Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 14.36 [7][8]. Core Views - The company reported a revenue of RMB 39.14 billion for 2024, a year-on-year decrease of 0.74%, and a net profit attributable to the parent company of RMB 2.89 billion, down 8.71% year-on-year, which is in line with expectations [1]. - The company has signed new contracts with an annualized amount that continues to grow, focusing on the sanitation robot sector and enhancing its smart sanitation ecosystem [1][2]. - The company plans to invest up to RMB 1 billion in the Jiangsu Wujiang project to develop and manufacture various unmanned driving robots for urban management [3]. - The company aims to raise RMB 900 million through a private placement to support its strategic projects, including a centralized equipment configuration center for urban management [4]. - The earnings forecast has been adjusted downward, with expected EPS for 2025-2027 at RMB 0.76, 0.82, and 0.85, respectively, reflecting a 10% and 15% downward adjustment for 2025 and 2026 [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 39.14 billion and a net profit of RMB 2.89 billion, with a significant increase in accounts receivable by 23.08% to RMB 2.656 billion [4][6]. - The operating cash flow for 1Q25 turned positive at RMB 1.98 billion, a significant improvement compared to a negative cash flow in 1Q24 [4]. Market Position and Strategy - The company has expanded into six key cities and has a total of RMB 42 billion in pending orders, indicating strong future performance potential [2]. - The company is recognized as a leading urban management service provider in China, with significant brand and scale advantages [2]. Investment and Growth Plans - The company is continuously investing in the smart city robot sector, which is expected to enhance its artificial intelligence and smart urban service ecosystem [3]. - The planned fundraising of RMB 900 million will support the development of digital projects for smart city management [4].

Core Viewpoint - The company reported stable performance with a positive growth in non-recurring net profit and significant improvement in operating cash flow [2] Financial Performance - In 2024, 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 9% [1] - For Q1 2025, the company reported operating revenue of 936 million yuan, a year-on-year decline of 4%, and a net profit attributable to shareholders of 68 million yuan, down 30% [1] - The non-recurring net profit for 2024 was 309 million yuan, showing a positive year-on-year growth [2] - The overall gross margin was 26.86%, an increase of 0.82 percentage points year-on-year, mainly due to the improvement in the gross margin of the core urban sanitation and cleaning business [2] - The net cash flow from operating activities reached 158 million yuan, a significant year-on-year increase of 98% [2] Business Segments - The urban sanitation and cleaning business generated revenue of 3.726 billion yuan, accounting for 95.18% of total revenue, with a slight year-on-year decrease of 1%, but the gross margin increased by 1.42 percentage points to 27.12% [2] - The revenue from the household waste disposal business was 101 million yuan, a minor year-on-year decline of 0.24% [2] - The company has a robust market expansion capability, with a backlog of orders amounting to 42 billion yuan by the end of 2024 [2] - The company is optimizing its market layout, focusing on regions with better payment capabilities, and has entered six key cities including Linyi, Chongqing, and Ordos [2] Technological Advancements - The company is accelerating its digital transformation, with R&D investment of 44.74 million yuan in 2024 [3] - A subsidiary was established to collaborate with national research institutions to create a "Smart City Research Institute," focusing on developing AI robots for municipal cleaning and property services [3] - Pilot applications of related unmanned equipment have been conducted in various locations, including Yunfu, Guangdong [3] - Plans for 2025 include establishing an AI industry ecosystem headquarters and enhancing the product matrix for unmanned cleaning, property management, and urban inspection robots [3] Profit Forecast - The company is expected to achieve operating revenues of 4.309 billion yuan, 4.746 billion yuan, and 5.221 billion yuan for 2025-2027, with year-on-year growth rates of 10.08%, 10.13%, and 10.01% respectively [3] - The net profit attributable to shareholders is projected to be 345 million yuan, 413 million yuan, and 480 million yuan for the same period, with growth rates of 19.40%, 19.51%, and 16.25% respectively [3] - Based on the closing price on April 28, 2025, the corresponding PE ratios are expected to be 12.00, 10.04, and 8.64, with EPS of 0.84, 1.01, and 1.17 yuan [3]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-059 | | --- | --- | --- | | 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 关于收到约 5695 万元广西壮族自治区钦州市 浦北县城区环卫保洁和绿化养护一体化服务项目 中标通知书的公告 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。 近日，侨银城市管理股份有限公司（以下简称"公司"）收到浦北县城区 环卫保洁和绿化养护一体化服务项目的《中标通知书》，具体情况公告如下： 1．项目名称：浦北县城区环卫保洁和绿化养护一体化服务项目； 2．采购人：浦北县综合行政执法局； 3．采购代理机构：广西华霖招标有限公司； 4．中标金额：首年报价 18,985,042.23 元/年（其中环卫为 16,074,987.31 元/ 年，绿化为 2,910,054.92 元/年），三年总报价 56,955,126.69 元；； 5．合同履约期限：拟定为" 3+3+2 "年。若中标人在第一个 3 年服务期内 月度考核评分平均值不低于 80 分(含 80 ...

