1. 可转债代码：128138。 | | | 侨银城市管理股份有限公司 关于可转换公司债券 2025 年付息公告 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： 2. 可转债简称：侨银转债。 3. 付息年度：第 5 年。 4. 付息债权登记日：2025 年 11 月 14 日。 5. 除权除息（付息）日：2025 年 11 月 17 日。 6. 下一年度的利率：3.00%。 7. 1000 元面值债券利息（含税）：25 元。 一、"侨银转债"基本情况 "侨银转债"本次的付息债权登记日为 2025 年 11 月 14 日，凡在 2025 年 11 月 14 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 11 月 14 日卖出本期债券的投资者不享有本次派发的利息。在 2025 年 11 月 14 日（含当日）前申请转换成公司股票的可转换公司债券（以下简称"可转债"）， 公司不再向其持有人支付本计息年度及以后计息年度的利息。具体情况如下： （一）可转债简称：侨银转债 （二）可转债代码：128138 （三）可转债发行量：42,000 ...

Core Viewpoint - Several Chinese environmental companies, including Weiming Environmental, High Energy Environment, Qiaoyin Co., Chengfa Environment, and Teda Co., have been selected as suppliers for Indonesia's environmentally friendly waste-to-energy projects, marking a significant step for Chinese environmental technology in the international market [1][2]. Group 1: Project Overview - Indonesia plans to construct 33 waste incineration power generation projects with a total investment of approximately 91 trillion Indonesian Rupiah [1]. - The first batch of project tenders will cover seven regions, with individual project investments estimated between 25 trillion to 32 trillion Indonesian Rupiah, and a daily waste processing capacity of about 1,000 tons [2]. Group 2: Company Strategies and Preparations - Selected companies are actively preparing for the projects, focusing on technical standard alignment and project partnership selection [2]. - Weiming Environmental has invested around 400 million USD in Indonesia for a nickel project and has experience in local waste incineration projects, positioning itself well for rapid project implementation [2]. Group 3: Market Dynamics and Opportunities - The cancellation of local government subsidies for waste management has shifted revenue sources for waste incineration projects primarily to electricity sales, raising concerns about investment returns [3]. - Companies are adopting strategies to enhance power generation efficiency and explore diversified revenue streams, such as carbon trading and energy recovery [3]. Group 4: Southeast Asia Market Potential - Southeast Asia faces dual pressures of urbanization and energy transition, leading to a growing trend of waste incineration projects [5]. - The market for waste incineration in Southeast Asia is expected to grow at a compound annual growth rate of 15% to 25% over the next 5 to 10 years, with Indonesia being the largest market [5]. Group 5: Strategic Planning - Qiaoyin Co. aims to implement a "dual-wheel drive" strategy, focusing on both domestic and overseas markets while forming alliances with other industry players [6]. - Weiming Environmental plans to leverage its existing capabilities in environmental governance and equipment manufacturing to accelerate its presence in Indonesia [6].

