证券代码：601330 证券简称：绿色动力 公告编号：临 2025-026 转债代码：113054 转债简称：绿动转债 绿色动力环保集团股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 205 | | --- | --- | | 其中：A 股股东人数 | 203 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 980,949,261 | | 其中：A 股股东持有股份总数 | 703,351,701 | | 境外上市外资股股东持有股份总数（H 股） | 277,597,560 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 70.3970 | | 份总数的比例（%） | | (一) 股东大会召开的时间：2025 年 5 月 ...

北京市康达(深圳)律师事务所 EIJING KANGDA (SHENZHEN) LAW FIRM 广东省深圳市福田区中心四路一号嘉里建设广场 T1-19 层,邮编 518038 19/F, Kerry Plaza Tower 1.1-1 Zhongxinsi Road, Futian District, Shenzhen, Guangdong, Postal code: 518038 电话/TEL: (0755) 8860 0388 网址/WEBSITE: http://www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宇波 济南 昆明 南昌 北京市康达(深圳)律师事务所 关于绿色动力环保集团股份有限公司 2025 年第一次临时股东大会的法律意见书 康达(深圳)股会字【2025】第 0013 号 致:绿色动力环保集团股份有限公司 北京市康达(深圳)律师事务所(以下简称"本所")接受绿色动力环保 集团股份有限公司(以下简称"公司")的委托,指派本所律师参加公司 2025 年第一次临时股东大 ...

Summary of Green Power's Conference Call Company Overview - **Company**: Green Power - **Industry**: Waste-to-Energy (Waste Incineration) Key Points and Arguments Financial Performance - **Q1 2025 Performance**: Revenue increased by 23 million yuan, driven by a doubling of heat supply (22.5 million tons) and a 3% increase in electricity generation [2][6] - **Cost Reduction**: Operating costs decreased by approximately 30 million yuan, and period expenses fell by 20 million yuan, benefiting from bulk procurement and reduced financial costs [2][9] - **Net Profit Growth**: Net profit rose by 33% in Q1 2025, with operating cash flow reaching 270 million yuan, a 21% increase year-on-year [2][11] - **Free Cash Flow**: Simplified free cash flow reached 157 million yuan, a 94% year-on-year increase [2][11] Operational Efficiency - **Mature Stage of Waste Incineration**: The waste incineration sector is entering a mature phase, characterized by declining capital expenditures and improved dividend capabilities [5][22] - **Return on Equity (ROE)**: Expected to continue rising from 2024 to 2025, with a dividend payout ratio exceeding 70%, the highest in A-shares [2][5] Growth Drivers - **Heat Supply and Electricity Generation**: Significant growth in heat supply and electricity generation has led to increased revenue, with heat supply nearly doubling year-on-year [3][6] - **Collaboration with IDC**: Partnerships with IDC are expected to enhance revenue streams, particularly in key regions [16][22] - **Cost Control Measures**: Initiatives such as supply chain integration and maintenance cost control are contributing to improved profitability [17][19] Future Outlook - **Projected Free Cash Flow**: Anticipated to reach 1.068 billion yuan in 2024, with further increases expected in 2025 [4][21] - **Long-term Dividend Capability**: Free cash flow is expected to support over 100% of dividends, ensuring long-term sustainability [19][21] - **Market Positioning**: Companies with strong operational capabilities and forward-looking strategies in heat supply and IDC expansion are likely to achieve superior returns and valuation premiums [5][22][23] Industry Trends - **Maturation of Waste Incineration Sector**: The sector is seeing a trend towards improved operational efficiency and increased dividends, with significant variations among companies due to management capabilities and project locations [5][22] - **Potential Areas for Exploration**: Opportunities exist in sludge treatment and kitchen waste processing, alongside cost reduction strategies [8][22] Investment Recommendations - **Attractive Dividend Yield**: Green Power's current dividend yield exceeds 4% in A-shares and around 8% in Hong Kong, making it an attractive investment [23] - **Continuous Monitoring**: Investors are encouraged to keep an eye on the company's developments and performance metrics [23] Additional Important Insights - **Debt Management**: The company has successfully reduced its comprehensive financing rate through debt replacement strategies [10] - **Profitability Recovery**: Improvements in hazardous waste project profitability and operational efficiency are key contributors to the company's financial recovery [13][14]

