Financial Performance - The company's operating revenue for the first half of 2025 was CNY 2,121,262,487.38, representing a decrease of 1.51% compared to the same period last year[17]. - Net profit attributable to shareholders increased by 29.55% to CNY 719,435,197.75, compared to CNY 555,228,950.59 in the previous year[17]. - The net profit after deducting non-recurring gains and losses rose by 36.05% to CNY 713,634,748.78[17]. - Basic earnings per share increased by 29.55% to CNY 0.49 per share[17]. - The weighted average return on net assets improved to 4.13%, up by 0.81 percentage points from the previous year[17]. - The company's operating revenue for the reporting period was approximately 2.121 billion yuan, a decrease of 1.51% compared to the previous year[60]. - The company's operating costs were approximately 1.651 billion yuan, down 1.36% year-on-year[60]. - Sales expenses increased by 13.05% to approximately 36.36 million yuan compared to the previous year[60]. - Management expenses rose by 8.31% to approximately 158.29 million yuan year-on-year[60]. - The company reported a significant increase in tax expenses, rising by 350.74% to CNY 65,272,727.19, mainly due to water resource tax reforms[61]. - The company reported a total investment of ¥909,598,622.19 for the current period, representing a 100% increase compared to ¥455,329,971.31 in the same period last year[77]. Assets and Liabilities - The company's total assets at the end of the reporting period reached CNY 35,658,009,036.18, an increase of 10.02% from the end of the previous year[17]. - Long-term equity investments accounted for 44.61% of total assets, showing a decrease of 2.61% compared to the previous year[69]. - The company's total liabilities increased to ¥1,073,566,790.52, up 2.06% from ¥308,887,120.17, mainly due to the establishment of linked joint accounts[70]. - The company’s total debt increased to 6,600 million with various liabilities due in the coming years[139]. - The total approved external guarantee amount at the end of the reporting period is CNY 89.31 million, with an actual guarantee balance of CNY 63.98 million[135]. Revenue Segments - The environmental water service segment achieved revenue of 786 million RMB, accounting for 37.07% of total revenue, with a year-on-year growth of 13.82%[26]. - The water supply business generated revenue of 427 million RMB, a year-on-year increase of 13.47%, driven by the integration of supply services and the acquisition of Xiaolan Water[26]. - The solid waste segment reported revenue of 399 million RMB, representing 18.79% of total revenue, with a year-on-year growth of 14.89%[30]. - The new energy segment saw a significant revenue increase of 174.97%, attributed to the launch of new projects[64]. - The engineering segment's revenue decreased by 13.87% to CNY 732,403,077.03, primarily due to a reduction in water pollution control projects[64]. Investments and Acquisitions - The company holds a 10.57% stake in Guangfa Securities and has established multiple investment funds to enhance its main business ecosystem[35]. - The company completed the acquisition of a 51% stake in Zhongshan Xiaolan Water Co., Ltd. for ¥268,581,976.94, with total payments made amounting to ¥174,578,285.02[79]. - The company acquired a 70% stake in Zhongshan Gongyong Dayong Water Environment Governance Co., Ltd. for ¥126,000,000.00, with the investment completed[78]. - The company has ongoing investments in various water supply and environmental projects, reflecting its commitment to infrastructure development[82]. Governance and Management - The company has completed the election of a new board of directors and management team, aiming to enhance governance and operational capabilities[16]. - The company is committed to improving governance and information disclosure quality to fulfill its responsibilities as a listed entity[105]. - The company has established a valuation enhancement plan to boost market confidence and investor trust[102]. - The company is actively working to mitigate water quality safety risks through a comprehensive water quality control system and emergency response mechanisms[101]. Environmental and Social Responsibility - The company is committed to sustainable development, having received an ESG rating of A and being included in several ESG rankings in 2024[58]. - 中山公用在2025年上半年结对25个村（社区），解决实际问题180项，实施13个帮扶项目[113]. - 在水务基础设施升级方面，惠及超过1500户、5000名群众，实施二次供水改造工程[113]. - 中山公用在2025年绿化美化行动中，参与植树党员干部超过600人次，助力城乡高质量发展[115]. Cash Flow and Financing - The net cash flow from operating activities improved by 10.31%, amounting to CNY -369,643,888.51[17]. - Financing activities resulted in a net cash inflow of CNY 745,603,875.56, an increase of 61.94% year-on-year[61]. - The total cash inflow from financing activities was 1,722,184,976.53, compared to 2,229,468,667.09, indicating a decrease in financing inflows[192]. - The company reported a net cash flow from investment activities of 207,866,685.73, a significant recovery from -351,706,144.00 in the previous period[192]. Shareholder Information - The company's total share capital is 1,475,111,351 shares, with 85.01% being unrestricted shares[152]. - The largest shareholder, Zhongshan Investment Holding Group Co., Ltd., holds 48.73% of the shares, totaling 718,878,206 shares[154]. - The company repurchased a total of 7,380,221 shares, accounting for 0.5% of the total share capital, through a dedicated repurchase account by June 30, 2025[156]. - The top ten shareholders include Zhongshan Investment Holding Group with 502,115,069 shares and CITIC Financial Asset Management with 118,671,633 shares[156].

