Group 1: Company Overview - Chengdu Xingrong Environment Co., Ltd. is a leading comprehensive water and environmental service provider in China, integrating investment, research and development, design, construction, and operation [2]. - The company's business segments include water supply, wastewater treatment, reclaimed water utilization, environmental services (including waste incineration power generation, leachate treatment, sludge disposal, and kitchen waste disposal), and engineering services [2]. Group 2: Operational and Construction Projects - Current operational and construction projects include: - Water supply projects with a scale of approximately 4.3 million tons/day - Wastewater treatment projects with a scale of approximately 4.8 million tons/day - Reclaimed water utilization projects with a scale of approximately 1.1 million tons/day - Waste incineration power generation projects with a scale of 12,000 tons/day - Leachate treatment projects with a scale of 8,430 tons/day - Sludge disposal projects with a scale of 3,116 tons/day - Kitchen waste disposal projects with a scale of 1,950 tons/day - Ongoing projects include the Chengdu Water Supply Plant No. 7 (Phase III) with a remaining capacity of 400,000 tons/day and several other wastewater and waste disposal projects expected to be operational within 1 to 2 years [3]. Group 3: Accounts Receivable and Market Expansion - The company's accounts receivable have increased in line with business growth, with a focus on improving collection efforts. The balance of accounts receivable has risen, but collection conditions have improved in some regions [3]. - The company is actively expanding its market presence, focusing on integrating water and environmental resources in Chengdu and surrounding areas while also seeking quality resources nationwide to enhance operational scale and create incremental performance [3]. Group 4: Pricing Mechanisms - Water pricing adjustments are subject to national policies and agreements, requiring approval from government price authorities after cost audits and hearings [4]. - Wastewater treatment service fees are typically adjusted every 2 to 3 years based on agreements with government entities, with a current tentative price of 2.63 yuan/ton for the 2024-2026 period [4]. Group 5: Future Considerations - The company is committed to sustainable development and aims to provide stable and continuous returns to shareholders while balancing operational funding needs [4]. - Recent water resource tax reforms in Sichuan Province have not had a significant impact on the company as of now [4].

证券代码：000598 证券简称：兴蓉环境 公告编号：2024-45 成都市兴蓉环境股份有限公司 第十届董事会第十六次会议决议公告 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2024年11月 18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 十六次会议的通知。在保障董事充分表达意见的前提下，会议于2024 年11月22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。 与会董事对议案进行了审议，形成如下决议： 一、审议通过《关于新增关联交易的议案》。 同意公司控股子公司成都市西汇水环境有限公司委托关联方成都 环境工程建设有限公司负责成都合作污水处理厂四期项目配套管网施 工。本次交易经公开招标产生，合同暂定金额为14,506.19万元（含税）。 具体情况详见公司同日在《中国证券报》《证券时报》和巨潮资讯网 （www.cninfo.com.cn）披露的《关于因公开招标新增关联交易的公告》 （公告编号：2024- ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2024-46 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 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 西汇水环境有限公司（以下简称：西汇水环境）投资的成都合作污水处理 厂四期项目对配套管网施工实施了公开招标，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 为 14,506.19 万元（不含税额为 13,308.44 万元）。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。 （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 2024 年 11 月 22 日召开第十届董事 会第十六次会议审议通过该议案。关联董事刘嫏女士、贾飒飒女士在审议 该议案时回避表决，7 名非关联董事进行了表决。 上述交易未构成《上 ...

Group 1: Project Development - The company has ongoing projects including Chengdu Water Supply Plant Phase III with a remaining capacity of 40,000 tons/day, and several wastewater treatment facilities expected to be operational within 1 to 2 years [2][3]. Group 2: Accounts Receivable - The company's accounts receivable have increased in line with revenue growth, reflecting a focus on managing receivables and improving collection efforts [3]. - The national debt reduction policies are expected to positively impact the financial capabilities of local governments, which may benefit the water and environmental protection industry [3]. Group 3: Business Expansion - The company is a national comprehensive water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while also seeking quality resources nationwide [3]. - The company aims to leverage economies of scale to enhance operational performance and drive revenue growth [3]. Group 4: Pricing Mechanisms - Water pricing adjustments are subject to government approval and must follow established procedures, including cost audits and public hearings [3]. - The wastewater treatment service fee is typically adjusted every 2 to 3 years based on contractual agreements, with provisions for temporary adjustments due to significant cost changes [4]. Group 5: Dividend Policy - The company is committed to sustainable development and aims to enhance dividend levels while balancing operational funding needs [4].

