证券日报网讯 12月23日，中山公用发布公告称，公司将于2025年12月30日召开2025年第3次临时股东大 会。 （文章来源：证券日报） ...

证券代码：000685 证券简称：中山公用 公告编号：2025-066 中山公用事业集团股份有限公司 关于召开 2025 年第 3 次临时股东大会的 提示性公告 （1）现场会议时间：2025年12月30日15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2025 年12月30日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票 系统投票的具体时间为2025年12月30日9:15至15:00的任意时间。 5.会议的召开方式：现场表决与网络投票相结合。 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12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2025年第3次临时股东大会的通 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众股东提供网络形式的投票平台。根据相关规 定，现 ...

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2025年第6次临时会议于2025年12 月18日（星期四）以通讯表决的方式召开，会议通知及文件已于2025年12月12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 通知及召开程序符合《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：2025-065 中山公用事业集团股份有限公司 第十一届董事会2025年第6次临时 会议决议公告 二〇二五年十二月十八日 审议通过《关于中山公用高级管理人员薪酬执行方案的议案》 董事会同意基于公司原高级管理人员任职期间突出业绩贡献执行薪酬发放。 本议案已经公司董事会薪酬与考核委员会会议审议通过。 审议结果：8票同意，0票反对，0票弃权。 三、备查文件 第十一届董事会2025年第6次临时会议决议。 特此公告。 中山公用事业集团股份有限公司 ...

证券日报网讯 12月18日晚间，中山公用发布公告称，公司第十一届董事会2025年第6次临时会议审议通 过《关于中山公用高级管理人员薪酬执行方案的议案》。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Zhongshan Public (SZ 000685) held its 6th temporary board meeting of the 11th session on December 18, 2025, to discuss the executive compensation plan [1] - For the first half of 2025, Zhongshan Public's revenue composition is as follows: water services accounted for 37.07%, engineering revenue for 34.53%, solid waste for 18.79%, others for 9.32%, and new energy for 0.28% [1] - As of the report date, Zhongshan Public's market capitalization is 16.8 billion yuan [1]

三、备查文件 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 2025 年 第 6 次临时会议于 2025 年 12 月 18 日（星期四）以通讯表决的方式召开，会议通知 及文件已于 2025 年 12 月 12 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。会议通知及召 开程序符合《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 审议通过《关于中山公用高级管理人员薪酬执行方案的议案》 董事会同意基于公司原高级管理人员任职期间突出业绩贡献执行薪酬发放。 本议案已经公司董事会薪酬与考核委员会会议审议通过。 审议结果：8 票同意，0 票反对，0 票弃权。 证券代码：000685 证券简称：中山公用 公告编号：2025-065 中山公用事业集团股份有限公司 第十一届董事会 2025 年第 6 次临时会议 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。 第十一届董事会 2025 年第 6 次临时会议决议。 ...

Core Viewpoint - Zhongshan Public Utility experienced a decline in stock price by 2.06% on December 18, with a trading volume of 2.47 billion yuan and a market capitalization of 16.83 billion yuan [1] Financial Performance - For the period from January to September 2025, Zhongshan Public Utility reported a revenue of 3.143 billion yuan, a year-on-year decrease of 4.37%, while the net profit attributable to shareholders increased by 18.54% to 1.211 billion yuan [2] - The company has cumulatively distributed dividends of 4.529 billion yuan since its A-share listing, with 1.251 billion yuan distributed over the last three years [3] Stock Market Activity - The stock price of Zhongshan Public Utility has increased by 29.66% year-to-date, but has seen a decline of 14.79% over the last five trading days and a decrease of 4.84% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on September 24 [1] Shareholder Information - As of December 10, 2025, the number of shareholders for Zhongshan Public Utility was 51,200, an increase of 0.70% from the previous period, while the average circulating shares per person decreased by 0.70% to 24,505 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 13.9863 million shares, a decrease of 2.1042 million shares from the previous period [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **environmental public utility sector** and its strategies for 2026, emphasizing the dual carbon (双碳) drive and the impact of European carbon tariffs and domestic renewable energy assessments on the industry [1][2]. Core Insights and Arguments - **Investment Opportunities**: The environmental sector is expected to see significant investment opportunities due to the implementation of carbon tariffs in Europe and strengthened assessments of non-electric renewable energy in China, which will enhance the dual carbon drive [2]. - **Profitability in Waste-to-Energy**: The waste incineration industry is projected to improve profitability due to increased garbage treatment fees, with current ROE in domestic waste-to-energy companies around 10-15%, compared to 30% overseas [3]. - **Rising Slag Prices**: An increase in slag prices is identified as a new growth point, with a price increase of 50 RMB leading to over 10% profit elasticity [3]. - **Cash Flow Improvement**: The cash flow situation in the waste incineration sector has significantly improved, with companies like Guangda Environment receiving substantial national subsidies, indicating a trend towards faster reimbursement of subsidies [12]. Emerging Growth Opportunities - **New Policies**: The introduction of green electricity direct connection policies is expected to enhance power supply capabilities for data centers, while the solid waste sector has vast overseas expansion potential, particularly in ASEAN markets [5]. - **Hydrogen and Biofuels**: Strengthened dual carbon constraints are creating investment opportunities in hydrogen production via electrolysis, biofuels (SAF), and green alcohol, with a notable demand for second-generation biofuels and SAF [6]. - **Equipment Sector Growth**: Companies like Meier Technology and Dingjin Equipment are benefiting from capital expenditures in semiconductors and lithium batteries, indicating a positive outlook for the equipment sector [7][8]. Notable Companies and Their Performance - **Key Players**: Companies such as Huanlan Environment and Green Power are highlighted for their strong cash flow performance in the solid waste sector, while Longjing Environmental is noted for its growth in green electricity due to strategic partnerships [9]. - **International Expansion**: Chinese companies like Kangheng Environment and China Tianying are successfully expanding into international markets, particularly in Indonesia, where significant projects are underway [17]. Financial Metrics and Projections - **Dividend Potential**: The sector's dividend potential is projected to increase from 100%-120% to 140% due to reduced capital expenditures and improved subsidy reimbursement rates [4][12]. - **Future Cash Flow**: The expected increase in waste treatment fees and market-driven pricing mechanisms will enhance overall profitability and cash flow for companies in the sector [20][21]. Challenges and Risks - **Market Dynamics**: The dual carbon policy is a significant driver for industry development, but companies will face stricter carbon emission assessments as more industries are included in the national carbon market [32][33]. - **Supply Chain Issues**: The supply-demand imbalance in the CCER market and the impact of European carbon tariffs on export-oriented companies pose risks that need to be managed [34][35]. Conclusion - The environmental public utility sector is poised for growth driven by regulatory changes, market dynamics, and international expansion opportunities. Companies that adapt to these changes and leverage their strengths in technology and market positioning are likely to thrive in the evolving landscape.

证券日报网讯12月16日，中山公用（000685）在互动平台回答投资者提问时表示，截至2025年12月10 日，公司股东总户数51171户。 ...

Core Viewpoint - The company, Zhongshan Public Utilities, has confirmed its investment in a renewable energy industry fund, stating that it will recognize gains and losses based on the valuation changes of the underlying projects in accordance with accounting standards [2] Group 1 - The company participates in a renewable energy industry fund [2] - Investment income will be confirmed based on the fund's financial statements [2] - The recognition of gains and losses will reflect the valuation changes of the underlying projects [2]