| 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-109 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 关于2025年前三季度计提信用及资产减值准备的公告 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。 根据《深圳证券交易所创业板股票上市规则》的相关规定，武汉天源集 团股份有限公司（以下简称"公司"或"本集团"）依据《企业会计准则》 以及公司相关会计政策的规定，为真实、准确反映公司2025年前三季度财务 状况、资产价值与经营成果，公司及子公司对各类资产进行全面清查和减值 测试，基于谨慎性原则，对截至2025年9月30日合并报表范围内可能发生信用 及资产减值损失的有关资产计提信用及资产减值准备。现将具体事宜公告如 下： 一、本次计提减值准备情况概述 （一）本次计提减值准备的原因 根据《企业会计准则》《深圳证券交易所创业板股票上市规则》等有关 规定，为真实、准确反映公司财务状况、资产价值及经营成果，公司对截至 2025年9月30日合并报表范围内的各类资产进 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥319,510,957.55, a decrease of 23.39% compared to the same period last year[6] - Net profit attributable to shareholders was ¥7,146,244.79, down 89.39% year-on-year[6] - The basic earnings per share decreased by 91.67% to ¥0.01[6] - Total operating revenue for the current period is ¥1,161,927,072.35, a decrease of 5.2% compared to ¥1,225,756,643.95 in the previous period[26] - Net profit for the current period is ¥138,127,723.79, a decline of 26.4% from ¥187,743,523.06 in the previous period[27] - Total comprehensive income for the period was CNY 138,127,723.79, compared to CNY 187,743,523.06 in the previous period, reflecting a decrease of approximately 26.4%[28] - Basic and diluted earnings per share were both CNY 0.21, down from CNY 0.32 in the previous period, representing a decline of 34.4%[28] Assets and Liabilities - Total assets increased by 26.55% to ¥9,169,854,720.42 compared to the end of the previous year[6] - The company's total assets increased to ¥9,169,854,720.42, up from ¥7,246,313,495.32, representing a growth of 26.5%[25] - Non-current liabilities rose to ¥4,199,489,908.40, an increase of 87.5% compared to ¥2,235,469,435.20 in the previous period[25] - The total liabilities increased to ¥5,665,803,071.44, up from ¥3,961,963,645.67, indicating a growth of 43.0%[25] Cash Flow - Cash flow from operating activities showed a net outflow of ¥249,517,318.78, an improvement of 7.26% compared to the previous period[12] - Cash inflow from operating activities was CNY 467,376,916.38, an increase of 65.5% compared to CNY 282,625,603.87 in the previous period[28] - Cash outflow from operating activities totaled CNY 716,894,235.16, up from CNY 551,670,318.66, indicating a rise of 30.0%[29] - Net cash flow from operating activities was CNY -249,517,318.78, slightly improved from CNY -269,044,714.79 in the previous period[29] - Cash inflow from investing activities was CNY 4,049,595.88, compared to CNY 4,480,409.30 in the previous period, showing a decrease of 9.6%[29] - Cash outflow from investing activities surged to CNY 2,084,928,465.81, compared to CNY 491,837,754.15, reflecting a significant increase of 323.5%[29] - Net cash flow from investing activities was CNY -2,080,878,869.93, worsening from CNY -487,357,344.85 in the previous period[29] - Cash inflow from financing activities was CNY 2,400,516,837.76, a substantial increase from CNY 534,320,851.79, representing a growth of 348.5%[29] - Net cash flow from financing activities was CNY 2,006,710,747.36, compared to CNY 158,299,897.96 in the previous period, indicating a significant improvement[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,938[14] - Hubei Tianyuan Environmental Protection Group holds 29.73% of shares, totaling 200,455,340 shares[14] - The second largest shareholder, Konka Group Co., Ltd., holds 11.80% of shares, totaling 79,583,973 shares[14] - The top ten shareholders do not include any shares that are subject to lending through margin trading[15] - The top ten unrestricted shareholders include Hubei Tianyuan Environmental Protection Group and Konka Group, among others[15] - The total number of shares held by the top ten unrestricted shareholders is 329,000,000 shares[15] Corporate Governance - The company plans to adjust its corporate governance structure by eliminating the supervisory board and assigning its powers to the audit committee of the board[19] - The company has no preferred shareholders or preferred shareholder changes to report[16] Investment and R&D - Research and development expenses rose by 57.10% to ¥56,829,670.82, reflecting increased investment in R&D[12] - Research and development expenses increased to ¥56,829,670.82, up from ¥36,173,674.40, marking a rise of 57.4%[26] - The company reported an investment loss of ¥18,390,769.58, compared to a loss of ¥16,523,980.88 in the previous period[27] Debt and Financing - Long-term borrowings increased by 127.98% to ¥3,710,480,423.11, primarily due to financing for fixed assets and franchise projects[11] - The company issued 10 million convertible bonds with a total value of RMB 1 billion on July 28, 2023, with a coupon rate of 0.50%[18] - The company issued a total of 1,000,000 convertible bonds with a face value of RMB 100 each, with interest payments starting in 2025[18] - The company will not exercise the early redemption rights for the convertible bonds within the next six months, maintaining its current bond structure[20] Construction and Expansion - The company reported a significant increase in construction in progress, rising 4452.42% to ¥638,821,322.56, indicating expansion in the green energy sector[11]

