Yinhua Shaoxing Original Water Water Conservancy REIT: Tangpu Reservoir Project's first-quarter raw water revenue decreased by 68.8% year-on-year

People’s Finance News April 3, 2026: On April 3, Yinhe Fund released a temporary announcement on the first-quarter operating performance of Yinhe Shaoxing Raw Water Water Conservancy REIT. Under this REIT, the Shaoxing City Tangpu Reservoir Water Conservancy Project’s 2026 first-quarter supply of raw water and raw water revenue (unaudited) saw a year-over-year change exceeding 20%. Specifically, in the first quarter, the Shaoxing City Tangpu Reservoir Water Conservancy Project supplied 20.6278 million cubic meters of raw water, down 68.8% year over year; it generated raw water revenue of 13.2178 million yuan, down 68.8% year over year. This event is expected to have a negative impact on the project company’s first-quarter revenue, profit margin, and cash flow, which in turn will affect the fund income distribution for fund unit holders for the current period, and may to some extent affect full-year operating performance. The announcement shows that as of April 2, the water level of the Tangpu Reservoir was 18.09 meters, and the Grade I response for emergency raw water supply protection has not yet been lifted; the Tangpu Reservoir’s water supply volume continues to be restricted.