Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [6][9]. Core Views - The company is recognized as a leading player in environmental governance, with a balanced development strategy focusing on solid waste treatment as its core business, complemented by water and energy services [8][11]. - The acquisition of Yuefeng Environmental is expected to drive significant growth, enhancing the company's operational capacity and market position [11][32]. Summary by Sections Basic Data - The closing price of the company's stock is 24.01 CNY, with a total market capitalization of approximately 19,576.48 million CNY [4]. - The company has a total share capital of 815.35 million shares and a net asset value per share of 16.96 CNY [4]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 are 12,541 million CNY, 11,886 million CNY, 11,931 million CNY, 12,008 million CNY, and 12,222 million CNY, respectively, with a growth rate of -2.59%, -5.22%, 0.38%, 0.65%, and 1.78% [7][9]. - Expected net profits for the same period are 1,430 million CNY, 1,664 million CNY, 1,767 million CNY, 1,887 million CNY, and 2,040 million CNY, reflecting growth rates of 24.71%, 16.39%, 6.21%, 6.79%, and 8.08% [7][9]. - The company's price-to-earnings (P/E) ratios are projected to be 13.69, 11.77, 11.08, 10.37, and 9.60 for the years 2023 to 2027 [7]. Business Overview - The company has established a comprehensive operational model for solid waste management, with a focus on high operational efficiency and a capacity utilization rate of 119% [11][28]. - The solid waste segment generated a net profit of 10.25 billion CNY in 2024, with the majority coming from waste incineration [11][28]. - The acquisition of Yuefeng Environmental will increase the company's total waste incineration capacity to 88,000 tons per day, positioning it as the largest national waste incineration operator in A-shares [11][38]. Water and Gas Business - The company has a stable water supply business with a capacity of 1.7 million cubic meters per day, and it is expected to benefit from upcoming water price increases in the region [39][44]. - The gas business has shown recovery in profit margins, with a sales volume of 9.8 to 10.2 billion cubic meters from 2021 to 2024 [51]. Dividend Policy - The company has committed to increasing its dividends per share (DPS) by at least 10% annually from 2024 to 2026, reflecting its strong cash flow position [20][28].

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-029 2025 年 5 月 12 日，标的公司召开按开曼群岛大法院指示的法院会议及标的公 司股东特别大会，审议并通过了本次交易的相关事宜。关于法院会议及股东特别 大会的表决结果，具体内容详见香港联交所披露易网站（http://www.hkexnews.hk）。 开曼群岛大法院就批准协议安排计划进行的法院聆讯将于 2025 年 5 月 20 日 举行。 标的公司已向香港联交所申请且香港联交所已批准根据香港联交所上市规则 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" ...

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 2024 年年度股东大会 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 5 月 本所及本所律师同意将本法律意见书作为公司本次股东大会的必备文件按有关规定予 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 2024 年年度股东大会的 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 5 月 7 日召开的 2024 年年度股东大会（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 ...

