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、审议程序 侨银城市管理股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第三届董事会第三十次会议和第三届监事会第十七次会议，审议通过了《关于 2024 年度利润分配方案的议案》，根据《公司章程》的规定，本议案尚需提交股 东大会审议。 | 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-049 | | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | 侨银城市管理股份有限公司 关于 2024 年度利润分配方案的公告 二、2024 年度利润分配方案基本情况 1、分配基数：2024 年度。 2、经广东司农会计师事务所（特殊普通合伙）审计，公司 2024 年度实现归 属于母公司所有者的净利润 289,218,593.35 元，母公司 2024 年实现净利润 591,357,425.12 元，提取法定盈余公积 59,135,742.51 元，按照母公司与合并报表 数据孰低原则，公司 2024 年末可供分配利润为 1,074,990,094.02 元 ...

| 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-058 | | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | 侨银城市管理股份有限公司 关于不向下修正"侨银转债"转股价格的公告 特别提示： 一、 可转债公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会出具的《关于核准侨银环保科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2020]1954 号）核准，公司向社会公 开发行 42,000 万元可转换公司债券，每张面值为人民币 100 元，按面值发行， 本次触发转股价格修正条件的期间从 2025 年 4 月 8 日起算，截至 2025 年 4 月 28 日，侨银城市管理股份有限公司（以下简称"公司"）股票已出现在任 意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格 85% （即 15.30 元/股）的情形，已触发"侨银转债"转股价格的向下修正条款。 公司于 2025 年 4 月 28 日召开第三届董事会第三十次会议，审议通过了《关 于不向下修正"侨银转债"转股价格的议案》，公司董事会决定本次不向下修 正"侨银转债"的 ...

天津市和平区曲阜道 38 号中国人寿金融中心 28 层 邮编：300042 电话：022-85586588 传真：022-85586677 国浩律师（天津）事务所 关于 侨银城市管理股份有限公司 2022 年股票期权激励计划部分股票期权注销事宜的 法律意见书 国浩津法意字（2025）第 113 号 致：侨银城市管理股份有限公司 国浩律师（天津）事务所（以下简称"本所"）接受侨银城市管理股份有限公 司（以下简称"侨银股份"或"公司"）的委托，担任公司 2022 年股票期权激励计 划的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）等法律、行政法规、部门规章和规范性文件以 及《侨银城市管理股份有限公司章程》（以下简称"《公司章程》"）、《侨银城 市管理股份有限公司 2022 年股票期权激励计划》（以下简称"《激励计划》"或"本 次激励计划"）的有关规定，就本次激励计划注销部分股票期权（以下简称"本次 注销"）的相关事项，出具本法律意见书。 为出具本法律意见书，本所律师特作 ...

公司于 2025 年 4 月 28 日召开第三届董事会第三十次会议和第三届监事会 第十七次会议，审议了公司《关于注销 2022 年股票期权激励计划部分股票期权 的议案》。现将有关情况公告如下： 一、本激励计划已履行的相关审议程序和信息披露情况 | 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-054 | | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | 1．2022 年 1 月 24 日，公司召开了第二届董事会第四十次会议，审议通过 了《关于〈2022 年股票期权激励计划（草案）〉及摘要的议案》《关于〈2022 年 股票期权激励计划考核管理办法〉的议案》《关于提请股东大会授权董事会办理 2022 年股票期权激励计划相关事项的议案》，公司独立董事对此发表了独立意 见，律师等中介机构出具相应报告。 侨银城市管理股份有限公司 2．2022 年 1 月 24 日，公司召开了第二届监事会第二十三次会议，审议通 过了《关于〈2022 年股票期权激励计划（草案）〉及摘要的议案》《关于〈2022 关于注销 2022 年股票期权激励计划部分股票期权的 公告 本公司及董事会 ...

