中信证券股份有限公司关于本次交易 摊薄即期回报及采取填补措施的核查意见 瀚蓝环境股份有限公司（以下简称"瀚蓝环境"或"上市公司"）拟批准瀚蓝（香 港）环境投资有限公司（以下简称"瀚蓝香港"）作为要约人，在满足先决条件的前提 下向计划股东和购股权持有人提出私有化粤丰环保电力有限公司（以下简称"粤丰环保" 或"标的公司"）的建议，其中涉及根据开曼群岛公司法第 86 条以协议安排方式私有 化粤丰环保。截至本核查意见出具日，粤丰环保已发行总股本为 2,439,541,169 股，计划 股东合计持有粤丰环保 2,263,152,549 股股票，占粤丰环保已发行总股本的 92.77%；此 外，粤丰环保已授出、未行权的有效购股权合计 2,250,000 份，购股权人有权按 4.39 港 元/股的行权价格以 1 份购股权购买粤丰环保新发行的 1 股股票（以下简称"本次交易" 或"本次重组"）。根据《上市公司重大资产重组管理办法》规定，本次交易事项构成 重大资产重组。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作的意见》 （国办发〔2013〕110 号）《国务院关于进一步促进资本市场健康发展的若干意见》（ ...

中信证券股份有限公司关于本次交易符合《关于加强证券 公司在投资银行类业务中聘请第三方等廉洁从业风险防控 的意见》相关规定的核查意见 瀚蓝环境股份有限公司（以下简称"瀚蓝环境"）拟通过间接控股子公司瀚 蓝（香港）环境投资有限公司（以下简称"瀚蓝香港"或"要约人"），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"标的公司"或"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（以下简称"本次交易"）。 中信证券股份有限公司（以下简称"本独立财务顾问"或"中信证券"）受 瀚蓝环境委托，担任本次交易的独立财务顾问，按照《关于加强证券公司在投资 银行类业务中聘请第三方等廉洁从业风险防控的意见》（〔2018〕22号）的规定， 就独立财务顾问及上市公司在本次交易中聘请第三方机构或个人（以下简称"第 三方"）的行为进行核查并发表如下意见： （一）独立财务顾问有偿聘请第三方和个人等相关行为的核查 在本次发行中，本独立财务顾问不存在各类直接或间接有偿聘请第三方和 个人等相关行为。 反垄断申报咨询机构。 除上述中介机构外，瀚蓝环境还聘请中信证券（ ...

瀚蓝环境股份有限公司（以下简称"公司"）拟通过间接控股子公司瀚蓝（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"），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。 2024 年 11 月 20 日，公司召开第十一届董事会第二十次会议，审议通过了《关 于<瀚蓝环境股份有限公司重大资产购买报告书（草案）>及其摘要的议案》等与本 次交易相关的议案，具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn） 披露的公告。 根据《上市公司重大资产重组管理办法》《上海证券交易所上市公司自律监管 指引第 6 号——重大资产重组》等相关规定，基于本次交易的总体工作安排，公司 董事会决定暂不召开审议本次交易方案相关事宜的临时股东大会，待相关工作完 成后，由董事会另行召集股东大会审议本次交易方案及其他议案。公司首次披露重 组方案至召开相关股东大会前，如本次交易涉嫌内幕 ...

