证券代码：603291 证券简称：联合水务 公告编号：2025-014 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 被担保人名称：咸宁联合市政工程有限公司（以下简称"咸宁联合市政"）、 上海鸿影衡源实业有限公司（以下简称"鸿影衡源"），本次担保不属于关联担 保。 ? 本次担保金额及已实际为其提供的担保余额：本次江苏联合水务科技股 份有限公司（以下简称"公司"）及公司全资子公司咸宁联合水务有限公司（以 下简称"咸宁联合水务"）为全资子公司咸宁联合市政在人民币 2,200 万元的最 高融资余额限度内提供最高额保证担保。公司为全资子公司鸿影衡源提供的担保 金额为人民币 2,500 万元。上述担保事项后，扣除已履行到期的担保，公司及下 属子公司已累计向咸宁联合市政提供的担保余额为人民币 3,300.00 万元，公司及 下属子公司已累计向鸿影衡源提供的担保余额为人民币 4,943.79 万元。 行（以下简称"汉口银行咸宁分行"）签署《最高额保证合同》（合同编号分别 为：DB2025030600000043、DB2 ...

Investment Rating - The investment rating for the water utility sector is "Positive" (maintained) [4] Core Insights - Continuous water price adjustments are expected to improve corporate profitability, with Shenzhen's proposed water price increase of 13.05% from 3.449 CNY/m³ to 3.8991 CNY/m³ [4][10][14] - The adjustment is part of a broader trend since 2021, where various cities have initiated price hearings to reflect increased investment costs [6][14] - The water pricing mechanism is based on "permitted costs + reasonable returns," with adjustments occurring every three years [5][11] Summary by Sections Water Price Adjustment - Shenzhen's water price adjustment hearing is scheduled for April 11, 2025, marking the first adjustment in eight years [4][10] - The proposed price increase includes a smaller rise for residential users and a more significant increase for non-residential users [6][14] Policy and Regulatory Framework - The pricing framework established in 1998 mandates that urban water prices are determined by costs, taxes, and profits, with a reasonable profit margin of 8-10% on net assets [5][11] - The recent policy revisions emphasize the need for periodic adjustments to reflect actual costs and investments [11][12] Market Implications - The water price adjustments in Shenzhen may set a precedent for other cities in Guangdong province, which have not adjusted prices for several years [6][14] - Companies such as Huanlan Environment (Foshan), Zhongshan Public Utilities, and others are recommended for attention due to potential price adjustments [15]

Group 1 - The company will hold an investor briefing on April 10, 2025, from 15:00 to 16:00 [2][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Investors can submit questions from April 2 to April 9, 2025, through the Roadshow Center website or via the company's email [2][4] Group 2 - The briefing aims to provide a comprehensive understanding of the company's 2024 annual performance and financial status [2][3] - Key personnel attending the meeting include the General Manager, Independent Directors, and the Chief Financial Officer [5] - After the briefing, investors can access the main content and details of the meeting on the Roadshow Center website [6]

Group 1 - The core viewpoint of the articles highlights the positive financial performance and operational achievements of Beijing Holdings and its subsidiaries in 2024, showcasing growth in revenue and profit, as well as advancements in various projects [1][2] Group 2 - Beijing Holdings reported an operating revenue of approximately 84.064 billion RMB, a year-on-year increase of 2.1%, and a shareholder profit of about 5.123 billion RMB, which represents a 5% increase when excluding last year's one-time items [1] - The company proposed a final dividend of 0.77 HKD per share for the 2024 fiscal year, along with an interim dividend of 0.85 HKD per share, totaling an annual dividend of 1.62 HKD per share, reflecting a 1.25% increase year-on-year [1] - The Beijing Gas Tianjin South Port LNG project achieved a processing volume of over 1 million tons in its first year of full operation [1] - North Control Water has been recognized as the top influential enterprise in China's water industry for 14 consecutive years, with positive free cash flow for three consecutive years, indicating successful transformation [1] - North Control Environment's sludge flue gas drying technology has achieved industry leadership with the commissioning of projects in Harbin, and the High Antun and Tai'an projects have received green certificates for the first time [1] - Yanjing Beer achieved record-high operating revenue and net profit, surpassing 1 billion RMB for the first time, leading the industry with sustained double-digit growth [2] - The company has optimized its debt structure and reduced financing costs, with panda bond issuance exceeding 10 billion RMB and achieving the lowest interest rates for similar products during the year [2] - The company conducted currency swaps on existing US dollar bonds to lower the cost of outstanding dollar debt, resulting in a reduction of over 300 million RMB in overall financial costs year-on-year [2]

