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、 ...

瀚蓝环境股份有限公司2025 年第一季度报告 证券代码：600323 证券简称：瀚蓝环境 瀚蓝环境股份有限公司 2025 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 （3）公司降本增效深化带来的毛利率提升、管理费用及财务费用同比有所下降，以及保持较 高运营效率。 2、经营活动产生的现金流量净额同比增长 74.54%，主要是存量应收账款回款较同期改善， 本期销售商品、提供劳务收到的现金同比增加。公司将继续加强应收账款的催收工作，争取在相 关政府支持下，2025 年收回存量应收账款不少于 20 亿元。 (二)非经常性损益项目和金额 √ ...

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 ...

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、 ...

本报告导读： 2024 年公司净利润同比增长16%，存量应收账款回款超24 亿，带动经营活动现金流量净额同比增长 32%，经营稳健一如既往。 3）供排水业务稳定，供水产销率6.84%，保持行业先进水平。 收购粤丰环保积极推进，预计2025 上半年完成收购。2024 年7 月公司启动收购粤丰，目前已完成反垄 断审查、境外投资登记备案等，所有先决条件均已达成，预计2025 年上半年完成交易。收购完成后公 司焚烧产能将实现跨越式增长，我们预计协同效应将逐步体现。 风险提示:收购进度低于预期、分红低于预期、天然气价格波动等。 业绩稳步增长，经营现金流显著改善。1）2024 年，公司实现营业收入118.86 亿元，同比减少5%；归 属净利润16.64 亿元，同比增长16%；扣非归属净利润16.25 亿元，同比增长16%。工程收入及燃气收入 下降导致收入下降；供热量提升及存量项目增收驱动利润增长。 2）经营活动现金流量净额32.73 亿元，同比增长32%，公司积极回款，2024 年内存量应收账款回款超 24 亿，公司规划2025 年收回存量应收账款不少于20 亿元。3）2024 年现金分红比例提升至39%，公司 规划20 ...