Core Points - The company announced a cash dividend of 0.03 yuan per share (including tax) for its A shares [1] - The total cash dividend distribution amounts to 26,489,192.00 yuan (including tax) based on a total share capital of 882,973,077 shares [1] - The key dates for the dividend distribution are: - Record date: June 5, 2025 - Last trading date: June 6, 2025 - Ex-dividend date: June 6, 2025 - Cash dividend payment date: June 6, 2025 [1] Dividend Distribution Details - The cash dividends will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [1] - For individual shareholders and securities investment funds, the actual cash dividend received may vary based on the holding period, with different tax implications [2] - For holding periods of 1 month or less, the effective cash dividend is 0.024 yuan per share after a 20% tax; for holding periods between 1 month and 1 year, it is 0.027 yuan per share after a 10% tax; and for holding periods over 1 year, it remains 0.03 yuan per share with no tax [2] - Qualified Foreign Institutional Investors (QFII) will have a 10% tax withheld, resulting in an effective cash dividend of 0.027 yuan per share [3][4] - Hong Kong investors through the Shanghai-Hong Kong Stock Connect will also have a 10% tax withheld, leading to an effective cash dividend of 0.027 yuan per share [4] Contact Information - Investors can inquire about the dividend distribution by contacting the company's board office at 0771-4851348 [5]

Core Viewpoint - Chongqing Water Group maintains a stable AAA credit rating, supported by a favorable external environment, strong water treatment capabilities, and high market share in the region [1][4]. Financial Overview - Total assets for Chongqing Water Group are projected to increase from 319.58 billion in 2022 to 338.63 billion in 2024 [1]. - Total liabilities are expected to rise from 147.88 billion in 2022 to 166.13 billion in 2024 [1]. - Total revenue is forecasted to decline from 77.79 billion in 2022 to 69.99 billion in 2024 [1]. Operational Performance - The company’s water supply capacity is expected to grow from 322.15 million cubic meters per day in 2023 to 328.91 million cubic meters per day in 2024 [5]. - The utilization rate of water supply capacity is projected to be around 62.95% in 2024 [5]. - The revenue from water supply operations is anticipated to slightly decrease from 17.50 billion in 2023 to 17.44 billion in 2024 [5]. Wastewater Treatment - The company’s wastewater treatment capacity is expected to increase, with a projected revenue growth of 7.78% in 2024 due to price adjustments in the Kunming project [6][10]. - The wastewater treatment service price in Chongqing is set at 2.35 yuan per cubic meter, which is lower than the previous period [6]. Market Position - Chongqing Water Group holds approximately 54% market share in the water supply business within the main urban area of Chongqing and around 80% in the wastewater treatment market [4][6]. - The company has a significant presence in other regions, including Chengdu, Anlu, and Kunming, contributing to about 10% of its wastewater treatment capacity [4]. Strategic Direction - The company aims to enhance its position as a leading comprehensive environmental service provider, focusing on internal growth and scale development in water supply, drainage, and sludge treatment [4][10]. - The company is actively optimizing its organizational structure to improve management efficiency and reduce operational costs [4].

Group 1 - The core viewpoint of the announcement is that Chongqing Water Group Co., Ltd. has maintained its credit ratings at "AAA" for both the company and its convertible bonds, with a stable outlook [1][2] - The previous credit rating results were also "AAA" for the company and the "Yushui Convertible Bonds," indicating consistency in the company's financial standing [1] - The credit rating report was issued by China Chengxin International Credit Rating Co., Ltd. on May 23, 2025, following a comprehensive analysis of the company's operational status and industry conditions [1]

Group 1 - The article highlights the proactive approach taken by the Tashkent municipal leaders and the Market Supervision Administration to support local enterprises in improving service quality and efficiency, ultimately aiding high-quality development [1] - A service team conducted on-site visits to various companies in the Tashkent National Agricultural Science Park, including Xinjiang Beishan Animal Husbandry Meat Co., Ltd. and Xinjiang Tashkent Wuxianhe Water Group Co., Ltd., to assess production equipment, quality control measures, and production environments [1] - The team provided guidance on enhancing innovation protection, optimizing production processes, and improving product quality, while also promoting national and local policies related to intellectual property, quality brand creation, and administrative approval facilitation [1] Group 2 - The Market Supervision Administration emphasizes its commitment to continuously enhance service quality and efficiency, positioning itself as a strong support and reliable assistant for enterprise development [2] - The administration aims to create better conditions for the business environment and provide robust guarantees for the healthy development of enterprises [2]

