[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms used throughout the document [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company and presents its key accounting data and financial performance metrics [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Chenfa Environment Co., Ltd. (stock code: 000885) is a company listed on the Shenzhen Stock Exchange, with Huang Xinmin as its legal representative, focusing on environmental protection and related fields Company Information | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Chenfa Environment | | **Stock Code** | 000885 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Legal Representative** | Huang Xinmin | [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of **3.216 billion yuan**, a **11.25%** year-on-year increase, and net profit attributable to shareholders of **588.91 million yuan**, up **20.15%**, with a significant **53.91%** increase in net cash flow from operating activities, indicating improved operational quality and cash flow management, alongside steady growth in total assets and net assets Key Financial Performance | Key Financial Indicators | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 3,216,255,605.51 | 2,891,105,587.53 | 11.25% | | **Net Profit Attributable to Shareholders** | 588,910,595.26 | 490,141,563.31 | 20.15% | | **Net Profit Excluding Non-recurring Items** | 555,428,525.02 | 483,732,213.25 | 14.82% | | **Net Cash Flow from Operating Activities** | 976,686,144.77 | 634,573,997.43 | 53.91% | | **Basic Earnings Per Share (RMB/share)** | 0.9172 | 0.7634 | 20.15% | | **Weighted Average Return on Net Assets** | 6.82% | 6.35% | Increase 0.47 percentage points | | **Total Assets (RMB)** | 31,737,261,353.30 | 30,708,012,724.39 | 3.35% (vs. prior year-end) | | **Net Assets Attributable to Shareholders (RMB)** | 8,837,879,761.74 | 8,476,428,196.08 | 4.26% (vs. prior year-end) | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **33.48 million yuan**, primarily from a **29.13 million yuan** gain on subsidiary acquisition and **10.88 million yuan** in government subsidies Non-recurring Items | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies | 10,883,815.43 | | Investment Income from Acquisition of Subsidiaries | 29,134,535.31 | | Other Non-operating Income and Expenses | 4,843,555.71 | | Less: Income Tax Impact | 10,445,683.69 | | Less: Impact on Minority Interests (After Tax) | 934,152.52 | | **Total** | **33,482,070.24** | [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors [Principal Business and Operations](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business covers five segments: solid waste treatment, environmental sanitation, water treatment, integrated environmental solutions, and expressways, achieving **3.216 billion yuan** in revenue (up **11.25%**) and **589 million yuan** in net profit (up **20.15%**), with profit growth outpacing revenue, driven by new project acquisitions, existing project efficiency improvements, reduced financing costs, and accelerated accounts receivable collection, with notable progress in waste-to-energy, environmental sanitation, and emerging businesses - The company's business covers solid waste treatment, environmental sanitation, water treatment, integrated environmental solutions, and expressways, forming a comprehensive environmental protection industry chain layout[26](index=26&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - During the reporting period, profit growth (**20.15%**) outpaced revenue growth (**11.25%**), primarily due to four initiatives: "optimizing new" (project acquisitions), "improving existing" (refined operations), "cost reduction" (financing and technological upgrades), and "efficiency enhancement" (accelerated accounts receivable collection)[35](index=35&type=chunk) Core Operating Data | Core Operating Data | H1 2025 | Year-on-Year Growth | | :--- | :--- | :--- | | **Waste Input (10,000 tons)** | 605.57 | 5.63% | | **Power Generation (10,000 kWh)** | 178,798 | 7.7% | | **Hazardous Waste Treatment Volume (tons)** | 19,632.02 | 135.41% | | **New Environmental Sanitation Single-Year Contract Value (RMB 100 million)** | 4.8 | 303.36% | | **Wastewater Treatment Volume (10,000 tons)** | 11,692 | 102.38% | | **Water Supply Volume (10,000 tons)** | 6,229 | 126.6% | [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include a closed-loop environmental industry ecosystem covering the entire "collection-transport-treatment-utilization" value chain, an experienced management team with a nationwide lean operational system, a "second entrepreneurship" cultural gene activating new organizational momentum, and high-quality expressway assets