独立财务顾问主办人： 刘 堃 顾 宇 杨 贤 卢宇轩 中信证券股份有限公司关于本次交易相关主体不存在《上市公 司监管指引第 7 号——上市公司重大资产重组相关股票异常交 易监管》第十二条不得参与任何上市公司重大资产重组情形的 核查意见 瀚蓝环境股份有限公司（以下简称"公司"）拟通过间接控股子公司瀚蓝（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"），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。根据《上市公司重大资产重组管理办法》规定，上述交易事项构成重 大资产重组（以下简称"本次交易"或"本次重组"）。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 7 号上市公司重大资产重组相关股票异常交易监管》第十三条的规定本公司 作为上市公司独立财务顾问，就本次交易不存在不得参与任何上市公司重大资产 重组情形说明如下： 截至本核查意见出具日，本次重组涉及《上市公司监管指引第 7 号——上市 公司重大资产重组相关股票异常交易监管》第六条规定的相关主体均不存 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 29 CNY, compared to the current price of 21.72 CNY [1]. Core Insights - The company achieved a revenue of 8.731 billion CNY in the first three quarters of 2024, a year-on-year decrease of 2.58%, while the net profit attributable to shareholders reached 1.385 billion CNY, an increase of 18.82% [1][2]. - The report highlights a divergence between revenue and profit growth, with a decline in revenue primarily due to a decrease in solid waste engineering business, while profit growth was supported by various factors including project confirmations and improved margins in the energy sector [2]. - The solid waste and energy business segments showed positive operational performance, with solid waste treatment revenue at 4.511 billion CNY, down 2.10%, but net profit increased by 14.89% to 0.954 billion CNY [2]. - The company has accelerated cash flow collection, resolving 0.787 billion CNY of outstanding accounts receivable by the end of Q3 2024, with plans to significantly reduce remaining receivables by year-end [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 1.681 billion CNY, with a year-on-year growth of 17.6%, and an EPS of 2.06 CNY [6]. - The main revenue for 2024 is estimated at 13.381 billion CNY, reflecting a growth rate of 6.7% compared to 2023 [6]. - The company maintains a healthy financial position with a debt-to-asset ratio of 63.13% and a net asset value per share of 16.10 CNY [3].

股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-053 瀚蓝环境股份有限公司 关于重大资产重组进展公告 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"）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"），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。 二、本次交易的进展情况 公司已于 2024 年 7 月 22 日、8 月 23 日分别披露《重大资产购买预案》及《重 大资产购买预案（修订稿）》， 本次交易的有关进展情况详见公司于 2024 年 7 月 22 日、8 月 2 日、8 月 6 日、8 月 7 日、8 月 23 日、8 月 30 日、9 月 12 日、9 月 30 日、10 月 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 87.31 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.58%, while the net profit attributable to shareholders increased by 18.82% to 13.85 billion yuan [4][5]. - The solid waste operation showed stable growth, while the engineering equipment business saw a significant decline in profit. The solid waste treatment business generated 45.11 billion yuan in revenue, down 2.10%, but net profit increased by 14.89% to 9.54 billion yuan [4][5]. - The company is addressing its accounts receivable, having resolved 7.87 billion yuan of outstanding accounts receivable in the first three quarters, with a target of 20 billion yuan for the year [5][6]. - The company is pursuing the acquisition of Guangdong Yufeng Environmental Protection, which is expected to enhance earnings per share (EPS) significantly [5][6]. - The company has a total of 35,750 tons/day of waste incineration projects in hand, with ongoing projects expected to contribute to future profits [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 29.07 billion yuan, a year-on-year decrease of 4.21%, while net profit was 4.98 billion yuan, up 4.65% [4]. - The energy business generated 27.84 billion yuan in revenue, down 6.11%, but showed improvement in operational conditions [4][5]. - The company’s operating cash flow for 2023 was 2.48 billion yuan, with projections for 2024 to reach 4.67 billion yuan [11]. Business Segments - The solid waste treatment segment's revenue was 45.11 billion yuan, with a net profit of 9.54 billion yuan, while the engineering and equipment segment saw a revenue drop of 61.98% [4][5]. - The company’s water supply business remained stable, with revenue of 7.09 billion yuan, while the drainage business grew by 12.91% to 5.03 billion yuan [4][5]. Future Outlook - The company expects to complete the acquisition of Guangdong Yufeng by the end of 2024, which could increase net profit by 3.89 billion yuan [5][6]. - Forecasted net profits for 2024-2026 are 16.9 billion yuan, 21.8 billion yuan, and 23.2 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.1x, 8.6x, and 8.1x [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - For the first three quarters of 2024, the company achieved a revenue of 8.731 billion yuan, a year-on-year decrease of 2.58%, while the net profit attributable to the parent company was 1.385 billion yuan, an increase of 18.82% year-on-year [1] - The decline in revenue is primarily due to a decrease in solid waste engineering income, while natural gas revenue slightly decreased but improved the sales margin [1] - The company is expected to enhance profitability and cash flow through the acquisition of Yuefeng Environmental [1] Financial Performance Summary - Revenue and Profit: In Q1-Q3 2024, the company reported a revenue of 8.731 billion yuan, with a net profit of 1.385 billion yuan. The revenue for Q3 alone was 2.907 billion yuan, showing a year-on-year decrease of 4.21% [1] - Business Segments: - Solid Waste: Revenue of 4.511 billion yuan, down 2.10%, with net profit of 0.954 billion yuan, up 14.89% [1] - Energy: Revenue of 2.784 billion yuan, down 6.11%, with natural gas sales volume of 729 million cubic meters, down 3.36% [1] - Water Supply: Revenue of 709 million yuan, flat year-on-year, with water sales volume of 340 million tons, up 0.75% [1] - Drainage: Revenue of 503 million yuan, up 12.91%, with sewage treatment volume of 200 million tons, up 7.34% [1] - Cash Flow: Operating cash flow for Q1-Q3 2024 was 1.343 billion yuan, a decrease of 17.66% year-on-year [1] - Profitability Metrics: The gross margin for Q1-Q3 2024 was 31.44%, an increase of 4.36 percentage points year-on-year, while the net profit margin was 16.13%, an increase of 2.81 percentage points year-on-year [1] Earnings Forecast and Valuation - The report forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 1.679 billion yuan, 1.739 billion yuan, and 1.881 billion yuan respectively, corresponding to a P/E ratio of 11, 11, and 10 times [1]

