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，公司立足水务环保主业，秉持"内 生增长和外延并购"并重的发展思路，持续推进供排净治一体化整合。大力拓展成都市及周边区域水务 环保资源，加强川内合作，深挖省外市场，发挥规模效应，创造增量业绩。积极推动产业链的延伸，重 点开拓再生水利用、餐厨垃圾处置、废弃油脂资源化、垃圾焚烧炉渣资源化利用等产业细分市场，积极 拓展直饮水、瓶装饮用水等业务领域，探索水务环保战略性新兴市场。着力发展"轻资产"业务，探索委 托运营、专业技术支持/咨询、给排水管网探测等。公司在投资标的的筛选方面保持审慎，会充分评估 项目盈利能力、收益质量、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。 （文章来源：证券日报） ...

| 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 | 方德投资-田婉洲 | | 人员姓名 | | | 时间 2025 | 年 月 日 12 16 | | 地点 | 成都市兴蓉环境股份有限公司 | | 上市公司接待人 | 董事、董事会秘书 胡涵 | | 员姓名 | 证券事务部部长 梁一谷 | | | 一、主要交流内容： | | 问题 | 1：公司当前运营和在建的供排水及垃圾焚烧发电项目情况。 | | | 答：截至目前，公司运营及在建的供水项目规模约 430 万吨/日、 | | | 污水处理项目规模逾 万吨/日、垃圾焚烧发电项目规模为 480 | | 投资者关系活动 | 12,000 吨/日。 | | 主要内容介绍 问题 | 2：关于公司市场拓展情况。 | | | 答：公司立足水务环保主业，秉持"内生增长和外延并购"并重 | | | 的发展思路，持续推进供排净治一体化整合，大力拓展成都市及 | | | 周边区域水务环保资源，加强川内合 ...

Group 1 - The core focus of the investor relations activity was on the company's business development plans, project operations, accounts receivable, pricing adjustment procedures, and dividend policies [1] - The company is pursuing a dual strategy of "internal growth and external expansion" in its water and environmental protection business, aiming to enhance resource integration and explore new markets [1] - The company plans to align its strategies with national and local development plans, seeking to establish a "second growth curve" [1] Group 2 - As of now, the company has operational and ongoing water supply projects with a total scale of approximately 4.3 million tons per day, and sewage treatment projects exceeding 4.8 million tons per day [2] - The company is actively collecting accounts receivable in response to the expansion of its business scale, adapting to local payment policies [3] - The company will consider increasing its dividend levels in the future once capital expenditures decrease and free cash flow becomes abundant, aiming for a scientific, stable, and sustainable profit distribution mechanism [3]

Group 1: Business Development Strategy - The company focuses on water and environmental protection, emphasizing "internal growth and external expansion" to enhance integrated supply and drainage services [2] - Plans to extend operations in Chengdu and surrounding areas while exploring markets outside the province [2] - Aims to diversify and extend the industrial chain, targeting emerging markets in water reuse and waste management [2][3] Group 2: Current Operations and Projects - As of now, the company operates and is constructing water supply projects with a total scale of approximately 4.3 million tons/day (with 400,000 tons/day under construction) [3] - Wastewater treatment projects exceed 4.8 million tons/day (with 300,000 tons/day under construction) [3] - The scale of waste incineration power generation projects is 12,000 tons/day (with 5,100 tons/day under construction) [3] Group 3: Financial Management and Accounts Receivable - The company has seen an increase in accounts receivable due to market expansion and growing business scale [3] - Actively pursuing collection of accounts receivable in line with local repayment policies [3] Group 4: Pricing and Dividend Considerations - Water supply pricing is subject to national policies and must go through a series of approval processes before adjustments [4] - Wastewater treatment service fees are adjusted based on agreements with government entities, typically reviewed annually [4] - The company is exploring a sustainable profit distribution mechanism to enhance dividend levels once capital expenditures decrease post-project completion [4]

