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 2025 年 9 月 29 日投资者关系活动记录表 编号：2025-32 | 投资者关系活动 | ★特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | □其他 | | | 参与单位名称及 | 南方基金-孙鲁闽、林乐峰、潘越、刘嘉恺、毛瑞丰、卢玉珊、 | | 人员姓名 | 尹力；长江证券-徐科。 | | | 东吴证券-袁理、陈孜文、田源；建信养老-李平祝；海富通基金 | | | -江勇；大家资产-陈江娜；融通基金-杨一；长江资管-汪中昊； | | | 创金合信-刘泉、张小郭；中邮资管-张文鹏；招商信诺资管-彭 | | | 羿扬；途灵资产-赵梓峰；方正自营-朱张元；尚诚资管-黄向前； | | | 卫宁私募基金-王兴佳；明辉投资-陈镇炎；鹏泰投资-祝凯伦； | | | 盟洋投资-祝天骄；泽娴投资-周扬。 | | 时间 2025 | 年 9 月 29 日 | | 地点 | 线上交流 | | 上市公司接待人 | 胡涵、梁一谷 | | ...

Group 1 - The stock of Junxin Co., Ltd. experienced a decline of 1.85% on September 18, with a trading volume of 126 million yuan [1] - On the same day, the financing buy amount was 11.03 million yuan, while the financing repayment was 15.71 million yuan, resulting in a net financing outflow of 4.68 million yuan [1] - As of September 18, the total balance of margin trading for Junxin Co., Ltd. was 138 million yuan, with a financing balance of 137 million yuan, accounting for 4.55% of the circulating market value [1] Group 2 - Junxin Co., Ltd. was established on September 22, 2011, and listed on April 13, 2022, with its main business involving waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - For the first half of 2025, Junxin Co., Ltd. achieved an operating income of 1.478 billion yuan, representing a year-on-year growth of 33.07%, and a net profit attributable to shareholders of 400 million yuan, up 49.23% year-on-year [2] Group 3 - Since its A-share listing, Junxin Co., Ltd. has distributed a total of 1.349 billion yuan in dividends, with 1.245 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included new entrants such as E Fund Value Growth Mixed Fund and Southern CSI 1000 ETF, while Hong Kong Central Clearing Limited and GF Technology Innovation Mixed Fund exited the top ten [3]

Group 1 - The stock of Junxin Environmental Co., Ltd. increased by 2.43% on August 28, with a trading volume of 366 million yuan [1] - On the same day, the financing buy amount was 30.18 million yuan, while the financing repayment was 40.16 million yuan, resulting in a net financing outflow of 9.98 million yuan [1] - As of August 28, the total financing and securities lending balance for Junxin was 162 million yuan, which is 4.93% of its market capitalization and above the 90th percentile of the past year [1] Group 2 - Junxin Environmental Co., Ltd. was established on September 22, 2011, and went public on April 13, 2022, focusing on waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - The company's revenue composition includes: construction services (34.43%), waste incineration and power generation (24.99%), sludge treatment (22.85%), and other services [2] - For the first half of 2025, Junxin reported a revenue of 1.478 billion yuan, a year-on-year increase of 33.07%, and a net profit of 400 million yuan, up 49.23% year-on-year [2] Group 3 - Since its A-share listing, Junxin has distributed a total of 1.349 billion yuan in dividends, with 1.245 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include new entrants such as E Fund Value Growth Mixed Fund and Southern CSI 1000 ETF, while some previous shareholders have exited the top ten list [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 18.422 billion yuan in the first half of 2025, a year-on-year decrease of 7.56%, with a net profit attributable to the parent company of 302 million yuan, down 15.96% year-on-year. The second quarter saw a revenue of 8.473 billion yuan and a net profit of 148 million yuan, reflecting a year-on-year decline of 10.50% and an increase of 23.33% respectively. The overall performance was below expectations primarily due to falling coal prices [4][7] - The company has seen a continuous increase in coal sales, with a total of 31.9 million tons sold, representing a year-on-year increase of 14.13%. The profit from the cogeneration segment has surpassed that of the main coal transportation business, indicating a new growth curve [7] - The company is committed to a minimum dividend payout ratio of 40%, with a projected dividend yield of 5.01% for 2025, assuming the acquisition of a new cogeneration project is completed [7] Financial Data and Earnings Forecast - The total revenue forecast for 2025 is 44.994 billion yuan, with a year-on-year growth rate of 0.6%. The net profit attributable to the parent company is expected to be 940 million yuan, reflecting a year-on-year growth of 27.3% [6] - The earnings per share (EPS) for 2025 is projected at 1.68 yuan, with a return on equity (ROE) of 14.9% [6] - The company maintains a stable operating performance in both coal circulation and cogeneration businesses, contributing consistent profits and cash flow [7]

从资金流向来看，8月6日主力资金净流出325.75万元，近五个交易日累计净流出1159.93万元。 风险提示：以上信息仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 截至2025年8月6日收盘，海峡环保股价报5.97元，较前一交易日下跌1.32%。当日成交量为96120手，成 交金额达0.58亿元。 海峡环保主要从事污水处理、垃圾处理等环保业务，是福建省重要的环保基础设施投资运营服务商。公 司业务涵盖污水处理、垃圾渗滤液处理、污泥处置等领域。 根据公司公告，2024年年度权益分派方案为每股派发现金红利0.027元（含税），股权登记日为2025年8 月13日，除权除息日及现金红利发放日均为2025年8月14日。 ...

