Core Viewpoint - The article discusses a water quality incident in Hangzhou's Yuhang District, where residents reported foul-smelling tap water, leading to emergency measures by the local water supply company [7][10]. Summary by Sections Incident Overview - On July 16, residents in multiple communities in the Liangzhu area reported an unusual odor in their tap water, initially described as a sewage-like smell, which later changed to a chlorine-like odor [3][4][14]. - The Yuhang Water Supply Group identified a fluctuation in the odor index of the water supply from the Renhe Water Plant, while other routine indicators remained normal [6]. Response Actions - The water supply company activated an emergency plan, switching to alternative water sources and flushing the affected pipeline networks [7][10]. - By 1:30 PM on July 16, the water quality at the plant was reported to have returned to normal, and by 4:30 PM, the main pipeline network was also restored [9][10]. Customer Communication - The company issued apologies for the inconvenience caused and informed residents to flush their pipes to remove any stagnant water before use [8][11]. - To compensate for the inconvenience, the company announced a waiver of water fees for 5 tons for each household in July [9][11]. Ongoing Concerns - Despite the restoration of water quality, some residents continued to report lingering odors and expressed concerns about potential health impacts and damage to water filtration systems [13][16]. - The water supply company has yet to provide detailed information regarding the source of the contamination and its potential health implications [17].

Core Viewpoint - The control change at Shankang Intelligent marks the entry of a leading company in the smart water industry into the state-owned capital era, with Hubei Changjiang Aerospace Investment acquiring a 19.7% stake for 571 million yuan [1] Business Overview - Shankang Intelligent has over 20 years of experience in the water information technology sector, establishing a comprehensive business matrix covering "smart water supply, smart sewage, smart water conservancy, and direct drinking water" [2] - Key products include: - Smart hardware: Full range of smart remote water meters and solutions [2] - IoT platform: Smart metering cloud platform, leakage control systems, and smart water plant platforms [2] - Smart water conservancy products: Digital twin applications and operational management matrices [2] - The company's water network control machine products have shown rapid growth rates of 33.99%, 20.52%, and 6.49% over the past three years, maintaining a gross margin around 60% [2] National Capital Empowerment - The smart water industry faces increasing financial pressure on local governments, with Shankang Intelligent's Q1 2025 revenue down 17.62% and net profit down 43.28% due to delayed project bidding [3] - The entry of state capital is timely, providing: - Resource synergy: Collaboration with Wuhan Aerospace New City for market expansion in Central China [3] - Policy benefits: Participation in "smart city + digital twin" projects in the New District of Wuhan [3] Market Outlook - Analysts suggest that with state capital involvement, the company may accelerate industry consolidation through acquisitions, particularly in emerging fields like smart water conservancy and digital twins [4] - The smart water service system market in China is projected to grow from 2.28 billion yuan in 2024 to 3.91 billion yuan by 2029, with a compound annual growth rate of 9.12% [4] - The integration of capital and industry may provide a new model for the intelligent upgrade of traditional manufacturing, with Shankang Intelligent poised for a new phase of value reassessment [4]

Group 1 - The company expressed apologies for the inconvenience caused by the recent water quality incident [1] - On July 16, the company switched water sources, and after the restoration of the main pipeline at Renhe Water Plant, flushing of all branches and secondary supply water tanks has been completed [1] - Water quality in Renhe Street and Liangzhu Street has been restored, and users can resume normal usage [1] Group 2 - Users are advised to discharge stored water before use [1] - To compensate for user losses, the company will provide a water fee reduction of 5 tons for each household in July [1]

