Financial Performance - In Q1 2025, the company reported operating revenue of CNY 2.60 billion, a decrease of 4.24% year-on-year, while net profit attributable to shareholders increased by 10.26% to CNY 420 million[4][9]. - The company's net profit for Q1 2025 reached CNY 435,087,155.76, an increase of 12.8% compared to CNY 385,661,055.80 in Q1 2024[42]. - Operating profit for the same period was CNY 535,946,385.56, up from CNY 490,672,053.48, reflecting a growth of 9.2%[42]. - The total comprehensive income for Q1 2025 was CNY 435,768,102.04, up from CNY 376,245,172.05, reflecting an increase of 15.8%[43]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.52, compared to CNY 0.47 in Q1 2024, showing an increase of 10.6%[43]. Cash Flow and Liquidity - The net cash flow from operating activities rose by 74.54% year-on-year, reaching CNY 596 million, attributed to improved collection of accounts receivable[5][11]. - Free cash flow for the period was CNY 224 million, an increase of CNY 339 million year-on-year[11]. - As of March 31, 2025, cash and cash equivalents decreased by 53.44% to 1.982 billion yuan compared to December 31, 2024, due to the use of temporarily idle funds for purchasing structured deposits[18]. - The company’s cash and cash equivalents at the end of Q1 2025 were CNY 1,963,746,916.98, down from CNY 1,809,749,552.87, indicating a decrease in liquidity[47]. - The company reported a cash outflow of $2.92 billion from operating activities in Q1 2025, compared to $967.69 million in Q1 2024, representing a significant increase in cash outflow[54]. Revenue Breakdown - The solid waste treatment business generated CNY 1.31 billion in revenue, accounting for 51.79% of total revenue, with a year-on-year decline of 8.52%[12][13]. - The energy business reported revenue of CNY 840 million, representing 32.22% of total revenue, with a year-on-year decline of 1.62% due to a slight decrease in natural gas sales prices[14][15]. - The water supply business achieved a revenue of 225 million yuan in Q1 2025, accounting for 8.89% of the company's total revenue, with a year-on-year increase of 1.66% due to higher water sales volume[16]. - The drainage business reported a revenue of 154 million yuan in Q1 2025, representing 6.10% of total revenue, with a year-on-year decline of 3.04%, primarily due to a decrease in engineering income by approximately 18 million yuan; excluding this impact, the drainage business grew by 8.43%[17]. Asset and Liabilities - The company's total assets at the end of Q1 2025 were CNY 40.57 billion, an increase of 3.22% compared to the end of 2024, with a debt-to-asset ratio of 59.43%, down by 1.85 percentage points[5][9]. - The total liabilities as of March 31, 2025, were RMB 24.11 billion, slightly up from RMB 24.08 billion as of December 31, 2024[37]. - The company's equity increased to RMB 16.46 billion as of March 31, 2025, compared to RMB 15.22 billion as of December 31, 2024, reflecting a growth of approximately 8.1%[38]. - The company reported a significant decrease in accounts payable, which fell to RMB 2.76 billion as of March 31, 2025, from RMB 3.14 billion as of December 31, 2024, a reduction of about 12.1%[37]. Investments and Expenditures - Capital expenditures for fixed assets in Q1 2025 were approximately CNY 373 million, a decrease of about CNY 100 million year-on-year, with expectations for continued decline throughout the year[10]. - The company has completed a capital increase of RMB 4.02 billion for its subsidiary, enhancing its registered capital from RMB 580 million to RMB 4.6 billion[32]. - The company’s investment in entrusted financial management reached RMB 3.9 billion, with a reported income of RMB 3.586 million during the reporting period[32]. - The company experienced a cash outflow from investment activities of CNY 4,281,694,017.46, compared to CNY 550,561,085.48 in the previous year, indicating a significant increase in investment expenditures[46]. Business Expansion and Development - The company is actively expanding its pipeline heating and long-distance mobile heating services, achieving external heating of 482,300 tons, a year-on-year increase of 58.91%[14]. - The company plans to enhance its smart water management capabilities to improve core indicators such as water loss control and per capita efficiency[16]. - The company is actively expanding its market presence through new projects in rainwater and sewage pipeline networks, contributing to revenue growth in the drainage sector[17]. - The company is expanding its organic waste treatment capacity with ongoing projects expected to be completed in 2025 and 2026[29]. Miscellaneous - The company plans to recover at least CNY 2 billion in outstanding accounts receivable in 2025, supported by government assistance[5][9]. - The company has not completed the privatization transaction as of March 31, 2025, and related forward foreign exchange contracts are still pending settlement[33]. - The company has not adopted new accounting standards or interpretations for the first time in 2025[56].

