证券代码：300815 证券简称：玉禾田 公告编号：2025-085 玉禾田环境发展集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别风险提示： 关于对外担保的进展公告 截至本公告披露日，公司及控股子公司已审批的担保额度总金额超过最近一 期经审计净资产100%，敬请广大投资者充分关注担保风险。 一、担保情况概述 玉禾田环境发展集团股份有限公司（以下简称"玉禾田"或"公司"）分别 于2024年12月26日、2025年1月20日召开的第四届董事会2024年第五次会议、2025 年第一次临时股东大会审议通过了《关于公司2025年度对外提供担保额度预计的 议案》。并分别于2025年8月20日、2025年9月8日召开的第四届董事会2025年第四 次会议、2025年第二次临时股东大会审议通过了《关于增加公司2025年度对外提 供担保额度预计的议案》。公司为子公司、子公司为子公司向金融机构融资提供 累计不超过人民币88.8亿元的担保，担保额度有效期为自公司2025年第二次临时 股东大会通过之日起12个月。具体内容请详见公司于2024年12月27日、202 ...

Core Viewpoint - Yuhua Tian's stock price has experienced fluctuations, with a year-to-date increase of 50.44%, but a recent decline in the last 60 days by 17.25% [1] Group 1: Stock Performance - On December 2, Yuhua Tian's stock fell by 2.01%, trading at 22.89 CNY per share, with a total market capitalization of 9.124 billion CNY [1] - The stock has seen a trading volume of 86.3868 million CNY, with a turnover rate of 0.96% [1] - Year-to-date, the stock has risen by 50.44%, with a 2.88% increase over the last five trading days, a 0.99% decrease over the last 20 days, and a 17.25% decline over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Yuhua Tian reported revenue of 5.640 billion CNY, reflecting a year-on-year growth of 7.96%, while net profit attributable to shareholders decreased by 13.03% to 431 million CNY [2] - The company has distributed a total of 676 million CNY in dividends since its A-share listing, with 419 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, Yuhua Tian had 37,600 shareholders, an increase of 5.14% from the previous period, with an average of 10,378 circulating shares per shareholder, a decrease of 4.89% [2] - Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 2.3744 million shares, an increase of 1.2537 million shares from the previous period [3] Group 4: Business Overview - Yuhua Tian is engaged in environmental sanitation management services, with its main business revenue composition being 85.86% from urban operations, 14.00% from property management, and 0.14% from other services [1]

Core Insights - The article highlights the launch of the new "Sunshine S300 multifunctional cleaning robot" by Shenzhen Yushu Intelligent Robot Co., Ltd., a subsidiary of Yuhua Tian (300815), at the 2025 Shenzhen (International) Urban Environment Industry Expo [2][3] - The Sunshine S300 is positioned as a "motorway-level cleaning expert," showcasing advanced performance and intelligent design in the field of autonomous cleaning technology [2][3] Product Features - The Sunshine S300 features a powerful cleaning system and utilizes advanced autonomous driving technology for high-precision automated cleaning operations, suitable for various road types [2] - It incorporates high-precision positioning and mapping, multi-sensor recognition technology, automatic path planning, and high-precision motion control, along with the ability to recognize traffic lights for autonomous driving decision-making [3] - The robot has a compact design with a 1.2m ultra-narrow body, a 900mm diameter large brush for thorough cleaning, and a suction power of 35,000 Pa, making it effective in handling common street debris [2][3] Intelligent Capabilities - The Sunshine S300 is built on a self-developed intelligent driving platform, achieving L4 level autonomous driving with reliable safety [3] - It employs a combination of multi-line laser radar and high-definition cameras for 360° environmental perception, enabling the robot to autonomously remember task progress and cleaning paths, as well as support breakpoint continuation of cleaning tasks [3] - The device utilizes AI visual recognition algorithms for precise traffic signal perception, ensuring compliance with traffic rules, and supports OTA online upgrades for continuous performance optimization [3] Market Positioning - The introduction of the Sunshine S300 is expected to enhance the efficiency and safety of sanitation operations, providing a systematic solution for urban management through intelligent and connected technologies [3] - The company plans to continue launching lighter models such as the Sunshine S100 autonomous cleaning vehicle and other products in the Sunshine series [3]

Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Core Viewpoint - Yuhua Tian (300815.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding fluctuations in operating cash flow, significant increases in accounts receivable, and declining turnover rates, highlighting the company's cash flow growth due to winning large municipal projects and improved accounts receivable management [1] Financial Performance - The net cash flow from operating activities for the years 2022, 2023, 2024, and the first nine months of 2025 were 371.96 million, 328.01 million, 369.26 million, and 527.11 million respectively [1] - Cash received from sales of goods and services for the same periods were 5,031.70 million, 5,670.44 million, 6,502.29 million, and 5,649.84 million respectively [1] Accounts Receivable - The book value of accounts receivable at the end of each reporting period was 2,270.61 million, 3,266.18 million, 4,218.10 million, and 4,659.78 million, accounting for 58.22%, 64.04%, 71.88%, and 72.56% of current assets respectively [1] - The accounts receivable turnover rates were 2.86 times, 2.23 times, 1.92 times, and 1.70 times, showing a declining trend [1] - The proportion of accounts receivable due within one year was 85.00%, 82.57%, 76.86%, and 70.09%, indicating an increase in long-term receivables [1]

