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）募集说明书 发行人：城发环境股份有限公司 牵头主承销商：国泰海通证券股份有限公司 联席主承销商：光大证券股份有限公司 受托管理人：国泰海通证券股份有限公司 本期债券发行金额：不超过 5 亿元（含 5 亿元） 增信措施情况：无 发行人主体信用评级： AAA 本期债券信用评级：无 信用评级机构：中诚信国际信用评级有限责任公司 签署日期：2025 年 7 月 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募集说明书 声明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证募 集说明书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述 和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。 债券发行的利率或者价格应当以询价、协议定价等方式确定，发行人不会操纵 发行定价、暗箱操作，不以代持、信托等方式谋取不正当利益或向其他 ...

之债券受托管理协议》及《城发环境股份有限公司 2024 年面向专业投资者公开 发行公司债券之持有人会议规则》。 特此公告。 (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 司债券（第一期）更名公告》之盖章页） 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）更名公告 根据中国证券监督管理委员会出具的《关于同意城发环境股份有限公司向 专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕1917 号）（以下简 称"《注册批复》"），同意城发环境股份有限公司向专业投资者公开发行面值总 额不超过 15 亿元公司债券。本期债券拟于 2025 年发行。 本次债券申报时命名为"城发环境股份有限公司 2024 年面向专业投资者公 开发行公司债券"，根据命名规则，本期债券名称确定为"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）"。 同时，牵头主承销商国泰海通证券股份有限公司存在更名事项，根据中国证 券监督管理委员会（以下简称（"中国证监会"）《关于同意国泰君安证券股份有 限公司吸收合并海通证券股份有限公司并募集配套资金注册、核准国泰 ...

证券代码：000885 证券简称：城发环境 公告编号：2025-041 城发环境股份有限公司 （一）经股东大会审议通过，公司2024年度权益分派方案为：以2024年12 月31日总股本642,078,255股为基数，向全体股东每10股派3.56元（含税），共计 派发现金228,579,858.78元。 （二）自上述方案披露至实施期间公司股本总额没有发生变化。 （三）本次实施的方案与公司2024年度股东大会审议通过的方案一致。 （四）本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分派方案 本公司2024年度权益分派方案为：按固定比例的方式，以公司现有总股本 后，通过深股通持有股份的香港市场投资者、境外机构（含QFII、RQFII）以及 持有首发前限售股的个人和证券投资基金每10股派3.204000元；持有首发后限售 股、股权激励限售股及无限售流通股的个人股息红利税实行差别化税率征收，本 公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额 【注】；持有首发后限售股、股权激励限售股及无限售流通股的证券投资基金所 涉红利税，对香港投资者持有基金份额部分按10%征收，对内地投资者持 ...

一、股东大会审议通过方案 证券代码：000885 证券简称：城发环境 公告编号：2025-041 城发环境股份有限公司 2024 年度权益分派实施公告 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。 城发环境股份有限公司（以下简称"公司"或"本公司"）2024年度权益分派方 案已获2025年5月20日召开的2024年度股东大会审议通过，现将权益分派事宜公 告如下： （一）经股东大会审议通过，公司2024年度权益分派方案为：以2024年12 月31日总股本642,078,255股为基数，向全体股东每10股派3.56元（含税），共计 派发现金228,579,858.78元。 （二）自上述方案披露至实施期间公司股本总额没有发生变化。 （三）本次实施的方案与公司2024年度股东大会审议通过的方案一致。 （四）本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分派方案 本公司2024年度权益分派方案为：按固定比例的方式，以公司现有总股本 642,078,255股为基数，向全体股东每10股派3.560000元人民币现金（含税；扣税 后，通过深股通持有股份 ...

