Core Viewpoint - The company has invested in Chery Automobile and Changxin Storage through its new energy industry fund, aligning with national strategic support areas such as integrated circuits, high-end manufacturing, new energy, and intelligent driving [1] Group 1 - The investment fund focuses on sectors that are supported by national strategies [1] - The overall investment portfolio is concentrated on new productive forces development directions [1]

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.121 billion yuan, with a net profit attributable to shareholders of 719 million yuan, representing a year-on-year growth of 29.55% [3] - Total assets reached 35.658 billion yuan, an increase of 10.02% compared to the end of the previous year, with a debt-to-asset ratio of 49.22% [3] Business Segments - The environmental water service segment generated revenue of 786 million yuan, up 13.82%, maintaining a dominant position in the Zhongshan water market [3][4] - The solid waste treatment segment contributed 399 million yuan in revenue, reflecting a year-on-year increase of 14.89% [4] - The waste incineration power generation project processed 663,100 tons of waste, generating 291 million kWh of green electricity [3] Investment Strategy - The company has invested 1.5 billion yuan in a fund, with a total investment amount of 1.208 billion yuan across 27 quality projects [5] - Focus areas include AI and chips, new energy and smart connected vehicles, military industry, and adaptive robotics, aligning with national strategic emerging industries [5] Future Growth Drivers - The water service segment will continue to provide stable cash flow and profit support, with plans to expand industrial wastewater treatment in Zhongshan [6] - The solid waste segment will enhance efficiency through a comprehensive industrial chain layout and accelerate investments in new fields [6] - The company aims to innovate its new energy business model, leveraging fund synergies to promote integrated applications and develop a smart energy management system [6]

Core Viewpoint - Zhongshan Public Utility has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a slight rise in revenue [1][2]. Financial Performance - As of September 10, 2025, Zhongshan Public Utility reported a revenue of 2.121 billion yuan, representing a year-on-year growth of 0.64% [2]. - The net profit attributable to shareholders for the same period was 719 million yuan, reflecting a significant year-on-year increase of 29.57% [2]. Stock Performance - The stock price of Zhongshan Public Utility increased by 11.14% year-to-date, but it has seen a decline of 0.51% over the last five trading days and 4.02% over the last twenty days [1]. - As of September 17, the stock was trading at 9.78 yuan per share, with a market capitalization of 14.427 billion yuan [1]. Shareholder Information - The number of shareholders increased to 31,800, up by 0.77% from the previous period, while the average number of circulating shares per person decreased by 0.77% to 39,431 shares [2]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and new entrant Silver Hua Rich Theme Mixed A [3]. Dividend Distribution - Zhongshan Public Utility has cumulatively distributed 4.529 billion yuan in dividends since its A-share listing, with 1.251 billion yuan distributed over the last three years [3]. Business Overview - Zhongshan Public Utility, established on December 26, 1992, and listed on January 23, 1997, operates in various sectors including environmental water services, solid waste treatment, sanitation services, and financial services [1]. - The main revenue sources are water supply and sewage treatment (37.07%), engineering installation (34.53%), and sanitation and waste-to-energy (18.79%) [1].

证券代码：000685 证券简称：中山公用 公告编号：2025-055 中山公用事业集团股份有限公司 关于参加广东辖区 2025 年投资者网上集体接待日活动 暨 2025 年半年度业绩说明会的公告 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。 为进一步加强与投资者的互动交流，中山公用事业集团股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"向新提质 价值领 航——2025 广东辖区上市公司投资者关系管理月活动投资者集体接待日"，现将相 关事项公告如下： 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录"全 景路演"网站（https://rs.p5w.net）参与本次互动交流，活动时间为2025年9月19 日（星期五）15:30-17:00。 届时公司相关高管将通过网络在线方式就公司2025年半年度业绩、公司治理、发 展战略、经营状况、可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢 迎广大投资者踊跃参与！ 特此公告。 二〇二五年九月十六日 1 中山公用事业集团股份有限公司 董事会 ...

Core Viewpoint - Zhongshan Public Utility experienced a decline in stock price by 2.10% on September 12, 2023, with a current trading price of 9.81 CNY per share and a total market capitalization of 14.471 billion CNY [1] Financial Performance - For the first half of 2025, Zhongshan Public Utility reported a revenue of 2.121 billion CNY, reflecting a year-on-year growth of 0.64%, while the net profit attributable to shareholders was 719 million CNY, showing a significant increase of 29.57% [2] Shareholder Information - As of September 10, 2023, the number of shareholders for Zhongshan Public Utility reached 31,800, an increase of 0.77% from the previous period, with an average of 39,431 circulating shares per shareholder, which decreased by 0.77% [2] - The company has distributed a total of 4.529 billion CNY in dividends since its A-share listing, with 1.251 billion CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 16.0905 million shares, a decrease of 597,200 shares from the previous period. New shareholder Silver Hua Rich Theme Mixed A (180012) entered as the eighth-largest shareholder with 8 million shares [3]

