Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in operational business and a gradual increase in dividends. The performance for 2024 and Q1 2025 aligns with expectations, with total revenue of 6.611 billion yuan in 2024 (up 1.36% year-on-year) and a net profit attributable to shareholders of 1.141 billion yuan (up 6.18% year-on-year) [6] - The company is actively expanding its waste incineration operations and enhancing sanitation services, with a significant increase in waste volume and energy generation. The company is also exploring resource recovery initiatives [6] - The water supply model in Xinyang is being successfully implemented and is expected to be replicated in other regions, with multiple wastewater projects being awarded [6] - The highway operations remain stable, with ongoing feasibility studies for potential upgrades [6] - Although operating cash flow has decreased, capital expenditures have significantly dropped, allowing for an increase in dividends [6] Financial Data and Profit Forecast - Total revenue is projected to be 6.740 billion yuan in 2025, with a year-on-year growth rate of 2.0% [5] - The net profit attributable to shareholders is expected to reach 1.187 billion yuan in 2025, reflecting a 4.0% year-on-year increase [5] - Earnings per share are forecasted to be 1.85 yuan in 2025, with a gross margin of 41.0% [5] - The return on equity (ROE) is projected to be 12.6% in 2025 [5] - The company is expected to maintain a price-to-earnings (PE) ratio of 8 in 2025, decreasing to 7 in subsequent years [5]

Core Points - The company successfully issued the first phase of its 2025 green medium-term notes, raising a total of 500 million RMB [1][2] - The company received approval for a total medium-term note registration amounting to 1.5 billion RMB, valid for two years from the date of the acceptance notice [1] - The funds raised from this issuance have been confirmed to be received as of April 24, 2025 [1]

Core Viewpoint - The green power sector has shown a positive performance with a 1.35% increase, ranking 7th among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Stock Performance - 211 stocks within the green power sector experienced gains, with notable performers including Jiuzhou Group, which hit a 20% limit up, and Huayin Power, Huadian Energy, and Dongbei Group also reaching their limit up [1]. - Other significant gainers included Tianfu Energy, Chengfa Environment, and Leshan Power, which rose by 9.13%, 8.33%, and 7.15% respectively [1]. - Conversely, stocks such as Xingguang Co., Shengyuan Environmental Protection, and Jinming Precision Machinery faced declines of 9.76%, 5.91%, and 5.70% respectively [1]. Group 2: Capital Inflow - The green power sector attracted a net inflow of 1.756 billion yuan, with 133 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflow [2]. - Jiuzhou Group led the inflow with 388 million yuan, followed by Mingxing Power and Changyuan Power with inflows of 384 million yuan and 192 million yuan respectively [2]. - The top stocks by net inflow ratio included Dongbei Group, Huayin Power, and Huangshi Group, with net inflow ratios of 70.07%, 69.64%, and 44.50% respectively [3].

关于 2025 年度第一期绿色两新中期票据发行结果的 证券代码：000885 证券简称：城发环境 公告编号：2025-038 城发环境股份有限公司 | 债券名称 | 城发环境股份有限公司 2025 | | | | 25 | 城发环境 MTN001（绿色两 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 年度第一期绿色两新中期票据 | | | 债券简称 | 新） | | | | 债券代码 | 102581789 | | | 期限 | 3 年 | | | | 起息日 | 2025 4 24 日 | 年 | 月 | 兑付日 | 2028 年 | 4 月 | 24 日 | | 计划发行总额 | 5 亿元人民币 | | | 实际发行总额 | 5 | 亿元人民币 | | | 发行利率 | 2.10% | | | 发行价格 | 100 | 元/百元面值 | | | 簿记管理人 | 招商银行股份有限公司 | | --- | --- | | 主承销商 | 招商银行股份有限公司 | | 联席主承销商 | 中国光大银行股份有限公司,平安银行股份有限公司 | 本次发 ...