providing stable cash flow to support environmental business expansion - The company has established a vertically integrated, full-industry chain layout based on industrial parks, offering systematic and comprehensive environmental governance services[41](index=41&type=chunk)[42](index=42&type=chunk) - The core management team is highly experienced, and the nationwide business layout mitigates regional risks while laying a foundation for long-term development[43](index=43&type=chunk) - The company released "Endless Life – Chenfa Joint Action Program," refining its corporate culture and revitalizing the spirit of "second entrepreneurship"[44](index=44&type=chunk) - Core road and bridge assets total **255.36 kilometers** with stable traffic flow, providing the company with continuous and steady cash flow, serving as a ballast for the expansion of its environmental protection main business[45](index=45&type=chunk) [Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business revenue increased by **11.25%**, with environmental sector revenue growing by **14.79%** to **73.68%** of total revenue; solid waste treatment and environmental sanitation were the largest revenue sources, up **16.13%** to **58.10%**, while Central China remained the primary revenue source, Northeast and Northwest regions saw the fastest growth at **57.28%** and **148.32%** respectively, and financial expenses decreased by **9.44%** with net cash flow from operating activities surging by **53.91%**, demonstrating significant cost reduction, efficiency improvement, and cash flow management Key Financial Data | Key Financial Data | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 3,216,255,605.51 | 2,891,105,587.53 | 11.25% | | **Operating Cost** | 1,879,321,182.95 | 1,643,132,882.77 | 14.37% | | **Financial Expenses** | 257,070,663.99 | 283,865,101.03 | -9.44% | | **Net Cash Flow from Operating Activities** | 976,686,144.77 | 634,573,997.43 | 53.91% | Revenue Composition | Revenue Composition (by Industry) | Current Period Amount (RMB) | Proportion | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Environmental Protection Industry** | 2,369,888,861.33 | 73.68% | 14.79% | | **Expressway Industry** | 660,898,860.92 | 20.55% | 0.05% | | **Revenue Composition (by Product)** | | | | | **Solid Waste Treatment and Environmental Sanitation Business** | 1,868,716,767.84 | 58.10% | 16.13% | | **Expressway Business** | 652,598,754.79 | 20.29% | 1.75% | [Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **31.737 billion yuan**, a **3.35%** increase from the end of the previous year, with a stable asset structure where accounts receivable and short-term borrowings increased as a proportion of total assets, while long-term equity investments and long-term borrowings slightly decreased, indicating no significant changes in the overall asset and liability structure Key Asset and Liability Items | Key Asset and Liability Items | Period-End Amount (RMB) | Proportion of Total Assets | Change from Prior Year-End Proportion | | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 1,362,255,937.44 | 4.29% | +0.94% | | **Accounts Receivable** | 4,715,183,505.64 | 14.86% | +2.37% | | **Fixed Assets** | 5,332,967,402.92 | 16.80% | -0.93% | | **Short-term Borrowings** | 1,182,526,499.99 | 3.73% | +2.31% | | **Long-term Borrowings** | 13,057,420,351.93 | 41.14% | -2.57% | [Analysis of Major Holding and Participating Companies](index=15&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, key subsidiaries Henan Xupingnan Expressway Co., Ltd. and Zhengzhou Zero Carbon Technology Co., Ltd. significantly contributed to the company's performance, with Xupingnan Expressway achieving **263.59 million yuan** in net profit and Zhengzhou Zero Carbon achieving **86.93 million yuan**, while the company expanded its business layout through acquisitions and new subsidiary establishments Major Subsidiaries' Performance | Major Subsidiaries | Business Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | **Henan Xupingnan Expressway Co., Ltd.** | Expressway Development, Operation | 664,126,377.56 | 263,592,504.01 | | **Zhengzhou Zero Carbon Technology Co., Ltd.** | Ecological Environmental Protection and Environmental Governance | 419,608,061.94 | 86,934,729.22 | - The company actively expanded its environmental protection and water treatment businesses through acquisitions, such as Aolande Environmental Technology Co., Ltd., and the establishment of new subsidiaries, including Chenfa Renewable Resources (Henan) Co., Ltd.[59](index=59&type=chunk) [Risks and Countermeasures Faced by the Company](index=15&type=section&id=X.