证券代码：000885 证券简称：城发环境 公告编号：2025-042 城发环境股份有限公司 第七届董事会第三十五次会议决议公告 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、误导性陈述或者重大遗漏。 一、董事会会议召开情况 （一）会议通知的时间和方式：城发环境股份有限公司（以下简称"公司"） 第七届董事会第三十五次会议通知于2025年7月7日以电子邮件和专人送达形式 向全体董事发出。 （二）召开会议的时间和方式：2025年7月11日15:00以通讯方式召开。 （三）会议召集人及主持人：公司董事长。 （四）会议出席情况：会议应到董事9名，实到董事9名。参加会议的董事人 数符合《中华人民共和国公司法》和公司章程的规定。 （五）列席人员：公司总经理、董事会秘书及公司邀请列席的其他人员。 （六）会议记录人：公司董事会秘书。 二、董事会会议审议情况 （一）关于聘任公司高级管理人员的议案 表决结果：9 票同意、0 票反对、0 票弃权。 本议案已经董事会提名委员会审议通过。 本议案获得通过。 本议案主要内容为： 经公司总经理提名，公司董事会提名委员会审核同意，公司董事会拟聘任牛 鸿武先生为公司 ...

Core Points - The issuer, Chengfa Environment Co., Ltd., has successfully issued corporate bonds totaling up to RMB 15 billion, with the first phase of issuance being RMB 5 billion [2] - The bonds have a maturity of 3 years and were issued through offline inquiries to professional investors, with a coupon rate set at 1.88% [2] - The issuance took place from July 9 to July 10, 2025, and the final subscription rate was 3.88 times the amount offered [2] Summary by Sections - **Bond Details** - The bond is named "Chengfa Environment Co., Ltd. 2025 Corporate Bonds for Professional Investors (Phase 1)" with the code 524337.SZ [2] - The total issuance amount for this phase is capped at RMB 5 billion, and the bonds are structured for a 3-year term [2] - **Subscription and Underwriting** - The main underwriters, Guotai Junan Securities Co., Ltd. and Everbright Securities Co., Ltd., along with their affiliates, participated in the subscription, collectively acquiring RMB 2.5 billion [3] - The subscription process adhered to relevant regulations, ensuring compliance with the issuance and trading management guidelines [3]

债券代码：524337.SZ 债券简称：25 环境 01 城发环境股份有限公司 2025 年面向专业投资者公开发行公司债券 （第一期）发行结果公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整， 并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 城发环境股份有限公司（以下简称"发行人"）发行不超过人民币 15 亿元 公司债券已获得中国证券监督管理委员会证监许可〔2024〕1917 号文注册。本期 债券全称为"城发环境股份有限公司 2025 年面向专业投资者公开发行公司债券 （第一期）"，债券简称"25 环境 01"，债券代码为 524337.SZ。本期债券发行规 模为不超过 5 亿元（含 5 亿元），本期债券为 3 年期，采取网下面向专业投资者 询价配售的方式。 发行人：城发环境股份有限公司 年 月 日 本期债券发行时间为 2025 年 7 月 9 日至 2025 年 7 月 10 日，最终网下实际 发行数量为 5 亿元，票面利率为 1.88%，认购倍数为 3.88 倍。 发行人的董事、监事、高级管理人员、持股比例超过 5%的股东以及其他关 联方未参与本期债券的认购。 本期债券存在承销 ...

债券代码：524337.SZ 债券简称：25 环境 01 城发环境股份有限公司 2025 年面向专业投资者公开发行公司债券 （第一期）票面利率公告 特此公告。 （本页以下无正文） 司债券（第一期）票面利率公告》之签章页） 发行人：城发环境股份有限公司 年 月 日 （本页无正文，为《城发环境股份有限公司 2025 年面向专业投资者公开发行公 城发环境股份有限公司（以下简称"发行人"）发行不超过人民币 15 亿元 公司债券已获得中国证券监督管理委员会证监许可〔2024〕1917 号文注册。本期 债券全称为"城发环境股份有限公司 2025 年面向专业投资者公开发行公司债券 （第一期）"，债券简称"25 环境 01"，债券代码为 524337.SZ。本期债券发行规 模为人民币不超过 5 亿元（含 5 亿元），本期债券为 3 年期。 2025 年 7 月 8 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，本期债券的询价区间为 1.70%-2.70%，根据簿记建档结果，最终确定 本期债券发行金额为 5 亿元，票面利率为 1.88%。 发行人及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并 对 ...