Core Viewpoint - The company, Chengfa Environment Co., Ltd., reported a slight increase in revenue and net profit for the year 2024, with a focus on solid waste treatment and environmental services, while also announcing a cash dividend distribution plan for shareholders [3][15][17]. Company Overview - Chengfa Environment achieved operating revenue of 661,066.83 million yuan, a year-on-year increase of 1.36%, and a net profit attributable to shareholders of 114,146.86 million yuan, up 6.18% year-on-year [3]. - The company primarily engages in solid waste treatment, including household waste incineration power generation, hazardous waste disposal, and organic waste treatment [3][6]. Business Segments Solid Waste Treatment - The company operates 32 controlled waste incineration projects with a total processing capacity of 28,550 tons per day, and has additional projects in various stages of operation [5]. - The waste incineration business is conducted mainly through BOT (Build-Operate-Transfer) models, with a typical operational period of 20 to 30 years [4]. Environmental Hygiene Services - The environmental hygiene services include cleaning, waste collection, and management, utilizing IoT and big data technologies to enhance service delivery [7]. - The company operates 37 projects in this segment, with an annual contract value of approximately 760 million yuan [7]. Water Treatment - The water treatment segment encompasses both water supply and sewage treatment, with a total supply and drainage capacity of 165.87 tons per day [8]. - The company has 25 sewage treatment projects and 5 water supply projects, with ongoing construction for additional capacity [8]. Integrated Environmental Solutions - The company provides integrated environmental solutions, including design, consulting, and project management, primarily through an EPC (Engineering, Procurement, and Construction) model [9][10]. Highway Operations - The highway business involves the operation and maintenance of toll highways, with a total operational mileage of 255.36 kilometers [10]. Financial Highlights - The company plans to distribute a cash dividend of 3.56 yuan per 10 shares, totaling approximately 228.58 million yuan, which represents 20.03% of the net profit attributable to shareholders [15][17]. - The company reported a cumulative undistributed profit of 6,158.99 million yuan at the end of 2024 [14]. Credit Rating - The company's credit rating was upgraded from "AA+" to "AAA" by China Chengxin International Credit Rating Co., Ltd., reflecting its strategic importance in ecological protection and solid waste management in Henan Province [12].

证券代码：000885 证券简称：城发环境 公告编号：2025-033 城发环境股份有限公司 关于提请股东大会授权董事会办理以简易程序 向特定对象发行股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 城发环境股份有限公司（以下简称"公司"、"城发环境"）于2025年4月23日召 开了第七届董事会第三十四次会议、第七届监事会第三十一次会议审议通过了 《关于提请股东大会授权董事会办理以简易程序向特定对象发行股票的议案》， 该议案尚需提交公司股东大会审议通过。现将相关事项公告如下： 一、授权内容说明 根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发 行上市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，公司董事会提请股东大会授权董事会决定向特定对象发行融资总额不 超过人民币3亿元且不超过最近一年末净资产20%的股票，授权期限为2024年度股 东大会通过之日起至2025年度股东大会召开之日止。本次授权事宜包括以下内容： （一）确认公司是否符合以简易程序向特定对象发行股票（以 ...

城发环境股份有限公司 审计报告及财务报表 二〇二四年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 城发环境股份有限公司 审计报告及财务报表 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | l -ર | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-193 | --- 立信会计师事务所(特殊普通合伙) do china shu lun pan certified public accountants 审计报告 信会师报字[2025]第 ZB10594 号 城发环境股份有限公司全体股东: 一、审计意见 我们审计了城发环境股份有限公司(以下简称城发环境)财务报 表,包括 2024年 12月 31 日的合并及母公司资产负债表,2024年度 ...

非经营性资金占用及其他关联资金往来情况表 的专项报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查报。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:///acc.mof.gov.cn）"进行查报。 城发环境股份有限公司 信会计师事务所(特殊普通合伙) IINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS I 关于城发环境股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025 ]第 ZB10593 号 城发环境股份有限公司全体股东: 我们审计了城发环境股份有限公司(以下简称"城发环境公 司")2024 年度的财务报表,包括 2024年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 23 日出具了报告号为信会师报字[2025 ]第 ZB10594 号的 无保留意见审计报告。 城发环境公司管理层根据中国证券监督管理委员会《上 ...

城发环境股份有限公司 内部控制审计报告 2024 年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）。 信会计师事务所(特殊普通含 INA SHU LUN PAN CERTIFIED PUBLIC ACCO 内部控制审计报告 信会师报字[2025]第 ZB10591 号 城发环境股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了城发环境股份有限公司(以下简称城发环境)2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是城发环境董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 此外,由于情况的变化可能导致内部控制变得不恰当,或对控制 ...

证券代码：000885 证券简称：城发环境 公告编号：2025-037 城发环境股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议基本情况 （一）会议届次：2024 年度股东大会 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性：本次股东大会的召开经过董事会审议通过， 会议的召开符合《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司 股东大会规则》等规范性文件和公司章程的规定。 （四）会议召开日期和时间 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。 （五）会议召开方式 本次会议采取现场投票与网络投票相结合的召开方式。 公司将通过深圳证券交易所交易系统和互联网投票系统向股东提供网络形式 的 ...