深圳市他山企业管理咨询有限公司 关于侨银城市管理股份有限公司 注销 2022 年股票期权激励计划部分股票期权事项的 独立财务顾问报告 二〇二五年四月 | 释 义 3 | | --- | | 声 明 4 | | 一、本次激励计划已履行的必要程序 5 | | 二、本次注销部分股票期权事项的说明 8 | | 三、独立财务顾问的核查意见 9 | | 四、备查文件及备查地点 10 | 深圳市他山企业管理咨询有限公司 独立财务顾问报告 3 深圳市他山企业管理咨询有限公司 独立财务顾问报告 声 明 他山咨询接受委托，担任侨银股份 2022 年股票期权激励计划的独立财务顾 问并出具本报告。对本报告的出具，本独立财务顾问特作如下声明： 释 义 在本报告中，除非上下文文意另有所指，下列词语具有如下含义： | 侨银股份、公司 | 指 | 侨银城市管理股份有限公司（证券简称：侨银股份； 证券代码：002973；债券简称：侨银转债；债券代码： | | --- | --- | --- | | | | 128138） | | 本激励计划、本计划 | 指 | 侨银城市管理股份有限公司 2022 年股票期权激励计划 | | 股权激励计划（草案 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥935,729,464.83, a decrease of 4.32% compared to ¥977,927,619.99 in the same period last year[8] - Net profit attributable to shareholders decreased by 29.73% to ¥67,597,549.55 from ¥96,198,365.35 year-on-year[8] - Basic and diluted earnings per share both decreased by 29.17% to ¥0.17 from ¥0.24 in the same period last year[8] - Net profit for the current period is ¥74,646,767.77, a decline of 21.7% compared to ¥95,262,151.72 in the previous period[23] - Total operating revenue for the current period is ¥935,729,464.83, a decrease of 4.3% from ¥977,927,619.99 in the previous period[22] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 397.02% to ¥198,288,616.27, compared to a negative cash flow of -¥66,758,580.01 in the previous year[8] - The net cash flow from operating activities is ¥198,288,616.27, a significant improvement from a negative cash flow of -¥66,758,580.01 in the previous period[24] - Cash and cash equivalents at the end of the period decreased to ¥168,477,082.59 from ¥402,379,659.86 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,290,916,889.77, reflecting a slight increase of 0.38% from ¥8,259,724,045.10 at the end of the previous year[8] - Current assets totaled CNY 4,511,631,705.61, down from CNY 4,536,632,093.87 at the start of the period, primarily due to a decrease in cash and cash equivalents[19] - The company's total liabilities were CNY 5,544,636,655.02, a decrease from CNY 5,581,439,633.87, reflecting a reduction of about 0.66%[20] - The total equity increased to CNY 2,746,280,234.75 from CNY 2,678,470,011.23, representing an increase of approximately 2.53%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,116, with the top ten shareholders holding significant stakes[15] Research and Development - Research and development expenses decreased by 47.16% to ¥6,485,608.62 from ¥12,273,592.92 in the previous year, primarily due to reduced investment in information technology R&D activities[13] - Research and development expenses decreased to ¥6,485,608.62, down 47.3% from ¥12,273,592.92 in the previous period[22] Borrowings - The company reported a significant increase in borrowings, with cash received from loans rising by 51.73% to ¥1,137,318,998.93 compared to ¥749,552,600.92 in the previous year[14] - The company raised ¥1,137,318,998.93 in borrowings during the current period, compared to ¥749,552,600.92 in the previous period[25] - The company reported a decrease in short-term borrowings to CNY 1,694,076,583.81 from CNY 1,757,606,340.97, a reduction of about 3.6%[20] - The long-term borrowings increased to CNY 958,875,214.55 from CNY 923,074,124.08, reflecting an increase of approximately 3.9%[20] Other Financial Metrics - The company's weighted average return on equity decreased to 3.11% from 4.30% in the previous year[8] - The company experienced a 60.00% decrease in other income, which fell to ¥1,555,523.88 from ¥3,888,352.25 in the previous year, mainly due to reduced tax incentives[13] - The company incurred a credit impairment loss of -¥18,517,165.64, contrasting with a gain of ¥14,971,549.87 in the previous period[22] Reporting and Future Outlook - The first quarter report is unaudited[26] - The new accounting standards will be implemented starting in 2025[26] - The financial statement items related to the first year of implementation will be adjusted accordingly[26] - The board of directors announced the report on April 29, 2025[26] - There are no specific performance summaries or user data provided in the document[26] - Future outlook and performance guidance are not mentioned in the document[26] - No new products or technologies are discussed in the document[26] - Market expansion and mergers or acquisitions are not addressed in the document[26] - Other new strategies are not outlined in the document[26] - The document does not provide any numerical data or percentages related to performance[26]