Core Viewpoint - Zhongshan Public Utility reported that as of August 20, 2025, the total number of shareholders is 32,615 [2] Company Summary - The company has engaged with investors through an interactive platform to provide updates on shareholder numbers [2] - The reported figure of 32,615 shareholders indicates a potential interest and engagement from the investment community [2]

Group 1 - The core point of the article is that Zhongshan Public Utilities (SZ000685) has received approval for the environmental impact assessment of its subsidiary's sludge drying project, with a total investment of 74.03 million yuan [2] Group 2 - The project is monitored under the "A-share Green Report" initiative, indicating a focus on environmental sustainability in investment projects [2] - The approval information was disclosed by relevant regulatory authorities on July 18, 2025 [2]

Group 1 - The company, Guangdong Changqing (Group) Co., Ltd., signed a framework agreement to transfer 100% equity of Changqing Environmental Energy (Zhongshan) Co., Ltd. and Zhongshan Changqing Environmental Thermal Energy Co., Ltd. to Zhongshan Public Utility Group Co., Ltd. on June 30, 2023 [3] - A supplementary agreement was signed on December 29, 2023, extending the validity of the original agreement until May 31, 2024 [3] - As of May 31, 2024, the parties did not reach an agreement on key issues regarding the equity transfer, but future discussions may still occur [3] Group 2 - On July 25, 2025, the company and its subsidiaries signed an equity transfer agreement with Zhongshan Public Utility's wholly-owned subsidiary, Zhongshan Public Environmental Energy Investment Co., Ltd., for a total consideration of 494.2425 million yuan [4] - The transaction price for Changqing Energy's 100% equity is 149.7319 million yuan, while the price for Changqing Thermal Energy's 100% equity is 344.5106 million yuan [4] - The transaction was approved by the company's second extraordinary general meeting on August 11, 2025 [4] Group 3 - The company received the first installment of the equity transfer payment, totaling 123.5607 million yuan [6] - The first payment for Changqing Energy's equity transfer is 37.4330 million yuan, which is 25% of the total transfer price [6] - The second installment for Changqing Energy's equity transfer is 66% of the total transfer price, amounting to 98.8231 million yuan, contingent upon obtaining necessary approvals [7][8] Group 4 - The first installment for Changqing Thermal Energy's equity transfer is 86.1277 million yuan, also representing 25% of the total transfer price [10] - The second installment for Changqing Thermal Energy's equity transfer is 66% of the total transfer price, amounting to 227.3770 million yuan, subject to specific conditions [12] - The third installment for Changqing Thermal Energy's equity transfer is 9% of the total transfer price, amounting to 31.0059 million yuan, to be paid within six months after the equity change registration [12]

证券代码：002616 证券简称：长青集团 公告编号：2025-032 债券代码：128105 债券简称：长集转债 广东长青（集团）股份有限公司 关于转让长青环保能源（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信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 具体实施情况和进度存在不确定性。 最终顺利完成尚存在不确定性。 公司将按照《深圳证券交易所股票上市规则》等法律法规及《公司章程》的 规定，根据本次交易进展情况及时履行信息披露义务，敬请广大投资者注意投资 风险。 一、股权转让交易概述 "长青集团" ）与中山公用事业集团股份有限公司（以下简称"中山公用"）签署 了《关于长青环保能源(中山)有限公司、中山市长青环保热能有限公司股权并购 框架协议》（以下简称"原协议"），拟将公司及公司全资子公司名厨（香港）有 限公司（以下简称"名厨香港"）实际控制持有的长青环保能源(中山)有限公司 （以下简称"长青能源"、 "标的公司 1"）、中山市长青环保热能有限公司（以下 简称"长青热能"、"标的公司 2"）100%股权转让给中山公用或 ...

