Transaction Overview - Dayu Water-saving Group Co., Ltd. has approved the transfer of equity stakes in its subsidiaries, Jinchang Jinyu Environmental Protection Co., Ltd. and Wushan Runkun Agricultural Irrigation Technology Co., Ltd. [1][2] - The Gansu Farmland Water Conservancy Investment Fund will transfer 72% of its stake in Jinchang Jinyu Environmental Protection and 54% of its stake in Wushan Runkun to the Gansu Jinyu Agricultural Water Technology Innovation Investment Fund [1][2] Financial Data - As of March 31, 2025, Jinchang Jinyu Environmental Protection had total assets of 165.92 million, total liabilities of 104.37 million, and equity of 61.55 million [5] - For the first quarter of 2025, Jinchang Jinyu reported revenue of 1.03 million and net profit of 2.17 million [5] - Wushan Runkun had total assets of 150.54 million, total liabilities of 110.69 million, and equity of 39.86 million as of March 31, 2025 [5] - In the first quarter of 2025, Wushan Runkun reported revenue of 0.043 million and a net loss of 0.088 million [5] Shareholding Structure - The pre-transaction shareholding structure of Jinchang Jinyu Environmental Protection included Gansu Farmland Water Conservancy Investment Fund holding 72% and Dayu Water-saving holding 4.8% [5] - The post-transaction structure remains unchanged for Dayu Water-saving's stake [5] - For Wushan Runkun, Gansu Farmland Water Conservancy Investment Fund held 54% pre-transaction, with Dayu Water-saving holding 5.4% [5] Transaction Pricing and Agreements - The total consideration for the equity transfer is 53.96 million, with 32.58 million for Jinchang Jinyu and 21.38 million for Wushan Runkun [6][7] - The pricing is based on market value and does not harm the interests of the company or minority shareholders [6] Impact on Company - The transaction is aimed at facilitating the upcoming liquidation of the Gansu Farmland Water Conservancy Investment Fund and will not affect Dayu Water-saving's ownership in the subsidiaries [7] - The transaction is expected to enhance governance of the subsidiaries and comply with legal requirements, ensuring no adverse impact on the company's financial status or operational results [7]

| 证券代码：300021 | 证券简称：大禹节水 | 公告编号：2025－106 | | --- | --- | --- | | 债券代码：123063 | 债券简称：大禹转债 | | 大禹节水集团股份有限公司 关于参股子公司股权转让暨关联交易的进展公告 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、 交易基本情况概述 大禹节水集团股份有限公司（以下简称"公司"）分别于 2025 年 6 月 25 日、 2025 年 7 月 11 日召开第七届董事会第四次（临时）会议、2025 年第四次临时股 东会，审议通过了《关于参股子公司金昌市金禹环保有限责任公司股权转让暨关 联交易的议案》《关于参股子公司武山县润坤农业灌溉科技有限责任公司股权转 让暨关联交易的议案》，具体内容详见 2025 年 6 月 26 日、2025 年 7 月 12 日在 巨潮资讯网（http://www.cninfo.com.cn）《第七届董事会第四次（临时）会议 决议公告》（公告编号：2025-094）、《关于参股子公司股权转让暨关联交易的 公告》（公告编号：2025－095）和《20 ...

Group 1 - The A-share water conservancy sector is experiencing strong performance, with notable stocks such as Tibet Tianlu hitting the daily limit, indicating significant investor interest [1] - Peizhi Group has seen an increase of over 7%, reflecting positive market sentiment towards companies in the water conservancy industry [1] - China Power Construction has risen by more than 5%, further demonstrating the upward trend in the sector [1] Group 2 - Other companies in the sector, including Oriental Yuhong, Xinjiang Tianye, Smart Agriculture, and Dayu Water-saving, are also showing gains, indicating a broad rally in the water conservancy market [1]

Core Viewpoint - China Power Construction Group Co., Ltd. (China Power) is seeking to establish comprehensive cooperation with Dayu Water Saving Group Co., Ltd. (Dayu Water Saving) to enhance the quality of water conservancy development in China through mutual advantages and innovative collaboration [1][2]. Group 1 - China Power's Northern Regional Headquarters, led by Guo Wanhong, conducted an on-site visit to Dayu Water Saving's Beijing R&D center to discuss cooperation on key national water conservancy projects [1]. - The visit included an exploration of Dayu Water Saving's development history, global market layout, and advantages in the full industry chain, with a focus on large irrigation area planning and design in Yunnan and Jiangxi [1]. - Guo Wanhong acknowledged Dayu Water Saving's achievements in modern irrigation construction and agricultural water conservation during the meeting [2]. Group 2 - Both companies aim to build a long-term cooperation mechanism, enhancing trust established through previous collaborations [2]. - Dayu Water Saving's chairman, Wang Haoyu, expressed gratitude for China Power's support and emphasized the importance of a "total-to-total" cooperation model for future projects [2]. - The collaboration is expected to inject strong momentum into the high-quality development of water conservancy in China [2].