证券代码：000598 证券简称：兴蓉环境 公告编号：2024-44 成都市兴蓉环境股份有限公司 第十届董事会第十五次会议决议公告 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2024年11月 11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 十五次会议的通知。在保障董事充分表达意见的前提下，会议于2024 年11月14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。 与会董事对议案进行了审议，形成如下决议： 经营业绩，增强市场竞争力和行业影响力。 表决结果：9票同意、0票反对、0票弃权。 二、审议通过《关于子公司成都市排水有限责任公司与成都交子 公园置业有限公司成立合资公司并开展成都交子公园金融商务区分 布式能源河东1#站项目合作的议案》。 同意公司全资子公司成都市排水有限责任公司（以下简称：排水 公司）与成都交子公园置业有限公司（以下简称：置业公司）成立合 资公司并开展成都交子公园金融商务区分布式能源河 ...

Group 1: Company Operations and Projects - The company operates and has ongoing projects with a total water supply capacity of approximately 4.3 million tons/day, wastewater treatment capacity of about 4.8 million tons/day, and a recycling water project capacity of 110,000 tons/day [1] - The company is also involved in waste incineration power generation with a capacity of 12,000 tons/day, leachate treatment capacity of 8,430 tons/day, sludge disposal capacity of 3,116 tons/day, and kitchen waste disposal capacity of 1,950 tons/day [1] - Key ongoing projects include Chengdu's Water Plant No. 7 (Phase III) with a remaining capacity of 400,000 tons/day and several other wastewater treatment facilities expected to be operational within the next 1-2 years [2] Group 2: Cost Reduction and Efficiency Measures - The company has established a "Smart Cloud Control Center" to enhance production management and overcome challenges related to diverse project processes and layouts [2] - It integrates technology and talent advantages to achieve unified management and efficient scheduling of projects across different locations [2] - The company also focuses on improving financial management through information technology to enhance fund utilization efficiency and reduce financial costs [2] Group 3: Business Expansion and Market Strategy - The company aims to be a national comprehensive service provider in water and environmental protection, focusing on expanding its market share in the Chengdu area [2] - It is actively integrating water and environmental resources in the second and third-tier cities around Chengdu to enhance its market influence [2] - The company is also looking to expand its operational scale nationwide to leverage economies of scale and create incremental performance [2] Group 4: Policy Impact and Financial Considerations - Recent debt reduction policies are expected to positively impact the water and environmental protection industry by improving local government fiscal capabilities [2] - The company maintains close communication with the government to expedite project payments and ensure operational stability [2] - Future dividend considerations will focus on sustainable development and enhancing shareholder returns while balancing operational funding needs [3]

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 2024 年 11 月 13 日投资者关系活动记录表 编号：2024-38 | --- | --- | --- | |-----------------------------|-------------------------------|----------------------------------------------------------------| | | | | | 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 | 东吴证券 | 袁理、陈孜文、谷玥 | | 人员姓名 | 国寿养老 李哲佩 | | | | 财通基金 徐婧华 | | | | 博时基金 周龙 | | | 时间 | 2024 年 11 月 13 日 | | | | | | | 地点 | 成都市兴蓉环境股份有限公司 | | | 上市公司接待人 员姓名 | 刘杰、梁一谷、曾 ...

债券代码：149193.SZ 债券简称：20兴蓉01 关于成都市兴蓉环境股份有限公司 回购注销部分限制性股票、减少注册资本并相 应修订《公司章程》的临时受托管理事务报告 成都市兴蓉环境股份有限公司 （住所：成都市青羊区光华东七路751号） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二零二四年十一月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行为准 则》、《成都市兴蓉环境股份有限公司2019年公开发行公司债券受托管理协议》及其 它相关信息披露文件以及成都市兴蓉环境股份有限公司（以下简称"发行人"或"公 司"）出具的相关说明文件和提供的相关资料等，由受托管理人中信建投证券股份有 限公司（以下简称"中信建投证券"或"受托管理人"）编制。中信建投证券编制本报告 的内容及信息均来源于成都市兴蓉环境股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事 宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的承诺 或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其他任何用 途。 1 一、公司债券基本 ...

