Core Viewpoint - The announcement details the implementation of the 2024 annual profit distribution plan by Zhongshan Public Utilities Group Co., Ltd, which includes a cash dividend of 0.82 RMB per 10 shares for shareholders [2][6]. Summary by Sections Profit Distribution Plan - The total share capital of the company is 1,475,111,351 shares, with 7,380,221 shares in the stock repurchase account excluded from profit distribution, resulting in a distribution base of 1,467,731,130 shares [2][6]. - The total cash dividend to be distributed amounts to 120,353,952.66 RMB (including tax) [2][6]. Shareholder Meeting Approval - The profit distribution plan was approved at the annual shareholder meeting held on June 5, 2025, with no changes to the total share capital since the disclosure of the distribution plan [3][4]. Dividend Payment Dates - The key dates for the dividend distribution are as follows: - Record date: July 15, 2025 - Ex-dividend date: July 16, 2025 - Dividend payment date: July 16, 2025 [7]. Dividend Distribution Method - Cash dividends will be directly credited to shareholders' accounts by the China Securities Depository and Clearing Corporation Limited on the payment date [8]. - Specific tax treatments apply to different categories of shareholders, with detailed tax rates provided for various holding periods [6]. Calculation of Ex-Dividend Price - The ex-dividend price will be calculated based on the total share capital, including repurchased shares, with a per-share cash dividend of approximately 0.0815897 RMB [11].

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.82 RMB per 10 shares for shareholders, after excluding shares held in the company's repurchase account [1][2]. Summary by Sections Profit Distribution Plan - The company plans to distribute a total cash dividend of 120,353,952.66 RMB (including tax) based on a total share capital of 1,475,111,351 shares, excluding 7,380,221 shares held in the repurchase account [1][4]. - The cash dividend per share is calculated as 0.0815897 RMB, which will be deducted from the closing price on the record date for the ex-dividend price [1][5]. Dividend Payment Details - The cash dividend will be distributed to all shareholders holding shares as of the close of trading on July 15, 2025 [2][4]. - The distribution will be made directly to shareholders' accounts through their custodial securities companies [2]. Taxation Information - The cash dividend is subject to different tax rates based on the type of shares held by investors, with specific provisions for Hong Kong investors and domestic investors [2][4]. - The company will not withhold individual income tax at the time of distribution; instead, it will be calculated based on the holding period when the shares are sold [2][4].

证券代码：000685 证券简称：中山公用 公告编号：2025-042 中山公用事业集团股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 特别提示： 1.中山公用事业集团股份有限公司（以下简称"公司"）总股本为 1,475,111,351 股，其中公司股票回购专用证券账户中的股份 7,380,221 股不享有利润分配权，因而 剔除公司股票回购专用证券账户中的股份数量后，公司本次利润分配的基数为 1,467,731,130 股,以此向全体股东每 10 股派发现金红利 0.82 元（含税）。以此计算 合计拟派发现金红利 120,353,952.66 元 （含税）。 2.本次权益分派实施后，计算除权除息价格时，按公司总股本（含公司回购专户 已回购股份）折算的每股现金分红=现金分红总金额/总股本=120,353,952.66 元 /1,475,111,351 股=0.0815897 元/股（结果取小数点后七位，最后一位直接截取，不 四舍五入），2024 年年度权益分派实施后的除权除息价格=股权登记日收盘价 -0.0815897 ...

Core Viewpoint - Zhongshan Public Utility Group Co., Ltd. has successfully issued its first ultra-short-term financing bond for 2025, with a total issuance amount of 500 million RMB at an interest rate of 1.66% [2]. Group 1: Financing Bond Issuance - The company held board and shareholder meetings on September 23 and October 24, 2024, to approve the registration for issuing ultra-short-term financing bonds and medium-term notes, with a total registration amount not exceeding 2 billion RMB for ultra-short-term bonds and 3 billion RMB for medium-term notes [1]. - The company received approval for the registration of ultra-short-term financing bonds with a registered amount of 2 billion RMB, valid for two years from the date of the notice [1]. - The first ultra-short-term financing bond, named "25 Zhongshan Public SCP001," has a term of 270 days, with an interest start date of July 4, 2025, and a maturity date of March 31, 2026 [2]. Group 2: Subscription Details - The planned issuance amount for the bond was 500 million RMB, which was fully subscribed at the same amount [2]. - There were 19 compliant subscription applications totaling 2.28 billion RMB, with the highest subscription rate at 2.20% and the lowest at 1.55% [2]. - The lead underwriter for this bond issuance was China Merchants Bank Co., Ltd., with CITIC Bank Co., Ltd. as the co-lead underwriter [2].

