Group 1: Market Performance - The environmental protection sector has shown localized strength, with several stocks hitting the daily limit up, including Jinjing Environment, Qiaoyin Co., and Boschke [1][2] - Notable stock performances include Qiaoyin Co. at 13.45 with a +9.98% increase, and Yuhua Tian at 21.31 with a +14.57% increase [2] Group 2: Industry Trends - The application of autonomous driving technology in sanitation services is rapidly advancing, driven by rising labor costs and recruitment challenges due to an aging population [3][4] - The integration of AI in waste incineration systems is being highlighted, with the first AI+ waste incineration power generation system launched in China [3] - The collaboration between waste incineration power generation and data centers is becoming a key solution for green transformation in eastern regions, achieving over 70% green electricity supply [5] Group 3: Future Projections - By 2024, the projected sales of new energy sanitation equipment in 19 first-tier and new first-tier cities is expected to reach 5,599 units, with a penetration rate of 24.4% [4] - The direct supply of electricity from waste incineration projects significantly reduces energy loss compared to conventional power grids, enhancing energy efficiency and cost control [5]

Group 1 - The solid waste management sector has seen a short-term surge, with companies such as Fulongma (603686), Qiaoyin Co., Ltd. (002973), and Jinlv Environment (001230) hitting the daily limit up [1] - Yuhua Tian (300815) and Xin'an Clean (300815) have increased by over 10%, indicating strong market interest [1] - Other companies like Jinyuan Co., Ltd. (000546), Shengyuan Environmental Protection (300867), Wangneng Environment (002034), Zhonglan Environmental Protection (300854), and Dongjiang Environmental Protection (002672) have also experienced upward movement [1]

证券代码：002973 证券简称：侨银股份 公告编号：2025-064 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 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： 一、会议召开情况 现场会议时间：2025 年 5 月 27 日（星期二）15:00 开始 网络投票时间为：2025 年 5 月 27 日，其中通过深圳证券交易所交易系统进 行网络投票时间为 2025 年 5 月 27 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过 深圳证券交易所互联网投票系统平台投票的具体时间为 2025 年 5 月 27 日 9:15 至 15:00 期间的任意时间。 （董事长郭倍华女士因工作原因不能现场出 席和主持本次会议，经公司半数以上董事共同推举，由董事韩丹女士主持本次会 议；董事长郭倍华女士以通讯方式出席本次会议）。 规范性文件和公司章程的规定。 二、会议出席情况 通过现场和网络投票的股东 102 人，代表股份 285,261,612 股，占公司总股 份的 69.8032％。 其中：通过现场投票的股东 ...

Group 1 - The legal opinion letter confirms the legality of the procedures for the 2024 annual general meeting of shareholders of Qiaoyin City Management Co., Ltd. [2][4][32] - The meeting was convened by the third board of directors, with proper notification to shareholders in accordance with relevant laws and regulations [5][8][32] - A total of 10 shareholders attended the meeting in person, representing 262,979,212 shares, which is 64.3507% of the total shares [8][9] Group 2 - The meeting was held on May 27, 2025, and was presided over by a director due to the absence of the chairman [7][9] - The network voting period was also established, allowing shareholders to vote online during specified times [6][8] - The legal opinion confirms that the voting procedures and results are valid and comply with the relevant laws and regulations [32] Group 3 - The voting results for various proposals were overwhelmingly in favor, with the approval rate for the annual report reaching 99.9912% [10][12][14] - Other proposals, including the board and supervisory committee reports, also received similar high approval rates [12][14][26] - The proposal for the 2025 director remuneration plan was approved with 99.9876% of votes in favor [15][16][30]

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于侨银城市管理股份有限公司 2024 年年度股东大会的法律意见书 致：侨银城市管理股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受侨银城市管理股份 有限公司（以下简称"公司"）委托，指派本所律师金涛、周昊臻（以下简称"本 所律师"）出席公司 2024 年年度股东大会（以下简称"本次股东大会"）。本 所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公 司股东会规则》等有关法律、法规、规范性文件及《侨银城市管理股份有限公司 章程》（以下 ...

| 证券代码：002973 | 证券简称：侨银股份 公告编号：2025-064 | | --- | --- | | 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 2024 年年度股东大会决议公告 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．本次股东大会无否决议案的情况； 2．本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1．会议召开时间 现场会议时间：2025 年 5 月 27 日（星期二）15:00 开始 - 1 - 二、会议出席情况 1．股东出席的总体情况： 通过现场和网络投票的股东 102 人，代表股份 285,261,612 股，占公司总股 份的 69.8032％。 其中：通过现场投票的股东 10 人，代表股 262,979,212 股，占公司总股份的 64.3507％。 网络投票时间为：2025 年 5 月 27 日，其中通过深圳证券交易所交易系统进 行网络投票时间为 2025 年 5 月 27 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过 深 ...

