Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The integration of Guangdong Feng has shown significant results, with the company achieving better-than-expected performance in the first half of 2025, driven by cost reduction and efficiency improvements [8] - The company reported a net profit attributable to shareholders of approximately 967 million yuan for the first half of 2025, representing a year-on-year increase of about 9% [8] - The report highlights strong internal growth, with a projected net profit growth rate of 11.79% for 2025, and a significant increase in cash flow and dividends [8] Financial Forecasts - Total revenue is forecasted to increase from 11,886 million yuan in 2024 to 13,567 million yuan in 2025, reflecting a year-on-year growth of 14.14% [1] - The net profit attributable to shareholders is expected to rise from 1,664 million yuan in 2024 to 1,860 million yuan in 2025, with a growth rate of 11.79% [1] - The report projects earnings per share (EPS) to increase from 2.04 yuan in 2024 to 2.28 yuan in 2025 [1] Market Data - The closing price of the company's stock is reported at 24.56 yuan, with a market capitalization of approximately 20,024.93 million yuan [5] - The company has a price-to-earnings (P/E) ratio of 12.03 for 2024, which is expected to decrease to 10.77 in 2025 [1] Operational Highlights - The company has successfully integrated Guangdong Feng, contributing approximately 50 million yuan to the net profit in June 2025 alone [8] - The report emphasizes the company's strong operational efficiency, with a projected internal growth rate of 18% for the second quarter of 2025 [8]

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts H1 2025 net profit attributable to shareholders to grow by 9.00% to approximately 966.95 million yuan, with a more significant increase when excluding prior period one-time gains [Performance Forecast Period](index=1&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) The performance forecast covers the period from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) [Performance Forecast Details](index=1&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) - Net profit attributable to shareholders for H1 2025 is estimated at approximately **966.95 million yuan**, an increase of approximately **79.82 million yuan**, or **9.00%** year-on-year[4](index=4&type=chunk) - Non-recurring net profit attributable to shareholders for H1 2025 is estimated at approximately **905.65 million yuan**, an increase of approximately **34.34 million yuan**, or **3.94%** year-on-year[4](index=4&type=chunk) - Excluding approximately **130 million yuan** in one-time gains from the prior period, the year-on-year growth rates for net profit attributable to shareholders and non-recurring net profit attributable to shareholders would be more significant, reaching approximately **27.71%** and **22.17%**, respectively[3](index=3&type=chunk)[4](index=4&type=chunk) H1 2025 Performance Forecast | Metric | H1 2025 Forecast (million yuan) | H1 2024 (million yuan) | YoY Change | YoY Change (Excluding One-time Gains) | | :--- | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Approx. 966.95 | 887.13 | ▲ 9.00% | ▲ 27.71% | | **Non-recurring Net Profit Attributable to Shareholders** | Approx. 905.65 | 871.31 | ▲ 3.94% | ▲ 22.17% | [Prior Period Operating Performance and Financial Status](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) H1 2024 operating performance, including net profit attributable to shareholders of **887.13 million yuan** and earnings per share of **1.09 yuan**, provides the comparative baseline H1 2024 Performance Review | Metric | Amount | | :--- | :--- | | Total Profit | 1,094.63 million yuan | | Net Profit Attributable to Shareholders | 887.13 million yuan | | Non-recurring Net Profit Attributable to Shareholders | 871.31 million yuan | | Earnings Per Share | 1.09 yuan | [Primary Reasons for Current Period Performance Increase](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Performance growth is primarily driven by the consolidation of Guangdong Feng Environmental Power Co., Ltd. and the company's ongoing cost reduction and efficiency improvement initiatives - The consolidation of Guangdong Feng Environmental Power Co., Ltd. (52.44% owned by the company) from June 2025 contributed approximately **50 million yuan** to net profit attributable to shareholders in June[6](index=6&type=chunk) - The company continued to implement cost reduction and efficiency improvement measures, maintaining high operational efficiency, and recognized performance compensation income from former shareholders of its subsidiary, Jiangxi Hanlan Energy Co., Ltd., during the period[6](index=6&type=chunk) [Risk Alert](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has identified no uncertain factors that could materially impact the accuracy of the current performance forecast - The company has not identified any uncertain factors that could significantly impact the accuracy of this performance forecast[7](index=7&type=chunk) [Other Explanatory Notes](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The disclosed financial data are preliminary and subject to the final audited 2025 semi-annual report, reminding investors of associated risks - The forecast data are preliminary, with final financial figures subject to the company's 2025 semi-annual report to be disclosed on August 27, 2025[8](index=8&type=chunk)

