每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 张明双） 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49亿元。 每经AI快讯，海天股份（SH 603759，收盘价：10.51元）11月26日晚间发布公告称，公司第四届第三十 二次董事会会议于2025年11月26日以通讯表决的方式召开。会议审议了《关于提请召开2025年第七次临 时股东会的议案》等文件。 ...

Core Viewpoint - Greentown Water is a leading urban water supply and sewage treatment company in Guangxi, with a regional monopoly advantage, and has shown strong financial performance in the industry [1][2]. Financial Performance - For Q3 2025, Greentown Water reported revenue of 1.882 billion yuan, ranking 13th out of 51 in the industry, with the top competitor, Chuangxin Environmental, at 13.453 billion yuan [2]. - The net profit for the same period was 135 million yuan, ranking 17th in the industry, with the leading company, Chuangxin Environmental, at 1.908 billion yuan [2]. Profitability and Debt - As of Q3 2025, Greentown Water's debt-to-asset ratio was 80.29%, an increase from 78.35% year-on-year, significantly higher than the industry average of 49.82% [3]. - The gross profit margin for Q3 2025 was 40.06%, up from 36.53% year-on-year, and above the industry average of 32.13% [3]. Management Compensation - The total compensation for General Manager Jiang Junhai increased by 32,900 yuan in 2024, reaching 492,100 yuan compared to 459,200 yuan in 2023 [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.08% to 26,500, while the average number of circulating A-shares held per account decreased by 2.04% to 33,300 [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has demonstrated steady growth in net profit, with a 1.2% year-on-year increase in net profit attributable to shareholders, reaching 9.3 billion yuan in the first three quarters of 2025 [1] - The company's gross margin improved to 34.9%, and net profit margin increased to 17.2%, indicating enhanced profitability and effective cost control [1] - The company is focusing on a dual growth strategy of internal growth and external expansion, supported by a high dividend yield and low valuation, which provides a safety margin for investors [3] Summary by Sections Financial Performance - In the first three quarters of 2025, total revenue was 54.3 billion yuan, a decrease of 3.9% year-on-year, while the net profit was 9.3 billion yuan, reflecting a growth of 1.2% [1] - The company reported a single-quarter revenue of 17.4 billion yuan in Q3 2025, up 2.4% year-on-year, and a net profit of 3.2 billion yuan, an increase of 2.1% [1] - The company’s cash flow from operating activities was 9.8 billion yuan, down 28.7% year-on-year, primarily due to a decrease in cash received from sales [1] Business Highlights - The company is enhancing its full-cycle water service system in the water supply business, focusing on customer satisfaction [2] - In the wastewater treatment sector, the company is leveraging opportunities in green development and exploring integrated operation models to improve urban environmental governance [2] - The gas energy business is actively expanding both installation and sales markets while exploring collaborations in new energy [2] - The solid waste disposal business is developing a comprehensive solution for "waste-free cities" by integrating water, environmental protection, and solid waste management [2] Capital Expenditure and Dividends - Capital expenditures significantly decreased by 58.2% year-on-year to 6.6 billion yuan in the first three quarters of 2025, allowing for sustained high dividends [3] - The company has a dividend payout ratio of around 50% for the years 2022-2024, with a current dividend yield of 5.1% [3] - The company plans to distribute at least 50% of its net profit in cash dividends over the next three years [3] Financial Projections - Expected net profit for 2025-2027 is projected at 12.6 billion yuan, 13.2 billion yuan, and 13.7 billion yuan, respectively, with corresponding EPS of 1.0, 1.0, and 1.1 yuan per share [3] - The projected P/E ratios for 2025-2027 are 9.3X, 8.9X, and 8.5X, indicating a favorable valuation [3]

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]

Group 1 - The core viewpoint of the article highlights the financial performance and business composition of Hanlan Environment, indicating a significant reliance on waste treatment and gas business [1] - Hanlan Environment's revenue composition for the year 2024 is detailed as follows: waste treatment business accounts for 50.55%, gas business for 31.62%, water supply for 8.18%, wastewater treatment for 6.27%, and other businesses for 3.38% [1] - As of the report, Hanlan Environment's market capitalization stands at 21.9 billion yuan [1] Group 2 - The article also mentions a booming pet industry valued at 300 billion yuan, indicating a growing market opportunity for related companies [1] - The rise in the pet industry is expected to lead to increased stock performance among industry-listed companies [1]

Group 1 - Company Hai Tian Co., Ltd. announced the convening of its 28th meeting of the fourth board of directors on August 22, 2025, via communication voting, where it reviewed the proposal on changes in accounting estimates [1] - For the fiscal year 2024, the revenue composition of Hai Tian Co., Ltd. is as follows: wastewater treatment business accounts for 60.79%, water supply business for 25.5%, engineering business for 8.04%, waste incineration power generation business for 4.16%, and other businesses for 1.22% [1] - As of the report date, the market capitalization of Hai Tian Co., Ltd. is 4.1 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for autumn positions, with 25 job roles available, highlighting a demand for talent in the sector [1]