Core Insights - A new company, Pu Bei Qiao Ying Environmental Technology Co., Ltd., has been established with a registered capital of 2 million yuan [1] - The company is involved in various environmental services, including urban waste management, kitchen waste treatment, and soil pollution prevention [1] - The ownership structure includes Qiao Yin Co., Ltd. and Guangzhou Qiao Wang Urban Management Co., Ltd. as shareholders [1] Company Overview - The legal representative of the company is Liu Junyun [1] - The business scope includes both licensed and general operations, covering a wide range of environmental and technical services [1] - Specific services offered include 5G communication technology services, resource recycling consulting, and sewage treatment [1] Industry Implications - The establishment of this company reflects a growing trend in the environmental services sector, particularly in waste management and pollution control [1] - The diverse range of services indicates a comprehensive approach to environmental sustainability and urban management [1] - The involvement of established companies in the ownership structure may enhance credibility and operational capabilities in the market [1]

Group 1: Collaboration with National Innovation Center - The National Innovation Center focuses on key technologies in humanoid robots, aiming to create an innovation ecosystem that integrates innovation, industry, finance, and talent [2][3] - The collaboration with the National Innovation Center will enhance resource integration and technological synergy in urban service scenarios and humanoid robotics [4][8] Group 2: Technological Advancements in Robotics - The center has developed the world's first full-size open-source humanoid robot "Qinglong" and plans to establish a leading training ground for over 1000 humanoid robots by 2027 [3] - Key technological breakthroughs are required in protection levels, visual systems, heavy-duty drag technology, and legal regulations for urban service robots [6] Group 3: Smart City Initiatives - In December 2023, the company established a smart city research institute to enhance AI technology in urban management [7] - By May 2025, the company had secured contracts totaling CNY 110 million for smart city service projects, including sanitation and maintenance services [7] Group 4: Future Plans for Smart City Development - In 2025, the company aims to leverage AI and big data to create a smart management system for urban services, covering planning, execution, and supervision [9] - The company will focus on the deployment of various AI robots in urban service scenarios to strengthen the foundation for smart city construction [9]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11] Core Insights - The environmental protection industry is experiencing a recovery in market conditions, with a notable increase in sales of sanitation equipment, particularly in the new energy segment, which saw a year-on-year growth of 81.9% in the first four months of 2025 [2][6][22] - The penetration rate of new energy sanitation equipment has risen to 14.7%, driven by declining battery costs and supportive government policies [6][26] - Major companies in the industry, such as Yingfeng Environment and Yutong Heavy Industries, are accelerating their electrification and intelligent transformation efforts [2][9] Summary by Sections Industry Overview - In Q1 2025, national spending on energy conservation and environmental protection reached 130.2 billion yuan, a year-on-year increase of 6.5% [16] - The sales volume of sanitation equipment in 2024 decreased by 8.1% due to local fiscal pressures, but showed signs of recovery with a 4.0% year-on-year increase in the first four months of 2025 [6][22] New Energy Equipment Growth - New energy sanitation equipment sales reached 3,782 units in the first four months of 2025, marking an 81.9% increase compared to the previous year [6][26] - The economic viability of new energy sanitation equipment is becoming evident, with many applications nearing cost parity, which is expected to drive rapid sales growth [28][29] Market Dynamics - The market concentration for sanitation equipment remains high, with the top 10 companies holding a 54.5% market share as of early 2025 [7][31] - Yingfeng Environment leads the market with a 14.7% share, while its new energy equipment market share stands at 32% [7][34] Technological Advancements - The industry is witnessing a shift towards automation and robotics, with companies exploring humanoid sanitation robots to enhance operational efficiency [40][49] - The introduction of autonomous driving technology in sanitation services is gaining traction, addressing labor shortages and operational costs [40][41] Policy Support - The second batch of electric vehicle pilot programs in public sectors has been launched in 10 second- and third-tier cities, aiming to add over 250,000 new energy vehicles [8][39] - The ongoing push for electrification in public service vehicles is expected to significantly boost the demand for new energy sanitation equipment [39] Investment Opportunities - Yingfeng Environment and Yutong Heavy Industries are highlighted as key investment opportunities due to their leading market positions and growth potential in the new energy segment [9][51]

Strategic Layout - In 2025, the company will implement a "two verticals and three horizontals" development strategy, focusing on integrating main business with technology and expanding into new market areas [1] - The goal is to upgrade to a technology-enabled enterprise and establish a global development framework [1] 2024 Financial Performance - The company achieved a revenue of CNY 3.914 billion and a net profit of CNY 289 million in 2024 [3] - The gross profit margin was 26.86%, an increase of 0.82 percentage points year-on-year [3] - Total assets reached CNY 8.260 billion, a growth of 9.82% from the beginning of the year [3] Industry Overview - The sanitation industry is transitioning from mechanization to intelligent and digital transformation, with private enterprises holding a 62% market share [4] - The total contract amount for sanitation services exceeded CNY 246.5 billion, with an annualized amount of CNY 95.5 billion [4] - The market size is projected to reach CNY 644.2 billion by 2029, with a growth rate of 15% [4] Order Situation - New orders signed in 2024 amounted to CNY 5.222 billion, with a year-on-year increase in the fourth quarter of 56.67% [5] - The total amount of orders on hand reached CNY 42 billion, providing a solid foundation for future revenue and profit growth [5] Cost Control - The company achieved a management expense reduction of CNY 64.67 million, with a management expense ratio of 6.53%, down 1.59% year-on-year [6] - The three expense ratio was 13.23%, a decrease of 0.88 percentage points [6] Cash Flow and Debt Management - The company collected CNY 3.291 billion in payments in 2024, with a quarter-on-quarter increase of 5.13% in the fourth quarter [7] - The net cash flow reached CNY 158 million, a year-on-year increase of 98.29% [7] - The company is actively collaborating with local governments to improve accounts receivable through national debt policies [8] Digital Transformation Initiatives - The company established a smart city research institute in December 2023, focusing on AI technology for urban management [9] - By May 2024, the company had signed contracts totaling CNY 110 million for smart city projects [10] Future Collaborations - The partnership with the National Local Joint Human-shaped Robot Innovation Center aims to enhance urban service capabilities through resource integration and technology collaboration [11] - The focus will be on developing humanoid robots for various applications in urban management and home services [12] Fundraising and Financial Health - The company plans to raise CNY 900 million through a private placement, which will improve its financial stability and reduce debt ratios [13]