审核意见 监事会 二〇二五年四月二十九日 监事会关于公司 2025 年第一季度报告的 审核意见 公司监事会根据《证券法》《深圳证券交易所股票上市规则》《上市公司信息披露管理 办法》的有关要求，对公司 2025 年第一季度报告进行了认真严格的审核，并提出如下的 书面意见，与会全体监事一致认为： 1.公司 2025 年第一季度报告的编制和审核程序符合法律、法规、公司章程和公司内 部管理制度的各项规定； 2.公司 2025 年第一季度报告的内容和格式符合中国证监会和证券交易所的各项规定， 所包含的信息能从各个方面真实反映公司 2025 年第一季度的经营管理和财务状况等事项； 3.在公司监事会提出本意见前，未发现参与公司 2025 年第一季度报告编制和审议的 人员有违反保密规定的行为。 中山公用事业集团股份有限公司 （此页无正文，为《中山公用事业集团股份有限公司监事会关于公司 2025 年第一季度报 告的审核意见》签名页。） 监事签名： 陆爱华 陈镇华 翟彩琴 ...

审议通过《关于<2025 年第一季度报告>的议案》 上述议案已经董事会审计委员会审议通过。 具体详情请见与本公告同日在巨潮资讯网（http://www.cninfo.com.cn/）披露 的《2025 年第一季度报告》。 中山公用事业集团股份有限公司 第十一届董事会第三次会议决议公告 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。 一、董事会会议召开情况 中山公用事业集团股份有限公司（以下简称"公司"）第十一届董事会第三次会 议于 2025 年 4 月 29 日（星期二）以通讯表决的方式召开，会议通知及文件已于 2025 年 4 月 25 日以电子邮件、专人送达或电话通知等方式发出。本次出席会议的董事应 到 8 人，实到 8 人，会议由董事长郭敬谊先生主持。会议召开符合《中华人民共和国 公司法》和《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 证券代码：000685 证券简称：中山公用 公告编号：2025-033 审议结果：同意 8 票，反对 0 票，弃权 0 票。 三、备查文件 1.公司第十一届董事会第三次会议决议； 2.第十一届董事会审计委 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥977,119,263.79, representing an increase of 8.25% compared to ¥895,850,673.21 in the same period last year[2]. - Net profit attributable to shareholders for Q1 2025 was ¥304,604,173.97, a significant increase of 62.19% from ¥187,807,246.08 in the previous year[2]. - The basic and diluted earnings per share for Q1 2025 were both ¥0.21, reflecting a 62.19% increase compared to ¥0.13 in the same period last year[3]. - The company's net profit for the current period is CNY 301,398,608.71, an increase from CNY 194,360,740.28 in the previous period, representing a growth of approximately 55.1%[21]. - Total revenue from operating activities reached CNY 972,219,484.14, compared to CNY 903,601,719.66 in the previous period, indicating an increase of about 7.6%[24]. - The company reported a total comprehensive income of CNY 274,871,676.68, slightly up from CNY 265,149,276.64 in the previous period[22]. - Basic and diluted earnings per share increased to CNY 0.21 from CNY 0.13, reflecting a growth of 61.5%[22]. Assets and Liabilities - Total assets at the end of Q1 2025 amounted to ¥35,065,943,375.68, an increase of 8.19% from ¥32,411,166,172.47 at the end of the previous year[3]. - Current assets totaled ¥6,732,207,355.96, up 19.77% from ¥5,618,947,472.06 at the beginning of the period[16]. - Non-current assets increased to ¥28,333,736,019.72 from ¥26,792,218,700.41, representing a growth of 5.77%[17]. - Total liabilities rose to ¥17,287,501,985.34, an increase of 18.43% from ¥14,587,115,944.71[18]. - The company's total equity decreased slightly to ¥17,778,441,390.34 from ¥17,824,050,227.76, a decline of 0.26%[18]. Cash Flow - The net cash flow from operating activities for Q1 2025 was -¥427,661,041.10, a decrease of 11.94% compared to -¥380,334,117.31 in the same period last year[3]. - The net cash flow from operating activities was negative at CNY -427,661,041.10, worsening from CNY -382,031,334.61 in the previous period[25]. - The company generated CNY 1,831,481,463.03 in cash inflows from financing activities, up from CNY 1,512,531,222.00 in the previous period, marking an increase of approximately 21.1%[26]. - Investment activities resulted in a net cash outflow of CNY -420,250,466.21, compared to CNY -373,121,945.08 in the previous period[25]. Expenses and Costs - Total operating costs amounted to ¥945,432,797.49, up 15.66% from ¥817,255,470.10 in the prior period[20]. - Operating costs included ¥773,034,997.70 in operating expenses, which rose from ¥677,105,007.89, reflecting a 14.19% increase[20]. - Research and development expenses were ¥9,017,148.53, compared to ¥7,078,039.85 in the previous period, indicating a 27.4% increase[20]. Acquisitions and Investments - The company completed a capital increase of ¥63 million to acquire a 70% stake in Tongkong Environmental Technology Co., which became a subsidiary in September 2024[3]. - The company's goodwill increased by 955.98% to ¥42,628,762.49, primarily due to the acquisition activities during the reporting period[9]. - Investment income grew by 158.78% to ¥283,342,011.32, mainly from increased returns on investments in associated companies[10]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,421[11]. - The largest shareholder, Zhongshan Investment Holding Group Co., Ltd., holds 48.73% of the shares, totaling 718,878,206 shares[12]. Other Financial Metrics - Short-term borrowings rose by 73.10% to ¥2,861,145,892.13, driven by increased funding needs[9]. - Long-term payables increased by 1,632.24% to ¥43,665,080.20, primarily due to financing and lease payments during the reporting period[10]. - Deferred income tax liabilities rose by 651.68% to ¥48,754,213.34, mainly due to the impact of asset valuation increases from acquisitions[10]. - Minority interests increased by 70.35% to ¥530,492,718.40, attributed to the acquisition of controlling subsidiaries during the reporting period[10]. - Tax and additional charges surged by 293.42% to ¥30,318,604.19, primarily due to the increase in water resource tax[10]. - Other income decreased by 56.26% to ¥9,307,111.71, primarily due to a reduction in government subsidies[10]. - Credit impairment losses increased by 213.89% to -¥6,181,237.78, reflecting higher provisions for credit losses[10].

