Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Viewpoints - The national green electricity direct connection policy opens up cooperation space for waste incineration power generation and IDC [9][12] - The solid waste sector is expected to increase dividends and improve ROE through heat supply and IDC expansion [1][14] - The industry is entering a mature phase, leading to reduced capital expenditures and improved free cash flow, which enhances dividend payouts [14][17] Summary by Sections Industry Trends - The environmental protection sector is experiencing a decline in capital expenditures, leading to a significant improvement in free cash flow and increased dividends [14] - The waste incineration sector is seeing a trend towards cost reduction and efficiency improvements, which enhances ROE [14][15] Key Recommendations - Strongly recommended companies include: Huanlan Environment, Green Power, Yongxing Co., China Everbright Environment, Junxin Co., Yuehai Investment, and others [1] - Companies to watch include: Lian Tai Environmental Protection, Wangneng Environment, and Beikong Water Group [1] Policy Tracking - The green electricity direct connection policy requires new projects to have over 80% green electricity usage, which is expected to drive the integration of waste incineration power generation with data centers [12][13] - The policy aims to facilitate the supply of green electricity to high-energy-consuming industries, enhancing economic efficiency and stability [10][12] Financial Performance - The water service sector is projected to see stable growth and high dividends, with water price reforms expected to reshape growth and valuation [17][19] - The report highlights specific dividend payouts for companies like Junxin Co. (5.07 billion CNY), Green Power (4.18 billion CNY), and Huanlan Environment (6.52 billion CNY) for 2024 [14][17] Market Performance - The environmental protection and public utilities index rose by 3.53%, outperforming the broader market indices [50] - Notable stock performances include Yuhua Tian (up 55.7%) and Boschke (up 42.56%) [51]

5月28日晚间，武汉控股（600168）(SH600168，股价4.73元，市值46.99亿元)发布了关于2024年年报的 信息披露监管工作函的回复公告。 此次监管部门关注的问题主要涉及武汉控股收购标的"踩线"完成业绩承诺、上市公司应收账款余额高企 等问题。就上述问题，武汉控股在回复公告中称，标的公司2024年净利润大增系加大市场开拓力度、有 效控制固定成本以及税费优惠政策等因素导致，不存在提前确认收入的情形。 公司应收账款余额高企 2024年，公司实现营业收入37.75亿元，同比增加21.62%；实现归母净利润8822.33万元，同比下降 39.03%。 对于2024年公司营收增加，公司2024年年报中称，主要原因是工程板块加大了外部施工市场的开拓及污 水处理收入增加；至于归母净利润同比减少39.03%，主要原因是公司子公司武汉市城市排水发展有限 公司(以下简称排水公司)上期发生二郎庙厂土地处置非经常性损益事项，使上期归母净利润增加3.69亿 元，而本期无该事项。 对于2025年，武汉控股制定了新的经营计划：2025年度，公司预计营业收入40.72亿元，归母净利润为 8428万元。按照上述经营计划，武汉控股 ...

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][4][6]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease of 26.36% in losses compared to the same period in 2024 [3]. Bond Default Risk - The company announced that it could not make timely principal and interest payments on the "Lingnan Convertible Bonds," leading to a downgrade of its credit rating to C [2][4]. - The default on the bonds may undermine creditor confidence, further straining the company's financing capabilities and exacerbating its liquidity issues [2][4]. Operational Challenges - The company has faced significant impacts on its ecological environment construction, water management, and cultural tourism businesses, resulting in delayed project bidding and construction [2][4]. - The high asset-liability ratio and declining profitability have led to ongoing liquidity pressures [2][4]. Legal and Regulatory Risks - As of December 31, 2024, the company had 251 pending lawsuits with a total amount in dispute of 2.95 billion yuan [6][7]. - The company is at risk of being delisted if its stock price remains below 1 yuan for 20 consecutive trading days [6]. Pledge and Collateral Risks - The company has pledged its receivables and equity from project companies as collateral for the convertible bonds, but the realizable value of these assets is uncertain due to long collection periods and lack of market reference [5][6]. - There are risks associated with the potential bankruptcy of the company within a year of the collateral establishment, which could lead to the revocation of the pledge [5][6]. Management and Oversight - GF Securities has been appointed as the trustee for the convertible bonds and is monitoring the situation closely to protect the interests of bondholders [8]. - The company has proposed a delay in certain fundraising projects, extending the completion date to May 2026 [8].