Summary of Conference Call Records Industry Overview - The conference call discusses the solid waste management industry, particularly focusing on the integration of waste incineration and IDC (Internet Data Center) projects, emphasizing the potential for efficiency improvements and enhanced return on equity (ROE) through market reforms and pricing adjustments [1][2]. Key Points and Arguments - **Market Valuation and ROE Potential**: The solid waste management sector, particularly through IDC initiatives, has the potential to double its ROE, with reference to international leaders like Waste Management (WM) achieving ROE of over 30%, a price-to-earnings (PE) ratio of 33x, and a price-to-book (PB) ratio of 11x [1]. - **Zero Carbon Projects**: The combination of waste incineration and IDC is positioned as a solution for ultra-low Power Usage Effectiveness (PUE) zero carbon projects, highlighting advantages such as cleanliness, efficiency, stability, and economic viability, especially in urban centers [1]. - **Profitability Models**: Different operational models (pure energy supply, energy supply with cabinet leasing, and energy supply with computing power leasing) show significant profitability elasticity, with potential increases in ROE from 12% to 16%, 15%, and 18% respectively [1]. - **Operational Scale and Location**: Companies like Yongxing, Junxin, and others have a high percentage of their operations meeting the scale and location requirements for effective waste management and IDC integration [1]. Financial Highlights - **Increased Cash Flow and Dividends**: The industry is entering a mature phase with declining capital expenditures, leading to positive free cash flow in 2023 and continued growth in 2024. Companies are significantly increasing their dividends, with notable examples including: - Green Power: Cash dividend of 418 million yuan (+100%), dividend payout ratio of 71.45% [2]. - Hanlan Environment: Dividend of 0.8 yuan per share (+67%), payout ratio of 39.20% [2]. - Junxin Co.: Dividend payout ratio of 95% (+23%) with a commitment to maintain a minimum of 50% [2]. - Yongxing Co.: Cash dividend of 540 million yuan (+15%), payout ratio of 65.81% [2]. - Other companies also reported significant increases in dividends and payout ratios, indicating a strong trend towards returning value to shareholders [2]. Additional Insights - **Policy Impact**: The push for metered charging in waste management is expected to streamline commercial models and improve cash flow, further supporting the financial health of companies in the sector [2]. - **Long-term Dividend Commitments**: Several companies have made long-term commitments to maintain or increase dividend payouts, indicating confidence in future cash flows and profitability [2]. This summary encapsulates the key insights from the conference call, highlighting the solid waste management industry's growth potential, financial performance, and strategic direction.

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The solid waste sector is expected to enhance dividends and return on equity (ROE), supported by decreasing capital expenditures and improving free cash flow as the industry matures [9][10] - The report emphasizes the importance of stable growth, price reforms, and increased dividends, suggesting a comprehensive allocation strategy focusing on domestic demand-driven assets [11][13] Summary by Sections Industry Trends - The solid waste sector is entering a mature phase, leading to improved free cash flow and higher dividends. The report highlights that the free cash flow turned positive in 2023 and is expected to continue increasing in 2024 [9] - The report tracks the performance of various companies, noting significant increases in dividends for firms like Junxin Co. and Green Power, with cash dividends of 5.07 billion CNY (+37%) and 4.18 billion CNY (+100%) respectively for 2024 [9][10] Company Tracking - Green Power reported a 33% increase in net profit for Q1 2025, driven by reduced costs and increased heating supply, with a significant rise in free cash flow [9] - Junxin Co. achieved a revenue of 24.31 billion CNY (+31%) for 2024, with a net profit of 5.36 billion CNY (+4%) [9] - The report also highlights the performance of other companies like Jingjin Equipment and Yongxing Co., noting their dividend plans and revenue growth [9] Policy Tracking - The Ministry of Finance allocated over 13.5 billion CNY for energy-saving and emission-reduction subsidies in 2025, indicating government support for the industry [9] - The report discusses the impact of new policies on the solid waste sector, including the push for garbage treatment fee measurement and the promotion of commercial models [9] Market Performance - The report notes a 51% year-on-year increase in sales of new energy sanitation vehicles in the first quarter of 2025, with a penetration rate of 14.36% [27] - The average price of biodiesel remained stable, while the price of waste cooking oil showed a slight increase, reflecting market dynamics [37] Investment Recommendations - The report recommends focusing on companies with strong dividend growth and stable cash flows, such as Huanlan Environment, Green Power, and Yongxing Co. [11][13] - It suggests monitoring companies involved in resource recycling and those benefiting from price reforms and domestic demand [11][13]

