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].

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 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [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 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].

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][15] 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][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]

证券代码：000685 证券简称：中山公用 编号：2025-040 鉴于交易双方最终未能就本次交易事项达成一致意见。基于审慎考虑并经交易双 方友好协商，交易双方不再另行签署延长有效期的协议，未来仍可能就相关事项进行 接触。具体内容详见公司于 2024 年 5 月 30 日在《中国证券报》、《证券时报》、《证 券日报》和巨潮资讯网（http://www.cninfo.com.cn/）披露的《关于股权并购事项 的进展公告》（公告编号：2024-021） 中山公用事业集团股份有限公司 关于股权并购事项的进展公告 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： 本次股权并购事项暂处于协商谈判阶段，公司尚未与交易对方签署正式股权转让 协议，所涉及的具体事项包括交易金额等尚需双方另行签订正式的股权转让协议确定。 正式协议能否签订取决于后续的尽职调查及根据审计、评估结果进行的进一步协商谈 判，以及履行必要的决策和批准程序，因此该事项存在较大不确定性，敬请广大投资 者注意投资风险。 一、股权并购事项概况 2023 年 6 月 30 日，中山公用事业集团股份有限公司（ ...

证券代码：000685 证券简称：中山公用 公告编号：2025- 039 中山公用事业集团股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会不存在涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开的时间： （1）现场会议：2025 年 6 月 5 日（星期四）下午 15:00 开始； （2）网络投票：网络投票系统包括深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）。通过交易系统进行网络投票的时间为2025年6月5日 （星期四）9:15-9:25,9:30-11:30和13:00-15:00；通过互联网投票系统进行网络投票的 时间为2025年6月5日（星期四）上午9:15-下午15:00期间的任意时间。 2.会议召开的地点：中山市兴中道 18 号财兴大厦北座六楼会议室。 3.会议表决的方式：采用现场表决与网络投票相结合的方式。 1 出席本次股东大会现场会议及网络 ...

广东君信经纶君厚律师事务所 关于中山公用事业集团股份有限公司 2024 年年度股东大会 的 2025 年 6 月 法律意见书 法律意见书 地址：广东省广州市天河区珠江东路 6 号 周大福金融中心 42 层、65 层 电话：（8620）85608818 关于中山公用事业集团股份有限公司 2024 年年度股东大会的法律意见书 广东君信经纶君厚律师事务所（以下简称"本所"）接受中山公用事业集团股份有 限公司（以下简称"公司"）的委托，指派郑海珠律师、胡源律师（以下简称"本所律 师"）出席并见证了公司 2025 年 6 月 5 日召开的 2024 年年度股东大会（以下简称"本 次股东大会"），本所律师依据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东 会规则》（以下简称"《股东会规则》"）、《深圳证券交易所股票上市规则》等中国 现行法律、法规和其他规范性法律文件以及《中山公用事业集团股份有限公司章程》 （以下简称"《公司章程》"）和《中山公用事业集团股份有限公司股东大会议事规则》 （以下简称"《股东大会议事规则》"）的有关规定，就本次股东大会的 ...

Meeting Overview - The company will hold the 2024 Annual General Meeting (AGM) on June 5, 2025, at 15:00 [1] - The meeting will combine on-site voting and online voting through the Shenzhen Stock Exchange trading system and internet voting platform [2][3] Voting Process - Shareholders can vote online during specified time slots on June 5, 2025, from 9:15 to 15:00 [1][2] - All ordinary shareholders registered by the end of the registration date are entitled to attend and vote [2][3] Meeting Agenda - The agenda includes the review of the board's work report and the independent directors' work report, which have been approved by the board and supervisory committee [2][3] - Related shareholders must abstain from voting on certain proposals to ensure compliance with regulations [2] Registration Details - Shareholders can register for the meeting in person or via mail, email, or fax, providing necessary documentation [3][4] - Specific requirements for registration differ for corporate and individual shareholders [4] Online Voting Instructions - Detailed procedures for participating in online voting are provided, including the need for identity verification [5] - The voting process allows shareholders to express their opinions on various proposals, with specific rules for handling duplicate votes [5] Supporting Documents - Attachments include the detailed online voting process and the shareholder registration form [5][6]

证券代码：000685 证券简称：中山公用 公告编号：2025-038 中山公用事业集团股份有限公司 关于召开 2024 年年度股东大会的 提示性公告 1.股东大会届次：2024年年度股东大会。 2.股东大会的召集人：中山公用事业集团股份有限公司董事会，本次会议审议的 议案经第十一届董事会第二次会议、公司第十一届监事会第二次会议审议通过后提交， 程序合法，资料完备。 3．本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文件、 深交所业务规则和公司章程等的规定。 4．会议召开的日期、时间： （1）现场会议召开日期和时间：2025年6月5日（星期四）下午15:00 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"）于2025年5月13日在《中 国证券报》《证券时报》《证券日报》 《上海证券报》以及巨潮资讯网 （http://www.cninfo.com.cn/）披露了《关于召开2024年年度股东大会的通知》。 由于本次股东大会采取现场投票与网络投票相结合的方式，还将通过深圳证券交 易所交易系统和互联网向社会公 ...