%20Risks%20and%20Countermeasures%20Faced%20by%20the%20Company) The company faces key risks including industry policy changes, intensified market competition, management risks from business expansion (especially overseas), and increased accounts receivable, requiring proactive responses through model innovation, enhanced competitiveness, improved management systems, and strengthened accounts collection - Environmental protection businesses are highly dependent on national industrial policies, and policy changes such as subsidy reductions and competitive bidding for grid access may pose operational risks[60](index=60&type=chunk)[61](index=61&type=chunk) - As the environmental protection industry matures, intensified market competition may increase the difficulty of securing new projects[62](index=62&type=chunk) - The company's rapid expansion, especially in pursuing overseas strategies, demands higher requirements for management capabilities, organizational structure, and risk control[63](index=63&type=chunk) - Accounts receivable increase with business scale, potentially leading to pressure on operating cash flow and bad debt risks; the company has established a special working group to address this[64](index=64&type=chunk) [Corporate Governance, Environment, and Society](index=16&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, environmental information disclosure, and social responsibilities [Changes in the Company's Directors, Supervisors, and Senior Management](index=16&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's board of directors, supervisory board, and senior management underwent several personnel changes, involving key positions such as Chairman, Chief Accountant, General Manager, and Deputy General Manager, primarily due to work transfers - During the reporting period, the company's Chairman changed from Bai Yang to Huang Xinmin, the Chief Accountant from Su Changjiu to Rong Jianjun, and several new Deputy General Managers were appointed[66](index=66&type=chunk)[67](index=67&type=chunk) [Environmental Information Disclosure](index=17&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its **45** major subsidiaries are included in the list of enterprises required to disclose environmental information by law, demonstrating the company's strong commitment to environmental compliance and information transparency - The company and a total of **45 subsidiaries** are included in the list of enterprises required to disclose environmental information by law, with query indexes provided for each enterprise[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Significant Matters](index=20&type=section&id=Item%205.%20Significant%20Matters) This section covers major related party transactions and significant contracts, including guarantees and entrusted operations [Major Related Party Transactions](index=21&type=section&id=XI.%20Major%20Related%20Party%20Transactions) During the reporting period, the company engaged in multiple related party transactions related to daily operations, primarily involving procurement from, sales to, provision and acceptance of services with, and asset leasing from related parties, all conducted at market prices and within approved annual limits - The company's ordinary related party transactions primarily occur with entities controlled by the same parent company (Henan Investment Group), covering various aspects such as procurement, sales, labor services, and leasing[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) Related Party Transaction Details | Type of Related Party Transaction | Amount of Related Party Transaction (RMB 10,000) | Proportion of Similar Transactions | | :--- | :--- | :--- | | **Procurement of Goods/Services from Related Parties** | 15.44 | - | | **Sales of Goods/Services to Related Parties** | 1,161.20 | - | | **Acceptance of Services from Related Parties** | 14,254.40 | - | | **Related Party Lease (Lessee)** | 328.55 | - | | **Related Party Lease (Lessor)** | 653.44 | - | [Major Contracts and Their Performance](index=28&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had a significant entrusted management business where its wholly-owned subsidiary, Environmental Energy, managed Chenfa Environmental Energy (Zhengzhou) Co., Ltd.'s waste-to-energy project, alongside major external guarantees, primarily a **1.5 billion yuan** joint liability guarantee for its controlling shareholder, Henan Investment Group, and guarantees for its subsidiary Chenfa Environmental Energy Co., Ltd - The company's wholly-owned subsidiary, Environmental Energy, is entrusted with managing the waste-to-energy project of related party Chenfa Environmental Energy (Zhengzhou) Co., Ltd., to avoid horizontal competition and achieve specialized