"要把城市更新摆在更加突出的位置，系统推进好房子、好小区、好社区、好城区'四好'建设，为 人民群众高品质生活、新业态新产业发展提供空间载体，为城市高质量发展提供有力支撑。"11月20 日，住房城乡建设部建筑节能与科技司副司长张雁在"中国经济圆桌会"大型全媒体访谈节目中表示。 苏州给出了引人思考的答案。涵养苏州灵气与底蕴的太湖，正在金融力量的推动下，实现数字经济 与先进制造业、现代服务业深度融合。 太湖湾畔，又一座数字经济创新枢纽即将在"环太湖科创圈"与"吴淞江科创带"的交汇点登场。《金 融时报》记者了解到，今年9月，数字经济终端产品研发制造基地二期项目已顺利完成竣工验收。 为了将其打造成吴中太湖新城数字经济创新港的又一产能"增长极"，农业银行江苏苏州分行自今年 初以来便为项目施工持续"输血"。截至今年10月末，该行已实现投放近5亿元。 与此同时，农业银行江苏苏州分行精心定制基地企业专属数字金融服务，通过低成本、轻量化、模 块化的智慧厂区升级服务，助力域内智能终端设备、具身机器人、工控系统等高端装备制造企业提升智 能化改造与数字化转型水平。 城市更新是当前和今后一个时期的重要工作。今年7月召开的中央城市工作会议 ...

Summary of Zhongshan Public Utilities Conference Call Company Overview - Zhongshan Public Utilities has acquired Zhuzhou Jinliya and other projects, securing long-term stable cash flow and profit returns [2][3] - The company is enhancing its financial performance through investments in the renewable energy sector, particularly in photovoltaic assets and industrial funds, with significant valuation increases expected by 2025 [2][3] Key Financial Insights - The company has achieved its "311 strategy" goals, doubling revenue and reaching industry average profit levels by 2025 [3] - The profitability of GF Securities, a key asset, has improved, moving from sixth place in 2023 to fifth in 2024, with a significant increase in ROE anticipated for 2025 [2][3][6] - Water price adjustments are set to take effect in December, expected to enhance the profitability and ROE of the water services segment starting in 2026 [2][3][13] Investment and Acquisition Strategy - Future equity investments will focus on core business areas, particularly in waste incineration, and strategic investments in emerging industries such as integrated circuits and robotics [2][5] - The acquisition of Changqing Group's solid waste project is expected to be completed by the end of November, strengthening the company's position in the waste incineration sector [2][7] - The company has identified 85% of potential transaction opportunities in the waste incineration sector and plans to pursue investments and acquisitions in a measured manner [2][8] Operational Performance - The company's operating cash flow turned positive in Q3 2025, with measures in place to ensure future cash flow stability [3] - The water supply and drainage business reported profits of approximately 80 million yuan each in the first three quarters, with expectations for improved performance following the new water price implementation [11][12] Accounts Receivable and Dividend Policy - Total accounts receivable stand at approximately 1.88 billion yuan, primarily from local government concession service receivables, with most expected to be collected by 2026 [4][18] - The company maintains a minimum dividend payout ratio of 30%, with potential increases based on cash flow conditions [4][19] Market Dynamics - The opening of the Shenzhen-Zhongshan Corridor is expected to boost inter-city interactions and increase water demand from both residential and industrial sectors [4][15] - The company is exploring opportunities to expand its solid waste projects, including heating services, which have received positive market feedback [10] Future Outlook - The company is considering optimizing its credit rating to lower financing costs, currently at approximately 2.8% [2][9] - There is a strategic focus on injecting quality assets related to the core business into the listed company to enhance value and promote state-owned enterprise reform [20]

Core Insights - The company is actively exploring urban water supply and drainage integration projects that can replicate the model used in the Xinyang project [2] Company Developments - The company has confirmed ongoing engagements with cities such as Luoyang, Kaifeng, and Jiyuan for potential water supply and drainage projects [2]

Core Viewpoint - The report discusses the accounting estimate change by Haitan Water Group Co., Ltd., focusing on the adjustment of bad debt provisions for receivables related to national renewable energy subsidies, aiming to enhance the accuracy and reasonableness of financial reporting [1][4]. Group 1: Management and Auditor Responsibilities - The management of Haitan Water Group is responsible for preparing the accounting estimate change in accordance with relevant accounting standards and maintaining necessary internal controls to prevent material misstatements due to fraud or error [1][2]. - The auditor's responsibility is to provide an opinion on the accounting estimate change based on the audit evidence obtained, ensuring compliance with Chinese auditing standards [2]. Group 2: Details of the Accounting Estimate Change - The company has changed its accounting estimate for bad debt provisions on receivables, specifically treating national renewable energy subsidies as a separate category with a provision rate of 5%, reflecting the actual risk associated with these receivables [4][5]. - The change is motivated by the need to align the bad debt provision policy with the distinct credit risk characteristics of different receivables, particularly those related to government subsidies, which differ significantly from other customer credit risks [4][5]. Group 3: Impact of the Change - The adjustment in accounting estimates is expected to improve the accuracy of financial reporting and better reflect the company's financial position and operational results [4][5]. - Prior to the change, the company used an aging method for estimating expected credit losses, with rates varying from 5% for receivables within one year to 100% for those over three years [5].

Group 1: Water Supply and Wastewater Treatment Projects - The company operates and is constructing water supply projects with a capacity of approximately 4.3 million tons per day and wastewater treatment projects exceeding 4.8 million tons per day, with most projects expected to be operational between 2025 and 2026 [2][3]. Group 2: Accounts Receivable Management - The company has seen an increase in accounts receivable due to expanded business operations, and it places a high priority on managing accounts receivable and actively pursuing collections [2]. Group 3: Waste Incineration Power Generation Projects - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons per day, sludge co-processing capacity of 800 tons per day, and kitchen waste processing capacity of 800 tons per day, expected to be operational in 2026 [3]. Group 4: Pricing Mechanism for Water Supply - The company can submit water price adjustment requests to the government price administration department based on national policies and relevant agreements, with adjustments subject to cost monitoring and public hearings [3]. Group 5: Future Capital Expenditure and Dividends - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to decrease as these projects become operational in the next 1-2 years. The company is focused on increasing cash dividend ratios and will consider further enhancing shareholder returns once major projects are operational [3].