Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][15]. Core Insights - The company, Chengfa Environment, reported a revenue of 2.891 billion yuan for the first half of 2024, a year-on-year decrease of 10.66%, with a net profit attributable to shareholders of 490 million yuan, down 17.44% year-on-year [1]. - The report highlights an increase in the proportion of revenue from environmental operations, with significant growth in waste treatment and water treatment businesses, indicating a positive outlook for these segments [1][4]. - The company has fully operationalized its solid waste treatment projects, which are expected to improve cash flow and enhance future dividend payouts [5]. Summary by Sections Financial Performance - In the first half of 2024, the company experienced a revenue decline of 345 million yuan, primarily due to a significant drop in integrated environmental service revenue, which fell by 63% year-on-year [1]. - The gross profit margin for solid waste treatment and environmental operations was reported at 43.4%, with a notable increase in the contribution from high-margin businesses [1][5]. Business Segments - The environmental operations segment saw a revenue increase of 318 million yuan (24.65%) in solid waste treatment and a 47 million yuan (33.18%) increase in water treatment, leading to a 17.9 percentage point rise in their combined revenue share [1][4]. - The company has established a water supply project processing capacity of 30.5 million tons per day and a wastewater project capacity of 679,100 tons per day, with significant year-on-year growth in treated wastewater and water supply volumes [4]. Future Outlook - The company is expected to focus on integrated water supply and drainage innovations and explore light-asset operations in waste-to-energy projects, alongside international business expansion through partnerships with state-owned enterprises [5]. - Profit forecasts for 2024-2026 project net profits of 1.037 billion yuan, 1.101 billion yuan, and 1.167 billion yuan, respectively, with corresponding earnings per share of 1.61, 1.71, and 1.82 yuan [5][11].

[Table_Contacts] [Table_Page] 中报点评|环保 证券研究报告 [Table_Title] 城发环境（000885.SZ） 运营业务稳健增长，资本开支明显收窄 [Table_Summary] 核心观点： ⚫ 建造业务收缩、高速车流量减少等因素导致 24H1 业绩下滑。公司发 布 24 年中报：24H1 实现营收 28.91 亿元（同比-10.66%），归母净利 润 4.90 亿元（同比-17.44%）。营收业绩下滑主要系：（1）环保方案集 成业务 24H1 营收同比-63%至 3.46 亿元；（2）高速公路 24H1 由于极 端天气、限免等因素，营收同比-10.28%至 6.41 亿元、毛利率同比-1pct 至 54.8%；（3）期间费用率同比+3.3pct 至 18.6%，主要系新项目转入 运营期导致财务费用率同比+1.6pct 以及管理费用率同比提升 1.0pct。 ⚫ 垃圾焚烧、水务稳健增长，供热、绿证业务推进中。24H1 固废及环卫 实现营收16.09亿元（同比+24.65%），水处理营收同比+33.18%至1.87 亿元。截至 24H1 公司在手固废项目全部投运，总产能为 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 16.48 [1][7]. Core Views - The report highlights a decline in revenue and net profit for the first half of 2024, with revenue at RMB 28.91 billion (down 10.66% year-on-year) and net profit at RMB 4.90 billion (down 17.44% year-on-year) [1]. - The report anticipates a decrease in environmental engineering revenue forecasts and projects net profits for 2024-2026 to be RMB 10.79 billion, RMB 11.73 billion, and RMB 12.78 billion respectively [1]. - The report emphasizes the growth in solid waste operations, while the highway and engineering segments are under pressure [1][2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 28.91 billion, with a year-on-year decrease of 10.66%. The net profit attributable to the parent company was RMB 4.90 billion, down 17.44% year-on-year [1]. - The second quarter saw revenue of RMB 15.34 billion, a year-on-year decrease of 10.59% but a quarter-on-quarter increase of 13.02% [1]. Business Segments - Solid Waste Business: Revenue for H1 2024 was RMB 16.09 billion, up 24.65% year-on-year, with a gross margin of 43.44% [2]. - Highway Business: Revenue decreased by 10.28% year-on-year to RMB 6.41 billion, with a gross margin of 54.82% [2]. - Environmental Solution Integration Services: Revenue fell by 62.92% year-on-year to RMB 3.46 billion, with a gross margin of 17.89% [2]. Operational Highlights - The company has a total operational capacity of 28,550 tons/day in the waste-to-energy sector, with 32 projects in operation as of June 30, 2024 [3]. - The amount of waste processed in H1 2024 was 573.2 million tons, a year-on-year increase of 17.9%, and the electricity generated was 1.4 billion kWh, up 16.4% year-on-year [3]. Highway Operations - The average daily traffic volume on highways decreased by 3.06% year-on-year to 43,200 vehicles, and toll revenue fell by 8.29% year-on-year to RMB 6.47 billion [4].

