Company Overview - Qiaoyin Environmental Protection was established in 2001 and is a leading company in China's environmental sanitation industry, recognized as one of the top three influential brands in the sector [3][4] - The company achieved a revenue of CNY 2.195 billion in 2019, representing a year-on-year increase of 39.3% [3][4] - The net profit attributable to shareholders was CNY 131 million, with a year-on-year growth of 27.94% [4] Financial Performance - In Q1 2020, the company reported a revenue of CNY 666 million, a year-on-year increase of 40.37%, and a net profit of CNY 86.71 million, up 184.84% [4][8] - The total new orders in 2019 amounted to CNY 12.381 billion [4][10] - The company’s revenue growth rate over the past three years was 36% [4][10] Market Position and Industry Insights - The environmental sanitation industry is a necessity for cities, with a projected market size of CNY 314.4 billion by 2020 [4][5] - Qiaoyin Environmental Protection has been recognized as a benchmark in the industry, consistently ranking among the top influential brands for ten consecutive years [4][5] - The company operates in 17 provinces and over 60 cities, showcasing its extensive reach and operational capacity [5][10] Strategic Initiatives - The company implements a dual strategy of "Urban Steward" and "Environmental Innovation Technology" to enhance its service offerings [5][6] - The "Urban Steward" strategy focuses on comprehensive urban management services, while the "Environmental Innovation Technology" aims at improving waste treatment processes [5][6] - The company is cautious about expanding into large-scale governance projects, preferring to select high-quality projects [6][10] Competitive Advantages - Qiaoyin Environmental Protection has a competitive edge in strategy, brand, management, experience, talent, and funding [8][11] - The company has a robust operational management system, ensuring high efficiency and service quality across its projects [12][13] - The company’s mechanization rate is nearly 100% on main roads, with ongoing efforts to increase mechanization in smaller areas [12][13] Future Outlook - The company anticipates continued growth in orders, with a compound annual growth rate of 66% over the past three years [10][11] - The rural projects currently account for approximately 10% of revenue, with potential for future growth depending on project bidding outcomes [10][11] - The company expects to see improvements in gross and net profit margins as management practices become more refined [12][13]

证券代码：002973 证券简称：侨银环保 编号：2020-012 1 侨银环保科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|-------------------------------------|--------------------------------------------------------| | | | | | | □特定对象调研 □ | √ 分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □ √ 现场参观 | | | | □其他 | | | 参与单位名称及 | | 东吴证券、富国基金、生命资产、财信证券、中天国富、方正 | | 人员姓名 | | 证券、华泰证券、东证资管、复胜资产、红筹投资等 | | 时间 | 2020 年 7 月 3 日 10:00 | 开始 | | 地点 | 公司会议室 | | | 上市公司接待人 员姓名 | | 财务总监：陈立叶；董事会秘书：陈春霞 | | 投资者关系活动 主要内容介绍 ...

1 证券代码： 002973 证券简称：侨银环保 编号：2020-002 | --- | --- | --- | |-----------------------------|--------------------------------------|-----------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | 参与单位名称及 人员姓名 | ☑ 其他 投资者电话会议 | 申港证券：柴琪婉、李洁；融通基金：赵逸翔；广发基金：徐 驰；景顺长城：何进阳；燕园资本：钱坤；君合资本：郭宣宏； | | | 鹏华基金：王石千；宝盈基金：张若伦。 | | | 时间 | 2020 年 2 月 13 日 | | | 地点 | 电话会议 | | | 上市公司接待人 员 ...

证券代码： 002973 证券简称：侨银环保 1 编号：2020-004 | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 □ \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 \n□现场参观 \n□其他 | √ 分析师会议 | | | | 长江证券：徐科、罗松、任楠；博时基金：邓云程；华泰保兴： | | 参与单位名称及 人员姓名 | 方资管：吴丹；宝盈基金：陈金伟。 | 刘腾飞；广发基金：徐驰；光大资管：殷磊、魏天野；南方基 金：尹力、张磊；裕晋投资：邵仕威；华泰资产：万静茹；东 | | 时间 | 2020 ...

