Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][20]. Core Views - The construction of the national carbon market is progressing, promoting urban green and low-carbon transformation [1][13]. - The "14th Five-Year Plan" is concluding, while the "15th Five-Year Plan" is in the drafting stage, focusing on energy and electricity policy directions [2][15]. - The report emphasizes the importance of energy security, technological innovation, and green low-carbon development in future policies [16][19]. Summary by Sections Market Review - In August, the CSI 300 index rose by 10.33%, while the public utilities index increased by 2.53% and the environmental index by 5.28% [1][21]. - The environmental sector saw a 5.28% increase, with sub-sectors like thermal power up by 4.69% and new energy generation up by 2.26% [1][22]. Important Events - The Central Committee and State Council issued opinions on advancing green low-carbon transformation and strengthening the national carbon market, aiming for comprehensive coverage of major industrial emissions by 2027 [13][14]. - Policies to promote high-quality urban development include energy conservation and carbon reduction in production sectors [14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][20]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [3][20]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are recommended due to improving cash flows [3][20]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS 0.49 in 2024, PE 10.8 [7]. - Longyuan Power: Outperform, EPS 0.76 in 2024, PE 22.0 [7]. - China Nuclear Power: Outperform, EPS 0.43 in 2024, PE 20.9 [7]. - China Everbright Environment: Outperform, EPS 0.55 in 2024, PE 8.0 [7]. Industry Dynamics - The report notes that the renewable energy sector is expected to grow, with cumulative installed capacity reaching 1.41 billion kilowatts by the end of 2024, a 33.9% year-on-year increase [18]. - The transition to a market-oriented mechanism for renewable energy is highlighted, indicating a shift from guaranteed purchase to market trading [19].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][24] Core Views - The company's revenue slightly declined by 1.51% year-on-year to 2.121 billion yuan in H1 2025, primarily due to a decrease in the engineering segment. However, the net profit attributable to shareholders increased by 29.6% to 719 million yuan, driven by a 65.4% increase in investment income from joint ventures and associates [1][6][17] - The company successfully held a public hearing for water price adjustments, which is expected to enhance the performance of its water supply segment once implemented [3][17] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.509 billion, 1.673 billion, and 1.828 billion yuan respectively, with year-on-year growth rates of 25.9%, 10.9%, and 9.2% [17][22] Revenue and Profitability - In H1 2025, the environmental water segment generated 786 million yuan in revenue, up 13.8% year-on-year, while the solid waste segment saw a 14.9% increase to 399 million yuan. The engineering segment's revenue fell by 13.9% to 732 million yuan [1][6] - The overall gross margin for the company was 22.19%, a decrease of 0.56 percentage points year-on-year. The gross margin for the environmental water business dropped from 29.5% to 22.7% [2][7] Financial Metrics - The company reported a significant increase in accounts receivable, which rose by 34.62% year-on-year to 1.952 billion yuan. Operating cash flow improved slightly, with a cash flow of -370 million yuan, an increase of 30 million yuan year-on-year [11][20] - The projected earnings per share (EPS) for 2025 is 1.02 yuan, with a price-to-earnings (P/E) ratio of 9.9 [22][21] Market Performance - The company's current stock price is 10.08 yuan, with a market capitalization of 14.869 billion yuan. The stock has a 52-week high of 10.57 yuan and a low of 7.10 yuan [5][21]

Group 1 - The company reported a significant increase in revenue and net profit for the first half of 2025, achieving operating income of 2.121 billion yuan and a net profit attributable to shareholders of 719 million yuan, representing a year-on-year growth of 29.55% [1] - The company announced the acquisition of 100% equity in Changqing Energy and Changqing Thermal for a total consideration of 494 million yuan, which will enhance its waste incineration capacity to a total of 6,120 tons per day [1] - The company has a strategic focus on solid waste management, having previously acquired projects in 2015 and 2022, which have established a stable operational capacity in the region [1] Group 2 - The research report from Shenwan Hongyuan highlights the company's three main business sectors: water services, solid waste management, and renewable energy, with solid waste management driving profit growth through mergers and acquisitions [2] - The second quarter report indicated that Lianan Life Insurance increased its stake in the company by acquiring 17.5 million shares, bringing its total holdings to 62 million shares, making it the third-largest shareholder [2]