Group 1: Industrial Upgrade and High-Quality Development - Zhengzhou is focusing on industrial upgrade and high-quality development by implementing the "Two Highs and Four Focuses" strategy, emphasizing the importance of technology and urban industrial support [2][3] - The city aims to construct a modern industrial system and improve social governance while addressing public concerns and enhancing ecological protection [2][3] - Key projects include the establishment of the Panrui Cloud Intelligence New Materials Testing and R&D Industrial Park, which aligns with the goal of high-quality development [2] Group 2: Education Sector Initiatives - The education system in Zhengzhou is committed to following the spirit of Xi Jinping's important speeches, aiming to provide high-quality education and become a leader in educational reform [4] - Initiatives include enhancing moral education, improving the quality of basic education, and developing a professional teacher workforce [4] - The education sector will also focus on safety and stability, addressing risks and ensuring compliance with central regulations [4] Group 3: Health and Social Welfare - The health sector is prioritizing public health and wellness, with a focus on equitable access to medical resources and enhancing community health services [5][6] - Efforts will be made to improve maternal and child health services, as well as elderly care, to promote long-term population balance [5][6] - The health system will also implement health interventions for key populations and improve the living environment to ensure public health [6] Group 4: Employment and Social Security - The human resources and social security system is set to enhance employment stability and social security, focusing on skill development and income growth [7] - The strategy includes a comprehensive approach to ensure high-quality employment and a robust social safety net [7] - The goal is to create a more dynamic human resource development system that meets the needs of the population [7] Group 5: Water Management and Infrastructure - Zhengzhou Water Group is committed to high-quality development in water management, focusing on infrastructure improvement and innovative reforms [8] - The company aims to enhance water supply systems and ensure sustainable water resource management [8] - The initiative includes the development of a comprehensive water management platform to support the city's growth [8]

Core Viewpoint - The article emphasizes the need for targeted measures to address the frequent occurrence of monopoly cases in the public utility sector, alongside continuous improvement of regulatory frameworks and strict enforcement of regulations [3][8]. Regulatory Framework Improvement - Continuous enhancement of the regulatory framework is essential, as highlighted by the "Regulations on Prohibiting the Abuse of Market Dominance" issued by the State Administration for Market Regulation in March 2023, which mandates public utility operators to operate legally and not abuse their market dominance [4]. - The implementation opinions approved by the Central Committee in November 2023 stress the need for regulation of monopolistic and competitive business scopes in natural monopoly sectors, preventing the extension of monopolistic advantages into competitive areas [4][5]. Strengthening Supervision - The meeting organized by the State Administration for Market Regulation emphasizes the importance of public utility operators enhancing their awareness of responsibilities and adhering to antitrust compliance, while also strengthening antitrust enforcement in the sector [6]. - Recent typical cases published by regulatory bodies serve as warnings to operators and remind local governments of their responsibilities in preventing monopolistic behaviors [6]. Fundamental Solutions to Monopoly Issues - The article identifies two main reasons for the prevalence of monopolies in the public utility sector: the unique nature of the sector, which often involves exclusive agreements with the government, and the tendency of companies to extend their monopolistic advantages into related areas for additional profits [7]. - It is noted that local government factors, both explicit and implicit, often contribute to the occurrence of monopolistic cases, complicating the resolution of these issues [8].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [7]. Core Insights - In April, the total electricity consumption in China increased by 4.7%, with hydropower shifting from growth to decline, while the decline in thermal power remained stable [3][20]. - The Inner Mongolia Energy Bureau has solicited opinions on a competitive allocation management method for renewable energy projects, which will allow all grid-connected electricity to enter the power market [4][64]. - Shanghai is accelerating its green fuel transition, focusing on biomass fuel research and the establishment of green methanol production bases [5][71]. Summary by Sections Electricity Consumption and Generation - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with industrial consumption showing varied growth rates across sectors [3][20]. - The first industry saw a significant increase in electricity consumption by 13.8%, while the second industry grew by 3.0% and the third industry by 9.0% [19][20]. - Hydropower generation decreased by 6.5% year-on-year, while nuclear power and wind power saw increases of 12.4% and 12.7%, respectively [20][40]. Policy Developments - The Inner Mongolia competitive allocation management method aims to standardize the pricing and allocation of renewable energy projects, enhancing market efficiency and encouraging participation from various enterprises [4][64][65]. - Shanghai's initiatives include the development of biomass fuel and the integration of agricultural waste into green methanol production, supported by new technology research guidelines [5][71][74]. Investment Recommendations - The report recommends specific companies within the thermal power sector, such as Jiangsu Guoxin, and suggests cautious investment in others like Sheneng Co. and Zhejiang Energy [5]. - For the hydropower sector, it recommends companies like Yangtze Power and suggests cautious investment in Huaneng Hydropower and Qianyuan Power [5].

