Core Viewpoint - Despite maintaining positive net profit growth over the past two years, the company Huanlan Environment (600323.SH) has faced continuous revenue decline since 2023, with revenue drops of 5.22% in 2024 and 4.24% in Q1 2024, failing to meet its revenue targets for the year [1][2] Revenue Performance - In 2024, Huanlan Environment achieved revenue of 11.886 billion yuan, a year-on-year decline of 5.22%, while net profit attributable to shareholders was 1.664 billion yuan, an increase of 16.39% [2] - In Q1 2024, the company reported revenue of 2.601 billion yuan, down 4.24% year-on-year, with a corresponding net profit of 420 million yuan, up 10.26% [2] - The revenue decline in Q1 was primarily due to a decrease in PPP project income and a drop in sanitation business revenue [2] Business Segment Analysis - The solid waste treatment segment, which constitutes over half of the company's revenue, has seen a continuous decline, with Q1 2024 revenue of 1.31 billion yuan, down 8.52% year-on-year [4] - The engineering and equipment business within the solid waste segment has significantly underperformed, with a revenue drop of 29.76% in Q1 2024 [4] - The energy business, as the second core segment, generated revenue of 840 million yuan in Q1 2024, a decrease of 1.62% [5] Accounts Receivable and Debt Situation - As of the end of Q1 2024, the company's accounts receivable stood at approximately 4.21 billion yuan, significantly exceeding its revenue for the same period, with a receivable turnover period of 146.4 days [6] - The company has a short-term debt of about 5.9 billion yuan, while cash on hand is only 1.982 billion yuan, indicating a short-term funding gap of nearly 4 billion yuan [7] - Huanlan Environment's total liabilities reached 24.11 billion yuan, with a debt-to-asset ratio of 59.43% [7] Strategic Moves - The company has recently completed the privatization of Guangdong Feng Environmental Power Co., Ltd., involving a merger loan of 6.1 billion yuan [1][7] - Huanlan Environment's growth strategy has heavily relied on acquisitions, which has contributed to its high debt levels [7]

瀚蓝环境股份有限公司 目 录 领取会议材料；14:30 会议开始。 (一) 宣布会议开始，报告到会股东及股东授权代表人数和持有股份数，说明授权委 托情况，介绍到会人员 瀚蓝环境股份有限公司 2025 年第一次临时股东大会 材料之二 一、 会议的组织方式 在中国证券登记结算有限责任公司上海分公司登记在册的本公司股东或其委托的授权代 理人，本公司董事、监事和高级管理人员，公司聘请的律师及相关工作人员。 职权。 二、 会议的表决方式 （一）股东或代理人以所持有股份数行使表决权，每一股份有一票表决权。 （二）根据《公司章程》的规定，本次股东大会采取现场会议表决和网络投票相结合 的方式进行表决，且其中议案一《关于修订 <公司章程> 及其附件的议案》须经出席会议的 有表决权的股份的三分之二以上表决通过。其余议案须出席会议的有表决权的股份的二分 之一以上表决通过。 （三）现场会议表决采取记名投票表决方式进行。网络投票在规定时间内进行。 （四）公司股东只能选择现场投票和网络投票中的一种表决方式，如果同一股份通过 现场和网络重复投票的，以第一次投票结果为准。如果同一股份通过网络多次重复投票， 以第一次网络投票为准。 （五）出席 ...

瀚蓝环境股份有限公司 2025 年第一次临时股东大会会议资料 目 录 一、 2025 年第一次临时股东大会议程 二、 2025 年第一次临时股东大会会议规则 三、 关于修订《公司章程》及其附件的议案 四、 关于修订《独立董事工作制度》的议案 五、 关于修订《分红管理制度》的议案 六、 关于修订《股东会网络投票实施细则》的议案 七、 关于修订《股东会累积投票制实施细则》的议案 八、 关于修订《募集资金管理制度》的议案 九、 关于公司为佛山大学建设与发展捐赠资金的议案 瀚蓝环境股份有限公司 2025 年第一次临时股东大会 材料之一 2025 年第一次临时股东大会议程 一、 会议地点：广东省佛山市南海区桂城街道融和路 23 号瀚蓝广场 10 楼大会议室 1、召开时间：2025 年 6 月 27 日下午 14:30，其中 14:15-14:30，与会股东代表签到， 领取会议材料；14:30 会议开始。 2、会议主持人：董事长张厚祥先生 （二）网络投票 召开时间： 1、通过交易系统平台：2025 年 6 月 27 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 2、通过互联网投票平台：202 ...

