智通财经APP讯，滇池水务(03768)发布2025年中期业绩，收入6.71亿元(人民币，下同)，同比下降9.2%; 公司权益持有人应占利润1.32亿元，同比下降10.9%;每股基本盈利0.13元。 报告期内，公司的毛利率为46.8%，与上年同期49.7%相比，下降2.9%，主要原因为污水处理分部毛利 率下降。 ...

证券代码：600874 股票简称：创业环保 公告编号：临 2025-029 天津创业环保集团股份有限公司 第九届董事会第六十四次会议决议公告 的《2025 年半年度募集资金存放与实际使用情况专项报告》（公告编号：临 本议案表决结果如下：9 票同意，0 票反对，0 票弃权。本议案获得通过。 分期权的议案 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 天津创业环保集团股份有限公司（以下简称"本公司"或"公司"）第九届 董事会第六十四次会议于 2025 年 8 月 22 日现场结合通讯表决方式召开，应参加 会议董事 9 人，实际参加会议董事 8 人，董事长唐福生先生因公无法参会，委托 董事付兴海先生代为参会表决。公司高级管理人员列席了本次会议。本公司已于 董事。本次董事会的召开程序符合《公司法》及《公司章程》的有关规定，会议 审议通过了如下议案： 经审议，董事会同意各股东方对子公司洪湖市天创环保有限公司进行同比例 减资。公司原出资 5340 万元，占比 89%，减资后公司认缴出资 2670 万元，占比仍 为 89%。公司将回 ...

Fundraising Overview - The company raised a net amount of RMB 810,756,564.92 through a non-public issuance of 143,189,655 shares at a price of RMB 5.66 per share [1] - As of June 30, 2025, the company has utilized RMB 638,343,936.30 of the raised funds, with RMB 35,946,005.87 used in the current reporting period [1][2] Fund Management - The company has established a fundraising management system in compliance with regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [1] - The company signed tripartite and quadripartite agreements with its sponsor and banks to ensure proper management of the raised funds [1] Changes in Fund Usage - The company has changed the use of part of the raised funds, reallocating RMB 103,000,000.00 to the Karamay South Suburb Wastewater Treatment Plant project [1][2] - An additional RMB 53,000,000.00 was redirected from the Tianjin Urban Reclaimed Water Pipeline project to the Chibi City Lushui Industrial Park Wastewater Treatment Plant project [1][2] Fund Storage Situation - As of June 30, 2025, the total balance of the raised funds in various bank accounts is RMB 174,460,378.73 [1] - The funds are stored in dedicated accounts at several banks, including China Construction Bank and Agricultural Bank of China [1] Project Implementation and Changes - The company has not changed the implementation locations or methods for its fundraising investment projects during the reporting period [1] - The company has approved the use of RMB 109,382,040.38 to replace self-raised funds previously invested in fundraising projects [2] Fund Usage Compliance - The company has confirmed that its fundraising usage disclosures align with actual usage, with no instances of non-compliance or misallocation of funds [2]

中信证券股份有限公司关于天津创业环保集团股份有限公司 部分募投项目终止及部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为天津创业 环保集团股份有限公司（以下简称"创业环保"或"公司"）2021 年非公开发行股票 持续督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》、 《上市公司募 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 集资金监管规则》 等相关法律、法规的规定，对创业环保本次部分募投项目终止及部分募投项目延 期的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 5 月 30 日签发的证监发行字 [2022]1122 号文《关于核准天津创业环保集团股份有限公司非公开发行股票的批 复》，公司于 2022 年 9 月向特定投资者非公开发行人民币普通股 143,189,655.00 股，每股发行价格为人民币 5.80 元，募集资金总额为 830,499,999.00 元，扣除发 行费用人民币 19,743,434.08 元后，募集资金净额共计人民币 810,756,564.92 元（以 下简 ...

