Core Viewpoint - The announcement details the change of the continuous supervision sponsor representative for Heilongjiang Guozhong Water Co., Ltd. from Li Ran to Zhao Zhidan due to personal reasons [1][2]. Group 1: Change of Sponsor Representative - Heilongjiang Guozhong Water Co., Ltd. completed its non-public stock issuance in March 2017, with Shenwan Hongyuan Securities acting as the sponsor [1]. - Li Ran has stepped down as the sponsor representative and has been replaced by Zhao Zhidan, who will continue to fulfill the relevant duties [1]. - The company expresses gratitude for Li Ran's contributions during his tenure as the sponsor representative [2]. Group 2: Background of New Representative - Zhao Zhidan is currently the executive director and sponsor representative at Shenwan Hongyuan Securities, with a good professional record [3]. - Zhao has been involved in various projects, including the public issuance of convertible bonds for Hongcheng Environment and stock issuance for Huawu Co., Ltd. [3].

Group 1 - The core issue revolves around the internal power struggle at Beijing Huiyuan Food and Beverage Co., with Wang Qinghan's recent appointment as general manager highlighting the conflict between the new and original management teams [1][2][3] - Wang Qinghan's public letter indicates that the new management team, backed by Shanghai Wensheng Asset Management Co., has taken control after a capital increase, while the original management team has accused them of illegal actions and disruption of normal operations [2][3] - The restructuring process has reached a stalemate, with the original management team still controlling the supply chain and distribution channels, while the new management holds the "Huiyuan" brand [1][5][6] Group 2 - The restructuring plan approved in June 2022 involved a capital increase of 1.6 billion yuan over three years, but delays in funding have strained relations between the parties [2][5] - The original management team has raised concerns about the new management's actions, including the alleged misuse of company resources and the impact on employee rights and operations [3][4][6] - The ongoing conflict has led to disruptions in e-commerce operations, although offline sales have not yet been significantly affected [1][6] Group 3 - The new management plans to initiate public bidding for contract manufacturing and recruit distributors, potentially escalating the competition and market confusion [7] - Industry experts suggest that the power struggle may harm the brand and overall business, as both sides prioritize their interests over the company's recovery [7][8] - The situation poses risks for creditors and potential investors, as the ongoing disputes could hinder future growth and stability [6][7]

Group 1 - The announcement from Guozhong Water indicated a change in the sponsor representative for its ongoing issuance supervision work, with Shenwan Hongyuan now responsible for this role [2] - The new sponsor representatives are Mr. Zhao Zhidan and Mr. Cai Ming [2] - This change is part of the company's efforts to ensure compliance and effective management of its issuance process [2]

证券代码：600187 证券简称：国中水务 编号：临 2025-031 黑龙江国中水务股份有限公司 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 黑龙江国中水务股份有限公司（以下简称"公司"）于 2017 年 3 月完成 2015 年度非公开发行股票（以 下简称"本次发行"）工作，申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"）担 任公司本次发行的保荐机构，履行持续督导职责，指派保荐代表人李然先生、蔡明先生负责公司的持续督 导工作。 2025 年 9 月 22 日，公司收到申万宏源承销保荐《关于更换黑龙江国中水务股份有限公司 2015 年非公 开发行股票项目持续督导保荐代表人的函》，李然先生因个人原因，不再担任公司有关保荐代表人的工作， 由赵志丹先生接替李然先生担任保荐代表人，并继续履行相关职责。 公司董事会对李然先生在担任公司保荐代表人期间所作出的贡献表示衷心感谢！ 特此公告。 黑龙江国中水务股份有限公司董事会 2025 年 9 月 24 日 附件：赵志丹先生简历 赵志 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The Ministry of Ecology and Environment held a press conference on "High-Quality Completion of the 14th Five-Year Plan," indicating ongoing progress in the "dual carbon" policy [1] - Solid waste management and water governance policies are expected to strengthen the fundamentals of hazardous waste and water-related companies [13] - The demand for environmental monitoring equipment is anticipated to continue growing due to the ongoing "dual carbon" policy [13] Summary by Sections Industry Trends - Since the beginning of the 14th Five-Year Plan, the capacity for hazardous waste utilization and disposal has increased by 58.8%, and the capacity for municipal solid waste incineration has increased by 72.4% compared to the end of the 13th Five-Year Plan [10] - Over 3000 solid waste management projects have been implemented across 113 cities, with an investment of approximately 560 billion yuan [10] Solid Waste Management - The solid waste sector has seen a significant improvement in cash flow and dividend payouts, with a focus on operational efficiency and cost reduction [14] - The average revenue growth for the solid waste sector was 1%, with net profit increasing by 8% in the first half of 2025 [14] Water Management - The water sector is expected to experience a cash flow turnaround similar to that of the waste incineration sector, with a projected increase in free cash flow starting in 2026 [18] - Water pricing reforms are being implemented in cities like Guangzhou and Shenzhen, which may lead to a new round of price adjustments [18] Sanitation Equipment - The penetration rate of electric sanitation vehicles increased by 6.53 percentage points to 16.71% in the first eight months of 2025, with sales of electric sanitation vehicles rising by 69.34% year-on-year [22] - The total sales of sanitation vehicles reached 49,577 units, reflecting a year-on-year increase of 3.2% [22] Bio-Diesel - The average price of waste cooking oil increased to 6,713 yuan per ton, while the average price of biodiesel remained stable at 8,400 yuan per ton, resulting in a decrease in profit margins [34] Lithium Battery Recycling - The prices of metals and discounts on ternary battery materials have increased, leading to improved profitability in lithium battery recycling [39]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the water production and supply industry in China, with a total of 4,146 companies reported as of January to July 2025, marking an increase of 241 companies compared to the same period last year, representing a year-on-year growth of 6.17% [1] - The report indicates that the water production and supply industry accounts for 0.8% of the total industrial enterprises in China [1] - The data referenced in the article is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [2] Group 2 - The article mentions several listed companies in the water production and supply sector, including Ba'an Water (300262), Energy Conservation Guozhen (300388), Boschke (300422), and others [1] - The report titled "2025-2031 China Water Production and Supply Industry Market Development Scale and Investment Opportunity Analysis Report" was published by Zhiyan Consulting [1] - The threshold for scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1]