城发环境股份有限公司（以下简称"发行人"）发行不超过人民币15亿元公 司债券已获得注册批复等文件。 根据《城发环境股份有限公司2025年面向专业投资者公开发行公司债券（第 一期）发行公告》，发行人和主承销商于2025年7月8日15:00至18:00以簿记建档 的方式向网下投资者进行利率询价，并根据簿记建档结果在预设的利率区间内确 定本期债券的最终票面利率。 债券代码：524337.SZ 债券简称：25 环境 01 关于延长城发环境股份有限公司 2025 年面向专业投资者公开发 行公司债券（第一期）簿记建档时间的公告 发行人及其董事、监事及高级管理人员保证公告内容不存在虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 （以下无正文） （本页无正文，为《关于延长城发环境股份有限公司 2025 年面向专业投资者公 （本页无正文，为《关于延长城发环境股份有限公司 2025 年面向专业投资者公 开发行公司债券（第一期）簿记建档时间的公告》之盖章页） 光大证券股份有限公司 年 月 日 因簿记建档当日债券市场变化，经簿记管理人、发行人协商一致，现将簿记 建档结束时间延长至2025年7月8 ...

Investment Rating - The report rates the environmental industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][10]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansion and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, but performance varies among companies due to factors such as historical electricity revenue recognition and increased depreciation from new capacity. Major companies are expected to show varied net profit growth in Q1-Q2 2025 [3]. - The sanitation market remains stable, with no significant profit contribution from automation technologies yet. Major companies are expected to see steady net profit growth [3]. - Equipment performance is diverging due to different downstream impacts. Conventional equipment companies may face margin pressure, while power environmental equipment is benefiting from increased demand [3]. Summary by Category Municipal Water Services - Overall operations are stable, with net profit growth expected for major companies: Tianyuan Environmental (+50%), Xingrong Environment (+8%), and Hongcheng Environment (+4%) in Q1-Q2 2025 [3][4]. Waste Incineration - The sector is stable, with varied net profit growth: Huanlan Environment (+1%), Junxin Co. (+42%), Green Power (+25%), Chengfa Environment (+10%), and Yongxing Co. (+7%) [3][4]. Sanitation - The sanitation market is stable, with expected net profit growth for major companies: Yingfeng Environment (+5%) and Yuhua Tian (+7%) [3][4]. Equipment - Conventional equipment companies are facing competitive pressure, with expected declines in net profit growth: Jingjin Equipment (-15%). In contrast, power environmental equipment companies are seeing significant growth: Qingda Environmental (+359%) and water treatment equipment companies like Wotton Technology (+23%) [3][4]. Investment Recommendations - Municipal environmental companies are recommended for their stable profitability and improving cash flow, including Junxin Co., Huanlan Environment, Xingrong Environment, Green Power, Hongcheng Environment, Yongxing Co., Yuehai Investment, and Guangda Environment [3]. - Companies in the unmanned sanitation sector, such as Yingfeng Environment and Yuhua Tian, are recommended for their potential in digital transformation [3]. - SAF suppliers and raw material providers are highlighted for their growth potential due to EU policies [3]. - Wotton Technology is recommended for its ongoing import substitution in reverse osmosis membranes [3].