Industry Overview - The urban environmental protection industry focuses on solving urban environmental issues and improving ecological quality through technology and management measures [1][9] - The industry has seen significant growth, with the market size projected to increase from 1.01 trillion yuan in 2019 to 1.49 trillion yuan in 2024 [7][9] Industry Environment - Urban areas are densely populated and face severe environmental challenges, making urban environmental protection a priority for national development [5] - As of the end of 2023, there are 694 cities in China, with an urbanization rate of 67%, indicating ongoing urbanization and a growing demand for environmental services [5] Industry Status - The urban environmental protection industry is categorized into four segments: energy conservation and emission reduction (35.81%), pollution control (29.96%), recycling (20.91%), and natural resource protection (13.32%) [9] - Major companies in the industry include China Everbright Environment, Beijing Enterprises Water Group, and China Tianying, which are part of the leading competitive tier [11] Future Trends - Technological innovation is driving the industry towards smart environmental solutions, with advancements in IoT, AI, and big data enhancing operational efficiency [17] - Continuous policy support is expected to facilitate market reforms, with initiatives aimed at improving resource and environmental market mechanisms [18] - The international market is becoming increasingly important, with Chinese environmental companies expanding their presence in Southeast Asia and the Middle East [19]

Core Viewpoint - The article discusses the 16th Investor Relations Management Forum held in Yangzhou, where the winners of the Tianma Award for outstanding investor relations management were announced, highlighting the importance of effective communication between listed companies and their investors [1][2]. Group 1: Tianma Award Overview - The Tianma Award, organized by the Securities Times, is one of the earliest evaluation activities focused on investor relations management in China's capital market [2]. - The award aims to enhance the investor relations management level of listed companies and recognize those that excel in this field [2]. Group 2: Award Categories - Six categories of awards were presented: 1. Investor Relations Management Tianma Award 2. Outstanding Secretary of the Board Award 3. Excellent Team Award 4. Shareholder Return Award 5. Innovative Practice Award 6. Hong Kong Stock Market Investor Relations Management Tianma Award [2]. Group 3: Award Winners - A list of companies that received awards includes notable names such as BYD (002594), Mindray Medical (300760), and Yunnan Copper (000878) among others [3][4][5][6][8][9]. - The awards recognize companies across various sectors, indicating a broad commitment to improving investor relations [3][4][5][6][8][9]. Group 4: Notable Individuals - The article also highlights the names of secretaries of the board from awarded companies, showcasing the individuals who play a crucial role in investor relations [8][10]. - This recognition emphasizes the importance of leadership in fostering effective communication with investors [8][10]. Group 5: Hong Kong Stock Market Awards - The article lists the winners of the Hong Kong Stock Market Investor Relations Management Tianma Award, including companies like China Merchants Industry Holdings (1919.HK) and Kuaishou Technology (1024.HK) [19]. - This segment illustrates the growing recognition of investor relations practices in the Hong Kong market [19].

Core Viewpoint - The article discusses the transformation of the waste incineration industry in China, highlighting the shift from a "garbage siege" to a situation where there is insufficient waste to meet the operational capacity of incineration plants, leading to a competitive environment for waste collection and processing [4][15][33]. Group 1: Industry Overview - Ten years ago, the issue of "garbage siege" was prevalent, but now it is widely recognized that there is not enough waste to incinerate in China [4][15]. - The number of waste incineration plants in China has reached approximately 1,010, accounting for nearly half of the global total, with over 2,100 incineration plants worldwide [17][29]. - The average load rate of waste incineration plants in China is about 60%, indicating that 40% of capacity is underutilized [10][29]. Group 2: Market Dynamics - Waste incineration plants are competing fiercely for waste, with reports of facilities paying "introduction fees" to property companies for waste collection [5][9]. - Some cities are even reopening landfills to excavate buried waste, indicating a desperate need for more waste [7][8]. - The rapid increase in the number of incineration plants has led to a decline in the number of landfills, as incineration becomes the preferred method of waste management [31][33]. Group 3: Historical Context and Policy Impact - The shift in waste management policy began in 2003, transitioning from government responsibility to a model encouraging private investment through BOT (Build-Operate-Transfer) schemes [20][21]. - Various supportive policies have been introduced over the years, including increased subsidies for renewable energy projects and stricter pollution control standards, which have facilitated the growth of the waste incineration industry [21][22][29]. Group 4: Future Prospects and International Expansion - Despite achieving a 100% harmless treatment rate for waste, new incineration projects continue to emerge, with 55 new projects added in 2023 [30][29]. - As domestic waste generation declines, Chinese waste incineration companies are beginning to explore international markets, with over 50 projects established overseas, particularly in Southeast Asia and the Middle East [38][39]. - Chinese companies are leveraging their advanced technology and complete industrial chain to compete globally, transforming waste management into a profitable venture [40][43].

