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]

监事会 审核意见 监事会关于公司 2025 年第三季度报告的 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 年第三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 年第三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 年第三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 年第三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 年第三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 二〇二五年十月三十日 （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 年第三季度报 告的审核意见》签名页。） 监事签名： 陈镇华 翟彩琴 陆爱华 ...

证券代码：000685 证券简称：中山公用 公告编号：2025-058 中山公用事业集团股份有限公司 第十一届监事会第五次会议决议公告 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。 一、监事会会议召开情况 中山公用事业集团股份有限公司(以下简称"公司")第十一届监事会第五次会 议于 2025 年 10 月 30 日（星期四）以通讯表决的方式召开。会议通知已于 2025 年 10 月 24 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。会议由监 事会主席陈镇华先生主持。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。 审议通过《关于<2025 年第三季度报告>的议案》 经审核，监事会认为公司 2025 年第三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；报告内容真实、准确、完整地反映了 公司的经营管理和财务状况，不存在任何虚假记载、误导性陈述或重大遗漏。 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 年第三季度报 ...

证券代码：000685 证券简称：中山公用 公告编号：2025-057 中山公用事业集团股份有限公司 第十一届董事会第五次会议决议公告 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"）第十一届董事会第五次会 议于 2025 年 10 月 30 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 10 月 24 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 （一）审议通过《关于<2025 年第三季度报告>的议案》 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 年第三季度报告》。 审议结果：同意 8 票，反对 0 票，弃权 0 票。 （二）审议通过《关于中山公用 2024 年度经营绩效考核结果的议案》 本议案已经公司董事会薪酬与考核委员会审 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,021,401,043.43, a decrease of 16.75% compared to ¥1,178,576,924.40 in the same period last year[3] - Net profit attributable to shareholders for Q3 2025 was ¥491,840,219.42, an increase of 4.61% from ¥466,603,953.39 in the previous year[3] - The net profit after deducting non-recurring gains and losses reached ¥491,619,808.00, up 46.14% from ¥336,406,690.79 in the same period last year[3] - Total revenue for the current period is ¥3,142,663,530.81, a decrease of 7.0% from ¥3,380,819,386.56 in the previous period[19] - Operating profit increased to ¥1,283,931,185.60, up 35.6% from ¥946,541,960.71 in the previous period[20] - The company reported a net profit of ¥1,213,968,524.50 after tax expenses of ¥67,308,782.66, compared to a net profit of ¥1,037,299,247.29 in the previous period[20] - The net profit attributable to the parent company's shareholders for the current period is ¥1,211,275,417.17, an increase from ¥1,025,520,438.02 in the previous period, representing a growth of approximately 18.1%[21] - The total comprehensive income for the current period is ¥1,137,767,198.61, compared to ¥1,123,100,638.01 in the previous period, showing a slight increase of about 1.3%[21] - The basic and diluted earnings per share for the current period are both ¥0.83, up from ¥0.70 in the previous period, indicating a growth of approximately 18.6%[21] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥54,454,791.24, a significant improvement of 86.38% compared to a net outflow of ¥412,818,176.62 in the previous year[3] - The net cash flow from operating activities improved by 86.38%, with a net cash flow of -¥54,454,791.24 compared to -¥399,821,204.43 in the previous period[10] - Cash inflow from operating activities totaled ¥4,015,938,932.69, while cash outflow was ¥4,070,393,723.93, resulting in a net cash flow from operating activities of -¥54,454,791.24[23] - The cash flow from investing activities resulted in a net outflow of -¥717,796,770.53, compared to -¥543,514,785.85 in the previous period, indicating increased investment expenditures[23] - The cash flow from financing activities generated a net inflow of ¥779,251,163.45, up from ¥316,190,002.31 in the previous period, reflecting improved financing conditions[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥35,672,338,589.65, reflecting a 10.06% increase from ¥32,411,166,172.47 at the end of the previous year[3] - Total liabilities increased to ¥17,170,316,962.89 from ¥14,587,115,944.71, reflecting a growth of 17.9%[17] - Non-current liabilities rose to ¥7,314,035,669.66 from ¥6,944,722,327.58, an increase of 5.3%[17] - The company's equity attributable to shareholders increased to ¥17,976,624,473.17 from ¥17,512,631,577.72, a rise of 2.7%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 48,906[12] - The largest shareholder, Zhongshan Investment Holding Group Co., Ltd., holds 48.73% of the shares, totaling 718,878,206 shares[12] - Minority shareholders' equity rose by 68.71%, reaching ¥525,397,153.59, mainly due to the acquisition of subsidiaries during the reporting period[10] Expenses and Charges - Tax and additional charges rose significantly by 375.83%, amounting to ¥102,290,873.47, primarily due to the conversion of source fees to water resource tax[10] - Research and development expenses increased to ¥64,131,358.51 from ¥50,508,401.92, an increase of 27.0%[20] Other Financial Metrics - The company reported a significant decrease in non-operating income by 96.11%, down to ¥5,797,779.67 from ¥148,882,362.81 in the previous period[10] - The company's cash and cash equivalents at the end of the period were ¥1,687,934,169.58, slightly down from ¥1,714,545,305.57 at the beginning of the period[15] - The total cash and cash equivalents at the end of the period is ¥1,535,279,322.43, compared to ¥1,446,252,613.85 at the end of the previous period, showing an increase of approximately 6.2%[23] - The company received cash from borrowings amounting to ¥4,674,852,336.47, an increase from ¥4,445,008,333.53 in the previous period, indicating a rise in debt financing[23] - The company reported a significant increase in goodwill, rising by 1159.22% to ¥50,833,313.75 due to business acquisitions[9] - The company’s prepayments increased by 69.77% to ¥66,306,604.53, primarily due to an increase in advance payments for goods[9] - The company’s long-term borrowings rose by 35.59% to ¥4,994,674,596.46, mainly due to the addition of newly consolidated subsidiaries[9] - The company issued ¥1.5 billion in short-term financing bonds, contributing to a 645.94% increase in other current liabilities to ¥2,304,118,800.84[9]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5]. Core Views - The report highlights a steady growth in electricity consumption, with a total of 77,675 billion kWh from January to September, reflecting a year-on-year increase of 4.6% [3][17]. - The report emphasizes the government's ongoing support for the green methanol industry, detailing various policies aimed at promoting its development [18][20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 3.24%, while the public utility index increased by 1.08% and the environmental index by 1.44% [1][15]. - Within the electricity sector, thermal power increased by 2.00%, hydropower by 0.23%, and renewable energy generation by 0.55% [1][15]. Important Events - In September, the industrial electricity generation reached 8,262 billion kWh, a year-on-year increase of 1.5% [2][16]. - The report notes a decline in thermal and wind power generation, while hydropower saw a significant increase of 31.9% [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional players like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][9]. - The report suggests that nuclear power companies will maintain stable profitability, recommending China Nuclear Power and China General Nuclear Power [4][9]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 for 2024 and a PE ratio of 10.3 [9]. - Longyuan Power is also rated "Outperform" with an expected EPS of 0.76 for 2024 and a PE ratio of 22.9 [9].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5]. Core Views - The report highlights a stable growth in industrial electricity production, with a year-on-year increase of 1.6% for the first nine months of the year [2][16]. - It emphasizes the government's ongoing support for the development of renewable energy, particularly in the green methanol sector, which is expected to benefit from various policy initiatives [4][18]. - The report notes that the overall electricity consumption for the first nine months reached 77,675 billion kWh, reflecting a growth of 4.6% year-on-year [3][17]. Summary by Sections Market Review - The Shanghai Composite Index rose by 3.24%, while the public utility index increased by 1.08% and the environmental index by 1.44% [1][15]. - Within the electricity sector, thermal power saw a 2.00% increase, hydropower rose by 0.23%, and renewable energy generation increased by 0.55% [1][15]. Important Events - In September, the industrial electricity generation was 826.2 billion kWh, a 1.5% increase year-on-year, with daily average generation at 27.54 billion kWh [2][16]. - The report indicates a shift in growth rates among different energy sources, with thermal power declining by 5.4% and solar power increasing by 21.1% [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional players like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [4]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, last close at 5.26 CNY, market cap 61.1 billion CNY, EPS forecast for 2024A at 0.49 CNY [9]. - Longyuan Power: Outperform, last close at 17.35 CNY, market cap 145.0 billion CNY, EPS forecast for 2024A at 0.76 CNY [9]. - China Nuclear Power: Outperform, last close at 9.09 CNY, market cap 187.0 billion CNY, EPS forecast for 2024A at 0.43 CNY [9].