management[94](index=94&type=chunk) Guarantee Status | Guarantee Status | Amount (RMB 10,000) | Remarks | | :--- | :--- | :--- | | **Total External Guarantee Balance** | 151,700 | Of which, guarantee for controlling shareholder Henan Investment Group 150,000 | | **Total Guarantee Balance for Subsidiaries** | 18,688.8 | - | | **Proportion of Actual Total Guarantee Amount to Company's Net Assets** | 19.28% | - | [Share Changes and Shareholder Information](index=31&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=31&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **642,078,255 shares**, all of which are unrestricted RMB ordinary shares - The company's total share capital remained unchanged during the reporting period, maintaining **642.08 million shares**[104](index=104&type=chunk) [Number of Shareholders and Shareholding Status](index=32&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **20,812** ordinary shareholders, with the top three being Henan Investment Group Co., Ltd. (**56.47%** stake), China United Cement Group Co., Ltd. (**9.72%** stake), and Great Wall Life Insurance Co., Ltd. (**6.64%** stake), indicating a relatively concentrated equity structure Top Three Shareholders | Top Three Shareholders | Shareholder Nature | Shareholding Proportion | 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 | 6.64% | 42,625,218 | - The controlling shareholder, Henan Investment Group Co., Ltd., pledged its held **120 million shares** of the company's stock[107](index=107&type=chunk) [Bond-Related Information](index=36&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments [Corporate Bonds](index=36&type=section&id=II.%20Corporate%20Bonds) During the reporting period, the company had two outstanding corporate bonds totaling **1 billion yuan**, including "24 Chenfa D1," a short-term bond with a **500 million yuan** balance and **2.14%** interest rate, and "25 Environment 01," a 3-year bond with a **500 million yuan** balance and **1.88%** interest rate Corporate Bond Details | Bond Abbreviation | Bond Balance (RMB 10,000) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | **24 Chenfa D1** | 50,000 | 2.14% | 2025年08月14日 | | **25 Environment 01** | 50,000 | 1.88% | 2028年07月10日 | [Non-Financial Enterprise Debt Financing Instruments](index=37&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had two outstanding non-financial enterprise debt financing instruments totaling **1 billion yuan**, comprising one tranche of super short-term commercial paper and one tranche of green medium-term notes, with interest rates of **1.81%** and **2.10%** respectively Non-Financial Enterprise Debt Financing Instrument Details | Bond Abbreviation | Bond Balance (RMB 10,000) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | **25 Chenfa Environment SCP001** | 50,000 | 1.81% | 2025年10月12日 | | **25 Chenfa Environment MTN001** | 50,000 | 2.10% | 2028年04月24日 | [Financial Report](index=39&type=section&id=Item%208.%20Financial%20Report) This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and detailed notes [Financial Statement Summary](index=39&type=section&id=II.%20Financial%20Statements) The financial statements indicate steady growth in total assets and owner's equity, with double-digit increases in total operating revenue and net profit; net cash flow from operating activities significantly improved, reflecting enhanced core business cash generation, while investing activities showed a net outflow primarily for fixed asset acquisition and external investments, and financing activities recorded a net inflow mainly from issuing notes and obtaining borrowings to meet development funding needs Consolidated Balance Sheet Summary | Consolidated Balance Sheet Summary (RMB) | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | **Total Assets** | 31,737,261,353.30 | 30,708,012,724.39 | | **Total Liabilities** | 21,785,441,525.67 | 21,150,976,492.16 | | **Total Owner's Equity** | 9,951,819,827.63 | 9,557,036,232.23 | Consolidated Income Statement Summary | Consolidated Income Statement Summary (RMB) | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | **Total Operating Revenue** | 3,216,255,605.51 | 2,891,105,587.53 | | **Total Profit** | 831,392,670.27 | 693,578,727.14 | | **Net Profit** | 644,238,131.51 | 559,859,927.09 | Consolidated Cash Flow Statement Summary | Consolidated Cash Flow Statement Summary (RMB) | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 976,686,144.77 | 634,573,997.43 | | **Net Cash Flow from Investing Activities** | -713,002,121.72 | -821,837,011.92 | | **Net Cash Flow from Financing Activities** | 70,224,581.86 | 37,661,000.88 | | **Net Increase in Cash and Cash Equivalents** | 333,908,604.91 | -149,602,013.61 | [Notes to Consolidated Financial Statements](index=75&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) Notes to the financial statements detail the composition and changes of various accounting items, with accounts receivable increasing by **24.75%** to **4.979 billion yuan** at period-end, primarily for items within one year, and intangible assets, mainly concession rights, being the company's most significant asset with a book value of **16.473 billion yuan**; the acquisition of Aolande Environmental Technology Co., Ltd. changed the scope of consolidation, increasing the company's asset and liability scale - The period-end book balance of accounts receivable was **4.979 billion yuan**, an increase of nearly **1 billion yuan** from the beginning of the period, with approximately **59%** of the accounts being within one year[281](index=281&type=chunk) - The original book value of intangible assets was **18.534 billion yuan**, with concession rights accounting for over **97%**, making them the company's core assets[351](index=351&type=chunk) - During the reporting period, the company acquired an **85%** equity stake in Aolande Environmental Technology Co., Ltd. for **357 million yuan** in cash; the acquisition cost was less than the fair value share of identifiable net assets, resulting in a non-recurring gain of **29.13 million yuan**[479](index=479&type=chunk)[481](index=481&type=chunk) [Other Submitted Data](index=152&type=section&id=Item%209.%20Other%20Submitted%20Data) This section includes information on investor relations activities and other data submitted by the company [Investor Relations Activities](index=152&type=section&id=II.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company actively engaged with the capital market, communicating with small and medium investors, institutions, and media through on-site visits and online platforms regarding its 2024 annual performance and recent operational status - The company held two investor reception events in May 2025, conducted as on-site research and online communication, primarily discussing annual performance and company operations[597](index=597&type=chunk)

证券代码：000885 证券简称：城发环境 公告编号：2025-044 城发环境股份有限公司 第七届董事会第三十六次会议决议公告 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"） 第七届董事会第三十六次会议通知于2025年8月1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8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。 本议案已经独立董事专门会议及董事会审计委员会审议通过。 （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）关于公司2025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。 具体内容详见与本公告同日在巨潮资讯网（www.cninfo.com.cn）披 ...

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed company secretaries in 2024, averaging 754,300 yuan per year [1] - The average salary for company secretaries in the environmental governance sector is approximately 643,400 yuan, with the highest salary being 1.5239 million yuan and the lowest at 135,500 yuan [1] Salary Trends - The average salary for company secretaries in 2024 decreased by 16,300 yuan compared to 2023, representing a decline of 4% [3] - The distribution of salaries shows that the majority (49%) of company secretaries earn between 500,000 and 1 million yuan [1] Age and Education Distribution - The average age of company secretaries is approximately 44.29 years, with the majority (49%) aged between 40 and 49 [3] - Educational qualifications show that there are 2 PhDs, 38 Master's degrees, 44 Bachelor's degrees, and 3 Associate degrees among company secretaries, with corresponding average salaries of 1.127 million yuan, 653,600 yuan, 616,500 yuan, and 490,100 yuan respectively [5] Compliance and Violations - A total of 9 company secretaries received warnings or public notifications for violations in 2024-2025 [7] - Specific cases include: - Zhuang Jianlong from Guozhong Water received 2 warnings and was fined 1.75 million yuan for non-compliance, with a salary of 370,000 yuan [8] - Fang Guangquan from Jinyuan Co. received 2 warnings and was fined 400,000 yuan, with a salary of 1.0978 million yuan [9]