Group 1: Water Supply and Waste Management Projects - The company operates and is constructing water supply projects with a scale of approximately 4.3 million tons/day, with a key project in trial operation at 400,000 tons/day [2] - The company has wastewater treatment projects exceeding 480,000 tons/day, with over 450,000 tons/day already in operation and additional projects expected to be operational within 1-2 years [2] - The company’s waste incineration power generation projects have a total scale of 12,000 tons/day, with 5,100 tons/day already operational and an ongoing project (Wangxing Phase III) of 6,900 tons/day planned for operation in 2026 [3] Group 2: Sludge Disposal Business - The company has a total sludge disposal project scale of 3,116 tons/day, including operational projects such as Chengdu First City Sewage Sludge Treatment Plant (1,400 tons/day) and Wangxing Environmental Power Plant (820 tons/day) [3] - An ongoing project at Chengdu Wangxing Environmental Power Plant (Phase III) will have a sludge treatment capacity of 800 tons/day [3] Group 3: Accounts Receivable and Market Expansion - The company has seen an increase in accounts receivable due to market expansion and business growth, with a strong focus on managing and collecting receivables [3] - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while pursuing acquisitions to enhance resource integration and industry positioning [3] Group 4: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to decrease as these projects become operational within the next 1-2 years [4] - The company emphasizes shareholder returns and has been increasing cash dividend ratios, with plans to further enhance returns once major projects are operational and capacity is released [4]

Group 1 - The core viewpoint of the news is that Yong'an Guofu recently conducted research on a listed company, focusing on its operational performance and future strategies [1] - The company Wuchan Huaneng is projected to achieve an operating income of 3.135 billion yuan in 2024, with the heating business contributing the highest revenue at 65% [1] - In 2024, Wuchan Huaneng plans to maintain a dividend payout ratio of 45.32%, with total cash dividends over the next three years expected to be no less than 40% of the net profit after deducting non-recurring gains and losses [1] Group 2 - Wuchan Huaneng's heating supply includes 8.6338 million tons of steam, 1.519 billion kWh of electricity, 29.46 billion m³ of compressed air, and 77.42 million tons of sludge disposal [1] - The company has a high-temperature, high-pressure circulating fluidized bed boiler with low nitrogen combustion and self-desulfurization capabilities, meeting ultra-low emission standards [1] - Wuchan Huaneng aims to deepen strategic cooperation with coal resource providers and downstream customers, while promoting tire pyrolysis technology to enhance the circular economy [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No information provided. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Xingrong Environment, belonging to the public utilities industry. The reception time was July 9, 2025, and the listed company's reception staff was Liu Jie [17]. 3.2. Detailed Research Institutions - The research institutions include China Merchants Cigna (a life - insurance company with related personnel Chai Ruoqi, Peng Yiyang, and Zhao Ruoqiong), CITIC Asset Management (an asset management company with related personnel Zhang Xiaoliang, Sun Shuguang, Yuan Zhizhi, and Liu Jiangchao), and Changjiang Securities (a securities company with related personnel Xu Ke and Li Bowen) [18]. 3.3. Main Content Data - **Company's Main Business**: Xingrong Environment is a leading comprehensive water - environmental protection service provider in China, integrating investment, R & D, design, construction, and operation. Its business segments include tap - water business, sewage treatment and reclaimed - water utilization business, environmental protection business (including waste incineration power generation, landfill leachate treatment, sludge disposal, and food waste disposal), and engineering business [25]. - **Water Supply and Drainage Projects**: The scale of the company's current operating and under - construction water supply projects is about 4.3 million tons per day, with the remaining 400,000 tons per day of the third phase of Chengdu Tap - water Plant No.7 in the trial - operation stage. The scale of the company's current operating and under - construction sewage treatment projects exceeds 4.8 million tons per day, with over 4.5 million tons per day already in operation. The under - construction projects are planned to be put into operation in the next 1 - 2 years [27]. - **Water Supply and Drainage Pricing Mechanism**: For the water supply business, price adjustments can be applied to the government price administrative department under certain conditions. The adjustment must go through procedures such as cost supervision and hearings and be adjusted synchronously with upstream resource water prices. For the sewage treatment business, the service - fee unit price is adjusted regularly every 2 or 3 years according to the franchise agreement. Temporary adjustments can be applied for due to factors such as changes in sewage - treatment discharge standards. The tentative average sewage - treatment service fee in the fifth phase (2024 - 2026) in the central urban area of Chengdu is 2.63 yuan per ton [29][30]. - **Waste Incineration Power Generation Project**: The company is currently promoting the construction of the third phase of Chengdu Wanxing Environmental Protection Power Plant, with a domestic - waste treatment scale of 5,100 tons per day, a sludge co - treatment scale of 800 tons per day, and a food - waste treatment scale of 800 tons per day. It is expected to be put into operation in 2026 [32]. - **Sludge Disposal Business**: The scale of the company's current operating and under - construction sludge - disposal projects is 3,116 tons per day. Operating projects include the first, second, and third phases of Chengdu First Urban Sewage Sludge Treatment Plant (with a total treatment scale of 1,400 tons per day), the first and second phases of Wanxing Environmental Protection Power Plant (with a total sludge co - treatment scale of 820 tons per day), and a ditch - sludge disposal project (with a treatment scale of about 96 tons per day). The under - construction project is the third phase of Chengdu Wanxing Environmental Protection Power Plant, with a sludge co - treatment scale of 800 tons per day [34][35]. - **Accounts Receivable**: With the company's market expansion and business - scale growth in recent years, accounts receivable have increased. The company attaches great importance to accounts - receivable management and actively conducts collection work [37]. - **Capital Expenditure and Dividends**: The company has had large capital expenditures in recent years due to multiple water - supply, drainage, and solid - waste projects. These projects will be put into operation in the next 1 - 2 years, and capital expenditures will gradually decline. The company values shareholder returns and has been increasing the cash - dividend ratio in recent years. In the future, it will be more capable of further improving the level of shareholder returns [38].