Core Viewpoint - Guangxi Greentown Water Co., Ltd. announced its profit distribution plan for the year 2024, proposing a cash dividend of 0.03 yuan per share, amounting to a total of 26,489,192 yuan, which represents 30.12% of the distributable profit for the year [1][2][3] Profit Distribution Plan - The company plans to distribute a cash dividend of 0.03 yuan per share (including tax) based on the total share capital registered on the equity distribution record date [1][2] - As of December 31, 2024, the total share capital is 882,973,077 shares, leading to a total cash dividend distribution of 26,489,192 yuan [1] - The distributable profit available for shareholders as of December 31, 2024, is 2,045,177,463.19 yuan [1] Historical Dividend Data - The total cash dividends distributed over the last three fiscal years amount to 98,892,984.78 yuan, which is 91.20% of the average net profit for the same period [2][3] - The cash dividend for 2023 was 22,957,300.22 yuan, while for 2022 it was 49,446,492.56 yuan [2] Decision-Making Process - The profit distribution plan was approved during the 21st meeting of the 5th Board of Directors held on March 25, 2025 [3] - The Supervisory Board also reviewed and approved the plan during its 12th meeting on the same date, confirming that the decision-making process complies with relevant laws and regulations [3]

Core Insights - Company is a leading provider of smart water management solutions in China, focusing on enhancing water management through IoT, big data, cloud computing, and AI technologies [1][2] - The company has made significant achievements in the smart water sector, increasing R&D investment and establishing partnerships with various research institutions and enterprises [2] - The launch of the "Weipage River Map AI" platform aims to improve water management efficiency through AI technology, with applications in monitoring, supply network optimization, customer interaction, and water quality treatment [2][3] Business Development - The company’s business encompasses a full-chain solution from water source to tap, including water supply equipment, smart water platforms, modular water plants, and smart water meters [1] - Recent government policies promoting infrastructure upgrades in water supply and other sectors present substantial business opportunities for the company [2][3] Technology and Innovation - The smart water platform integrates cutting-edge technologies such as IoT, big data, AI, and digital twins to achieve comprehensive management from water source to end-user [3] - The company is committed to optimizing its platforms and increasing market share in the smart water industry [3] Market Expansion - The company is actively expanding into international markets, particularly in countries along the "Belt and Road" initiative, engaging in deep exchanges with potential overseas clients [3] Impact of Water Pricing - Recent increases in urban water prices have positively influenced the company’s business by driving demand for efficient water management solutions and encouraging water utilities to invest in smart technologies [3][4] Leakage Management - The company offers various measures to help water utilities reduce leakage, including smart monitoring, supply network optimization, and operational management systems [4]

Investment Rating - The report maintains a "Positive" investment rating for the environmental industry [5] Core Viewpoints - The Shenzhen Municipal Development and Reform Commission announced a public hearing on water price adjustments scheduled for April 11, 2025, proposing an increase from 3.449 CNY/m³ to 3.8991 CNY/m³, representing a 13.05% increase [5] - The adjustment is expected to enhance profitability for local water supply companies, as it is the first price adjustment in eight years [5][6] - Other cities in Guangdong province, such as Foshan and Zhongshan, which have not adjusted water prices for 8-14 years, may follow suit, potentially improving their profitability as well [5] - The report suggests monitoring several state-owned water companies in Guangdong, including Hanlan Environment and Zhongshan Public Utilities, as they may benefit from upcoming price adjustments [5] Summary by Sections Water Price Adjustment - Shenzhen's water price adjustment is part of a broader trend across the country, with multiple cities having initiated price hearings since 2021 [5] - The proposed price increase is structured to ensure that residential and non-residential users experience manageable increases, with specific adjustments detailed for different usage tiers [6] Company Valuation - The report includes a valuation table for key environmental companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios for the years 2023 to 2026 [7] - Companies such as China Water Affairs and North Control Water Group are listed with their respective ratings and financial metrics, indicating potential investment opportunities [7][8]

