Group 1 - The company, Qiaoyin City Management Co., Ltd., announced that its controlling shareholder, Guo Beihua, has pledged part of her shares, specifically 17,510,000 shares, which accounts for 14.18% of her holdings and 4.28% of the company's total shares [1] - As of the announcement date, the total pledged shares by Guo Beihua and her concerted actors amount to 262,848,512 shares, representing 64.32% of their total holdings [1] - The company confirmed that the controlling shareholder's credit status is good, and there is no risk of forced liquidation regarding the pledged shares [1]

| 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-091 | | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | 注 2：截至公告披露日，上述限售股不包含高管锁定股。 二、股东股份累计质押情况 侨银城市管理股份有限公司 关于控股股东部分股份质押的公告 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。 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、 实际控制人之一郭倍华女士通知，获悉其所持有本公司的部分股份办理了质押的 手续，具体事项如下： 一、股东本次股份质押的基本情况 | 股东 | 是否为控股 股东或第一 | | 本次质押 数量 | 占其所持 | 占公司总 | 是否为限售股 （如是，注明 | 是否为 补充质 | 质押起始 | 质押到期 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | | （股） | 股份比例 | 股本比例 | 限售 ...

Summary of Key Points Core Viewpoint - The company has approved a total guarantee amount of up to 160 million yuan for related project companies, with specific loans and guarantees provided to support operational needs [2][3][14]. Group 1: Guarantee Overview - The company and its subsidiaries plan to guarantee related project companies for an estimated amount of 60 million yuan, which was later increased to a total of 160 million yuan [2]. - The guarantee period is from the approval date at the 2024 annual general meeting until the next annual general meeting in 2025 [2]. Group 2: Progress of Related Guarantees - Guangzhou Qiaohuan has signed loan agreements with Chuangxing Bank for a loan of 44.38 million yuan, with a maximum term of 5 years [3]. - The company has provided a joint liability guarantee for this loan without charging any guarantee fees [3]. - After this guarantee, the available guarantee amount for Guangzhou Qiaohuan is 65.62 million yuan [3]. Group 3: Basic Information of the Transaction Counterparty - Chuangxing Bank is a foreign enterprise operating in China, established on April 17, 2025, with a registered address in Guangzhou [4][5]. - The bank does not have any related relationship with the company and is not listed as a dishonest executor [6][7]. Group 4: Basic Information of the Guaranteed Party - Guangzhou Qiaohuan is a joint venture in which the company holds a 70% stake [9]. - The company has a good credit standing and normal operational capabilities [10]. Group 5: Main Contractual Content - The loan agreement specifies a credit amount of 44.38 million yuan, with a borrowing period not exceeding 60 months [11][12]. - The guarantee covers all related costs and fees associated with the loan [13]. Group 6: Impact of the Guarantee on the Company - The guarantee is intended to support the normal operations and project development of Guangzhou Qiaohuan, aligning with the company's overall interests [14]. - The company has assessed the risk of this guarantee as low due to stable project income from ongoing operations [14]. Group 7: Cumulative External Guarantee Amount - As of the announcement date, the total external guarantee amount provided by the company and its subsidiaries is 1.918 billion yuan, accounting for 78.79% of the audited net assets for 2024 [15]. - There are no overdue guarantees or litigation-related guarantees reported [15].