Core Viewpoint - The environmental industry is undergoing cross-sector layout, which has become an inevitable path for industrial upgrading, and the collaborative efficiency among sectors is accelerating the transformation into financial performance for listed companies [1] Financial Performance - Zhongshan Public Utility (000685) reported a revenue of 5.678 billion yuan for the fiscal year 2024, representing a year-on-year increase of 9.22%, and a net profit attributable to shareholders of 1.199 billion yuan, up 24.02% year-on-year [2] - The total asset scale exceeded 32.411 billion yuan, with a year-on-year growth of 11.69%, marking a historical peak for both revenue and asset scale [2] Business Segments Performance - The water service segment achieved a revenue of 1.438 billion yuan in 2024, growing by 7.43% year-on-year, with the water supply business revenue reaching 805 million yuan, an increase of 11.60% year-on-year, and local market share rising to 94% [3] - The solid waste segment reported a revenue of 763 million yuan in 2024, with a remarkable year-on-year growth of 32%, processing 1.3825 million tons of household waste and generating 569 million kWh of electricity [4] - The renewable energy segment is rapidly growing, with over 60 distributed photovoltaic projects in operation across 18 cities, and a total installed capacity of approximately 250 MW, including over 180 MW added in 2024 [5] Management and Innovation - The company emphasizes internal management improvement and has established a multi-level innovation platform in collaboration with renowned research institutions, creating a complete innovation ecosystem from basic research to industrial application [6] - The digital transformation strategy includes a comprehensive upgrade of human resource management and financial control processes [6] Shareholder Returns - The company plans to distribute a cash dividend of 0.82 yuan per 10 shares, totaling 120 million yuan, along with a previously announced special dividend of 514 million yuan, leading to a total cash dividend of 634 million yuan for the year, which accounts for 52.89% of the distributable profit [8] - Over the past five years, the cumulative cash dividends have reached 2.107 billion yuan, with an average annual cash dividend ratio exceeding 30% [8]

