Market Overview - On September 4, the environmental governance sector rose by 0.42% compared to the previous trading day, with Haixia Environmental leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Haixia Environmental (603817) closed at 6.66, up 10.08% with a trading volume of 396,900 shares and a transaction value of 260 million yuan [1] - Wenbululu (301259) closed at 47.20, up 9.87% with a trading volume of 215,100 shares and a transaction value of 1.03 billion yuan [1] - Other notable performers include: - Energy Guozhen (300388) at 7.99, up 7.68% [1] - Yifu Holdings (002266) at 4.02, up 5.79% [1] - Qiaoyin Co. (002973) at 14.21, up 5.26% [1] Fund Flow Analysis - The environmental governance sector experienced a net outflow of 329 million yuan from institutional investors and 173 million yuan from speculative funds, while retail investors saw a net inflow of 502 million yuan [2] - Key fund flows for selected stocks include: - Zhejiang Fuhua Holdings (002266) with a net inflow of 87.14 million yuan from institutional investors [2] - Haixia Environmental (603817) with a net inflow of 81.42 million yuan from institutional investors [2] - Qiaoyin Co. (002973) with a net inflow of 24.21 million yuan from institutional investors [2]

Core Viewpoint - Recently, Qiaoyin Digital Technology (Wuxi) Co., Ltd. was established, indicating a strategic move into the artificial intelligence and robotics sector by Qiaoyin Co., Ltd. [1] Company Summary - Qiaoyin Digital Technology has a registered capital of 30 million yuan, which reflects a significant investment in the development of intelligent robotics and AI applications [1] - The company is indirectly controlled by Qiaoyin Co., Ltd. (stock code: 002973), suggesting a strong backing and potential for growth in the AI and robotics market [1] Industry Summary - The establishment of Qiaoyin Digital Technology highlights the growing focus on artificial intelligence and robotics in the technology sector, which is expected to see increased demand and innovation [1] - The company's business scope includes research and development of intelligent robots, AI application software development, and sales of AI hardware, indicating a comprehensive approach to the AI ecosystem [1]

Core Viewpoint - The announcement is a correction regarding the notice for the 2025 Third Extraordinary General Meeting of Shareholders of Qiaoyin City Management Co., Ltd, clarifying that the changes do not involve substantive alterations to the original notice [1][6]. Meeting Details - The meeting is scheduled for September 19, 2025, with specific voting times set for both on-site and online participation [6][8]. - The meeting will be conducted in a hybrid format, allowing shareholders to vote either in person or via the Shenzhen Stock Exchange's internet voting system [7][8]. - The record date for shareholders to participate in the meeting is September 12, 2025 [7][8]. Agenda Items - The meeting will review several proposals, including a report on the previous fundraising usage and amendments to certain governance systems [2][4]. - A specific proposal regarding the establishment of a remuneration management system for directors and senior management will also be discussed [4][8]. - Notably, one of the proposals is categorized as a significant matter affecting minority investors, which will require separate counting of votes [8]. Registration and Voting Process - Shareholders can register for the meeting through on-site registration or via email, with specific documentation required for both individual and corporate shareholders [9]. - The voting process will include detailed instructions for participating in the online voting system, ensuring shareholders can effectively exercise their voting rights [12].

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-112 | | --- | --- | --- | | 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 关于召开 2025 年第三次临时股东大会通知的更正公告 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。 侨银城市管理股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日在巨潮资 讯网（www.cninfo.com.cn）披露了《关于召开 2025 年第三次临时股东大会的通知》 （公告编号：2025-111）。经事后核查发现原通知中部分内容有误，现对相关内容更 正。本次更正不涉及原通知的实质性变更，敬请投资者关注。具体内容如下： 更正前公告内容： 附件二： 侨银城市管理股份有限公司 2025 年第三次临时股东大会授权委托书 兹全权委托 （先生/女士）代表本单位（本人）出席侨银城市管 理股份有限公司 2025 年 9 月 19 日召开的 2025 年第三次临时股东大会，并代表本单 位（本人）依照以下指示对下列议案投票。 | | | 备注 | ...

Group 1 - The company reported a revenue of 1.871 billion yuan and a net profit attributable to shareholders of 125 million yuan for the first half of 2025, with a significant increase in operating cash flow by 2640.88% to 420 million yuan, indicating improved liquidity and effective project management [1] - The company secured major contracts in urban services, including a 291 million yuan project in Putian and a 195 million yuan project in Beihai, totaling over 480 million yuan, which strengthens its core business and opens new growth avenues [1] - The company has implemented a comprehensive financial and operational platform that enhances operational efficiency and risk control, transitioning management focus from scale to quality [1] Group 2 - The company's focus on "AI + urban services" has begun to yield results, with advancements in AI ecosystems, including partnerships for humanoid robot development and the establishment of a smart public service platform [2] - The company signed a $200 million intention order with the UAE's THi Group, marking a significant entry into the Middle Eastern urban services market and showcasing the global competitiveness of China's "AI + urban services" model [2] - The company has established a three-dimensional development framework of "internal optimization + technological empowerment + overseas expansion," positioning itself to strengthen its leading role in the digital transformation of the urban services industry [3]

