Group 1: Company Overview - The company is a leading comprehensive water and environmental service provider in China, with a complete industry chain including investment, research and development, design, construction, and operation [2]. - Current operational and construction capacities include: - Water supply projects: approximately 4.3 million tons/day - Wastewater treatment projects: over 4.8 million tons/day - Reclaimed water utilization projects: approximately 1.3 million tons/day - Waste incineration power generation: 12,000 tons/day - Leachate treatment: 8,430 tons/day - Sludge disposal: 3,116 tons/day - Kitchen waste disposal: 1,950 tons/day [3]. Group 2: Pricing Mechanisms - Water pricing adjustments are submitted to government price authorities based on national policies and agreements, requiring cost audits and public hearings [5]. - Wastewater treatment service fees are adjusted every 2 to 3 years, with a current tentative average price of 2.63 RMB/ton for the 2024-2026 period in Chengdu [6]. Group 3: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day, sludge processing of 800 tons/day, and kitchen waste processing of 800 tons/day, expected to be operational by 2026 [7]. Group 4: Accounts Receivable Management - As of the end of 2024, accounts receivable amounted to approximately 4 billion RMB, with improvements in collection in some regions [8]. - The company emphasizes accounts receivable management and actively engages in collection efforts, integrating this into performance assessments. Group 5: Market Expansion Strategy - The company focuses on national expansion in the water and environmental service sector, particularly in the Chengdu market, while exploring resource integration and niche markets nationwide [8]. Group 6: Capital Expenditure and Dividends - Significant capital expenditures are expected due to multiple ongoing water supply and waste projects, with a gradual decrease anticipated as projects become operational in the next 1-2 years [8]. - The company is committed to increasing cash dividend ratios as major projects are completed and capacity is released [8].

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]

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].

而在此次业绩说明会上，投资者普遍对中建环能的研发创新方面较为关注。对此，中建环能总裁、董事 会秘书王哲晓表示："公司基于对客户场景的理解，构建了以省工程技术研究中心为代表的科研平台和4 个科技支撑及联合产业化平台，并聚焦'4+1'优势场景细分方向，推动产品对细分场景的支撑能力，强 化高质量科技成果产出。" 一直以来，中建环能坚守"以先进技术和产品为核心的环境解决方案服务商"战略定位，以科技创新持续 提升竞争优势。2022年至2024年，公司研发支出累计超过1.6亿元。2024年，公司开展了多项技术优 化，全年新增45项专利，其中19项发明专利。 5月13日下午，中建环能科技股份有限公司（以下简称"中建环能"）召开2024年年度报告网上说明会。 公司董事长佟庆远向《证券日报》记者表示："公司将继续坚持以技术创新为核心驱动力，围绕'4+1'战 略布局，加强产品快速协同开发与更新迭代，同时健全化解应收账款长效机制，加强应收账款压降和现 金流提升，以管理变革提升组织效能，做好核心人才队伍建设等，多措并举促进公司经营业绩增长。" 中建环能于2015年在深交所创业板上市，上市十年间，公司已从冶金行业污水处理专家成长为成都 ...

Financial Performance - In 2024, the company achieved an operating revenue of 9.049 billion yuan, a year-on-year increase of 11.90% [2] - The net profit attributable to shareholders was 1.996 billion yuan, with a growth of 8.28% [2] - In Q1 2025, the operating revenue reached 1.15 billion yuan, a year-on-year increase of 20.23% [2] - The net profit attributable to shareholders in Q1 2025 was 508 million yuan, growing by 11.19% [2] - The net cash flow from operating activities in Q1 2025 was 115 million yuan, a significant increase of 526.47% [2] Strategic Goals for 2025 - The company aims to expand its main business and enhance project construction to improve industry scale and development momentum [3] - Focus on technological innovation and resource integration to enhance core competitiveness [3] - Continue to promote standardized and digital transformation to improve operational efficiency [3] Market Expansion Plans - The company will deepen its focus on the local market in Chengdu while exploring opportunities in other regions [3] - Plans to enhance the market share of recycled water and promote the "waste-free city" concept [3] Environmental and Social Responsibility - The company is committed to sustainable development and improving resource utilization efficiency [5] - It aims to support rural revitalization and fulfill social responsibilities through various initiatives [5] Future Growth Drivers - The company will optimize resource allocation and enhance management to improve profitability [4] - Focus on expanding into niche markets such as direct drinking water and kitchen waste disposal [4] - Emphasis on technology innovation and collaboration with academic institutions to boost R&D capabilities [4] Investment and Capital Expenditure - Planned projects for 2025 include a kitchen waste disposal plant with a capacity of 100 tons/day and a sewage treatment plant with a capacity of 800 tons/day [5] - Future investment expenditures are expected to maintain an average level over the next 1-2 years [6] Industry Outlook - The water and environmental protection industry is expected to maintain stable long-term growth, with increasing market demand and regulatory pressures [4] - The company is focusing on enhancing operational management through professional and detailed approaches [4]

