| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-086 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | | 信息披露义务 | 股份性质 | 本次增持前 | 持股比例 | 本次增持后 | | | --- | --- | --- | --- | --- | --- | | 人名称 | | 持股数（股） | | 持股数（股） | 持股比例 | | | | | （%） | | （%） | | 紫金矿业 | 无限售条件 流通股 | 214,641,659 | 19.8539 | 228,095,859 | 21.0983 | | 紫金资本 | | 4,790,550 | 0.4431 | 4,790,550 | 0.4431 | | 紫金投资 | | 44,956,403 | 4.1584 | 44,956,403 | 4.1584 | | 合计 | | 264,388,612 | 24.4553 | 277,842,812 | 25.6998 | 福建龙净环保股份有限公司 关于控股股东增持股份超过1%的提示性公告 本公司董事会及全体董 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-087 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于股东部分股份解除质押暨持股比例 变动超过1%的提示性公告 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： 2024 年 9 月 27 日，福建龙净环保股份有限公司（以下简称"龙净环保" 或"公司"）持股 5%以上股东福建龙翔钰实业投资有限公司（以下简称"龙翔 钰实业"）的一致行动人上海鑫拓诚企业管理有限公司（以下简称"鑫拓诚"） 持有的 10,000,000 股被解除质押（占公司总股本的 0.9250%），并通过大宗交易 方式转让给公司控股股东紫金矿业集团股份有限公司（以下简称"紫金矿业"）。 2024 年 9 月 4 日、2024 年 9 月 27 日，鑫拓诚通过大宗交易方式累计减 持公司股份 14,840,900 股，占公司总股本的 1.3727%（该部分股份均为二级市场 集中竞价买入）。本次 ...

国投证券股份有限公司 关于 福建龙净环保股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 二O二四年九月 1 财务顾问声明与承诺 本部分所述词语或简称与本财务顾问核查意见"释义"所述词语或简称具有相 同含义。 根据《公司法》《证券法》《收购管理办法》《准则15号》《准则16号》 等法律法规和规范性文件的规定，本财务顾问按照行业公认的业务标准、道德 规范，本着诚实信用、勤勉尽责的精神，对本次权益变动的相关情况和资料进 行了核查并出具本财务顾问核查意见，以供投资者和有关各方参考。 一、财务顾问声明 （一）本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人 已对本财务顾问做出承诺，所提供的资料均为真实、原始的书面资料或副本资料 ，该等资料副本或复印件与其原始资料或原件一致，是准确和完整的，所有文件 的签名、印章均是真实的，并无任何虚假记载、误导性陈述或者重大遗漏，并对 其真实性、准确性和完整性承担个别和连带的法律责任； （二）本财务顾问基于诚实信用和勤勉尽责的原则，已按照工作程序，旨在 就《福建龙净环保股份有限公司详式权益变动报告书》相关内容发表意见，发表 意见的内容仅限详式权益变动报告书 ...

福建龙净环保股份有限公司 详式权益变动报告书 福建龙净环保股份有限公司 详式权益变动报告书 上市公司名称：福建龙净环保股份有限公司 股票上市地点：上海证券交易所 股票简称：龙净环保 股票代码：600388.SH 信息披露义务人：紫金矿业集团股份有限公司 住所及通讯地址：上杭县紫金大道 1 号 一致行动人一：紫金矿业投资（上海）有限公司 住所及通讯地址：上海市虹口区东大名路 501 号 4707 单元 一致行动人二：紫金矿业集团资本投资有限公司 住所：中国（福建）自由贸易试验区厦门片区翔云三路 128 号 602 室 通讯地址：福建省厦门市思明区环岛东路 1811 号中航紫金广场 B 塔 38 楼 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人及其一致行动人在龙净环保拥有权益的股份 变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人 及其一致行动人没有通过任何其他方式增加或减少其在龙净环保中拥有权益的 股份。 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人 及其一致行动人没有委托或者授权其他任何人提供未在本报告书中列载的信 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-085 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于股东部分股份解除质押暨权益变动的提示性公告 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： 2024 年 9 月 4 日，福建龙净环保股份有限公司（以下简称"龙净环保" 或"公司"）持股 5%以上股东福建龙翔钰实业投资有限公司（原"龙净实业投资 集团有限公司"，以下简称"龙翔钰实业"）的一致行动人上海鑫拓诚企业管理有 限公司（以下简称"鑫拓诚"）持有的 4,840,900 股被解除质押（占公司总股本的 0.45%，该部分股份为二级市场集中竞价买入），并通过大宗交易方式转让给公司 控股股东紫金矿业集团股份有限公司（以下简称"紫金矿业"）。 自 2024 年 1 月 29 日公司控股股东紫金矿业及其全资子公司紫金矿业集 团资本投资有限公司（以下简称"紫金资本"）、紫金矿业投资（上海）有限公司 （以下简 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-084 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于持股5%以上股东变更公司名称的公告 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。 福建龙净环保股份有限公司（以下简称"公司"）于近日收到持股 5%以上 股东龙净实业投资集团有限公司的通知，其公司名称由"龙净实业投资集团有限 公司"变更为"福建龙翔钰实业投资有限公司"，上述工商变更手续已办理完成， 并取得了新营业执照，变更后的相关登记信息如下： 8、经营范围：一般项目：以自有资金从事投资活动；企业管理；软件开发； 信息咨询服务（不含许可类信息咨询服务）；社会经济咨询服务；环保咨询服务； 城市绿化管理；园林绿化工程施工；市场营销策划；五金产品零售；建筑材料销 售；肥料销售；润滑油销售；化工产品销售（不含许可类化工产品）；金属材料 销售；金属矿石销售；高性能有色金属及合金材料销售；农副产品销售；食用农 产品批发；国内 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-083 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于"龙净转债"回售结果的公告 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。 重要内容提示： 福建龙净环保股份有限公司（以下简称"公司"）于2020年3月24日公开发 行面值总额人民币200,000.00万元可转换公司债券（债券简称：龙净转债，债券 代码：110068），扣除发行费用等相关费用后，实际募集资金净额为人民币 197,958.23万元。根据公司实际经营情况，为提高募集资金使用效率，增强公司 营运能力，公司于2024年8月12日召开2024年第三次临时股东大会、"龙净转债" 2024年第一次债券持有人会议，分别审议通过了《关于募投项目结项及终止并将 剩余募集资金永久补充流动资金的议案》，决定将"龙净转债"募集资金投资项 目"黑龙江多宝山一期200MW风光项目"予以结项；"电池研发及中试线项目"、 "龙净环 ...

