Company Overview - Qiaoyin Co., Ltd. is located in Liwan District, Guangzhou, Guangdong Province, and was established on November 27, 2001. The company was listed on January 6, 2020. Its main business includes urban and rural sanitation cleaning, municipal solid waste disposal, municipal sanitation engineering, and other sanitation services [1][2]. Financial Performance - As of June 30, Qiaoyin Co., Ltd. reported a revenue of 1.871 billion yuan for the first half of 2025, a year-on-year decrease of 3.90%. The net profit attributable to the parent company was 125 million yuan, down 27.61% year-on-year [2]. - The company has cumulatively distributed 218 million yuan in dividends since its A-share listing, with 123 million yuan distributed over the past three years [3]. Stock Performance - On September 30, Qiaoyin Co., Ltd.'s stock price increased by 2.02%, reaching 15.66 yuan per share, with a total market capitalization of 6.4 billion yuan. The stock has risen 49.43% year-to-date [1]. - The stock has seen a net inflow of 1.7901 million yuan from main funds, with significant buying activity in large orders [1]. Shareholder Information - As of June 30, the number of shareholders for Qiaoyin Co., Ltd. was 18,300, an increase of 39.55% from the previous period. The average number of circulating shares per person was 12,177, a decrease of 28.34% [2]. Business Segments - The company's main business revenue composition is as follows: urban and rural sanitation cleaning accounts for 94.78%, solid waste disposal for 3.28%, other services for 1.32%, and miscellaneous sanitation services for 0.62% [1]. Industry Classification - Qiaoyin Co., Ltd. belongs to the environmental protection industry, specifically in the solid waste management sector. It is associated with concepts such as energy conservation and environmental protection, medical waste treatment, soil remediation, and robotics [2].

Performance Forecasts - Yinglian Co., Ltd. expects a net profit growth of 1531.13% to 1672.97% year-on-year for the first three quarters [1] - Dalian Heavy Industry anticipates a net profit growth of 19.91% to 28.52% year-on-year for the first three quarters [1] Project Investments - Wharton Technology plans to invest in the enhancement of membrane materials and membrane components [1] - Jiufeng Energy intends to invest in a coal-to-natural gas project in Xinjiang [1] Contract Awards - Qiaoyin Co., Ltd. is pre-awarded a contract worth approximately 512 million yuan for integrated sanitation operations in Laishui County, Baoding City, Hebei Province [1] - Dash Smart signed a contract for a smart hospital project worth 113 million yuan [1] Equity Acquisitions - Conch New Materials plans to acquire 51% equity in North China Plastics [1] - Suochen Technology intends to acquire 60% equity in Likong Technology [1] - Jingye Intelligent plans to acquire 51% equity in Hefei Shengwen for 108 million yuan [1] - Landi Group plans to acquire 20.1667% equity in Jujia Technology for 121 million yuan [1] Share Buybacks - Hanshuo Technology plans to repurchase shares worth between 150 million yuan and 300 million yuan [2] - Youke De intends to spend between 8 million yuan and 10 million yuan on share buybacks [2] H-Shares - Jinghe Integrated Circuit has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [2] - Lingyi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] - Changchun High-tech has submitted an application for the issuance of H-shares [2] Shareholding Changes - Senba Sensor's actual controller plans to reduce holdings by no more than 1.09% [3] - Erkang Pharmaceutical's controlling shareholder intends to reduce holdings by no more than 2.04% [3] - Andeli's BVI Donghua plans to reduce holdings by no more than 1.00% [3] - Zhiyang Innovation's controlling shareholder and its concerted actioner plan to reduce a total of no more than 4.225 million shares [3] - Xizi Clean Energy's chairman plans to increase holdings by 30 million to 50 million yuan [3] Other Activities - Luoxin Pharmaceutical plans to raise no more than 842 million yuan for innovative drug research and development projects [3] - Huaxin Xinchang has received project designation notification from Jiangqi Group [3] - Jinpu Garden plans to raise no more than 129 million yuan through a private placement to Nanjing Lisen [3]

Group 1 - Yinglian Co., Ltd. expects a net profit of 34.5 million to 37.5 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1531% to 1673% [1] - China CNR Corporation signed major contracts totaling approximately 54.34 billion yuan, accounting for 22% of its expected revenue for 2024 [1] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan, a year-on-year increase of 34.1% [2] Group 2 - Fulian Precision plans to increase capital in its subsidiary Jiangxi Shenghua with a total investment of 35.63 billion yuan, which is expected to constitute a major asset restructuring [3] - Aimeike has obtained a drug registration certificate for Minoxidil topical solution, which is used for treating male pattern baldness [4] - Guolin Technology is planning to acquire 91.07% of Kailianjie’s equity for cash, which is expected to constitute a major asset restructuring [5] Group 3 - Baicheng Co. plans to purchase 55% of Shanghai Canxi Engineering Equipment Co. and will suspend trading of its stock starting September 30, 2025 [6][7] - Diaowei is planning to acquire equity in Rongpai Semiconductor and has suspended trading of its stock [8] - Xiatun New Energy signed a strategic cooperation framework agreement with Zhongwei Co. to establish a long-term partnership in the supply chain for solid-state lithium battery materials [9] Group 4 - Lingyi Zhi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy [10] - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, which targets cancer pain treatment [11] - Weide Information announced a preliminary transfer price of 40.33 yuan per share, representing a 26% discount to its closing price [12] Group 5 - Huayou Cobalt's subsidiary signed contracts with LGES for the supply of 76,000 tons of ternary precursor materials and 88,000 tons of ternary cathode materials from 2026 to 2030 [13] - Hubei Energy signed a cooperation agreement with the Xiangyang Municipal Government to invest 26.7 billion yuan in clean energy projects [14]

