Summary of Conference Call for Xingrong Environment Industry Overview - The conference call primarily discusses the wastewater treatment and water supply industry in Chengdu, focusing on the company's operations and financial performance in these sectors [2][4][10]. Key Points and Arguments 1. **Wastewater Treatment Pricing**: The current price for wastewater treatment is set at 2.73 CNY per cubic meter, an increase from 2.44 CNY in 2024, which significantly impacts gross margins [2][4][5]. 2. **New Projects**: New wastewater treatment projects are expected to commence operations between late 2025 and early 2026, with a total processing capacity of 520,000 tons per day [2][6]. 3. **Growth Projections**: The growth rate for wastewater treatment volume in Q1 2025 is projected to be less than 4%, with overall annual growth expected to be slow due to the ramp-up of new project capacities [2][7]. 4. **Water Supply Capacity**: The total water supply capacity is 4.3 million tons per day, with 3.18 million tons currently operational in Chengdu's main urban area, which is running at full capacity [2][8]. 5. **Supply Growth Rate**: The growth rate for water supply in Chengdu is expected to be between 3% and 5% in 2025, lower than the 2024 growth rate of 7% [2][9]. 6. **Price Adjustment Pressure**: Chengdu's water supply prices have not been adjusted for over a decade, leading to significant pressure for future price increases despite high gross margins [2][10]. 7. **Garbage Incineration Projects**: The gross margin for garbage incineration projects is expected to increase by 8 percentage points in 2024, primarily due to improved capacity utilization of existing facilities [2][11]. 8. **Future Projects**: The Wanxing Phase III project, with an investment exceeding 5 billion CNY, is expected to start commissioning by the end of 2025 and will significantly impact revenue and profit [2][11][14]. 9. **Long-term Accounts Receivable**: The total accounts receivable for 2024 is 4 billion CNY, with local government debts accounting for half of this amount [2][17]. 10. **Capital Expenditure**: Capital expenditure for 2025 is expected to be lower than 2024's 4.5 billion CNY, with a significant decrease anticipated in 2026 [2][18]. 11. **Tax Incentives**: Some tax incentives for subsidiaries will expire soon, but new projects can apply for new tax benefits [2][19]. 12. **M&A Opportunities**: The company is exploring M&A opportunities but remains cautious about projects outside the province, focusing on local government financial capabilities and project quality [2][20]. 13. **Cost Control Measures**: The company is implementing various cost control measures, including optimizing operational processes and improving resource utilization [2][21][22]. 14. **Long-term Receivables Management**: The company is taking steps to manage long-term receivables by establishing a leadership group for collection efforts [2][23][24]. 15. **Performance Outlook**: The company anticipates facing significant pressure on performance in 2025 due to declining population growth in Chengdu, which will affect water supply and wastewater treatment growth [2][26]. Other Important but Overlooked Content - The company has a structured management system in place to monitor and control costs effectively, which includes a cloud-based operational center for real-time oversight of wastewater treatment processes [2][22]. - The impact of government debt resolution policies on the industry is seen as beneficial, but the effects will take time to materialize [2][17]. - The company is also focusing on enhancing employee efficiency, with a notable ratio of water supply capacity to staff numbers [2][22].

Group 1: Pricing Mechanisms - The water pricing adjustment mechanism is based on national policies and agreements, requiring approval from government price authorities after cost audits and hearings [3] - The sewage treatment service fee is adjusted every 2 to 3 years, with a temporary adjustment possible due to significant cost changes; the average sewage treatment fee for 2024-2026 is set at 2.63 CNY per ton [3] Group 2: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day and sludge treatment capacity of 800 tons/day [3] - The company operates and is constructing water supply projects with a total capacity of approximately 4.3 million tons/day and sewage treatment projects with a capacity of about 4.8 million tons/day [3] Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion CNY, reflecting an increase due to market expansion [4] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [4] Group 4: Cost Reduction and Efficiency Improvement - The company implements refined management and innovation to reduce costs and improve efficiency, including standardization and the establishment of a smart cloud control center [5] - The "Digital Strong Enterprise" initiative aims to enhance operational efficiency through the creation of five centralized management centers [5] Group 5: Market Expansion Strategy - The company focuses on becoming a national water and environmental service provider, expanding its market presence in Chengdu and surrounding areas while exploring niche markets nationwide [6]

