华控赛格（000068）11月28日晚间发布公告称，公司于2025年11月27日召开第八届董事会第十七次临时会议，审议通过了《关于主动终止向特定对 象发行股票的议案》，同意公司终止向特定对象发行股票事项。 华控赛格筹划此次定增由来已久。早在2023年8月7日，公司就召开第七届董事会第二十一次临时会议、第七届监事会第十五次临时会议，于2023年 11月27日召开2023年第二次临时股东会，审议通过了《关于公司 <向特定对象发行a股股票预案> 的议案》《关于提请股东大会授权董事会全权办理 公司2023年度向特定对象发行股票相关事宜的议案》。 不过，2024年12月2日公司召开2024年第二次临时股东会，审议通过了《关于延长向特定对象发行股票股东大会决议和授权有效期的议案》，向特定 对象发行股票项目有效期自前次有效期届满之日起延长12个月（延长至2025年12月11日）。 华控赛格原拟向控股股东华融泰发行股票募集资金总额不超过8.46亿元，扣除发行费用后净额全部用于偿还有息借款。 彼时，华控赛格资产负债率高达90.19%，长期借款达9.39亿元，负债率较高，有息债务较重，项目占用资金较大，应收账款与合同资产占比较高 ...

Company Overview - Shenzhen Huakong Seg Co., Ltd. was established in June 1997, approved by the Shenzhen Municipal Government, and is a spin-off from Shenzhen Zhongkang Glass Co., Ltd. [1] - The company specializes in the production of color cathode ray tube glass and has been recognized as a high-tech enterprise since 1995 [1]. Shareholding Structure - Samsung Corning acquired a controlling stake in the company through its subsidiary, Shenye Tengmei Co., Ltd., in June 1998 [2]. - The company underwent a share reform in 2007, increasing its registered capital to RMB 896,671,464.00 [2]. Recent Transactions - Samsung Corning transferred 156,103,049 shares, representing 17.41% of the total share capital, to Shenzhen Huarong Tai Asset Management Co., Ltd. [3]. - In January 2015, the company issued 110 million shares to Shenzhen Huarong Tai Asset Management Co., Ltd., increasing its total share capital to 1,006,671,500 shares [4]. Control and Ownership Changes - The actual controller of the company changed to Shanxi Provincial State-owned Capital Investment Operation Co., Ltd. after a series of transactions involving Huaron Tai [5]. - As of June 30, 2025, the company has a total issued share capital of 1,006,671,500 shares [5]. Industry and Services - The company operates in the public utility and environmental engineering sector, providing services such as sponge city construction, water engineering, smart water management, and environmental remediation [6].

Investment Rating - The report maintains a "Buy" rating for Hongcheng Environment (600461) [1] Core Views - The company demonstrates stable performance through cost reduction and expense control, with a continued decline in capital expenditure [1] - The water service business remains robust, with a 12.32% year-on-year increase in sewage revenue for the first half of 2025 [8] - The company is expected to benefit from the extension of the depreciation period for water supply pipelines, leading to a profit increase [8] - The report forecasts a steady growth in net profit for 2025-2027, with expected figures of 12.51 billion, 13.07 billion, and 13.63 billion yuan respectively [8] Financial Summary - Total revenue for 2025 is projected at 8.501 billion yuan, reflecting a 3.34% year-on-year growth [1] - The net profit attributable to the parent company is expected to reach 1.251 billion yuan in 2025, with a growth rate of 5.11% [1] - The earnings per share (EPS) for 2025 is estimated at 0.97 yuan, with a price-to-earnings (P/E) ratio of 9.37 [1] - The company's asset-liability ratio is projected to decrease to 56.13% by 2026, indicating improved financial stability [9] - The report highlights a significant reduction in capital expenditure by 62.88% to 4.35 billion yuan in the first half of 2025 [8]