Group 1: Business Expansion Plans - The company focuses on water and environmental protection, emphasizing "internal growth and external expansion" while integrating supply, drainage, and treatment [2] - Plans to strengthen cooperation within Sichuan province and explore markets outside the province to leverage scale effects and create incremental performance [2] - Actively pursuing diversification in the water and environmental sector, including recycled water utilization and entering niche markets such as kitchen waste disposal and resource recovery from waste [2][3] Group 2: Project Timelines - The Chengdu Water Supply Plant Phase III, with a capacity of 400,000 tons/day, is expected to be operational within 2025 [3] - Several wastewater treatment projects are anticipated to be operational within the next 1-2 years, including the Chengdu Sixth Reclaimed Water Plant Phase II and the Chengdu Cooperation Wastewater Treatment Plant Phase IV [3] - The Chengdu Wanxing Environmental Power Plant Phase III is projected to be operational in 2026 [3] Group 3: Dividend Considerations - The company has significant capital expenditures due to multiple ongoing projects, which are expected to stabilize in the next 1-2 years as projects come online [3] - Plans to enhance dividend levels based on comprehensive assessments of operational funding needs, profitability, and cash flow [3] Group 4: Revenue Composition - "Other industries" in the 2025 semi-annual report includes revenue from services outside of water supply and wastewater treatment, such as detection, design, and equipment sales [3]

Core Points - A Hong Kong supplier, Xindingxin Trading Co., Ltd., has been accused of fraudulently using the brand name of a mainland company, Lebaisi, during a government tender process [1][6] - The Hong Kong government has terminated all contracts with Xindingxin, which had won a bottled water supply contract worth approximately HKD 52.94 million [1][6] - The incident has prompted the Hong Kong government to initiate a review of its procurement mechanisms and establish a dedicated task force to prevent future occurrences [6][7] Group 1: Company Involvement - Xindingxin was established in 2007 and is a private limited company in Hong Kong, with its sole director arrested for fraud [1][6] - The actual supplier of the water, Dongguan Guanyinshan Drinking Water Co., Ltd., has been found to have met production and quality standards, and there is no evidence of collusion with Xindingxin [2][3] Group 2: Government Response - The Hong Kong government has taken three major actions in response to the incident, including inviting the Audit Commission to conduct a review and forming a dedicated task force to examine procurement processes [6][7] - The Logistics Department has terminated contracts with Xindingxin and is coordinating with other departments to address the situation [6][9] - The government has implemented immediate measures to improve the procurement process, including stricter requirements for bidders and regular quality testing of supplied products [9][10]

Core Viewpoint - The Hong Kong government has terminated contracts with a water supplier, Xindingxin Trading Co., Ltd., due to fraudulent practices in the bidding process, where the company misrepresented its product as a well-known brand, resulting in a loss of approximately HKD 52.94 million [1][6]. Group 1: Company Background and Actions - Xindingxin Trading Co., Ltd. was established in 2007 and is a private limited company in Hong Kong, with its sole director arrested for fraud [1][2]. - The company won a government bottled water contract in June 2023, but was exposed in August for not having a legitimate partnership with the brand it claimed to represent [1][6]. Group 2: Investigation and Findings - Initial investigations revealed that Xindingxin engaged in fraudulent practices during the bidding process, but no collusion was found with the actual water supplier, Dongguan Guanyinshan Drinking Water Co., Ltd., which has been confirmed to meet production and quality standards [2][3]. - The Dongguan water plant has an annual production capacity of 50,000 tons and operates under proper mining licenses [5]. Group 3: Government Response and Measures - The Hong Kong government has initiated three follow-up measures, including inviting the Audit Commission to conduct a review, terminating contracts with Xindingxin, and forming a dedicated task force to review procurement mechanisms [6][7]. - The task force aims to provide immediate recommendations on due diligence, bidding criteria, contract management, and quality assurance before the completion of a comprehensive review [7]. Group 4: Procurement Process Improvement - The Logistics Department has acknowledged the inadequacies in the current procurement process and has implemented immediate optimizations, such as stricter eligibility criteria for bidders and requirements for regular water quality testing [9][10]. - The department has also arranged for temporary water supply from a previous contractor while re-tendering the contract [9].

