Core Viewpoint - Xingrong Environment (000598.SZ) reported a revenue of 6.548 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 5.39% [1] - The net profit attributable to shareholders reached 1.764 billion yuan, marking an 8.49% year-on-year increase [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.735 billion yuan, up by 8.29% year-on-year [1] - Basic earnings per share stood at 0.5918 yuan [1]

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-58 成都市兴蓉环境股份有限公司 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 （五）注册资本：11,223.77 万元人民币 （六）成立日期：1985 年 3 月 12 日 成都市兴蓉环境股份有限公司（以下简称：公司）控股子公司成 都市自来水有限责任公司（以下简称：自来水公司）武侯服务网点项 目实施了施工标段公开招标，经评审和公示，确定成都环境工程建设 有限公司（以下简称：环境建设公司）为中标人，中标含税价 2,712.49 万元（不含税额 2,488.52 万元）。由于环境建设公司为公司控股股东 成都环境投资集团有限公司（以下简称：成都环境集团）的全资子公 司，系公司关联方，本次交易构成关联交易。按照《深圳证券交易所 股票上市规则》有关规定及公司关联交易累计情况，本次关联交易达 到董事会审议标准。 （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 ...

与会董事对议案进行了审议，形成如下决议： 证券代码：000598 证券简称：兴蓉环境 公告编号：2025-56 成都市兴蓉环境股份有限公司 第十届董事会第三十次会议决议公告 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。 成都市兴蓉环境股份有限公司（以下简称：公司）于2025年10 月23日以电子邮件、专人送达方式向全体董事发出召开第十届董事会 第三十次会议的通知。在保障董事充分表达意见的前提下，会议于 2025年10月28日以通讯表决方式召开。本次会议应出席的董事9名， 实际出席会议的董事9名。会议的召集、召开及表决程序符合法律法 规及《公司章程》的相关规定。 一、审议通过《2025年第三季度报告》，详见《中国证券报》《证 券时报》和巨潮资讯网（www.cninfo.com.cn）。 表决结果：9票同意、0票反对、0票弃权。 《2025 年度三季度财务报告》已经董事会审计委员会审议通过。 二、审议通过《关于新增关联交易的议案》。 同意成都市自来水有限责任公司武侯服务网点施工关联交易事 项。本次交易经公开招标产生，合同暂定金额为2,712.49万元（含税）。 ...

Core Viewpoint - Xingrong Environment reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating positive financial performance and growth potential in the environmental sector [1]. Financial Performance - Revenue for the first three quarters of 2025 was approximately 6.548 billion yuan, representing a year-on-year increase of 5.39% [1]. - Net profit attributable to shareholders was around 1.764 billion yuan, showing an increase of 8.49% year-on-year [1]. - Basic earnings per share were 0.5918 yuan, reflecting an increase of 8.37% compared to the previous year [1]. - As of the report date, the market capitalization of Xingrong Environment was 20.7 billion yuan [1].

Company Overview - Xingrong Environment (SZ 000598) announced on October 28 that its 10th Board of Directors held its 30th meeting via telecommunication to review the proposal regarding the salary standards for senior management [1][1][1] - As of the report, Xingrong Environment has a market capitalization of 20.7 billion yuan [1][1][1] Revenue Composition - For the first half of 2025, the revenue composition of Xingrong Environment is as follows: - Wastewater treatment accounts for 44.64% - Water supply industry accounts for 34.04% - Landfill leachate treatment accounts for 18.98% - Other industries account for 2.34% [1][1][1]

Core Insights - The company reported a third-quarter revenue of 2.356 billion, representing a year-on-year increase of 6.85% [1] - The net profit for the third quarter was 789 million, showing a year-on-year growth of 13.09% [1] - For the first three quarters, the total revenue reached 6.548 billion, reflecting a year-on-year increase of 5.39% [1] - The net profit for the first three quarters amounted to 1.764 billion, with a year-on-year growth of 8.49% [1]

