in the next 1-2 years, which may further drive up sewage treatment service fees under the existing pricing mechanism [3]. Capital Expenditure and Cash Flow - The peak of capital expenditure is nearing its end, with cash flow improvement and dividend potential expected. The current investment cycle is approaching its conclusion, with capital expenditure projected to peak in 2025 and decline thereafter [3]. - In the first three quarters, cash payments for fixed asset purchases were 2.659 billion yuan, significantly reduced from 3.417 billion yuan in the same period last year [3]. - The company's operating cash flow remains strong, with a net amount of 2.399 billion yuan in the first three quarters, a year-on-year increase of 11.74%. With declining capital expenditure and stable cash flow from operations, the company is expected to achieve positive free cash flow by 2026, providing a solid foundation for increasing dividend ratios [4]. Profit Forecast - The company is projected to achieve operating revenues of 9.551 billion yuan, 10.277 billion yuan, and 11.068 billion yuan for 2025-2027, with year-on-year growth rates of 5.55%, 7.60%, and 7.70%, respectively. The net profit attributable to shareholders is expected to be 2.167 billion yuan, 2.327 billion yuan, and 2.556 billion yuan, with growth rates of 8.54%, 7.39%, and 9.85% [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 2.356 billion yuan in Q3 2025, representing a year-on-year growth of 6.85%. The net profit attributable to the parent company was 789 million yuan, up 13.09% year-on-year [2][6]. - The company reported a significant improvement in cash collection, with a cash collection ratio of 108.4% in Q3, an increase of 10.6 percentage points year-on-year [2][12]. - Capital expenditures for the first three quarters of 2025 totaled 2.66 billion yuan, down from 3.42 billion yuan in the same period last year, indicating potential for increased dividends [2][12]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a total revenue of 6.548 billion yuan, a year-on-year increase of 5.40%. The net profit attributable to the parent company was 1.764 billion yuan, up 8.49% year-on-year [6]. - The gross profit margin for Q3 2025 was 51.96%, an increase of 4.14 percentage points year-on-year, attributed to increased service fees and a decrease in engineering revenue proportion [12]. Cash Flow and Capital Expenditure - The cash flow from operating activities for the first three quarters of 2025 was 2.4 billion yuan, reflecting an 11.7% year-on-year growth. In Q3 alone, the cash flow from operating activities was 1.465 billion yuan, up 25.2% year-on-year [12]. - The company’s capital expenditures decreased, providing room for potential dividend increases in the future [12]. Future Outlook - The company expects continued profit growth supported by price increases in wastewater treatment services and the commissioning of ongoing projects. The projected net profits for 2025-2027 are 2.16 billion, 2.27 billion, and 2.375 billion yuan, respectively, with corresponding PE ratios of 9.6x, 9.1x, and 8.7x [12].

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-59 成都市兴蓉环境股份有限公司 关于部分限制性股票回购注销完成暨股份变动的公告 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。 特别提示： 1、本次回购注销的限制性股票数量为 42.60 万股，占回购注销前公司 总股本的 0.0143%，涉及激励对象 14 名。 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司深 圳分公司（以下简称：中国结算深圳分公司）办理完毕回购注销手续，公 司总股本由2,984,434,721股变更为2,984,008,721股。 鉴于成都市兴蓉环境股份有限公司（以下简称：公司）2022年限制性 股票激励计划的激励对象中部分人员不再具备激励对象资格，根据法律法 规和激励计划的规定，并经公司有权决策机构审议通过，公司对上述人员 所持限制性股票合计42.60万股予以回购注销，并于近日在中国结算深圳 分公司办理完毕回购注销手续。现将相关情况公告如下： 一、本激励计划已履行的相关审批程序和信息披露情况 （一）2022年4月8日，公司召开第九届董事会第二十次会议，审议通 过 ...

Core Points - The Shanghai Composite Index closed at 4001.98 points, above the six-month moving average, with a gain of 0.35% [1] - The total trading volume of A-shares reached 183.41 billion yuan [1] - A total of 90 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates include: - Weston (威士顿) with a deviation rate of 19.60% and a price increase of 19.99% [1] - Norsg (诺思格) with a deviation rate of 19.43% and a price increase of 20.00% [1] - Digital China (神州数码) with a deviation rate of 7.79% and a price increase of 7.88% [1] - Other stocks with smaller deviation rates that just crossed the six-month line include: - Baiyunshan (白云山) and Yuhuan CNC (宇环数控) [1] Trading Data - The trading turnover for the day was 18340.64 million yuan [1] - The stocks listed showed varying turnover rates, with Weston at 47.99% and Norsg at 15.54% [1] Additional Stock Information - Other notable stocks with significant price movements include: - Changqing (长青股份) with a price increase of 9.97% and a deviation rate of 7.77% [1] - Jinko Solar (晶科能源) with a price increase of 7.01% and a deviation rate of 6.82% [1] - The table provided lists various stocks, their trading performance, and deviation rates, indicating a diverse range of market activity [1][2]