Core Viewpoint - The company positions itself as a national water and environmental service provider, focusing on expanding its business both within and outside Sichuan province, with significant growth expected in revenue and profit from 2025 to 2027 due to increased water treatment capacity and pricing adjustments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 4.192 billion yuan, a year-on-year increase of 4.59%, and a net profit attributable to shareholders of 975 million yuan, up 5.03% year-on-year [2]. - The revenue for Q2 2025 was 2.169 billion yuan, reflecting a year-on-year increase of 0.31% and a quarter-on-quarter increase of 7.19% [2]. - The growth in revenue and profit is attributed to increased business volume in wastewater treatment and water sales, as well as adjustments in wastewater treatment service fees [2]. Group 2: Business Segmentation - In H1 2025, revenue from water supply increased by 3.79% to 1.268 billion yuan, with sales volume rising by 4.48% due to higher regional demand [3]. - Wastewater treatment revenue grew by 9.82% to 1.871 billion yuan, with treatment volume increasing by 2.06%, primarily driven by increased demand in Chengdu [3]. - Revenue from waste incineration power generation decreased by 2.60% to 367 million yuan, with the gross margin declining by 2.34 percentage points [3]. Group 3: Future Projections - The company has adjusted its revenue and gross margin forecasts for water supply and waste incineration, projecting EPS of 0.71, 0.78, and 0.84 yuan for 2025 to 2027, reflecting downward adjustments of 4%, 4%, and 5% respectively [4]. - The target PE for 2025 is set at 10.2 times, with a target price of 7.24 yuan, down from a previous estimate of 7.55 yuan [4].

Group 1 - The core point of the news is the significant block trade of Xirong Environment on September 3, involving a transaction volume of 1.066 million shares and a transaction amount of 7.1529 million yuan, with a transaction price of 6.71 yuan per share [2] - The closing price of Xirong Environment on the same day was 6.71 yuan, reflecting a decrease of 0.74%, with a daily turnover rate of 0.54% and a total transaction amount of 107 million yuan [2] - Over the past five days, the stock has accumulated a decline of 3.45%, with a total net outflow of funds amounting to 18.0326 million yuan [2] Group 2 - The latest margin financing balance for Xirong Environment is 606 million yuan, which has increased by 44.411 million yuan over the past five days, representing a growth rate of 7.90% [2] - The buyer of the block trade was an institutional proprietary trading department, while the seller was CITIC Securities Co., Ltd. Shanghai Branch [2]

Group 1 - On September 3, Xirong Environment executed a block trade of 1.066 million shares, with a total transaction value of 7.1529 million yuan, accounting for 6.25% of the total trading volume for that day [1][2] - The transaction price was 6.71 yuan per share, which remained unchanged compared to the market closing price of 6.71 yuan [1][2]

Summary of Key Points Core Viewpoint - On September 2, a total of 33 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Zhongcai International, Zhucheng Technology, and Guangyun Technology, reflecting significant potential upside in their respective sectors [1][2]. Group 1: Target Price Increases - Zhongcai International received a target price increase of 43.65%, with a new target price of 13.00 yuan [2]. - Zhucheng Technology's target price was raised by 41.51%, now set at 75.00 yuan [2]. - Guangyun Technology saw a target price increase of 35.72%, with a new target price of 22.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 35 listed companies received brokerage recommendations on September 2, with notable mentions including Datang Power and China General Nuclear Power, each receiving one recommendation [3]. - Guangyun Technology's rating was upgraded from "Hold" to "Increase" by CITIC Securities [5]. Group 3: Rating Adjustments - One company, Yihua Tong, had its rating downgraded from "Buy" to "Hold" by Changjiang Securities [6]. - The only company receiving a new coverage rating was Chifeng Gold, which was rated "Buy" by CITIC Securities [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000598 证券简称：兴蓉环境 公告编号：2025-46 成都市兴蓉环境股份有限公司 成都市兴蓉环境股份有限公司 董事会 2025年9月2日 关于独立董事任期届满的公告 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。 成都市兴蓉环境股份有限公司（以下简称：公司）独立董事姜玉梅女士于2019年9月2日经公司股东大会 选举担任公司独立董事。截至目前，姜玉梅女士连续担任公司独立董事的时间已满6年，根据中国证监 会《上市公司独立董事管理办法》等相关规定，其任期届满。 鉴于姜玉梅女士任期届满后将导致公司独立董事人数少于董事会成员的三分之一，根据法律法规及《公 司章程》的规定，姜玉梅女士将继续履行独立董事相关职责及其在董事会专门委员会中的相关职责，直 至公司股东大会选举产生新任独立董事。公司将按规定尽快完成独立董事补选工作。 姜玉梅女士在担任公司独立董事期间独立公正、勤勉尽责，公司董事会对于姜玉梅女士在任职期间为公 司发展所作出的贡献表示衷心感谢！ 特此公告。 ...