Group 1: Water Supply Business - The company can submit water price adjustment applications to the government based on national policies and agreements, following necessary procedures such as cost audits and public hearings [2] - Water price adjustments are linked to changes in upstream resource prices and water conservancy project prices [2] Group 2: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance was approximately 40 million yuan, reflecting an increase due to market expansion [3] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3] - National policies promoting debt reduction are expected to positively impact the water and environmental protection industry [3] Group 3: Business Expansion - The company focuses on becoming a national water and environmental service provider, expanding both vertically and horizontally along the business chain [3] - It aims to deepen its market presence in Chengdu and surrounding areas while actively integrating quality resources nationwide [3] Group 4: Capital Expenditure and Dividends - Recent capital expenditures have been significant due to multiple water supply and waste projects, with expected reductions as these projects become operational [3] - The cash dividend ratio was approximately 20% in 2021 and 2022, increased to 27% in 2023, and projected to reach 28% in 2024 [3]

Group 1: Company Achievements and Strategies - In 2024, the company implemented the "One River Clear Water into the Yellow River" project, contributing to national ecological strategies [2] - The company signed a clean drinking water project in East Timor, supporting the Belt and Road Initiative [2] - The company achieved a breakthrough in the domestic seawater desalination market, leveraging dual-membrane technology [4] Group 2: Financial Performance and Projections - In 2024, the company reported a net profit drop of over 90%, with a dividend per share decrease of over 90% [5] - The company’s dividend payout ratio increased from 15% in 2022 to over 24% in 2024, aiming to enhance investor returns [5] - The total order amount for 2024 reached 11.51% growth, totaling 117.14 billion CNY, despite a decrease in the number of orders [7] Group 3: Market Expansion and Innovation - The company is focusing on technological innovation and market expansion to enhance core competitiveness [3] - The company is actively exploring new markets, including Malaysia, Mauritania, and Namibia, while exporting products to Dubai, Mexico, Russia, and Italy [6] - The company is enhancing its product offerings, including the development of anaerobic reactors and AI-driven precise dosing systems [3] Group 4: Operational Challenges and Responses - The company faced challenges with a significant drop in net cash flow, which was -2.38 billion CNY at the end of last year [8] - The company plans to improve cash flow by actively collecting debts and reducing costs [8] - The company is addressing management efficiency by implementing budget control measures, resulting in a reduction of management expenses by 57 million CNY [8]

Group 1: Business Performance - In 2024, the company's water supply volume increased by 7.62% year-on-year due to new supply areas and growing demand [2] - The sewage treatment volume in 2024 grew by 9.72% year-on-year, primarily due to the gradual release of capacity from new projects [2] Group 2: Ongoing Projects - Current ongoing projects include Chengdu Water Plant Phase III (remaining 400,000 tons/day), Xiwayan Reclaimed Water Plant, and Chengdu First Urban Sewage Sludge Treatment Plant Phase III, among others [3] - Projects such as Chengdu Fifth and Eighth Reclaimed Water Plants (Phase II) and Chengdu Wanxing Environmental Power Plant (Phase III) are progressing steadily [3] Group 3: Pricing Mechanisms - The water pricing mechanism allows for adjustments based on national policies and agreements, requiring approval from government price authorities [3] - The sewage treatment service fee is subject to periodic adjustments, typically every 1 to 3 years, with a current tentative price of 2.63 CNY per ton for the 2024-2026 period [3] Group 4: Accounts Receivable - As of the end of 2024, the accounts receivable balance was approximately 4 billion CNY, reflecting the company's market expansion efforts [4] - The company emphasizes accounts receivable management and actively engages in collection efforts, integrating this into performance assessments [4] Group 5: Business Expansion - The company focuses on becoming a national water and environmental service provider, expanding both vertically and horizontally along the business chain [4] - Efforts are concentrated on integrating water and environmental resources in Chengdu and surrounding areas while expanding operations nationwide [4] Group 6: Dividend Policy - The company has increased its cash dividend ratio from approximately 20% in 2022 to 27% in 2023, with a proposed 28% for 2024 [4] - Future dividend increases are anticipated as major ongoing projects are completed and capacity is released [4]