Core Viewpoint - The company successfully issued its second phase of ultra-short-term financing bonds for 2025, with a total issuance amount of 500 million yuan at an interest rate of 1.69% [2][3]. Group 1: Financing Details - The company received approval to register ultra-short-term financing bonds with a total amount not exceeding 2 billion yuan [1]. - The actual issuance amount for the current phase is 500 million yuan, matching the planned issuance amount [2]. - The bonds have a term of 180 days, with the interest starting from August 8, 2025, and maturing on February 4, 2026 [2]. Group 2: Subscription Information - There were 20 compliant subscription applications, with a total subscription amount of 1.98 billion yuan [2]. - The highest subscription rate was 2.20%, while the lowest was 1.56% [2]. - A total of 8 effective subscription applications were recorded, amounting to 530 million yuan [2]. Group 3: Underwriting and Management - The lead underwriter for the bonds is China Merchants Bank Co., Ltd., with Industrial Bank Co., Ltd. serving as the co-lead underwriter [2]. - The company has been verified as not being a subject of credit dishonesty according to the "Credit China" website [2].

证券代码：000685 证券简称：中山公用 公告编号：2025-048 中山公用事业集团股份有限公司 关于 2025 年度第二期超短期融资券 发行情况公告 1 | 发行利率 1.69% | | 发行价格 | 100 元/百元 | | --- | --- | --- | --- | | | 申购情况 | | | | 合规申购家数 20 家 | | 合规申购金额 | 19.80 亿元 | | 最高申购价位 2.20% | | 最低申购价位 | 1.56% | | 有效申购家数 8 家 | | 有效申购金额 | 5.30 亿元 | | 簿记管理人 | | 招商银行股份有限公司 | | | 主承销商 | | 招商银行股份有限公司 | | | 联席主承销商 | | 兴业银行股份有限公司 | | 经通过"信用中国"网站（www.creditchina.gov.cn）核查，公司不属于失信责任主 体。 本期超短期融资券发行的有关文件在中国货币网(www.chinamoney.com.cn)和上海清 算所网站（www.shclearing.com）公告。 特此公告。 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 ...