曼福达集团CEOJOHNSON BRANDON MICHAEL在收购完成后的声明中表示："我们非常高兴能够迎来 Vectura Water成为曼福达大家庭的一员。这次并购不仅是对曼福达全球战略的重要补充，更是我们对全 球水资源保护和可持续利用承诺的深化。通过整合Vectura的先进技术和管理经验，我们相信能够共同 开创水务管理的新篇章，为全球水资源挑战提供更加有效的解决方案。" 作为曼福达集团的核心运营实体，曼福达滤膜技术有限公司（Manforda Membrane Technology, Inc.）坐 落于美国纽约曼哈顿，是集团膜技术领域的旗舰企业，专注于高效、环保的水处理膜产品，广泛应用于 市政供水、工业废水处理及海水淡化等多个领域。凭借其卓越的技术创新能力和市场表现，Manforda Membrane Technology已成为行业内公认的领导者。 Vectura Water作为英国水务行业的佼佼者，以其先进的水处理技术、广泛的客户基础和强大的研发能力 而闻名。此次收购不仅为曼福达带来了Vectura在水务管理和技术创新方面的深厚底蕴，还极大地扩展 了曼福达在全球范围内的服务网络和技术应用范畴。双方资源 ...

中化新网讯 近日，为守护自然资源，苏伊士集团在其可持续发展路线图中作出了雄心勃勃的承诺。针 对基于自然的解决方案，苏伊士发布了一系列针对不同项目场地的关键信息与标准，进一步强化保护和 恢复自然资源。 苏伊士积极开发海水淡化与再生水等替代水源，推动塑料、电池、活性炭、建筑废料及废弃物衍生燃料 等再生材料发展。据介绍，2024年，苏伊士在亚洲生产了3900万立方米再生水，能满足约60万居民一年 的生活用水量；烟台、新竹和伊洛伊洛大都会区的海水淡化项目日处理能力达26.65万立方米，污泥处 置及资源化利用项目产生干污泥量8.4万吨，节约污泥填埋用地28公顷；在涉及生物多样性的敏感区 域，半数以上的场地制定了行动计划。 多年来，苏伊士开展了大量工作，并获得显著成效。在上海化学工业区，苏伊士创新应用其专利技 术"蜻蜓湿地"打造园区湿地，成为基于自然的解决方案典范。湿地通过自然净化过程处理工业污水，同 时为当地动植物提供生态栖息地。在重庆、青岛、盘锦和常熟等地，苏伊士通过人工湿地项目实现了厂 区生态复育，并作为社区环保教育基地。在大连恒力炼化一体化项目中，苏伊士采用"嵌入式"污水处理 厂设计理念，通过创新技术方案保护渤海 ...

一是深耕主业提质效，加快推进项目建设，提升业务收入增量。公司将聚焦石埠水厂、五象水厂、东部 产业新城伶俐水厂、南宁临空经济示范区南部水厂、六景工业园区水质净化厂等重点水务基础设施建设 项目，通过强化项目管理，加速主业规模扩容；并通过延伸改造现有供水设施、接收服务区域和用户以 及收购兼并等方式，进一步拓展市场范围。 二是探索并购重组。公司拟适时开展并购重组，补齐技术短板或区域布局空白，实现优质资产扩容，推 动从单一供水向综合环境服务商转型。 5月29日晚间，绿城水务（601368）发布估值提升计划。公告称，自2024年4月1日至2025年3月31日，公 司股票已连续12个月每个交易日收盘价均低于2023年度经审计的归属于上市公司股东的每股净资产 (5.30元)，属于应当制定估值提升计划的情形。公司董事会全票审议通过了本次估值提升计划。 绿城水务是广西的一家国有控股水务公司，主要从事自来水生产供应及污水处理业务。2024年度公司实 现营业收入24.78亿元，同比增长6.26%；实现归属于上市公司股东的净利润8793.46万元，同比增长 19.61%。 2024年以来，绿城水务股价长期低于5元/股，至2025年5月 ...