证券代码：301127 证券简称：武汉天源 债券代码：123213 债券简称：天源转债 中天国富证券有限公司 关于 武汉天源集团股份有限公司 向不特定对象发行可转换公司债券 2025 年第七次临时受托管理事务报告 债券受托管理人 二零二五年十月 1 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所 作的承诺或声明。在任何情况下，未经中天国富证券书面许可，不得用作其他 任何用途。 2 一、核准文件和核准规模 武汉天源环保股份有限公司（更名后的公司名称为"武汉天源集团股份有限 公司"，以下简称"公司"或"武汉天源"）向不特定对象发行可转换公司债券的 发行方案及相关事项已经由公司第五届董事会第十八次会议、第五届监事会第十 三次会议审议通过，并经公司 2022 年第七次临时股东大会审议通过。 中国证券监督管理委员会出具《关于同意武汉天源环保股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1349 号），同意公司 向不特定对象发行可转换公司债券的注册申请。 公司于 2023 年 7 月 28 日向不特定对 ...

Core Viewpoint - Wuhan Tianyuan (301127) announced that the company has no overdue guarantees, no litigation-related guarantees, and no losses due to being ruled against in guarantee cases [1] Summary by Relevant Categories Company Status - The company confirmed the absence of overdue guarantees [1] - There are no ongoing litigations related to guarantees [1] - The company has not incurred any losses from being ruled against in guarantee cases [1]

根据《中华人民共和国证券法》《深圳证券交易所上市公司自律监管指引 第15号——可转换公司债券》《深圳证券交易所公司债券存续期监管业务指引 第2号——临时报告》等相关规定，武汉天源集团股份有限公司（以下简称"公 司"）就截至2025年9月30日新增借款情况予以披露。具体情况如下： | | | 武汉天源集团股份有限公司 关于当年累计新增借款超过上年末净资产百分之五十 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、主要财务数据概况 截至2024年12月31日，公司经审计归属于上市公司股东的净资产为 324,581.16万元，借款余额为214,332.38万元。 截至2025年9月30日，公司借款余额为419,402.02万元，较2024年末增加 205,069.64万元，新增借款占公司2024年末归属于上市公司股东的净资产比例为 63.18%，超过50%。 二、主要新增借款类型 单位：万元 | 新增借款类型 | 新增借款金额 | 新增借款金额占2024年末归属于 上市公司股东的净资产比例 | | --- | --- | --- | | 银行贷款 | 2 ...

| 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-106 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 关于孙公司向银行等金融机构申请综合授信额度及 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、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别风险提示： 截至本公告披露日，武汉天源集团股份有限公司（以下简称"公司"）及子 公司提供的担保总余额已超过最近一期经审计归属于上市公司股东净资产的 100%。其中，控股孙公司新疆兴起航新能源有限公司（以下简称"新疆兴起航" 或"控股孙公司"）截至 2025 年 6 月 30 日的资产负债率已超过 70%，公司将其 列为资产负债率超过 70%的担保对象，且在本次担保置换完成前，对其提供的担 保总余额已超过公司最近一期经审计归属于上市公司股东净资产的 50%。敬请投 资者充分关注担保风险。 一、担保情况概述 1、公司于2025年3月14日召开第六届董事会第十二次会议和第六届监事会第 八次会议，并于2025年4月7日召开2024年年度股东会，审 ...

