Core Viewpoint - The company Zhonghuan Environmental (300692.SZ) announced that its controlling shareholder and actual controller, Zhang Bozhong, along with Anhui Zhongchen Investment Holding Co., Ltd., is planning a change in the company's control, which may lead to a change in the controlling shareholder and actual controller [1] Summary by Sections - **Control Change Announcement** - The company is in the process of planning a change in control, which may result in a shift in its controlling shareholder and actual controller [1] - **Stock and Bond Suspension** - The company's stock and convertible bonds will be suspended from trading starting September 29, 2025, with an expected suspension period of no more than two trading days [1] - The convertible bond "Zhonghuan Convertible 2" will also be suspended from conversion during this period [1]

1、安徽中环环保科技股份有限公司（以下简称"公司"）控股股东、实际 控制人张伯中先生及其一致行动人安徽中辰投资控股有限公司正在筹划公司控 制权变更相关事宜，该事项可能导致公司控股股东、实际控制人发生变更。经公 司向深圳证券交易所申请，公司股票（股票简称：中环环保，股票代码：300692） 及可转换公司债券（债券简称：中环转 2，债券代码：123146）自 2025 年 9 月 29 日（星期一）开市起停牌，预计停牌时间不超过 2 个交易日。公司可转 换公司债券"中环转 2"将暂停转股。 2、本次交易事项能否最终实施完成及实施结果尚存在不确定性。敬请广大 投资者关注后续公告并注意投资风险。 公司于今日收到公司控股股东、实际控制人张伯中先生及其一致行动人安徽 中辰投资控股有限公司的通知，其正在筹划公司控制权变更相关事宜，该事项可 能导致公司控股股东、实际控制人发生变更。目前各方尚未签署相关协议，正就 具体交易方案、协议等相关事项进行论证和磋商，具体情况以各方签订的相关协 议为准。 上述事项尚在筹划中，存在不确定性。为保证公平信息披露，避免公司股价 异常波动，维护广大投资者利益，根据《深圳证券交易所上市公司自律监管 ...

（文章来源：第一财经） 中环环保公告，公司控股股东、实际控制人张伯中先生及其一致行动人安徽中辰投资控股有限公司正在 筹划公司控制权变更相关事宜，该事项可能导致公司控股股东、实际控制人发生变更。经公司向深圳证 券交易所申请，公司股票及可转换公司债券自2025年9月29日（星期一）开市起停牌，预计停牌时间不 超过2个交易日。公司可转换公司债券"中环转2"将暂停转股。 ...

Core Insights - The environmental governance sector saw a slight increase of 0.23% on September 26, with Zhonghuan Environmental leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Environmental Governance Sector Performance - Zhonghuan Environmental (300692) closed at 8.86, up 11.31% with a trading volume of 470,900 shares and a transaction value of 411 million [1] - Beijiete (300774) closed at 12.61, up 10.52% with a trading volume of 455,100 shares [1] - Qidi Environment (000826) closed at 2.51, up 10.09% with a trading volume of 1,581,800 shares and a transaction value of 387 million [1] - Xianglong Electric (600769) closed at 13.50, up 10.02% with a trading volume of 480,500 shares and a transaction value of 639 million [1] - Fuzhijie Environmental (688335) closed at 27.80, up 10.01% with a trading volume of 190,400 shares and a transaction value of 541 million [1] - Other notable performers include Zhonglan Environmental (300854) up 5.22%, Shanggai Huaineng (000803) up 4.17%, and Zhongshan Public Utilities (000685) up 3.93% [1] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 562 million from institutional investors, while retail investors saw a net inflow of 618 million [2] - The overall capital flow indicates a mixed sentiment within the sector, with institutional investors pulling back while retail investors increased their positions [2]

Core Insights - The waste-to-energy sector experienced a significant surge, with companies like Qidi Environment and Shimao Energy hitting the daily limit increase [1] - Other notable stocks in the sector, such as Zhonghuan Environmental Protection and Zhonglan Environmental Protection, also showed substantial gains [1] Company Performance - Qidi Environment and Shimao Energy reached their daily trading limit, indicating strong investor interest and confidence in these companies [1] - Zhonghuan Environmental Protection and Zhonglan Environmental Protection were among the top gainers, reflecting a broader positive trend in the waste-to-energy sector [1]