并资产负债表 单位:人民币元 | | 2024年6月30日 | 2023年12月31日 | | --- | --- | --- | | 流动资产: | | | | 货币资金 | 1,170,700,363.47 | 1,356,265,067.47 | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 2,588,600.40 | 2,577,354.00 | | 应收账款 | 3,202,102,182.26 | 2,614,505,958.45 | | 应收款项融资 | 412,859.96 | 731,747.60 | | 预付款项 | 46.083,025.40 | 42,876,273.08 | | 其他应收款 | 98.627,157.65 | 46,266,007.36 | | 其中:应收利息 | | | | 应收股利 | | | | 存货 | 83,678,670.07 | 77,240,059.43 | | 合同资产 | 443,884,341.60 | 319.603,988.19 | | 持有待售资产 | | | | 一年内到期的非流动资产 | 196,33 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, a table of contents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management assures the accuracy and completeness of this semi-annual report, clarifying that forward-looking statements do not constitute substantive commitments - The company's Board of Directors, Supervisory Board, and all senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, clarifying that forward-looking statements regarding development strategies do not constitute substantive commitments[6](index=6&type=chunk) - The company's 2024 semi-annual profit distribution plan proposes no cash dividends, no bonus shares, and no capitalization of reserves[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This chapter defines specific terms and abbreviations used in the report, covering regulatory bodies, major shareholders, the company, and its dozens of subsidiaries - The company's controlling shareholder is identified as "Henan Investment Group Co., Ltd.," with a comprehensive list of abbreviations and full names for dozens of subsidiaries and affiliated companies mentioned in the report[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's fundamental information and a summary of its key financial performance and position for the reporting period [Company Profile](index=8&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This chapter provides the company's basic commercial information, including its stock abbreviation "CEVIA Enviro," stock code "000885," full Chinese and English names, and legal representative - Company basic information: CEVIA Enviro Inc., stock code **000885**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2024, the company's operating revenue was **2.891 billion yuan**, a **10.66%** year-on-year decrease, with net profit attributable to shareholders at **490 million yuan**, down **17.44%** Main Accounting Data and Financial Indicators (Yuan) | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,891,105,587.53 | 3,236,146,474.97 | -10.66% | | Net Profit Attributable to Shareholders (Yuan) | 490,141,563.31 | 593,649,148.13 | -17.44% | | Net Cash Flow from Operating Activities (Yuan) | 634,573,997.43 | 693,572,009.95 | -8.51% | | Basic Earnings Per Share (Yuan/share) | 0.7634 | 0.9246 | -17.43% | | Weighted Average Return on Net Assets | 6.35% | 8.72% | -2.37% | | **Indicator** | **End of Current Period** | **End of Prior Year** | **YoY Change** | | Total Assets (Yuan) | 29,583,706,892.28 | 29,128,170,526.36 | 1.56% | | Net Assets Attributable to Shareholders (Yuan) | 7,830,103,972.62 | 7,501,741,588.83 | 4.38% | Non-recurring Gains and Losses (Yuan) | Non-recurring Gain/Loss Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 1,000,000.00 | | Government Grants Recognized in Current Profit/Loss | 6,724,739.75 | | Other Non-operating Income/Expenses | 1,313,118.37 | | Less: Income Tax Impact | 1,954,033.16 | | Less: Impact on Minority Interests (After Tax) | 674,474.90 | | **Total** | **6,409,350.06** | [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive review of the company's operations, financial performance, and strategic initiatives during the reporting period [I. Main Businesses During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses span solid waste treatment, environmental sanitation, water treatment, environmental solution integration services, and highway operations, with a shift towards increased environmental operation services - The company's business covers five major segments: - **Solid Waste Treatment**: Centered on household waste incineration for power generation, synergistically treating kitchen waste, sludge, hazardous waste, and medical waste - **Environmental Sanitation Services**: Providing integrated urban and rural environmental sanitation services including sweeping, cleaning, waste collection, and waste sorting - **Water Treatment**: Encompassing water supply, wastewater treatment, and rural wastewater management - **Environmental Solution Integration Services**: Offering full-cycle solutions including design, equipment, construction, and operation - **Highway Operations**: Operating **255 kilometers** of highways[23](index=23&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) Core Production Indicators | Core Production Indicator | H1 2024 | YoY Growth | | :--- | :--- | :--- | | Waste Input (10,000 tons) | 573.2 | 17.86% | | On-grid Power Generation (10,000 kWh) | 140,080 | 