Group 1 - The first overseas port hub project of Henan Province, constructed by China Henan International Cooperation Group, is nearing operational readiness after completing trial runs [1] - The project aims to enhance the logistics channel between Henan and Africa, facilitating the import of high-quality bauxite and agricultural products, thereby reducing operational costs and expanding the mineral development industry chain [1] - The project is part of Henan's broader strategy to integrate into the national unified market and promote high-level opening-up [1] Group 2 - The 2025 Henan Province Major International Cooperation Project list includes 105 projects, with 46 foreign investment projects totaling 25.922 billion yuan [2] - Notable projects include a 2 billion yuan Charoen Pokphand (CP) superfood factory in Luohe, which will enhance the local food industry chain [2] - The projects aim to connect global resources and markets, facilitating the internationalization of Henan's economy [2] Group 3 - The provincial development and reform commission has issued an implementation plan to support the early commencement and effectiveness of these projects, including financial backing and policy support [3] - The plan includes measures to enhance service for foreign investment projects and to encourage reinvestment by foreign enterprises in China [3] - The focus areas for future projects include infrastructure, advanced manufacturing, digital economy, urban renewal, and green low-carbon initiatives [3]

Core Insights - The trend of leadership changes in the environmental protection sector continues, with over 10 listed companies changing their top executives by July 2025, indicating a shift in operational strategies and competitive dynamics in the market [1] Group 1: Company Leadership Changes - Chengfa Environment announced the resignation of Chairman Bai Yang on March 6, 2025, due to work changes, and elected Huang Xinmin as the new chairman on March 29, 2025 [2] - Sanfeng Environment elected Liao Gaoshang as the new chairman and Si Jingzhong as the vice chairman on March 18, 2025, along with the establishment of four specialized committees [3] - Green Power reported the resignation of Chairman Qiao Dewai on April 14, 2025, and appointed Executive Director Cheng Suning to perform the chairman's duties on May 17, 2025 [4] - Boschke announced the resignation of Chairman Zhang Yujia on April 24, 2025, and elected Pan Xiaobin as the new chairman on May 28, 2025 [5] - Zhonglv Electric elected Zhou Xiankun as chairman on May 7, 2025 [6] - Rongsheng Environmental announced the resignation of Chairman Feng Ronghua due to retirement on May 24, 2025, and appointed Feng Shengyu as the new chairman [7] - Huakong Saige reported the resignation of Chairman Wei Bingzhang and other executives on June 3, 2025, due to personnel adjustments [8] - Taihe Water elected Wu Jing as chairman on June 10, 2025 [9] - Jieneng Guozhen confirmed Peng Yunqing as chairman on June 10, 2025 [10] - Qianjiang Water elected Wang Dongquan as chairman on July 11, 2025, following the resignation of Xue Zhiyong [11] - Liyuan Technology announced the resignation of Chairman Shen Wanzhong on July 30, 2025 [12] Group 2: Changes in State-Owned Enterprises - Shandong Environmental Science Institute underwent leadership changes in April 2025, with former Chairman Ding Zhenbo replaced by Vice Chairman Bian Xingyu [13] - Shandong Environmental Development Group appointed Wang Li as the new chairman on June 14, 2025, replacing Ding Zhenbo [14] - Beijing Sanitation Group announced leadership changes on July 3, 2025, with He Liang appointed as chairman [15]

Investment Rating - The report rates the environmental industry as "Overweight" indicating that it is expected to outperform the overall market [2][10]. Core Insights - Insurance capital is increasingly investing in environmental assets, driven by favorable policies and the potential for long-term stable returns [2]. - The report highlights that insurance companies have made multiple significant investments in environmental firms, showcasing the sector's investment value [2]. - The water and waste management sectors are characterized by stable demand and revenue, with a strong potential for profit growth due to factors like water price adjustments and reduced financial costs [2]. - Cash flow in the environmental sector is expected to improve, leading to higher dividends as companies respond to shareholder return demands [2]. - Investing in environmental assets offers insurance companies a combination of dividends, earnings per share (EPS) growth, and valuation increases [2]. Summary by Sections Investment Opportunities - The report identifies specific companies for investment, recommending A-shares such as Hanlan Environment, Xingrong Environment, Yongxing Co., Hongcheng Environment, Green Power, Junxin Co., and Chengfa Environment, as well as H-shares like Conch Venture, Everbright Environment, and Yuehai Investment [2]. Financial Metrics - The report provides detailed financial metrics for various environmental companies, including market capitalization, dividend rates, and expected earnings growth for 2024 and 2025 [5]. For instance, Junxin Co. has a market cap of 120 billion RMB with a projected PE of 22 and a dividend yield of 4.23% for 2024 [5].