证券代码：600323 证券简称：瀚蓝环境 公告编号：临 2025-028 瀚蓝环境股份有限公司 2024年年度股东大会决议公告 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 5 月 7 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 | 584 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 509,416,644 | | 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 | 62.4784 | | 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。会议的召集、召开 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In Q1 2025, the company reported a revenue of 2.601 billion yuan, a year-on-year decrease of 4.24%, while the net profit attributable to shareholders increased by 10.26% to 420 million yuan [2][4] - The company's operational efficiency has significantly improved, particularly in the solid waste business, which has shown a notable increase in operational efficiency [2][4] - The company is expected to complete the privatization of Yuefeng in the first half of 2025, which is anticipated to enhance both EPS and dividend yield [2][4] Summary by Sections Financial Performance - Q1 2025 revenue was 2.601 billion yuan, down 4.24% year-on-year; net profit attributable to shareholders was 420 million yuan, up 10.26% year-on-year; and the non-recurring net profit was 418 million yuan, up 12.80% year-on-year [2][4] - The solid waste business generated revenue of 1.31 billion yuan, with a net profit of 331 million yuan, reflecting a year-on-year decrease in revenue of 8.52% but an increase in net profit of 32.61% [11] Operational Efficiency - The solid waste business's operational revenue structure has improved, with over 90% of revenue coming from operational activities [11] - The company achieved a significant increase in power generation efficiency, with a year-on-year growth of 4.95% and 6.17% in power generation per ton and grid-connected power, respectively [11] Cash Flow and Capital Expenditure - The company reported a free cash flow increase of 339 million yuan to 224 million yuan, with operating cash flow net income growing by 74.54% [11] - Capital expenditures in Q1 2025 were approximately 373 million yuan, a decrease of about 100 million yuan year-on-year, with expectations for continued downward trends in capital expenditures throughout 2025 [11] Privatization and Market Expansion - The privatization of Yuefeng is progressing well, with key meetings scheduled for May 2025, and the transaction is expected to be completed in the first half of 2025 [11] - The company is actively expanding into overseas markets, particularly in Southeast Asia, with ongoing projects in Thailand [11] Dividend and Profit Forecast - The company has committed to a dividend growth of no less than 10% from 2024 to 2026, with a dividend yield of 3.45% as of April 28, 2025 [11] - Forecasted net profits for 2025, 2026, and 2027 are 1.79 billion yuan, 2.16 billion yuan, and 2.29 billion yuan, respectively, with corresponding P/E ratios of 10.5x, 8.7x, and 8.3x [11]

Core Viewpoint - Hanlan Environment achieved impressive operating results in 2024, driven by deep industry experience, precise strategic layout, and continuous innovation, with significant growth continuing into 2025 [2][3] Financial Performance - In 2024, Hanlan Environment reported a net profit of 1.664 billion yuan, a year-on-year increase of 16.39%, marking a record high for the same period since its listing [3] - The company plans to distribute a cash dividend of 0.8 yuan per share, totaling 652 million yuan, also a record high since its listing [3] - In Q1 2025, the net profit reached 420 million yuan, a year-on-year increase of 10.26%, again setting a record for the same period since its listing [4] - Operating cash flow in Q1 2025 was 596 million yuan, a year-on-year increase of 74.54%, reflecting strong cash collection capabilities [4] Business Strategy and Growth Outlook - Hanlan Environment aims to achieve revenue of 11.1 billion yuan and total assets of 38.9 billion yuan in 2025, with potential revenue reaching 13.1 billion yuan if privatization is successful [5] - The company is focused on mergers and acquisitions, market expansion, and enhancing operational efficiency through automation and innovation [5] ESG Performance - Hanlan Environment has been recognized for its ESG efforts, achieving A-level ratings in various assessments and an AA- rating in the 2025 Zhongchengxin Green Finance International ESG rating [7] - The company has implemented comprehensive waste management and energy resource management programs, achieving significant reductions in pollutants [8] - In 2024, the company provided 4.96 billion tons of water to 1.1912 million customers, with a water supply satisfaction rate of 89.55% [9] Community Engagement and Governance - Hanlan Environment actively participates in community building and environmental education, conducting numerous public outreach activities and volunteer services [10] - The company has a diverse board of directors and has established a robust governance framework, enhancing decision-making quality and operational efficiency [11] - In 2024, the company maintained a zero incidence of corruption lawsuits and signed numerous integrity commitment letters, promoting a culture of compliance [11]

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-027 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。 1 议、退市以及可交换债券修订等相关提案获得通过。该意向不具有法律约束力。 公司将继续推进本次交易相关工作，严格按照相关法律法规的规定和要求及 时履行信息披露义务。敬请广大投资者注意投资风险。 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 ww ...

