此乃要件 請即處理 閣下對 本通函或應採取的行動 如有疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 名 下 綠色動力環保集團股份有限公司 的全部股份，應立即將本通函及隨附的代 表委任表格交予買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買 主或承讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因依賴有關內容 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） (1)建議採納限制性股票激勵計劃 (2)建議採納限制性股票激勵計劃管理辦法 (3)建議採納限制性股票激勵計劃實施考核管理辦法 (4)建議授權董事會辦理限制性股票激勵計劃相關事宜 (5)建議為附屬公司提供擔保 及 二零二五年第三次臨時股東會通告 一份由董事會發出的函 ...

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 18.97%, with 234 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,795.42 million shares, accounting for 14.50% of the total market value of the stocks [1] Group 1: Shareholding Distribution - 234 stocks have a shareholding ratio of over 20%, 134 stocks between 10% and 20%, 94 stocks between 5% and 10%, 83 stocks between 1% and 5%, and 20 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, holding 9,876.68 million shares, which is 71.15% of its issued shares [2] - Other notable stocks include COSCO Shipping Energy, holding 70.14%, and GCL-Poly Energy, holding 70.09% [2] Group 2: Industry Concentration - Southbound funds with a shareholding ratio exceeding 20% are primarily concentrated in the healthcare, financial, and industrial sectors, with 55, 34, and 34 stocks respectively [2] - A total of 124 AH concept stocks are among those with over 20% shareholding by southbound funds, representing 52.99% of that group [1] - The healthcare sector shows significant representation, with multiple stocks like Kanglong Chemical and Baiyunshan having high shareholding ratios [2][3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.15%), COSCO Shipping Energy (70.14%), and GCL-Poly Energy (70.09%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are CNOOC (+2.183 billion), SMIC (+2.136 billion), and Tencent (+1.679 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are Alibaba (-1.659 billion), Tracker Fund (-1.405 billion), and CSPC Pharmaceutical (-1.324 billion) [1][3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 9.876 billion shares, 71.15% [2] - COSCO Shipping Energy (01138): 909 million shares, 70.14% [2] - GCL-Poly Energy (01330): 283 million shares, 70.09% [2] - Other notable companies include China Shenhua (67.76%) and Tianjin Capital Environmental Protection (66.42%) [2] Recent Increases in Holdings - CNOOC (00883): +2.183 billion, +10.9063 million shares [2] - SMIC (00981): +2.136 billion, +2.6983 million shares [2] - Tencent (00700): +1.679 billion, +257.85 thousand shares [2] - Other companies with significant increases include China Mobile (+1.498 billion) and Meituan (+1.186 billion) [2] Recent Decreases in Holdings - Alibaba (09988): -1.659 billion, -964.24 thousand shares [3] - Tracker Fund (02800): -1.405 billion, -5.3224 million shares [3] - CSPC Pharmaceutical (01093): -1.324 billion, -17.72074 million shares [3] - Other companies with notable decreases include Li Auto (-894 million) and BYD Company (-370 million) [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.582 billion yuan, a year-on-year increase of 1.5%, and a net profit attributable to the parent company of 626 million yuan, a year-on-year increase of 24.4% [2][4]. - The third quarter continued the positive trend from the first half of the year, with a quarterly heating volume increase of 100% year-on-year and a net profit margin improvement of 4.09 percentage points [2][10]. - The company has entered a pure operation phase since January 2024, with stable processing capacity at 40,300 tons per day, and a cumulative waste volume of 10.9219 million tons in the first three quarters of 2025, a year-on-year increase of 2.00% [10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 899 million yuan, a year-on-year increase of 1.6%, and a net profit of 249 million yuan, a year-on-year increase of 24.2% [4][10]. - The gross profit margin in Q3 decreased slightly by 0.03 percentage points, but the overall gross margin for the first three quarters increased by 3.19 percentage points, indicating good efficiency improvements in the main business [10]. - The company’s operating cash flow in Q3 increased by 35.1% year-on-year, reaching 691 million yuan, supported by significant increases in government subsidy payments and cash received from sales [10]. Operational Efficiency - The company has actively expanded its sludge direct spray disposal, heating, and biogas purification businesses to generate incremental revenue [10]. - The financial expenses in Q3 decreased by 14.35 million yuan, mainly due to lower bank interest rates and reduced borrowing balances [10]. - The company’s asset-liability ratio and interest-bearing asset-liability ratio decreased by 1.7 percentage points and 0.8 percentage points year-on-year, respectively, indicating a trend of decreasing leverage [10]. Future Outlook - The company is expected to achieve net profits of 684 million yuan, 731 million yuan, and 776 million yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.8%, 6.94%, and 6.16% [10]. - Assuming a dividend payout ratio of 60%, 65%, and 70% for the respective years, the corresponding dividend yields are projected to be 3.99%, 4.63%, and 5.29% [10].

