在2025年上半年复杂多变的经济环境下，大众公用（600635.SH/01635.HK）交出了一份亮眼的成绩单。 二、创投业务的"科技风口"成长弹性 创投业务的"科技风口"成长弹性，为大众公用注入强劲的增长动能。而优质资产价值重估是核心驱动 力。 报告期内，公司实现归属于上市公司股东的净利润3.33亿元，同比飙升172.62%；扣除非经常性损益的 净利润2.65亿元，同比增长143.19%。此外，经营活动现金流量净额达7.61亿元，同比激增160.29%。 在当前A股主线模糊、波动加剧的市场中，这一业绩不仅彰显了公司强大的盈利韧性，更印证了其"公 用事业现金牛+创投业务成长期权"的双重投资逻辑。 一、公用事业主业的"类债券"防御属性 大众公用公用事业主业的"类债券"防御属性，是其业绩增长的基石。 这一板块依托区域垄断护城河，需求刚性特征显著。燃气业务方面，上海大众燃气覆盖黄浦江以西、苏 州河以南七个行政区域，南通大众燃气独家服务南通市区，形成难以替代的管道燃气供应壁垒。 污水处理业务同样稳固，公司在上海、江苏运营9家污水处理厂，总处理能力46.5万吨/日，其中大众嘉 定污水厂出水标准达上海最高一级A+级。这些 ...

Group 1 - The top 100 private enterprises in Hebei Province for 2025 have a total operating income of 37,709.11 billion yuan, total assets of 26,764.14 billion yuan, and total tax payments of 874.74 billion yuan, reflecting year-on-year growth of 2.29%, 2.41%, and 2.45% respectively [1] - The number of employees across these enterprises totals 886,300, with 23 companies employing over 10,000 staff [1] - The enterprises span 23 industries, with the steel industry (black metal smelting and rolling processing) having the highest representation at 40 companies [1] Group 2 - Among the top 10 companies, 10 have entered the "billion-yuan revenue club," with the ranking from 4th to 10th being Great Wall Motors (202.195 billion yuan), Xinhua Metallurgy (172.823 billion yuan), Xin'ao Group (156.6 billion yuan), Jinxin Steel (144.578 billion yuan), Puyang Steel (131.547 billion yuan), Xinda Steel (120.629 billion yuan), and Xinhai Holdings (116.026 billion yuan) [3] - Great Wall Motors leads in R&D investment among private enterprises, with an investment of 10.4 billion yuan last year and a workforce of 23,000 engineers [3] - Great Wall Motors achieved a total vehicle sales of 1,233,300 units last year, with 322,000 units being new energy vehicles, marking a year-on-year increase of 22.82% [3] Group 3 - Xin'ao Group is the only non-manufacturing company in the top 10, focusing on urban gas operations and providing energy services to over 31 million households and more than 270,000 enterprises across 21 provinces [6] - Eight companies in the top 100 have total assets exceeding 100 billion yuan, with Xin'ao Group ranking first, followed by Great Wall Motors, Jinan Steel, Delong Steel, and Xinhua Metallurgy [6] Group 4 - The top three steel companies are Jingye Group (368.569 billion yuan), Jinan Steel (241.321 billion yuan), and Delong Steel (210.676 billion yuan), with Jingye Group also ranking first in the 2025 Hebei Province Manufacturing Private Enterprises 100 [8] - Jingye Group has made significant investments in technological innovation, achieving breakthroughs in steel product development and integrating advanced technologies such as 5G and AI into its operations [9]