股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-014 瀚蓝环境股份有限公司 2024 年年度利润分配预案公告 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： 每股分配金额：每股派发现金红利0.80元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权益分 派实施公告中明确。 若在实施权益分派的股权登记日前公司总股本发生变动，维持每股分配金额不变，相 应调整分配总额，并将另行公告具体调整情况。 本分配预案须经股东大会审议通过方可实施。 公司不涉及触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八）项规定的 可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经华兴会计师事务所（特殊普通合伙）审计，瀚蓝环境股份有限公司（以下简称"公司"） 2024 年度母公司实现净利润 1,863,747,035.88 元，加上年初未分配利润 1,048,245,657.51 元， 减去经 2023 年年度股东大会决议派发的红利 391,36 ...

瀚蓝环境股份有限公司2024 年年度报告 公司代码：600323 公司简称：瀚蓝环境 瀚蓝环境股份有限公司 2024 年年度报告 1 / 241 瀚蓝环境股份有限公司2024 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，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。 二、公司全体董事出席董事会会议。 三、华兴会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人金铎、主管会计工作负责人吴志勇及会计机构负责人（会计主管人员）王天华 声明：保证年度报告中财务报告的真实、准确、完整。 √适用 □不适用 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 以 2024 年度利润分配实施公告确定的股权登记日在册的股份数为基数，每 10 股派发现金红 利 8 元（含税）。若在实施权益分派的股权登记日前公司总股本发生变动，维持每股分配金额不 变。 六、前瞻性陈述的风险声明 本报告所涉及的对未来的预测和前瞻性陈述不构成公司对投资者的实质承诺，敬请投资者注 意投资风险。 七、是否存在被控股股东及其 ...

瀚蓝环境（600323）公告，2024年营业收入为118.86亿元，同比下降5.22%。归属于上市公司股东的净 利润16.64亿元，同比增长16.39%。拟向全体股东每10股派发现金红利8元(含税)。 ...

Summary of the Conference Call for Huanlan Environment Company Overview - Huanlan Environment is an environmental platform enterprise under the Foshan Nanhai District State-owned Assets Supervision and Administration Commission, primarily engaged in solid waste treatment, gas supply, sewage treatment, and water supply [3][4] Core Business Insights - The company's development strategy focuses on waste-to-energy, expanding both upstream transportation and downstream resource recovery through vertical and horizontal integration [3] - Gas supply volume increased from 50,000 cubic meters in 1995 to nearly 1 billion cubic meters in 2021, benefiting from national policies promoting clean energy [3] - The gross profit margin of solid waste treatment rose from 16% in 2014 to 51% in 2023, although it has slightly decreased recently [3][6] Financial Performance - From 2014 to 2023, Huanlan Environment achieved a compound annual growth rate (CAGR) of 29% in revenue and 20% in net profit attributable to shareholders [3][5] - In 2023, the gas business turned profitable due to price adjustments, and net profit for the first three quarters of 2024 increased by 18.8% year-on-year [3][5] - As of October 2024, the total capacity for waste incineration power generation reached approximately 36,000 tons per day, with about 30,000 tons already operational [3][10] Strategic Developments - Huanlan Environment announced plans to privatize Yuefeng Environmental in July 2024, expecting a consolidated profit of approximately 454 million RMB, contributing 24.5% to the 2023 profit [3][17][18] - Yuefeng Environmental operates waste classification projects with a capacity of 43,700 tons per day, with additional projects in construction and planning [3][19] Operational Efficiency - The company has a unique operating license for gas supply in Foshan until 2031, with a gross margin recovery to 10% through a pricing mechanism [3][13] - Water supply efficiency improved with a leakage rate reduced to 7.72% in 2023, with potential price increases in the South China region expected to enhance profitability [3][15] Future Outlook - Huanlan Environment's solid waste business is projected to continue growing, with 13 waste classification project agreements signed and expected operational contributions from new projects in 2025 [3][12] - The company is also exploring new directions in energy, including a kitchen waste-to-hydrogen project, although profitability remains moderate due to high initial costs [3][14] Financial Health - As of Q3 2024, the company's debt-to-asset ratio stood at 63.1%, with expectations for improvement in accounts receivable collection due to increasing waste processing volumes [3][23][24] - Cash flow has improved post-construction peak, with a commitment to increasing shareholder dividends by at least 10% annually [3][25][26] Investment Appeal - The completion of the privatization of Yuefeng Environmental is expected to significantly enhance earnings per share (EPS) and provide stable dividend growth, making Huanlan Environment an attractive investment opportunity [3][27]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has established a power sales company and is actively expanding into the power sales and energy-saving carbon reduction services market. All prerequisites for privatization have been met [2][4]. - The company is focusing on the energy conversion attributes of waste incineration projects and is strategically positioning itself in the industry. The privatization of Yuefeng is progressing smoothly, and multiple announcements regarding increased dividends have been made since 2024, indicating a positive outlook for both EPS and dividend yield [2][4]. Summary by Sections Company Overview - On March 17, 2025, the company announced the establishment of Guangdong Hanlan Green Carbon Power Technology Co., Ltd. to enter the power sales market [4]. - The company has completed all prerequisites for the privatization transaction, including the separation of subsidiaries and necessary approvals [4]. Financial Performance - The company forecasts net profits attributable to shareholders of 1.645 billion, 1.843 billion, and 2.302 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 12.0% and 24.9% for 2025 and 2026 [8]. - The projected PE ratios for 2024, 2025, and 2026 are 10.8x, 9.6x, and 7.7x, respectively [8]. Business Strategy - The company is leveraging its waste incineration projects to provide stable green energy, which is expected to assist downstream enterprises in energy conservation and carbon reduction [8]. - The newly established green carbon power subsidiary will also engage in green certificate trading, carbon reduction, and environmental consulting services [8].