Industry Overview - The urban sanitation industry, also known as municipal sanitation, involves comprehensive management of environmental hygiene in public areas such as roads, squares, water bodies, public toilets, and waste transfer stations [2][4] - The industry has seen accelerated growth due to urbanization, increased demand for rural living environment improvements, and rising marketization of sanitation services, with the market size projected to grow from CNY 136.29 billion in 2018 to CNY 214.62 billion in 2024 [11][6] Market Dynamics - The urban sanitation market can be segmented into three main areas: urban road cleaning and maintenance, urban waste collection, and daily maintenance/cleaning, with road cleaning accounting for over 80% of the market share [13] - The market for urban road cleaning has expanded significantly, growing from CNY 113.01 billion in 2018 to approximately CNY 180 billion in 2024 [13] Policy Environment - The government has increasingly prioritized the development of the urban sanitation industry, issuing various policies aimed at enhancing urban cleaning and waste management, including promoting mechanized road cleaning and improving waste treatment facility management [8][10] Competitive Landscape - The market is characterized by a mix of diversified competition and increasing concentration, with leading companies like Qiaoyin, Yuhua Tian, and Yingfeng Environment expanding through mergers and acquisitions, while smaller regional firms maintain market share through localized services [15][19] - The industry is undergoing a technological transformation, with a focus on new energy equipment, smart sanitation, and autonomous driving, leading to the gradual elimination of traditional labor-intensive models [15] Future Trends - The adoption of new energy sanitation vehicles is accelerating, driven by national carbon reduction goals, with projections indicating that electric vehicles could account for over 30% of the fleet in the future [21] - Smart sanitation technologies are expected to penetrate over 60% of the market by 2030, enhancing operational efficiency through real-time management and automation [22] - The industry is also witnessing a shift towards green practices and international expansion, with companies increasingly adopting eco-friendly technologies and exploring overseas markets [24]

Group 1: Financial Performance and Goals - The company aims to achieve a dual target of a market value of 100 billion and asset value of 100 billion [2] - As of Q1 2025, accounts receivable is approximately 4 billion, primarily from waste treatment fees and national subsidies [10] - The company plans to increase the dividend payout ratio to over 20% of net profit attributable to shareholders [13] Group 2: Project and Operational Updates - The company is involved in the integrated water supply and drainage pilot project in Xinyang, which has been successfully implemented [2] - The company has acquired 85% of the equity in Aolan Environmental Technology Co., Ltd. and 100% of Dunhua Zhongneng Environmental Power Co., Ltd. [9] - The company operates waste treatment projects in various districts of Zhengzhou, including the Central Plains District and the Economic Development Zone [1] Group 3: Subsidies and Financial Support - The company is actively applying for various subsidies, including green bond financial subsidies and high-tech enterprise policy subsidies [3] - National and provincial subsidies account for approximately 25% of the company's receivables [1] Group 4: Market Position and Strategy - The company maintains a leading position in the environmental protection industry, focusing on waste incineration and sewage treatment [13] - The company emphasizes compliance and risk management in overseas projects to ensure safety and sustainability [4] Group 5: Shareholder Engagement and Communication - The company has conducted multiple investor relations activities, including analyst meetings and performance briefings [1] - The company is committed to transparent communication with shareholders regarding acquisitions and financial performance [8]

上海段和段（郑州）律师事务所 关于城发环境股份有限公司 2024 年度股东大会的 法律意见书 二〇二五年五月 法律意见书 上海段和段（郑州）律师事务所 关于城发环境股份有限公司 2024 年度股东大会的 法律意见书 致：城发环境股份有限公司 三十四次会议决议公告》、《城发环境股份有限公司关于召开 2024 年 度股东大会的通知》（以下简称"《会议通知》"）以及其他与本次 股东大会相关的公告； 3.公司本次股东大会股权登记日（2025 年 5 月 15 日）的股东名 册、出席现场会议股东的到会登记记录及持股凭证资料； 4.公司本次股东大会议案及其他会议文件。 本所出具本法律意见书基于公司向本所提供的文件、所作出的陈 述和说明是完整、真实和有效的，公司保证一切足以影响本法律意见 书的事实和文件均已向本所披露，无任何隐瞒、疏漏之处。 本法律意见书仅供公司为本次股东大会之目的使用。未经本所事 先书面同意，本法律意见书不得向任何第三方提供，或被任何第三方 所依赖，或用作任何其他目的。本所律师同意将本法律意见书随本次 股东大会决议按有关规定予以公告。 上海段和段（郑州）律师事务所（以下简称"本所"）接受城发 环境股份有限 ...

