Core Viewpoint - The company has provided a guarantee for a loan taken by its subsidiary, Shanghai Boruisi Environmental Technology Co., Ltd., amounting to RMB 2 million, with a maximum liability of RMB 2.2 million, to support its operational needs [2][6]. Group 1: Guarantee Details - On June 23, 2025, Shanghai Boruisi signed a loan agreement with Bank of Communications, and the company provided a joint liability guarantee for this loan [2]. - The guarantee does not have any counter-guarantee [2]. - The guarantee is within the authorized limit set by the company's 2024 annual shareholders' meeting, thus no further board or shareholder approval is required [4]. Group 2: Internal Decision-Making Process - The company held its 14th board meeting on April 23, 2025, and the 2024 annual shareholders' meeting on May 20, 2025, to approve the external guarantee limit for 2025, which is estimated at RMB 2.78 billion [3]. - The approved guarantee limits include RMB 329 million for subsidiaries with a debt-to-asset ratio above 70% and RMB 1.551 billion for those below 70% [3]. Group 3: Financial Overview - As of June 30, 2025, the total external guarantees provided by the company and its subsidiaries amounted to RMB 3.80491 billion, including the current guarantee [7]. - The guarantees provided to subsidiaries total RMB 2.44278 billion, which is 137.52% of the company's latest audited net assets [7]. - The company has not provided guarantees for its controlling shareholders or related parties, and there are no overdue guarantees or guarantees involved in litigation [7].

Group 1 - The company reported a revenue of approximately 11.657 billion HKD for the fiscal year ending March 31, 2025, representing a year-on-year decline of 9.4% [1] - The net profit for the same period was approximately 1.075 billion HKD, which reflects a significant year-on-year decrease of 29.9% [1]

智通财经APP讯，中国水务(00855)发布截至2025年3月31日止年度业绩，该集团期内取得收益116.57亿 港元;公司拥有人应占溢利10.75亿港元;每股基本盈利0.66港元;拟派发末期股息每股15港仙。 步入2025年，全球地缘政治冲突升温，面对贸易紧张局势加剧、面对外围经济放缓及内需修复需时等多 挑战，中央政府推出政策组合拳(如货币宽松与财政扩张)"稳增长、扩内需"，国内经济稳中向好的长期 趋势未变。受益于低通胀环境与水价市场化机制加速推进，全国多城市已启动水价调整程序，最近广 州、深圳自来水价格改革方案的落地，相信对各地城市上调水价起到催化作用。水务行业整体运行韧性 凸显，盈利改善趋势逐步显现，叠加内地减息降准，融资成本下降拐点呈现，供水企业盈利修复趋势将 持续。 展望未来，集团始终秉持"以水为本，达善社会"的宗旨，紧抓政策红利与技术革新机遇，推动轻重资产 结合的可持续发展模式，继续深耕"分质供水"主赛道，强化供水与直饮水双主业协同发展，通过技术升 级和服务推动从"安全用水"向"健康用水"的品质跃升。集团将紧抓绿色低碳转型机遇，扩大直饮水项目 等增值服务的覆盖范围，打造差异化竞争力，培育可持续增长 ...

Group 1 - The signing ceremony between Suzhou Industrial Park and Saudi International Power and Water Company signifies a deepening cooperation between China and Saudi Arabia, particularly in the renewable energy sector [1][2] - Jiangsu province is highlighted as a key region for Sino-Saudi relations, with a strong emphasis on high-quality collaboration under the Belt and Road Initiative [1] - The partnership aims to leverage Jiangsu's robust renewable energy industry, with potential investments in areas such as new energy power, green hydrogen, and seawater desalination [2] Group 2 - Saudi International Power and Water Company expresses confidence in China's market and Jiangsu's development prospects, viewing this collaboration as a solid foundation for future investments [2] - The local government is committed to providing comprehensive support and services to enhance the competitiveness of the renewable energy industry cluster in Jiangsu [1]