Summary of Zhongshan Public Utilities Conference Call Company Overview - **Company**: Zhongshan Public Utilities - **Industry**: Water Supply, Solid Waste Management, New Energy Key Financial Highlights - Investment income from joint venture Guangfa Securities amounted to 670 million CNY [2][4] - Water segment revenue reached 786 million CNY, a year-on-year increase of 13.82% [2][4] - Solid waste segment revenue was 399 million CNY, up 14.89% year-on-year [2][4] - New energy business growth rate was 175% [2][4] - Overall revenue for the first half of 2025 was 2.12 billion CNY, a slight decrease of 1.51% year-on-year [4] Strategic Goals - The strategic goal for the 14th Five-Year Plan is "value return, chain leader, industry first" [5] - Focus on enhancing operational performance and market value through effective management tools [5] Investment and Project Development - The company has invested 1.5 billion CNY in 27 projects across high-tech and new energy sectors [2][6] - Seven projects are currently applying for listings on the Science and Technology Innovation Board, Beijing Stock Exchange, and Hong Kong Stock Exchange [7] - The total project budget for the Zhongshan urban drainage plant integration project is 5.56 billion CNY, with 2.08 billion CNY already invested [3][20] Water Pricing and Profitability - A water price adjustment hearing is expected in August, with a minimum increase of 28% anticipated [2][8] - This adjustment is expected to significantly enhance profit margins [8] - The company is also focusing on optimizing pricing mechanisms in wastewater treatment [8] Shareholder Structure and Market Confidence - The company has increased its stake in Guangfa Securities, realizing nearly threefold gains [9] - Jiangsu Lianren Life Insurance has become the third-largest shareholder, indicating market confidence [9][10] Challenges and Risks - The company faces increased accounts receivable and operational cash flow pressures, common in the water utility industry [14][22] - Measures are being taken to improve cash flow and manage accounts receivable effectively [17][22] Future Outlook - The company anticipates a bull market in 2025-2026, which is expected to continue contributing value through Guangfa Securities [9] - The capital expenditure budget for 2025 will focus on drainage, water supply, and investment acquisitions, with a projected decrease in capital expenditures as certain projects near completion [28] Dividend Policy - No specific dividend guidance was provided in the mid-year report, but future dividends will be based on overall operational performance [16][29] Conclusion - Zhongshan Public Utilities is strategically positioned for growth in the water supply and solid waste management sectors, with significant investments in new energy and high-tech projects. The anticipated water price adjustments and strong market confidence from shareholders are expected to enhance profitability and operational efficiency in the coming years.

Core Insights - Zhongshan Public Utility Group Co., Ltd. reported a revenue of 2.121 billion yuan for the first half of 2025, a year-on-year decline of 1.51%, while net profit attributable to shareholders increased by 29.55% to 719 million yuan [1] - The company is engaged in various sectors including environmental water services, solid waste, new energy, and engineering construction, and is focusing on strategic transformation and structural optimization to enhance profitability [1] - The company has integrated its water services and expanded its coverage to 94% of the water supply scale in Zhongshan City, excluding Tanzhou Town [1] Business Developments - In February, the company signed its first industrial wastewater project, marking its entry into the industrial wastewater treatment sector [1] - In June, the company expanded its water pollution control efforts by undertaking integrated projects in Zhongshan Port and Minzhong streets [1] - The company is actively pursuing opportunities in the "dual carbon" initiative and has signed strategic cooperation agreements to develop a "virtual power plant" model [1] Digital Transformation - The company has made progress in digital transformation with the implementation of eight modules including digital drainage and digital engineering, aimed at breaking down data barriers [2] - The establishment of a financial shared center and public cloud is enhancing operational efficiency and business performance [2] Innovation and R&D - In the first half of the year, the company added 23 new intellectual property rights and received six awards in technology innovation, including recognition for its virtual power plant project [2]

