1 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 北京天达共和律师事务所 关于北京首创生态环保集团股份有限公司 2025 年第四次临时股东会召开之法律意见书 致：北京首创生态环保集团股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》（以下统称"有关 法律"）、《上市公司股东会规则》（以下简称"《股东会规则》"）及《北京首创生 态环保集团股份有限公司公司章程》（以下简称"《公司章程》"）的规定，北京天 达共和律师事务所（以下简称"本所"）作为北京首创生态环保集团股份有限公 司（以下简称"首创环保集团"或"公司"）的法律顾问，应首创环保集团的要 求，指派本所翟耸君、邢飞律师（以下简称"本所律师"）出席公司 2025 年第四 次临时股东会（以下简称"本次股东会"），对本次股东会召开的合法性进行见证， 并依法出具法律意见书。 在本法律意见书中，本所律师仅对本次股东会召集和召开的程序、出席本次 股东会的人员和召集人的资格、表决程序是否符合有关法律、行政法规、《股东 会规则》和《公司章程》的规定以及本次股东会审议的议案表决结果是否合法有 效发表意见，并不对本次股 ...

证券代码：600008 证券简称：首创环保 公告编号：2025-041 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 11 月 20 日 (二) 股东会召开的地点：北京市西城区车公庄大街 21 号新大都饭店 2 号 楼 2212 会议室 北京首创生态环保集团股份有限公司 2025年第四次临时股东会决议公告 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： 1 二、 议案审议情况 (一) 非累积投票议案 (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 | 1,060 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,546,624,103 | | 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 | 48.3152 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情 况等。 会议符合有关法律法规和《公司章程》的 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights significant profit growth in waste incineration power generation companies, with cash flow further improving. Major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) reported substantial increases in net profit for Q3 2025 [5][10] - The report indicates that the profitability of water companies shows significant differentiation, with some companies like Chuangye Environmental and Shouchuang Environmental experiencing declines in net profit, while others like Hongcheng Environment and Chongqing Water reported growth [7][24] - In the biofuel sector, companies experienced substantial profit growth due to rising prices and increased sales volumes, particularly in UCO and SAF [28][39] Summary by Sections 1. Municipal Environmental Protection - Waste incineration power generation companies saw significant profit increases, with cash flow improving. Key reasons include project expansions, increased waste processing volumes, and enhanced project profitability through heat supply [5][10][12] - Water companies displayed profit differentiation, with notable declines in net profit for Chuangye Environmental and Shouchuang Environmental, while others like Hongcheng Environment and Chongqing Water showed growth [7][24] 2. Biofuels - Major biofuel companies reported significant profit growth in Q3 2025, driven by rising UCO and SAF prices. UCO export prices increased by 16.7%-22.2%, while SAF prices surged by 42.16% [28][39] - Companies like Shanhai Environmental and Langkun Technology turned losses into profits, with Shanhai achieving a net profit of 0.1 billion yuan in Q3 2025, compared to a loss of 0.2 billion yuan in the same period last year [35][39]

登录新浪财经APP 搜索【信披】查看更多考评等级 一、说明会类型 本次业绩说明会以网络互动方式召开，公司将针对2025年第三季度经营成果及财务指标的具体情况与投 资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、当天活动的时间、地点、议程 证券代码：600008 证券简称：首创环保公告编号：2025－040 北京首创生态环保集团股份有限公司 关于召开2025年第三季度业绩说明会的公告 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： ● 投资者可于2025年11月18日至11月24日16：00前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱securities@capitaleco-pro.cn进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 北京首创生态环保集团股份有限公司（以下简称"公司"）已于2025年10月31日披露公司2025年第三季度 报告，为便于广大投资者更全面深入地了解公司2025年第三季度经营成果、财务状况，公司计划于2025 年11 ...

证券代码：600008 证券简称：首创环保 公告编号：2025－040 北京首创生态环保集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 25 日 16：00-17：00 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo. com/） 会议召开方式：网络互动方式 投资者可于 2025 年 11 月 18 日至 11 月 24 日 16：00 前登录上证路演中 心网站首页点击"提问预征集"栏目或通过公司邮箱 securities@capitaleco-pro.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 北京首创生态环保集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日披露公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 25 日 1 ...

北京首创生态环保集团股份有限公司 2025 年第四次临时股东会会议资料 二零二五年十一月 北京首创生态环保集团股份有限公司 2025 年第四次临时股东会会议资料 2025 一、会议时间、地点 （一）现场股东会 时间：2025 年 11 月 20 日 上午 9：30 地点：北京市西城区车公庄大街 21 号新大都饭店 2 号楼 2212 会议室 （二）网络投票 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自 2025 年 11 月 20 日 至 2025 年 11 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、会议召集人 北京首创生态环保集团股份有限公司董事会 三、会议表决方式 现场投票和网络投票相结合 四、会议内容 （一）主持人介绍到会嘉宾 （二）主持人宣布股东及股东代表到会情况 （三）主持人宣布会议开始，讨论、审议议案 | 序号 | 议案名称 | | --- | --- | | 非 ...

