（编辑 姚尧） 证券日报网12月17日讯 兴蓉环境在12月17日回答调研者提问时表示，公司供水业务价格根据国家政策 规定和相关特许权协议约定，在满足相关调价原则的情况下可向政府价格行政主管部门提交水价调整申 请。供水价格的调整须经成本监审、听证会等程序通过后执行。如遇国家或省对上游资源水价、水利工 程水价开征或调整时实行同步同幅联动调整。公司污水处理服务费单价按照与相关政府方签订的特许经 营协议中约定的调价周期及调价公式开展，一般每2年或3年进行一次定期调价。如因污水处理排放标准 调整、服务范围扩大、扩能提标等因素导致公司成本发生重大变化，可以对污水处理价格申请临时性调 整。 ...

证券代码：000598 证券简称：兴蓉环境 成都市兴蓉环境股份有限公司 | | 问题 5：关于公司未来资本开支及有关分红的考虑。 | | --- | --- | | | 答：近年来，公司因实施多个供排水、固废项目建设，资本开支 | | | 较大。待相关项目逐步建成投运，公司相应的资本开支下降，公 | | | 司的自由现金流将更为充裕。公司会在综合考虑企业经营发展资 | | | 金需求、公司盈利情况和现金流状况等因素的基础上，探索进一 | | | 步构建科学、稳定、可持续的利润分配机制，着力提升分红水平， | | | 切实增强投资者获得感。 | | 关于本次活动是 | | | 否涉及应披露重 | 否 | | 大信息的说明 | | | 附件清单（如有） | 无 | 未来前景和风险控制等因素。 未来，公司将紧扣国家和省市"十五五"规划，进一步谋划 中长期发展规划，全力服务成都市"工业强市""立园满园"等 行动部署，积极把握政策和市场机遇，不断深化战略布局，夯实 主业基石，优化业务结构；聚焦主责主业，探索打造"第二增长 曲线"，进一步提升盈利能力和经营质效，创造新的竞争优势， 以优秀的业绩表现带动价值成长。 问题 2 ...

每经AI快讯，海天股份（SH 603759，收盘价：10.8元）12月15日晚间发布公告称，截至本公告披露 日，公司实际发生的对外担保余额约为31.4亿元，占公司最近一期经审计归属于上市公司股东的净资产 的114.45%。上述对外担保余额全部为对公司子公司的担保，公司不存在对控股股东和实际控制人及其 关联人提供担保情况，也不存在逾期对外担保情况。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 （记者 王晓波） 2024年1至12月份，海天股份的营业收入构成为：污水处理业务占比60.79%，供水业务占比25.5%，工 程业务占比8.04%，垃圾焚烧发电业务占比4.16%，其他业务占比1.22%。 截至发稿，海天股份市值为50亿元。 ...

Group 1 - The company, Haitian Holdings, announced that its 32nd meeting of the fourth board of directors was held on November 26, 2025, via telecommunication voting [1] - The company reported its revenue composition for the year 2024, with wastewater treatment accounting for 60.79%, water supply for 25.5%, engineering for 8.04%, waste incineration power generation for 4.16%, and other businesses for 1.22% [1] - As of the report date, Haitian Holdings has a market capitalization of 4.9 billion yuan [1]

（文章来源：证券日报） 证券日报网讯重庆水务11月18日在互动平台回答投资者提问时表示，公司采取"托管运营+股权/资产转 让"方式开展供水业务专业化整合，将原水投集团供水资产通过市场化方式整合至公司。按照专业化、 市场化、法治化的思路以及"成熟一家、推动一家"的总体原则，先注入盈利能力较好的优质资产，剩余 资产成熟后再注入，最终实现经营性资产的整体注入。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has experienced rapid growth in performance, with a revenue of 9.74 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 1.6 billion yuan, up 15.9% year-on-year [1] - The acquisition of Yuefeng Environmental has significantly enhanced the company's operational capabilities and efficiency, contributing to its high-quality development [4] - The company has established a complete ecological environment service industry chain, with strong resource sharing and synergy effects, indicating stable development [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.97 billion yuan, a year-on-year increase of 36.7%, and a net profit of 640 million yuan, up 28.1% year-on-year [1] - The comprehensive gross profit margin for the first three quarters of 2025 was 35.1%, an increase of 3.7 percentage points year-on-year [2] - Operating cash flow net amount reached 2.66 billion yuan, a year-on-year increase of 98.2% [2] Business Segments - The solid waste treatment business generated revenue of 5.48 billion yuan, a year-on-year increase of 21.4%, with a net profit of 1.36 billion yuan, up 42.9% [3] - The energy business revenue remained stable at 2.78 billion yuan, while the water supply and drainage businesses reported revenues of 710 million yuan and 500 million yuan, respectively [3] Strategic Developments - The integration of Yuefeng Environmental since June 1, 2025, has positioned the company among the top three in the domestic industry for waste incineration power generation projects [4] - The company has signed agreements for external heating services for 30 waste incineration power generation projects, with 22 already operational, which is expected to enhance profitability [4] - The company anticipates net profits attributable to shareholders of 2.01 billion yuan, 2.23 billion yuan, and 2.44 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11.6, 10.4, and 9.5 [4]