Core Viewpoint - Zhongshan Public Utility Group Co., Ltd. reported a significant increase in revenue and net profit for the fiscal year 2024, indicating strong financial performance and growth potential in its core business areas [1][3]. Financial Performance - The total operating revenue for 2024 reached 5.678 billion yuan, a year-on-year increase of 9.22% [2][4]. - The net profit attributable to shareholders was 1.199 billion yuan, reflecting a 24.02% increase compared to the previous year [2][3]. - The net profit after deducting non-recurring gains and losses was 1.188 billion yuan, up 30.06% year-on-year [3][4]. - Basic and diluted earnings per share both stood at 0.82 yuan, a 24.02% increase from 0.66 yuan in 2023 [2][4]. Business Segments - The water service segment generated 1.438 billion yuan, accounting for 25.32% of total revenue, with a growth of 7.43% [4]. - The solid waste segment saw a revenue increase of 32.00%, reaching 762.81 million yuan [4]. - The engineering segment contributed 3.008 billion yuan, representing 52.98% of total revenue, with a growth of 9.49% [4]. - The renewable energy segment experienced a substantial growth of 77.13%, generating 10.42 million yuan [4]. Profitability and Ratios - The company's net profit margin improved from 19.10% to 21.33%, while the gross profit margin decreased to 18.90% [5]. - The weighted average return on equity was reported at 7.08%, showing an improvement in profitability [6]. - The debt-to-asset ratio increased to 45.01%, indicating a rise in leverage [6]. Cash Flow and Shareholder Returns - Cash acquisition capability declined, with the cash collection rate dropping from 78.22% to 72.45% [8]. - The company announced its first special dividend plan, proposing a distribution of 514 million yuan to shareholders, reinforcing its commitment to investor returns [8].

Core Viewpoint - The company demonstrates steady growth in performance with increased dividend returns, achieving operating revenue of 5.678 billion yuan and a net profit attributable to shareholders of 1.199 billion yuan in 2024, reflecting a year-on-year growth of 9% and 24% respectively [2][3] Financial Performance - In 2024, the company reported operating revenue of 5.678 billion yuan, a 9% increase year-on-year, and a net profit attributable to shareholders of 1.199 billion yuan, marking a 24% increase [2][3] - The company plans to distribute a cash dividend of 0.82 yuan per 10 shares (tax included), alongside a special dividend of 3.50 yuan per 10 shares (tax included), resulting in a total cash dividend ratio of approximately 52.89% of the distributable profit for the year [2] Segment Performance - **Water and Solid Waste Segment**: - The environmental water segment generated revenue of 1.438 billion yuan, a 7% increase, with a gross margin of 25.05%, down 1.21 percentage points year-on-year. Water supply revenue was 0.805 billion yuan, up 12%, benefiting from a 7.5% increase in water sales and asset integration in Zhongshan City [3] - The solid waste segment achieved revenue of 0.763 billion yuan, a 32% increase, with a gross margin of 28.94%, down 1.29 percentage points. Sanitation service revenue rose by 63% to 0.399 billion yuan, driven by integrated sanitation business expansion [3] - The engineering segment contributed 3.008 billion yuan in revenue, a 9% increase, with a gross margin of 9.07%, down 1.17 percentage points, remaining the main revenue source for the company [3] - The new energy segment reported revenue of 0.01 billion yuan, a 77% increase, with a cumulative installed capacity of distributed photovoltaic projects reaching approximately 250 MW by the end of 2024 [3] Strategic Initiatives - The company holds a 10.55% stake in GF Securities, which is a significant source of profit, and has established various funds in collaboration with its wholly-owned subsidiary, enhancing strategic partnerships [4] - The company actively responds to market value management requirements by implementing a special dividend of 514 million yuan and establishing a stable and transparent cash dividend mechanism to boost investor confidence [4] Profit Forecast - The company is projected to achieve operating revenues of 6.026 billion yuan, 6.398 billion yuan, and 6.794 billion yuan for 2025-2027, with year-on-year growth rates of 6.13%, 6.16%, and 6.19% respectively. Net profits attributable to shareholders are expected to be 1.359 billion yuan, 1.407 billion yuan, and 1.516 billion yuan, with growth rates of 13.36%, 3.57%, and 7.70% respectively [4]

Core Insights - Company reported a total operating revenue of 5.678 billion yuan for 2024, marking a year-on-year increase of 9.22% and achieving four consecutive years of growth [1] - Net profit attributable to shareholders reached 1.199 billion yuan, reflecting a 24.02% increase year-on-year, ranking 5th among disclosed peers [1] - The company experienced a net cash outflow from operating activities of 249 million yuan [1] Financial Performance - The latest asset-liability ratio stands at 45.01%, ranking 27th among disclosed peers [3] - Gross margin decreased to 18.90%, down 1.26 percentage points from the previous year [3] - Return on equity (ROE) improved to 6.85%, an increase of 0.94 percentage points year-on-year, ranking 34th among peers [3] - Diluted earnings per share (EPS) rose to 0.82 yuan, a 24.24% increase year-on-year, ranking 15th among peers [3] - Total asset turnover ratio is 0.18 times [3] - Inventory turnover ratio increased to 36.90 times, up 3.42% year-on-year, ranking 13th among peers [3] Shareholder Structure - The number of shareholders is 38,200, with the top ten shareholders holding 942 million shares, accounting for 63.84% of total equity [3] - The largest shareholder, Zhongshan Investment Holding Group Co., Ltd., holds 48.73% of shares [3] Research and Development - Total R&D expenditure amounted to 161 million yuan, ranking 7th among disclosed peers and showing a year-on-year increase of 3.26%, achieving three consecutive years of growth [3] - R&D expenditure as a percentage of revenue is 2.84% [3]