Group 1: Company Overview - The company is a leading comprehensive water and environmental service provider in China, integrating investment, research and development, design, construction, and operation [2] - Main business areas include drinking water supply, wastewater treatment, reclaimed water utilization, and environmental protection services [2] Group 2: Project Scale and Status - Current operational and under-construction water supply projects have a total scale of approximately 4.3 million tons per day, with ongoing projects primarily at Chengdu Water Plant Phase III [3] - The company operates and has under construction wastewater treatment projects exceeding 4.8 million tons per day, with over 4.5 million tons per day already in operation [3] Group 3: Pricing Mechanisms - Water supply pricing adjustments are based on national policies and must go through cost audits and public hearings [3] - The average wastewater treatment service fee in Chengdu's central urban area for 2024-2026 is set at 2.63 CNY per ton, with adjustments occurring every 2-3 years based on specific conditions [3] Group 4: Waste Management Projects - The company is advancing the Chengdu Wanxing Environmental Power Plant (Phase III) project, which will handle 5,100 tons of household waste per day and 800 tons of kitchen waste per day, expected to be operational by 2026 [4] - Current operational and under-construction sludge disposal projects have a total scale of 3,116 tons per day [4] Group 5: Financial Management - The company has seen an increase in accounts receivable due to market expansion and is actively managing collections [4] - Future capital expenditures are expected to decrease as major projects are completed and begin to generate benefits, with a focus on increasing cash dividends for shareholders [4]

Group 1: Company Overview - The company is a leading comprehensive water and environmental service provider in China, with a complete industrial chain including investment, research and development, design, construction, and operation [2][3]. Group 2: Project Operations - The company currently operates and has under construction water supply projects with a scale of approximately 4.3 million tons/day and wastewater treatment projects exceeding 4.8 million tons/day [3]. - The Chengdu Xiwayan Reclaimed Water Plant has been put into operation this year, while the Chengdu Water Supply Plant Phase III (remaining 400,000 tons/day) and Chengdu Sixth Reclaimed Water Plant (Phase II) are in debugging or trial operation stages [3]. Group 3: Waste-to-Energy Projects - The company is advancing the Chengdu Wanxing Environmental Power Plant (Phase III) project, which has a household waste treatment capacity of 5,100 tons/day, sludge co-treatment capacity of 800 tons/day, and kitchen waste treatment capacity of 800 tons/day, expected to be operational by 2026 [3]. Group 4: Accounts Receivable Management - The company has seen an increase in accounts receivable due to market expansion and business growth, and it places high importance on accounts receivable management and collection efforts [3]. Group 5: Pricing Mechanism - The wastewater treatment service fee is adjusted according to the terms set in the franchise agreement with relevant government entities, typically reviewed annually or biannually. The tentative price for the fifth phase (2024-2026) of wastewater treatment services in Chengdu's central urban area is set at 2.63 CNY/ton [4]. Group 6: Capital Expenditure and Dividends - The company has significant capital expenditures due to multiple water supply and solid waste projects, which are expected to decrease as these projects come online in the next 1-2 years. The company emphasizes shareholder returns and aims to increase cash dividend ratios as major projects are completed and capacity is released [4].