Core Viewpoint - The announcement from Xingrong Environment indicates that its subsidiary has won a bid for a water service project, which involves a significant related party transaction [1] Group 1: Project Details - The bidding for the water service project was awarded to Environmental Construction Company with a total bid price of 27.1249 million yuan, including tax [1] - The transaction is classified as a related party transaction since Environmental Construction Company is an affiliate of Xingrong Environment [1] Group 2: Financial Performance - Environmental Construction Company is projected to generate revenue of 2.505 billion yuan and a net profit of 24.6761 million yuan in 2024 [1] - For the period from January to September 2025, the company is expected to achieve revenue of 1.691 billion yuan and a net profit of 19.066 million yuan [1] - Since the beginning of 2025, the cumulative related party transactions between the company and its affiliates amount to approximately 810 million yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥2,355,726,035.98, representing a year-on-year increase of 6.85%[5] - Net profit attributable to shareholders was ¥789,477,466.40, up 13.09% compared to the same period last year[5] - The basic earnings per share (EPS) increased to ¥0.2648, reflecting a growth of 12.97% year-on-year[5] - Total operating revenue for the current period reached ¥6,547,780,277.56, an increase of 5.4% compared to ¥6,212,609,988.95 in the previous period[21] - Net profit for the current period was ¥1,812,316,757.85, representing a growth of 8.5% from ¥1,669,231,972.77 in the prior period[22] - Total comprehensive income reached ¥1,812,316,757.85, an increase from ¥1,669,231,972.77 in the previous period, representing a growth of approximately 8.5%[23] - Basic earnings per share increased to ¥0.5918 from ¥0.5461, reflecting a rise of about 8.5%[23] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥49,370,674,255.93, a 1.90% increase from the end of the previous year[5] - The company's total assets increased to ¥49,370,674,255.93, compared to ¥48,448,468,554.45, marking a growth of 1.9%[19] - Total liabilities decreased to ¥28,466,218,956.27 from ¥28,895,558,747.00, a reduction of 1.5%[19] - Long-term borrowings rose to ¥11,432,180,800.41, up from ¥9,406,114,335.13, indicating a significant increase of 21.5%[19] - The company reported a decrease in short-term borrowings to ¥20,013,611.11 from ¥40,023,022.22, a decline of 50%[19] - The total equity attributable to shareholders increased to ¥19,481,871,121.26 from ¥18,160,049,995.61, an increase of 7.3%[19] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥2,399,067,521.56, reflecting an 11.74% increase compared to the previous year[5] - Net cash flow from operating activities was ¥2,399,067,521.56, up from ¥2,146,973,745.20, indicating an increase of approximately 11.7%[24] - Cash inflow from operating activities totaled ¥7,514,416,724.38, compared to ¥6,961,727,097.09 in the prior period, marking a growth of about 7.9%[24] - Net cash flow from investing activities was -¥2,469,888,924.88, an improvement from -¥3,417,893,878.75, showing a reduction in cash outflow of approximately 27.7%[25] - Cash flow from financing activities resulted in a net outflow of -¥132,470,250.65, compared to a net inflow of ¥1,866,136,416.50 in the previous period[25] - The ending balance of cash and cash equivalents decreased to ¥4,050,808,238.47 from ¥4,467,929,312.21, a decline of about 9.4%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period was 67,711, with no preferred shareholders[14] - Chengdu Environmental Investment Group holds 42.21% of shares, making it the largest shareholder, followed by Three Gorges Capital Holding with 12.24%[14] Research and Development - Research and development expenses for the period were ¥24,526,343.64, an increase of 32.87% year-on-year, driven by projects related to water preparation and transportation[11] - Research and development expenses increased to ¥24,526,343.64, compared to ¥18,458,532.13, reflecting a growth of 32.9%[21] Other Financial Metrics - The company experienced a 53.97% increase in other income, totaling ¥10,161,304.12, primarily due to increased penalty income[11] - The company reported a significant increase in tax and additional fees, totaling ¥168,043,045.13, which is a 144.30% rise due to new water resource tax regulations[11] - Investment cash inflow totaled ¥219,575,072.29, an increase of ¥60,541,969.18 or 38.07% year-on-year, primarily due to the recovery of interest from PPP projects[12] - The net increase in cash and cash equivalents was -¥203,291,653.97, a decrease of ¥798,507,936.92 or -134.15% year-on-year, mainly due to cash flow from financing activities[12] Operational Developments - The company is currently in the commissioning phase of the Chengdu urban kitchen waste harmless treatment project (Phase III)[15] - Accounts receivable increased to ¥3,494,929,052.79 from ¥3,280,244,119.05, indicating a growth in receivables[17] - Inventory rose to ¥271,752,722.54 from ¥226,572,247.85, reflecting an increase in stock levels[17] - Contract assets increased to ¥720,941,756.97 from ¥644,863,136.11, showing growth in contractual agreements[17]

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].