Company Overview - Established in 2001, the company is a leading environmental sanitation enterprise in China, ranking among the top three most influential brands in the industry [3] - As the first A-share listed environmental sanitation company in China, it has a strong reputation and comprehensive capabilities in performance, equipment, and brand [3] - The company focuses on the core strategy of "comprehensive improvement of human settlements" and implements the dual-drive strategy of "city housekeeper" and "environmental innovation technology" [4] - Its business covers urban and rural sanitation cleaning, waste classification and disposal, sanitation engineering, municipal public facility management, and more [4] Market and Industry Trends - Since 2013, China's environmental sanitation management industry has entered a rapid marketization phase, with policies driving further development and market expansion [3] - Factors such as urbanization, waste classification, and rural revitalization have contributed to the industry's upward trend, currently in a high-growth period [3] - The marketization rate of the environmental sanitation industry is approximately 30%, with increasing demand for rural sanitation services [6] - The COVID-19 pandemic has highlighted the importance of public health and sanitation, potentially leading to increased government focus and investment in the sector [5] COVID-19 Response - The company operates over 300 projects in more than 60 cities, employing over 35,000 sanitation workers [4] - It established a crisis management team on January 22, 2020, to coordinate epidemic prevention efforts, including disinfection and employee protection measures [4] - The company has allocated 20 million yuan for the "Qiaoyin Charity Fund" to support public health and safety initiatives [5] - The pandemic has increased operational costs, but the company expects long-term benefits from heightened government attention to public sanitation [5] Financial and Operational Performance - The company's debt ratio is 60%, with annual operating cash flow of approximately 200 million yuan [7] - Capital expenditures in 2018 and 2019 were around 700-800 million yuan, primarily for BOT projects such as the Guangzhou Likeng Comprehensive Treatment Plant and the Guangzhou East Solid Resource Recycling Center [7] - The company plans to maintain a debt ratio below 70% and will consider financing options based on market conditions [7] - The average contract duration for projects is 8-10 years, with a renewal rate of over 75% [8] Future Development and Projects - The company is actively involved in waste classification projects, with notable examples in Jiangxi and Guangdong provinces [8] - It is exploring innovative environmental technologies, including the construction of animal waste treatment plants and the development of a comprehensive environmental sanitation and protection enterprise [6] - The company is upgrading its smart sanitation information system platform to enhance management efficiency [9] - The Likeng project, the largest food waste treatment facility in Asia, is expected to enter full operation by mid-2020, with a daily processing capacity of 2,000 tons [7] Industry Challenges and Opportunities - The company faces challenges in managing increased workloads and costs due to the pandemic and waste classification initiatives [5][8] - However, the industry is expected to benefit from increased government investment and the potential for marketization to expand further, particularly in rural areas [6] - The company is well-positioned to capitalize on these opportunities due to its strong market position, operational experience, and innovative capabilities [3][4][6]

编号：2020-007 1 证券代码： 002973 证券简称：侨银环保 侨银环保科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 □ \n□现场参观 \n□其他 | √ 分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 | | | | 东吴证 ...

编号：2020-008 证券代码： 002973 证券简称：侨银环保 侨银环保科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|------------------------------|--------------------------------------------------------| | | | | | | □特定对象调研 □ | √ 分析师会议 | | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | □其他 | | | 参与单位名称及 | | 国泰君安：徐强；富利达资产：樊继浩；中国人寿资产：刘卓 | | 人员姓名 | | 炜；中信证券：刘将超；源乘投资：刘小瑛。 | | 时间 | 2020 年 4 月 29 日 | | | 地点 电话会议 | | | | 上市公司接待人 员姓名 | | 财务总监：陈立叶；董事会秘书：陈春霞 | | 投资者关系活动 主要内容介绍 | 详见会议纪要 | | | 附件清单（如有） ...

1 证券代码：002973 证券简称：侨银环保 编号：2020-006 | --- | --- | --- | |-----------------------------|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 □ \n□新闻发布会 \n□现场参观 \n□其他 | √ 分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 | | | | 广发证券：郭鹏、许洁、姜涛、刘宁；阿巴马资产：温尚清； 东方证券：王树娟；华富基金：芦山；华西证券：晏溶；进门 | | 人员姓名 | | 资：邵仕威；源乘投资：张江城；兴银基金：王暄；中海基金： 魏敏；中天国富证券：黄静；中信证券：丁俊；中银基金：王 | | 参与单位名称及 | 帅。 | 财经：刘梦连；德汇集团：黄抒帆；固禾资产 ...

证券代码： 002973 证券简称：侨银环保 编号：2020-001 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 \n□媒体采访 \n□新闻发布会 □路演活动 \n□现场参观 \n□其他 | ☑ 分析师会议 \n□业绩说明会 | | | | 安信证券：邵琳琳、马丁、汪磊；博时基金：邓云程；东方基 | | 参与单 ...

编号：2020-005 证券代码： 002973 证券简称：侨银环保 侨银环保科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...