Group 1: Water Supply Business - The company can submit water price adjustment applications to the government based on national policies and agreements, following necessary procedures such as cost audits and public hearings [2] - Water price adjustments are linked to changes in upstream resource prices and water conservancy project prices [2] Group 2: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance was approximately 40 million yuan, reflecting an increase due to market expansion [3] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3] - National policies promoting debt reduction are expected to positively impact the water and environmental protection industry [3] Group 3: Business Expansion - The company focuses on becoming a national water and environmental service provider, expanding both vertically and horizontally along the business chain [3] - It aims to deepen its market presence in Chengdu and surrounding areas while actively integrating quality resources nationwide [3] Group 4: Capital Expenditure and Dividends - Recent capital expenditures have been significant due to multiple water supply and waste projects, with expected reductions as these projects become operational [3] - The cash dividend ratio was approximately 20% in 2021 and 2022, increased to 27% in 2023, and projected to reach 28% in 2024 [3]

Investment Rating - The investment rating for Xingrong Environment is "Buy" [1] Core Views - The report highlights that the company's capacity growth is contributing to performance, with steady improvement in profitability. In Q1 2025, the company achieved operating revenue of 2.023 billion yuan, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 508 million yuan, up 11.19% year-on-year [1][4] - The report forecasts the company's revenue for 2025-2027 to be 9.795 billion, 11.180 billion, and 11.763 billion yuan respectively, with net profits of 2.167 billion, 2.484 billion, and 2.608 billion yuan, indicating a strong growth outlook [3] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 508 million yuan, a year-on-year increase of 11.2%, primarily due to the commissioning of new water supply capacities [4] - The gross profit margin for Q1 was 46%, an increase of 2.18 percentage points year-on-year, while the net profit margin was 25.69%, up 0.31 percentage points year-on-year [4] - The operating cash flow for Q1 was 115 million yuan, a significant increase of 526.47% year-on-year [1] Capacity Expansion - The company is expanding its water supply and wastewater treatment capacities, with several projects expected to come online in 2025, including the Chengdu Water Plant and the Chengdu Qilong Water Treatment Plant [4] - The total operational, under-construction, and planned water supply and drainage projects exceed 9 million tons per day, which is expected to contribute to revenue growth in the coming years [4] Profitability and Cost Management - The report indicates effective control over operating expenses, with the selling expense ratio decreasing by 0.25 percentage points year-on-year to 11.05% [4] - The company maintains a leading profitability position in the industry, with a 100% market share in the main urban area of Chengdu for both water supply and wastewater services [4] Future Outlook - The company is expected to maintain stable growth and dividend potential, with projected P/E ratios of 9.96x, 8.69x, and 8.28x for 2025, 2026, and 2027 respectively [3] - The report emphasizes the company's strong cash flow stability due to its user-pay model in the water supply business, which supports consistent revenue inflow [4]