Summary of Key Points Core Viewpoint - The company has approved a total guarantee amount of up to 160 million yuan for related project companies, reflecting its commitment to support its subsidiaries and joint ventures in financing needs [1][2][8]. Group 1: Guarantee Overview - The company and its subsidiaries plan to provide guarantees for related project companies with a total amount not exceeding 160 million yuan, which includes an initial approval of 60 million yuan and an additional 100 million yuan [1][2]. - The guarantee period is from the date of approval at the 2024 annual general meeting until the 2025 annual general meeting [2]. Group 2: Progress of Related Guarantees - Guangzhou Qiaohuan has signed a loan agreement with Chuangxing Bank for 44.38 million yuan, with a maximum loan term of 5 years, using its accounts receivable as collateral [2][3]. - The company has provided a joint liability guarantee for this financing without charging any guarantee fees [2][3]. Group 3: Financial Status of the Guaranteed Entity - Guangzhou Qiaohuan has total assets of 1.61957 billion yuan and total liabilities of 1.164647 billion yuan as of March 31, 2025, indicating a stable financial position [6]. - The company reported a net loss of 5.9245 million yuan for the first quarter of 2025, but has maintained normal operations and good performance capabilities since its establishment [6][7]. Group 4: Impact of the Guarantee on the Company - The guarantee is intended to support the normal operations and project development of Guangzhou Qiaohuan, aligning with the company's overall interests [7][8]. - The company has confirmed that this guarantee will not adversely affect its daily operations or harm the interests of shareholders, particularly minority shareholders [8]. Group 5: Total Guarantee Amount and Status - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is 93.7597 million yuan, which accounts for 3.5% of the audited net assets for 2024 [8][9]. - There are no overdue guarantees or guarantees involving litigation against the company [9].

| 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-090 | | --- | --- | | 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 关于关联担保的进展公告 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。 一、 担保情况概述 侨银城市管理股份有限公司（以下简称"公司"）第三届董事会第三十次会 议、第三届监事会第十七次会议、2024 年年度股东大会审议通过了《关于 2025 年度关联担保额度预计的议案》，公司及子公司拟为关联项目公司（合营或联营 企业）担保的额度为 6,000.00 万元。公司第三届董事会第三十二次会议、2025 年 第二次临时股东大会审议通过了《关于增加 2025 年度关联担保额度预计的议案》， 公司及子公司拟为关联项目公司增加担保额度预计不超过 10,000.00 万元。综上 所述，公司及子公司为关联项目公司提供担保的总额度不超过 16,000.00 万元。 上述担保期限自公司 2024 年年度股东大会审议通过之日起至 2025 年年度 股东大会召开之日止。具体内容详见公司 2025 ...

| 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-089 | | --- | --- | | 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 2025 年第二季度可转换公司债券转股情况公告 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：侨银转债（债券代码：128138）转股期为 2021 年 5 月 24 日至 2026 年 11 月 16 日；转股价格为人民币 18.00 元/股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，侨银城市管理股份有限公司（以 下简称"公司"）现将 2025 年第二季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动的情况公告如下： 1．公司于 2021 年 5 月 18 日披露了《2020 年年度权益分派实施公告》（公 告编号：2021-078），根据相关法规和《募集说明书》的规定，需要调整转股价 格。"侨银转债"转股价格由 25.43 元/股调整为 25.33 元/股，调整后的转股价格 ...

Group 1 - The core viewpoint emphasizes the importance of creating a fertility-friendly society, with increasing participation from companies in encouraging childbirth [1][2] - Jilin Province has implemented a cost subsidy system for maternity leave, providing 2,000 yuan per female employee who takes 180 days of maternity leave, effective from January 1, 2025 [1] - Other regions, such as Sichuan, are also developing mechanisms to share the costs of maternity leave, indicating a broader trend across China [1] Group 2 - Companies like Sanqi Interactive Entertainment have launched initiatives such as the "New Generation Plan," allocating over 10 million yuan to provide maternity benefits to eligible employees [2] - Jinpai Company has revised its employee welfare policy to offer one-time bonuses for families having a second or third child, reflecting a growing trend among companies to support employee fertility [2] - More than ten well-known companies have introduced measures to encourage employee childbirth since 2021, focusing on cash subsidies and extended maternity leave [3]

| 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-088 | | --- | --- | | 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 关于为子公司提供担保的进展公告 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。 一、 担保情况概述 侨银城市管理股份有限公司（以下简称"公司"）第三届董事会第三十次会 议、第三届监事会第十七次会议和 2024 年年度股东大会审议通过了《关于 2025 年度担保额度预计的议案》，其中公司拟为纳入合并报表范围内的子公司（含新 设立的全资或控股子公司）提供担保的额度为 107,000.00 万元，担保期限自公司 2024 年年度股东大会审议通过之日起至公司 2025 年年度股东大会召开之日止。 具体内容详见公司 2025 年 4 月 29 日披露的《关于 2025 年度担保额度预计及关 联担保额度预计的公告》（公告编号：2025-051）。 二、 担保进展情况 公司全资子公司莆田侨环城市管理有限公司（以下简称"莆田侨环"）因经 营发展需要，莆田侨环与厦门银行股份有限公司莆田分 ...

