Core Insights - The company reported a stable revenue growth with a 5% year-on-year increase in operating income, reaching 4.192 billion yuan, and a net profit attributable to shareholders of 975 million yuan, also up by 5% [1][2] Revenue and Profit Analysis - The core wastewater treatment business drove performance with a revenue of 1.871 billion yuan, reflecting a year-on-year growth of 9.82% [2] - The increase in revenue was supported by both price and volume growth; the wastewater treatment service fee in Chengdu rose to 2.74 yuan per ton from 2.44 yuan per ton in 2024, enhancing profitability of new projects [2] - New operational projects, such as the Xiwayan Reclaimed Water Plant, contributed to increased treatment volume during the reporting period [2] Water Supply Business Performance - The water supply business generated revenue of 1.427 billion yuan, with a gross margin improvement of 4.25 percentage points to 48.02% despite a slowdown in water volume growth due to urban population growth deceleration [2] - The Chengdu Water Supply Plant (Phase III) has entered trial operation, adding 400,000 tons per day of capacity, effectively meeting the main urban area's water demand during peak summer [2] Dividend Policy and Future Growth - The company has a stable profit distribution policy, having distributed cash dividends of 1.87 yuan per 10 shares, totaling approximately 558 million yuan [3] - Future growth is expected from ongoing projects in wastewater treatment and solid waste management, with a significant decline in capital expenditures anticipated, improving free cash flow and enabling higher dividend payouts [3] Earnings Forecast - Projected revenues for 2025-2027 are 9.878 billion, 10.808 billion, and 11.851 billion yuan, with year-on-year growth rates of 9.17%, 9.41%, and 9.65% respectively [3] - Expected net profits for the same period are 2.257 billion, 2.504 billion, and 2.781 billion yuan, with growth rates of 13.06%, 10.97%, and 11.06% respectively [3] - Corresponding PE ratios are projected to be 9.19, 8.28, and 7.46, with EPS of 0.76, 0.84, and 0.93 yuan [3]

Group 1 - The core viewpoint of the article highlights the recent performance and future outlook of Xingrong Environment, a listed company, based on a survey conducted by Ruipu Investment [1] - In the first half of 2025, Xingrong Environment achieved an operating revenue of 4.192 billion yuan, representing a year-on-year growth of 4.59% [1] - The total profit for the same period was 1.22 billion yuan, with a year-on-year increase of 7.83%, while the net profit attributable to shareholders was 975 million yuan, up by 5.03% year-on-year [1] - The company reported a 4.48% increase in water sales volume and a 2.06% increase in sewage treatment volume, with stable electricity generation from waste incineration [1] - Several projects, including the Xiwayan Reclaimed Water Plant and the third phase of the sludge treatment plant, have been put into operation, and the third phase of the water supply plant is in trial operation with a remaining capacity of 400,000 tons per day [1] - Accounts receivable stood at approximately 4.415 billion yuan, an increase from the beginning of the year, influenced by adjustments in water resource tax, expiration of tax incentives, and consolidation effects [1] - Capital expenditures are expected to gradually decline, leading to improved free cash flow and increased dividend levels [1] - The company aims to deepen its market presence in Chengdu and expand its national footprint through mergers and acquisitions [1]

Group 1 - The core viewpoint of the article is that Xingrong Environment (SZ 000598) has provided insights into its business operations and revenue composition during an investor meeting held on August 28, 2025 [1] - For the first half of 2025, the revenue composition of Xingrong Environment is as follows: wastewater treatment accounts for 44.64%, the water supply industry accounts for 34.04%, leachate treatment from garbage accounts for 18.98%, and other industries account for 2.34% [1] - As of the report, the market capitalization of Xingrong Environment is 20.4 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's main business continues to operate steadily, with capacity expansion contributing to revenue growth. In the first half of 2025, the company achieved operating 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][4] - The water treatment business saw revenue of 1.871 billion yuan, a year-on-year increase of 9.82%, driven by both price and volume. The price for sewage treatment services in Chengdu increased from 2.44 yuan/ton in 2024 to 2.74 yuan/ton in 2025 [4] - The company has a strong market position in Chengdu, with a 100% market share in both water supply and sewage treatment, ensuring stable cash flow and profitability [4][5] Financial Performance - The company’s gross margin for the first half of 2025 was 45.6%, an increase of approximately 2.5 percentage points year-on-year. The gross margin for the water supply business reached 48.02%, up 4.25 percentage points, while the sewage treatment business gross margin was 43.13%, up 0.86 percentage points [4] - The net cash flow from operating activities was 934 million yuan, a slight decrease of 4.39% year-on-year, with accounts receivable increasing to 3.584 billion yuan, a year-on-year increase of 15.91% [4] Earnings Forecast - The company is expected to achieve operating 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 attributable to shareholders projected at 2.169 billion yuan, 2.488 billion yuan, and 2.613 billion yuan for the same years [6][5] - The projected P/E ratios for 2025, 2026, and 2027 are 9.38x, 8.18x, and 7.79x respectively, indicating a favorable outlook for the company's growth and dividend potential [5]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.20 billion CNY, a year-on-year increase of 41.92% [2] - The total profit reached 9.75 billion CNY, growing by 5.03% year-on-year [2] - As of June 2025, total assets amounted to 485.03 billion CNY, a slight increase of 0.11% compared to the end of the previous year [3] - The net assets attributable to shareholders reached 186.79 billion CNY, up by 2.86% from the end of the previous year [3] Business Segment Performance - The gross margin for water supply increased due to higher sales volume and reduced costs from tax adjustments [4] - The gross margin for wastewater treatment improved due to higher service fee rates compared to the previous year [4] - The gross margin for the environmental protection segment rose, driven by the operational launch of the sludge disposal project [4] Operational Metrics - Water sales volume increased by 4.48% year-on-year, attributed to rising regional demand [4] - Wastewater treatment volume grew by 2.06%, mainly due to increased processing in central Chengdu [4] - The electricity generated from waste incineration remained stable compared to the previous year [4] Accounts Receivable - As of mid-2025, accounts receivable stood at approximately 44.15 billion CNY, showing an increase from the beginning of the year [5] Tax and Sales Expenses - Tax and sales expenses increased due to adjustments in water resource tax and rising income tax obligations as projects reached the end of tax incentives [6] Project Updates - Several projects, including the Chengdu Xiwayan Reclaimed Water Plant and the Chengdu First City Sewage Sludge Treatment Plant, were successfully launched [7] - The Chengdu Water Plant (Phase III) is in trial operation, with a capacity of 400,000 tons/day [7] Future Outlook - Capital expenditures are expected to decline as ongoing projects are completed, leading to increased free cash flow [8] - The company plans to enhance cash dividends to improve shareholder returns [8] - Future market expansion will focus on resource integration in Chengdu and surrounding areas, with potential acquisitions to strengthen industry positioning [9][10]