Core Viewpoint - The report highlights the financial performance and operational developments of Tianjin Capital Environmental Protection Group Co., Ltd. for the first half of 2025, indicating a slight decline in revenue but an increase in net profit, alongside strategic initiatives in the water and environmental protection industry. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 2.18 billion, a decrease of 1.81% compared to the same period last year [2] - The net profit attributable to shareholders increased by 12.09% to approximately CNY 472.92 million [2] - The net cash flow from operating activities rose by 17.96% to approximately CNY 517.86 million [2] - The total assets at the end of the reporting period were approximately CNY 25.45 billion, an increase of 1.17% from the end of the previous year [2] Business Overview - The company's main business includes municipal wastewater treatment, water supply, and renewable energy services, which are the primary sources of revenue and profit [6] - The total scale of the water service business reached 623.71 million cubic meters per day, with wastewater treatment capacity at 527.01 million cubic meters per day [6] - The strategic new business includes dual-carbon renewable energy services and solid waste management, complementing the core business [6] Industry Context - The report discusses the opportunities arising from national policies aimed at urban environmental protection and sustainable development, emphasizing the need for water and environmental companies to enhance their operational capabilities [3][4] - The "Beautiful River and Lake Protection and Construction Action Plan (2025-2027)" outlines specific targets for improving water ecological quality, which presents market opportunities for the water and environmental protection industry [4] - The government's focus on establishing a market-oriented resource and environmental factor allocation system is expected to drive the growth of specialized emission reduction services [5] Operational Developments - The company has made significant investments in research and development, with approximately CNY 20 million allocated during the reporting period, leading to the acquisition of two invention patents [11] - The company has implemented a digital transformation initiative to enhance operational efficiency and risk management [9][10] - The company has successfully issued CNY 500 million in green medium-term notes, expanding its financing channels [10] Competitive Advantages - The company's core competitive strengths include stable and efficient operational capabilities, advanced research and development capabilities, and a strong reputation in the industry [11] - The company has been recognized as one of the "Top Ten Influential Enterprises in China's Water Industry" for the twentieth consecutive year, enhancing its brand image [11]

Core Points - The Central Coast region of New South Wales has reported the presence of large amounts of spherical waste at seven beaches, prompting local government to initiate cleanup and investigation into the composition and origin of the waste [1][3] - The New South Wales Environment Protection Authority will conduct tests on the waste and investigate its source, as the nature of the waste remains unclear [3] - There is a potential link between the current spherical waste and similar waste found at various Sydney beaches from October 2024 to January 2025, which led to beach closures [3] Environmental Impact - The spherical waste found is gray and varies in size, raising concerns about its environmental impact on local beaches [3] - Previous incidents of similar spherical waste at Sydney beaches were attributed to wastewater treatment facilities, suggesting a possible ongoing issue with waste management in the region [3]

Core Viewpoint - The State Administration for Market Regulation has drafted the "Antitrust Guidelines for the Public Utilities Sector (Draft for Comments)" and is seeking public feedback on it [1]. Group 1: Overview of Public Utilities - Public utilities encompass a range of industries that provide essential goods or services to the public, including water supply, electricity, gas, heating, sewage treatment, waste disposal, broadcasting, and public transportation, most of which have natural monopoly characteristics [3]. Group 2: Antitrust Guidelines Purpose - The guidelines aim to address the unique characteristics and market competition rules of the public utilities sector, enhancing the scientific, targeted, and effective nature of antitrust enforcement [4]. Group 3: Identification of Antitrust Behaviors - The draft provides detailed specifications on potential monopolistic agreements in the public utilities sector, helping operators accurately identify legal risks [6]. - Horizontal monopolistic agreements are prevalent in the public utilities sector, particularly in the bottled gas industry, where operators may fix prices or divide market shares through informal agreements [8]. Group 4: Abuse of Market Dominance - The draft addresses the frequent occurrence of market dominance abuse in sectors like water, gas, electricity, and heating, detailing factors related to unfair pricing, refusal to deal, and other unreasonable trading conditions [9]. - It specifies common scenarios that may not be considered legitimate justifications for market dominance abuse, emphasizing that actions without legal basis or those claiming safety without proof are generally not justified [10][14].

Core Viewpoint - The State Administration for Market Regulation has released a draft guideline for public utilities aimed at enhancing antitrust enforcement in sectors characterized by natural monopolies, such as water, electricity, gas, and heating services [1][3]. Group 1: Antitrust Guidelines Overview - The draft guideline consists of seven chapters and 45 articles, providing a comprehensive framework for analyzing monopolistic agreements and abuse of market dominance in the public utilities sector [3]. - It addresses horizontal monopolistic agreements, particularly in the bottled gas industry, and outlines specific behaviors and standards for identifying such agreements [3][4]. - The guideline establishes a systematic antitrust regulatory framework that covers preemptive, ongoing, and post-incident measures in the public utilities sector [3][4]. Group 2: Specific Provisions and Implications - The guideline specifies two forms of horizontal monopolistic agreements, including price-fixing through verbal agreements or meetings, and market division through cooperative operations [4]. - It emphasizes that operators cannot justify abusive market dominance behaviors under the pretext of safety unless they can prove such actions are necessary for safety [6]. - The guideline aims to promote self-regulation among public utility operators, encouraging compliance with laws and regulations to enhance fair competition and public welfare [6][7]. Group 3: Coordination and Comprehensive Governance - The guideline highlights the need for coordinated efforts between antitrust enforcement agencies and industry regulators to address systemic monopolistic issues in public utilities [7]. - It mandates that any violations of industry regulations discovered during investigations be reported to the relevant regulatory bodies for further action [7].