Group 1 - The company established a new energy industry investment fund in 2022 with a total scale of 3 billion yuan [2] - As of October 27, the company confirmed that 1.5 billion yuan has been contributed to the fund, with approximately 1.2 billion yuan invested [2]

Core Viewpoint - Zhongshan Public Utility experienced a stock price decline of 2.00% on October 27, trading at 12.72 CNY per share, with a total market capitalization of 18.763 billion CNY [1] Company Overview - Zhongshan Public Utility Group Co., Ltd. was established on December 26, 1992, and listed on January 23, 1997. The company operates in various sectors including environmental water services, solid waste treatment, sanitation services, engineering construction, market operations, port passenger transport, financial services, and equity investment [1] - The main revenue composition includes: water supply and sewage treatment (37.07%), engineering installation (34.53%), sanitation and waste-to-energy (18.79%), other (9.32%), and new energy sector (0.28%) [1] Financial Performance - For the first half of 2025, Zhongshan Public Utility reported revenue of 2.121 billion CNY, a year-on-year increase of 0.64%, and a net profit attributable to shareholders of 719 million CNY, reflecting a year-on-year growth of 29.57% [2] - The company has distributed a total of 4.529 billion CNY in dividends since its A-share listing, with 1.251 billion CNY distributed over the last three years [3] Shareholder Information - As of October 20, the number of shareholders for Zhongshan Public Utility reached 61,600, an increase of 21.19% from the previous period, while the average circulating shares per person decreased by 17.49% to 20,357 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 16.0905 million shares (a decrease of 597,200 shares), and Silver Hua Prosperity Theme Mixed A, which is a new shareholder holding 8 million shares [3]