Core Viewpoint - The proposal for a 1.2 billion yuan private placement by Zhangzhou Development was rejected at the annual shareholders' meeting due to opposition from minority shareholders [2][4]. Group 1: Shareholder Meeting Outcomes - The annual shareholders' meeting held on May 23 resulted in the rejection of seven proposals, primarily related to the private placement of A-shares [3][4]. - The specific proposal for the private placement received 18,184,141 votes against, accounting for 38.44% of the total shares held by attending shareholders, with all opposing votes coming from minority shareholders [4]. Group 2: Investor Concerns - Many investors expressed concerns that the private placement would depress the stock price of Zhangzhou Development, leading to their votes against the proposal [5]. Group 3: Fundraising Details - Zhangzhou Development aimed to raise up to approximately 1.2 billion yuan through the private placement, targeting no more than 35 specific investors, including the controlling shareholder, Zhanglong Group [6]. - The issuance price was set to be no less than 80% of the average trading price over the 20 trading days prior to the pricing date [7]. Group 4: Project Funding Allocation - The funds from the proposed private placement were intended for four projects, including ecological restoration, expansion of a water plant, a solar power project, and working capital [7][8]. - The total investment for these projects is approximately 1.8 billion yuan, with the planned fundraising amounting to about 1.2 billion yuan [8].

Group 1: Project Development - The company is currently constructing several water supply and drainage projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day) and multiple recycled water plants, which are in the debugging or trial operation stages [2][3]. Group 2: Pricing Mechanisms - The water pricing adjustment mechanism requires submission to government authorities, with adjustments contingent on cost audits and public hearings. Changes in upstream resource pricing will trigger synchronized adjustments [3]. - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 RMB/ton for the central urban area of Chengdu for the 2024-2026 period [3]. Group 3: Accounts Receivable Management - As the company expands its market presence, accounts receivable have increased, totaling approximately 4 billion RMB by the end of 2024. The company emphasizes the management of accounts receivable and has improved collection efforts [4]. Group 4: Business Expansion Strategy - The company aims to deepen its market presence in Chengdu and surrounding areas, optimize resource allocation, and explore mergers and acquisitions to strengthen its national market position. It also plans to extend into niche areas such as direct drinking water and waste disposal [4]. Group 5: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing projects, which are expected to decrease as projects are completed within the next 1-2 years. The company is committed to increasing cash dividends for shareholders as projects come online and capacity is released [4].

Core Viewpoint - The company announced its annual profit distribution plan for 2024, detailing the cash dividend per share and relevant dates for shareholders [1][2]. Distribution Plan - The cash dividend per share for A shares is set at RMB 0.131 [1][2]. - The total number of shares before the distribution is 4,800,000,000 [2]. - Key dates include: - Record date: May 29, 2025 - Last trading date: May 30, 2025 - Ex-dividend date: May 30, 2025 - Cash dividend payment date: May 30, 2025 [2]. Implementation Method - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [2]. - Shareholders who have completed designated trading can receive cash dividends on the payment date, while those who have not will have their dividends held until they complete the necessary trading [2]. Taxation Information - For individual shareholders and securities investment funds, the company will not withhold personal income tax, resulting in a net cash dividend of RMB 0.131 per share [3]. - Tax implications based on holding periods are as follows: - Holding period within 1 month: 20% tax - Holding period between 1 month and 1 year: 10% tax - Holding period over 1 year: exempt from personal income tax [3]. - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, leading to a net cash dividend of RMB 0.1179 per share [4][5]. - Hong Kong investors will also face a 10% withholding tax, resulting in the same net cash dividend of RMB 0.1179 per share [5]. Contact Information - For inquiries regarding the equity distribution, shareholders can contact the company's board office at 023-63860827 [5].