证券代码：000685 证券简称：中山公用 公告编号：2025-041 中山公用事业集团股份有限公司 关于 2025 年度第一期超短期融资券 发行情况公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 中山公用事业集团股份有限公司（以下简称"公司"）分别于2024年9月23日、2024 年10月24日召开2024年第4次临时董事会会议和2024年第2次临时股东大会，审议通过了 《关于拟注册发行超短期融资券和中期票据的议案》，同意公司向中国银行间市场交易商 协会（以下简称"交易商协会"）申请注册发行总额度不超过人民币20亿元（含20亿元） 的超短期融资券和总额度不超过人民币30亿元（含30亿元）的中期票据。具体内容详见公 司于2024年9月24日在巨潮资讯网（http://www.cninfo.com.cn/）披露的《关于拟注册发 行超短期融资券和中期票据的公告》（公告编号：2024-037）。 2025年5月19日公司获得交易商协会签发的《接受注册通知书》（中市协注〔2025〕 SCP132号），决定接受公司超短期融资券注册，注册金额为20亿元，注册额度自通知 ...

Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]

| | | 债券代码:148375.SZ | | --- | --- | --- | | | 债券代码:148605.SZ | | | 债券代码:148707.SZ | | 股票代码:000685.SZ | 股票简称:中山公用 债券简称:23 中山 K1 债券简称:24 中山 K1 债券简称:24 中山 K2 中山公用事业集团股份有限公司 公司债券受托管理事务报告 (2024 年度) 发行人: 中山公用事业集团股份有限公司 (住所:广东省中山市兴中道 18 号财兴大厦北座) 债券受托管理人: INYUAN PRESIDENT SECURIT 金圆统一证券有限公司 (住所:中国(福建)自由贸易试验区厦门片区象屿路 93 号厦门国 际航运中心 C 栋 4 层 431 单元 A 之九) 签署日期:2025年6月 重要声明 本报告依据《公司债券发行与交易管理办法》(以下简称《管理办法》)、 《公司债券受托管理人执业行为准则》(以下简称《执业行为准则》)、《公司 信用类债券信息披露管理办法》、证券交易所公司债券上市规则(以下简称"上 市规则")或证券交易所公司债券挂牌规则(以下简称"挂牌规则")、《中山 公用事业集团股 ...

Core Viewpoint - The credit rating agency maintains the credit rating of Zhongshan Public Utilities Group Co., Ltd. at AA+ with a stable outlook, reflecting the company's strong regional competitive advantage in water supply and wastewater treatment, supported by its investment in Guangfa Securities and low financial leverage [3][32]. Financial Overview - Total assets increased from 254.99 billion in 2022 to 350.66 billion in 2025 [8]. - Total liabilities rose from 95.41 billion in 2022 to 172.88 billion in 2025 [8]. - Net profit decreased from 10.49 billion in 2022 to 9.92 billion in 2023, but is projected to rise to 12.11 billion in 2024 [8]. - EBITDA increased from 16.83 billion in 2022 to 20.97 billion in 2024 [8]. - The company’s debt-to-EBITDA ratio is projected to be between 4.8 and 5.8 in 2025 [30]. Business Operations - The company holds the majority of water supply concessions in Zhongshan and is responsible for wastewater treatment and drainage services, enhancing its regional advantage [7][12]. - The water supply business revenue is expected to grow by 11.60% in 2024 due to increased supply capacity and integration of water supply operations [13]. - The wastewater treatment business revenue increased by 2.55% to 6.33 billion in 2024 [14]. Investment and Projects - The company has significant ongoing projects with a total investment of 51.08 billion, primarily in water supply and wastewater treatment facilities [18][19]. - The company is in discussions to acquire additional assets from Changqing Group, which may impact future operations [18]. Risk Factors - The company faces capital expenditure pressures due to large ongoing project investments [7][18]. - The recovery of engineering payments and accounts receivable is a concern, as the scale of these has increased [20][23]. External Support - The company continues to receive government support in terms of resources and funding, which is crucial for its operations in public utilities [31].

中山公用事业集团股份有限公司 2025 年度跟踪评级报告 中山公用事业集团股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 25 日 2 编号：信评委函字[2025]跟踪 1095 号 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].