事件：公司发布年报及一季报，2024 年玉禾田营业收入为 72.03 亿元，同比增长16.93%；归母净利润 为 5.75 亿元，同比增长 10.40%；扣非归母净利润为 5.65 亿元，同比增长10.61%；2025Q1 公司营业收 入18.82 亿元，同比增长10.58%，归母净利润为1.61 亿元，同比增长9.2%。业绩表现略低于预期，主要 受应收账款减值及费用增加影响。 城市运营稳健增长，在手订单充沛。2024 年公司城市运营板块营业收入61.09 亿元，同比增长20.57%， 毛利率达26.22%，保持较高盈利水平。同时，公司城市运营板块市场拓展成效显著：新签合同总金额 83.40 亿元，新增年化金额为20.71 亿元，同比增长43.10%。 管理费用及信用减值增加对利润构成一定影响。2024 年公司管理费用及信用减值均增长明显，其中管 理费用达4.91 亿元（2023 年为4.04 亿元），信用减值达1.31 亿元（2023年为0.96 亿元），信用减值增 加主要受应收款增加影响及账龄累积影响。 收购坎德拉剩余股权，全面拓展环卫机器人。根据公司公告，玉禾田智慧科技同意以3,500万元受让坎 德拉科 ...

日均垃圾清运量7200余吨、转运量5300余吨、处置量7000余吨……高涨的旅客流量也带来了垃圾清 运量的增长，尤其是在西湖景区、武林广场、湖滨商圈等重点区域。市环境集团的垃圾清运工人以最快 的速度、严格的标准高效完成垃圾装车、空桶复位、场地清扫等一系列动作，确保景区环境清洁有序。 与此同时，"智慧城投"的力量也在假日期间大显身手。 为了服务好市民游客，市公交集团在西湖景区日均投入约570名现场管理人员、公交义警和公交志 愿者，只见他们严阵以待，手握喇叭，腰上别着扩音器，热情地为市民游客引导，还有一些公交人手举 二维码牌，方便排队的市民游客提前领取公交乘车码。 在杭州火车东站，市安居集团钱城服务火车东站项目服务处近日也全面启动"五一保障模式"，在换 乘通道、扶梯枢纽等关键点位部署动态值守力量，确保客流疏导有序。"红船"服务岗全员上岗，提供指 引、咨询等一站式服务，并配备降温消暑物资。 除了护航市民游客平安出行，平稳供水供气、垃圾清运处置、市政设施管养等城市运营保障的背 后，都有一支看不见的"城投力量"，默默地为城市的平稳有序运转提供坚强保障。假期期间，市城投集 团日均落实了400余支应急队伍共2400余人24 ...

Core Viewpoint - The company reported stable performance with a positive growth in non-recurring net profit and significant improvement in operating cash flow [2] Financial Performance - In 2024, the company achieved operating revenue of 3.914 billion yuan, a year-on-year decrease of 0.74%, and a net profit attributable to shareholders of 289 million yuan, down 9% [1] - For Q1 2025, the company reported operating revenue of 936 million yuan, a year-on-year decline of 4%, and a net profit attributable to shareholders of 68 million yuan, down 30% [1] - The non-recurring net profit for 2024 was 309 million yuan, showing a positive year-on-year growth [2] - The overall gross margin was 26.86%, an increase of 0.82 percentage points year-on-year, mainly due to the improvement in the gross margin of the core urban sanitation and cleaning business [2] - The net cash flow from operating activities reached 158 million yuan, a significant year-on-year increase of 98% [2] Business Segments - The urban sanitation and cleaning business generated revenue of 3.726 billion yuan, accounting for 95.18% of total revenue, with a slight year-on-year decrease of 1%, but the gross margin increased by 1.42 percentage points to 27.12% [2] - The revenue from the household waste disposal business was 101 million yuan, a minor year-on-year decline of 0.24% [2] - The company has a robust market expansion capability, with a backlog of orders amounting to 42 billion yuan by the end of 2024 [2] - The company is optimizing its market layout, focusing on regions with better payment capabilities, and has entered six key cities including Linyi, Chongqing, and Ordos [2] Technological Advancements - The company is accelerating its digital transformation, with R&D investment of 44.74 million yuan in 2024 [3] - A subsidiary was established to collaborate with national research institutions to create a "Smart City Research Institute," focusing on developing AI robots for municipal cleaning and property services [3] - Pilot applications of related unmanned equipment have been conducted in various locations, including Yunfu, Guangdong [3] - Plans for 2025 include establishing an AI industry ecosystem headquarters and enhancing the product matrix for unmanned cleaning, property management, and urban inspection robots [3] Profit Forecast - The company is expected to achieve operating revenues of 4.309 billion yuan, 4.746 billion yuan, and 5.221 billion yuan for 2025-2027, with year-on-year growth rates of 10.08%, 10.13%, and 10.01% respectively [3] - The net profit attributable to shareholders is projected to be 345 million yuan, 413 million yuan, and 480 million yuan for the same period, with growth rates of 19.40%, 19.51%, and 16.25% respectively [3] - Based on the closing price on April 28, 2025, the corresponding PE ratios are expected to be 12.00, 10.04, and 8.64, with EPS of 0.84, 1.01, and 1.17 yuan [3]

