证券代码：000598 证券简称：兴蓉环境 公告编号：2025-27 成都市兴蓉环境股份有限公司 （二）审批程序 本次关联交易经公司独立董事专门会议审议通过，全体独立董事 同意后提交公司董事会审议。公司已于 2025 年 5 月 30 日召开第十届 董事会第二十三次会议审议通过该议案。关联董事刘嫏女士在审议该 1 关于因公开招标新增关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、关联交易基本情况 （一）关联交易概述 成都市兴蓉环境股份有限公司（以下简称：公司）全资子公司成 都市排水有限责任公司（以下简称：排水公司）通过公开招标实施 2025 年-2027 年聚丙烯酰胺（阳离子）药剂集中采购，经评审和公示，确 定成都汇锦水务发展有限公司（以下简称：汇锦水务公司）为中标人。 根据中标结果，本次采购合同金额合计为人民币 6,161.47 万元（含 税），加上合同允许的增补采购额度（不超过合同金额的 15%），金额 预计不超过 7,085.69 万元（含税）。药剂采购单位包括公司合并报表 范围内 18 家下属公司，中标人汇锦水务公司为公司关联方，因 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-26 成都市兴蓉环境股份有限公司 第十届董事会第二十三次会议决议公告 与会董事对议案进行了审议，形成如下决议： 一、审议通过《关于新增关联交易的议案》。 同意2025年-2027年聚丙烯酰胺（阳离子）药剂集中采购关联交易 事项。本次交易经公开招标产生，合同金额（暂估）合计为6,161.47 万元（含税），加上合同允许的增补采购额度（不超过合同金额的15%）， 金额预计不超过7,085.69万元（含税）。具体情况详见公司同日在《中 国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）披露的 《关于因公开招标新增关联交易的公告》（公告编号：2025-27）。 关联董事刘嫏女士回避表决，8名非关联董事进行了表决。 表决结果：8票同意、0票反对、0票弃权。 该议案在提交董事会审议前已经独立董事专门会议审议通过。 二、审议通过《关于修订<内部审计制度>的议案》。 同意修订《内部审计制度》，并更名为《内部审计管理制度》， 修订后的《内部审计管理制度》详见同日巨潮资讯网。 表决结果：9票同意、0票反对、0票弃权。 本公司及董事会全体成员保证 ...

- The report does not contain any quantitative models or factors.

Group 1: Pricing Mechanisms - The water pricing adjustment mechanism is based on national policies and agreements, requiring approval from government price authorities after cost audits and hearings [3] - The sewage treatment service fee is adjusted every 2 to 3 years, with a temporary adjustment possible due to significant cost changes; the average sewage treatment fee for 2024-2026 is set at 2.63 CNY per ton [3] Group 2: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day and sludge treatment capacity of 800 tons/day [3] - The company operates and is constructing water supply projects with a total capacity of approximately 4.3 million tons/day and sewage treatment projects with a capacity of about 4.8 million tons/day [3] Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion CNY, reflecting an increase due to market expansion [4] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [4] Group 4: Cost Reduction and Efficiency Improvement - The company implements refined management and innovation to reduce costs and improve efficiency, including standardization and the establishment of a smart cloud control center [5] - The "Digital Strong Enterprise" initiative aims to enhance operational efficiency through the creation of five centralized management centers [5] Group 5: Market Expansion Strategy - The company focuses on becoming a national water and environmental service provider, expanding its market presence in Chengdu and surrounding areas while exploring niche markets nationwide [6]

Investment Rating - The report does not explicitly provide an investment rating for the industrial cleaning agents industry Core Insights - The industrial cleaning agents market in China is experiencing significant growth, driven by the rapid development of industries such as machinery manufacturing, electronics, and automotive repair, with a market size reaching 38.603 billion RMB in 2023, a year-on-year increase of 4.25% [9] - The market is expected to grow to 53.059 billion RMB by 2028, with a compound annual growth rate (CAGR) of 6.57% [9] - The industry is evolving towards more refined and high-end products, with increasing demand for customized cleaning agents tailored to specific metal types and applications [7][8] Market Background - Industrial cleaning agents are essential for removing dirt and residues in various sectors, including metal, machinery, electronics, automotive, and more [5][6] - The market has evolved through four main stages: nascent (2000-2009), initiation (2010-2016), rapid growth (2017-2020), and technological innovation and product upgrade (2021-2024) [7] Market Status - The market size reached 38.603 billion RMB in 2023, with a projected increase to 53.059 billion RMB by 2028, driven by the rise of precision manufacturing and the semiconductor industry [9] - The supply side includes approximately 4,000 manufacturers and distributors, with foreign investment totaling around 3 billion RMB [10] - The average revenue growth rate in the industrial cleaning agents sector over the past three years was 19.52%, with a net profit growth rate of 10.45% [12] Market Competition - The competition in the industrial cleaning agents market is characterized by rapid technological development, high capital concentration, and intense market rivalry [19][20] - The market is currently in a growth phase with a low concentration level, where small and medium-sized enterprises account for 60%-70% of the industry [21] - Key players include companies like Shenzhen Weiteou New Materials Co., Ltd., Jiangsu Baichuan High-tech New Materials Co., Ltd., and Zhejiang Xinhua Chemical Co., Ltd., which have established strong market positions through technological innovation and brand influence [22][25][26] Development Trends - The industry is moving towards higher environmental standards, with a focus on low VOC emissions and sustainable practices [34] - Technological innovation remains a critical driver, with companies like Shenzhen Weiteou and Zhejiang Xinhua leading in research and development [34] - Customization of services is becoming increasingly important, with firms offering tailored cleaning solutions to meet specific industrial needs [34][35]