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [10] Core Insights - In 2023, insurance capital has collectively acquired stakes in five environmental companies, focusing on waste incineration and water utility state-owned enterprises, which exhibit stable operational performance and significant free cash flow improvement, indicating high dividend potential [2][6][7] - The report emphasizes the long-term investment value of waste incineration and water utility assets due to their high dividend potential and low valuation, recommending several companies in these sectors [8][38] Summary by Sections Insurance Capital Allocation - Insurance capital is increasingly allocating to equity investments due to declining net investment returns and the need for higher-yielding assets [6][18] - Policy changes and the expansion of long-term investment trials are encouraging insurance capital to invest in dividend and high ROE assets [24] Focus on Waste Incineration and Water Utility Assets - Insurance capital has targeted five environmental companies, primarily in waste incineration and water utility sectors, indicating a preference for stable operational assets [7][26] - The report highlights the potential for increased dividend payouts as the industry has passed its infrastructure peak, with a focus on long-term equity investments [37] Long-term Investment Value - Waste incineration and water utility assets are characterized by steady growth, improving cash flows, and increasing dividends, making them attractive for long-term investment [38][41] - The report identifies specific companies such as Huanlan Environment, Xingrong Environment, and others as key recommendations for investment [8][38] Financial Performance and Valuation - The report notes that the financial performance of waste incineration and water utility companies has shown resilience, with significant improvements in free cash flow and dividend payouts expected in the coming years [30][41] - Valuation metrics indicate that these companies are not overvalued, with PE ratios suggesting room for valuation recovery [34][41]

（以下无正文） （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）在深圳证券交易所上市的公告》之盖章页） 城发环境股份有限公司（签章） 年 月 日 根据深圳证券交易所债券上市的有关规定，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）符合深圳证券交易所债券上市条件， 将于 2025 年 7 月 16 日起在深圳证券交易所上市，并面向专业投资者中的机构投 资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 债券名称 | 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 | 524337.SZ | | 信用评级 | 主体评级 AAA、债项评级无 | | 评级机构 | 中诚信国际信用评级有限责任公司 | | 发行总额 | 5 亿元 | | 债券期限 | 3 年 | | 票面年利率（％） | 1.88 | | 利率形式 | 固定利率 | | 付息频率 | 每年一次 | | 发行 ...

Core Viewpoint - The company has appointed Mr. Niu Hongwu as the new Deputy General Manager, with his term aligned with the current board's tenure [1]. Group 1: Appointment Details - The appointment was approved during the 35th meeting of the 7th Board of Directors held on July 11, 2025 [1]. - Mr. Niu Hongwu's resume indicates he has extensive experience in management roles within the highway and urban development sectors [1]. Group 2: Qualifications and Compliance - Mr. Niu does not have any disqualifications for being appointed as a senior management personnel, including not holding any company shares and having no relationships with major shareholders or other executives [2]. - He has not faced any administrative penalties from the China Securities Regulatory Commission (CSRC) or been publicly criticized by the stock exchange in the last three years [2]. - His qualifications meet the requirements set forth by the Company Law of the People's Republic of China and other relevant regulations [2].

证券代码：000885 证券简称：城发环境 公告编号：2025-043 城发环境股份有限公司 经公司总经理提名，董事会提名委员会审核同意，公司董事会同意聘任牛鸿武先 生为公司副总经理（简历见附件）。任期与公司第七届董事会任期一致，可连聘连任。 特此公告。 城发环境股份有限公司董事会 2025年7月12日 关于聘任公司高级管理人员的公告 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"城发环境"）于2025年7月11日召开第 七届董事会第三十五次会议，审议通过了《关于聘任公司高级管理人员的议案》。 牛鸿武先生不存在不得提名为高级管理人员的情形，未持有本公司股票，与公司 持有公司 5%以上股份的股东、实际控制人及公司董事、监事、其他高级管理人员不 存在关联关系；不存在《中华人民共和国公司法》规定的不得担任公司高级管理人员 的情形；未被中国证监会采取证券市场禁入措施；未被证券交易所公开认定为不适合 担任上市公司董事、监事和高级管理人员；最近三年内未受到证监会行政处罚；最近 三年内未受到证券交易所公开谴责或者三次以上通报批评 ...