Core Viewpoint - Shankai Intelligent plans to change its controlling shareholder to Hubei Changjiang Aerospace Technology Investment Co., Ltd., with the actual controller becoming the State-owned Assets Supervision and Administration Commission of the People's Government of Xinzhou District, Wuhan [2][4]. Group 1: Shareholder Changes - The stock suspension for Shankai Intelligent began on July 10 and is set to resume trading on July 17, following a significant price increase, including a 20% surge on July 7 [4]. - The share transfer agreement indicates that several shareholders will transfer their shares to Changjiang Aerospace, resulting in Changjiang Aerospace holding 19.70% of Shankai Intelligent's shares at a price of 20.70 yuan per share, totaling 572 million yuan [7][9]. - The transfer price represents an 18.37% discount compared to the closing price of 25.36 yuan per share on July 9 [7]. Group 2: Financial Performance - Shankai Intelligent's recent financial performance has shown a decline, with net profits for 2024 and the first quarter of 2025 reported at 81.45 million yuan and 9.39 million yuan, respectively, reflecting year-on-year decreases of 12.28% and 43.28% [11]. - The company's revenue for the latest reporting period was approximately 111.11 million yuan, down 17.62% from the previous year, while net profit attributable to shareholders decreased by 43.28% to approximately 9.40 million yuan [12]. Group 3: Strategic Implications - The transaction is expected to leverage state-owned resources to enhance Shankai Intelligent's existing business, with Changjiang Aerospace recognized for its advantages in industrial resources and investment management [9][11]. - Changjiang Aerospace's actual controller is the State-owned Assets Supervision and Administration Commission of the People's Government of Xinzhou District, which may provide strategic support for Shankai Intelligent's future development [9].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3][6]. Core Insights - The company is positioned to benefit from the launch of Sustainable Aviation Fuel (SAF) in 2025, with expectations of increased demand for Used Cooking Oil (UCO) as a key raw material [3][4]. - The European Union's regulations mandate a gradual increase in SAF blending ratios, which is expected to drive UCO demand significantly [3][4]. - The company is actively expanding its UCO processing capabilities through acquisitions and new projects, which will enhance its market position [4][6]. Market Performance - The company's stock closed at 7.13 yuan, with a yearly high of 7.36 yuan and a low of 3.05 yuan [2]. - The circulating market value is 32.78 billion yuan, while the total market value stands at 33.58 billion yuan [2]. Financial Projections - Revenue is projected to grow from 1.56 billion yuan in 2025 to 1.93 billion yuan in 2027, reflecting year-on-year growth rates of 7.6%, 11.4%, and 10.8% respectively [6]. - Net profit is expected to increase dramatically from 87 million yuan in 2025 to 219 million yuan in 2027, with growth rates of 569.8%, 63.6%, and 53.4% [6]. - Earnings per share (EPS) are forecasted to rise from 0.19 yuan in 2025 to 0.47 yuan in 2027 [6]. Industry Opportunities - The SAF market is anticipated to grow significantly, with European SAF demand projected to reach approximately 137,000 tons in 2025 and 411,000 tons by 2030 [3][4]. - The company is well-positioned to capitalize on the increasing UCO demand driven by SAF policies and market dynamics [4][6].

成都市兴蓉环境股份有限公司 科技创新公司债券（第一期） 信用评级报告 www.lhratings.com 联合〔2025〕6118 号 联合资信评估股份有限公司通过对成都市兴蓉环境股份有限公 司及其拟发行的 2025 年面向专业投资者公开发行科技创新公司债 券（第一期）的信用状况进行综合分析和评估，确定成都市兴蓉环 境股份有限公司主体长期信用等级为 AAA，成都市兴蓉环境股份有 限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期） 信用等级为 AAAsti，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年七月七日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资信接受成都市兴蓉环境股份有限公 ...

针对企业用水报装及费用缴纳等实际需求，区水务局联合供水企业推出了多项便民惠企服务。新增 的"企业信用报装"业务，通过"信用中国"平台查询企业信用状况，对信用良好的企业，提供"先通水后 缴费"的选择，企业可在通水后按承诺时间补缴或分期支付工程款。今年上半年，已有2家企业通过该业 务办理了用水报装。 双流区水务局"信用用水"举措的落地，以信用为纽带，将规范管理与精准服务相结合。这不仅让企业用 水行为有了明确的信用导向，也通过信用激励让诚信企业获得了实实在在的便利，为辖区营商环境的持 续优化贡献了水务力量,让营商环境的升级不止于表面，更深入到企业发展的细微之处。(邱语) 为让用水信用管理有章可循，区水务局专门制定相关实施方案，将诚信用水纳为用水户的权利与义务， 同时建立起企业用户五级信用分类标准及评定规则，对企业用水行为进行规范化管理。据统计，到6月 底，全区已有超过2000家企业被纳入该信用评价体系，实现了用水信用管理的规模化覆盖。 在信用激励与约束方面，区水务局构建了"信用+用水"联动机制。一方面，设立"信用用水红名单，对列 入名单的诚信企业，提供免费的供水压力检测、水质检测等贴心服务。另一方面，对于信用欠佳的 ...