大家好 我是泛满环境董立昌日语今天出席我们交流会的还有公司副总裁兼财务负责人吴志勇吴总 那下面我简要的跟各位先回顾一下我们三季报的那个情况那我想主要是三点想跟各位交流一下一个就是在三季报里面呢大家也看到那我们的本体的业绩还是非常出现的那其中供海水那也是一如既往的稳定然后能源业务那在经历了 就是前几年的波动以后呢在今年开始恢复了一个正常的一个盈利的水平那顾费处理业务的话呢在工程业务大幅下滑的情况下那整体的一个净利润依然是实现了一个稳定的增长同时呢顾费处理业务的生产指标产能利用率 公司处于一个比较稳定并且是在有所增长的态势这也呈现出来一方面是公司整体的业务结构还是非常具有抗风险的能力并且也是服务于民生产业的整体收益比较稳定 并且公司这几年的经济管理降本增效还是取得了非常好的一个成效包括我们在这一个开拓业务方面包括我们的公热等等的这种中和一体化的这种业务也在这两年也是看到了一个比较好的一个这个成效 然后第二点的话是现金流大家都非常关注这一个数据那看到我们经营活动产生的这个现金流是超过了13个亿那整体这也体现了就是汉南环境的四大业务板块里面 整体的抗风险的能力包括我们的供水和能源的这种突袭的业务应该说对我们整体现金流 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has demonstrated continuous profit growth, with a revenue of 8.73 billion yuan for the first three quarters of 2024, a year-over-year increase of 2.6%, and a net profit attributable to shareholders of 1.39 billion yuan, reflecting a year-over-year increase of 18.8% [1]. - The decline in revenue is attributed to a decrease in solid waste engineering business income, while net profit benefited from improved pricing in the natural gas business and effective cost control measures [1]. - The company has established a complete ecological environment service industry chain, with strong resource sharing and synergy effects, indicating stable development [1]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.91 billion yuan, down 4.2% year-over-year, but net profit increased by 4.7% to 500 million yuan [1]. - The comprehensive gross profit margin for the first three quarters of 2024 was 31.4%, an increase of 4.4 percentage points year-over-year, driven by improved operational efficiency and natural gas price differentials [1]. - The company reported a net cash flow from operating activities of 1.34 billion yuan, a year-over-year increase of 17.7% [1]. Business Segments - The solid waste treatment business generated revenue of 4.51 billion yuan, a decrease of 2.1% year-over-year, but net profit increased by 14.9% to 950 million yuan [1]. - The energy business reported revenue of 2.78 billion yuan, up 6.1% year-over-year, while the water supply business remained stable at 710 million yuan [1]. - The company has expanded its light asset operation business through new rainwater pipeline management contracts [1]. Future Outlook - The company is expected to achieve net profits of 1.74 billion yuan, 1.83 billion yuan, and 1.93 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10.8, 10.2, and 9.7 [1][2].