Group 1 - Hong Kong's Hang Seng Index rose by 0.07%, gaining 16 points to close at 21,997 points, while the Hang Seng Tech Index increased by 0.50% [1] - Yao Cai Securities surged by 66% as it plans to acquire Ant Group at a premium of approximately 17.6% [1] - Jin Mao Yin Mao saw a 9.6% increase in share price, with a name change to "Zhu Feng Gold" effective tomorrow, as institutions believe its market value does not reflect the potential for upstream business expansion [1] - Pop Mart's shares rose over 11%, driven by the Labubu phenomenon, which helped its official app reach the top of the US App Store shopping chart [1] - Bluko's stock increased by over 7%, with institutions indicating that the company's new product rhythm is accelerating, leading to high growth expectations [1] - Gu Ming's share price rose over 9%, reaching a new historical high, with an increase of more than 1.4 times from its IPO price [1] - Luoyang Molybdenum's shares rose over 4%, reporting a 90% year-on-year increase in net profit for the first quarter, and plans to acquire Lumina Gold [1] - Green Power Environmental's shares once rose by 9%, with a 33.21% year-on-year increase in net profit attributable to shareholders for the first quarter, reaching 185 million yuan [1] - Rongchang Bio's shares rose over 4% ahead of its performance report, with multiple results selected for the 2025 ASCO oral presentation, and positive Phase III data for Taitasip [1] - Real estate stocks collectively declined, with institutions stating that Q2 real estate policies are leaning towards stabilization rather than strong stimulus, with Jin Hui Holdings down 5% and Greentown China down 3% [1] Group 2 - China Shenhua's shares fell by 3.57% post-earnings, with coal business volume and price declining, resulting in an 18% year-on-year drop in net profit for the period [2] - BYD Electronics' shares dropped by 7% after earnings, with a slight year-on-year increase in revenue and profit, and changes in iPhone shipment structure potentially affecting its mid-frame business [2] Group 3 - Chifeng Gold's shares fell by 3.66% post-earnings, but the stock has still seen a cumulative increase of nearly 60% this month, with net profit for the first quarter increasing by over 140% due to rising gold prices [3]