Group 1 - The company plans to privatize Guangdong Feng Environmental Power Co., Ltd. through its subsidiary, Hanlan (Hong Kong) Environmental Investment Co., Ltd., leading to its delisting from the Hong Kong Stock Exchange [1] - The transaction qualifies as a major asset restructuring under the regulations of the Management Measures for Major Asset Restructuring of Listed Companies [1] - The company has disclosed relevant documents regarding the major asset purchase on the Shanghai Stock Exchange [1] Group 2 - The prerequisites for the transaction include the completion of payment confirmation and share transfer registration, ensuring no losses recorded by the target company group, and no creditor-debtor relationships between the target company group and the seller [2] - The company has completed all necessary internal decision-making processes, including board and shareholder approvals, and has injected a total of RMB 4.6 billion into Hanlan (Foshan) [2][3] - All prerequisites for the transaction have been met, including approvals from relevant authorities and compliance with antitrust laws [3]

一、 本次交易概述 股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-012 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。 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"），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）。 二、 本次交易先决条件的进展情况 （一）本次交易的先决条件 本次交易须达成的先决条件的具体内容如下： (i)粤展环境出售事项包 ...

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Views - The company is a leading national waste incineration enterprise with a current operational capacity of 30,600 tons/day and an additional 5,150 tons/day under construction or planned. The operational efficiency is among the best in the industry. The proposed privatization of Guangdong Feng Environmental Protection will increase the company's stake to 52.4%, potentially adding 350 million yuan to profits, which represents 24.5% of the 2023 net profit attributable to shareholders. The company has announced multiple dividend increases, with the dividend payout ratio expected to rise to 39.6% in 2024, leading to a projected dividend yield of 3.76% [2][8]. Summary by Sections Company Overview - The company is based in Nanhai District, Foshan, and is a state-owned environmental platform enterprise. Its main business includes solid waste treatment, gas supply, sewage treatment, and water supply, with a focus on waste incineration power generation [5][20]. Waste Incineration - The company has incinerated 12.56 million tons of waste in 2023, with a capacity utilization rate of 115.5%. The revenue per ton of waste is 260 yuan, placing it in the top tier of the industry. The company has a strategic focus on "big solid waste" and expects new projects to contribute to growth over the next three years [5][40][45]. Financial Analysis and Profit Forecast - The company is expected to achieve net profits of 1.645 billion yuan, 1.843 billion yuan, and 2.302 billion yuan for 2024-2026, with year-on-year growth rates of 15.1%, 12.0%, and 24.9%, respectively. The three-year compound growth rate is projected at 17.2%, with corresponding PE ratios of 10.5x, 9.4x, and 7.5x [8][25]. Acquisition of Guangdong Feng Environmental Protection - The acquisition is expected to enhance the company's earnings per share (EPS) significantly. The operational capacity of Guangdong Feng is 43,700 tons/day, with a projected profit increase of 350 million yuan for the company [7][36]. Dividend Policy - The company has announced several dividend increases, with the payout ratio expected to reach 39.6% in 2024, resulting in a dividend yield of 3.76% based on the closing price on March 13, 2025 [8][11].