Summary of Conference Call Company and Industry - The conference call involved **Yuehai Investment**, a company operating in the **water and wastewater management sector**. The discussion focused on the company's performance and outlook amidst economic challenges. Key Points and Arguments 1. **Q1 Performance Overview**: - The company reported a slight revenue decline of less than 1% in Q1, with a 2% increase in pre-tax profit and a 2.5% increase in shareholder profit, indicating stable performance despite economic challenges [2][3][4]. 2. **Asset Separation**: - The company successfully separated its assets on January 21, which is expected to mitigate losses from real estate risks, resulting in a reduction of approximately 9.4 million in losses [3][6]. 3. **Operational Stability**: - Overall operational performance remains stable, with a focus on reducing capital expenditures and debt. Financial expenses decreased by 77 million, contributing positively to overall profits [3][4][6]. 4. **Real Estate Market Impact**: - The real estate market is facing challenges, with a reported decrease in rental income and property values. The company anticipates limited recovery in the real estate sector, with a decrease in supply value of 10 million compared to the previous year [4][10]. 5. **Water Pricing Adjustments**: - The company is monitoring water pricing adjustments in various regions, including Guangzhou and Shenzhen. The adjustments are seen as normal and necessary for sustainable water resource management [7][9][10]. 6. **Future Capital Expenditures**: - Projected capital expenditures for 2024 are expected to be around 2 billion, primarily focused on water projects. The company aims to complete six ongoing water projects with a total supply capacity of 1.2 million tons per day [22][23]. 7. **Debt Management**: - The company has made significant efforts to reduce debt, with a focus on maintaining financial stability. Financial expenses are expected to continue decreasing, contributing to overall profitability [26][27]. 8. **Dividend Policy**: - The company plans to maintain a dividend payout ratio of 65%, ensuring consistent returns to shareholders while managing capital for future investments [27][29]. Other Important but Overlooked Content 1. **Market Conditions**: - The overall economic environment remains challenging, impacting various sectors including real estate and utilities. The company is cautiously optimistic about maintaining performance levels [2][4][10]. 2. **Sector-Specific Challenges**: - The company faces specific challenges in the hotel and highway sectors, with ongoing evaluations for potential asset divestitures. However, no immediate actions are planned due to current market conditions [10][12][18]. 3. **Long-term Contracts**: - The company is in discussions regarding the renewal of long-term water supply contracts, which are crucial for future revenue stability [21][22]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Summary of the Conference Call for Hanlan Environment Company Overview - **Company**: Hanlan Environment - **Industry**: Waste Management and Environmental Services Key Points and Arguments Financial Performance - Hanlan Environment achieved a net profit attributable to shareholders of 967 million yuan in the first half of 2025, representing a year-on-year increase of 9%. Excluding one-time gains, the growth rate was 27.71% [3] - The company reported a 15.5% growth in organic business, surpassing the 10% growth in Q1 [3] - The company’s revenue from solid waste treatment has seen a compound annual growth rate (CAGR) of 29% from 2014 to 2023, while net profit attributable to shareholders grew at a CAGR of 20% [2][6] - In 2023, revenue slightly decreased, but net profit increased by 24.7%, primarily due to reduced capital expenditure in waste-to-energy projects [2][6] Core Business Segments - **Solid Waste Treatment**: This is the core business, with significant growth in revenue and profit over the years. The company has a current operational capacity of approximately 36,000 tons, with 31,000 tons already in operation [12] - **Gas Business**: The gas segment expanded into Jiangxi through acquisitions, maintaining a stable supply of around 1 billion cubic meters. The segment turned profitable in 2023 due to price adjustments [2][7] - **Water Supply**: The company has a complete water supply service chain covering all towns in the Nanhai District, with stable operations since 1995 [5][8] Future Development Focus - The company plans to enhance the management of waste-to-energy projects, explore the integration of waste incineration with heating to improve profit margins, and optimize core segments like gas and solid waste treatment [9] - There is a focus on expanding into emerging markets and strengthening national integration [9] Recent Acquisitions and Market Position - Hanlan Environment completed the privatization of Yuefeng Environmental, adding approximately 50 million yuan in operating profit [2][3] - The acquisition of Yuefeng is expected to increase the company’s total capacity to around 90,000 tons, positioning it among the top three in the industry [16] - The company is cautiously expanding into overseas markets, with a recent acquisition of a 40% stake in New Yuan China, which holds 4,500 tons of waste-to-energy capacity [13] Operational Efficiency - The company’s capacity utilization rate reached 112% in 2024, ranking second in the industry, while the overall industry utilization rate is between 70% and 80% [17] - The company has successfully recovered a significant amount of historical accounts receivable, with 2.4 billion yuan recovered in 2024, exceeding expectations [30] Dividend Policy and Future Outlook - The company has been increasing its dividend payout ratio, reaching 30.2% in 2023, with plans for continued increases in the coming years [31] - Future growth is expected to be driven by contributions from the heating segment and potential price increases in water supply [32] Industry Context - The waste management industry is characterized by a few dominant players, with Hanlan Environment positioned to become a leading entity following its acquisition of Yuefeng [26] - The company is viewed favorably in the context of rising dividend yields and stable growth prospects in the environmental sector [33] Additional Important Information - The company’s management has a strong track record of exceeding expectations in both performance and acquisitions [11] - The financial performance of Yuefeng Environmental post-acquisition shows promising metrics, with a revenue of 4.2 billion HKD and a net profit of 924 million HKD in 2024 [25]

Core Viewpoint - Jiangsu United Water Technology Co., Ltd. expects a significant decline in net profit for the first half of 2025, with a projected decrease of approximately 53.11% compared to the same period last year [2][3]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately 38.95 million yuan for the first half of 2025, down from 83.06 million yuan in the same period last year, representing a decrease of about 44.11 million yuan [2][3]. - The projected net profit after deducting non-recurring gains and losses is around 34.63 million yuan, a decrease of approximately 29.70% from 49.26 million yuan in the previous year [2][3]. Group 2: Previous Year’s Performance - In the same period last year, the total profit was 113.87 million yuan, with a net profit attributable to shareholders of 83.06 million yuan and a net profit after deducting non-recurring gains and losses of 49.26 million yuan [5]. Group 3: Reasons for Performance Decline - The decline in performance is primarily due to the absence of significant non-recurring gains, such as a one-time litigation compensation received in the previous year [7]. - Increased depreciation and amortization costs from upgrades to wastewater treatment plants have pressured profits, while water price adjustments have not yet been implemented [7]. - The water supply and related business segment has seen a slight decline in contributions from sub-segments, influenced by market conditions [7].