Core Insights - The company, Hanlan Environment (600323.SH), reported a total operating revenue of 2.601 billion yuan for Q1 2025, ranking 5th among disclosed peers [1] - The net profit attributable to shareholders reached 420 million yuan, ranking 3rd among disclosed peers, with a year-on-year increase of 39.09 million yuan, representing a 10.26% growth compared to the same period last year [1] - The net cash inflow from operating activities was 596 million yuan, ranking 1st among disclosed peers, with a year-on-year increase of 255 million yuan, reflecting a 74.54% growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 59.43%, a decrease of 1.85 percentage points from the previous quarter and a decrease of 4.39 percentage points from the same period last year [3] - The latest gross profit margin is 32.28%, ranking 45th among disclosed peers, with an increase of 3.34 percentage points from the previous quarter and an increase of 2.43 percentage points year-on-year [3] - The latest return on equity (ROE) is 3.04%, ranking 12th among disclosed peers [3] Earnings Per Share and Turnover - The diluted earnings per share is 0.52 yuan, ranking 1st among disclosed peers, with an increase of 0.05 yuan from the same period last year, reflecting a 10.64% year-on-year growth [3] - The latest total asset turnover ratio is 0.07 times, ranking 36th among disclosed peers [3] - The latest inventory turnover ratio is 7.93 times, ranking 19th among disclosed peers, with a year-on-year increase of 0.39 times, representing a 5.23% growth [3] Shareholder Structure - The number of shareholders is 23,700, with the top ten shareholders holding 436 million shares, accounting for 53.50% of the total share capital [3] - The largest shareholder is Foshan Nanhai Water Supply Group Co., Ltd., holding 17.15% of the shares [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown an increase in net profit attributable to shareholders by 10.26% year-on-year in Q1 2025, despite a decrease in revenue by 4.24% to 2.601 billion yuan [1][3] - The improvement in profitability is attributed to enhanced operational efficiency and cost reduction measures, particularly in the waste incineration segment, which saw a revenue increase of 0.88% year-on-year [3] - The acquisition of Yuefeng Environmental is progressing steadily, with expectations to complete the acquisition in the first half of 2025, which will significantly increase the company's waste incineration capacity [3][4] Financial Performance Summary - In Q1 2025, the company achieved a net profit of 420 million yuan, with a basic earnings per share of 0.52 yuan, reflecting a year-on-year increase of 10.64% [1] - The operating cash flow increased by 74.54% year-on-year to 596 million yuan, indicating strong cash generation capabilities [1] - The company's revenue from solid waste treatment decreased by 8.52% to 1.31 billion yuan, while net profit from this segment increased by 32.61% to 331 million yuan [3] - The energy segment reported a revenue of 840 million yuan, down 1.62% year-on-year, while the water supply segment saw a revenue increase of 1.66% to 225 million yuan [3] Earnings Forecast - The projected revenues for 2025, 2026, and 2027 are 11.199 billion yuan, 11.296 billion yuan, and 11.437 billion yuan respectively, with corresponding net profits of 1.680 billion yuan, 1.706 billion yuan, and 1.765 billion yuan [4][5] - The company is expected to maintain a stable growth trajectory with a projected P/E ratio of 11.25x for 2025, indicating a favorable valuation [4][5]

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 二、 会议时间： 瀚蓝环境股份有限公司 2024 年年度股东大会会议资料 目 录 议案 一、 2024 年年度股东大会议程 二、 2024 年年度股东大会会议规则 三、 2024 年年度报告及年报摘要 四、 2024 年度董事会工作报告 五、 2024 年度监事会工作报告 六、 2024 年度财务决算方案 七、 2024 年度利润分配预案 八、 关于为瀚蓝（佛山）投资有限公司并购贷款提供担保的议案 九、 关于融资决策权限调整的议案 十、 关于续聘华兴会计师事务所（特殊普通合伙）为公司提供 2025 年度审计工作的 十一、 关于增补马文晋为第十一届董事会董事的议案 十二、 独立董事 2024 年度述职情况报告 瀚蓝环境股份有限公司 2024 年年度股东大会 材料之一 2024 年年度股东大会议程 果 （一）现场会议 1、召开时间：2025 年 5 月 7 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、 ...