Investment Rating - The report assigns a "Buy" rating to the company [2][6]. Core Views - The company is a leading player in the waste incineration industry, backed by the Nanhai District State-owned Assets Supervision and Administration Commission, with a stable profit model and a complete industrial chain [5]. - The company has shown a significant increase in free cash flow and plans to increase dividends by 66.7% in 2024, reflecting confidence in shareholder returns [5]. - The acquisition of Yuefeng Environmental is expected to enhance both the quantity and quality of operations, positioning the company as the largest waste treatment operator among A-share listed companies [5]. - The company's valuation has decreased despite profit growth, indicating potential for valuation recovery [5]. Summary by Sections 1. Company Overview - The company has expanded through acquisitions over 20 years, evolving from a water supply business to a comprehensive environmental service provider, focusing on waste incineration, energy, and water services [13][15]. - The company is strategically positioned for national expansion, with a strong backing from state-owned entities [13][15]. 2. Financial Performance - The company reported a net profit of 1.385 billion yuan in Q3 2024, a year-on-year increase of 18.82% [5]. - Revenue for 2024-2026 is projected to be 132.77 billion, 134.19 billion, and 139.71 billion yuan respectively, with net profits of 1.708 billion, 1.724 billion, and 1.813 billion yuan [5][7]. 3. Business Segments - The waste incineration business is the core, with operational capacity of approximately 31,000 tons/day and a project pipeline that will increase capacity significantly [5][39]. - The water and energy segments provide stable cash flow, with potential for price adjustments benefiting profitability [5][24]. 4. Acquisition of Yuefeng Environmental - The planned acquisition of Yuefeng Environmental for up to 11.3 billion HKD will increase operational capacity to 74,300 tons/day and enhance profitability by an estimated 418 million yuan in 2025 and 433 million yuan in 2026 [5][6]. - The acquisition is expected to create synergies that will reduce financial costs and improve operational efficiency [5][6]. 5. Valuation and Market Potential - The company's current PE ratio is 10.49x, below the industry average of approximately 12x, indicating room for valuation recovery [5][6]. - If the acquisition is successful, the target market capitalization could reach 26.7 billion yuan, representing a 54.3% upside potential [5][6].

Investment Rating - The report assigns a "Buy" rating to the company [2][6]. Core Insights - The company, Hanlan Environment (600323.SH), is a leading player in the waste incineration industry, backed by the Nanhai District State-owned Assets Supervision and Administration Commission. It has a stable profit model and a complete industrial chain [5]. - The company has shown a significant increase in net profit, with a 18.82% year-on-year growth in Q3 2024, reaching 1.385 billion yuan [5]. - The company has turned positive in free cash flow in 2023, with a 66.7% increase in dividends per share for 2024, reflecting confidence in shareholder returns [5]. - The acquisition of Yuefeng Environmental is expected to enhance both the quantity and quality of operations, positioning Hanlan Environment as the largest waste treatment company in the A-share market [5]. - The company's valuation has decreased from around 15x to about 10x, despite a 43.7% increase in net profit from 2021 to 2024, indicating potential for valuation recovery [5]. Summary by Sections 1. Company Overview - Hanlan Environment has expanded its business through acquisitions since its establishment, evolving from a water supply company to a comprehensive environmental service provider [13]. - The company has a strong shareholder background, with significant support from the Nanhai State-owned Assets Supervision and Administration Commission [15]. 2. Financial Performance - The company reported total revenue of 12.875 billion yuan in 2022, with a projected revenue of 13.277 billion yuan in 2024, reflecting a compound annual growth rate of 19.5% from 2019 to 2023 [7]. - The net profit attributable to the parent company is expected to grow from 1.142 billion yuan in 2022 to 1.708 billion yuan in 2024, with a compound annual growth rate of 11.9% [7]. 3. Business Segments - The waste incineration business is the core of the company's operations, with a current operational capacity of approximately 31,000 tons per day, expected to increase significantly post-acquisition of Yuefeng Environmental [39]. - The water and energy segments are also contributing stable cash flows, with the water supply prices in Foshan having not been adjusted for nine years, indicating potential for future increases [5]. 4. Acquisition of Yuefeng Environmental - The planned acquisition of Yuefeng Environmental for up to 11.3 billion HKD will increase Hanlan's operational capacity to 74,300 tons per day, making it the largest in the A-share market [5]. - The acquisition is expected to enhance profits by approximately 418 million yuan in 2025 and 433 million yuan in 2026 [5]. 5. Dividend Policy - The company has committed to a minimum annual dividend growth of 10% from 2024 to 2026, with a proposed cash dividend of 0.8 yuan per share for 2024, reflecting a 66.7% increase [5][34].