16.43% | | External Steam Supply (10,000 tons) | 66.72 | 29.38% | | Wastewater Treatment Volume (10,000 tons) | 5,777.18 | 34.20% | | Water Supply Volume (10,000 tons) | 2,748.94 | 13.03% | | Toll Revenue (10,000 Yuan) | 64,667 | -8.29% | - In market expansion, the company extended front-end environmental sanitation services in waste incineration project locations, winning multiple bids; promoted "City Housekeeper" service solutions; secured new water treatment projects; and actively explored overseas markets[31](index=31&type=chunk) [II. Analysis of Core Competencies](index=13&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a complete industrial chain, efficient project operation management, and stable cash flow from quality road and bridge assets - The company possesses a complete environmental protection industrial chain, from front-end sanitation to end-of-life resource utilization, enabling replicable and scalable full-chain environmental comprehensive governance services[35](index=35&type=chunk) - The company has extensive experience in project investment, construction, and operation, with its waste incineration projects operating stably, maintaining good pollutant emission control, and achieving continuous economic benefits[36](index=36&type=chunk)[37](index=37&type=chunk) - Core road and bridge assets totaling **255 kilometers** serve as a "ballast" business, providing continuous and stable cash flow for the company's daily operations[38](index=38&type=chunk) [III. Analysis of Main Business](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Total revenue decreased by **10.66%** year-on-year, with solid waste and sanitation revenue growing by **24.65%**, water treatment by **33.18%**, while environmental solution integration services significantly declined by **62.92%**, indicating a shift towards operational services Main Business Financials (Yuan) | Item | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,891,105,587.53 | 3,236,146,474.97 | -10.66% | | Operating Cost | 1,643,132,882.77 | 1,918,202,630.96 | -14.34% | | Selling Expenses | 13,884,450.99 | 11,233,821.69 | 23.60% | | Financial Expenses | 283,865,101.03 | 266,020,227.28 | 6.71% | | Net Cash Flow from Investing Activities | -821,837,011.92 | -1,410,210,162.80 | -41.49% | | Net Cash Flow from Financing Activities | 37,661,000.88 | 2,066,566,207.94 | -98.18% | Revenue by Business Segment (Yuan) | Business Segment | Operating Revenue (Yuan) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Solid Waste Treatment and Environmental Sanitation Services | 1,609,097,344.98 | 55.66% | 24.65% | | Environmental Solution Integration Services | 346,148,988.94 | 11.97% | -62.92% | | Water Treatment Services | 186,785,712.70 | 6.46% | 33.18% | | Highway Operations | 641,400,524.38 | 22.19% | -10.28% | [V. Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets increased by **1.56%** to **29.584 billion yuan**, with accounts receivable rising to **10.82%** of total assets, while short-term borrowings decreased to **1.79%** and long-term borrowings remained the largest liability Major Asset and Liability Items (Yuan) | Major Asset/Liability Item | Period-end Amount (Yuan) | Percentage of Total Assets | Change from Prior Year-end | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,170,700,363.47 | 3.96% | -0.70% | | Accounts Receivable | 3,202,102,182.26 | 10.82% | 1.84% | | Fixed Assets | 5,094,723,599.06 | 17.22% | -0.68% | | Construction in Progress | 916,933,054.69 | 3.10% | 0.49% | | Short-term Borrowings | 530,451,458.37 | 1.79% | -1.01% | | Long-term Borrowings | 13,388,065,882.27 | 45.25% | 0.55% | [VI. Analysis of Investment Status](index=16&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by **37.62%** to **887 million yuan**, with **1.62 billion yuan** raised through bonds and short-term notes used entirely for debt repayment, consistent with stated purposes - Investment during the reporting period was **887 million yuan**, a **37.62% decrease** from **1.422 billion yuan** in the prior year period[45](index=45&type=chunk) Funds Raised and Utilized (10,000 Yuan) | Fundraising Method | Year of Issuance | Total Funds Raised (10,000 Yuan) | Amount Used in Current Period (10,000 Yuan) | Purpose | | :--- | :--- | :--- | :--- | :--- | | Non-public Issuance of Corporate Bonds | 2023 | 50,000 | 50,000 | Repay interest-bearing debt | | Public Issuance of Ultra-short-term Financing Bills | 2023 | 40,000 | 40,000 | Repay interest-bearing debt | | Public Issuance of Ultra-short-term Financing Bills | 2024 | 47,000 | 47,000 | Repay interest-bearing debt | | Public Issuance of Ultra-short-term Financing Bills | 2024 | 25,000 | 25,000 | Repay interest-bearing debt | | **Total** | -- | **162,000** | **162,000** | -- | [VIII. Analysis of Major Holding and Participating Companies](index=18&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Henan Xupingnan Expressway Co., Ltd. was a significant profit contributor with **221 million