Group 1: Water Supply and Wastewater Projects - The company is currently constructing several water supply and wastewater projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day), Xiwayan Reclaimed Water Plant, and the second phase of Chengdu's Fifth and Sixth Reclaimed Water Plants, which are in debugging or trial operation stages [2][3]. Group 2: Waste Incineration Power Generation Projects - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a household waste processing capacity of 800 tons/day, sludge co-processing capacity of 5,100 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3]. Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion yuan, reflecting an increase due to market expansion. The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3]. Group 4: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while actively exploring resource integration and niche markets nationwide [3]. Group 5: Capital Expenditure and Dividend Policy - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to be operational within 1-2 years, leading to a gradual decrease in capital spending. The company is committed to increasing cash dividend ratios as major projects come online and generate capacity [3].

Group 1: Project Development - The company is currently constructing several water supply and drainage projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day) and multiple recycled water plants, which are in the debugging or trial operation stages [2][3]. Group 2: Pricing Mechanisms - The water pricing adjustment mechanism requires submission to government authorities, with adjustments contingent on cost audits and public hearings. Changes in upstream resource pricing will trigger synchronized adjustments [3]. - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 RMB/ton for the central urban area of Chengdu for the 2024-2026 period [3]. Group 3: Accounts Receivable Management - As the company expands its market presence, accounts receivable have increased, totaling approximately 4 billion RMB by the end of 2024. The company emphasizes the management of accounts receivable and has improved collection efforts [4]. Group 4: Business Expansion Strategy - The company aims to deepen its market presence in Chengdu and surrounding areas, optimize resource allocation, and explore mergers and acquisitions to strengthen its national market position. It also plans to extend into niche areas such as direct drinking water and waste disposal [4]. Group 5: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing projects, which are expected to decrease as projects are completed within the next 1-2 years. The company is committed to increasing cash dividends for shareholders as projects come online and capacity is released [4].

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.23% and a total trading volume of 1,076.285 billion yuan [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3,377.11 points, reflecting a year-to-date performance above the annual line [1]. - A total of 49 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Baoxin Technology (002514) with a deviation rate of 5.49% and a daily increase of 9.93% [1]. - ST Zhongzhu (600568) with a deviation rate of 4.76% and a daily increase of 5.22% [1]. - King Med (603882) with a deviation rate of 4.28% and a daily increase of 4.42% [1]. - Other stocks that have just crossed the annual line include: - Duofu Du (002506) with a deviation rate of 4.02% and a daily increase of 9.95% [1]. - Shapais (300791) with a deviation rate of 4.16% and a daily increase of 4.67% [1]. Group 3: Trading Data - The total trading volume for A-shares today reached 1,076.285 billion yuan, indicating active market participation [1]. - The stocks listed show varying turnover rates, with some stocks like Baoxin Technology and ST Zhongzhu having turnover rates of 9.92% and 1.36% respectively [1].

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-25 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开的情况 1、会议召开的时间 （1）现场会议时间：2025 年 5 月 9 日（星期五）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为 2025 年 5 月 9 日上午 9:15—9:25，9:30—11:30，下 午 13:00－15:00；通过互联网投票系统（http://wltp.cninfo.com.cn）投 票的具体时间为 2025 年 5 月 9 日上午 9:15 至下午 15:00 期间的任意 时间。 成都市兴蓉环境股份有限公司 2024年年度股东大会决议公告 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。 2、现场会议召开地点：成都市武侯区锦城大道 1000 号成都市兴 蓉环境股份有限公司。 3、会议召开方式：现场投票和网络投票相结合的表决方式。 1 4、会议召集人：公司董事会。 5、会议主 ...

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 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 ...

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 ...

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]