Core Viewpoint - The company has released its first quarter report for 2025, indicating stable operational performance in its waste treatment business, with specific metrics showing slight variations compared to the previous year [24]. Financial Data - The company reported that the total waste processed in the first quarter of 2025 was 3.4386 million tons, with electricity generation amounting to 1,236,135.7 MWh, remaining relatively stable compared to the same period last year [24]. - The on-grid electricity generated was 1,031,413.0 MWh, reflecting a year-on-year increase of 3.19%, while the steam supply reached 225,100 tons, marking a significant year-on-year growth of 97.11% [24]. Corporate Governance - The board of directors and senior management have confirmed the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for any false statements or omissions [2][8]. - The company has approved the appointment of Lixin Certified Public Accountants as the auditing firm for the year 2025, pending approval from the shareholders' meeting [11][22]. Shareholder Information - The company has disclosed that as of March 31, 2025, a total of 126,000 yuan of the convertible bonds "Green Dynamic Convertible Bonds" have been converted into A-shares, representing 0.0009% of the total shares issued before conversion [4].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 828,204,134.70, representing a 2.90% increase compared to CNY 804,876,678.42 in the same period last year[7]. - Net profit attributable to shareholders for the same period was CNY 184,962,944.73, reflecting a significant increase of 33.21% from CNY 138,851,431.42 year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 184,254,403.87, up 33.53% from CNY 137,986,348.36 in the previous year[7]. - Basic and diluted earnings per share rose to CNY 0.13, marking a 30.00% increase from CNY 0.10 in the previous year[7]. - Operating profit for Q1 2025 was CNY 239,561,656.40, representing a 32.5% increase from CNY 180,777,849.89 in Q1 2024[23]. - The total comprehensive income for Q1 2025 was CNY 195,427,451.39, up from CNY 146,935,270.62 in the same period last year, reflecting a growth of approximately 33%[26]. Cash Flow - The net cash flow from operating activities increased by 21.49% to CNY 272,106,017.07, compared to CNY 223,971,977.34 in the same quarter last year[7]. - Cash inflow from operating activities in Q1 2025 was CNY 810,572,243.15, compared to CNY 786,770,756.46 in Q1 2024, indicating a growth of about 3%[28]. - The net cash flow from operating activities for Q1 2025 was CNY 272,106,017.07, an increase of 21% from CNY 223,971,977.34 in Q1 2024[28]. - Cash outflow for investment activities in Q1 2025 was CNY 115,585,339.40, down from CNY 143,330,443.54 in Q1 2024, showing a decrease of approximately 19%[30]. - Cash inflow from financing activities in Q1 2025 was CNY 653,849,589.09, compared to CNY 446,631,029.24 in Q1 2024, reflecting a significant increase of about 46%[32]. - The net cash flow from financing activities for Q1 2025 was -CNY 102,677,376.95, compared to CNY 57,564,388.59 in Q1 2024, indicating a shift in cash flow dynamics[32]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,016,995,914.66, a slight increase of 0.13% from CNY 21,988,772,935.44 at the end of the previous year[7]. - Total liabilities as of March 31, 2025, amounted to CNY 13,287,927,903.68, a slight decrease from CNY 13,459,982,502.46 as of December 31, 2024[22]. - Total equity as of March 31, 2025, was CNY 8,729,068,010.98, up from CNY 8,528,790,432.98 at the end of 2024[22]. - The company's current assets reached RMB 4,320,055,265.45, compared to RMB 4,123,624,060.69 at the end of 2024, indicating a growth of approximately 4.77%[20]. - The accounts receivable increased to RMB 2,635,255,793.16 from RMB 2,512,178,004.57, representing a growth of about 4.9%[20]. Shareholder Information - The company reported a total of 38,736 common shareholders at the end of the reporting period[12]. - The company has a significant shareholder, Beijing State-owned Assets Management Co., Ltd., holding 42.63% of the shares[16]. - HKSCC Nominees Limited, another major shareholder, holds 27.23% of the shares, indicating strong foreign investment interest[16]. - The company has a total of 594,085,618 shares held by its largest shareholder, which is a state-owned entity[16]. Future Plans - The company plans to continue its market expansion and product development strategies in the upcoming quarters[17].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 828,204,134.70, representing a 2.90% increase compared to CNY 804,876,678.42 in the same period last year[4]. - Net profit attributable to shareholders increased by 33.21% to CNY 184,962,944.73 from CNY 138,851,431.42 year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 33.53% to CNY 184,254,403.87 compared to CNY 137,986,348.36 in the previous year[4]. - Basic and diluted earnings per share increased by 30.00% to CNY 0.13 from CNY 0.10 in the same period last year[5]. - The weighted average return on equity improved to 2.27%, an increase of 0.51 percentage points from 1.76%[5]. - The net profit for Q1 2025 was RMB 195,427,451.39, up from RMB 146,935,270.62 in Q1 2024, indicating a growth of 33%[17]. Cash Flow and Liquidity - Net cash flow from operating activities was CNY 272,106,017.07, up 21.49% from CNY 223,971,977.34 year-on-year[4]. - Total cash inflow from operating activities was ¥810,572,243.15, compared to ¥786,770,756.46 in the previous period, indicating a rise of about 3.0%[20]. - Cash outflow from operating activities decreased to ¥538,466,226.08 from ¥562,798,779.12, showing a reduction of approximately 4.3%[20]. - The ending balance of cash and cash equivalents was ¥921,652,128.82, down from ¥1,170,758,245.17, indicating a decrease of approximately 21.3%[20]. - The company received tax refunds totaling ¥19,850,435.22, compared to ¥10,573,449.01 in the previous period, representing an increase of about 87.5%[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,016,995,914.66, a slight increase of 0.13% from CNY 21,988,772,935.44 at the end of the previous year[5]. - The total liabilities decreased to RMB 13,287,927,903.68 as of March 31, 2025, from RMB 13,459,982,502.46 at the end of 2024[14]. - The company's cash and cash equivalents increased to RMB 921,652,128.82 as of March 31, 2025, compared to RMB 867,810,323.28 at the end of 2024[13]. Shareholder Information - Shareholder equity attributable to shareholders increased by 2.36% to CNY 8,242,474,521.17 from CNY 8,052,817,092.46[5]. - The total number of ordinary shareholders at the end of the reporting period was 38,736[9]. Non-Recurring Gains - The company reported non-recurring gains totaling CNY 708,540.86, with government subsidies contributing CNY 418,299.40[6]. Operating Costs - The total operating costs decreased to RMB 590,887,587.05 in Q1 2025 from RMB 639,332,174.18 in Q1 2024, representing a reduction of approximately 7.6%[16]. - Cash paid for purchasing goods and services was ¥225,822,325.51, a decrease from ¥237,824,599.32, reflecting a reduction of approximately 5.1%[20]. - Cash paid for employee compensation was ¥181,844,448.67, slightly up from ¥177,524,847.91, indicating an increase of about 2.0%[20]. Financing Activities - Cash inflow from financing activities increased significantly to ¥653,849,589.09 from ¥446,631,029.24, marking a growth of approximately 46.5%[20]. - The net cash flow from financing activities turned negative at -¥102,677,376.95, compared to a positive net flow of ¥57,564,388.59 in the previous period[20]. Bond Information - The company has adjusted the conversion price of its "Green Bond" to RMB 9.35 per share, effective from November 19, 2024[12]. - The company plans to pay interest on the "Green Bond" at a rate of 0.60% for the period from February 25, 2024, to February 24, 2025[12].

Group 1 - The core viewpoint of the article is that Green Power (601330) reported its Q1 2025 revenue and net profit, showing positive growth in both metrics [1] Group 2 - The revenue for Q1 2025 was 828 million yuan, representing a year-on-year increase of 2.90% [1] - The net profit for Q1 2025 was 185 million yuan, reflecting a year-on-year growth of 33.21% [1]