Group 1 - The company Zhongshan Public (000685) reported that as of August 29, 2025, the total number of shareholders is 31,557 [1]

Group 1 - The company held an analyst meeting from September 3 to 5, attended by 12 institutions, discussing performance, ESG initiatives, strategic planning, and more [1] - The company achieved a net profit of 719 million yuan, a year-on-year increase of 29.55%, and a total asset scale of 35.658 billion yuan, growing by 10.02% since the beginning of the year [1] - Revenue from environmental water services reached 786 million yuan, up 13.82%, while solid waste treatment revenue was 399 million yuan, increasing by 14.89% [1] Group 2 - In the ESG sector, the company focuses on environmental water, solid waste treatment, and renewable energy, contributing to the "Green and Beautiful Zhongshan" initiative [2] - The company plans significant revenue and asset growth during the 14th Five-Year Plan, targeting 5.678 billion yuan in revenue and over 3.241 billion yuan in total assets by 2024, representing increases of 160.07% and 55.16% respectively since 2020 [2] - The renewable energy fund has a paid-in capital of 1.5 billion yuan, with 27 projects invested, totaling 1.208 billion yuan [2] Group 3 - The company is enhancing its market value through a comprehensive management system focused on core business development, shareholder returns, governance structure, and investor relations [3]

Financial Performance - In the first half of 2025, the company achieved a net profit of 719 million CNY, a year-on-year increase of 29.55% [3] - The net profit excluding non-recurring items reached 714 million CNY, with a growth rate of 36.05% [3] - Total assets amounted to 35.658 billion CNY, reflecting a growth of 10.02% compared to the beginning of the year [3] - Revenue from environmental water services reached 786 million CNY, up 13.82% year-on-year [3] - Revenue from solid waste treatment was 399 million CNY, showing a year-on-year increase of 14.89% [3] ESG Initiatives - The company has established a comprehensive ecological service industry chain focusing on environmental water services, solid waste treatment, and new energy [4] - The green energy segment has a grid-connected contract capacity exceeding 300 MWp [4] - The company has received a five-star rating for its ESG report and recognition in various ESG development indices [4] Strategic Planning - During the 14th Five-Year Plan, the company significantly increased its revenue and total assets, with 2024 revenue projected to reach 5.678 billion CNY, a 160.07% increase from 2020 [4] - The company aims to enhance its core business in water services and solid waste management while developing distributed photovoltaic and new energy businesses [5] - The company has distributed a total of 1.251 billion CNY in dividends over the past three years, demonstrating a strong commitment to shareholder returns [5] New Energy Fund Progress - The new energy industry fund has invested 1.208 billion CNY across 27 projects, with a total contribution of 1.5 billion CNY [5] - The fund focuses on high-tech sectors such as integrated circuits and new energy, aligning with national strategic support areas [5] Waste-to-Energy Development - The company is committed to enhancing its waste-to-energy business, focusing on operational quality, industry chain extension, and technological empowerment [6] - Plans include integrating AI technology for improved efficiency in waste incineration and energy recovery [6] - The waste-to-energy segment is seen as a key component of the company's green energy strategy, contributing to a circular economy [7] Value Management - The company emphasizes value management, aiming to enhance both intrinsic and market value through quality improvement and governance optimization [8] - A special dividend of 514 million CNY was distributed in January, reflecting confidence in future growth [9] - The company is committed to improving information disclosure and investor relations to enhance market trust and transparency [9]

Group 1 - The core viewpoint of the article highlights that Zhongshan Public Utility (000685) reported significant growth in its financial performance for the first half of 2025, with a revenue of 2.121 billion yuan and a net profit attributable to shareholders of 719 million yuan, marking a year-on-year increase of 29.55% [2] - The company's revenue growth was primarily driven by its high-margin segments, specifically the environmental water services and solid waste management sectors, both achieving double-digit growth [2] - The environmental water services segment generated 786 million yuan in revenue, reflecting a year-on-year increase of 13.82%, attributed to integrated supply and network operations [2] - The solid waste management segment reported revenue of 399 million yuan, with a year-on-year growth of 14.89%, increasing its contribution to total revenue to 18.79% [2] Group 2 - The solid waste management segment's waste-to-energy business saw a significant increase in operational efficiency, with total power generation reaching 291 million kilowatt-hours, and the power generation per ton of waste increased by 8.24 percentage points compared to the previous year [2] - On July 26, Zhongshan Public Utility announced the acquisition of 100% equity in Changqing Energy and Changqing Thermal Energy for a total price of 494 million yuan, which will enhance its waste management capabilities [2] - Following the acquisition, the company's total waste incineration processing capacity will increase to 6,120 tons per day, consolidating its position in the waste management sector [3]