Core Viewpoint - The credit rating of Qiaoyin City Management Co., Ltd. has been downgraded from AA- to A+ due to a slowdown in business cash flow, high accounts receivable, and increasing debt levels, which have intensified the company's financial pressure [3][5][6]. Financial Performance - Total assets increased from 75.21 billion in 2023 to 82.91 billion in 2025 [3]. - The company's equity attributable to shareholders rose from 21.90 billion in 2023 to 25.03 billion in 2025 [3]. - Total debt increased from 40.04 billion in 2023 to 40.09 billion in 2025, with a debt-to-equity ratio of 66.88% [3][4]. - Net profit for 2025 is projected at 3.29 billion, up from 3.07 billion in 2024 [3]. Operational Challenges - The company faces significant cash flow pressure due to high accounts receivable, which grew by 23.96% year-on-year, leading to an increase in accounts receivable turnover days from 164.94 days in 2023 to 221.33 days in 2024 [5][17]. - The company is involved in 125 ongoing lawsuits, with a total amount of 174.05 million, which may impact its financial stability [5]. Market Position - Qiaoyin operates in the national sanitation service sector, covering over 100 cities across 26 provinces, with a backlog of contracts valued at 420 billion [4][17]. - The company has secured new contracts worth 52.22 billion in 2024, although this is a decrease from 60.34 billion in 2023 [15][17]. Industry Environment - The sanitation service market in China is projected to grow, with a market size of 3,251 billion in 2024, reflecting a year-on-year increase of 9.4% [11][12]. - The market is becoming increasingly competitive, with state-owned enterprises gaining market share, which may pressure profit margins for private companies like Qiaoyin [11][12]. Future Outlook - The credit rating agency maintains a stable outlook for the company, indicating that its existing contracts will support future business development [6]. - The company plans to raise up to 9 billion through a private placement to enhance its operational capabilities and address liquidity issues [9][18].

Core Insights - The strategic cooperation framework agreement signed between Binzhou Urban Construction Investment Group and Qiaoyin Urban Management Co., Ltd. marks a significant step towards modernizing urban governance in Binzhou, Shandong Province [1] - The partnership aims to create a joint venture that integrates urban management resources and leverages digital technology to transform urban services from traditional operations to a dual-driven model of "management + operation" [1][2] Urban Management Innovation - The joint venture will focus on building a smart management platform that utilizes AI video monitoring and GPS positioning to create a comprehensive urban governance system [2] - This system will enable proactive governance by predicting and warning about urban events, thus transforming urban management from reactive to proactive [2] Business Development Strategy - The joint venture plans to leverage state-owned enterprise resources to innovate in areas such as property services, smart parking systems, and 3D printing for waste recycling [2] - This strategic layout aims to break traditional boundaries of urban management by integrating public services with commercial operations [2] Capital Operations - The partners intend to establish a multi-tiered financing system to support traditional urban management through project financing and loans, while exploring strategic investors and asset securitization for emerging business areas [2] - This approach aims to address the long-standing issue of upfront investment pressure in the urban services sector [2] Market Implications - The collaboration represents a forward-looking exploration of urban development models, combining the capital operation capabilities of the listed company with the resource integration advantages of the local state-owned enterprise [3] - This new paradigm of "technology-driven, capital-enabled, and multi-dimensional collaboration" is expected to enhance urban management efficiency and service quality, providing a sustainable momentum for urban development [3]