Summary of Longking Environmental Conference Call Company and Industry Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and New Energy Key Points and Arguments 1. **Strategic Partnership**: Longking Environmental benefits from Zijin Mining's acquisition, establishing a "Environmental Protection + New Energy" dual-drive strategy with Zijin holding over 25% and the Longyan State-owned Assets Supervision and Administration Commission holding nearly 10% [2][5] 2. **Green Energy and Storage Development**: The company is focusing on green electricity and energy storage, with green energy projects aligned with Zijin's green mining transformation, and expected operational improvements in energy storage by 2025 [2][5] 3. **Non-Electric Sector Breakthroughs**: Longking has achieved significant advancements in non-electric sectors, including the world's first dry desulfurization technology applied to steel sintering machines, leading industry standards [2][6] 4. **Stable Order Volume**: Despite concerns over reduced orders in thermal power emissions control, the company maintains a stable order volume of around 10 billion annually, with unexecuted orders between 18-20 billion [2][10] 5. **Core Business and Competitive Advantage**: The core business includes flue gas treatment (desulfurization, denitrification, and dust removal), with a market share of nearly 50% in dust removal and about 20% in desulfurization [3][4] 6. **Financial Performance**: The company expects a net profit of 830 million yuan in 2024, impacted by losses in micro-fee businesses and goodwill impairment, with the environmental main business contributing approximately 920 million yuan [3][20] 7. **Future Growth in Green Energy**: Green energy is projected to contribute around 200 million yuan in 2025, with a focus on self-consumption and grid-connected power generation [12] 8. **Cash Flow and Debt Management**: The company has a strong cash flow and collection capability, with a high apparent debt ratio due to significant advance payments, reflecting its premium pricing ability [16][18] 9. **Employee Stability**: The implementation of a 10-year employee stock ownership plan has improved employee stability and morale [14][15] 10. **Market Expansion**: Longking is actively expanding into high-temperature industries such as steel, cement, and coking, which have substantial desulfurization and denitrification needs [4][7] Additional Important Information - **Board Structure**: The board consists of representatives from Zijin Mining, Longking Environmental, and the Longyan State-owned Assets Supervision and Administration Commission, facilitating smooth cooperation [8] - **Future Order Trends**: The company anticipates continued demand for emissions control due to ongoing regulatory requirements and the need for upgrades in existing facilities [9] - **Investment Focus**: Recent investments are primarily directed towards green energy projects, with clear funding purposes and avoidance of high-risk ventures [17] - **Robotics and Equipment Development**: The company is exploring robotics for flue gas treatment facility maintenance, although current contributions to earnings are limited [13] This summary encapsulates the essential insights from the conference call, highlighting Longking Environmental's strategic direction, financial outlook, and market positioning within the environmental protection and new energy sectors.

Overview - The metallurgical industry in China is focusing on energy conservation and emission reduction, aiming to minimize energy consumption and pollutant emissions while ensuring product quality and output [1][9][21] - In 2024, total investment in energy conservation and emission reduction by metallurgical enterprises is projected to decrease to 42 billion yuan, with energy-saving benefits dropping to 13 billion yuan [11] Market Policies - The Chinese government has implemented a series of policies to promote energy conservation and carbon reduction in the metallurgical industry, including action plans and guidelines aimed at reducing energy consumption and carbon emissions [4][6] - Specific targets for comprehensive energy consumption and carbon emission intensity in the steel industry have been established to guide the development of energy conservation and emission reduction efforts [4][6] Industry Chain - The energy conservation and emission reduction industry in metallurgy includes manufacturers of energy-saving equipment, technology providers, and software service providers [7] - The upstream supply chain consists of raw material suppliers, component manufacturers, and research institutions, while the downstream market primarily targets the steel and non-ferrous metal industries [7] Current Development - In 2023, the metallurgical industry consumed 680 million tons of standard coal and emitted 1.98 billion tons of CO2, with significant reductions expected in 2024 due to policy support [9][11] - The environmental cost per ton of steel is approximately 138 yuan, with carbon trading revenues estimated at 3.5 billion yuan [11] Competitive Landscape - Major players in the industry include large metallurgical groups like Baowu Steel and Hebei Iron and Steel, which are leading the development of energy-saving technologies [13][16] - Specialized energy-saving technology companies, such as China Metallurgical Group, focus on specific areas like waste heat recovery and flue gas purification [13][18] Future Trends - The dual carbon goals and related policies will continue to drive the metallurgical industry towards stricter energy consumption and emission standards [21] - The adoption of electric furnace short-process steelmaking technology is expected to increase, gradually shifting the industry away from traditional long-process methods [21]