Investment Rating - The report maintains an "Accumulate" rating for the waste incineration sector [1] Core Insights - The report emphasizes analyzing waste incineration assets from a cash flow perspective, highlighting that improvements in asset quality are reflected in increased free cash flow and enhanced ROE. The marginal changes in cash flow represent variations in asset valuation within DCF models, supporting the potential for increased dividends [10][1] - The waste incineration sector is expected to see a steady increase in dividend potential due to declining capital expenditures and improved cash flow management, with projected dividends for 2024 showing significant increases across various companies [3][24] Summary by Sections Cash Flow Analysis - The waste incineration sector has experienced a decline in capital expenditures, leading to a positive trend in free cash flow. The operating cash flow net amount for 2024 is projected to be 15% higher than the previous year, reaching 157 billion [21][19] - Free cash flow is expected to increase significantly, from 27 billion in 2023 to 66 billion in 2024, indicating a robust capacity for dividend distribution [21][24] ROE and Profitability - The report notes a recovery in ROE and PB ratios, with 2024 ROE projected at 11.53%, a slight increase from 11.32% in 2023. This recovery is attributed to reduced capital expenditures and improved operational efficiency [2][40] - The waste incineration sector's total revenue for 2024 is estimated at 457 billion, with a 1% increase year-on-year, and a net profit of 88 billion, reflecting a 13% growth [30][35] Investment Recommendations - The report suggests that the solid waste sector has significant potential for increased dividends, with companies like Green Power and Hanlan Environment expected to raise their dividends substantially in 2024 [3][24] - The analysis indicates that several companies within the sector could achieve dividend potentials exceeding 100%, with specific companies identified for their strong dividend capabilities [15][14]

北京市金杜（深圳）律师事务所 关于 瀚蓝环境股份有限公司 重大资产购买实施情况 之 法律意见书 二〇二五年六月 | | | 引 言 致：瀚蓝环境股份有限公司 根据《公司法》《证券法》《重组管理办法》《监管指引第 9 号》《公开 发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 等法律、行政法规、部门规章和规范性文件的相关规定、上交所的相关规则和 《瀚蓝环境股份有限公司章程》，本所接受瀚蓝环境委托，就上市公司下属子 公司瀚蓝香港以协议安排方式私有化香港联交所上市公司粤丰环保，从而使粤 丰环保成为瀚蓝香港控股子公司并从香港联交所退市之重大资产重组项目提供 法律服务。 为本次重组之目的，本所于 2024 年 11 月 20 日出具了《北京市金杜（深圳） 律师事务所关于瀚蓝环境股份有限公司重大资产购买之法律意见书》（以下称 为《法律意见书》）；于 2024 年 12 月 10 日出具了《北京市金杜（深圳）律师 事务所关于瀚蓝环境股份有限公司重大资产购买之补充法律意见书（一）》（以 下称为《补充法律意见书》）。 本法律意见书是对《法律意见书》《补充法律意见书》的补充，并构成《法 律意见书》《补 ...

中信证券股份有限公司 关于 瀚蓝环境股份有限公司 重大资产购买实施情况 之 独立财务顾问核查意见 独立财务顾问 二〇二五年六月 声明 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含 义。 本独立财务顾问接受瀚蓝环境的委托，担任瀚蓝环境重大资产购买的独立 财务顾问，就该事项向瀚蓝环境全体股东提供独立意见。 本独立财务顾问核查意见是依据《公司法》《证券法》《上市公司重大资 产重组管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号—— 上市公司重大资产重组》等法律、法规、文件的有关规定和要求，按照行业公 认的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，在认真审阅相关 资料和充分了解本次交易行为的基础上编制而成，以供中国证监会、上海证券 交易所及有关各方参考。 本独立财务顾问核查意见所依据的文件、材料由相关各方提供。提供方对 所提供资料的真实性、准确性、完整性和及时性负责，保证资料无虚假记载、 误导性陈述和重大遗漏，并对所提供资料的合法性、真实性和完整性承担个别 和连带法律责任。本独立财务顾问不承担由此引起的任何风险责任。 本独立财务顾问未委托和授权任何其它机构和个人提供未在本独 ...

股票代码：600323 股票简称：瀚蓝环境 上市地点：上海证券交易所 瀚蓝环境股份有限公司 重大资产购买实施情况报告书 独立财务顾问 二〇二五年六月 公司声明 本公司及全体董事、监事、高级管理人员保证本报告书的内容真实、准确 和完整，并对本报告书的虚假记载、误导性陈述或者重大遗漏承担个别及连带 的法律责任。本次重大资产重组的交易对方已出具承诺函，保证其为本次重大 资产重组所提供的信息不存在虚假记载、误导性陈述或者重大遗漏，并对所提 供信息的真实性、准确性和完整性承担个别和连带的法律责任。 本次交易的审批机关对本次重大资产重组所做的任何决定或意见，均不表 明其对本公司股票的价值或投资者的收益作出实质性判断或者保证。任何与之 相反的声明均属虚假不实陈述。 本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此变 化引致的投资风险，由投资者自行承担。投资者若对本报告书存在任何疑问， 应咨询自己的股票经纪人、律师、专业会计师或其他专业顾问。 注： 本公司提醒投资者注意：本报告书的目的仅为向公众提供有关本次交易的 实施情况，投资者如欲了解更多信息，请仔细阅读本公司《瀚蓝环境股份有限 公司重大资产购买报告书（草案 ...