Investment Rating - The report rates the environmental protection industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies exhibit varied performance due to factors like historical revenue recognition and depreciation from new capacity [3]. - The sanitation market is stable, with an increase in orders for unmanned sanitation services, indicating a digital transformation in urban services [3]. - Equipment performance varies significantly across different sectors, with conventional equipment facing margin pressure due to intense competition, while power environmental equipment benefits from increased demand [3]. Summary by Category Municipal Water - Overall stable operations with some companies like Tianyuan Environmental and Zhongshan Public Utilities showing significant year-on-year net profit growth of 18% and 32% respectively for Q1-3 2025 [4]. Waste Incineration - The sector is experiencing steady operational improvements, with companies like Huanlan Environment and Green Power expected to see net profit growth of 16% and 15% respectively for Q1-3 2025 [4]. Sanitation - The sanitation market is stable, with companies like Yingfeng Environment and Yuhua Tian expected to see net profit growth of 3% and 5% respectively for Q1-3 2025 [4]. Equipment - Conventional equipment companies are expected to see a decline in net profit growth, with Jingjin Equipment projected to drop by 25% for Q1-3 2025. In contrast, Qingda Environmental is expected to see a significant increase of 255% [4]. Investment Recommendations - The report recommends investing in companies with stable profitability and improving cash flows in the municipal environmental sector, including Zhongshan Public Utilities, Junxin Co., and Huanlan Environment [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted as key players in the digital transformation of urban services [3]. - The report also suggests focusing on SAF suppliers and green methanol producers as EU policies begin to take effect, with companies like Haineng Energy and Pengyao Environmental being potential beneficiaries [3].

Investment Rating - The report rates the environmental protection industry as "Overweight" for the third quarter of 2025, indicating an expectation for the industry to outperform the overall market [2][9]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansions and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies are experiencing varied profit growth due to factors like historical electricity revenue recognition and depreciation from new capacity [3]. - The sanitation market remains stable, with an increase in orders for unmanned sanitation services, indicating a shift towards digital transformation in urban services [3]. - Equipment performance is diverging based on downstream influences, with conventional equipment facing margin pressure while power environmental equipment and water treatment equipment are expected to see significant profit growth [3]. Summary by Category Municipal Water Services - Overall operations are stable, with projected net profit growth for major companies: Tianyuan Environmental +18%, Xingrong Environment +5%, Hongcheng Environment +3%, and Zhongshan Public +32% for Q1-3 2025 [3][4]. Waste Incineration - The sector is expected to see varied profit growth among major companies: Hanlan Environment +16%, Green Power +15%, Junxin Co. +47%, Chengfa Environment +13%, and Yongxing Co. +8% for Q1-3 2025 [3][4]. Sanitation - Major companies are projected to have stable net profit growth: Yingfeng Environment +3% and Yuhua Tian +5% for Q1-3 2025 [3][4]. Equipment Products - Conventional equipment is expected to see a slight decline in net profit growth, with Jingjin Equipment projected at -25%. In contrast, power environmental equipment like Qingda Environmental is expected to grow by +255% [3][4]. Investment Recommendations - The report recommends focusing on municipal environmental companies such as Zhongshan Public, Junxin Co., Hanlan Environment, and others due to stable profitability and improving cash flow [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted for their potential in the digital transformation of urban services [3]. - The report also suggests monitoring suppliers of bio-aviation fuel and green methanol, as well as companies involved in reverse osmosis membrane technology due to ongoing market trends [3].

| | | 武汉天源集团股份有限公司 关于2025年第三季度可转债转股结果暨股份变动公告 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： 3、截至2025年第三季度末，"天源转债"剩余3,260,895张，剩余票面总金额为 32,608.95万元人民币。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律 监管指引第15号——可转换公司债券》等有关规定，武汉天源集团股份有限公司 （以下简称"公司"）现将2025年第三季度可转换公司债券转股及公司股份变动的 情况公告如下： 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意武汉天源环保股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1349号）同意注册，公司 于2023年7月28日向不特定对象发行了10,000,000张可转换公司债券，每张面值为人民 币100元，募集资金总额为100,000.00万元，扣除各类发行费用（不含税金额）后实际 1、"天源转债"（债券代码：123213）转股期为2024年2月5日起至2 ...

| 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-105 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 2025年第二次临时股东会决议公告 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： 1、本次股东会没有出现否决议案的情况； 2、本次股东会不涉及变更以往股东会已通过决议的情况； 3、本次股东会以现场与网络投票相结合的方式召开。 一、会议召开和出席的情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年10月10日（星期五）14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025年10月10日的交易时间，即9:15-9:25，9:30-11:30和13:00-15:00；通过深圳 证券交易所互联网系统投票的具体时间为2025年10月10日9:15-15:00期间的任意 时间。 2、会议召开方式：本次股东会采用现场投票与网络投票相结合的方式召开。 3、会议召开地点：湖北省武汉市汉南区兴 ...