Core Viewpoint - Qiaoyin Co., Ltd. has demonstrated significant financial improvement and strategic transformation, positioning itself for future growth in the urban services sector [1][2][3] Financial Performance - In 2024, Qiaoyin Co., Ltd. achieved a net profit of 309 million yuan, reflecting a year-on-year growth of 1.12% [1] - The company's cash flow from operating activities increased by 98.29% year-on-year, indicating improved liquidity [1] - Gross profit margin has steadily risen for five consecutive years, from 23.93% in 2020 to 26.86% in 2024 [1] - The "three expenses" ratio decreased by 0.88% to 13.23%, showcasing enhanced cost control capabilities [1] - Total assets and equity attributable to shareholders increased compared to the beginning of the period, reinforcing the company's industry position [1] Business Expansion and Strategy - Qiaoyin Co., Ltd. is accelerating its transformation into a "smart city steward," expanding its business into multiple sectors including property management, AI equipment, technology services, and recycling [2] - The company has added six key cities, including Chongqing and Ordos, with a total of 42 billion yuan in pending orders by the end of 2024, indicating strong sustainable development capabilities [2] - Qiaoyin Co., Ltd. is focusing on traditional business while also promoting a business integration strategy, with property management and recycling becoming new growth drivers [2] - The company is exploring a collaborative model of "urban services + AI + recycling," contributing to the construction of a green low-carbon circular economy [2] Technological Investment and Innovation - Qiaoyin Co., Ltd. has invested a total of 87.89 million yuan in R&D over the past two years [2] - The establishment of Qiaoyin Smart City Research Institute and the launch of autonomous driving robots in key cities demonstrate the company's commitment to technological advancement [2] - The upgraded smart sanitation system has improved operational efficiency while reducing labor costs, earning recognition through technology advancement awards [2] Industry Outlook - The urban services industry is poised for new opportunities with the advancement of the national "AI+" initiative and debt reduction policies [3] - Qiaoyin Co., Ltd. aims to leverage its technological accumulation, scale advantages, and strategic foresight to further solidify its leading position in the industry [3] - The company is focused on driving the transformation of urban services towards intelligence, low carbon, and cloud integration, enhancing urban development and residents' quality of life [3]

Core Insights - The company, Qiaoyin Co., Ltd. (stock code: 002973), has demonstrated strong operational resilience and achieved record highs in several key performance indicators through a forward-looking digital transformation strategy amidst macroeconomic pressures and intensified industry competition [1] Financial Performance - The company reported a non-net profit attributable to shareholders of 309 million yuan, reflecting a year-on-year growth of 1.12% - Cash flow from operating activities significantly improved, with a year-on-year increase of 98.29% - Gross margin increased from 23.93% in 2020 to 26.86% in 2024, maintaining growth for five consecutive years - The "three expense rates" decreased by 0.88% to 13.23%, attributed to refined management and effective cost control driven by digitalization [1] - Total assets and equity attributable to shareholders increased compared to the beginning of the period, indicating strong reserves for future development [1] Operational Strategy - The company is accelerating its upgrade to a "smart city steward," expanding its urban service boundaries through digitalization - New business operations have been established in six key cities, including Chongqing and Ordos, with a backlog of 42 billion yuan in orders by the end of 2024, indicating robust sustainable development momentum [2] - In the property management sector, the company is leveraging digital technology to expand projects in Guangzhou and Zhaoqing, focusing on high-end commercial properties for precise services and efficient operations [2] Technological Development - R&D is a core support for the company's digital transformation, with a cumulative investment of 87.89 million yuan over the past two years - The establishment of Qiaoyin Smart City Research Institute and the launch of autonomous intelligent robots in key cities have enhanced operational efficiency and significantly reduced labor costs [3] - The company has received recognition for its technological capabilities, including awards for its intelligent robots and successful implementation of smart sanitation systems [3] Industry Outlook - The urban services industry is poised for growth with the advancement of the national "Artificial Intelligence +" initiative and the deepening of debt restructuring policies - The company aims to leverage its technological and scale advantages to implement a "two verticals and three horizontals" strategy, further solidifying its leading position in the industry [3] - The focus on intelligent, low-carbon, and cloud-connected urban services is expected to inject new vitality into urban development and provide a successful model for industry growth [3]