在使用闲置募集资金暂时补充流动资金期间，公司严格遵守《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》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》以及公司《募集资金 管理办法》等相关规定，对资金进行了合理的安排与使用，用于暂时补充流动资 金的闲置募集资金仅用于与主营业务相关的生产经营，没有影响募集资金投资项 目的正常进行，没有变相改变募集资金用途，资金运用情况良好。 2025 年 7 月 23 日，公司已将上述用于暂时补充流动资金的募集资金 5,000 万元全部归还至募集资金专用账户，并及时通知公司的保荐机构国泰海通证券股 份有限公司以及保荐代表人。剩余用于暂时补充流动资金的闲置募集资金将在到 期日之前归还，届时公司将及时履行信息披露义务。 | 证券代码：300021 | 证券简称：大禹节水 | 公告编号：2025－105 | | --- | --- | --- | | 转债代码：123063 | 转债简称：大禹转债 | | 大禹节水集团股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的公告 本公司及其董事会全体成员保证信息披露内容真实、准确和完整 ...

Group 1 - The hydroelectric concept stocks have shown significant divergence, with companies like Tibet Tianlu (600326), Poly United (002037), Subote (603916), and Zhejiang Fu Holdings (002266) achieving four consecutive trading limit ups [1] - Conversely, Huhua Co., Ltd. (003002) has seen a decline of over 8%, while Jiangnan Chemical (002226) and Dayu Water-saving (300021) have both dropped by more than 7% [1]

Group 1 - The next round of China-US economic talks is scheduled for July 27-30 in Sweden, focusing on mutual respect and cooperation [2] - The Hainan Free Trade Port is set to officially launch on December 18, 2025, as part of its development strategy [2] - The Ministry of Public Security emphasizes that current "smart driving" systems in vehicles have not achieved full automation, highlighting the legal responsibilities of drivers [2] Group 2 - A new round of coal production checks is being initiated to stabilize coal supply, as confirmed by the National Energy Administration [3] - The National Development and Reform Commission is working on enhancing cooperation between state-owned and private enterprises to boost economic vitality and competitiveness [3] - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing the pig market and promoting the transformation of the pig industry [3] Group 3 - The Ministry of Science and Technology has released ethical guidelines for automated driving technology to mitigate ethical risks in its development [4] - The Dalian Commodity Exchange has adjusted trading limits and margin requirements for industrial silicon and polysilicon futures [4] - The Supreme People's Court has issued new regulations to protect the rights of homebuyers, effective July 24, 2025 [5] Group 4 - Companies such as Hanjian He Shan and China Railway Industry have reported no significant changes in their operational environments [6][7] - There are uncertainties regarding the participation of companies like *ST Zhengping and Huaxin Cement in the Yaxia Hydropower Project [10][11] - Watson Bio has signed a strategic cooperation framework agreement with a state-owned capital operation company [16] Group 5 - The establishment of China Fusion Energy Co., Ltd. marks a significant development in the nuclear fusion industry, indicating a trend towards commercialization [21] - The Hainan Free Trade Port's upcoming closure will lead to significant changes in tax policies, enhancing its attractiveness for tourism and retail [21]

Core Viewpoint - Several companies have announced uncertainties regarding their potential involvement in the "Yarlung Tsangpo River downstream hydropower project," reflecting the cautious sentiment in the market about this project and its related opportunities [3][4][5][6]. Group 1: Company Announcements on Yarlung Tsangpo Project - Kailong Co., Ltd. has noted uncertainty about its participation in the Yarlung Tsangpo hydropower project, as it primarily operates in the civil explosives industry [3]. - *ST Zhengping has also expressed uncertainty regarding its potential involvement in the Yarlung Tsangpo hydropower project, leveraging its extensive experience in high-altitude construction management [4]. - Huaxin Cement has indicated that it has the capacity to provide construction materials for the Yarlung Tsangpo hydropower project but acknowledges uncertainty about the revenue and profit it may derive from this project [5]. - Dayu Water-saving has emphasized that it currently does not have any contracts related to the Yarlung Tsangpo project, despite its experience in water conservancy projects in Tibet [6]. - ST Xifa has clarified that its main business is beer production and does not involve any projects related to hydropower station construction [7]. Group 2: Financial Performance and Market Position - Rongzhi Rixin expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 2027.62% to 2.18 billion yuan, driven by the digital transformation across various industries [16]. - Weiguang Co., Ltd. reported a total revenue of 750 million yuan for the first half of 2025, reflecting a year-on-year growth of 10% [17]. Group 3: Major Contracts and Projects - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder, which will span three years [18]. - China Communication Signal has won seven important projects in the rail transit market, with a total bid amount of approximately 1.431 billion yuan, accounting for 4.41% of its projected revenue for 2024 [19]. - Beixin Road and Bridge announced that its subsidiaries have won contracts totaling 1.629 billion yuan for highway projects, which is expected to positively impact future performance [20]. Group 4: Shareholding Changes - Tiancheng Zikong announced that Yunnan Trust plans to reduce its stake in the company by up to 1% [21]. - Baobian Electric has disclosed that the Equipment Finance Group intends to reduce its stake by up to 1% as well [22][23]. - Hongchang Technology's employee shareholding platform plans to reduce its stake by up to 2.56% [24].