yuan** in net profit, and the company expanded its business by adding nine new subsidiaries in urban services and environmental sectors Major Holding/Participating Companies (Yuan) | Company Name | Type | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Henan Xupingnan Expressway Co., Ltd. | Subsidiary | Highway development, operation | 665,016,923.41 | 221,451,997.40 | | CEVIA Water Co., Ltd. | Subsidiary | Water supply, wastewater treatment | 260,516,487.11 | 45,389,229.47 | | Zhengzhou Zero Carbon Technology Co., Ltd. | Subsidiary | Industrial park investment, construction, operation | 401,661,373.78 | 74,343,120.12 | - During the reporting period, the company expanded its business by establishing five new subsidiaries and acquiring four, including CEVIA Water (Gushi) Co., Ltd. and Henan CEVIA Sound Environmental Development Co., Ltd., respectively[52](index=52&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=19&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces three main risks: environmental policy changes, intensified market competition in solid waste and water sectors, and increased accounts receivable due to local government fiscal pressure - **Policy Change Risk**: The environmental protection industry is closely linked to national strategies, and policy adjustments may adversely affect the company's operations[53](index=53&type=chunk) - **Increased Industry Competition Risk**: Central state-owned enterprises, local state-owned enterprises, and private capital are entering the solid waste and water sectors, intensifying market competition and potentially increasing the difficulty for the company to secure new projects[54](index=54&type=chunk) - **Accounts Receivable Increase Risk**: The company's government-paid business accounts for a significant proportion, and local government fiscal payment capacity is under pressure, leading to extended collection cycles and impacting the company's asset liquidity and operational efficiency[55](index=55&type=chunk) [Corporate Governance](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section details the company's governance structure, including shareholder meetings and changes in its board of directors and senior management [Shareholders' Meeting Information](index=20&type=section&id=%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E6%83%85%E5%86%B5) The company held one annual general meeting and three extraordinary general meetings during the reporting period, with investor participation consistently above **66%** Shareholders' Meeting Information | Meeting Session | Meeting Type | Investor Participation Rate | Meeting Date | | :--- | :--- | :--- | :--- | | First Extraordinary General Meeting of 2024 | Extraordinary General Meeting | 67.32% | February 27, 2024 | | Second Extraordinary General Meeting of 2024 | Extraordinary General Meeting | 67.02% | April 02, 2024 | | 2023 Annual General Meeting | Annual General Meeting | 67.39% | May 22, 2024 | | Third Extraordinary General Meeting of 2024 | Extraordinary General Meeting | 66.77% | June 21, 2024 | [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Mr. An Rujie was elected as an employee representative director, and Mr. Li Jun resigned as deputy general manager due to work changes - Mr. An Rujie was elected as an employee representative director of the company's seventh Board of Directors on January 19, 2024[58](index=58&type=chunk) - Mr. Li Jun resigned from his position as deputy general manager on May 29, 2024, due to work changes[58](index=58&type=chunk) [Environmental and Social Responsibility](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section outlines the company's commitment to environmental protection, including compliance with regulations, and its efforts in social responsibility, such as protecting shareholder and employee rights [I. Significant Environmental Issues](index=21&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E7%8E%AF%E4%BF%9D%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company and its subsidiaries are designated key polluting units, strictly adhering to environmental laws, with detailed disclosures confirming no exceedances in pollutant emissions - The company and its subsidiaries are designated key polluting units by environmental protection authorities, with operations strictly adhering to national and local environmental laws and standards, including the Environmental Protection Law[60](index=60&type=chunk) - The report extensively details the emission concentrations, total emissions, and approved limits for major pollutants (e.g., particulate matter, sulfur dioxide, COD) from wastewater and exhaust gas across dozens of subsidiaries, confirming no exceedances for any unit[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The company has developed and filed an "Emergency Response Plan for Environmental Incidents," with environmental facilities operating normally during the reporting period, and approximately **20,000 