Core Viewpoint - Shenzhen's water price reform is set to address rising cost pressures on water supply companies, with proposed increases of 13% across both residential and non-residential categories, aiming to improve profitability in the sector [1][2][3]. Group 1: Event Details - A public hearing for Shenzhen's water price reform is scheduled for April 11, with two proposed pricing schemes for residential and non-residential water usage [2]. - The first scheme proposes increases for residential water prices to 2.67/4.54/9.35 CNY per ton for the first, second, and third tiers, while the second scheme suggests 2.94/5.00/10.29 CNY per ton, reflecting increases of 0%/13%/17% and 10%/25%/28% respectively [2]. - Non-residential water prices are proposed to rise to 4.76 CNY per ton under the first scheme and 4.57 CNY per ton under the second, with increases of 26% and 21% respectively [2]. Group 2: Current Pricing and Financial Performance - Shenzhen's current water pricing has remained unchanged for over seven years, with the first tier residential price at 2.67 CNY per ton, leading to declining profitability for local water supply companies [3]. - Shenzhen Water Group's net profit has decreased from 699 million CNY in 2018 to 166 million CNY in 2023, with gross margins dropping from 31.22% to 20.69% during the same period [3]. Group 3: Cost Transmission Mechanism - The lack of an effective cost transmission mechanism is identified as a core reason for the declining profitability of Shenzhen Water Group, with the current pricing structure not reflecting the annual average cost increase of approximately 3% [4]. - The implementation of new management regulations in October 2021 aims to enhance the market-oriented nature of water pricing and establish a regulatory cycle of three years for price adjustments, which could help rectify the cost transmission issues [4]. Group 4: Historical Context and Future Implications - Historical data indicates that price adjustments in major cities catalyze broader water price reforms across the country, with recent adjustments in cities like Shanghai and Nanjing suggesting a potential acceleration in price mechanism improvements nationwide [5][6]. - Since the introduction of the new management regulations in August 2021, 35 cities have adjusted their water prices, indicating a trend towards improving the long-standing low return issues in the water supply industry [7]. Group 5: Investment Strategy - The ongoing refinement of water pricing policies and the alignment of industry pricing mechanisms are expected to enhance overall returns in the water supply sector, presenting significant investment opportunities in water utility assets [9].

Core Viewpoint - The company announces the redemption and delisting of its convertible bonds, "Weipai Convertible Bonds," with specific dates and conditions for investors to be aware of [1][2][3]. Redemption Details - Redemption registration date is set for March 28, 2025 [1][2]. - Redemption price is 100.9337 CNY per bond [1][3]. - Redemption payment date is March 31, 2025 [1][6]. - Last trading day for the bonds is March 25, 2025 [1][6]. - Last conversion date is also March 28, 2025 [1][6]. Conditions for Redemption - The bonds have triggered the conditional redemption clause as the company's stock price was above 130% of the conversion price for 15 consecutive trading days [1][3]. - The conversion price is set at 6.06 CNY per share, with the stock price reaching 7.88 CNY [1][3]. Interest and Taxation - The accrued interest for the bonds is calculated to be 0.9337 CNY per bond, leading to a total redemption amount of 100.9337 CNY before tax [4][5]. - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.7470 CNY after tax [4][5]. Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends [6]. - Bonds will be frozen after the registration date, and all unconverted bonds will be redeemed at the specified price [7]. Delisting Information - The "Weipai Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting March 31, 2025 [1][6].

Core Viewpoint - Shenzhen plans to hold a public hearing on water price adjustments on April 11, 2025, proposing to increase the comprehensive water price from 3.45 yuan per cubic meter to 3.90 yuan per cubic meter, representing a 13.05% increase, which is a significant development following the water price hearing in Guangzhou last year [1][2] Group 1: Water Price Adjustment - The current water price in Shenzhen has been in effect since July 26, 2017, and the upcoming adjustment is expected to influence surrounding areas, enhancing the public utility attributes of the water sector [2] - Comparatively, several cities around Guangzhou and Shenzhen have not adjusted their water prices for years, with Foshan last adjusting in 2016 and Zhongshan in 2012 [2] Group 2: Pricing Methodology - The pricing of residential water is determined based on a "permitted cost plus reasonable return" method, where the permitted cost serves as the foundation for price adjustments [3] - The pricing authority is required to conduct cost audits and maintain cost transparency, establishing a regular cost audit system to determine pricing costs [3] Group 3: Regulatory Framework - In 2021, the National Development and Reform Commission introduced policies allowing water prices to be adjusted every three years, providing local water companies with the potential for price increases [4] - The revised regulations clarify pricing principles, methods, and adjustment procedures, emphasizing timely adjustments based on cost assessments [4] Group 4: Investment Opportunities - Although there are no publicly listed companies operating Shenzhen's water services, the price adjustment is expected to benefit three categories of companies: 1) Urban water operators in the Greater Guangzhou-Shenzhen area, with a focus on companies like Hanlan Environment (600323.SH), Shunkong Development (003039.SZ), and Zhongshan Public Utilities (000685.SZ) [5] 2) Other water operators in Guangdong and raw water suppliers in Shenzhen and Dongguan, with a focus on Yuehai Investment (00270) [5] 3) Undervalued water companies in other regions, with a focus on Xingrong Environment (000598.SZ) [5]