按行业来看，"电力、燃气、热力供应、自来水"行业以832万日元位居第一（约合人民币 39.69万元）。其次是"金融和保险"行业（702万日元，约合人民币33.50万元）、"信息通 信"行业（660万日元, 约合人民币31.49万元）。最低的是"住宿和餐饮服务"行业的279万日 元（约合人民币13.31万元）。 源泉扣缴（由企业代扣代缴）的所得税额为11.1834万亿日元，比上年减少8227亿日元。这 被认为是2024年实施的定额减税政策的影响。本次调查旨在预估税收等，以从日本全国抽取 的2万7179家企业为对象，基于约28万名薪资所得者的反馈数据推算出整体情况。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 2024年，日本民营企业的员工和兼职人员等的年平均工资同比增长3.9%，达到478万日元（约人民币 22.81万元），创出自1949年开始统计以来的最高纪录。平均工资连续4年增长…… 日本国税厅9月26日公布了2024年民间工资实态统计调查结果。民营企业的员工和兼职人员 等一年获得的平均工资比上年增长3.9%，达到478万 ...

Group 1 - The company, Xingrong Environment, held its 29th meeting of the 10th Board of Directors on September 24, 2025, via telecommunication voting, discussing the proposal to supplement members of the special committee of the board [1] - For the first half of 2025, the revenue composition of Xingrong Environment was as follows: wastewater treatment accounted for 44.64%, the water supply industry for 34.04%, leachate treatment for 18.98%, and other industries for 2.34% [1] - As of the report date, the market capitalization of Xingrong Environment was 20 billion yuan [1]

Company Overview - Xingrong Environment (SZ 000598) announced that it will accept research from Huatai Securities and Tianfu Linghang Fund on September 16, 2025, with company representatives Hu Han, Liang Yigu, and Zeng Qian participating in the reception and answering investor questions [1] Revenue Composition - For the first half of 2025, the revenue composition of Xingrong Environment is as follows: wastewater treatment accounts for 44.64%, the water supply industry accounts for 34.04%, leachate treatment accounts for 18.98%, and other industries account for 2.34% [1] Market Capitalization - As of the report date, the market capitalization of Xingrong Environment is 20.2 billion yuan [1]

Group 1 - The company Xirong Environment (SZ 000598) announced the resignation of its director and board secretary, Liu Jie, due to work adjustments, and appointed Hu Han as the new board secretary and non-independent director candidate [1] - For the first half of 2025, the revenue composition of Xirong Environment is as follows: wastewater treatment accounts for 44.64%, the water supply industry accounts for 34.04%, leachate treatment accounts for 18.98%, and other industries account for 2.34% [1] - As of the report date, Xirong Environment has a market capitalization of 20.3 billion yuan [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7][58]. Core Insights - The company is a state-controlled enterprise engaged in electricity and water supply, with a comprehensive service network. It has a 100% market share in electricity supply and nearly 90% in water supply within its jurisdiction as of 2025H1 [4][17]. - The company has shown steady long-term growth, with a 10-year CAGR of 8.6% in revenue and 7.9% in net profit from 2014 to 2024 [4][22]. - The ongoing energy reform and integration of generation, transmission, and sales are expected to enhance the company's comprehensive energy services [5][6]. Summary by Sections Company Overview - The latest closing price is 10.05 yuan, with a total market capitalization of 55 billion yuan and a PE ratio of 26.30 [3]. - The company has a low debt ratio of 27.1%, indicating a stable financial position [3][33]. Business Performance - In 2025H1, the company reported revenues of 1.52 billion yuan and a net profit of 70 million yuan, reflecting a year-on-year growth of 13.7% in revenue but a decline of 13.1% in net profit due to reduced water inflow [22]. - The company’s electricity and water sales have shown robust growth, with a CAGR of 12.9% and 5.5% respectively from 2015 to 2024 [50]. Financial Forecast - Projected revenues for 2025-2027 are 3.13 billion, 3.40 billion, and 3.65 billion yuan, with net profits of 210 million, 220 million, and 220 million yuan respectively. The net profit CAGR for this period is estimated at 4.6% [7][57]. - The diluted EPS for the same period is forecasted to be 0.38, 0.39, and 0.41 yuan [7][57]. Valuation - The PE multiples based on the current stock price for 2025-2027 are projected to be 27, 25, and 24 times respectively [7][58]. - The report references comparable companies for valuation, considering the company's active expansion into comprehensive energy services [58].

Group 1 - The core viewpoint of the article is that Xingrong Environment (SZ 000598) has provided insights into its business operations and revenue composition during an investor meeting held on August 28, 2025 [1] - For the first half of 2025, the revenue composition of Xingrong Environment is as follows: wastewater treatment accounts for 44.64%, the water supply industry accounts for 34.04%, leachate treatment from garbage accounts for 18.98%, and other industries account for 2.34% [1] - As of the report, the market capitalization of Xingrong Environment is 20.4 billion yuan [1]

Core Viewpoint - Wuhan Xianglong Electric Power Co., Ltd. reported a significant increase in net profit and total profit for the first half of 2025, indicating strong operational resilience despite industry challenges [2][3]. Financial Performance - The company's operating income for the first half of 2025 was approximately CNY 39.83 million, a slight increase of 0.12% compared to CNY 39.78 million in the same period last year [2]. - Total profit reached CNY 16.78 million, representing a substantial increase of 58.53% from CNY 10.58 million year-on-year [2]. - Net profit attributable to shareholders was CNY 14.31 million, up 83.32% from CNY 7.81 million in the previous year [2]. - The company's net cash flow from operating activities was CNY 35.66 million, an increase of 5.36% compared to CNY 33.85 million last year [2]. Industry Overview - The water supply industry is characterized by high capital intensity, long investment return cycles, and strong regional monopolies, with a shift from "scale expansion" to "quality improvement" currently underway [3]. - The construction industry is experiencing structural adjustments due to factors such as weak real estate investment and increased local government debt constraints, leading to intensified competition [3]. Business Operations - The company's water supply business primarily serves the Wuhan New City area, focusing on high-quality water supply for semiconductor and LCD display industries [3][4]. - The company has successfully upgraded its water treatment facilities and implemented a smart water management system, enhancing water quality to meet stringent industry standards [3][4]. - The construction business is focused on small to medium-sized municipal and residential projects, with a strategy of cautious project acceptance and risk control [3]. Competitive Advantages - The company benefits from a first-mover advantage in the regional water supply market, which enhances revenue stability [6]. - The company's operational efficiency and customer service responsiveness are significant competitive strengths in the water supply sector [6]. Future Outlook - The company is committed to technological innovation and has increased investment in research and development to enhance operational efficiency [4][5]. - The ongoing construction of key projects and the establishment of a comprehensive management system are expected to support sustainable growth [5].