证券日报网讯 9月2日晚间，兴蓉环境发布公告称，独立董事姜玉梅女士于2019年9月2日经公司股东大 会选举担任公司独立董事。截至目前，姜玉梅女士连续担任公司独立董事的时间已满6年，根据中国证 监会《上市公司独立董事管理办法》等相关规定，其任期届满。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The logic of improving solid waste quality and efficiency, along with cash flow enhancement, continues to be realized, while the construction of the national carbon market is strengthened and carbon constraints are tightening [1] - The report highlights the importance of cash flow improvements and dividend increases in the waste incineration sector, driven by reduced capital expenditures and enhanced operational efficiency [39] Summary by Sections Industry Trends - The environmental protection industry is experiencing a stable revenue growth, with the waste incineration sector's revenue reaching 23.2 billion yuan, a 1% increase year-on-year, and net profit of 5.1 billion yuan, an 8% increase year-on-year [10][13] - The report emphasizes the need for a market-oriented approach in water services, predicting significant cash flow improvements similar to those seen in the waste incineration sector [7] Policy Tracking - The central government has issued guidelines to strengthen the national carbon market, aiming for a more comprehensive coverage of industrial sectors and a robust carbon pricing mechanism by 2030 [35][36] - The report suggests that stricter carbon monitoring will increase demand for carbon monitoring equipment, benefiting companies like Snowy Dragon and Juguang Technology [38] Company Performance - **Huanlan Environment**: Achieved a net profit of 966 million yuan in H1 2025, a 28% increase year-on-year, with a significant contribution from its subsidiary [29] - **Green Power**: Reported a 24% increase in net profit in H1 2025, driven by increased waste incineration and operational efficiency [31] - **Haihua Entrepreneurship**: Experienced a 9.33% increase in net profit, with a focus on stable growth in waste disposal and energy generation [31] - **Yongxing Co.**: Increased its waste processing volume, leading to a 9% rise in net profit [32] Cash Flow and Dividends - The waste incineration sector is seeing a significant increase in free cash flow, with projections indicating potential dividend payouts reaching 50% to 150% in the coming years [40][41] - The report notes that companies are beginning to distribute dividends more actively, with Huanlan Environment initiating its first mid-year dividend [24][29]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a net profit attributable to shareholders of 975 million yuan in H1 2025, representing a year-on-year increase of 5.03%. In Q2 2025, the net profit was 467 million yuan, a decrease of 0.94% year-on-year. The stable performance of the water supply and sewage treatment businesses was offset by a decline in engineering business revenue [2][6]. - The company expects profit growth in 2025 due to sewage price adjustments and the commissioning of ongoing projects. The dividend payout ratio has room for improvement [2][11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 4.192 billion yuan, a year-on-year increase of 4.59%. The net profit attributable to shareholders was 975 million yuan, up 5.03% year-on-year. The net profit excluding non-recurring gains and losses was 956 million yuan, an increase of 4.93% year-on-year. In Q2 2025, revenue was 2.169 billion yuan, a slight increase of 0.31%, while net profit decreased by 0.94% year-on-year [2][6]. Business Segmentation - Revenue from the water supply, sewage treatment, and solid waste businesses in H1 2025 was 1.268 billion yuan, 1.871 billion yuan, and 716 million yuan, accounting for 30.25%, 44.64%, and 17.1% of total revenue, respectively. The year-on-year growth rates were +3.79%, +9.82%, and +0.67%. The decline in engineering business revenue was significant, with a 26.13% drop to 177 million yuan [11]. Profitability and Cash Flow - The gross profit margins for water supply, sewage treatment, and waste-to-energy businesses were 51.35%, 43.13%, and 46.16%, with year-on-year changes of +6.21 percentage points, +0.86 percentage points, and -2.34 percentage points, respectively. The company faced credit impairment losses of 106 million yuan, an increase of 10.1 million yuan year-on-year, and an income tax rate of 18.14%, up 2.6 percentage points year-on-year [11]. - The cash collection ratio was 90.02%, down 1.90 percentage points year-on-year. The net cash flow from operating activities was 934 million yuan, a decrease of 4.39% year-on-year. Capital expenditures decreased to 2.11 billion yuan from 2.55 billion yuan in the previous year, which is expected to improve free cash flow [11]. Future Outlook - The company anticipates profit growth in 2025 driven by sewage price increases and the commissioning of ongoing projects. The current operational and under-construction water supply projects have a capacity of approximately 4.3 million tons per day, while sewage treatment projects exceed 4.8 million tons per day [11]. - The dividend payout ratio was 28.0% in 2024, and there is potential for an increase as free cash flow is expected to turn positive with the commissioning of ongoing projects [11]. - The company is projected to achieve net profits attributable to shareholders of 2.11 billion yuan, 2.22 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of +5.8%, +5.1%, and +4.7% [11].