Group 1 - Beijing Enterprises Holdings Limited (北京控股) reported a closing price of HKD 33.300 on May 29, down 0.3% from the previous trading day, with an intraday high of HKD 33.700, marking a nearly one-year high [1] - The net capital flow for the day was positive, with a total inflow of HKD 14.1707 million and an outflow of HKD 9.37105 million, resulting in a net inflow of HKD 0.47996 million [1] Group 2 - Established in 1997, Beijing Enterprises Holdings was formed from a combination of eight high-quality assets in Beijing and has consistently attracted attention and support from the capital markets [2] - The company has transformed into a comprehensive public utility company, focusing on gas, water, and environmental services, with complementary beer business operations [2] - Beijing Enterprises Holdings serves over 57 million gas users and operates approximately 600,000 kilometers of pipelines, with water assets designed to handle about 44 million tons per day and waste incineration capacity of 34,687 tons per day [2] - The company has a significant international presence, with water projects in Malaysia and Portugal, and waste management operations in Germany, Luxembourg, and the Netherlands, positioning itself as a multi-channel capital market financing platform in the public utility sector [2]

Core Points - The company announced a profit distribution plan approved at the 2024 annual shareholders' meeting on May 20, 2025 [1] - The total cash dividend to be distributed is 63,483,090.60 yuan, with a per-share cash dividend of 0.15 yuan (including tax) based on a total share capital of 423,220,604 shares [2] Distribution Plan - The cash dividends will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [1] - The distribution will be executed through the clearing system of China Securities Depository and Clearing Corporation Limited, with shareholders who have designated trading able to receive cash dividends on the distribution date [3] - Certain shareholders, including United Water (Asia) Limited and others, will receive cash dividends directly from the company [4] Taxation Details - For individual shareholders holding unrestricted A-shares, dividends are subject to different tax treatments based on holding periods, with a maximum tax rate of 20% for shares held for less than one month [6][7] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.135 yuan per share [7] - Hong Kong investors will also receive a net cash dividend of 0.135 yuan per share after a 10% withholding tax [8] Contact Information - For inquiries regarding the equity distribution, shareholders can contact the Securities Affairs Department at 021-62370178 [9]

Core Viewpoint - Qianjiang Water Conservancy is showcasing its achievements in smart water management and technological innovation during the investor communication event held in Zhoushan [2] Group 1: Company Innovations and Developments - The company has established six technology centers and eight innovation teams covering key technical areas such as water supply, agricultural drinking water, wastewater treatment, industrial wastewater, information technology, and testing [2] - Qianjiang Water Conservancy is deepening strategic collaborations with universities and research institutions, having signed cooperation agreements with several universities, and is advancing 11 research projects [2] - The company plans to invest 10 million yuan in the establishment of a joint research center with Zhejiang University over the next three years [2] Group 2: Smart Water Plant Features - The "Qianjiang AI Water Plant Process Brain" system integrates multiple subsystems to achieve intelligent control across the entire water plant process, with an automatic control rate exceeding 90% [3] - The smart dosing system has reduced potassium permanganate and coagulant usage by 10% and 9% respectively, while maintaining water quality within strict parameters [7] - The system has been successfully implemented at the Dinghai Water Plant and is being promoted for wider application across the country [7] Group 3: Research and Development Achievements - In 2024, the company invested 43.02 million yuan in R&D, a year-on-year increase of 300.51%, and completed 52 research projects, resulting in multiple patents [8] - The company aims to continue leading with technological innovation, focusing on energy reduction, operational optimization, and water quality assurance in water supply and drainage systems [8]

Core Points - The company announced a cash dividend distribution of 0.15 CNY per share for A shares, totaling approximately 63.48 million CNY [1][2][3] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 20, 2025 [1][2] - The record date for the dividend is June 5, 2025, with the last trading day and ex-dividend date also on June 6, 2025 [1][2] Dividend Distribution Details - The total number of shares for the dividend calculation is 423,220,604 shares [1] - The cash dividend will be distributed to shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date [1][2] Taxation Information - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividend, receiving the full 0.15 CNY per share [3][4] - For shares held for less than one year, the tax rate varies: 20% for holdings of one month or less, and 10% for holdings between one month and one year [3][4] - For qualified foreign institutional investors (QFII), a 10% withholding tax applies, resulting in a net dividend of 0.135 CNY per share [4][5] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Securities Affairs Department at 021-62370178 [5][6]