Summary of Dayu Water Saving Conference Call Company Overview - Dayu Water Saving is one of the first 28 companies listed on the Growth Enterprise Market, initially starting with the production and sales of drip irrigation belts and gradually entering the engineering sector. The company has four main business segments: 1. Agricultural Water Group - responsible for water conservancy and hydropower projects with first-class general contracting qualifications. 2. Design Group - includes multiple design institutes and plans to acquire a first-class design institute. 3. Information Technology - through the acquisition of Huitu Technology, focusing on digital twin systems and flood warning systems. 4. Equipment Development - primarily producing drip irrigation belts and related equipment while actively expanding into international markets [3][4][14]. Industry Insights - The water conservancy industry is expected to maintain high investment levels during the "14th Five-Year Plan" period, with modernization of irrigation areas and water diversion projects becoming new focal points. The government encourages private enterprises and social capital to participate, providing significant growth opportunities for Dayu Water Saving [2][19]. Key Developments - Dayu Water Saving benefits from the high-standard farmland construction policy, maintaining an order growth rate of around 5 billion yuan. The company aims for an internal order target of 10 billion yuan in 2025, nearly doubling from 2024, with expectations for rapid order release in the second half of the year [2][4][25][26]. - The company plans to establish a branch in Linzhi to expand its business in the Yarlung Tsangpo project, leveraging its first-class general contracting qualifications and leading information technology capabilities [2][6][8]. Competitive Advantages - Dayu Water Saving's advantages in the Yarlung Tsangpo project include management flexibility, high-level design capabilities, and information technology business. The company aims to secure a 5% bidding ratio for supporting projects, which constitute 10% to 20% of the overall investment [8][9][12]. - The company has a strong history of collaboration with state-owned enterprises, evidenced by projects such as the 1.3 billion yuan hydropower station in Tibet and several large irrigation projects [15][19]. Financial Performance and Projections - The company anticipates a significant increase in revenue over the next 3 to 5 years, with a focus on maintaining a healthy cash flow and improving profit margins as orders and revenues grow [26][28]. - Dayu Water Saving's cash flow situation has improved significantly, with operating cash flow nearing 700 million yuan in 2024, and a healthy structure of accounts receivable [28]. Future Opportunities - The company sees potential in various stages of project opportunities, including design, construction, and information technology services. The water conservancy sector is viewed as a critical area for national investment, with many opportunities expected to arise [19][29]. - Huitu Technology, a subsidiary, is projected to maintain a natural growth rate of 20% to 30%, with plans to participate in large engineering projects [23][24]. Conclusion - Dayu Water Saving is well-positioned to capitalize on the growing opportunities in the water conservancy sector, supported by favorable government policies and a strong track record of collaboration with state-owned enterprises. The company's strategic focus on expanding its capabilities and market presence will be crucial for its future growth [2][14][29].

Group 1: Company Overview and Business Operations - Dayu Water-saving Group has been involved in water and hydropower projects in Tibet since 2015, collaborating with state-owned enterprises like China Energy Construction and China Electric Power Construction [4] - The company has established a strong presence in high-altitude regions, demonstrating its construction capabilities in complex geographical conditions [4] - Dayu Water-saving has plans to set up a branch in Linzhi and participate in surrounding projects related to the Yarlung Tsangpo River hydropower station [4] Group 2: Project Capabilities and Competitive Advantages - The company possesses a first-class qualification for water conservancy and hydropower engineering contracting, with extensive experience in large and medium-sized water conservancy facilities [5] - Dayu Water-saving's design group is a leading private water conservancy design enterprise in China, aiming to enhance its design qualifications through mergers and acquisitions [5] - The company has successfully implemented modernized renovation projects for reservoirs, showcasing its integrated solution capabilities [5] Group 3: Market Trends and Investment Opportunities - Water conservancy investment has exceeded 1 trillion yuan for three consecutive years, with a positive outlook for future orders in the sector [7] - The government has set ambitious goals for high-standard farmland construction, targeting 1.35 billion mu by 2030, which translates to a market space exceeding 1.5 trillion yuan [9] - The "soft construction" initiative proposed by the National Development and Reform Commission is expected to benefit private enterprises significantly, enhancing their competitive advantages [10] Group 4: Future Projections and Strategic Directions - The agricultural investment landscape is improving, with new policies aimed at enhancing agricultural infrastructure and water management [8] - The company anticipates that the government's increased investment in agriculture will secure orders and performance for the next three to five years [9] - Dayu Water-saving is committed to leveraging its strengths and foresight to create greater value for investors in the future [10]