Core Viewpoint - Bank of America Securities reports that China Everbright Environment (00257) experienced a 10% year-on-year decline in net profit for the first half of the year, but when excluding one-off items, the profit before tax (PBT) increased by 23%, significantly exceeding expectations [1] Financial Performance - Net profit decreased by 10% year-on-year [1] - Excluding one-off items, PBT increased by 23% [1] - Interim dividend increased by 1 Hong Kong cent, with a payout ratio of 42%, up 7 percentage points year-on-year [1] Investment Outlook - Bank of America maintains a "Buy" rating for China Everbright Environment, expecting an annual return of 6.5% [1] - Anticipation of upward potential in dividends [1] Earnings Forecast - Earnings per share (EPS) forecasts for 2025 to 2027 have been raised by 23% to 38% [1] - Adjustments reflect improvements in gross margins for waste-to-energy, green technology, and wastewater treatment businesses, along with reduced impairment losses and lower debt costs [1] Target Price Adjustment - Target price increased from HKD 4.5 to HKD 5.3 [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - On June 12, Xiangtan Electrochemical issued an announcement to issue convertible bonds online on June 16, 2025, with a planned total issuance of no more than 487 million yuan. 485 million yuan is intended for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", and 2 million yuan is for supplementary working capital [1][12]. - The initial target price of the convertible bond on the first day is 134 - 139 yuan, and it is recommended to actively subscribe. The conversion premium rate on the first - day of listing is expected to be in the range of [32%, 37%] [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0033% - 0.0036% [4][19]. Group 3: Summary by Directory 1. Electro - Chemical Convertible Bond New - Bond Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Electro - Chemical Convertible Bond are priority placement and online issuance. The bond and entity ratings are AA. The issuance scale is 487 million yuan, the initial conversion price is 10.1 yuan, the convertible bond parity on June 12 is 101.39 yuan, the calculated pure bond value is 99.52 yuan. The downward revision clause is relatively strict, the redemption clause and the put - back clause are normal. The bond issuance scale is low, the liquidity is poor, the rating is acceptable, and the bond floor protection is good [2][14]. 1.2 New - Bond Initial Price Analysis after Listing - The company's main businesses are battery materials and sewage treatment. The main products and services include various types of EMD, lithium manganese oxide cathode materials, etc. The raised funds are mainly used for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", which can optimize the company's capital structure and enhance its competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 42% - 46%, the scale left for the market is 263 million - 282 million yuan. Assuming the online effective subscription number is 7.91 million households, the lottery winning rate is around 0.0033% - 0.0036% [4][19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Up - and Downstream Situations - The company's main businesses are battery materials and sewage treatment. The main upstream industries are manganese ore, sulfuric acid, etc. The supply of upstream manganese ore restricts the supply of electrolytic manganese dioxide, and the price of lithium carbonate affects the price of lithium manganese oxide. The main downstream industries are primary and secondary battery industries. The demand of the downstream battery industry is crucial for the development of the electrolytic manganese dioxide industry [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown small fluctuations. From 2022 to Q1 2025, the operating income was 2.1 billion yuan, 2.163 billion yuan, 1.912 billion yuan, and 418 million yuan respectively. The comprehensive gross profit margin has also shown small fluctuations. The recent period expenses have shown small fluctuations, and the R & D expenses have gradually increased. The accounts receivable have shown small fluctuations, and the accounts receivable turnover rate has been generally stable. The recent net profit attributable to the parent company has shown a downward trend [24][28][38]. 2.3 Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 42.23% of the shares in total, and the top ten shareholders hold 46.13% of the shares in total. The company's direct controlling shareholder is Electro - Chemical Group, the indirect controlling shareholders are Zhenxiang State - owned Investment and Industrial Investment Group, and the actual controller is the State - owned Assets Supervision and Administration Commission of Xiangtan City. The company has 10 important wholly - owned subsidiaries and 3 affiliated companies [43]. 2.4 Company's Business Characteristics and Advantages - The company has scale operation advantages, continuous innovation advantages, industrial chain advantages, core team advantages, and franchise operation advantages [45]. 2.5 Allocation of Raised Funds - The company plans to issue convertible bonds to raise no more than 487 million yuan. 485 million yuan is for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", with a planned construction period of 24 months. Due to market volatility, no specific benefit calculation is made for this project [48].

Group 1: Water Supply Business - The company can submit water price adjustment applications to the government based on national policies and agreements, following necessary procedures such as cost audits and public hearings [2] - Water price adjustments are linked to changes in upstream resource prices and water conservancy project prices [2] Group 2: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance was approximately 40 million yuan, reflecting an increase due to market expansion [3] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3] - National policies promoting debt reduction are expected to positively impact the water and environmental protection industry [3] Group 3: Business Expansion - The company focuses on becoming a national water and environmental service provider, expanding both vertically and horizontally along the business chain [3] - It aims to deepen its market presence in Chengdu and surrounding areas while actively integrating quality resources nationwide [3] Group 4: Capital Expenditure and Dividends - Recent capital expenditures have been significant due to multiple water supply and waste projects, with expected reductions as these projects become operational [3] - The cash dividend ratio was approximately 20% in 2021 and 2022, increased to 27% in 2023, and projected to reach 28% in 2024 [3]

安徽舜禹水务股份有限公司 上市公告书 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 证券简称：舜禹股份 证券代码：301519 安徽舜禹水务股份有限公司 （AN HUI SHUN YU WATER CO.,LTD.） （安徽省合肥市长丰县双凤经济开发区淮南北路 8 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） 2 二〇二三年七月 安徽舜禹水务股份有限公司 上市公告书 1 安徽舜禹水务股份有限公司 上市公告书 特别提示 安徽舜禹水务股份有限公司（以下简称"舜禹股份"、"本公司"、"发行人" 或"公司"）股票将于 2023 年 7 月 27 日在深圳证券交易所创业板上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应当充分关注定价市场化蕴含的风险因素，知晓股票上 市后存在跌破发行价的可能，切实提高风险意识，强化价值投资理念，避免盲 目炒作，监管机构、发行人和保荐人（主承销商）均无法保证股票上市后不会 跌破发行价格。 ...