Core Viewpoint - Zhongshan Public achieved year-on-year growth in both revenue and net profit for 2024, indicating strong operational performance and strategic execution [1] Group 1: Financial Performance - In 2024, Zhongshan Public reported operating revenue of 5.678 billion yuan, a year-on-year increase of 9.22% [1] - The company achieved a net profit attributable to shareholders of 1.199 billion yuan, reflecting a year-on-year growth of 24.02% [1] Group 2: Business Operations and Strategy - The company completed the "integrated water supply" strategic layout, successfully implementing "water supply and drainage integration" in Xiaolan Town [2] - Upgrades to the smart drainage platform included the addition of 509 sensing devices and the completion of 67 pump station automation renovations [2] - The solid waste platform company was accelerated, enhancing collaboration in urban services, recycling resources, industrial environmental protection, and innovative manufacturing [2] - The total capacity of new energy projects connected to the grid and under construction reached approximately 500 MWp, with a focus on reducing energy costs and optimizing resource allocation [2] Group 3: Shareholder Returns - Zhongshan Public established a "long-term, stable, and sustainable" shareholder return mechanism, with cumulative cash dividends reaching 3.856 billion yuan since 2013, averaging over 30% annually [3] - In 2024, the company implemented a special dividend plan amounting to 514 million yuan, enhancing shareholder returns and investor confidence [3] - The company has integrated ESG practices with investment returns, consistently publishing ESG reports and being recognized in various ESG rankings [3]

中山公用事业集团股份有限公司(以下简称"公司")第十一届监事会第二次会 议于 2025 年 4 月 24 日（星期四）以现场会议结合通讯表决的方式召开，会议由监 事会主席陈镇华先生主持。会议通知已于 2025 年 4 月 14 日以电子邮件方式发出， 本次出席会议的监事应到 3 人，实到 3 人。会议符合《中华人民共和国公司法》和 《公司章程》的有关规定，会议合法、有效。 证券代码：000685 证券简称：中山公用 公告编号：2025-025 二、监事会会议审议情况 中山公用事业集团股份有限公司 第十一届监事会第二次会议决议公告 1.审议通过《关于<2024 年度监事会工作报告>的议案》 本公司及监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。 《2024 年度监事会工作报告》请详见巨潮资讯网（http://www.cninfo.com.cn/）。 审议结果：同意 3 票，反对 0 票，弃权 0 票。 一、监事会会议召开情况 2.审议通过《关于<2024 年年度报告>及摘要的议案》 《 2024 年年度报告》及《 2024 年年度报告摘要》 请详见巨潮资讯网 （http: ...

2.公司 2024 年年度报告的内容和格式符合中国证监会和证券交易所的各项规定，所 包含的信息能从各个方面真实反映公司 2024 年度的经营管理和财务状况等事项； 3.在公司监事会提出本意见前，未发现参与 2024 年年度报告编制和审议的人员有违 反保密规定的行为。 二、监事会关于会计政策变更的审核意见 监事会关于第十一届监事会第二次会议相关事项 的审核意见 公司监事会根据《公司法》等有关规定，现就公司第十一届监事会第二次会议相关事 项发表审核意见如下： 一、监事会关于公司 2024 年年度报告的审核意见 1.公司 2024 年年度报告的编制和审核程序符合法律、行政法规、中国证监会、公司章 程和公司内部管理制度的各项规定，报告内容真实、准确、完整地反映了上市公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏； 监事会认为：公司根据财政部发布的相关规定进行会计政策变更，其决策程序符合相 关法律、法规和《公司章程》的规定，执行变更后的会计政策能更客观、公允地反映公司 财务状况和经营成果，不会对公司财务报表产生重大影响，不存在损害公司全体股东特别 是中小股东利益的情形。 因此监事会同意公司本次会计政策变更 ...