格隆汇9月29日丨侨银股份(002973.SZ)公布，公司入选涞水县城区环卫一体化合作运营项目（二次）的 第一中标候选人，预估中标总金额：512,452,500.00元/25年。招标范围：涞水县城区道路环卫清扫、街 头广告、绿化等垃圾巡回保洁、厕所保洁维护、果皮箱及垃圾箱的投放、垃圾收集及外运。 ...

Group 1 - The company, Qiaoyin Co., Ltd. (002973.SZ), has been selected as the first candidate for the Lai County urban sanitation integrated operation project (second phase) [1] - The estimated total bid amount for the project is approximately 512 million yuan [1]

Group 1 - The company, Qiaoyin Co., Ltd. (002973.SZ), has been selected as the first candidate for the integrated sanitation operation project in Laishui County, with an estimated total bid amount of approximately 512 million yuan [1]

Group 1 - The company, Qiaoyin Co., has been selected as the first candidate for the integrated sanitation operation project in Laishui County, with a bid price of 20.4981 million yuan per year [1] - The service duration for the project is set for 25 years, with an estimated total bid amount of approximately 512 million yuan over the 25-year period [1]

Core Viewpoint - The company has been selected as the first candidate for the integrated sanitation operation project in Laishui County, with a bid price of 20.4981 million yuan per year and a total estimated bid amount of 512 million yuan over 25 years [1] Group 1 - The project includes various sanitation services such as road cleaning, street advertising, green waste management, toilet maintenance, and garbage collection and transportation [1] - The service duration for the project is set for 25 years, indicating a long-term commitment and potential revenue stability for the company [1] - The company has not yet officially won the bid, and the specific implementation details will be determined by the formal contract [1]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-122 | | --- | --- | --- | | 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 关于被确定为约 5.12 亿元河北省保定市涞水县城区 环卫一体化合作运营项目（二次） 第一中标候选人的公告 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。 1．截至目前，公司尚未正式中标涞水县城区环卫一体化合作运营项目（二 次），公司能否中标该项目仍存在一定的不确定性。 2．项目总金额、具体实施内容等均以正式合同为准。公司将根据项目进展 情况及时履行信息披露义务，敬请广大投资者谨慎决策，注意投资风险。 一、项目的基本情况 7．招标范围：涞水县城区道路环卫清扫、街头广告、绿化等垃圾巡回保洁、 厕所保洁维护、果皮箱及垃圾箱的投放、垃圾收集及外运。 二、项目公示的内容 详见河北省招标投标公共服务平台（http://szj.hebei.gov.cn/）的《涞水县城 区环卫一体化合作运营项目二次中标候选人公示》。 1．项目名称：涞水县城区环卫一体化合作运营项目 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 17.15 yuan for the next 6 months [7][16]. Core Insights - The company reported a total revenue of 1.871 billion yuan in H1 2025, a decrease of 3.90% year-on-year, and a net profit of 125 million yuan, down 27.61% year-on-year, with a gross margin of 27.60%, an increase of 1.37% year-on-year [1][9]. - The company is actively enhancing its AI and humanoid robot capabilities to empower urban management services, collaborating with various organizations to integrate these technologies into its operations [2][11]. - The company has secured new contracts, including a 291 million yuan project in Putian and a 195 million yuan project in Beihai, contributing positively to its performance [3][11]. - The company has significantly improved its cash flow, achieving a net cash flow from operating activities of 421 million yuan, a year-on-year increase of 2640.88% [4][11]. Financial Performance - The company expects revenues of 4.12 billion yuan, 4.35 billion yuan, and 4.6 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 5.26%, 5.59%, and 5.73% [9][11]. - The projected net profits for the same years are 318 million yuan, 340 million yuan, and 370 million yuan, with growth rates of 9.9%, 7.0%, and 8.7% [9][11]. - The gross margin is expected to improve gradually, reaching 27.63% by 2027 [11][15]. Market Position and Strategy - The company is positioned as a leading urban management service provider in China, focusing on enhancing its service offerings through technology integration [2][11]. - The company is restructuring its performance evaluation system and enhancing project management to optimize operational efficiency [3][11]. - The company plans to raise 900 million yuan through a private placement to support its "Urban Steward" equipment and digital management projects, strengthening its competitive edge [4][11].