Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The environmental protection industry is experiencing dual growth in cash flow and performance, with an emphasis on increasing dividends and a continuous focus on the bio-oil sector due to the revaluation of oil and gas assets [1] - The report highlights the significant growth potential in waste-to-energy, emphasizing its unique position as a scarce green energy source with substantial cash flow increases and resource value [1][19] - The report suggests that the sector is poised for growth driven by policy support, operational efficiency improvements, and international expansion opportunities [19] Industry Performance - The report indicates a 34% increase in performance for Longjing Environmental in 2025, with a revenue of 6.548 billion yuan and a net profit of 2.245 billion yuan [1] - The report notes that the waste sector is expected to see a significant increase in cash flow and dividend potential, with a projected increase in the dividend payout ratio from 114% to 141% [19] - The report also mentions the strong performance of companies like Green Power and Yongxing Co., with notable increases in revenue and net profit [1] Key Recommendations - The report recommends focusing on companies such as Longjing Environmental, Green Power, and Hanhai Environmental for their strong growth potential and dividend capabilities [1] - It also suggests monitoring companies like Deyu Water and Xinyuan Environment for their potential in the water sector, which is expected to follow a similar growth trajectory as waste-to-energy [20] Bio-Oil Sector Insights - The report states that the prices of bio-jet fuel and waste oil remain stable, with bio-jet fuel prices in Europe averaging $2800 per ton and in China at $2250 per ton [26] - The report highlights the profitability of bio-diesel production, with domestic prices for first-generation bio-diesel at 8100 yuan per ton, reflecting a 1% increase [26][27] Sanitation Equipment Market - The report notes a 208.44% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 32.38% [41] - It emphasizes the growth potential in the sanitation equipment sector driven by policy support and technological advancements [41] Lithium Battery Recycling - The report indicates stable profitability in lithium battery recycling, with prices for lithium and carbonate showing slight fluctuations [53][54] - It highlights the importance of improving recycling rates to enhance profitability in the sector [53]

Investment Rating - The report maintains a "Buy" rating for both H-shares and A-shares of the company [1] Core Views - The company has shown significant improvements in revenue from solid waste management and cost reduction, leading to enhanced cash flow and dividends [7] - The company successfully acquired the Henan Xinmi waste incineration power generation project, which will enhance operational synergies [7] - The financial outlook is positive, with expected increases in net profit and earnings per share (EPS) over the next few years [7] Financial Summary - Total revenue for 2025 is projected at 35.34 billion yuan, a year-on-year increase of 3.97% [7] - Net profit attributable to shareholders is expected to reach 6.18 billion yuan in 2025, reflecting a growth of 5.54% [7] - The company’s EPS is forecasted to be 0.43 yuan in 2026, increasing to 0.60 yuan by 2028 [1] - The price-to-earnings (P/E) ratio for A-shares is projected to decrease from 22.45 in 2026 to 16.23 in 2028 [1] Cash Flow and Dividends - Operating cash flow for 2025 is expected to be 18.46 billion yuan, an increase of 28.32% [7] - The company plans to distribute a dividend of 0.32 yuan per share in 2025, with a payout ratio of 73.53% [7] - Free cash flow is projected to grow to 15.85 billion yuan, reflecting a 48.33% increase [7]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Insights - Despite the impairment of hazardous waste in Huludao affecting performance, the company's net profit attributable to shareholders still increased by 5.54% year-on-year. The operating cash flow continues to improve, with cash dividends further increasing to 454 million yuan, corresponding to a dividend payout ratio of 73.53% [2][12]. - The company achieved an operating revenue of 3.534 billion yuan in 2025, representing a year-on-year growth of 3.97%. The net profit attributable to shareholders was 618 million yuan, with a growth of 5.54% year-on-year [12]. - The company reported a significant increase in steam supply, with a growth rate of 98.81%, making it a prominent operational highlight [12]. - The company has a strong free cash flow, with net cash flow from operating activities reaching 1.846 billion yuan, a year-on-year increase of 28% [12]. Financial Summary - Total operating revenue for 2025 is projected at 3.534 billion yuan, with a year-on-year increase of 4.0% [5]. - The net profit attributable to shareholders is expected to be 618 million yuan for 2025, reflecting a growth of 5.5% [5]. - The earnings per share (EPS) for 2025 is estimated at 0.43 yuan, with a projected price-to-earnings (P/E) ratio of 22.45 [5][12]. - The company’s return on equity (ROE) is projected to be 7.5% for 2025, with a net asset return rate of 1.7 [5][12]. Dividend Policy - The company’s cash dividend amount increased to 454 million yuan in 2025, marking an 8.62% year-on-year growth, with a dividend payout ratio of 73.53% [12]. - The dividend policy is characterized by strong sustainability, supported by robust operating cash flow and declining capital expenditures [12].

