Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [12] Core Insights - The environmental protection sector showed a significant increase in performance, with a 17.3% year-on-year growth in non-recurring net profit for Q3 2025, driven by stable operations and profit recovery in cyclical assets [6][40] - The overall revenue for the environmental sector reached 221.7 billion yuan in the first three quarters of 2025, marking a 3.12% increase year-on-year, while the net profit attributable to shareholders grew by 4.88% to 21.9 billion yuan [21][40] - The cash flow situation improved, with a cash collection ratio of 95.1% in Q3 2025, reflecting a 4.5 percentage point increase year-on-year, indicating a stable investment environment despite a downward trend in financing [8][40] Summary by Sections Performance Overview - In Q3 2025, the environmental sector achieved a revenue of 79.6 billion yuan, a 9.64% increase year-on-year, with a net profit of 8.2 billion yuan, up 11.8% [6][40] - The non-recurring net profit for Q3 2025 was 7.75 billion yuan, reflecting a 17.3% year-on-year increase, primarily driven by strong performances in waste incineration, biodiesel, and air quality sectors [6][40] Financial Statements - The overall asset-liability ratio for the environmental sector was 57.3% in Q3 2025, with a slight year-on-year increase of 0.35 percentage points, indicating a slowdown in the growth rate of liabilities [7] - The cash flow from operating activities showed a net inflow of 27.1 billion yuan, a 30.6% increase year-on-year, with improvements noted in waste management and water operations [8] Investment Strategy - The report suggests continued investment in waste incineration and water sectors, with a potential for valuation recovery as the industry transitions towards a more market-oriented model [9] - Recommended companies include Hanlan Environment, China Everbright International, and Weiming Environmental, among others, highlighting their potential for growth and dividend returns [9]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-135 | | --- | --- | --- | | 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 三、对公司的影响 公司成立于 2001 年，业务涵盖城乡环境一体化服务、环卫工程建设、垃圾 分类等业务，具备垃圾焚烧发电项目投资、建设、运营等方面的综合实力。本次 入选印度尼西亚垃圾焚烧发电项目选定供应商名单，显示了印度尼西亚主权投资 基金对公司财务、技术能力与项目投资、建设和运营管理水平的认可，有助于公 司将先进的垃圾处理技术和管理能力向一带一路国家输出，拓展海外垃圾焚烧发 电市场，提升公司整体竞争力和可持续发展能力。 本次入选选定供应商名单对公司 2025 年财务状况及经营成果不会产生直接 影响，不存在损害公司及全体股东利益的情形。 关于入选印度尼西亚废物转化能源项目 选定供应商名单的公告 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。 一、特别提示 本次为侨银城市管理股份有限公司(以下简称"公司")入选印度尼西亚环境 友好型废物转化能源项目选定 ...

Core Viewpoint - The company, Qiaoyin Co., has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project, indicating recognition of its financial and technical capabilities by the Indonesian sovereign wealth fund [1] Group 1: Company Overview - Qiaoyin Co. was established in 2001 and operates in urban and rural environmental integration services, sanitation engineering construction, and waste classification [1] - The company possesses comprehensive strengths in investment, construction, and operation of waste incineration power generation projects [1] Group 2: Project Significance - Being included in the supplier list for Indonesia's waste-to-energy project enhances the company's ability to export advanced waste treatment technology and management capabilities to Belt and Road countries [1] - This development is expected to expand the company's presence in the overseas waste incineration power generation market [1] - The project selection is anticipated to improve the company's overall competitiveness and sustainable development capabilities [1]

Group 1 - The company, Qiaoyin Co., Ltd. (002973.SZ), has been officially selected as a supplier for Indonesia's environmentally friendly waste-to-energy project by the sovereign investment fund PT Danantara Investment Management [1]