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。 为进一步加强与投资者的互动交流工作，成都市兴蓉环境股份有 限公司（以下简称：公司）将于 2025 年 5 月 7 日（星期三）下午 15:30—17:00 在全景网举办 2024 年度暨 2025 年第一季度业绩说明会。 本次业绩说明会将采用网络远程的方式举行，投资者可登录全景网 "投资者关系互动平台"（https://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事、总经理饶怡女士，董 事、董事会秘书刘杰先生，副总经理（财务负责人）赵璐女士，独立 董事姜玉梅女士。 证券代码：000598 证券简称：兴蓉环境 公告编号：2025-24 成都市兴蓉环境股份有限公司 关于举行 2024 年度暨 2025 年第一季度业绩说明会的公告 成都市兴蓉环境股份有限公司 董事会 2025 年 4 月 28 日 为充分尊重投资者、提升交流的针对性，现就公司本次业绩说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资 者可于 2025 年 5 月 6 日（星期二）15:30 前访问 ht ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,023,252,968.92, representing a 9.61% increase compared to ¥1,845,886,300.26 in the same period last year[5]. - Net profit attributable to shareholders was ¥507,851,115.98, up 11.19% from ¥456,731,468.38 year-on-year[5]. - Basic earnings per share increased by 10.92% to ¥0.1707, while diluted earnings per share rose by 11.24% to ¥0.1702[5]. - Net profit for the current period was ¥519,718,967.70, representing a growth of 10.9% from ¥468,485,822.27 in the previous period[19]. - Earnings per share (EPS) increased to 0.1707 from 0.1539, marking a rise of 11.1%[19]. Cash Flow - The net cash flow from operating activities surged by 526.47% to ¥115,012,182.14, compared to ¥18,358,662.75 in the previous year[5]. - Total cash inflow from operating activities reached ¥2,123,647,895.36, compared to ¥1,944,931,699.93 in the prior period, indicating an increase of approximately 9.2%[20]. - Cash received from sales of goods and services was ¥1,750,608,144.63, an increase from ¥1,591,956,493.81, reflecting a growth of approximately 9.9%[20]. - Cash received from other operating activities amounted to ¥372,946,005.07, compared to ¥349,967,951.71 in the previous period, indicating an increase of about 6.6%[20]. - Cash outflow from investing activities was ¥1,312,300,821.64, slightly decreased from ¥1,367,801,884.42 in the previous period, showing a reduction of about 4.1%[21]. - Net cash flow from financing activities was ¥1,246,030,202.46, down from ¥2,828,024,585.46 in the prior period, representing a decline of approximately 56%[21]. - The ending balance of cash and cash equivalents was ¥4,407,746,072.31, down from ¥5,387,376,044.69 in the previous period, a decrease of about 18.2%[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥49,178,556,835.81, reflecting a 1.51% increase from ¥48,448,468,554.45 at the end of the previous year[5]. - Total liabilities amounted to ¥29,008,772,204.92, slightly up from ¥28,895,558,747.00, indicating a marginal increase of 0.4%[17]. - The company's total equity increased to ¥20,169,784,630.89 from ¥19,552,909,807.45, representing a growth of 3.1%[17]. - Long-term borrowings increased to ¥10,751,152,778.15 from ¥9,406,114,335.13, reflecting a growth of 14.3%[18]. Research and Development - The company reported a significant increase in R&D expenses, which rose by 75.83% to ¥7,204,738.12, primarily due to increased costs related to water preparation and transportation research projects[8]. - Research and development expenses rose to ¥7,204,738.12, compared to ¥4,097,484.15, indicating a significant increase of 76.5%[18]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 66,535[11]. - Chengdu Environmental Investment Group holds 42.21% of shares, totaling 1,259,605,494 shares[11]. - The company has no preferred shareholders or related party transactions among the top shareholders[13]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder owning over 42%[12]. Strategic Focus - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments[12].

Group 1 - The company, Xingrong Environment (000598), reported a revenue of 2.023 billion yuan for the first quarter of 2025, representing a year-on-year growth of 9.61% [1] - The net profit for the same period was 508 million yuan, showing a year-on-year increase of 11.19% [1]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Investment Rating - The industry investment rating is "Positive" and is maintained [11]. Core Insights - The environmental sector's public fund holdings have slightly decreased, with a current allocation ratio of 0.23%, down by 0.02 percentage points from the previous quarter [6][18]. - The environmental industry is currently in a low allocation state, with a benchmark ratio of 1.04% [6][18]. - The report highlights a market shift towards high-performing stocks, particularly in waste incineration, which are favored by public funds due to their stable growth and strong performance [8][35]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of the top ten holdings in the environmental sector is approximately 7.108 billion yuan, accounting for 0.23% of all disclosed fund products [2][6]. - A total of 316 fund products are heavily invested in 152 environmental companies, representing 4.18% of all disclosed fund products [6][18]. Key Companies and Performance - The leading companies by heavy fund holdings include: - Weiming Environmental: 1.313 billion yuan - Huace Testing: 1.015 billion yuan - Hanlan Environment: 950 million yuan - Longjing Environmental: 813 million yuan - Juguang Technology: 749 million yuan - Xingrong Environment: 456 million yuan [7][28]. - The companies with the highest proportion of fund holdings relative to their total market value include Juguang Technology (10.1%), Dadi Ocean (8.0%), Longjing Environmental (5.1%), Hanlan Environment (4.9%), and Huace Testing (4.7%) [30]. Investment Strategy - The report suggests a moderately optimistic outlook for 2025, particularly for waste incineration and water assets, emphasizing the importance of companies like Hanlan Environment, Xingrong Environment, Weiming Environmental, and others [8][35][36]. - The report identifies multiple catalysts for growth, including advancements in waste management, testing services, and renewable resources, recommending a focus on companies like Guodian Measurement and Zhuoyue New Energy [9][38][39].