Core Insights - The company reported a total operating revenue of 4.192 billion yuan, ranking 4th among disclosed peers, with a year-on-year increase of 184 million yuan, marking a 4.59% growth compared to the same period last year [1] - The net profit attributable to shareholders reached 975 million yuan, ranking 2nd among disclosed peers, with an increase of 46.71 million yuan, reflecting a 5.03% year-on-year growth [1] - The net cash inflow from operating activities was 934 million yuan, ranking 5th among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 58.58%, a decrease of 0.41 percentage points from the previous quarter and a decrease of 0.86 percentage points from the same period last year [3] - The latest gross profit margin is 45.62%, ranking 7th among disclosed peers, with an increase of 2.54 percentage points year-on-year [3] - The latest return on equity (ROE) is 5.22%, ranking 15th among disclosed peers [3] Earnings Per Share and Turnover - The diluted earnings per share is 0.33 yuan, ranking 22nd among disclosed peers, with an increase of 0.02 yuan, reflecting a 4.91% year-on-year growth [3] - The latest total asset turnover ratio is 0.09 times, while the inventory turnover ratio is 9.80 times, ranking 21st among disclosed peers, with a year-on-year increase of 0.18 times [3] Shareholder Structure - The number of shareholders is 60,700, with the top ten shareholders holding 1.902 billion shares, accounting for 63.73% of the total share capital [3] - The largest shareholder is Chengdu Environmental Investment Group Co., Ltd., holding 42.21% of the shares [3]

（记者 张喜威） 每经AI快讯，兴蓉环境8月28日发布公告称，公司第十届第二十七次董事会会议于2025年8月26日在成 都市武侯区锦城大道1000号公司会议室召开。会议审议了《关于公司高级管理人员薪酬标准的议案》等 文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ ...

| 索引 | | 页码 | | --- | --- | --- | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-149 | 成都市兴蓉环境股份有限公司 2025 年半年度财务报告 合并资产负债表 法定代表人：饶怡 主管会计工作负责人：宋兴来 会计机构负责人：曾倩 第 1 页 共 149 页 2025年6月30日 编制单位：成都市兴蓉环境股份有限公司 单位：人民币元 项 目 附注 2025年6月30日 2025年1月1日 流动资产： 货币资金 五、（一） 3,359,363,397.17 4,300,334,098.64 交易性金融资产 - - 衍生金融资产 - - 应收票据 五、（二） - 1,369,168.10 应收账款 五、（三） 3,5 ...

非经营性资金占用及其他关联资金往来情况汇总表 2025年半年度 | 编制单位：成都市兴蓉环境股份有限公司 | | | | | | | | | 单位：人民币元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关 | 上市公司核算的会 | 2025年期初 | 2025年1-6月占用累计发 | 2025年1-6月占用资 | 2025年1-6月偿还累计发 | 2025年期末 占用形成原因 | 占用性质 | | | | 联关系 | 计科目 | 占用资金余额 | 生金额（不含利息） | 金的利息（如有） | 生金额 | 占用资金余额 | | | 控股股东、实际控制 人及其附属企业 | | | | | | | | | | | 小 计 | | | | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | 小 计 | | | | | | | | | | | 其他关联方及其附属 | | | ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-44 第十届董事会第二十七次会议决议公告 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8月 15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 二十七次会议的通知。会议于2025年8月26日以现场表决方式在成都 市武侯区锦城大道1000号公司会议室召开。本次会议应出席的董事9 名，实际出席会议的董事9名（其中委托出席的董事2名）。董事李雷 先生因工作原因无法亲自出席本次会议，委托董事刘杰先生代为出席 并表决；独立董事姜玉梅女士因工作原因无法亲自出席本次会议，委 托独立董事王新先生代为出席并表决。本次会议由董事长刘嫏女士主 持，公司监事和高级管理人员等列席了本次会议。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。 与会董事对议案进行了审议，形成如下决议： 一、审议通过《2025年半年度报告》全文及摘要，详见巨潮资讯 网（www.cninfo.com.cn），摘要刊登于《中国证券报》《证券时报》。 表决结果：9 ...