证券代码：000685 证券简称：中山公用 公告编号：2025-060 中山公用事业集团股份有限公司 关于全资子公司受让长青环保能源（中山） 有限公司与中山市长青环保热能有限公司 100%股权的进展公告 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： 本次交易已获得中山市城市管理和综合执法局的审批同意，尚未完成相关资产的 交割、过户、工商变更等事项，具体实施情况和进度上存在不确定性，公司将根据后 续推进情况及时披露进展，敬请广大投资者注意投资风险。 5.2025 年 7 月 25 日，公司全资子公司中山公用环保能源投资有限公司（以下简 称"公用环保能源"）与长青集团、名厨香港及上述标的公司签署了《股权转让协议》， 以 49,424.25 万元作为对价款受让长青能源 100%股权与长青热能 100%股权，其中长 青能源 100%股权的交易对价为 14,973.19 万元，长青热能 100%股权的交易对价为 34,451.06 万元。《股权转让协议》自转让方和受让方按照各自公司章程规定的权限 完成本次交易的内部决策程序，并取得合法有效决策文件之日起生效。 ...

Core Viewpoint - The announcement details a significant equity transfer agreement between the company and a subsidiary of Zhongshan Public Utilities, involving the sale of 100% equity in two subsidiaries for a total of 494.24 million yuan [1] Group 1: Transaction Details - The company signed an equity transfer agreement on July 25, 2025, to transfer 100% equity of Changqing Environmental Energy (Zhongshan) Co., Ltd. and Zhongshan Changqing Environmental Thermal Energy Co., Ltd. for 494.24 million yuan [1] - The transaction was approved by the company's second extraordinary general meeting on August 11, 2025, and the company received the first installment of the transfer payment amounting to 123.56 million yuan in August [1] - On November 6, 2025, the company obtained approval from the Zhongshan Urban Management and Comprehensive Law Enforcement Bureau, confirming that the conditions for the second installment of the transfer payment had been met, and the company will proceed with the delivery and transfer processes [1]

Market Overview - In October, the Shanghai and Shenzhen 300 Index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 first-level industry categories, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to support the use of green low-carbon development in foreign trade, promoting the use of renewable energy and sustainable fuels in international shipping [2][17] - The guidelines encourage foreign trade enterprises to develop and utilize recycled resources and biodegradable materials [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - The hydropower sector's revenue was 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The photovoltaic sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to stable profitability [4][41] - In the renewable energy sector, companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings growth [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are entering a mature phase with improved cash flow [4][42]

Market Overview - In October, the Shanghai and Shenzhen 300 index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to promote green trade, encouraging foreign trade enterprises to adopt green and low-carbon development throughout their supply chains [2][17] - The guidelines support the use of renewable energy and sustainable fuels in international shipping, including green methanol and green ammonia [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - Hydropower sector revenue totaled 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The solar power sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to expected stable profitability [4][41] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits, with a recommendation for China Power Investment Corporation [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are seen as utility-like investment opportunities [4][42]

Core Viewpoint - The company did not include the fair value changes of its investment in Chery Automobile in its Q3 report, which has raised questions from investors [1] Group 1: Company Financials - The company reported a year-on-year increase in net profit in its Q3 report [1] - The fair value changes related to the investment in Chery Automobile were not reflected in the Q3 report due to the fund manager's valuation policy [1] Group 2: Investment Details - The company has made indirect investments in Chery Automobile through a new energy industry fund [1] - The impact of the fair value changes will be reported in subsequent periodic reports [1]

Summary of Zhongshan Public Utilities Conference Call Company Overview - **Company**: Zhongshan Public Utilities - **Industry**: Utilities and Environmental Services Key Points and Arguments Financial Performance - The company's net profit attributable to shareholders in Q3 2025 increased by 18% year-on-year, influenced by a high base from a one-time income of 147 million yuan in the previous year [2][3] - Excluding this one-time income, the actual growth rate would be significantly higher, with a non-recurring net profit growth of 40% [3] Government Support and Cash Flow - Accounts receivable and operating cash flow improved as expected in Q3, with partial government debt relief funds anticipated by year-end [2][5] - Local government is increasing support for listed companies, which is expected to further enhance accounts receivable and cash flow [5] Dividend Planning - The company is formulating a three-year dividend plan, with internal discussions scheduled for the current week [6] Investment in Securities - The company maintains a significant stake in GF Securities, which has strong profitability, second only to the waste incineration sector, and plans to consider participating in GF Securities' capital increase based on actual conditions [7] New Energy Investments - Since 2022, the company has invested in 27 projects totaling 1.2 billion yuan in a new energy industry fund, with several projects like Muxi Semiconductor and Changxin Storage entering the listing plan [8] Tax Policy Changes - The adjustment of water resource fees to a water resource tax will impact the company's tax expenses by approximately 50 million yuan, but it will not materially affect overall profitability [10] Strategic Planning - The company's five-year strategic plan revolves around a "1+3" business structure, focusing on a high-elasticity, high-valuation investment sector and three main areas: environmental water services, green energy, and urban services [11] - The company aims to optimize its existing "311" strategy to enhance market value and return to investors, expecting significant growth in the coming years [11][12] Future Outlook - The company anticipates stable performance in core businesses such as environmental water services, water price adjustments, waste incineration, and green energy projects, with a focus on high-elasticity investment sectors as a highlight of the future five-year plan [12] Additional Important Information - The company is actively communicating with the government to secure more support for improving accounts receivable [2][6] - The management expects to achieve significant growth in 2025 and beyond through stable cash flows from core assets and investment returns from GF Securities [12]