Core Viewpoint - Qiaoyin Co., Ltd. has demonstrated significant financial improvement and strategic transformation, positioning itself for future growth in the urban services sector [1][2][3] Financial Performance - In 2024, Qiaoyin Co., Ltd. achieved a net profit of 309 million yuan, reflecting a year-on-year growth of 1.12% [1] - The company's cash flow from operating activities increased by 98.29% year-on-year, indicating improved liquidity [1] - Gross profit margin has steadily risen for five consecutive years, from 23.93% in 2020 to 26.86% in 2024 [1] - The "three expenses" ratio decreased by 0.88% to 13.23%, showcasing enhanced cost control capabilities [1] - Total assets and equity attributable to shareholders increased compared to the beginning of the period, reinforcing the company's industry position [1] Business Expansion and Strategy - Qiaoyin Co., Ltd. is accelerating its transformation into a "smart city steward," expanding its business into multiple sectors including property management, AI equipment, technology services, and recycling [2] - The company has added six key cities, including Chongqing and Ordos, with a total of 42 billion yuan in pending orders by the end of 2024, indicating strong sustainable development capabilities [2] - Qiaoyin Co., Ltd. is focusing on traditional business while also promoting a business integration strategy, with property management and recycling becoming new growth drivers [2] - The company is exploring a collaborative model of "urban services + AI + recycling," contributing to the construction of a green low-carbon circular economy [2] Technological Investment and Innovation - Qiaoyin Co., Ltd. has invested a total of 87.89 million yuan in R&D over the past two years [2] - The establishment of Qiaoyin Smart City Research Institute and the launch of autonomous driving robots in key cities demonstrate the company's commitment to technological advancement [2] - The upgraded smart sanitation system has improved operational efficiency while reducing labor costs, earning recognition through technology advancement awards [2] Industry Outlook - The urban services industry is poised for new opportunities with the advancement of the national "AI+" initiative and debt reduction policies [3] - Qiaoyin Co., Ltd. aims to leverage its technological accumulation, scale advantages, and strategic foresight to further solidify its leading position in the industry [3] - The company is focused on driving the transformation of urban services towards intelligence, low carbon, and cloud integration, enhancing urban development and residents' quality of life [3]

Core Insights - The company reported a stable performance in its 2024 annual report, achieving an operating revenue of 3.914 billion yuan and a net profit attributable to shareholders of 309 million yuan, reflecting a year-on-year growth of 1.12% [1] - The company has significantly improved its cash flow from operating activities, with a year-on-year increase of 98.29%, indicating enhanced operational efficiency [1] - The gross profit margin has steadily increased over five years, rising from 23.93% in 2020 to 26.86% in 2024, showcasing the company's effective cost management [1] - The company has reduced its "three expenses" ratio by 0.88% to 13.23%, further indicating operational efficiency [1] Financial Performance - Total assets reached 8.26 billion yuan by the end of the reporting period, with equity attributable to shareholders also increasing, reflecting a solid financial structure [1] - The company has invested a total of 87.89 million yuan in research and development over the past two years, highlighting its commitment to innovation [1] Strategic Initiatives - The company is leveraging digital transformation to enhance its urban service capabilities, focusing on "AI full-dimensional and all-scenario empowerment" as its core strategy [1] - The company is accelerating the construction of an "urban service ecosystem," expanding its business scope to include property management, resource recycling, AI equipment, and technology services [2] - By the end of 2024, the company has a backlog of 42 billion yuan in orders, indicating strong sustainable development potential [2] Market Positioning - Analysts note that the company has established a virtuous cycle of "technology-efficiency-market" through its proactive positioning in the digitalization sector, serving as a model for traditional service enterprises undergoing transformation [2] - The company is expected to gain a first-mover advantage as demand for smart city services continues to grow, contributing to increased industry concentration [2]