Core Viewpoint - The company reported positive growth in both operating revenue and net profit for 2024, with operating revenue reaching 9.049 billion and net profit at 1.996 billion, reflecting year-on-year increases of 12% and 8% respectively [2] Group 1: Financial Performance - The company achieved an operating revenue of 9.049 billion, with a year-on-year growth of 12% [2] - The net profit attributable to shareholders was 1.996 billion, representing an 8% increase year-on-year [2] - The company’s main business segments, including wastewater treatment, water supply, and waste incineration, showed strong profitability, with wastewater treatment revenue growing by 20% to 3.641 billion and a gross margin increase of 1.48 percentage points to 41.63% [2] - The net cash flow from operating activities increased by 8.61% year-on-year due to improved management of accounts receivable [2] Group 2: Business Expansion - The company is expanding its business scale, focusing on Chengdu while actively developing projects outside the province, with a total operational, under-construction, and planned capacity of approximately 9.3 million tons per day for water supply and drainage projects [3] - The company has secured over 50 water and environmental protection concession projects across nine provinces and regions, with concession periods typically ranging from 25 to 30 years [3] - In 2025, the company plans to operationalize several key projects in Chengdu, which are expected to enhance operational performance as capacity expands [3] Group 3: Market Outlook - The market outlook is promising, with government policies aimed at improving urban wastewater management and increasing treatment rates, such as the goal to eliminate direct discharge points by 2027 [4] - Chengdu's "14th Five-Year" water development plan emphasizes the integration of supply and drainage systems and the enhancement of water infrastructure [4] - The long-term trend of stable development in the water and environmental protection industry is expected to continue, supported by various policy initiatives that present growth opportunities for the company [4] Group 4: Profit Forecast - The company is projected to achieve operating revenues of 9.878 billion, 10.808 billion, and 11.851 billion for 2025-2027, with year-on-year growth rates of 9.17%, 9.41%, and 9.65% respectively [5] - The net profit attributable to shareholders is expected to reach 2.257 billion, 2.511 billion, and 2.800 billion for the same period, with growth rates of 13.06%, 11.28%, and 11.48% respectively [5] - Based on the closing price on April 17, 2025, the corresponding PE ratios are projected to be 9.43, 8.47, and 7.60, with EPS estimates of 0.76, 0.84, and 0.94 [5]

今年4月22日是第56个世界地球日，活动主题是"珍爱地球，人与自然和谐共生"。在世界地球日到来之际，水务环 保行业作为生态文明建设的重要力量，正以科技创新推动水环境治理迈向智能化、资源化、低碳化。北控水务通 过智慧化运营、污水资源化利用、低碳工艺革新等技术手段，正探索一条科技赋能生态治理的可持续发展路径， 为水资源保护贡献"北水方案"。 数智化系统赋能水厂运营 在绵阳塔子坝污水处理厂，北控水务将数字化技术与污水处理深度融合，依托智能曝气、智能加药等手段加持， 进水、提升、曝气、混合、回流等污水处理工艺无需人工调控操作，实现高质量的自动运行。 "过去靠人工巡检，现在靠数据决策。"北控水务技术人员介绍，塔子坝污水处理厂夜间应急次数已从每月23次降 低到1-2次，设备程控率从54%提升至86%，保障了污水厂的安全稳定生产和高效智慧运营。 利用物联网技术（IOT）使水厂核心设备上网，并融入技术与运维人员工作流程中，使其能够实时监控设备的运 行状态，有效识别设备异常状态，北控水务通过工单系统实现异常情况处置联动。此外，利用状态感知技术和数 据模型算法，检测并预测故障，以提前干预避免较大设备故障的发生。 再生水为城市发展 ...