● 本报记者 熊彦莎 走进位于北京市东城区的北京·禄米仓新视听产业园，映入眼帘的是墙体厚实、拥有近500年历史的北京 市级文物保护单位禄米仓，一旁矗立着升级改造后的民国小楼和近现代苏式建筑群。 这是北京城市更新的代表性项目，也是多地推进城市更新的一个缩影。近日召开的中央城市工作会议和 中共中央政治局会议均对城市更新作出部署，专家认为，在政策强力支持下，城市更新正从简单物理空 间改造向治理范式变革转变，释放出巨大经济价值与发展潜力。 政策支持加力 北京·禄米仓新视听产业园于2021年开工，2022年底竣工，通过修缮改造与现代化技术融合，转型为集 文化创意、科技展示与商业服务于一体的产业空间。 该项目是今年5月发布的《2024北京城市更新白皮书》中的代表性项目。园区运营方际华首文（北京） 文化科技有限公司相关负责人告诉中国证券报记者，未来，园区将围绕"北京全球视听产业中心建设"的 核心目标，不断完善基于5G、AI、云计算、区块链、大数据等新一代信息视听技术应用的新视听数字 内容制作产业链。 除北京外，多地也在加快推进城市更新。上海市住房城乡建设管理委主任王桢近日表示，将制定《上海 市城市更新行动方案（2026—2 ...

Core Viewpoint - Hunan Chendian International Development Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive trend in financial performance despite challenges in the power supply and water supply sectors [1][2]. Financial Performance - The company's operating income for the first half of 2025 was approximately CNY 1.96 billion, a 1.26% increase compared to the same period last year [2]. - Total profit reached approximately CNY 77.27 million, reflecting a 0.41% increase year-on-year [2]. - Net profit attributable to shareholders was approximately CNY 25.92 million, marking a 29.55% increase compared to the previous year [2]. - The net cash flow from operating activities was approximately CNY 464.82 million, down 15.77% from the previous year [2]. Business Segments Power Supply - The company serves as the largest local power grid in Hunan, providing stable electricity to millions of users [3]. - In the first half of 2025, the total electricity sold was approximately 27.29 billion kWh [3]. - The company is actively participating in market-oriented electricity trading to enhance resource allocation and reduce electricity procurement costs [3]. Water Supply - The East River Water Diversion Project has a supply capacity of 600,000 tons per day, meeting the water needs of urban areas and surrounding towns [4]. - The company is focusing on internal management and efficiency improvements to adapt to rising water treatment costs and resource scarcity [4]. Wastewater Treatment - The company is involved in stable BOT/PPP projects for wastewater treatment, with plans for facility upgrades and the establishment of a smart water management platform [5]. - The company aims to consolidate resources and enhance the wastewater treatment industry through strategic partnerships [5]. Industrial Gases - The company has invested in industrial gas projects across several provinces, which have become significant profit growth points [6]. - The industrial gas market has faced challenges due to regulatory changes and increased operational costs, prompting the company to adjust its strategies [6]. Hydropower - The company has invested in hydropower projects in resource-rich regions, generating stable revenue despite weather-related performance fluctuations [7]. - The company is planning to invest in ecological flow hydropower stations to enhance generation capacity [7]. New Energy - The company is expanding its new energy business, focusing on distributed solar power and charging infrastructure [8]. - The company is leveraging its grid operation advantages to develop a multi-energy collaborative system [8]. Management and Operational Strategies - The company has implemented a tiered management model to enhance accountability and streamline operations [8]. - It has also focused on talent acquisition and market-oriented reforms to boost operational efficiency [8]. - The company is actively pursuing overseas market opportunities, including renewable energy projects in Zambia [9]. Challenges and Risks - The company faces challenges in its core power and water supply businesses due to macroeconomic factors and environmental regulations affecting industrial operations [11]. - Revenue growth has been slower than expected, influenced by reduced rainfall and operational disruptions in the hydropower sector [11]. - The current pricing structure for electricity transmission and distribution has not been aligned with operational costs, limiting investment capabilities [11].