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the improvement in cash flow and dividend potential due to reduced capital expenditures in the waste management sector, alongside enhanced return on equity (ROE) through quality improvements in heating and IDC collaborations [1][11][15]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a significant shift with a 9% increase in the sector's performance compared to the Shanghai and Shenzhen 300 indices [3]. - The report highlights a 73% increase in sales of new energy sanitation vehicles, with a penetration rate rising to 14.95% [25]. Key Recommendations - The report recommends several companies for investment, including Huaneng Environment, Green Power, and Yongxing Co., among others, due to their strong dividend potential and operational efficiency [5][11]. - It suggests focusing on companies like Yuehai Investment and Xingrong Environment for their robust cash flow and high dividend yields [17]. Policy Tracking - The Ministry of Ecology and Environment has issued a notice to enhance the quality of law enforcement, which is expected to improve operational efficiency and compliance in the industry [9][10]. - The report notes that the government is concentrating on environmental governance funding for 2025, which may positively impact the sector [7]. Financial Performance - The waste management sector is projected to see a significant increase in free cash flow, with dividends expected to rise as capital expenditures decrease [11][12]. - Specific companies are highlighted for their dividend growth, such as Junxin Co. with a 37% increase in cash dividends and Green Power with a 100% increase [12][13]. Market Dynamics - The report discusses the trend of garbage incineration and IDC collaborations as a new growth avenue, emphasizing the advantages of clean and efficient energy generation [14]. - The water utility sector is also highlighted for its stable growth and high dividends, with ongoing water price reforms expected to enhance profitability [15][17]. Sector Performance - The environmental protection and public utilities index rose by 2.69% during the week of July 7-11, 2025, outperforming the broader market indices [45].

Investment Rating - The investment rating for the industry is "Increase" which indicates a relative increase of more than 15% compared to the CSI 300 index [28] Core Insights - The Central Financial Committee's sixth meeting emphasized the high-quality development of the marine economy and the exploration of marine carbon sink accounting [8] - The first international standard for algal carbon footprint has been officially released, marking a breakthrough in carbon footprint standards [8] - The national carbon market is expanding beyond the power sector, increasing the demand for CCER (Voluntary Carbon Emission Reduction) [9] - New methodologies for CCER are expected to accelerate expansion, including projects related to low-concentration gas utilization in coal mines and energy-saving in highway tunnel lighting [10] Summary by Sections Weekly Investment Perspective - The meeting highlighted the need for top-level design in marine economic development and encouraged social capital participation [8] - The national carbon market will include cement, steel, and electrolytic aluminum industries, with a target to cover 7.5 billion tons of greenhouse gas emissions by 2027 [9] Environmental Sector Performance - The environmental sector saw a weekly increase of 0.81%, with notable stock performances including Xuedilong (+31.74%) and Sandetech (+26.25%) [13][16] - The weekly trading volume for national carbon market emissions was 2.47 million tons, with an average price of 72.64 yuan/ton, reflecting a 62% decrease from the previous week [14] Carbon Neutrality Tracking - The CCER trading volume reached 103,000 tons with an average price of 87.04 yuan/ton [14] - The Shanghai pilot carbon market achieved 100% compliance for twelve consecutive years, with a significant increase in green electricity consumption [18] Investment Recommendations - Recommendations include leading waste incineration companies such as Sanfeng Environment and Huanlan Environment, as well as companies in the recycling sector like Zhuoyue New Energy and Sanlian Hongpu [11]

Investment Rating - The report rates the environmental industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][10]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansion and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, but performance varies among companies due to factors such as historical electricity revenue recognition and increased depreciation from new capacity. Major companies are expected to show varied net profit growth in Q1-Q2 2025 [3]. - The sanitation market remains stable, with no significant profit contribution from automation technologies yet. Major companies are expected to see steady net profit growth [3]. - Equipment performance is diverging due to different downstream impacts. Conventional equipment companies may face margin pressure, while power environmental equipment is benefiting from increased demand [3]. Summary by Category Municipal Water Services - Overall operations are stable, with net profit growth expected for major companies: Tianyuan Environmental (+50%), Xingrong Environment (+8%), and Hongcheng Environment (+4%) in Q1-Q2 2025 [3][4]. Waste Incineration - The sector is stable, with varied net profit growth: Huanlan Environment (+1%), Junxin Co. (+42%), Green Power (+25%), Chengfa Environment (+10%), and Yongxing Co. (+7%) [3][4]. Sanitation - The sanitation market is stable, with expected net profit growth for major companies: Yingfeng Environment (+5%) and Yuhua Tian (+7%) [3][4]. Equipment - Conventional equipment companies are facing competitive pressure, with expected declines in net profit growth: Jingjin Equipment (-15%). In contrast, power environmental equipment companies are seeing significant growth: Qingda Environmental (+359%) and water treatment equipment companies like Wotton Technology (+23%) [3][4]. Investment Recommendations - Municipal environmental companies are recommended for their stable profitability and improving cash flow, including Junxin Co., Huanlan Environment, Xingrong Environment, Green Power, Hongcheng Environment, Yongxing Co., Yuehai Investment, and Guangda Environment [3]. - Companies in the unmanned sanitation sector, such as Yingfeng Environment and Yuhua Tian, are recommended for their potential in digital transformation [3]. - SAF suppliers and raw material providers are highlighted for their growth potential due to EU policies [3]. - Wotton Technology is recommended for its ongoing import substitution in reverse osmosis membranes [3].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report highlights that the environmental protection sector is entering a mature phase, leading to improved free cash flow and increased dividends due to reduced capital expenditures. The focus is on enhancing operational efficiency through heat supply and IDC collaborations, which are expected to boost ROE and valuations [12][14]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a shift towards maturity, with capital expenditures decreasing and free cash flow turning positive in 2023, continuing to improve in 2024. This trend is expected to enhance dividend payouts significantly [12][14]. - The report notes that the waste incineration segment is seeing a decline in capital expenditures, which is positively impacting free cash flow and dividend distributions [12][14]. Company Insights - Huanlan Environment is expanding its heat supply business, leveraging existing waste incineration projects to improve operational efficiency and cash flow. The company has signed multiple heat supply agreements and is expected to increase its heat supply volume significantly in the coming years [9][10][11]. - The report emphasizes the strong dividend potential of several companies, including Junxin Co. with a cash dividend of 507 million yuan in 2024, Green Power with 418 million yuan, and Huanlan Environment with a proposed dividend of 652 million yuan [12][13][14]. Market Developments - The report indicates that the water services sector is also showing stable growth, with a projected revenue of 655 billion yuan in 2024, despite a slight decline due to one-time gains. The sector is expected to benefit from ongoing water price reforms, which will enhance profitability and valuation [16][18][19]. - The report highlights the increasing penetration of new energy sanitation vehicles, with sales growing by 73% in the first five months of 2025, indicating a shift towards more sustainable practices in the industry [26][32]. Future Outlook - The report suggests that the environmental protection industry is poised for a new phase of growth driven by market reforms and operational efficiencies. Companies that can effectively manage their cash flows and adapt to changing market conditions are expected to see significant valuation increases [20][24].