Group 1: Business Performance - In 2024, the company's water supply volume increased by 7.62% year-on-year due to new supply areas and growing demand [2] - The sewage treatment volume in 2024 grew by 9.72% year-on-year, primarily due to the gradual release of capacity from new projects [2] Group 2: Ongoing Projects - Current ongoing projects include Chengdu Water Plant Phase III (remaining 400,000 tons/day), Xiwayan Reclaimed Water Plant, and Chengdu First Urban Sewage Sludge Treatment Plant Phase III, among others [3] - Projects such as Chengdu Fifth and Eighth Reclaimed Water Plants (Phase II) and Chengdu Wanxing Environmental Power Plant (Phase III) are progressing steadily [3] Group 3: Pricing Mechanisms - The water pricing mechanism allows for adjustments based on national policies and agreements, requiring approval from government price authorities [3] - The sewage treatment service fee is subject to periodic adjustments, typically every 1 to 3 years, with a current tentative price of 2.63 CNY per ton for the 2024-2026 period [3] Group 4: Accounts Receivable - As of the end of 2024, the accounts receivable balance was approximately 4 billion CNY, reflecting the company's market expansion efforts [4] - The company emphasizes accounts receivable management and actively engages in collection efforts, integrating this into performance assessments [4] Group 5: Business Expansion - The company focuses on becoming a national water and environmental service provider, expanding both vertically and horizontally along the business chain [4] - Efforts are concentrated on integrating water and environmental resources in Chengdu and surrounding areas while expanding operations nationwide [4] Group 6: Dividend Policy - The company has increased its cash dividend ratio from approximately 20% in 2022 to 27% in 2023, with a proposed 28% for 2024 [4] - Future dividend increases are anticipated as major ongoing projects are completed and capacity is released [4]

证券代码：000598 证券简称：兴蓉环境 成都市兴蓉环境股份有限公司 2025 年 4 月 23 日投资者关系活动记录表 编号：2025-09 | 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 | | | 参与单位名称及 | 南方基金 尹力、毛瑞丰、吴凡、赵俊桦 | | | 人员姓名 | 长江证券 徐科 | | | 时间 | 年 月 日 2025 23 | 4 | | 地点 | 线上交流 | | | 上市公司接待人 | 刘杰、梁一谷 | | | 员姓名 | | | | | 问题 1：请问公司应收账款方面的情况。 | | | | 答：随着公司近年来加强市场拓展，业务规模不断扩大，应收 | | | | 账款相应有所增加。截至 2024 年末，公司应收账款余额约 40 | | | | 亿元。部分地区回款情况有所改善。 | | | 投资者关系活动 | 公司高度重视应收账款管理，积极开展回款催收工作，将 | | | 主要内容介绍 | ...

证券代码：000598 证券简称：兴蓉环境 成都市兴蓉环境股份有限公司 2025 年 4 月 21 日投资者关系活动记录表 编号：2025-08 | 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 | | | | | | | | | | | | 参与单位名称及 | 中邮人寿 王东、张文鹏 | | | | ；景顺长城 | | 王平川 | | ；南方基金 | 尹 | | | 人员姓名 | 力、毛瑞丰 | ；汇添富基金 | | 温宇峰 | | | ；浦银安盛 | | 郑豆豆 | ；富兰 | | | | 克林基金 于军 | ；招商基金 | | | 王可晗 | | | ；泓德基金 | 黄海 ...