Core Insights - Zhongshan Public Utility (000685.SZ) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 2.121 billion yuan and net profit attributable to shareholders at 719 million yuan, marking a year-on-year growth of 29.55% [1] - The company's profitability improved notably, with the net profit after deducting non-recurring items at 714 million yuan, reflecting a year-on-year increase of 36.05% [1] Business Segments - The environmental water and solid waste segments, both with high gross margins, experienced double-digit revenue growth, which was crucial for the company's overall performance [1] - The environmental water segment generated revenue of 786 million yuan, up 13.82% year-on-year, driven by integrated supply and network operations [1] - The solid waste segment achieved revenue of 399 million yuan, a year-on-year increase of 14.89%, contributing 18.79% to total revenue [1] Operational Highlights - The solid waste segment's waste-to-energy business saw a simultaneous increase in volume and efficiency, with total power generation reaching 291 million kWh, and the power generation per ton of waste increased by 8.24 percentage points compared to the previous year [1] - The company is expanding its green energy initiatives, as evidenced by the announcement on July 26 to acquire 100% stakes in Changqing Energy and Changqing Thermal Energy for a total price of 494 million yuan [1] - The acquired companies operate the Zhongshan Central Group's comprehensive waste treatment base, which has a combined designed daily processing capacity of 2,250 tons [1] Strategic Expansion - Following the acquisition, the company's total waste incineration processing capacity will increase to 6,120 tons per day, indicating the effectiveness of its strategic layout [2]

Core Viewpoint - Zhongshan Public Utility (000685.SZ) reported a slight decline in revenue for the first half of 2025, while net profit showed significant growth, indicating a mixed performance in financial results [1] Financial Performance - The company achieved operating revenue of 2.121 billion yuan, a year-on-year decrease of 1.51% [1] - Net profit attributable to shareholders reached 719 million yuan, reflecting a year-on-year increase of 29.55% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 714 million yuan, marking a year-on-year growth of 36.05% [1] - Basic earnings per share stood at 0.49 yuan [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000685 证券简称：中山公用 公告编号：2025-051 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 √是 □否 追溯调整或重述原因 同一控制下企业合并 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 ■ 3、公司股东数量及持股情况 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 ...

Core Viewpoint - Zhongshan Public Utility (SZ 000685) announced the convening of its 11th Fourth Board Meeting on August 28, 2025, via telecommunication voting, where it reviewed the proposal for the "2025 Semi-Annual Report" and its summary [1] Summary by Relevant Categories Financial Performance - For the first half of 2025, Zhongshan Public Utility's revenue composition is as follows: Water segment accounted for 37.07%, Engineering revenue 34.53%, Solid waste segment 18.79%, Others 9.32%, and New energy segment 0.28% [1]

Core Viewpoint - Zhongshan Public Utility Group Co., Ltd. has successfully issued its third phase of ultra-short-term financing bonds for 2025, with a total issuance amount of 500 million RMB at an interest rate of 1.75% [2][3]. Group 1: Financing Details - The company has received approval to register ultra-short-term financing bonds with a total amount of up to 2 billion RMB, valid for two years from the date of the notice [2]. - The third phase of ultra-short-term financing bonds was issued with a term of 245 days, starting from August 28, 2025, and maturing on April 30, 2026 [2]. - The total planned issuance was 500 million RMB, which was fully achieved, with a subscription amount of 1.99 billion RMB from 14 compliant applicants [2]. Group 2: Subscription Information - The highest subscription rate was 2.20%, while the lowest was 1.62%, with 7 effective applicants contributing a total of 630 million RMB [2]. - The lead underwriter for this issuance was China Merchants Bank Co., Ltd., with CITIC Bank Co., Ltd. acting as the co-lead underwriter [2].