Core Viewpoint - Taizhou Water (01542.HK) aims to optimize its capital structure and reduce financial costs through a non-public issuance of debt financing tools, which was approved by shareholders in December 2022 [1] Group 1: Company Actions - The company has received approval from the China Interbank Market Dealers Association for the issuance of non-public debt financing tools with a registered amount not exceeding RMB 1 billion [1] - As of the announcement date, the company has issued three phases of non-public debt financing tools, each amounting to RMB 150 million, with one phase set to mature on January 7, 2026 [1] Group 2: Market Position and Financial Metrics - Taizhou Water has a market capitalization of HKD 64 million, ranking 15th in the water utility II industry [1] - Key financial metrics compared to the industry average are as follows: - Return on Equity (ROE): -9.9% vs. industry average of 1.5% [1] - Market capitalization: HKD 64 million vs. industry average of RMB 5.682 billion [1] - Revenue: RMB 575 million vs. industry average of RMB 4.687 billion [1] - Net Profit Margin: -8.74% vs. industry average of -4.06% [1] - Gross Margin: 18.88% vs. industry average of 36.71% [1] - Debt Ratio: 83.12% vs. industry average of 174.52% [1] Group 3: Analyst Attention - There has been low attention from investment banks, with no ratings given in the past 90 days [1]

考虑到中国银行间市场交易商协会及股东对发行非公开定向债务融资工具的批准已于2025年6月届满， 为确保集团后续融资渠道的顺畅运作及满足业务发展资金需求，于2025年12月5日，董事会已决议提呈 股东审议及批准建议根据公司章程、中国公司法、中国证券法以及其他相关法律及法规，及视乎公司的 业务发展及财务需求，于中国银行间市场交易商协会再次申请债务融资工具的注册配额(于中国的注册 本金额不超过人民币10亿元)及透过非公开定向发行方式发行有关债务融资工具(即2025年非公开定向债 务融资工具)。 智通财经APP讯，台州水务(01542)发布公告，为优化公司的资本结构，降低财务费用，并进一步提高公 司的综合实力，透过非公开定向发行方式发行债务融资工具在公司于2022年12月23日举行的股东特别大 会上以特别决议案获股东批准。于2023年6月，2022年非公开定向债务融资工具获中国银行间市场交易 商协会批准(注册本金额不超过人民币10亿元)。截至本公告日期，集团已合计发行叁期(各期金额为人民 币1.5亿元)非公开定向债务融资工具，尚余一期将于2026年1月7日到期的债务融资工具尚未偿还。 ...

Core Points - The document outlines the information disclosure management system for Shanxi Lu'an Environmental Protection Energy Development Co., Ltd in the interbank bond market, aiming to enhance the quality of information disclosure and protect the rights of the company and its investors [1][2][3] Group 1: General Principles - The company establishes a responsible person for information disclosure, who coordinates related work and maintains investor relations [2] - The company must fulfill its information disclosure obligations timely and fairly, ensuring the content is true, accurate, and complete [2][4] - Information disclosure should adhere to principles of truthfulness, accuracy, completeness, timeliness, and fairness [4] Group 2: Disclosure Standards - Information disclosure includes all information required by regulatory bodies during the issuance or existence of debt financing tools that may significantly impact the company's debt repayment ability [3][4] - The company must disclose specific documents before issuing debt financing tools, including audited financial reports and credit rating reports [8] Group 3: Disclosure Content - The company must disclose the actual issuance scale, price, and term of debt financing tools by the next working day after the debt registration date [5] - Regular reports must be disclosed within specified timeframes, including annual, semi-annual, and quarterly financial statements [12][13] Group 4: Major Events Disclosure - The company must disclose significant events that may affect the repayment ability of debt financing tools or investor rights promptly [6][7] - Major events include changes in company name, significant operational changes, and changes in key personnel [7] Group 5: Management and Responsibility - The board of directors is responsible for overseeing the information disclosure work, with the board secretary acting as the main responsible person [30][31] - All relevant personnel must ensure the accuracy and completeness of the information disclosed [14][15] Group 6: Confidentiality Measures - The company must implement strict confidentiality measures to protect insider information and prevent unauthorized disclosures [41][42] - Individuals with access to insider information are obligated to maintain confidentiality and are prohibited from insider trading [43][44] Group 7: Accountability and Penalties - Company directors and senior management are accountable for the truthfulness and accuracy of disclosed information [52] - Violations of disclosure obligations may lead to internal penalties or legal actions if severe [55]