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company [3] Core Insights - The company has shown steady improvement in operational performance, with continuous increases in dividend payouts [2] - The company reported a revenue of RMB 3.534 billion for 2025, reflecting a year-on-year growth of 3.97%, and a net profit attributable to shareholders of RMB 618 million, up 5.54% year-on-year [6] - The company has effectively reduced procurement costs and energy consumption through centralized purchasing and refined management, resulting in a gross margin increase of 1.23 percentage points to 46.67% in 2025 [6] - The company plans to distribute a cash dividend of RMB 0.22 per share (before tax), alongside a mid-term dividend of RMB 0.1 per share (before tax), leading to a total cash dividend payout of RMB 4.54 billion for 2025, which is an 8.6% increase year-on-year [6] - The company has doubled its steam supply volume, with a 98.81% year-on-year increase to 112.05 million tons in 2025 [6] - The company expects net profits for 2026-2028 to be RMB 760 million, RMB 786 million, and RMB 806 million, respectively, with corresponding P/E ratios of 18.2, 17.6, and 17.2 [6] Financial Summary - Revenue projections for 2024A to 2028E are as follows: RMB 3.399 billion, RMB 3.534 billion, RMB 3.563 billion, RMB 3.586 billion, and RMB 3.599 billion, with growth rates of -14.1%, 4.0%, 0.8%, 0.7%, and 0.4% respectively [2] - EBITDA is projected to increase from RMB 1.834 billion in 2024A to RMB 2.024 billion in 2028E [2] - The company's earnings per share (EPS) is expected to rise from RMB 0.42 in 2024A to RMB 0.56 in 2028E [2] - The return on equity (ROE) is projected to improve from 7.3% in 2024A to 9.0% in 2027E and 2028E [2] - The company's financial expenses decreased by 14.73% year-on-year to RMB 3.82 billion in 2025, benefiting from a reduction in long-term borrowings [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 承董事會命 綠色動力環保集團股份有限公司 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 海外監管公告 本公告乃由綠色動力環保集團股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條 作 出。 以下為本公司於上海證券交易所網站刊發之綠色動力環保集團股份有限公司 《第 五 屆 董 事 會 第 二 十 一 次 會 議 決 議 公 告》，僅 供 參 閱。 一、审议通过了《关于<绿色动力环保集团股份有限公司 2025 年度总经理工 作报告>的议案》。同意公司管理层编制的《绿色动力环保集团股份有限公司 2025 年度总经理工作报告》。 ...

綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 海外監管公告 本公告乃由綠色動力環保集團股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條 作 出。 以下為本公司於上海證券交易所網站刊發之綠色動力環保集團股份有限公司 《關 於 為 子 公 司 提 供 擔 保 的 公 告》，僅 供 參 閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 綠色動力環保集團股份有限公司 董事長 成蘇寧 中 國，深 圳 二零二六年三月二十七日 於 本 公 告 日 期，執 行 董 事 為 成 蘇 寧 先 生 及 胡 聲 泳 先 生；非 執 行 董 事 為 趙 志 雄 先 生、胡 天 ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | --- | --- | --- | --- | | 股票發行人現金股息公告 | | | | | 發行人名稱 | 綠色動力環保集團股份有限公司 | | | | 股份代號 | 01330 | | | | 多櫃檯股份代號及貨幣 | 不適用 | | | | 相關股份代號及名稱 | 不適用 | | | | 公告標題 | 截至二零二五年十二月三十一日止年度的末期股息 | | | | 公告日期 | 2026年3月27日 | | | | 公告狀態 | 新公告 | | | | 股息信息 | | | | | 股息類型 | 末期 | | | | 股息性質 | 普通股息 | | | | 財政年末 | 2025年12月31日 | | | | 宣派股息的報告期末 | 2025年12月31日 | | | | 宣派股息 | 每 股 0.22 RMB | | | | 股東批准日期 | 有待公佈 ...