证券代码：600323 证券简称：瀚蓝环境 公告编号：临 2025-036 瀚蓝环境股份有限公司 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 (一) 股东大会召开的时间：2025 年 6 月 27 日 (二) 股东大会召开的地点：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 (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 | 361 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 483,046,674 | | 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 | 59.2442 | | 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，大会主持情 况等。 本次股东大会由公司董事会召集，由董事长张厚祥主持，会议采用现场投票 及网络投票的方式表决。会议的召 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-037 瀚蓝环境股份有限公司 第十一届董事会第三十一次会议决议公告 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。 根据最新的监管要求，为进一步提升公司规范运作水平，公司全面梳理了现 有的相关治理制度，结合公司实际情况，制定、修订、废止部分公司治理制度。 具体情况如下： | 序号 | 制度名称 | 类型 | | --- | --- | --- | | 1 | 信息披露事务管理制度 | 修订 | | 2 | 信息披露暂缓与豁免业务内部管理制度 | 修订 | | 3 | 内幕信息知情人登记管理制度 | 修订 | | 4 | 董事和高级管理人员所持本公司股份及其变动管理制度 | 修订 | | 5 | 董事会秘书工作制度 | 修订 | | 6 | 关联交易管理制度 | 修订 | | 7 | 内部控制评价制度 | 修订 | | 8 | 董事和高级管理人员培训管理制度 | 修订 | | 9 | 关于防范控股股东、实际控制人及其他关联方资金占用的管理制度 | 修订 | | 10 ...

广东君信经纶君厚律师事务所 关于瀚蓝环境股份有限公司 2025 年第一次临时股东大会 的法律意见书 地址：广东省广州市天河区珠江东路 6 号 周大福金融中心 42 层、65 层 电话：（8620）85608818 2025 年 6 月 法律意见书 广东君信经纶君厚律师事务所 关于瀚蓝环境股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：瀚蓝环境股份有限公司 广东君信经纶君厚律师事务所（以下简称"本所"）接受瀚蓝环境股份有限公司（以 下简称"公司"）的委托，指派郑海珠律师、胡源律师（以下简称"本所律师"）出席并 见证了公司 2025 年 6 月 27 日召开的 2025 年第一次临时股东大会（以下简称"本次股东 大会"），本所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简 称"《股东会规则》"）、《上海证券交易所股票上市规则》等中国现行法律、法规和其 他规范性法律文件以及《瀚蓝环境股份有限公司章程》（以下简称"《公司章程》"）和 《瀚蓝环境股份有限公司股东大会议事规则》（以下简称"《股东大会议事规则》 ...

瀚蓝环境股份有限公司章程 (2025 年 6 月修订） 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）、《中国共产党章程》（以下简称《党章》）和其他有关规定，制 订本章程。 第二条 公司系依照《股份有限公司规范意见》和其他有关规定成立的股份有限公 司（以下简称"公司"）。 公司经广东省企业股份制试点联审小组、广东省经济体制改革委员会粤股审 [1992]65 号文批准，以募集设立方式设立；在广东省佛山市市场监督管理局注册登记， 取得营业执照，现持有统一社会信用代码为 9144060028000315XF 的《营业执照》。 第三条 公司于 2000 年 11 月 27 日经中国证券监督管理委员会批准，首次向社会公 众发行人民币普通股 65,000,000 股。其中，公司向境内投资人发行的以人民币认购的 内资股为 65,000,000 股，于 2000 年 12 月 25 日在上海证券交易所上市。 第四条 公司注册名称：瀚蓝环境股份有限公司。 第五条 公司住所：佛山市南海区桂城融和路 23 ...