瀚蓝环境股份有限公司 第十一届董事会第二十八次会议决议公告 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。 瀚蓝环境股份有限公司（以下简称"公司"）第十一届董事会第二十八次会 议于 2025 年 4 月 21 日发出书面通知，于 2025 年 4 月 28 日以现场会议+腾讯会议 方式召开。应到董事 8 人，所有董事亲自出席会议，公司全部监事和部分高级管 理人员列席了会议。会议符合《公司法》和公司章程的有关规定，会议通过的决 议合法有效。经审议，通过了如下决议： 一、审议通过 2025 年第一季度报告。 股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-026 内容详见同日披露于中国证券报、上海证券报、证券时报、证券日报及上海 证券交易所网站 www.sse.com.cn 的《瀚蓝环境股份有限公司 2025 年第一季度报告》。 二、审议通过关于公司为佛山大学建设与发展捐赠资金的议案。 表决情况：同意票 8 票，弃权票 0 票，反对票 0 票。 同意公司向佛山大学捐赠人民币 200 万元，分五年实施完毕，主要用于佛 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

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]

Investment Rating - The industry investment rating is "Positive" and is maintained [11]. Core Insights - The environmental sector's public fund holdings have slightly decreased, with a current allocation ratio of 0.23%, down by 0.02 percentage points from the previous quarter [6][18]. - The environmental industry is currently in a low allocation state, with a benchmark ratio of 1.04% [6][18]. - The report highlights a market shift towards high-performing stocks, particularly in waste incineration, which are favored by public funds due to their stable growth and strong performance [8][35]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of the top ten holdings in the environmental sector is approximately 7.108 billion yuan, accounting for 0.23% of all disclosed fund products [2][6]. - A total of 316 fund products are heavily invested in 152 environmental companies, representing 4.18% of all disclosed fund products [6][18]. Key Companies and Performance - The leading companies by heavy fund holdings include: - Weiming Environmental: 1.313 billion yuan - Huace Testing: 1.015 billion yuan - Hanlan Environment: 950 million yuan - Longjing Environmental: 813 million yuan - Juguang Technology: 749 million yuan - Xingrong Environment: 456 million yuan [7][28]. - The companies with the highest proportion of fund holdings relative to their total market value include Juguang Technology (10.1%), Dadi Ocean (8.0%), Longjing Environmental (5.1%), Hanlan Environment (4.9%), and Huace Testing (4.7%) [30]. Investment Strategy - The report suggests a moderately optimistic outlook for 2025, particularly for waste incineration and water assets, emphasizing the importance of companies like Hanlan Environment, Xingrong Environment, Weiming Environmental, and others [8][35][36]. - The report identifies multiple catalysts for growth, including advancements in waste management, testing services, and renewable resources, recommending a focus on companies like Guodian Measurement and Zhuoyue New Energy [9][38][39].

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-025 瀚蓝环境股份有限公司（以下简称"公司"）于2024年6月6日召开的第十一届董事 会第十三次会议审议通过了《关于申请注册发行中期票据的议案》，同意公司向中国银 行间市场交易商协会申请注册发行不超过人民币20亿元（含20亿元）的中期票据。 该事项经公司2024年6月28日召开的2023年年度股东大会审议通过。2024年11月5 日经中国银行间市场交易商协会核准，同意接受公司本次中期票据注册，注册金额为人 民币20亿元。 公司于近日完成了2025年度第二期中期票据发行（以下简称"本期中期票据"）， 债券简称：25瀚蓝MTN002，债券代码：102581632。本期中期票据发行规模为5亿元，期 限为5年，票面利率为1.92%。 公司本期中期票据发行的有关文件可登陆中国货币网（www.chinamoney.com.cn） 和上海清算所网站（www.shclearing.com）查询。 瀚蓝环境股份有限公司 2025 年度第二期中期票据发行情况公告 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、 ...

Core Insights - The company expects a 16% year-on-year increase in net profit for 2024, with over 2.4 billion in receivables collected, leading to a 32% increase in net cash flow from operating activities [1] Financial Performance - The company maintains an "overweight" rating, slightly adjusting net profit forecasts for 2025-2026 to 1.735 billion (previously 1.795 billion) and 1.806 billion (previously 1.920 billion), while introducing a forecast of 1.882 billion for 2027, corresponding to EPS of 2.13, 2.21, and 2.31 respectively [2] - In 2024, the company achieved operating revenue of 11.886 billion, a decrease of 5% year-on-year, while net profit attributable to shareholders was 1.664 billion, an increase of 16% year-on-year [2] - The net cash flow from operating activities reached 3.273 billion, a 32% increase year-on-year, with the company actively collecting receivables [3] Business Segments - The solid waste management business generated revenue of 6.008 billion, a 7% decrease year-on-year, but net profit increased by 4% to 1.025 billion, with an operating net profit of 1.004 billion, up 10% [3] - The gas business revenue decreased by 7% to 3.758 billion, influenced by a decline in sales price and slight decrease in sales volume, although the gross margin improved [3] - The company is actively expanding its heating business, with a 34% year-on-year increase in heating volume to 1.48 million tons, having signed 17 external heating agreements [3] Strategic Initiatives - The acquisition of Yuefeng Environmental is progressing, with expectations to complete the acquisition by mid-2025 after meeting all preliminary conditions [4] - The acquisition is anticipated to lead to a significant increase in incineration capacity and gradual realization of synergies [4]