Core Insights - Qiaoyin Co., Ltd. has been selected as a supplier for an environmentally friendly waste-to-energy project in Indonesia, indicating potential growth opportunities in the renewable energy sector [2] Group 1 - The company announced its inclusion in the supplier list for the Indonesian project, which highlights its commitment to sustainable energy solutions [2] - The next steps involve participating in the selection process for project partners, which introduces an element of uncertainty regarding final investment qualifications and contract execution [2]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [12] Core Insights - The environmental protection sector showed a significant increase in performance, with a 17.3% year-on-year growth in non-recurring net profit for Q3 2025, driven by stable operations and profit recovery in cyclical assets [6][40] - The overall revenue for the environmental sector reached 221.7 billion yuan in the first three quarters of 2025, marking a 3.12% increase year-on-year, while the net profit attributable to shareholders grew by 4.88% to 21.9 billion yuan [21][40] - The cash flow situation improved, with a cash collection ratio of 95.1% in Q3 2025, reflecting a 4.5 percentage point increase year-on-year, indicating a stable investment environment despite a downward trend in financing [8][40] Summary by Sections Performance Overview - In Q3 2025, the environmental sector achieved a revenue of 79.6 billion yuan, a 9.64% increase year-on-year, with a net profit of 8.2 billion yuan, up 11.8% [6][40] - The non-recurring net profit for Q3 2025 was 7.75 billion yuan, reflecting a 17.3% year-on-year increase, primarily driven by strong performances in waste incineration, biodiesel, and air quality sectors [6][40] Financial Statements - The overall asset-liability ratio for the environmental sector was 57.3% in Q3 2025, with a slight year-on-year increase of 0.35 percentage points, indicating a slowdown in the growth rate of liabilities [7] - The cash flow from operating activities showed a net inflow of 27.1 billion yuan, a 30.6% increase year-on-year, with improvements noted in waste management and water operations [8] Investment Strategy - The report suggests continued investment in waste incineration and water sectors, with a potential for valuation recovery as the industry transitions towards a more market-oriented model [9] - Recommended companies include Hanlan Environment, China Everbright International, and Weiming Environmental, among others, highlighting their potential for growth and dividend returns [9]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-135 | | --- | --- | --- | | 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 三、对公司的影响 公司成立于 2001 年，业务涵盖城乡环境一体化服务、环卫工程建设、垃圾 分类等业务，具备垃圾焚烧发电项目投资、建设、运营等方面的综合实力。本次 入选印度尼西亚垃圾焚烧发电项目选定供应商名单，显示了印度尼西亚主权投资 基金对公司财务、技术能力与项目投资、建设和运营管理水平的认可，有助于公 司将先进的垃圾处理技术和管理能力向一带一路国家输出，拓展海外垃圾焚烧发 电市场，提升公司整体竞争力和可持续发展能力。 本次入选选定供应商名单对公司 2025 年财务状况及经营成果不会产生直接 影响，不存在损害公司及全体股东利益的情形。 关于入选印度尼西亚废物转化能源项目 选定供应商名单的公告 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。 一、特别提示 本次为侨银城市管理股份有限公司(以下简称"公司")入选印度尼西亚环境 友好型废物转化能源项目选定 ...

Core Viewpoint - The company, Qiaoyin Co., has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project, indicating recognition of its financial and technical capabilities by the Indonesian sovereign wealth fund [1] Group 1: Company Overview - Qiaoyin Co. was established in 2001 and operates in urban and rural environmental integration services, sanitation engineering construction, and waste classification [1] - The company possesses comprehensive strengths in investment, construction, and operation of waste incineration power generation projects [1] Group 2: Project Significance - Being included in the supplier list for Indonesia's waste-to-energy project enhances the company's ability to export advanced waste treatment technology and management capabilities to Belt and Road countries [1] - This development is expected to expand the company's presence in the overseas waste incineration power generation market [1] - The project selection is anticipated to improve the company's overall competitiveness and sustainable development capabilities [1]

Group 1 - The company, Qiaoyin Co., Ltd. (002973.SZ), has been officially selected as a supplier for Indonesia's environmentally friendly waste-to-energy project by the sovereign investment fund PT Danantara Investment Management [1]

Core Viewpoint - The company, Qiaoyin Co., Ltd. (002943.SZ), has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project, indicating recognition of its financial and technical capabilities by the Indonesian Sovereign Investment Fund [1] Group 1: Company Overview - Qiaoyin Co., Ltd. was established in 2001 and operates in urban and rural environmental integration services, sanitation engineering construction, and waste classification [1] - The company possesses comprehensive strengths in investment, construction, and operation of waste incineration power generation projects [1] Group 2: Project Significance - Being included in the supplier list for Indonesia's waste-to-energy project enhances the company's ability to export advanced waste treatment technology and management capabilities to Belt and Road countries [1] - This development is expected to expand the company's overseas waste incineration power generation market and improve its overall competitiveness and sustainable development capacity [1]

Core Viewpoint - Company has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project by PT Danantara Investment Management [1] Group 1 - Company received notification from PT Danantara Investment Management regarding its inclusion in the supplier list for the waste-to-energy project [1] - The company will need to participate in the partner selection process for the specific project [1] - There is uncertainty regarding the final investment qualification and subsequent contract signing and execution [1]

Group 1 - The company, Qiaoyin Co., has been officially selected as a supplier for Indonesia's environmentally friendly waste-to-energy project by the sovereign investment fund PT Danantara Investment Management [1]