北京炜衡 豐师事务所 成都市兴蓉环境股份有限公司 2024 年年度股东大会的 法 律 意 汇 f Beij ing W&H Law Firm, Chengdu Office 成都高新区天府大道北段1777号 7栋 1单 元38层 3801号 、 39层 3901号 邮编： 610000 No.3801,38th Floor, Unit 1, Building 7,No.1777,North Section of Tianfu Avenue,High- techZone,Chengdu 610000,Chinawww.whlaw.cn 北京炜衡 (成都) 律师事务所 关于成都市兴蓉环境股份有限公司 2024年年度 股东大会的法律意见书 炜衡成都 (律意) 字[2025]第1368号 致： 成都市兴蓉环境股份有限公司 (以下简称"贵公司" ) 北京炜衡 (成都) 律 师事务所 (以下简称"本所" 或"我们" ) 接受贵公司的 委托， 指派刘复梁、 向菁律师 ( 以下简称为"本所律师" ) 出席 了贵公司 2024年年 度股东大会 ( 以下简称为"本次股东大会" ) 。 本所律师依据《中华人民共和国公 司法》 (以 ...

成都市兴蓉环境股份有限公司章程 （经 2025 年 5 月 9 日公司 2024 年年度股东大会审议通过） 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 党的组织 第六章 董事会 第一节 董事 第二节 董事会 第七章 总经理及其他高级管理人员 第八章 监事会 第一节 监事 第二节 监事会 第九章 职工民主管理与劳动人事制度 第十章 财务会计制度、利润分配、审计、法律顾问制度与 合规管理 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第四节 法律顾问制度与合规管理 第十一章 通知与公告 第一节 通知 第二节 公告 第十二章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十三章 修改章程 第十四章 附则 第一章 总则 第一条 为维护成都市兴蓉环境股份有限公司（以下简称：公司）、 股东和债权人的合法 ...

成都市兴蓉环境股份有限公司 股东大会议事规则 （经 2025 年 5 月 9 日公司 2024 年年度股东大会审议通过） 第一章 总则 第一条 为明确成都市兴蓉环境股份有限公司（以下简称：公司） 股东大会的职责权限，保障股东合法权益，保证股东大会依法行使职 权，根据《中华人民共和国公司法》（以下简称：《公司法》）、《中华人 民共和国证券法》《上市公司股东大会规则》及《成都市兴蓉环境股 份有限公司章程》（以下简称：《公司章程》）的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公司章 程》的相关规定召开股东大会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东大会。公司 全体董事应当勤勉尽责，确保股东大会正常召开和依法行使职权。 第三条 股东大会应当在《公司法》和《公司章程》规定的范围 内行使职权。 第四条 股东大会分为年度股东大会和临时股东大会。 年度股东大会每年召开一次，应当于上一会计年度结束后的 6 个 月内举行。 （五）监事会提议召开时； （六）法律、行政法规、部门规章或《公司章程》规定的其他情 形。 公司在上述期限内不能召开股东大会的，应当报告公司所在地 ...

Financial Performance - In 2024, the company achieved an operating revenue of 9.049 billion yuan, a year-on-year increase of 11.90% [2] - The net profit attributable to shareholders was 1.996 billion yuan, with a growth of 8.28% [2] - In Q1 2025, the operating revenue reached 1.15 billion yuan, a year-on-year increase of 20.23% [2] - The net profit attributable to shareholders in Q1 2025 was 508 million yuan, growing by 11.19% [2] - The net cash flow from operating activities in Q1 2025 was 115 million yuan, a significant increase of 526.47% [2] Strategic Goals for 2025 - The company aims to expand its main business and enhance project construction to improve industry scale and development momentum [3] - Focus on technological innovation and resource integration to enhance core competitiveness [3] - Continue to promote standardized and digital transformation to improve operational efficiency [3] Market Expansion Plans - The company will deepen its focus on the local market in Chengdu while exploring opportunities in other regions [3] - Plans to enhance the market share of recycled water and promote the "waste-free city" concept [3] Environmental and Social Responsibility - The company is committed to sustainable development and improving resource utilization efficiency [5] - It aims to support rural revitalization and fulfill social responsibilities through various initiatives [5] Future Growth Drivers - The company will optimize resource allocation and enhance management to improve profitability [4] - Focus on expanding into niche markets such as direct drinking water and kitchen waste disposal [4] - Emphasis on technology innovation and collaboration with academic institutions to boost R&D capabilities [4] Investment and Capital Expenditure - Planned projects for 2025 include a kitchen waste disposal plant with a capacity of 100 tons/day and a sewage treatment plant with a capacity of 800 tons/day [5] - Future investment expenditures are expected to maintain an average level over the next 1-2 years [6] Industry Outlook - The water and environmental protection industry is expected to maintain stable long-term growth, with increasing market demand and regulatory pressures [4] - The company is focusing on enhancing operational management through professional and detailed approaches [4]

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]

编号：2025-10 证券代码：000598 证券简称：兴蓉环境 | 环保发电厂（三期）等项目正在有序推进项目建设工作。 | | | --- | --- | | 问题 3：请问公司供排水业务的调价机制。 | | | 答：（一）自来水调价机制 | | | 根据国家政策规定和相关特许权协议约定，在满足相关调 | | | 价原则的情况下可向政府价格行政主管部门提交水价调整申 | | | 请。供水价格的调整须经成本监审、听证会等程序通过后执行。 | | | 如遇国家或省对上游资源水价、水利工程水价开征或调整时实 | | | 行同步同幅联动调整。 | | | （二）污水调价机制 | | | 公司污水处理服务费单价按照与相关政府方签订的特许经 | | | 营协议中约定的调价周期及调价公式开展，一般每 年或 2 3 | 年 | | 进行一次定期调价。如因污水处理排放标准调整、服务范围扩 | | | 大、扩能提标等因素导致公司成本发生重大变化，可以对污水处 | | | 理价格申请临时性调整。根据《成都市财政局关于成都市中心城 | | | 区第五期（2024-2026 年）污水处理服务费暂定价格的批复》， | | | 成都市中 ...