Core Viewpoint - Huanlan Environment demonstrates strategic resilience and growth in the solid waste industry amidst increasing competition, achieving stable revenue and profit growth through mergers, operational efficiency, and resource upgrading [1][3][9] Financial Performance - In 2024, Huanlan Environment reported total revenue of 11.886 billion yuan, remaining stable compared to the previous year, while net profit attributable to shareholders increased by 16.39% to 1.664 billion yuan [1] - The company plans to distribute a cash dividend of 8.0 yuan per 10 shares for 2024, a 66.67% increase year-on-year, representing 39.20% of the net profit [1][2] Business Growth and Strategy - Huanlan Environment maintains a robust growth trajectory in its core business, with solid waste management revenue reaching 6.008 billion yuan and net profit of 1.025 billion yuan, reflecting a 9.64% and 21.63% increase in operational and waste-to-energy segments, respectively [3][4] - The company is focusing on a dual-wing strategy of solid waste treatment and water-energy synergy, enhancing operational efficiency and risk management through mergers and acquisitions [3][6] Mergers and Acquisitions - Huanlan Environment is known for its extensive experience in mergers and acquisitions, planning to privatize Guangdong Feng Environmental Protection through its subsidiary Huanlan Hong Kong, which is expected to enhance operational efficiency and reduce costs [6][7] - The merger is projected to increase Huanlan's waste processing capacity from 45,050 tons/day to 97,590 tons/day, positioning it among the top three in the domestic industry and the leading A-share listed company in solid waste management [7][8] Operational Efficiency - The company achieved a capacity utilization rate of approximately 119%, with significant growth in external heating supply by 33.53%, indicating strong operational capabilities [4][8] - Huanlan Environment's water supply business maintains a low sales-loss rate of 6.84%, showcasing its competitive edge in the industry [4] Future Outlook - With the completion of the merger and continued focus on technological and management innovations, Huanlan Environment is expected to enhance its scale and operational advantages, driving sustainable development in the environmental protection sector [9]

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-024 瀚蓝环境股份有限公司 关于重大资产重组进展的公告 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。 一、 本次交易概述 瀚蓝环境股份有限公司（以下简称"公司"或"瀚蓝环境"）拟通过控股子 公司瀚蓝（香港）环境投资有限公司（以下简称"瀚蓝香港"），以协议安排方 式私有化香港联合交易所有限公司（以下简称"香港联交所"）上市公司粤丰环 保电力有限公司（以下简称"粤丰环保"或"标的公司"），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（以下简称"本次交易"）。本次交 易将达到《上市公司重大资产重组管理办法》规定的重大资产重组标准，构成重 大资产重组。具体内容详见公司于 2024 年 11 月 20 日和 2024 年 12 月 10 日于上 海证券交易所网站 www.sse.com.cn 披露的《重大资产购买报告书（草案）》及《重 大资产购买报告书（草案）》（修订稿）。 截至本公告披露日，本次交易的所有先决条件均已达成。 二、 本次交易的进展情况 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the acquisition of Guangdong Feng Environmental is progressing smoothly, and the company is characterized by high dividends and high growth potential [1][6] - The company reported a revenue of 11.886 billion yuan for 2024, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders increased by 16.4% to 1.664 billion yuan, aligning with expectations [6] - The solid waste business is operating steadily, with a significant one-time gain from the Jining waste incineration project contributing to profits [6] - The energy business remains stable, although there was a decline in revenue due to lower natural gas sales prices [6] - The company achieved a substantial increase in cash flow and dividends, with a net operating cash flow of 3.273 billion yuan in 2024, up 31.85% [6] - The acquisition of Guangdong Feng Environmental is expected to be completed in the first half of 2025, positioning the company among the top three in domestic waste management [6] - The report raises the profit forecast for 2025-2026, projecting net profits of 1.786 billion yuan and 2.055 billion yuan respectively, with a corresponding PE ratio of 11/9/9 [6] Financial Data and Profit Forecast - Total revenue is projected to be 12.923 billion yuan in 2025, with a year-on-year growth of 8.7% [5] - The net profit attributable to shareholders is expected to reach 1.786 billion yuan in 2025, reflecting a growth of 7.4% [5] - The earnings per share are forecasted to be 2.19 yuan in 2025, with a gross margin of 30% [5] - The return on equity (ROE) is projected to be 12.1% in 2025 [5]