(於中華人民共和國註冊成立的股份有限公司) 股份代號 : 1330.HK & 601330.SH D Y N A G R E E N E N V I R O N M E N T A L 環境、社會及治理報告 Environmental, Social and Governance Report 總機：+86-755-36807688 傳真：+86-755-33631220 信箱： ir@dynagreen.com.cn 地址：深圳市南山區科技南十二路7號九洲大樓二樓 綠色動力環保集團股份有限公司 㜡デ㼫隡 㜡デ嚋屣 劥㜡デ僽笂蒀⹛⸂橇⥂꧋㕰肅⟧剣ꣳⰖ涮⡑涸痦10⟧橇㞯ծ爢剚⿺屛椚ESG㼠갪㜡デկ劥 衼㹐錙ծ鋊眔ծ鷳僈ㄤⰌ涸⾲㜡デ禹窠䫪ꪪ✫笂蒀⹛⸂橇⥂꧋㕰肅⟧剣ꣳⰖ2025䎃㖈 橇㞯ծ爢剚⿺Ⱆ屛椚陾겗♳涸盗椚䲃倶莄䊨⡲籑佪կ 㜡デ眔㕠 劥㜡デ䨾䫪ꪪ涸橇㞯侷亘銻覇꧋㕰帿㖕籎鿈⟄⿺37⦐㘏㖤揯敮涮ꨵ갪湡ⴔⴽ⡙倴䌢䊜ծ嵳 㻞ծ䎂ꤿծ宕㎗ծ蟚䊜ծ娀恍ծ岲䊜ծ✌㿋ծ㸝갫ծ謽䊜ծ䟃䊜ծ〣㺂ծ赵㚗ծ鸑䊜ծ㻞屎ծ 䑝⯋ծ㺙ꨢծ⢕加倛ծ寀걧ծ⽇涯ծ畎⚊ծ㔋剚ծ秋㸝ծ瀖껷ծ涬㼓ծ㹆僱ծꆄ尪ծ鞮㙹ծ䛸 倶ծ剶䊜ծ袭象䃋⿺ꫴ銯կ 儗眔 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 計提資產減值準備 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)條 及13.10B條 及證券及期貨條例（香 港 法 例 第571章）第XIVA部 分 有 關 內 幕 消 息 的 規 定 作 出。 綠色動力環保集團股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹此宣 佈，本 公 司 為 客 觀 反 映 本 公 司 財 務 狀 況 和 經 營 成 果，按 照《企 業 會 計 準 則》等 相 關 規 定，基 於 謹 慎 性 原 則，於 年 末 對 出 現 減 值 跡 象 的 相 關 ...