Core Viewpoint - The company, Zhonghuan Environmental Protection, announced that it has no overdue external guarantees, no litigation-related guarantee amounts, and no losses incurred due to guarantees [2] Summary by Relevant Sections - **Company Guarantees** - The company confirmed that there are no overdue external guarantees [2] - There are no guarantee amounts involved in any litigation [2] - The company has not incurred any losses due to guarantees [2]

| 证券代码:300692 | 证券简称:中环环保 | | 公告编号:2025-053 | | --- | --- | --- | --- | | 债券代码:123146 | 债券简称:中环转 | 2 | | 安徽中环环保科技股份有限公司 关于子公司融资并由公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别风险提示： 截至本公告披露日，安徽中环环保科技股份有限公司（以下简称"公司" 或"中环环保"）及子公司的担保额度总金额合计 358,330.05 万元，提供担保总 余额合计 290,830.05 万元（其中，以前年度担保余额为 223,830.05 万元，本年 度担保余额为 67,000.00 万元），占公司最近一期（2024 年度）经审计净资产的 比例为 128.53%，均为对全资子公司、控股子公司发生的担保事项。除此之外 公司没有发生对合并报表外单位提供担保情况，公司无逾期的对外担保事项， 无涉及诉讼的担保金额以及因担保而产生损失的情况。请投资者充分关注相关 担保风险。 一、担保情况概述 公司第四届董事会第六次会议、第四届监事 ...

Group 1: Company Strategy and Goals - The company aims for "steady, sustainable, and high-quality development" as its core strategy, focusing on optimizing growth and strengthening existing operations [2][5] - Plans to invest in advanced technology sectors such as energy conservation, environmental protection, new energy, new materials, and artificial intelligence to foster new growth points [2][5] Group 2: Financial Performance and Shareholder Returns - The company intends to ensure that the cumulative cash dividends over three years exceed 30% of the average net profit from the last three years [3] - In 2025, the company plans to increase cash collection from accounts receivable, expecting improvements due to local government debt resolution policies [5] Group 3: Collaborations and Partnerships - The company is involved in a partnership with Proof, focusing on catalytic heating technology, although investment in battery technology has been restricted due to regulatory reviews [3][4] - The collaboration aims to leverage Proof's advanced hydrogen energy battery technology for commercialization, despite current limitations [4] Group 4: Asset Management and Financial Health - The company reported an asset impairment provision of over 17 million in the first half of 2025, with ongoing assessments based on accounting policies [5] - The company is actively managing increasing accounts receivable and has established a dedicated collection team to address this issue [5]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the water production and supply industry in China, with a total of 4,146 companies reported as of January to July 2025, marking an increase of 241 companies compared to the same period last year, representing a year-on-year growth of 6.17% [1] - The report indicates that the water production and supply industry accounts for 0.8% of the total industrial enterprises in China [1] - The data referenced in the article is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [2] Group 2 - The article mentions several listed companies in the water production and supply sector, including Ba'an Water (300262), Energy Conservation Guozhen (300388), Boschke (300422), and others [1] - The report titled "2025-2031 China Water Production and Supply Industry Market Development Scale and Investment Opportunity Analysis Report" was published by Zhiyan Consulting [1] - The threshold for scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1]

Market Performance - The environmental governance sector rose by 0.97% on September 11, with Fu Jie Environmental leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers in Environmental Governance - Fu Jie Environmental (688335) closed at 17.47, with a significant increase of 19.99% and a trading volume of 133,100 shares, amounting to 222 million yuan [1] - China Tianrong (000035) saw a rise of 9.92%, closing at 5.21 with a trading volume of 1,044,400 shares, totaling 531 million yuan [1] - Zhenghe Ecology (605069) increased by 6.60%, closing at 11.46 with a trading volume of 285,400 shares, amounting to 331 million yuan [1] Decliners in Environmental Governance - Green Yin Ecology (002887) decreased by 2.49%, closing at 9.79 with a trading volume of 112,700 shares, totaling 110 million yuan [2] - Qiaoyin Co. (002973) fell by 2.40%, closing at 15.03 with a trading volume of 77,500 shares, amounting to 116 million yuan [2] - Feinan Resources (301500) dropped by 1.40%, closing at 17.65 with a trading volume of 162,300 shares, totaling 28.5 million yuan [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 397 million yuan from institutional investors, while retail investors saw a net inflow of 533 million yuan [2][3] - Major stocks like China Tianrong and Yuanda Environmental had mixed capital flows, with China Tianrong seeing a net inflow of 106 million yuan from institutional investors [3]