Group 1 - Ningbo faces dual pressures of water resource shortages and increasing demand due to accelerated urban-rural integration, leading to a focus on addressing pipeline leakage as a breakthrough point [1] - The introduction of third-party water-saving service companies aims to implement contract water-saving management projects, integrating advanced water-saving technologies to provide services and share savings benefits [1][2] - The collaboration between Xiangshan Water Group and Donghai Group represents Ningbo's first attempt at contract water-saving management, achieving shared benefits from water-saving efforts through systematic detection and upgrades of water supply networks [1][2] Group 2 - The partnership has led to the establishment of a smart water management system, significantly reducing pipeline leakage rates from 36.15% to 13.73%, resulting in cumulative water savings of 41.26 million cubic meters and operational cost savings of 61.89 million yuan [2] - The contract water-saving project has seen an investment of 30.83 million yuan over three years, yielding actual returns of 35.46 million yuan and a profit of 4.62 million yuan, demonstrating a win-win situation for both the water supply and water-saving service companies [2] - Ningbo has implemented 29 contract water-saving management projects citywide, achieving annual water savings of 15 million cubic meters and direct economic benefits exceeding 45 million yuan, creating a new model for collaborative water resource utilization [3]

广发证券股份有限公司（以下简称"广发证券"或"主承销商"） 作为 2019 年第一期成都市兴蓉环境股份有限公司绿色债券（以下简 称"本期债券"）的主承销商，按照《国家发展改革委办公厅关于进 一步加强企业债券存续期监管工作有关问题的通知》（发改办财金 【2011】1765 号）文件的有关规定出具本报告。 本报告的内容及信息源于成都市兴蓉环境股份有限公司（以下简 称"公司"、"发行人"）对外公布的《成都市兴蓉环境股份有限公 司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出 具的专业意见以及发行人向广发证券提供的其他材料。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜作出独立判断，而不应将本报告中的任何内容据以作 为广发证券所作的承诺或声明。 一、 发行人基本情况 公司名称：成都市兴蓉环境股份有限公司 住所：四川省成都市青羊区光华东七路 751 号 法定代表人：饶怡 注册资本：298,443.4721 万元 企业类型：地方国有企业 经营范围：自来水、污水处理、污泥处理、环保项目的投资、设 计、建设、运营管理、技术开发、技术咨询、技术服务；水务、环保 相关设备及物资的销售 ...

Group 1 - Chengdu Xingrong Environment Co., Ltd. is a leading large-scale water and environmental service provider in China, focusing on water supply and drainage, waste disposal, and resource recycling [6][8] - The company has a total asset of 4,844,846.86 million yuan as of the end of 2024, reflecting an increase of 11.24% from 2023 [6] - The company's operating income for 2024 is reported at 904,866.98 million yuan, an increase of 11.90% compared to 2023 [6] Group 2 - The company has issued bonds under the management of CITIC Securities, with the latest bond interest rate adjusted to 3.64% as of August 7, 2023 [3][6] - The total liabilities of the company amount to 2,889,555.87 million yuan, which is a 12.16% increase from the previous year [6] - The company has established a special repayment working group to ensure timely payment of bond principal and interest [9][10] Group 3 - The company has successfully completed the interest payment for the bonds on August 6, 2024, without any defaults [11] - The company has a net profit of 205,483.74 million yuan for 2024, representing an 8.75% increase from 2023 [6] - The company has maintained a stable cash flow and has not experienced any significant adverse changes affecting its debt repayment capacity [8][9]

