Core Viewpoint - Zhongshan Public Utility has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a slight rise in revenue [1][2]. Financial Performance - As of September 10, 2025, Zhongshan Public Utility reported a revenue of 2.121 billion yuan, representing a year-on-year growth of 0.64% [2]. - The net profit attributable to shareholders for the same period was 719 million yuan, reflecting a significant year-on-year increase of 29.57% [2]. Stock Performance - The stock price of Zhongshan Public Utility increased by 11.14% year-to-date, but it has seen a decline of 0.51% over the last five trading days and 4.02% over the last twenty days [1]. - As of September 17, the stock was trading at 9.78 yuan per share, with a market capitalization of 14.427 billion yuan [1]. Shareholder Information - The number of shareholders increased to 31,800, up by 0.77% from the previous period, while the average number of circulating shares per person decreased by 0.77% to 39,431 shares [2]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and new entrant Silver Hua Rich Theme Mixed A [3]. Dividend Distribution - Zhongshan Public Utility has cumulatively distributed 4.529 billion yuan in dividends since its A-share listing, with 1.251 billion yuan distributed over the last three years [3]. Business Overview - Zhongshan Public Utility, established on December 26, 1992, and listed on January 23, 1997, operates in various sectors including environmental water services, solid waste treatment, sanitation services, and financial services [1]. - The main revenue sources are water supply and sewage treatment (37.07%), engineering installation (34.53%), and sanitation and waste-to-energy (18.79%) [1].

Core Viewpoint - Zhongshan Public Utility experienced a decline in stock price by 2.10% on September 12, 2023, with a current trading price of 9.81 CNY per share and a total market capitalization of 14.471 billion CNY [1] Financial Performance - For the first half of 2025, Zhongshan Public Utility reported a revenue of 2.121 billion CNY, reflecting a year-on-year growth of 0.64%, while the net profit attributable to shareholders was 719 million CNY, showing a significant increase of 29.57% [2] Shareholder Information - As of September 10, 2023, the number of shareholders for Zhongshan Public Utility reached 31,800, an increase of 0.77% from the previous period, with an average of 39,431 circulating shares per shareholder, which decreased by 0.77% [2] - The company has distributed a total of 4.529 billion CNY in dividends since its A-share listing, with 1.251 billion CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 16.0905 million shares, a decrease of 597,200 shares from the previous period. New shareholder Silver Hua Rich Theme Mixed A (180012) entered as the eighth-largest shareholder with 8 million shares [3]

Core Viewpoint - The report discusses the financial performance and operational details of Zhejiang Dongwang Times Technology Co., Ltd. and its subsidiary Huixian Youce Technology Co., Ltd., highlighting their revenue growth, customer relationships, and business model adjustments in response to regulatory inquiries [1][4]. Financial Performance - From 2022 to 2024, Huixian Youce achieved cumulative performance completion rates of 91.55%, with specific annual rates of 79.41% in 2022, 88.24% in 2023, and 102.75% in 2024 [1]. - The company's revenue for 2022 was CNY 21,256.97 million, which increased to CNY 24,465.80 million in 2023, and is projected to reach CNY 26,856.36 million in 2024, reflecting a year-on-year growth of 15.10% and 9.77% respectively [7]. Business Model and Revenue Streams - Huixian Youce primarily provides energy-saving hot water services, with three main business models: construction and operation of hot water supply systems, ongoing maintenance, and equipment sales [1][2]. - The revenue breakdown for 2023 shows that ongoing maintenance contributed CNY 3,220.81 million, accounting for 15.47% of total revenue, while total revenue for the year was CNY 23,840.01 million [2]. Customer and Supplier Relationships - The top five customers for Huixian Youce in 2023 included major educational institutions, with significant revenue generated from hot water supply services [2][4]. - The company has established a dual role as both a supplier and customer with certain clients, such as the State Grid Chongqing Comprehensive Energy Service Co., Ltd., which has led to complex transaction arrangements [6][7]. Market Dynamics and Growth Drivers - The company has seen a recovery in hot water service revenues post-pandemic, with increased demand during the fourth quarter, which is traditionally a peak period for student consumption [7]. - Huixian Youce has intensified its market expansion efforts, resulting in substantial growth in system construction and delivery business segments [7]. Regulatory Compliance and Reporting - The company has responded to regulatory inquiries by providing detailed disclosures about its business operations, customer relationships, and revenue recognition practices, ensuring compliance with financial reporting standards [1][4].