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-46 成都市兴蓉环境股份有限公司 董事会 成都市兴蓉环境股份有限公司 2025 年 9 月 2 日 关于独立董事任期届满的公告 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。 成都市兴蓉环境股份有限公司（以下简称：公司）独立董事姜玉 梅女士于2019年9月2日经公司股东大会选举担任公司独立董事。截至 目前，姜玉梅女士连续担任公司独立董事的时间已满6年，根据中国 证监会《上市公司独立董事管理办法》等相关规定，其任期届满。 鉴于姜玉梅女士任期届满后将导致公司独立董事人数少于董事 会成员的三分之一，根据法律法规及《公司章程》的规定，姜玉梅女 士将继续履行独立董事相关职责及其在董事会专门委员会中的相关 职责，直至公司股东大会选举产生新任独立董事。公司将按规定尽快 完成独立董事补选工作。 姜玉梅女士在担任公司独立董事期间独立公正、勤勉尽责，公司 董事会对于姜玉梅女士在任职期间为公司发展所作出的贡献表示衷 心感谢！ 特此公告。 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11]. Core Insights - The environmental protection sector showed a slight increase in net profit, with a year-on-year growth of 1.32% in the first half of 2025, despite a slight decline in revenue [6][22]. - The performance of waste incineration and water services remains stable, while the overall growth of the sector is hindered by declines in air quality and recycling resources [6][22]. - The industry is transitioning towards a ToB model, which is expected to accelerate valuation recovery [9]. Summary by Sections Performance Overview - In H1 2025, the environmental protection sector achieved revenue of 142.1 billion yuan, a decrease of 0.20% year-on-year, and a net profit of 13.7 billion yuan, an increase of 1.32% [6][22]. - The gross profit margin improved to 28.7%, up by 0.30 percentage points year-on-year [6][22]. Income Statement - The sector's net profit growth is primarily driven by stable performance in waste incineration and water operations, while the recycling and air quality segments experienced declines [22][24]. - Waste incineration saw revenue growth of 1.81% and net profit growth of 9.31% in H1 2025 [23]. - Water operations reported a slight revenue decline of 1.38% but a net profit increase of 1.79% [30]. Balance Sheet - The environmental protection sector's debt ratio was 57.7%, showing a slight increase of 0.27 percentage points year-on-year [7]. - Accounts receivable and related assets continue to rise, indicating potential cash flow challenges [7]. Cash Flow Statement - The cash collection ratio improved to 93.5%, up by 3.9 percentage points year-on-year, with net cash flow from operating activities reaching 10.44 billion yuan, an increase of 13.8% [8]. - Investment activities showed a net expenditure of 27.4 billion yuan, primarily directed towards waste incineration and water operations [8]. Investment Strategy - The report recommends continued investment in waste incineration and water services, highlighting that the sector can support a price-to-earnings ratio of 14x-16x, while many quality stocks are currently trading at 10x-12x [9]. - The report suggests potential growth opportunities in various segments, including testing services and energy conservation [9].