Core Viewpoint - China Water Affairs (00855HK) reported a revenue increase of 4.7% year-on-year to HKD 8.694 billion for the fiscal year 2020, with net profit rising by 19.7% to HKD 1.639 billion, slightly exceeding expectations [1] Financial Performance - The gross profit margin improved by 1.5 percentage points to 43.2%, driven by higher contributions from the high-margin water supply and wastewater treatment businesses, as well as increased margins from real estate development and investment [1] - Earnings per share forecasts for fiscal years 2021, 2022, and 2023 are projected at HKD 1.037, HKD 1.133, and HKD 1.250 respectively [1] Revenue Growth Projections - Revenue from urban water supply and construction operations is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2020 to 2023 [1] - Environmental business revenue is anticipated to maintain a CAGR of 12.9% during the same period, supported by stable construction service revenue and rapid growth in wastewater treatment and drainage operation services [1] Investment Outlook - The target price has been slightly adjusted to HKD 8.30, corresponding to price-to-earnings ratios of 8.0, 7.3, and 6.6 for fiscal years 2021, 2022, and 2023 respectively [1] - The company is reaffirmed with a "Buy" rating due to its extensive project coverage across the country and significant advantages over local water plants, benefiting from the long-term development of the Chinese water industry [1]

Core Viewpoint - Xianglong Electric (sh600769) experienced a trading halt with a price of 12.27 yuan, marking a 10.02% increase, attributed to significant profit growth, stable water supply operations, and corporate governance reforms [1] Financial Performance - The company's net profit surged by 83.32% year-on-year, reaching 14.31 million yuan, primarily due to a reversal of credit impairment losses amounting to 9.95 million yuan and the recovery of historical debts totaling 11.50 million yuan [1] - Water supply business maintained stable operations with a "zero interruption" performance, contributing 61.69% to the revenue from January to March 2025 [1] Corporate Governance - The company successfully passed governance reforms with a high approval rate of 93.7% for the cancellation of the supervisory board and other proposals, indicating strong shareholder support [1] - A clear dividend policy was established, detailing differentiated cash dividend ratios to protect minority investors' rights, enhancing market confidence in the company [1] Market Activity - On September 25, 2025, the company was included in the "Dragon and Tiger List" with a trading volume of 281 million yuan, indicating significant market interest and activity [1] - The total buying amounted to 66.78 million yuan while total selling was 40.22 million yuan, suggesting that speculative funds are driving the stock price increase [1]

Group 1 - The core viewpoint of the news is that Xianglong Electric has shown a positive stock performance with a year-to-date increase of 14.15% and a recent price of 10.97 CNY per share, indicating investor interest and market activity [1] - As of June 30, the number of shareholders for Xianglong Electric decreased by 10.04% to 20,900, while the average circulating shares per person increased by 11.16% to 17,934 shares [2] - The company reported a revenue of 39.83 million CNY for the first half of 2025, reflecting a year-on-year growth of 0.12%, while the net profit attributable to the parent company reached 14.31 million CNY, marking a significant increase of 83.32% [2] Group 2 - Xianglong Electric's main business segments include water supply, which accounts for 59.38% of revenue, and construction, which contributes 40.62% [1] - The company is classified under the environmental industry, specifically in water management and treatment, and is associated with concepts such as small-cap stocks and the Hubei Free Trade Zone [1]

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 5.76 billion, a slight decrease from 5.82 billion in the same period last year, reflecting a year-on-year decline of about 1.02% [1] - The total profit for the same period was approximately 1.30 billion, representing an increase of about 18.36% compared to 1.09 billion in the previous year [1] - The net profit attributable to shareholders was approximately 966.86 million, up from 887.13 million, indicating a year-on-year growth of about 8.95% [1] - The net cash flow from operating activities was approximately 1.22 billion, showing a significant increase of 29.77% compared to 941 million in the previous year [25] Revenue Composition - The revenue composition for the first half of 2025 included approximately 18.65 billion from energy supply, 4.89 billion from solid waste management, 5.27 billion from sanitation services, 11.16 billion from water supply, and 2.95 billion from drainage services [16] Profitability Metrics - The weighted average return on equity for the first half of 2025 was 7.01%, a slight decrease of 0.06 percentage points year-on-year [24] - The return on invested capital for the same period was 2.96%, down by 0.81 percentage points compared to the previous year [24] Cash Flow Analysis - The net cash flow from financing activities was approximately 71.12 billion, an increase of 64.43 billion year-on-year [25] - The net cash flow from investment activities was -86.38 billion, worsening from -11.72 billion in the previous year [25] Asset and Liability Changes - As of the end of the first half of 2025, intangible assets increased by 119.91% compared to the end of the previous year, while cash and cash equivalents decreased by 5.81% [39] - Long-term borrowings increased by 162.28%, indicating a significant rise in the company's leverage [42] Shareholder Composition - The top ten shareholders included new entrants such as the ICBC Credit Suisse Dividend Flexible Allocation Mixed Securities Investment Fund, replacing the Hong Kong Central Clearing Limited from the previous quarter [51]