Group 1: Water Supply and Wastewater Projects - The company is currently constructing several water supply and wastewater projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day), Xiwayan Reclaimed Water Plant, and the second phase of Chengdu's Fifth and Sixth Reclaimed Water Plants, which are in debugging or trial operation stages [2][3]. Group 2: Waste Incineration Power Generation Projects - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a household waste processing capacity of 800 tons/day, sludge co-processing capacity of 5,100 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3]. Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion yuan, reflecting an increase due to market expansion. The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3]. Group 4: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while actively exploring resource integration and niche markets nationwide [3]. Group 5: Capital Expenditure and Dividend Policy - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to be operational within 1-2 years, leading to a gradual decrease in capital spending. The company is committed to increasing cash dividend ratios as major projects come online and generate capacity [3].

Group 1: Project Development - The company is currently constructing several water supply and drainage projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day) and multiple recycled water plants, which are in the debugging or trial operation stages [2][3]. Group 2: Pricing Mechanisms - The water pricing adjustment mechanism requires submission to government authorities, with adjustments contingent on cost audits and public hearings. Changes in upstream resource pricing will trigger synchronized adjustments [3]. - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 RMB/ton for the central urban area of Chengdu for the 2024-2026 period [3]. Group 3: Accounts Receivable Management - As the company expands its market presence, accounts receivable have increased, totaling approximately 4 billion RMB by the end of 2024. The company emphasizes the management of accounts receivable and has improved collection efforts [4]. Group 4: Business Expansion Strategy - The company aims to deepen its market presence in Chengdu and surrounding areas, optimize resource allocation, and explore mergers and acquisitions to strengthen its national market position. It also plans to extend into niche areas such as direct drinking water and waste disposal [4]. Group 5: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing projects, which are expected to decrease as projects are completed within the next 1-2 years. The company is committed to increasing cash dividends for shareholders as projects come online and capacity is released [4].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the environmental equipment sector is expected to recover driven by policy support, with specific focus on the integration of sewage treatment plants and networks [4][6] - The report indicates that the "14th Five-Year Plan" emphasizes the need for improved environmental quality and industrial green low-carbon development, which is likely to maintain high prosperity in energy-saving and environmental protection sectors [6][32] Summary by Sections Market Performance - As of May 16, the environmental sector remained flat compared to the previous week, underperforming the broader market; the Shanghai Composite Index rose by 0.76% to 3367.46 [5][8] - The water governance sector increased by 0.23%, while the water service sector decreased by 0.29%; air governance rose by 2.10% [10] Industry Dynamics - On May 15, the Central Committee and the State Council released opinions on promoting urban renewal, emphasizing the acceleration of underground pipeline construction and the establishment of a unified operation and maintenance mechanism for sewage treatment plants [23][25] - The report notes that the national carbon emissions trading market has expanded to include steel, cement, and aluminum industries, which is expected to boost the demand for carbon measurement and online monitoring systems [16][22] Investment Recommendations - The report suggests that water and waste incineration sectors, as operational assets, are expected to see stable profit growth and improved cash flow, benefiting from market reforms in public utilities [6][32] - Key recommendations include companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [6][32]

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.23% and a total trading volume of 1,076.285 billion yuan [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3,377.11 points, reflecting a year-to-date performance above the annual line [1]. - A total of 49 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Baoxin Technology (002514) with a deviation rate of 5.49% and a daily increase of 9.93% [1]. - ST Zhongzhu (600568) with a deviation rate of 4.76% and a daily increase of 5.22% [1]. - King Med (603882) with a deviation rate of 4.28% and a daily increase of 4.42% [1]. - Other stocks that have just crossed the annual line include: - Duofu Du (002506) with a deviation rate of 4.02% and a daily increase of 9.95% [1]. - Shapais (300791) with a deviation rate of 4.16% and a daily increase of 4.67% [1]. Group 3: Trading Data - The total trading volume for A-shares today reached 1,076.285 billion yuan, indicating active market participation [1]. - The stocks listed show varying turnover rates, with some stocks like Baoxin Technology and ST Zhongzhu having turnover rates of 9.92% and 1.36% respectively [1].