Revenue and Profit - Company achieved total revenue of 380 million yuan in Q1 2025, a year-on-year increase of 0.58% [1] - Net profit attributable to shareholders was 38.77 million yuan, up 21.26% year-on-year [1] - Deducted non-recurring profit was 39.23 million yuan, reflecting a 29.08% year-on-year increase, indicating enhanced profitability [1] Key Financial Indicators - Accounts receivable reached 1.093 billion yuan, a 31.28% year-on-year increase, with a high ratio of accounts receivable to profit at 777.05% [3] - Interest-bearing debt stood at 418 million yuan, up 34.41% year-on-year, raising concerns about financial health [3] Business Model and Capital Operations - Company’s performance is primarily driven by capital expenditure and equity financing, with total financing amounting to 961 million yuan and total dividends of 61.27 million yuan, resulting in a dividend financing ratio of 0.06 [4] - Investors should monitor the reasonableness of capital expenditure projects and potential funding pressures [4] Summary of Financial Performance - Overall, the company demonstrated steady growth in revenue and profit in Q1 2025, with notable improvements in gross margin and net margin [5] - Significant increase in accounts receivable and negative operating cash flow warrant close attention [5] Profitability Metrics - Gross margin was 24.76%, an increase of 6.18% year-on-year, indicating effective cost control [6] - Net margin reached 11.6%, up 21.83% year-on-year, further confirming improved profitability [6] - Operating expenses as a percentage of revenue decreased by 13.61% to 10.77%, showing better expense management [6] - Earnings per share (EPS) was 14.13 yuan, down 11.85% year-on-year, possibly affected by market conditions [6] - Operating cash flow per share was -0.01 yuan, a decline of 111.84% year-on-year, reflecting negative cash flow from operations [6]

三、分红送配方案情况 10派3.2元(含税) 前十大流通股东累计持有： 1669.25万股，累计占流通股比： 30.86%，较上期变化： -56.78万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况 | | --- | --- | --- | --- | | | | (%) | (万股) | | 安徽信安基石产业升级基金合伙企业(有限合伙) | 404.32 | 7.48 | -51.51 | | 合肥国耀伟业创业投资合伙企业(有限合伙) | 332.61 | 6.15 | 不变 | | 国元创新投资有限公司 | 259.20 | 4.79 | 不变 | | 国元股权投资有限公司-池州徽元中小企业发展基金合伙 企业(有限合伙) | 259.20 | 4.79 | 不变 | | 杭州城卓创业投资合伙企业(有限合伙) | 124.48 | 2.30 | 不变 | | 安徽国元种子创业投资基金有限公司 | 86.46 | 1.60 | 不变 | | 嘉兴正石投资合伙企业(有限合伙) | 80.40 | 1.49 | 不变 | | 范武松 | 42.92 | 0.79 | 不变 | | 葛培正 ...

侨银股份（002973）公告，公司预中标浦北县城区环卫保洁和绿化养护一体化服务，投标报价首年 1898.5万元/年，三年总报价5695.51万元。项目合同履行期限拟定为"3+3+2"年，若月度考核评分平均值 不低于80分，服务期自动顺延，否则自动解除合同。预估中标总金额为5695.51万元/3年。 ...

新京报讯（记者王景曦）目前，北京处于大风橙色预警中，周五起将出现极端大风，同时气温骤降。为 做好此轮极端大风强降温天气防范应对工作，北京市城市管理委下发《关于做好城市运行领域极端大风 强降温天气应对准备工作的通知》，要求各区城市管理部门和相关行业企业提前安排巡查检查，逐级压 实工作责任，及时妥善处置突发事件。 城管委要求，组织电力企业持续开展电网设备森林火灾隐患排查整治，通过人防技控措施对输配电线路 开展特巡和定点看护，重点关注老旧线路。组织燃气、热力等企业密切关注气象情况，加强对各类线路 及设备设施巡查检查，及时处置异常情况，确保巡查看护到位、治理隐患到位。防范树木倒伏等大风次 生灾害损坏电气热设施设备，确保能源供应安全平稳。 要求属地加大对户外广告、城市家具、环境卫生安全巡查，对于存在安全隐患的，责令相关责任单位立 即整改，消除安全隐患，进入橙色预警生效时间后应停止户外作业。 在大风之后，环卫集团将第一时间集中力量开展恢复作业，优先清理处置影响交通的事项，清理树挂和 路面可视污染物，保障周一早高峰交通出行。 北京市城管委提示，大风天气请远离电力设施和广告牌，不要在设施下方停留，注意出行安全。 在确保环卫工 ...

劲旅环境科技股份有限公司关于对控股子公司提供 担保的进展公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001230 证券简称：劲旅环境 公告编号：2025-007 劲旅环境科技股份有限公司 关于对控股子公司提供担保的进展公告 特别提示： 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。 本次被担保对象池州劲旅环境科技有限公司和涡阳县劲旅环境科技有限公司资产负债率超过70%，提醒 广大投资者关注本次担保风险。 一、担保情况概述 （一）2024年度对外担保额度预计基本情况 为满足劲旅环境科技股份有限公司（以下简称"公司"）及控股子公司日常经营和业务发展的需要，预计 2024年度公司及控股子公司拟为纳入合并报表范围内下属公司（含新设立或收购的全资和控股子公司） 提供新增担保额度总额合计不超过100,000万元人民币（本次预计对外担保额度不包含之前已审议尚未 到期或未使用的额度），其中向资产负债率为70%以上的担保对象提供新增担保额度为不超过50,000万 元。担保范围包括但不限于申请融资业务（含融资租赁）发生的融资类担保以及日常经营发生的履约类 担 ...