Group 1 - Longjing Environmental Protection (龙净环保) announced that its major shareholders, Longyan State-owned Assets Investment and Operation Co., Ltd. and its acting party Huasheng Investment Co., Ltd., plan to increase their holdings of the company's A-shares through competitive trading from June 10, 2025, to June 9, 2026, with a total investment amount not less than 117.5 million yuan and not exceeding 235 million yuan [1] - Previously, from March 27 to April 30, 2025, Huasheng Investment cumulatively increased its holdings by 1.2323 million shares, accounting for 0.0970% of the total share capital, bringing the total holdings of Longyan State-owned Assets and Huasheng Investment to 102 million shares, representing 8% of the total share capital [1] - The increase in holdings reflects the shareholders' confidence in the company's future development and long-term value, aiming to enhance investor confidence and increase the company's investment value [1] Group 2 - Longjing Environmental Protection's controlling shareholder, Zijin Mining (紫金矿业), has also been continuously increasing its holdings, acquiring a total of 48.094 million shares from September 6, 2024, to January 8, 2025, and an additional 5.0289 million shares from January 9 to February 10, 2025, raising its total holdings to 318 million shares, which is 25% of the total share capital [2] - Longjing Environmental Protection, established in 1971 and listed in December 2000, is a leading enterprise in China's environmental protection industry, focusing on research and application in the environmental and energy-saving fields [2] - Despite the confidence shown by shareholders, the company's operating performance is under pressure, with a reported revenue of 1.966 billion yuan in Q1 2025, a year-on-year decrease of 13.69%, and a net profit attributable to the parent company of 185 million yuan, down 6.95% year-on-year [2] - The company's net cash flow from operating activities plummeted by 484.86% to -137 million yuan, attributed to a decrease in cash received from sales and an increase in cash paid for purchases [2] Group 3 - Longjing Environmental Protection has seen a continuous rise in accounts receivable, which increased from 3 billion yuan in 2022 to 3.609 billion yuan by the end of Q1 2025, marking a significant year-on-year growth of 19.05% [3]

证券代码：600388 证券简称：龙净环保 公告编号：2025-045 福建龙净环保股份有限公司 关于持股 5%以上股东及其一致行动人以专项贷款及 自有资金增持公司股份计划的公告 本公司董事会、全体董事及相关股东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： 增持主体的基本情况：福建龙净环保股份有限公司（以下简称"公司"） 持股 5%以上的股东龙岩市国有资产投资经营有限公司（以下简称"龙岩国投"） 及其一致行动人龙岩市华盛企业投资有限公司（以下简称"华盛投资"）合计持 有公司股份 101,629,938 股，占公司总股本的 8.00%。 增持计划的主要内容：公司于近日收到龙岩国投的告知函，龙岩国投及 华盛投资拟自本公告披露之日起 12 个月内通过上海证券交易所交易系统以集中 竞价交易方式增持公司 A 股股份，增持总金额不低于人民币 1.175 亿元，不超过 人民币 2.35 亿元（以下简称"本次增持计划"），资金来源为增持专项贷款及 自有资金。 本次增持计划不触及要约收购，不会导致本公司控股股东及实际控制人 发生变化。 增持计划无法 ...

证券代码：600388 证券简称：龙净环保 公告编号：2025-045 福建龙净环保股份有限公司 关于持股 5%以上股东及其一致行动人以专项贷款及 自有资金增持公司股份计划的公告 | | 董事、监事和高级管理人员 | 是 | 否 | | --- | --- | --- | --- | | | 其他：__________ | | | | 持股数量 | 100,371,338 股 | | | | 持股比例（占总股本） | 7.90% | | | | 本次公告前 个月内增持 12 | 是（增持计划完成情况： | | ） | | 主体是否披露增持计划 | 否 | | | | 本次公告前 个月增持主体 6 | 是 否 | | | | 是否存在减持情况 | | | | 增持主体名称 龙岩市华盛企业投资有限公司 增持主体身份 控股股东或实控人 是 否 控股股东或实控人的一致行动人 是 否 直接持股 5%以上股东 是 否 董事、监事和高级管理人员 是 否 其他：直接持股 5%以上股东的一致行动人 持股数量 1,258,600 股 持股比例（占总股本） 0.10% 本次公告前 12 个月内增持 主体是否披露增持计 ...

Core Viewpoint - The company has decided to extend the duration of its eighth employee stock ownership plan by six months, from June 6, 2025, to December 6, 2025, following approval from the board of directors and the majority of plan participants [1][4][5]. Summary by Relevant Sections Employee Stock Ownership Plan - The eighth employee stock ownership plan was initially approved on May 18, 2021, and involved the purchase of a total of 8,132,600 shares through block trading [1][5]. - The original lock-up period for these shares was 24 months, ending on June 8, 2023, with a total duration of 48 months, set to expire on June 6, 2025 [1][5]. - The extension of the plan's duration is in accordance with the company's management rules, allowing for a single extension of up to six months, with a maximum of two extensions [2][5]. Board Meeting Resolutions - The board meeting held on June 6, 2025, was attended by all 11 directors, and the proposal to extend the employee stock ownership plan was unanimously approved [4][5]. - The meeting followed all legal and procedural requirements as stipulated by the Company Law and the company's articles of association [4]. Stock Option Plan Adjustment - The company has adjusted the exercise price of its 2024 stock option incentive plan from 12.23 yuan per share to 11.95 yuan per share due to a cash dividend distribution of 0.28 yuan per share [12][13][17]. - The adjustment was made in compliance with the relevant regulations and was authorized by the company's second temporary shareholders' meeting in 2025 [12][19]. - The adjustment will not significantly impact the company's financial status or operational results, nor will it affect the stability of the management team [18][19].