债券代码：149193.SZ 债券简称：20兴蓉01 关于召开成都市兴蓉环境股份有限公司 2020 年面向合格 投资者公开发行公司债券（第一期） 2024 年度第一次债券持有人会议的公告 特别提示： 根据募集说明书及持有人会议规则的规定，债券受托管理人中信 建投证券股份有限公司（以下简称：中信建投或受托管理人）拟召集 成都市兴蓉环境股份有限公司 2020 年面向合格投资者公开发行公司 债券（第一期）2024 年第一次债券持有人会议（以下简称：本次债 券持有人会议），公告如下： 一、债券基本情况 （一）债券名称：成都市兴蓉环境股份有限公司 2020 年面向合 格投资者公开发行公司债券（第一期）。 （二）债券简称：20 兴蓉 01。 （三）债券代码：149193.SZ。 （四）发行规模：人民币 14 亿元。 ●根据《成都市兴蓉环境股份有限公司 2020 年面向合格投资者 公开发行公司债券（第一期）募集说明书》（以下简称：募集说明书） 及《成都市兴蓉环境股份有限公司 2019 年公开发行公司债券债券持 有人会议规则》（以下简称：持有人会议规则或《债券持有人会议规 则》）的规定，如进行参会登记的债券持有人所代表的本期 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating, citing a 20% upside potential based on a 13x PE multiple for 2024, targeting a market cap of 26.4 billion yuan [4][10] Core Investment Thesis - The company is a leading integrated water and environmental services provider under the Chengdu State-owned Assets Supervision and Administration Commission (SASAC), with a strong presence in water and solid waste sectors [4] - Historical performance shows steady growth, with revenue and net profit CAGR of 14% from 2019-2023, and a significant improvement in cash flow, leading to a higher dividend payout ratio of 28% in 2023 [5] - The company has a robust pipeline of projects in water treatment, water supply, and environmental services, with significant expansion potential in both Chengdu and other regions [5][6][7] Water Treatment Business - The company operates 4.34 million tons/day of water treatment capacity, with an additional 460,000 tons/day under construction, representing a 10.6% expansion ratio [5] - Chengdu accounts for 72% of the operational capacity, with a guaranteed return on investment of 10% every three years, and a recent price increase of 0.5 yuan/ton in 2024 is expected to boost net profit by 200 million yuan [5] - The company is expanding its footprint beyond Chengdu, with 28% of its water treatment capacity located in other regions such as Lanzhou, Xi'an, and Shenzhen [38] Water Supply Business - The company operates 3.89 million tons/day of water supply capacity, with an additional 410,000 tons/day under construction, representing a 10.5% expansion ratio [6] - Chengdu accounts for 82.4% of the operational capacity, with stable water prices since 2014, but potential for future adjustments [6] - The company has a strong track record in water supply, with historical gross margins maintained between 45-50% [6] Environmental Services - The company has a significant presence in waste-to-energy, with 6,900 tons/day of operational capacity and 5,100 tons/day under construction, expected to be completed by the end of 2025 [7] - The company also operates in leachate treatment (5,630 tons/day), sludge treatment (1,516 tons/day), and food waste treatment (500 tons/day), with substantial expansion plans in these areas [7] - The environmental services segment is expected to contribute significantly to future growth, with waste-to-energy capacity set to double by 2025 [7] Financial Projections - The company is expected to achieve net profits of 2.033 billion yuan, 2.216 billion yuan, and 2.407 billion yuan for 2024-2026, with PE ratios of 11x, 10x, and 9x, respectively [8] - Revenue is projected to grow at a CAGR of 7.6% from 2024-2026, driven by expansions in water treatment, water supply, and environmental services [9] - The company's free cash flow is expected to turn positive as capital expenditure peaks pass, providing room for further dividend increases [5][8]