Core Viewpoint - The credit rating of Chengfa Environment Co., Ltd. has been upgraded from AA+ to AAA, reflecting its strategic importance in ecological protection and high-quality development in the Yellow River Basin, supported by its major shareholder, Henan Investment Group [3][4][17]. Company Overview - Chengfa Environment Co., Ltd. primarily engages in waste incineration power generation and wastewater treatment, as well as highway development and infrastructure investment [12][30]. - As of September 2024, the company operates 32 waste incineration power generation projects with a total waste processing capacity of 28,550 tons per day [17][19]. Financial Performance - In 2023, the company achieved total revenue of 65.22 billion yuan, a year-on-year increase of 2.61% [30]. - The company's total assets reached 301.42 billion yuan by September 2024, with total liabilities of 154.01 billion yuan [6][9]. - The EBITDA for 2023 was 31.1 billion yuan, indicating a growth trend [9][30]. Strategic Positioning - The company is positioned as the largest environmental investment and operation platform in Henan Province, focusing on ecological investment and integrated water supply and drainage systems [17][18]. - The strategic importance of the company has increased within the shareholder and provincial state-owned asset system, enhancing its ability to secure ecological and environmental business resources [5][11][17]. Operational Strengths - The company has a strong operational capacity in waste treatment, with high processing efficiency and a robust supply of waste materials [17][19]. - The core highway assets provide stable income and cash flow, contributing significantly to the company's financial stability [26]. Industry Context - The waste incineration power generation market is experiencing a slowdown in growth, with increasing competition in hazardous waste disposal, leading to reduced profit margins [14][15]. - The environmental industry in China is evolving, with a focus on solid waste management, air quality improvement, and water environment governance [15][16]. Future Outlook - The company plans to expand its waste incineration projects and is actively exploring overseas opportunities in countries like Uzbekistan and Egypt [17][18]. - With government support, the company aims to enhance its water treatment capabilities and integrate its operations to improve efficiency and profitability [22][25].

Core Points - The company, Chengfa Environment Co., Ltd., has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling no more than 1.5 billion yuan aimed at professional investors, with the issuance planned for 2025 [2][3] - The bond was initially named "Chengfa Environment Co., Ltd. 2024 Public Offering of Corporate Bonds for Professional Investors," but has been renamed following the naming rules [2] - The lead underwriter, Guotai Junan Securities Co., Ltd., has undergone a name change to Guotai Haitong Securities Co., Ltd. due to a merger with Haitong Securities Co., Ltd., effective from March 14, 2025 [2][3] Summary by Sections - **Bond Issuance**: Chengfa Environment Co., Ltd. is set to issue corporate bonds with a total face value of up to 1.5 billion yuan, approved by the CSRC for professional investors, scheduled for 2025 [2] - **Name Change**: The bond's name has been updated in accordance with regulatory naming conventions, reflecting the new title while maintaining the legal validity of previously signed documents related to the bond issuance [3] - **Underwriter Merger**: The lead underwriter has changed its name to Guotai Haitong Securities Co., Ltd. following a merger, which will see the new entity inherit all rights and obligations of the former Haitong Securities [2][3]

2024 年度 城发环境股份有限公司 信用评级报告 编号：CCXI-20244162M-01 2024 年度城发环境股份有限公司 信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2024 年 11 月 19 日 2 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据。 ...

城发环境股份有限公司 2025 年面向专业投资者 公开发行公司债券（第一期） 发行公告 2、本期债券全称为"城发环境股份有限公司 2025 年面向专业投资者公开发行公司 债券（第一期）"，债券简称"25 环境 01"，债券代码为 524337.SZ。本期债券发行规模 为人民币不超过 5 亿元（含 5 亿元），每张面值为 100 元，发行数量为不超过 500 万张 （含 500 万张），发行价格为人民币 100 元/张。 3、根据《证券法》等相关规定，本期债券仅面向专业投资者中的机构投资者发行， 普通投资者和专业投资者中的个人投资者不得参与发行认购。本期债券上市后将被实施 投资者适当性管理，仅专业投资者中的机构投资者参与交易，普通投资者和专业投资者 中的个人投资者认购或买入的交易行为无效。 4、经中诚信国际信用评级有限责任公司综合评定，发行人主体评级为 AAA，评级 展望为稳定。本期债券发行上市前，公司最近一期期末净资产为 985,954.21 万元（2025 年 3 月 31 日合并财务报表中的所有者权益合计），合并口径资产负债率为 68.25%，母 公司口径资产负债率为 50.55%；发行人最近三个会计年度 ...