Core Viewpoint - The Hong Kong government has terminated contracts with a water supplier, Xindingsheng Trading Co., Ltd., due to fraudulent practices in the bidding process, where the company misrepresented its product source [1][3]. Group 1: Company Background and Actions - Xindingsheng Trading Co., Ltd. was established in 2007 and is a private limited company in Hong Kong, with its sole director arrested for fraud [1]. - The company won a government bottled water contract worth approximately HKD 52.94 million in June 2023 but was exposed for not having a legitimate partnership with the brand it claimed to represent [1][2]. Group 2: Investigation and Findings - Initial investigations revealed that Xindingsheng Trading Co. engaged in credential fraud during the bidding process, but no collusion with the actual water supplier, Dongguan Guanyinshan Drinking Water Co., Ltd., was found [2]. - The Dongguan water plant, which has a production capacity of 50,000 tons per year, was confirmed to meet production and water quality standards [2]. Group 3: Government Response and Measures - The Hong Kong government has initiated three follow-up measures, including inviting the Audit Commission to conduct a review, expediting remedial actions, and forming a dedicated task force to examine the procurement mechanism [3][4]. - The Logistics Department has terminated contracts with Xindingsheng Trading Co. and is coordinating with other departments to address related contracts [4]. Group 4: Procurement Process Improvement - The Logistics Department has acknowledged the inadequacies in the current procurement mechanism and is working to optimize the bidding process to prevent future fraud [6]. - New procurement regulations have been introduced, including disqualifying bidders with significant past breaches of contract and requiring regular water quality testing reports from suppliers [6][7].

Core Viewpoint - The article highlights the development of the bottled water industry in Jingyu County, Jilin Province, emphasizing the region's abundant natural mineral water resources and the growth of local enterprises, particularly Nongfu Spring. Group 1: Water Source and Environment - Jingyu County is located at the foot of Changbai Mountain, known for its excellent ecological environment and abundant natural mineral water resources, with 38 identified springs and a daily water output of 108,600 tons [3][4] - The water source is only 2.3 kilometers from the factory, with a height difference of 29 meters, allowing for direct flow into the production facility [4] Group 2: Company Growth and Production Capacity - Nongfu Spring has expanded its production capacity significantly, growing from one production line in 2001 to 12 lines today, with employee numbers increasing from dozens to over 500 [6][8] - The hourly production of bottled water has increased from 36,000 bottles to 72,000 bottles, and the newly established barrel water production line can produce 12,000 barrels per hour [8] Group 3: Industry Development and Economic Impact - Jingyu County has established itself as a hub for mineral beverage companies, with a total of 12 enterprises in the area, projecting a cumulative output of 1.6795 million tons and a production value of 2.028 billion yuan in 2024 [8][10] - The establishment of the Changbai Mountain Natural Mineral Water Jingyu Water Source Protection Area in 2001 marked the beginning of the region's focus on protecting mineral water resources, which was later upgraded to a national-level nature reserve in 2012 [8][10] Group 4: Environmental Protection Initiatives - Jingyu County has invested over 56 million yuan in water resource protection and ecological restoration, including relocating residents and planting 15,400 acres of trees to enhance vegetation and water conservation [10] - The county promotes a model of development that emphasizes both resource protection and industrial growth, ensuring that enterprises monitor water sources and adhere to strict extraction limits [10]

Group 1 - The Zhengzhou Metro is launching a "Love Assistance for Exam" theme event from June 7 to June 9 to support students during the college entrance examination [2] - During the exam period, students and their accompanying family members can receive free metro tickets by presenting their exam admission tickets at the customer service center [2] - A green channel will be opened at all metro stations, allowing students and their families to undergo priority security checks with their admission tickets [2] Group 2 - The Zhengzhou Metro is collaborating with various companies to set up "Jingjing Assistance Service Stations" and "Jingjing Support Stations" at nine metro stations, providing bottled water and "Dream Building Star" support packages to students [3] - The support packages include items such as small fans, sun umbrellas, phone stands, and lucky socks, aimed at encouraging students [3] - Special decorations with motivational themes and blessings for students will be displayed at selected stations during the exam period [3] Group 3 - The metro stations will broadcast supportive messages and adjust the volume of announcements near exam venues to create a quieter environment for students [3] - The Zhengzhou Metro's official Weibo account will feature a dedicated topic, and in emergencies, a "Metro + Internet" mode will be activated to ensure timely responses to student needs [3]