Core Insights - Yuhua Tian, founded in 1997 by Zhou Ping, has evolved from a small team of six to a large enterprise with over 100,000 employees, expanding its services from property cleaning to a comprehensive range of urban public services across more than a hundred cities in China [1][6][12] - The company is recognized as a leader in the sanitation industry and has plans to expand internationally, aiming to become a top global environmental protection enterprise [6][12] Company Development - Yuhua Tian's growth trajectory reflects the entrepreneurial spirit of Shenzhen, where it began as one of the first private companies to engage in the marketization of sanitation services [4][6] - The company has implemented a five-year development plan since its inception, currently in its sixth phase, focusing on international market expansion and technological innovation [6][12] Social Responsibility - Yuhua Tian has demonstrated a strong commitment to social responsibility, providing disaster relief during the Tianjin port explosion and supporting communities during the COVID-19 pandemic [7][12] - The company's philosophy emphasizes environmental service as a means to enhance public welfare, aligning with its mission to improve urban living conditions [7][12] Technological Innovation - The company is undergoing a "second entrepreneurship" phase, focusing on digital transformation and smart sanitation services to adapt to technological advancements and changing market conditions [9][12] - Yuhua Tian has established a smart decision-making system and is investing in intelligent equipment manufacturing to enhance operational efficiency and service quality [12][13] Strategic Location - The decision to relocate the headquarters to Meilin, Shenzhen, is based on its strategic geographical advantages and favorable business environment, which are expected to attract high-end talent and foster innovation [10][11] - Meilin's rich industrial ecosystem and diverse AI scenarios provide a conducive environment for continuous training and rapid iteration of services [11][12]

Core Points - Yuhua Tian Environmental Development Group Co., Ltd. has completed its response to the Shenzhen Stock Exchange regarding the inquiry letter for issuing convertible bonds to unspecified objects [1] - The company received the inquiry letter on November 6, 2025, and has updated its financial data to the first three quarters of 2025 [1] - The issuance of convertible bonds is still subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertain timelines for approval [1] Summary by Sections - **Company Announcement** - The company has submitted updated application documents and financial data in response to the inquiry letter from the Shenzhen Stock Exchange [1] - The response documents have been disclosed through the official information platform [1] - **Regulatory Process** - The issuance of the convertible bonds requires further review and registration approval from regulatory authorities [1] - The company will fulfill its information disclosure obligations based on the progress of the matter [1]

证券简称：玉禾田 证券代码：300815 玉禾田环境发展集团股份有限公司 与 国泰海通证券股份有限公司 关于 申请向不特定对象发行可转换公司债券的 审核问询函的回复 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十一月 玉禾田环境发展集团股份有限公司 审核问询函的回复 深圳证券交易所： 贵所于 2025 年 11 月 6 日出具的《关于玉禾田环境发展集团股份有限公司申 请向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕020058 号） （以下简称"问询函"）已收悉。玉禾田环境发展集团股份有限公司（以下简称 "发行人"、"公司"或"玉禾田"）与国泰海通证券股份有限公司（以下简称"国 泰海通"或"保荐人"）、立信会计师事务所（特殊普通合伙）（以下简称"发行 人会计师"或"会计师"）、上海市锦天城律师事务所（以下简称"发行人律师" 或"律师"）等相关方对问询函所列问题逐项进行了讨论，对相关事项进行了核 查并发表意见。 现将具体情况说明如下，请贵所予以审核。 如无特别说明，本回复使用的简称与《玉禾田环境发展集团股份有限公司向 不特定对象发行可转换公司债券募集说明书》 ...

证券代码：300815 证券简称：玉禾田 公告编号：2025-084 玉禾田环境发展集团股份有限公司 关于申请向不特定对象发行可转换公司债券的审核问询函回复 和募集说明书等申请文件更新财务数据的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 玉禾田环境发展集团股份有限公司（以下简称"公司"）于2025年11月6日 收到深圳证券交易所（以下简称"深交所"）出具的《关于玉禾田环境发展集团 股份有限公司申请向不特定对象发行可转换公司债券的审核问询函》（审核函 〔2025〕020058号）（以下简称"问询函"），深交所上市审核中心就公司向不 特定对象发行可转换公司债券的申请文件进行了审核，并形成了审核问询问题。 问询函回复公开披露后，公司将通过深交所发行上市审核业务系统报送相关 文件。公司本次向不特定对象发行可转换公司债券事项尚需通过深交所审核，并 获得中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定 后方可实施，最终能否通过深交所审核并获得中国证监会作出同意注册的决定及 其时间尚存在不确定性。公司将根据该事项的进展情况及时履行信息披露义 ...

Core Viewpoint - Yuhua Tian (300815) confirmed that its subsidiaries in Fujian and Hainan provinces are focused on municipal sanitation and management, with current operations running smoothly [1] Group 1 - The company has subsidiaries located in Fujian and Hainan provinces [1] - The focus areas of the subsidiaries include municipal sanitation and municipal management [1] - The operational status of the company is reported to be normal [1]