Group 1 - The company is a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on three main sectors: water services, solid waste management, and renewable energy [1] - Water services serve as the core business, ensuring stable revenue, with a water supply capacity of 2.65 million tons per day and a market share of 94%. A potential price adjustment of 20% to 30% could increase net profit by 120 to 180 million yuan, representing a 10% to 15% increase in net profit for 2024 [1] - The solid waste management sector is expanding through acquisitions, with a projected capacity of 6,120 tons per day by 2025 [1] - In renewable energy, the company is establishing joint ventures and Pre-REITs funds, focusing on distributed photovoltaic and integrated energy storage, with approximately 500 MWp currently connected or under construction [1] Group 2 - The company holds a 10.55% stake in GF Securities, contributing significantly to its profits, with an estimated net profit of 1.199 billion yuan in 2024, of which 1.008 billion yuan comes from investment income [2] - GF Securities is expected to see improvements in performance and valuation due to structural changes and a stronger market, which could positively impact the company's overall performance [2] - The company plans to implement a three-year shareholder return plan and promote equity incentives, with a special dividend payout ratio of 53% expected in 2024 [2] - Forecasted net profits for the company from 2025 to 2027 are 1.428 billion, 1.775 billion, and 2.072 billion yuan, respectively, with a reasonable valuation estimated at 18.3 to 19.4 billion yuan, indicating a potential upside of 29% to 36% from the current market value [2]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [7]. Core Views - The company is positioned as a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on water, solid waste, and new energy sectors, with water services providing stable revenue [6][13]. - The company is expected to enter a growth phase, driven by strategic expansions in its core businesses, particularly in water supply and solid waste management, alongside new energy initiatives [6][36]. - The company holds a 10.55% stake in GF Securities, which is a significant asset contributing to its profits, and the valuation of this stake is anticipated to increase [6][16]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 5,678 million yuan, with a year-on-year growth rate of 9.2% [2]. - The net profit attributable to shareholders is expected to reach 1,199 million yuan in 2024, reflecting a 24% increase compared to the previous year [2]. - Earnings per share (EPS) is forecasted to be 0.82 yuan for 2024, with a projected increase to 1.40 yuan by 2027 [2]. Business Segments Water Services - The company has a water supply capacity of 265,000 tons per day, capturing 94% of the market share in Zhongshan, with potential price adjustments expected to increase net profits by 120 to 180 million yuan [6][42]. - The wastewater treatment capacity is currently 126,000 tons per day, with ongoing projects aimed at enhancing infrastructure and service quality [6][43]. Solid Waste Management - The company is actively pursuing acquisitions in the solid waste sector, with a projected capacity of 6,120 tons per day by 2025 following recent acquisitions [6][43]. New Energy - The company is establishing joint ventures and funds to develop distributed photovoltaic and energy storage projects, with approximately 500 MWp currently under construction or connected to the grid [6][43]. Shareholder Returns - The company has announced a special dividend of 5.14 billion yuan for 2024, resulting in a dividend payout ratio of 53% [32]. - A three-year shareholder return plan is expected to be implemented, focusing on enhancing shareholder value through dividends and potential stock incentives [34].

Summary of Zhongshan Public Utilities Conference Call Company Overview - Zhongshan Public Utilities benefits from three main sectors: water supply, solid waste management, and renewable energy [2][4] - The company has a market share of 94% in the water supply sector due to the implementation of the "One Water Supply" project [2][4] - The solid waste sector contributes approximately 200 million yuan annually in profits, with a total incineration capacity nearing 6,000 tons per day [2][4][14] - The renewable energy sector has established a 3 billion yuan industrial fund in collaboration with Yijing Optoelectronics, investing in 23 projects primarily in photovoltaic power generation [2][4][18] Key Points and Arguments Water Supply - Projected water sales volume for 2024 is 450 million tons, a year-on-year increase of 7.5% [2][8] - The increase in water demand is attributed to the "One Water Supply" project, the opening of the Shenzhen-Zhongshan Bridge, and the integration of the Greater Bay Area [2][8] - The company plans to adjust water prices, with necessary support work completed, and the process is now government-led [2][6][25] Solid Waste Management - The solid waste sector has a strong profit margin, cash flow, and return on assets, outperforming other segments [2][15] - Recent acquisitions include Changqing Energy and Changqing Thermal, with a combined capacity of 2,250 tons [13][14] - The company is exploring two options for the future of these projects: entrusted operation or repurchase after paying the concession fee [13] Renewable Energy - The renewable energy sector is still in the investment phase, with no direct returns yet, but is expected to enter an exit phase around 2026-2027 [2][18] - The company has invested in various projects, including a focus on photovoltaic and integrated energy storage [18] Financial Performance and Strategy - The company maintains a stable dividend policy, with a payout ratio of no less than 30% [3][21] - Future capital expenditures will focus on maintenance rather than large-scale projects, particularly in the water and wastewater sectors [22] - The company aims to recover accounts receivable to ensure continued dividend payments [27] Market Position and Shareholder Structure - The major shareholders include state-owned enterprises and central enterprises, providing strong support for market operations [5] - The company holds shares in GF Securities, contributing significantly to profits, with plans to potentially increase holdings based on market conditions [20][21] Challenges and Outlook - The company faces challenges with accounts receivable, particularly in the sanitation business, which may impact cash flow [26][27] - Overall performance for 2025 is expected to be optimistic, benefiting from stable core operations and increased investment returns from GF Securities [28] Additional Important Information - The company is exploring light asset models for wastewater treatment services, focusing on technology and management service outputs [10] - The wastewater treatment market share is approximately 46%, with future growth expected to align with population growth [10] - The integration of the venue and network project is set to complete by 2025, transitioning to a government payment phase [10][11]