Core Viewpoint - The environmental protection industry in China has seen significant growth and investment, driven by government support and increasing public awareness of environmental issues. The industry is expected to continue expanding, with substantial revenue growth projected for the coming years [1][5]. Environmental Industry Investment - In the early 1980s, annual investment in environmental pollution control in China was between 2.5 billion to 3 billion yuan, which increased to over 10 billion yuan by the late 1980s. By 2022, the total investment reached 901.35 billion yuan, a 6.7-fold increase compared to 2001, with an average annual growth rate of 10.2%. The investment is projected to grow to 1,007.35 billion yuan in 2024, an increase of 53.59 billion yuan from 2023 [1][5]. Environmental Industry Revenue - The revenue of China's environmental protection industry is expected to grow from 760 billion yuan in 2014 to 2,317.3 billion yuan in 2024. The industry has maintained an annual revenue scale of over 2 trillion yuan in recent years [1][5]. Industry Classification - The environmental protection industry can be classified into three main categories: efficient energy-saving industries, advanced environmental protection industries, and resource recycling industries. It primarily addresses air pollution control, water treatment, solid waste management, and noise control [3][4]. Industry Development Environment - The Chinese government supports the environmental protection industry through various policies, legal frameworks, and financial assistance. Key policies include plans for waste classification and treatment facilities, carbon emission accounting for sewage treatment plants, and standards for air pollutant emissions in the coking chemical industry [8]. Competitive Landscape - The environmental protection industry in China is characterized by increasing specialization, intensification, and branding. Major state-owned enterprises dominate the market, leveraging their financial strength and technological capabilities. Key players include China Everbright Environment, Beijing Enterprises Water Group, and others, with a significant presence in provinces like Zhejiang, Anhui, Guangdong, and Beijing [9][10]. Industry Development Trends - The environmental protection industry is undergoing a transformation, shifting from "incremental expansion" to "stock optimization," and evolving from single governance to resource utilization and smart solutions. The market demand for environmental governance continues to grow, driven by heightened awareness and regulatory requirements [11][12].

Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Views - The company is expected to benefit from water project price adjustments, which will drive profit growth [2][1] - The company reported Q3 revenue of 4.722 billion RMB, a year-over-year decrease of 0.22% but a quarter-over-quarter increase of 5.20% [1] - The net profit attributable to the parent company for Q3 was 505 million RMB, down 78.37% year-over-year, primarily due to last year's gain from the sale of the Singapore ECO company [1] - The company’s operational cash flow increased by 9% year-over-year to 2.14 billion RMB in the first nine months of 2025 [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.453 billion RMB, a year-over-year decline of 3.04%, and a net profit of 1.434 billion RMB, down 55.96% year-over-year [1] - The company’s comprehensive gross margin in Q3 2025 increased by 0.3 percentage points year-over-year to 35.9% [2] Operational Insights - The company has room for capacity improvement, with total water supply and sewage treatment capacity at 12.43 million and 14.92 million tons per day, respectively [2] - The pricing mechanism for water supply and sewage treatment is based on "permitted costs + permitted returns," providing stable revenue characteristics [2] Profit Forecast and Valuation - The report forecasts net profits for 2025-2027 to be 1.782 billion, 1.912 billion, and 1.985 billion RMB, respectively, with corresponding EPS of 0.24, 0.26, and 0.27 RMB [4] - The target price is set at 3.85 RMB, based on a 14.8 times PE ratio for 2026 [4]

Core Viewpoint - Beijing Shouchuang Ecological Environmental Group Co., Ltd. plans to provide a financial assistance of 1.8 billion yuan to its indirect subsidiary, Beijing Shouchuang Environmental Investment Co., Ltd., to support its business development and operational needs [8][9][11]. Financial Assistance Overview - The company intends to offer a loan of 1.8 billion yuan with an interest rate of 4.38% per annum, with a maximum loan term of three years [8][15]. - The financial assistance is aimed at replacing existing loans and supplementing operational funds, with the loan amount to be disbursed in phases based on the subsidiary's funding needs [9][15]. Internal Decision-Making Process - The financial assistance proposal was approved during the company's 2025 annual fourth board meeting held on October 30, 2025, with unanimous support from all 11 attending directors [10][17]. - The proposal is subject to approval at the upcoming shareholders' meeting [25]. Rationale for Financial Assistance - The financial support is designed to meet the operational and funding needs of the subsidiary, ensuring that the company can effectively manage risks associated with this assistance [11][12]. - The company has established a tracking mechanism to monitor the subsidiary's financial health and repayment capacity [16]. Subsidiary's Financial Status - Beijing Shouchuang Environmental Investment Co., Ltd. has a good credit standing and is not listed as a defaulter [13]. - The subsidiary's recent asset-liability ratio exceeds 70%, indicating a need for financial support [10]. Loan Agreement Details - The loan agreement will specify the exact amounts and terms based on the subsidiary's requirements, with each loan not exceeding three years from the contract signing date [15][17]. - The company will ensure that the financial assistance does not adversely affect its normal business operations or the interests of its shareholders, particularly minority shareholders [12][11].

Core Points - The company, Beijing Shouchuang Ecological Environmental Group Co., Ltd., has provided financial assistance of RMB 171.5 million to its subsidiary, Beijing Shouchuang Sanitation Co., Ltd., with a loan term of up to 3 years at an interest rate of 4.38% [11][12][19] - The financial assistance was approved by the company's board of directors and does not require shareholder approval [11][13] - The funds will be used for new project investments and daily operational needs of the subsidiary [14][17] Financial Data - The financial assistance is part of the company's strategy to support its subsidiary's business development while ensuring that it does not affect the company's normal operations [12][18] - The company has a good credit rating and has not been listed as a defaulter, indicating a strong ability to fulfill obligations [15] Shareholder Information - The company has a governance structure that allows effective risk control over its subsidiary's operations and finances [18] - The board meeting that approved the financial assistance had unanimous support, indicating strong internal consensus [13][19] Upcoming Events - The company will hold its fourth extraordinary general meeting of 2025 on November 20, 2025, where various proposals will be discussed [22][24] - The meeting will utilize both on-site and online voting systems for shareholder participation [22][25]