证券代码：600388 证券简称：龙净环保 公告编号：2025-043 公司于 2021 年 5 月 18 日召开 2020 年年度股东大会，审议通过了《关于实 施第八期员工持股计划的议案》。2021 年 6 月 7 日，公司第八期员工持股计划 已通过大宗交易方式购买第三期员工持股计划 3,660,700 股、第四期员工持股计 划 4,471,900 股，合计购买总数 8,132,600 股。以上股票锁定期 24 个月，即于 2023 年 6 月 8 日解禁，存续期 48 个月，即于 2025 年 6 月 6 日到期。公司拟将第八期 员工持股计划存续期展期 6 个月，即存续期从 2025 年 6 月 6 日延长至 2025 年 12 月 6 日。 根据公司《员工持股计划管理规则》的相关规定，经出席持有人会议有效表 决权的 2/3 以上通过，并经董事会审议通过，员工持股计划的存续期可以延长， 但单次延长期限不超过 6 个月，延长次数最多不超过两次。公司将根据本期员工 持股计划实施的进展情况，按照相关法律法规的规定及时履行信息披露义务，敬 请广大投资者关注相关公告并注意投资风险。 特此公告。 福建龙净环保股份有限 ...

福建龙净环保股份有限公司 证券代码：600388 证券简称：龙净环保 公告编号：2025-042 第十届监事会第十一次会议决议公告 本公司监事会及全体监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。 福建龙净环保股份有限公司（以下简称"公司"）第十届监事会第十一次会 议于 2025 年 6 月 6 日以通讯的方式召开。会议由监事会主席廖伯寿先生主持。 会议应参加监事 3 人，实际参加监事 3 人。会议召开程序符合《公司法》《公司 章程》等规定。会议审议以下议案： 监 事 会 2025 年 6 月 7 日 表决结果：3 票赞成，0 票反对，0 票弃权。 经审核，监事会认为：因公司年度权益分派已实施完毕，本次对 2024 年股 票期权激励计划首次授予及预留股票期权行权价格的调整符合《上市公司股权激 励管理办法》等相关法律法规及公司《2024 年股票期权激励计划（草案）》的 相关规定，履行了必要的审议程序，且本次调整事项在公司 2025 年第二次临时 股东会对董事会的授权范围内，不存在损害公司及全体股东利益的情况。公司监 事会同意本次对股票期权行权价格 ...

一、审议：《关于第八期员工持股计划展期的议案》 证券代码：600388 证券简称：龙净环保 公告编号：2025-041 福建龙净环保股份有限公司 第十届董事会第十五次会议决议公告 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。 福建龙净环保股份有限公司（以下简称"公司"）第十届董事会第十五次会 议于 2025 年 6 月 6 日以通讯的方式召开。会议由董事长林泓富先生主持。会议 应参加董事 11 人，实际参加董事 11 人，监事列席会议。会议召开程序符合《公 司法》《公司章程》等规定。经审议，通过以下议案： 表决结果：11 票赞成，0 票反对，0 票弃权。 公司分别于 2021 年 4 月 26 日、2021 年 5 月 18 日召开第九届董事会第四次 会议和 2020 年年度股东会，审议通过了《关于实施第八期员工持股计划的议案》。 2021 年 6 月 7 日，公司第八期员工持股计划已通过大宗交易方式购买第三期员 工持股计划 3,660,700 股、第四期员工持股计划 4,471,900 股，合计购买总数 8,132,600 ...

福建龙净环保股份有限公司 监 事 会 2025 年 6 月 6 日 福建龙净环保股份有限公司监事会 关于2024年股票期权激励计划相关事项的核查意见 福建龙净环保股份有限公司（以下简称"公司"）监事会根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等有关法律、法规和规范性文件及公司《2024 年股票期 权激励计划（草案）》《公司章程》的有关规定，对本次激励计划相关事项进行了 核查，发表核查意见如下： 本次对 2024 年股票期权激励计划股票期权行权价格的调整符合《上市公司 股权激励管理办法》等相关规范性文件及公司《2024 年股票期权激励计划（草 案）》的相关规定，履行了必要的审议程序，且本次调整事项在公司 2025 年第二 次临时股东会对董事会的授权范围内，不存在损害公司及全体股东利益的情况。 公司监事会同意本次对股票期权行权价格进行调整。 ...