yuan** in environmental protection tax paid[81](index=81&type=chunk)[82](index=82&type=chunk) [II. Social Responsibility](index=40&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company protects shareholder rights through compliant disclosure and stable dividends, supports employee development with market-based compensation and training, and promotes green development through energy and water conservation - **Shareholder Rights Protection**: Strict adherence to legal information disclosure, engaging with investors through performance briefings and interactive platforms, and completing the 2023 equity distribution of **2.52 yuan (tax inclusive) per 10 shares**[85](index=85&type=chunk) - **Employee Rights Protection**: Implementation of a market-based compensation mechanism, advancement of the HR "three-pillar" model, execution of the "Latent Dragon Program" talent inventory, and organization of various training and cultural activities[86](index=86&type=chunk) - **Environmental Protection**: Adherence to green development principles, strict compliance with environmental regulations, vigorous promotion of energy and water conservation projects, enhancement of resource utilization, and reduction of operational resource consumption[87](index=87&type=chunk) [Significant Matters](index=42&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers key events and commitments, including the fulfillment of shareholder pledges, related party transactions, significant guarantees, and other material developments [Commitments](index=42&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder, Henan Investment Group Co., Ltd., fulfilled its voluntary commitment not to reduce its shareholding for six months, which ended on March 20, 2024 - The controlling shareholder, Henan Investment Group Co., Ltd., has fulfilled its commitment not to reduce its shareholding in the listed company by any means for six months starting from September 20, 2023[88](index=88&type=chunk) [Significant Related Party Transactions](index=43&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in various daily operational related party transactions with entities under common control, including procurement, sales, services, and leasing, all at market prices within approved annual limits - The company engaged in extensive daily operational related party transactions with multiple affiliates, primarily subsidiaries of Henan Investment Group, covering material procurement, power purchasing, engineering services, property services, and asset leasing, all conducted at market prices[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Significant Guarantees](index=53&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) As of the reporting period end, total actual guarantees amounted to **1.707 billion yuan**, representing **21.80%** of net assets, including a **1.5 billion yuan** guarantee for the controlling shareholder Summary of Guarantees (10,000 Yuan) | Guarantee Summary | Amount (10,000 Yuan) | | :--- | :--- | | Total Actual Guarantee Balance at Period-end | 170,692.8 | | Percentage of Company's Net Assets | 21.80% | | Of which: Guarantees for Shareholders, Actual Controllers, and Affiliates | 150,000 | [Explanation of Other Significant Matters](index=55&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company successfully issued two ultra-short-term financing bills totaling **720 million yuan** and decided to terminate its convertible bond issuance plan, withdrawing related application documents - The company successfully issued two ultra-short-term financing bills in April and May 2024, totaling **470 million yuan** (at **2.2%** interest) and **250 million yuan** (at **1.99%** interest), respectively[119](index=119&type=chunk) - On May 23, 2024, the company decided to terminate the issuance of convertible corporate bonds to unspecified investors and applied to the Shenzhen Stock Exchange to withdraw related application documents[121](index=121&type=chunk) [Share Changes and Shareholder Information](index=57&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital structure and the composition of its shareholder base during the reporting period [I. Share Change Information](index=57&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital and share structure remained unchanged during the reporting period, with **642,078,255 shares**, all unrestricted tradable shares - As of the end of the reporting period, the company's total share capital was **642,078,255 shares**, with no changes during the period[123](index=123&type=chunk) [III. Number of Shareholders and Shareholding Information](index=58&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of June 30, 2024, the company had **23,215** common shareholders, with Henan Investment Group Co., Ltd. as the largest shareholder at **56.47%** Shareholder Information | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Henan Investment Group Co., Ltd. | State-owned Legal Person | 