Core Insights - The company reported a stable performance in its 2024 annual report, achieving an operating revenue of 3.914 billion yuan and a net profit attributable to shareholders of 309 million yuan, reflecting a year-on-year growth of 1.12% [1] - The company has significantly improved its cash flow from operating activities, with a year-on-year increase of 98.29%, indicating enhanced operational efficiency [1] - The gross profit margin has steadily increased over five years, rising from 23.93% in 2020 to 26.86% in 2024, showcasing the company's effective cost management [1] - The company has reduced its "three expenses" ratio by 0.88% to 13.23%, further indicating operational efficiency [1] Financial Performance - Total assets reached 8.26 billion yuan by the end of the reporting period, with equity attributable to shareholders also increasing, reflecting a solid financial structure [1] - The company has invested a total of 87.89 million yuan in research and development over the past two years, highlighting its commitment to innovation [1] Strategic Initiatives - The company is leveraging digital transformation to enhance its urban service capabilities, focusing on "AI full-dimensional and all-scenario empowerment" as its core strategy [1] - The company is accelerating the construction of an "urban service ecosystem," expanding its business scope to include property management, resource recycling, AI equipment, and technology services [2] - By the end of 2024, the company has a backlog of 42 billion yuan in orders, indicating strong sustainable development potential [2] Market Positioning - Analysts note that the company has established a virtuous cycle of "technology-efficiency-market" through its proactive positioning in the digitalization sector, serving as a model for traditional service enterprises undergoing transformation [2] - The company is expected to gain a first-mover advantage as demand for smart city services continues to grow, contributing to increased industry concentration [2]

侨银城市管理股份有限公司全体股东： 一、审计意见 我们审计了侨银城市管理股份有限公司（以下简称"侨银股份"）财务报表，包括2024 年12月31日的合并及母公司资产负债表，2024年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司所有者权益变动表以及相关财务报表附注。 侨银城市管理股份有限公司 2024 年度审计报告 司农审字[2025]24008540015 号 目 录 | 审计报告……………………………………………… | 1-6 | | --- | --- | | 合并资产负债表……………………………………… | 1-2 | | 母公司资产负债表表………………………………… | 3-4 | | 合并利润表…………………………………………… | 5 | | 母公司利润表………………………………………… | 6 | | 合并现金流量表……………………………………… | 7 | | 母公司现金流量表表………………………………… | 8 | | 合并所有者权益变动表……………………………… | 9-10 | | 母公司所有者权益变动表…………………………… | 11-12 | | 财务报表附注……… ...

侨银城市管理股份有限公司 内部控制审计报告 司农审字[2025]24008540021号 目 录 报告正文……………………………………………………1-2 侨银城市管理股份有限公司 内部控制审计报告 司农审字[2025]24008540021号 侨银城市管理股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了侨银城市管理股份有限公司（以下简称侨银股份）2024年12月31日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是侨银 股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 1 ...

司农专字[2025]24008540043 号 关于侨银城市管理股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项审核说明 司农专字[2025]24008540043 号 目 录 一、报告正文………………………………………………1-2 附件一： 侨银城市管理股份有限公司 2024 年度非经营性 资金占用及其他关联资金往来情况汇总表………………3-9 关于侨银城市管理股份有限公司 非经营性资金占用及其他关联资金往来情况的 专项审核说明 侨银城市管理股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了侨银城市管理股份有限 公司（以下简称"侨银股份"）2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所 有者权益变动表以及财务报表附注，并于 2025 年 4 月 28 日出具了司农审字 [2025]24008540015 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》以及深圳证券交易所《深圳证券交易所上市公司自 律监管指南第 1 ...

司农专字[2025]24008540035 号 目 录 一、鉴证报告正文…………………………………………1-2 侨银城市管理股份有限公司 募集资金 2024 年度存放与使用情况 鉴证报告 二、侨银城市管理股份有限公司关于募集资金 2024 年度存放与使用情况的专项报告………….…3-12 侨银城市管理股份有限公司 募集资金2024年度存放与使用情况鉴证报告 司农专字[2025]24008540035号 侨银城市管理股份有限公司全体股东： 我们审核了后附的侨银城市管理股份有限公司（以下简称"侨银股份"）董事会 编制的2024年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供侨银股份年度报告披露之目的使用，不得用作任何其他目的。 我们同意将本鉴证报告作为侨银股份年度报告必备的文件，随其他文件一起报送并 对外披露。 二、董事会责任 按照中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集资 金管理和使用的监管要求》、深圳证券交易所《深圳证券交易所上市公司自律监管 指引第1号——主板上市公司规范运作》及《深圳证券交易所上市公司自律监管指 南第2号——公告格式 ...