Financial Performance - The company's operating revenue for 2024 was CNY 3,914,419,581.77, a decrease of 0.74% compared to CNY 3,943,464,662.68 in 2023[18] - The net profit attributable to shareholders for 2024 was CNY 289,218,593.35, down 8.71% from CNY 316,814,725.46 in 2023[18] - The net profit after deducting non-recurring gains and losses was CNY 308,609,167.70, an increase of 1.12% from CNY 305,187,023.59 in 2023[18] - Basic earnings per share for 2024 were CNY 0.71, a decrease of 8.97% from CNY 0.78 in 2023[18] - The weighted average return on equity for 2024 was 12.50%, down from 15.59% in 2023, reflecting a decrease of 3.09%[18] - The company achieved operating revenue of 3.914 billion yuan, a year-on-year decrease of 0.74%, and a net profit attributable to shareholders of 289 million yuan, down 8.71% year-on-year[34] - The company’s gross profit margin increased to 26.86%, up 0.82 percentage points year-on-year, while the three expenses ratio decreased to 13.23%, down 0.88 percentage points year-on-year[34] Cash Flow and Assets - The cash flow from operating activities for 2024 was CNY 157,611,834.25, representing a significant increase of 98.29% compared to CNY 79,486,223.92 in 2023[18] - Total assets at the end of 2024 reached CNY 8,259,909,645.10, an increase of 9.82% from CNY 7,521,087,298.53 at the end of 2023[18] - The net assets attributable to shareholders increased by 11.21% to CNY 2,435,492,011.31 at the end of 2024, compared to CNY 2,190,066,702.37 at the end of 2023[18] - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency[18] Revenue Breakdown - Revenue from environmental sanitation management is CNY 3,857,913,655.85, accounting for 98.56% of total revenue, down 1.78% year-on-year[48] - The gross profit margin for environmental sanitation management is 26.78%, an increase of 0.86% compared to the previous year[50] - The operating cost for environmental sanitation management is CNY 2,824,768,503.52, a decrease of 2.91% year-on-year[50] - The revenue from the South China region is CNY 1,522,600,184.82, representing 38.90% of total revenue, down 7.89% from the previous year[48] Strategic Initiatives and Expansion - The company plans to expand its operations into six key cities, including Linyi, Chongqing, Ordos, Wuxi, Kaifeng, and Xinzhou, focusing on property management, AI equipment, and recycling industries[35] - The company has established a new "1+1+3+N" smart city management service system, enhancing its service capabilities and competitiveness in urban management[40] - The company aims to explore urban "full lifecycle management" and has introduced the "@City" comprehensive governance service model, covering various urban services[90] - In 2024, the company plans to accelerate the layout of "smart city services" and leverage the "Urban Service Industry Alliance" platform to create a new model for comprehensive urban management services[91] Research and Development - The company invested 44.74 million yuan in R&D during the reporting period, with a cumulative investment of 87.89 million yuan over the past two years, enhancing its low-carbon and intelligent service capabilities[36] - The company is developing an AI recognition intelligent inspection terminal aimed at enhancing automation and reducing operational costs[61] - R&D investment increased by 3.68% from ¥43,148,584.31 in 2023 to ¥44,737,518.57 in 2024, representing 1.14% of operating revenue[62] Governance and Management - The company has established a comprehensive governance structure, ensuring effective operation of the shareholders' meeting, board of directors, and supervisory board[103] - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements and effective decision-making[104] - The company has implemented an independent director system to protect minority shareholder interests and enhance decision-making processes[106] - The company has established a comprehensive anti-corruption management system, including measures against commercial bribery and illegal appropriation of company assets[109] Employee and Training Initiatives - The company has a total of 52,411 employees, with 51,352 in production roles and 108 in both sales and technical positions[141] - A total of 204 training sessions were conducted, covering approximately 24,300 participants in offline training and 19,276 participants through digital training methods[143] - The company has established a competitive compensation structure, aligning with market standards and including various benefits such as performance bonuses and insurance[142] Environmental and Social Responsibility - The company complies with various environmental protection laws and standards, including the Environmental Protection Law of the People's Republic of China[160] - The company has invested significantly in environmental protection, focusing on wastewater, sludge, and waste treatment, and has timely paid environmental protection taxes[165] - The company has implemented a carbon credit incentive mechanism in collaboration with bike-sharing companies to encourage green commuting and reduce carbon emissions[166] - The company has established an emergency response plan for environmental pollution incidents to enhance its ability to manage sudden environmental events[166] Legal and Compliance Matters - The company has not faced any penalties or rectification issues during the reporting period[190] - The company reported no violations regarding external guarantees during the reporting period[179] - There were no significant changes in accounting policies or estimates compared to the previous year's financial report[180] - The company has committed to avoiding related party transactions and has been fulfilling this commitment normally[181]

丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 2025 年置换隐债 2 万亿元额度已落地 80%，关 注价值与弹性两个投资逻辑 报告要点 [Table_Summary] 2025 年 4 月 25 日中共中央政治局会议强调"继续实施地方政府一揽子化债政策，加快解决地 方政府拖欠企业账款问题"，截至 4 月 25 日，2025 年已合计发行特殊再融资债券 1.59 亿元， 发行用途均为置换隐债，2025 年置换隐债 2 万亿元额度已落地 80%。环保若干子行业 G 端政 府欠款较重，本轮化债力度强，且具备可持续性，2025 年衔接更积极的财政政策，将对 To G 类企业形成实质性利好，形成价值与弹性两个投资逻辑。 请阅读最后评级说明和重要声明 %% %% 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 %% %% research.95579.com 1 [Ta ...

侨银城市管理股份有限公司（以下简称"公司"）近日接到公司控股股东、 实际控制人刘少云先生通知，获悉其所持有本公司的部分股份分别办理了质押及 解除质押的手续，具体事项如下： 一、股东股份质押及解除质押的基本情况 | 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-043 | | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | 侨银城市管理股份有限公司 关于控股股东部分股份质押及解除质押的公告 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。 | 股东 名称 | 是否为控股 股东或第一 大股东及其 | 本次质押 数量 | 占其所持 股份比例 | 占公司总 股本比例 | 是否为限售股 （如是，注明 | 是否为 补充质 | 质押起始 日 | 质押到期 日 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | （股） | | | 限售类型） | 押 | | | | | | 刘少云 | 是 ...

| 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-042 | | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | 侨银城市管理股份有限公司 关于预计触发可转债转股价格修正条件的 提示性公告 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。 特别提示： 1．债券代码：128138 2．债券简称：侨银转债 3．转股价格：18.00 元/股 （一）可转债发行情况 经中国证券监督管理委员会出具的《关于核准侨银环保科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2020]1954 号）核准，公司向社会公 开发行 42,000 万元可转换公司债券，每张面值为人民币 100 元，按面值发行， 期限为 6 年。 4．转股期限：2021 年 5 月 24 日至 2026 年 11 月 16 日 5．公司于 2024 年 12 月 13 日召开第三届董事会第二十五次会议，审议通过 了《关于不向下修正"侨银转债"转股价格的议案》，公司董事会决定本次不向 下修正"侨银转债"的转股价格，且在 2024 年 12 月 14 ...