Core Viewpoint - Green Power Environmental (01330.HK) experienced a nearly 7% increase in stock price following its earnings report, with a current rise of 5.15% to HKD 5.51, and a trading volume of HKD 34.66 million [1] Group 1 - The stock price of Green Power Environmental rose nearly 7% after the earnings report [1] - As of the latest update, the stock is up 5.15% at HKD 5.51 [1] - The trading volume reached HKD 34.66 million [1]

Core Viewpoint - Green Power Environmental reported a positive financial performance for the first three quarters, with significant growth in net profit, leading to a rise in stock price [1] Financial Performance - For the first three quarters, the company achieved a revenue of 2.582 billion RMB, an increase of 1.5% year-on-year [1] - The net profit attributable to shareholders was 626 million RMB, reflecting a year-on-year growth of 24.4% [1] - In the third quarter alone, the revenue was 898 million RMB, up by 1.6% year-on-year, while the net profit was 249 million RMB, showing a year-on-year increase of 24.2% [1] Market Reaction - Following the earnings report, Green Power Environmental's stock price rose nearly 7%, with a current increase of 5.15%, trading at 5.51 HKD and a transaction volume of 34.66 million HKD [1] Analyst Insights - Dongwu Securities highlighted that Green Power Environmental exemplifies the logic of increasing dividends and return on equity (ROE) in the solid waste sector [1] - The current dividend yield for A-shares is 4.1%, while for Hong Kong shares, it is 6.3% [1] - The company is expected to enhance its free cash flow due to accelerated national subsidies and reduced capital expenditures, indicating potential for increased dividends [1] - The company is actively expanding in heating and cost control, leading to simultaneous growth in performance and ROE, along with the implementation of equity incentives to ensure sustained growth [1]

Core Viewpoint - Green Power Environmental (01330) shares rose nearly 7% post-earnings report, currently up 5.15% at HKD 5.51, with a trading volume of HKD 34.66 million [1] Financial Performance - For the first three quarters, the company reported revenue of RMB 2.582 billion, a year-on-year increase of 1.5% [1] - Net profit attributable to shareholders reached RMB 626 million, reflecting a year-on-year growth of 24.4% [1] - In the third quarter alone, revenue was RMB 898 million, up 1.6% year-on-year [1] - Net profit for the third quarter was RMB 249 million, showing a year-on-year increase of 24.2% [1] Market Analysis - Dongwu Securities highlighted that Green Power Environmental exemplifies the solid waste sector's ability to increase dividends and return on equity (ROE) [1] - The current dividend yield for A-shares is 4.1%, while for Hong Kong shares it is 6.3% [1] - With the acceleration of national subsidies and a decrease in capital expenditures, the company's free cash flow is expected to strengthen, indicating potential for increased dividends [1] - The company is actively expanding in heating and cost control, leading to simultaneous growth in performance and ROE [1] - The implementation of equity incentives is expected to secure continuous growth [1]