Dividend and Profit Distribution - The company announced a cash dividend of RMB 0.22 per share (pre-tax) based on the total share capital as of the 2025 annual profit distribution registration date[6]. - The company has committed to a cash dividend payout of at least 40%, 45%, and 50% of distributable profits for the years 2024, 2025, and 2026, respectively[155]. - The board of directors proposed a final dividend of RMB 0.22 per share (pre-tax), totaling approximately RMB 31,472.86 million, subject to shareholder approval at the annual general meeting[135]. - The company has a calculated distributable reserve for dividends of RMB 2,002,792,733.28, with no share premium account available for capitalized dividend distribution[143]. Financial Performance - The company's operating revenue for 2025 reached approximately CNY 3.53 billion, representing a 3.97% increase compared to 2024[28]. - The total profit for 2025 was approximately CNY 789.92 million, reflecting an 11.86% increase from the previous year[28]. - Net profit attributable to shareholders for 2025 was approximately CNY 617.50 million, a 5.54% increase compared to 2024[28]. - The net cash flow from operating activities significantly improved to approximately CNY 1.85 billion, marking a 28.32% increase year-over-year[28]. - The basic earnings per share for 2025 was CNY 0.44, up 4.76% from CNY 0.42 in 2024[29]. - The company's net assets attributable to shareholders increased to approximately CNY 8.27 billion, a 2.65% rise from the previous year[28]. - The total assets as of the end of 2025 were approximately CNY 21.93 billion, a slight decrease of 0.28% compared to 2024[28]. - The company's debt decreased to RMB 8,369,870,399.78 as of December 31, 2025, down from RMB 9,145,064,463.98 at the end of 2024, representing a reduction of RMB 775,194,064.20[4]. - The company's asset-liability ratio improved to 60.45% as of December 31, 2025, down from 61.21% at the end of 2024[3]. Operational Highlights - The company processed approximately 14.73 million tons of household waste, generating around 435.93 million kWh of green electricity[37]. - The company operates 37 waste-to-energy projects with a waste processing capacity of 40,300 tons per day and an installed capacity of 857 MW as of December 31, 2025, ranking among the industry leaders[39]. - The company primarily uses the BOT model for its waste-to-energy business, with a concession period typically lasting 25 to 30 years, generating revenue from waste treatment fees and electricity sales[40]. - The company processed a total of 14.7296 million tons of municipal solid waste in 2025, representing a 2.41% increase compared to the previous year[55]. - The total electricity generated was 4.35928 billion kWh, which is a 2.31% increase year-on-year[55]. - The steam supply volume reached 1.1205 million tons, showing a significant increase of 98.81% year-on-year[55]. Risk Management and Compliance - The company guarantees the authenticity, accuracy, and completeness of the annual report, with no false records or misleading statements[4]. - The company has detailed the risks it may face in the report, particularly in the section on future development discussions and analyses[7]. - The company has received a standard unqualified audit opinion from its auditing firm[9]. - The company has no unremedied losses affecting dividend distribution and other matters[7]. - The company has no non-operational fund occupation by controlling shareholders or related parties[7]. - The company is exposed to risks related to project construction cost overruns and delays due to factors beyond its control, such as material price fluctuations and labor disputes[128]. - The company will closely monitor policy changes and advocate for stable environmental policies through industry organizations[122]. Technological Innovation and Development - The company is focused on developing new technologies and products related to waste management and energy generation, aligning with industry trends towards sustainability[18]. - The company has developed a proprietary three-drive reverse-push incinerator, which allows for better control of combustion conditions and lower ash thermal loss rates[42]. - The company has received 85 authorized patents, including 18 invention patents, and is actively involved in national key research projects to enhance its technological capabilities[61]. - The company aims to enhance profitability through technological innovation and digital transformation, focusing on smart operations and exploring new value in existing assets under the national "dual carbon" strategy[38]. Market Expansion and Strategic Initiatives - The company is committed to expanding its waste-to-energy capacity through various projects, enhancing its market presence in the environmental energy sector[18]. - The company is actively expanding its overseas market presence and pursuing project acquisitions while enhancing its technological innovation and digital transformation[54]. - The company is focusing on overseas markets, particularly in countries along the Belt and Road Initiative, to expand its influence[116]. - The company plans to explore new business opportunities in energy conservation and environmental protection to foster new growth points[120]. Governance and Management - The company has established a strong project management team to address construction challenges and ensure timely project completion[128]. - The management team has extensive experience, with key members having backgrounds in state-owned asset management and financial services[167]. - The company is focusing on strategic management and governance, with a commitment to enhancing corporate social responsibility[166]. - The company has maintained high-frequency communication with investors through various channels to enhance governance transparency[155]. - The board of directors consists of both executive and non-executive members, including the chairman Cheng Suning and independent non-executive directors Zhou Beihai, Ouyang Jieqiao, and Zheng Zhiming[200]. Environmental and Social Responsibility - The company is committed to adhering to environmental standards and increasing transparency to improve public understanding of waste incineration[126]. - The company has implemented measures to mitigate environmental pollution risks during project construction and operation, including air and wastewater treatment[129]. - The company will continue to play a pivotal role in urban environmental infrastructure, contributing to pollution prevention and the circular economy[118].