56.47% | 362,579,146 | | China United Cement Group Co., Ltd. | State-owned Legal Person | 9.72% | 62,400,000 | | Great Wall Life Insurance Co., Ltd. - Own Funds | Other | 6.00% | 38,525,278 | | Xinxiang Economic Investment Co., Ltd. | State-owned Legal Person | 0.81% | 5,217,099 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.73% | 4,688,671 | [Preferred Shares Information](index=61&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no preferred shares outstanding during the reporting period [Preferred Shares Information](index=61&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[129](index=129&type=chunk) [Bond-Related Information](index=62&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments [II. Corporate Bonds](index=62&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) As of the reporting period end, the company had outstanding bonds including a **500 million yuan** non-public corporate bond and two ultra-short-term financing bills totaling **720 million yuan** Corporate Bonds (10,000 Yuan) | Bond Abbreviation | Bond Code | Maturity Date | Bond Balance (10,000 Yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | 23 CEVIA D1 | 133645.SZ | September 4, 2024 | 50,000 | 2.8% | Non-financial Enterprise Debt Financing Instruments (10,000 Yuan) | Bond Abbreviation | Bond Code | Maturity Date | Bond Balance (10,000 Yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | 24 CEVIA Enviro SCP001 | 012481464.IB | January 21, 2025 | 47,000 | 2.2% | | 24 CEVIA Enviro SCP002 | 012481707.IB | February 25, 2025 | 25,000 | 1.99% | [VI. Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=63&type=section&id=%E5%85%AD%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's liquidity and quick ratios improved, while the asset-liability ratio slightly decreased, but the interest coverage ratio declined, indicating weakened short-term solvency Key Financial Indicators (%) | Item | End of Current Period/Current Period | End of Prior Year/Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 0.99 | 0.86 | 15.12% | | Asset-Liability Ratio | 69.81% | 70.87% | -1.06% | | Interest Coverage Ratio | 3.41 | 3.92 | -13.01% | | EBITDA Interest Coverage Ratio | 5.3 | 5.61 | -5.53% | [Financial Report](index=65&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section contains the company's unaudited semi-annual consolidated and parent company financial statements, along with detailed notes on accounting policies and major items [II. Financial Statements](index=65&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter includes the company's unaudited 2024 semi-annual consolidated and parent company financial statements, specifically the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The company's 2024 semi-annual financial report is unaudited[134](index=134&type=chunk) - This section provides detailed financial statements, including: Consolidated Balance Sheet, Consolidated Income Statement, Consolidated Cash Flow Statement, and Consolidated Statement of Changes in Owners' Equity[135](index=135&type=chunk)[142](index=142&type=chunk)[147](index=147&type=chunk) [III. Company Overview](index=82&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The notes detail the company's overview, financial statement preparation basis, significant accounting policies, and annotations for major consolidated financial statement items, including taxes, segment information, and related parties - The company's primary business scope includes investment, operation, and management of environmental and public utility projects, waste-to-energy, water pollution control, and investment, construction, and operation of highways and municipal infrastructure[163](index=163&type=chunk) - The company benefits from multiple tax incentives, including: simplified **3%** tax for highway tolls; VAT immediate refund or exemption for waste-to-energy, waste treatment, sludge disposal, and wastewater treatment; "three-year exemption, three-year half reduction" corporate income tax for eligible environmental projects; and a **15%** corporate income tax rate for certain high-tech subsidiaries[235](index=235&type=chunk)[236](index=236&type=chunk)[237](index=237&type=chunk) - During the reporting period, the company expanded its environmental sanitation business by acquiring Henan CEVIA Sound Environmental Development Co., Ltd. and its three subsidiaries through non-common control business combinations[349](index=349&type=chunk)[350](index=350&type=chunk)

（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》（以下简称"《公司法》"）和公司章程的规 定。 证券代码：000885 证券简称：城发环境 公告编号：2024-062 城发环境股份有限公司 第七届董事会第二十六次会议决议公告 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"） 第七届董事会第二十六次会议通知于2024年08月09日以电子邮件和专人送达形 式发出。 （二）召开会议的时间地点和方式：2024年08月21日15:00以现场结合通讯 表决方式在公司16层1617室召开。 （三）会议召集人及主持人：公司董事长。 （五）列席人员：公司全体监事、高级管理人员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 关于公司2024年半年度报告全文及摘要的议案 表决结果：9票同意，0票反对，0票弃权。 本议案获得通过。 本议案已经公司独立董事专门会议及审计委员会审议通过。 三、独立董事专门 ...