Core Viewpoint - The company, Qiaoyin Co., Ltd. (002943.SZ), has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project, indicating recognition of its financial and technical capabilities by the Indonesian Sovereign Investment Fund [1] Group 1: Company Overview - Qiaoyin Co., Ltd. was established in 2001 and operates in urban and rural environmental integration services, sanitation engineering construction, and waste classification [1] - The company possesses comprehensive strengths in investment, construction, and operation of waste incineration power generation projects [1] Group 2: Project Significance - Being included in the supplier list for Indonesia's waste-to-energy project enhances the company's ability to export advanced waste treatment technology and management capabilities to Belt and Road countries [1] - This development is expected to expand the company's overseas waste incineration power generation market and improve its overall competitiveness and sustainable development capacity [1]

Core Viewpoint - Company has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project by PT Danantara Investment Management [1] Group 1 - Company received notification from PT Danantara Investment Management regarding its inclusion in the supplier list for the waste-to-energy project [1] - The company will need to participate in the partner selection process for the specific project [1] - There is uncertainty regarding the final investment qualification and subsequent contract signing and execution [1]

Group 1 - The company, Qiaoyin Co., has been officially selected as a supplier for Indonesia's environmentally friendly waste-to-energy project by the sovereign investment fund PT Danantara Investment Management [1]

Core Viewpoint - Qiaoyin Co., Ltd. has experienced a stock price increase of 51.91% year-to-date, despite a recent decline of 3.81% over the last five trading days [1][2] Group 1: Stock Performance - As of November 4, Qiaoyin's stock price reached 15.92 CNY per share, with a market capitalization of 6.506 billion CNY [1] - The stock has seen a trading volume of 48.42 million CNY, with a turnover rate of 1.39% [1] - Year-to-date, the stock has recorded a 3.71% increase over the last 20 days and an 18.28% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Qiaoyin reported a revenue of 2.766 billion CNY, a year-on-year decrease of 5.87% [2] - The net profit attributable to shareholders for the same period was 150 million CNY, reflecting a significant year-on-year decline of 38.08% [2] Group 3: Business Overview - Qiaoyin Co., Ltd. specializes in urban and rural sanitation services, waste disposal, municipal sanitation engineering, and other related services [1] - The company's revenue composition is as follows: urban and rural sanitation services (94.78%), waste disposal (3.28%), other services (1.94%) [1] - The company is categorized under the environmental protection industry, specifically in solid waste management, and is involved in various related sectors such as green power and PPP concepts [2] Group 4: Shareholder Information - As of September 30, Qiaoyin had 15,800 shareholders, a decrease of 13.82% from the previous period [2] - The average number of circulating shares per shareholder increased by 16.03% to 14,129 shares [2] Group 5: Dividend Information - Since its A-share listing, Qiaoyin has distributed a total of 218 million CNY in dividends, with 123 million CNY distributed over the last three years [3]

Core Points - The company, Qiaoyin Co., Ltd. (002943.SZ), announced a shareholding change involving Zeyuan Private Equity, which reduced its stake in the company [1] - Zeyuan Private Equity sold a total of 16,800 shares from November 3, 2025, through centralized bidding, representing 0.004111% of the company's total share capital [1] - After this transaction, Zeyuan Private Equity holds 20,433,200 shares, accounting for 4.999980% of the total share capital, thus no longer being a shareholder with more than 5% ownership [1]

Core Viewpoint - The shareholder Zeyuan Private Equity has reduced its stake in Qiaoyin Co., Ltd. to below 5%, indicating a significant change in the ownership structure of the company [1] Summary by Relevant Sections - **Shareholder Activity** - Zeyuan Private Equity has sold a total of 16,800 shares of Qiaoyin Co., Ltd. through centralized bidding from November 3, 2025, representing 0.004111% of the company's total share capital [1] - After this transaction, Zeyuan Private Equity holds 20,433,200 shares, which accounts for 4.999980% of the total share capital, thus no longer being a shareholder with over 5% ownership [1]