Core Points - The company Guozhong Water announced the resignation of its vice chairman and director, Mr. Zhou Zhizhu, due to personal reasons [1] - Following his resignation, Mr. Zhou will no longer hold any position within the company [1]

Group 1 - The company Guozhong Water (SH 600187) announced the resignation of its vice chairman and director, Mr. Zhou Zhizhu, due to personal reasons, and he will not hold any position in the company after his resignation [1] - For the fiscal year 2024, the revenue composition of Guozhong Water is as follows: wastewater treatment revenue accounts for 88.62%, engineering services 3.55%, heating services 2.99%, other businesses 2.65%, and equipment sales 2.19% [1] - As of the report date, Guozhong Water has a market capitalization of 4.9 billion yuan [1]

特此公告。 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 一、审议情况 黑龙江国中水务股份有限公司（以下简称"公司"）第九届董事会董事周支柱先生因个人原因，近日向公 司董事会递交书面辞职报告，申请辞去公司副董事长、董事职务。辞职后，周支柱先生将不在公司担任任 何职务。 根据《中华人民共和国公司法》及《黑龙江国中水务股份有限公司章程》（以下简称"《公司章程》"） 规定，此次周支柱先生的辞职不会导致公司董事会成员低于法定最低人数，不会影响公司董事会的正常运 行，亦不会对公司的规范运作和日常运营产生不利影响，周支柱先生提交的辞职报告自送达董事会之日起 生效。 公司将按照相关法定程序，尽快完成董事的补选工作，保证公司治理结构完整，并及时履行信息披露 义务。周支柱先生在任职期间恪尽职守、勤勉尽责，在促进公司健康发展和规范运作等方面发挥了重要作 用。公司及董事会对周支柱先生在任职期间所作的贡献表示衷心感谢！ 证券代码：600187 证券简称：国中水务 编号：临 2025-030 黑龙江国中水务股份有限公司 关于公司董事辞职的公告 黑 ...

Core Points - The company, Heilongjiang Guozhong Water Co., Ltd., has approved the use of idle raised funds for cash management and redemption [1] - The board of directors has authorized the use of up to 100 million yuan for purchasing bank wealth management products, ensuring the safety and liquidity of the investments [1] - The company has successfully redeemed a structured deposit from Shanghai Rural Commercial Bank, with both principal and returns credited back to the corresponding raised funds account [1][2] Summary by Sections - **Board Approval**: The company held meetings on May 8, 2025, where the board and supervisory committee approved the plan to use idle funds for bank wealth management products [1] - **Investment Details**: The investment is capped at 100 million yuan, focusing on high safety, good liquidity, and capital protection agreements [1] - **Redemption Process**: On June 19, 2025, the company completed the redemption of the structured deposit, returning the principal and earnings to the raised funds account [1][2]