Core Viewpoint - Dongwu Securities reports that Green Power (601330) is a model for solid waste sector dividend increases and ROE enhancement, with potential for further dividend growth due to accelerated national subsidies and reduced capital expenditures [1] Financial Performance - For the first three quarters of 2025, the company's revenue reached 2.582 billion yuan (up 1.49% year-on-year), with a net profit attributable to shareholders of 626 million yuan (up 24.39%) [2] - The weighted ROE increased by 1.27 percentage points to 7.57% [2] - In Q3 2025, the company reported a revenue of 898 million yuan (up 1.64%) and a net profit of 249 million yuan (up 24.24%) [2] Revenue Growth - In the first three quarters of 2025, waste processing volume was 10.9219 million tons (up 2.00%), electricity generation was 3.867 billion kWh (up 1.17%), and heat supply volume was 788,100 tons (up 111.91%) [3] - In Q3 2025, waste processing volume was 3.7676 million tons (up 1.82%), electricity generation was 1.328 billion kWh (up 0.31%), and heat supply volume was 272,600 tons (up 105.12%) [3] Cost Reduction - Operating costs for the first three quarters of 2025 were 1.326 billion yuan (down 0.62 million yuan), with financial expenses decreasing by 17% [4] - In Q3 2025, financial expenses were 94 million yuan (down 0.14 million yuan year-on-year) [4] Cash Flow and Dividends - Operating cash flow for the first three quarters of 2025 was 1.323 billion yuan (up 25.46%), with free cash flow increasing by 45.98% to 1.113 billion yuan [5] - The increase in national subsidy recoveries significantly contributed to the rise in free cash flow [5] Equity Incentive Plan - The company updated its equity incentive plan, maintaining growth targets for net profit attributable to shareholders for 2026-2028 at no less than 711 million, 742 million, and 773 million yuan respectively [6]

Core Viewpoint - Green Power (601330.SH) reported a slight increase in revenue and a significant rise in net profit for the first three quarters of 2025, indicating positive financial performance despite a modest revenue growth [1] Financial Performance - The company achieved an operating revenue of 2.582 billion yuan for the first three quarters, reflecting a year-on-year growth of 1.49% [1] - The net profit attributable to shareholders reached 626 million yuan, marking a year-on-year increase of 24.39% [1] - Basic earnings per share were reported at 0.45 yuan [1]

Core Insights - Green Power Environmental Group Co., Ltd. reported a revenue of 2.582 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.49% [2] - The net profit attributable to shareholders reached 626 million yuan, up 24.39% year-on-year, while the net profit excluding non-recurring items increased by 24.55% [2] - The company processed 3.77 million tons of waste and generated 1,327.54 million kWh of electricity in the third quarter of 2025, indicating growth in both waste processing and electricity generation compared to the same period last year [2] Financial Performance - Revenue for the first three quarters of 2025 was 2.582 billion yuan, a 1.49% increase year-on-year [2] - Net profit attributable to shareholders was 626 million yuan, reflecting a 24.39% increase year-on-year [2] - Net profit excluding non-recurring items grew by 24.55% year-on-year [2] Operational Data - The company processed 3.77 million tons of waste in the third quarter of 2025 [2] - Electricity generation reached 1,327.54 million kWh, with grid-connected electricity at 1,092.98 million kWh and steam supply at 270,000 tons [2] Shareholder Structure - The controlling shareholder, Beijing State-owned Assets Management Co., Ltd., transferred 139 million shares to its wholly-owned subsidiary, maintaining a holding ratio of 44.42% [2] - The presence of two new long-term institutional investors among the top ten shareholders indicates market recognition of long-term value [2] Future Outlook - The company aims to strengthen its industry position through technological upgrades and business synergies, driven by the "dual carbon" policy [3] - The company's robust financial performance and operational efficiency position it favorably for upgrades in the environmental industry [3]