城发环境股份有限公司 2024 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。 证券代码：000885 证券简称：城发环境 编号：2025-040 特别提示： （一）本次会议没有增加、否决或修改提案的情况。 （二）本次会议不涉及变更以往股东大会已通过的决议。 （三）本次会议以现场投票和网络投票相结合的方式召开。 一、会议召开情况 （一）召开时间 现场会议召开时间：2025年5月20日（星期二）15：00； 网络投票时间：通过深圳证券交易所交易系统进行投票的时间为2025年5月 20日（星期二）9:15-9:25，9:30-11:30和13:00-15:00；通过互联网投票系统进行 投票的时间为2025年5月20日（星期二）9:15-15:00。 （二）现场会议召开地点：河南省郑州市郑东新区嘉苑路38号城发环境研发 中心10楼。 （三）召开方式：现场投票与网络投票相结合。 （四）召集人：公司董事会。 （二）现场会议出席的情况 经大会工作人员及见证律师的核对和统计，现场到会股东或代表共3人，代 表股数467,604,364股，占总股数的72 ...

Core Viewpoint - The company, Weili (300190.SZ), is initiating an asset divestiture to alleviate performance pressure as new business segments have not yet achieved scale effects [1][2]. Group 1: Asset Sale Details - Weili plans to transfer 100% equity of Dunhua Zhongneng Environmental Power Co., Ltd. to Chengfa Environment (000885.SZ) for a total consideration of approximately 323 million yuan, which includes a 100 million yuan transfer price and 223 million yuan in shareholder loans [1][2]. - After the transaction, Weili will no longer hold shares in Dunhua Zhongneng, and it will be excluded from Weili's consolidated financial statements [1]. Group 2: Financial Performance - In 2022, 2023, and the first three months of 2024, Dunhua Zhongneng reported revenues of 43.81 million yuan, 43.39 million yuan, and 10.35 million yuan, respectively, with net profits of 6.82 million yuan, 0.11 million yuan, and 0.05 million yuan [1]. - Weili's revenues for 2022, 2023, and 2024 are reported at 2.085 billion yuan, 2.212 billion yuan, and 2.048 billion yuan, with net losses of 450 million yuan, 197 million yuan, and 736 million yuan, totaling a cumulative loss of 1.383 billion yuan [2]. Group 3: Strategic Focus - The asset sale is aimed at optimizing the company's asset structure and focusing on its core business and bioenergy transition, which is essential for long-term stable development [2]. - Weili has been exploring new green energy projects, but most are still under construction and have not yet generated significant revenue, contributing to a decline in overall revenue for 2024 [2]. Group 4: Market Context - The environmental industry is facing cyclical pressures and increased competition, which has led Weili to reassess its traditional environmental engineering projects, resulting in a decrease in project execution compared to previous years [2][3]. - Chengfa Environment, the acquiring company, reported revenues of 6.611 billion yuan in 2024, reflecting a 1.36% year-on-year growth, and a net profit of 1.141 billion yuan, up 6.18% [3].

Group 1 - The core viewpoint of the article highlights recent corporate actions including share reductions and acquisitions among various companies [1] Group 2 - Yingboer plans to reduce its shareholding by no more than 2% of the company's total shares [1] - Weili intends to transfer 100% equity of its subsidiary to Chengfa Environment for 100 million yuan [1] - Aoxing Packaging proposes to repurchase company shares worth between 50 million to 100 million yuan [1] - Wenzhou Hongfeng's controlling shareholder plans to reduce its stake by no more than 1% [1] - Songyuan Safety has secured a project worth 440 million yuan from a well-known domestic automobile manufacturer [1]