Core Insights - Company reported a total revenue of 3.143 billion yuan for Q3 2025, ranking 24th among disclosed peers [1] - Net profit attributable to shareholders reached 1.211 billion yuan, ranking 5th among peers, with an increase of 186 million yuan year-on-year, representing an 18.11% growth [1] - Operating cash flow showed a net outflow of 54.45 million yuan, an improvement of 345 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 48.13%, ranking 43rd among peers, with a decrease of 1.09 percentage points from the previous quarter [3] - Gross profit margin is at 24.03%, up 1.85 percentage points from the previous quarter and 2.29 percentage points year-on-year [3] - Return on equity (ROE) is 6.74%, ranking 26th among peers, with an increase of 0.79 percentage points from the same period last year [3] Earnings Per Share - The diluted earnings per share (EPS) is 0.83 yuan, ranking 10th among peers, with an increase of 0.51 yuan year-on-year, reflecting a 159.38% growth [3] Asset Management - Total asset turnover ratio is 0.09 times, while inventory turnover ratio is 16.10 times, ranking 29th among peers [4] - The number of shareholders is 48,900, with the top ten shareholders holding 973 million shares, accounting for 65.93% of total equity [4] Shareholding Structure - The largest shareholder is Zhongshan Investment Holding Group Co., Ltd., holding 48.73% of shares [4] - Other significant shareholders include China CITIC Financial Asset Management Co., Ltd. (8.04%) and Lianan Life Insurance Co., Ltd. (3.53%) [4]

Core Viewpoint - The company, Zhongshan Public Utility Group Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information disclosed, with no false records or misleading statements [2][8]. Financial Data - The third-quarter financial report has not been audited [7]. - The company has confirmed that there are no adjustments or restatements of previous accounting data required [3]. - The report indicates that the net profit of the merged entity before the merger was 0.00 yuan, while the net profit for the previous period was 3,687,534.04 yuan [6]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders have been disclosed, with no changes reported due to share lending activities [5]. Board Meeting - The 11th Board of Directors held its fifth meeting on October 30, 2025, via telecommunication, with all 8 directors present [9]. - The board approved the proposal regarding the third-quarter report with unanimous consent [10]. Supervisory Meeting - The 11th Supervisory Board also convened on October 30, 2025, with all 3 supervisors present [19]. - The supervisory board approved the third-quarter report, confirming that it accurately reflects the company's operational and financial status [20].

Core Viewpoint - Zhongshan Public Utility (000685.SZ) reported a decrease in operating revenue for the first three quarters of 2025, while net profit showed significant growth [1] Financial Performance - The company's operating revenue for the first three quarters was 3.143 billion yuan, a year-on-year decrease of 7.04% [1] - Net profit attributable to shareholders was 1.211 billion yuan, reflecting a year-on-year increase of 18.11% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.205 billion yuan, representing a year-on-year growth of 40.00% [1] - Basic earnings per share stood at 0.83 yuan [1]

Core Viewpoint - Zhongshan Public Utility is a significant player in the environmental water service sector in China, with a comprehensive business model covering the entire environmental industry chain, showcasing notable technical and resource advantages [1] Group 1: Business Performance - As of Q3 2025, Zhongshan Public Utility reported revenue of 3.143 billion yuan, ranking 9th among 51 companies in the industry, with the top competitor, Chuangshuo Environmental, generating 13.453 billion yuan [2] - The company's net profit for the same period was 1.214 billion yuan, placing it 3rd in the industry, behind Chuangshuo Environmental and Xingrong Environment [2] - The main business segments include water supply and sewage treatment (0.786 billion yuan, 37.07%), engineering installation (0.732 billion yuan, 34.53%), and waste-to-energy (0.399 billion yuan, 18.79%) [2] Group 2: Financial Ratios - The debt-to-asset ratio for Zhongshan Public Utility was 48.13% in Q3 2025, an increase from 42.68% year-on-year, but still below the industry average of 49.82% [3] - The gross profit margin was reported at 24.03%, up from 21.75% year-on-year, yet lower than the industry average of 32.13% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 51.96% to 48,900, while the average number of shares held per shareholder decreased by 34.19% [5] - Major shareholders include Hong Kong Central Clearing Limited and Silver Hua Fu Theme Mixed A, both of which saw a reduction in their holdings [5] Group 4: Growth Drivers - The company experienced a 29.6% year-on-year increase in net profit for H1 2025, primarily driven by a 65.4% rise in investment income from joint ventures [5] - Key business highlights include a 13.8% and 14.9% year-on-year revenue growth in the environmental water and solid waste sectors, respectively [5] - The successful execution of a water price adjustment hearing in August 2025 is expected to enhance the company's water supply segment performance [5] Group 5: Future Projections - Analysts predict net profits for Zhongshan Public Utility to reach 1.509 billion yuan, 1.673 billion yuan, and 1.828 billion yuan for 2025-2027, with growth rates of 25.9%, 10.9%, and 9.2% respectively [5] - The company is expected to maintain a steady growth trajectory, with EPS forecasts of 0.98 yuan, 1.16 yuan, and 1.36 yuan for the same period [6]