Core Insights - Qiaoyin City Management Co., Ltd. reported a net profit attributable to shareholders of 125 million yuan for the first half of 2025, with a non-recurring net profit of 131 million yuan, showing improvement in operating cash flow year-on-year [1] - The company's success is attributed to the deep implementation of digital management, utilizing a self-developed integrated platform for finance, taxation, and operations, which has led to cost reduction and efficiency enhancement [1] - Qiaoyin has secured significant contracts in urban services, including a 291 million yuan project in Putian and a 195 million yuan project in Beihai, while also expanding into property management with eight new projects [1] - The company is also expanding its digital urban service capabilities internationally, signing a $200 million intent order with the UAE's THi Group, targeting the Middle Eastern urban service market [1] Financial Performance - Achieved a net profit of 125 million yuan and a non-recurring net profit of 131 million yuan in H1 2025 [1] - Operating cash flow has shown year-on-year improvement [1] Business Development - Secured urban service projects worth 291 million yuan in Putian and 195 million yuan in Beihai [1] - Expanded into property management with eight new projects, ensuring a robust order backlog [1] International Expansion - Signed a $200 million intent order with THi Group in the UAE, marking a significant step in internationalization [1] - Aims to tap into the Middle Eastern urban service market, leveraging experience in AI applications and full-scenario operations [1]

Core Viewpoint - Qiaoyin Co., Ltd. has demonstrated strong financial performance in the first half of 2025, achieving a revenue of 1.871 billion yuan and a net profit of 125 million yuan, indicating a dual competitive advantage of "profit enhancement + innovation breakthrough" during the industry's transformation period [1] Financial Performance - The company reported a year-on-year increase in gross profit margin by 1.37 percentage points to 27.60% [1] - Operating cash flow net amount surged by 2640.88% year-on-year, alleviating traditional industry pain points of slow payments and tight funds [2] Business Development - The urban service business continued to thrive, winning two major integrated sanitation projects worth 291 million yuan and 195 million yuan, reinforcing the company's regional layout advantage in the domestic sanitation market [2] - The company has diversified its business structure by successfully bidding for eight new property management projects, marking a strategic shift from single sanitation services to a comprehensive urban service model [2] Technological Innovation - The company has launched a new generation of integrated operation platform for business, finance, law, and tax, enhancing internal approval efficiency by over 30% and establishing a risk warning mechanism [2] - The "AI+" strategy is transitioning from technological exploration to industrialization, driving long-term growth through the construction of an artificial intelligence ecosystem around urban service scenarios [3] International Expansion - Qiaoyin Co., Ltd. signed a $200 million intention order with the UAE's THi Group, marking its entry into the Middle Eastern urban service market, which is expected to contribute significantly to performance growth in the next 3-5 years [4]

Group 1 - The company, Qiaoyin Co., announced on August 28 that its fourth board meeting was held on August 27, 2025, combining in-person and communication methods [1] - The meeting reviewed the proposal regarding the election of non-independent directors [1]

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, "Qiaoyin Convertible Bonds," despite meeting the conditions for a downward adjustment due to stock price performance [3][6]. Group 1: Convertible Bond Basic Information - The company issued 420 million yuan of convertible bonds with a face value of 100 yuan each, approved by the China Securities Regulatory Commission [1]. - The bonds were listed on the Shenzhen Stock Exchange on December 24, 2020, under the code "128138" [1]. - The conversion period for the bonds is from May 24, 2021, to November 16, 2026 [1]. Group 2: Conversion Price Adjustment History - The conversion price was adjusted from 25.43 yuan/share to 25.33 yuan/share effective May 24, 2021 [1]. - A subsequent adjustment reduced the price from 25.33 yuan/share to 25.23 yuan/share effective July 18, 2022 [2]. - The conversion price was further adjusted from 25.23 yuan/share to 25.13 yuan/share effective July 17, 2023 [2]. - The latest adjustment changed the price from 25.13 yuan/share to 25.03 yuan/share effective June 5, 2024 [3]. Group 3: Decision on Downward Adjustment - As of August 27, 2025, the company's stock had been below 85% of the current conversion price for at least 15 trading days within a 30-day period, triggering the conditions for a downward adjustment [5][6]. - The board of directors decided not to proceed with the downward adjustment of the conversion price during the specified period from August 28, 2025, to September 24, 2025 [6]. - If the conditions for a downward adjustment are met again after the specified period, the board will reconvene to decide on the matter [6].

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-107 | | --- | --- | --- | | 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 关于不向下修正"侨银转债"转股价格的公告 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。 特别提示： 一、可转债公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会出具的《关于核准侨银环保科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2020]1954 号）核准，公司向社会公 本次触发转股价格修正条件的期间从 2025 年 8 月 7 日起算，截至 2025 年 8 月 27 日，侨银城市管理股份有限公司（以下简称"公司"）股票已出现在任 意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格 85%（即 15.215 元/股）的情形，已触发"侨银转债"转股价格的向下修正 条款。 公司于 2025 年 8 月 27 日召开第四届董事会第四次会议，审议通过了《关于 不向下修正"侨银转债"转股价格的议案》，公司董事会决定 ...