410104 | 总表 | | --- | | 情况汇 | | 来 | | 金往: | | 长资: | | 关联资 | | 他关 | | 及其1 | | 出 | | नम | | 金 | | ਐਕ | | સ્મ | | नीण्य | | 非经 | | रेक्टर | | 公司2024年半年! | | 限! | | 100 | | 4 | | ○境股 | | 发环 | | | | | 位:人民币万元 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关联资金往 | 金往来方 | 的关联ቃ :来方与上市公司 系 | 024年期初往来资 金余额 七市公司 | 024年1−6月往来 累计发生金额 | 2024年1~6月往来 2024年1~6月往来 | 2024年1−6月偿 累计发生金额 | 往来形成 024年6月30日 在来资金余容 | 主来性质 | | | | | 厚的会计不 | 不含利息 | | | 原因 | | | | | 团控制 受河南投资集 | 应收账款 | 3,173.69 | | 1,218.3 | 是供服务 ...

第七届监事会第二十五次会议决议公告 本公司及监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、监事会会议召开情况 证券代码：000885 证券简称：城发环境 公告编号：2024-063 城发环境股份有限公司 （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"） 第七届监事会第二十五次会议通知于2024年08月09日以电子邮件和专人送达形 式发出。 （二）召开会议的时间地点和方式：2024年08月21日15:00以现场结合通讯 表决方式在公司16层1617室召开。 （三）会议召集人及主持人：公司监事会主席。 （四）会议出席情况：会议应参加监事3名，实际参加监事3名。参加会议的 监事人数符合《中华人民共和国公司法》（以下简称"《公司法》"）和公司章 程的规定。 （五）会议记录人：公司董事会秘书。 二、监事会会议审议情况 审议通过该议案。 监事会认为： （一）该报告编制和审议程序符合法律、法规、中国证监会及公司章程的规 定； （二）该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，真实、 准确、完整的反映了上市公司的真实情况，未发现任何虚假记载、误 ...

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 公告编号：2024-061 城发环境股份有限公司（以下简称"本公司"）于2023年6月13日召开的第 七届董事会第九次会议审议通过了《关于公司非公开发行短期公司债券方案的议 案》，并于2023年6月29日召开2023年第四次临时股东大会审议通过了《关于公 司非公开发行短期公司债券方案的议案》，同意公司申报发行公司债券的金额不 超过25亿元人民币。 本公司不是失信责任主体，根据2023年8月25日公司获得的深圳证券交易所 《关于城发环境股份有限公司非公开发行短期公司债券符合深交所挂牌条件的 无异议函》（深证函〔2023〕568号），公司于2024年8月13日至2024年8月14日 完成了"城发环境股份有限公司2024年面向专业投资者非公开发行短期公司债券 （第一期）"（证券简称"24城发D1"债券代码"134004.SZ"，以下简称"本 期债券"）的发行。本期债券发行具体结果如下： 一、发行期间 城发环境股份有限公司 2024 年面向专业投资者非公开发行 短期公司债券（ ...

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"城发环境"）董事会于近日 收到公司副总经理易立强先生的书面辞职报告。易立强先生因工作变动，申请辞 去公司副总经理职务。 证券代码：000885 证券简称：城发环境 公告编号：2024-060 城发环境股份有限公司 关于公司副总经理辞职的公告 城发环境股份有限公司董事会 2024 年 07 月 25 日 根据《中华人民共和国公司法》《深圳证券交易所上市公司规范运作指引》 和公司章程的相关规定，易立强先生不再担任公司副总经理自辞职报告送达公司 董事会之日起生效。生效后易立强先生不再担任公司任何职务，其辞职不会影响 公司相关工作的正常运行。截至本公告日，易立强先生未持有公司股票。 公司董事会对易立强先生为公司发展做出的贡献表示衷心感谢！ 特此公告。 ...