Core Viewpoint - Safety is the lifeline of enterprise development and the foundation for ensuring safe water supply for households. The company emphasizes the importance of safety awareness and responsibility among all employees through training and education initiatives [1][6]. Group 1: Safety Training and Awareness - On June 26, the company organized a safety production education training for all employees, featuring a warning education film that highlights safety hazards and their severe consequences [1][6]. - The film presented real cases that analyzed the serious outcomes resulting from a lack of safety awareness and oversight in hazard identification, reinforcing the concept of "life first, safety above all" [6]. Group 2: Commitment to Safety - The company recognizes that every aspect of the water supply process, from source to pipeline delivery, requires strict safety controls and oversight to ensure water quality and safety for the public [6][7]. - Company leadership emphasized that safety production is a non-negotiable priority, urging departments to reassess job risks, review operational standards, and conduct emergency drills to ensure safety responsibilities are clearly assigned [6][7]. Group 3: Ongoing Safety Initiatives - The company plans to use the "Safety Production Month" as an opportunity to deepen hazard identification and management through safety inspections, emergency drills, and skills training [7]. - Employees are encouraged to translate warnings into actions, embedding safety into every inspection and operation, thereby safeguarding the city's water supply [7].

新华社天津6月26日电 专访："中国是值得信赖的合作伙伴"——访沙特国际电力和水务公司董事长穆 罕默德·阿布纳扬 阿布纳扬指出，得益于与中国建立了非常成功的合作关系，沙特国际电力和水务公司从中国引进可再生 能源存储供应链，将其应用于非洲、中东以及中亚的项目。"特别是在亚洲，我们取得了出色成绩。" 他强调，若没有中国在设备制造、创新体系以及产业链方面的支持，沙特国际电力和水务公司将难以成 功实现能源转型，也难以创造更大价值。"与中国的合作，已成为我们未来价值主张的重要组成部分。" "中国合作方非常开放，坦诚地与我们进行技术交流，共同推动项目落地。"他说，中国始终以主动姿态 参与全球合作，与众多国家共同发展。沙特企业希望与中国合作伙伴保持紧密协作，并将这种合作长期 延续下去。 他表示，中国在能源转型方面取得卓越成就，向全世界展示了务实作风。"如果你关注中国在可再生能 源、制造业、电厂建设以及运营等方面的表现，你会发现全世界没有哪个国家或地区能做到如此出 色。" 新华社记者周思雨 眭黎曦 阿布纳扬说："在共建'一带一路'倡议框架下，我们与中国伙伴在供应链、工程总承包以及金融等方面 开展了广泛深入的合作，合作伙伴包括 ...

Core Viewpoint - The credit rating agency maintains the credit rating of Zhongshan Public Utilities Group Co., Ltd. at AA+ with a stable outlook, reflecting the company's strong regional competitive advantage in water supply and wastewater treatment, supported by its investment in Guangfa Securities and low financial leverage [3][32]. Financial Overview - Total assets increased from 254.99 billion in 2022 to 350.66 billion in 2025 [8]. - Total liabilities rose from 95.41 billion in 2022 to 172.88 billion in 2025 [8]. - Net profit decreased from 10.49 billion in 2022 to 9.92 billion in 2023, but is projected to rise to 12.11 billion in 2024 [8]. - EBITDA increased from 16.83 billion in 2022 to 20.97 billion in 2024 [8]. - The company’s debt-to-EBITDA ratio is projected to be between 4.8 and 5.8 in 2025 [30]. Business Operations - The company holds the majority of water supply concessions in Zhongshan and is responsible for wastewater treatment and drainage services, enhancing its regional advantage [7][12]. - The water supply business revenue is expected to grow by 11.60% in 2024 due to increased supply capacity and integration of water supply operations [13]. - The wastewater treatment business revenue increased by 2.55% to 6.33 billion in 2024 [14]. Investment and Projects - The company has significant ongoing projects with a total investment of 51.08 billion, primarily in water supply and wastewater treatment facilities [18][19]. - The company is in discussions to acquire additional assets from Changqing Group, which may impact future operations [18]. Risk Factors - The company faces capital expenditure pressures due to large ongoing project investments [7][18]. - The recovery of engineering payments and accounts receivable is a concern, as the scale of these has increased [20][23]. External Support - The company continues to receive government support in terms of resources and funding, which is crucial for its operations in public utilities [31].