Investment Rating - The report maintains a "Buy" rating for Longking Environmental (龙净环保) [1] Core Views - The company reported a 33% increase in non-recurring net profit, with a robust order book in environmental protection and accelerated contributions from new energy [1] - In the first half of 2024, the company achieved revenue of 4.672 billion yuan, a decrease of 5.44% year-on-year, while the net profit attributable to shareholders was 431 million yuan, an increase of 0.8% year-on-year [1] - The company signed new environmental engineering contracts worth 5.527 billion yuan in the first half of 2024, with a total backlog of 19.538 billion yuan, indicating a continuous increase from the end of 2023 [1] Financial Performance - The company’s operating cash flow net amount was 532 million yuan, an increase of 488.85% year-on-year, while the investment cash flow net amount was -1.814 billion yuan, a decrease of 289.3% year-on-year [1] - The company’s total revenue is projected to grow from 10.973 billion yuan in 2023 to 14.312 billion yuan in 2024, representing a year-on-year growth of 30.44% [6] - The net profit attributable to shareholders is expected to increase from 509 million yuan in 2023 to 1.151 billion yuan in 2024, reflecting a growth rate of 126.14% [6] New Energy Development - The company is accelerating the construction and operation of green electricity projects, with significant projects in Tibet and Xinjiang successfully generating power [1] - The first phase of the Tibet Lagao power supply project, which includes 115MW of photovoltaic and 65MW/130MWh of electrochemical energy storage, is operational [1] - The company is also focusing on the green transformation of mining equipment, leveraging opportunities from the transition to electric mining vehicles [1]

Investment Rating - The report maintains a "Buy" rating for Longjing Environmental Protection (600388) with a target price of 16.65 RMB, down from the previous target of 18.10 RMB [3][8] Core Views - Longjing Environmental Protection achieved a 33% YoY growth in non-GAAP net profit in H1 2024, meeting expectations [1] - The company's traditional business has sufficient orders, with a gradually increasing market share [1][8] - The new energy business logic is gradually being realized, with progress in green power and green mining sectors [1][8] Financial Performance - H1 2024 revenue reached 4.672 billion RMB, a 5% YoY decline, while non-GAAP net profit grew 33% to 391 million RMB [8] - Gross margin improved by 0.21 percentage points to 23.46%, and net profit margin increased by 0.62 percentage points to 9.25% [8] - Operating cash flow surged 489% YoY to 532 million RMB [8] Business Operations - New environmental engineering contracts in H1 2024 totaled 5.527 billion RMB, with 57% from power industry and 43% from non-power sectors [8] - The company secured large-scale ultra-low emission projects for new coal-fired power units, enhancing domestic market share [8] - International expansion continued with new orders in Thailand, Vietnam, and Philippines [8] New Energy Development - The first phase of Tibet Laguo power supply project and Xinjiang Wucha 300MW photovoltaic project successfully started power generation [8] - The company launched green mining equipment solutions, focusing on electrification opportunities in mining equipment [8] - Energy storage business is progressing, with 1.499 billion RMB in system and equipment sales contracts [8] Financial Forecasts - 2024-2026 net profit forecasts adjusted to 1.204 billion, 1.524 billion, and 1.934 billion RMB respectively [8] - EPS for 2024-2026 projected at 1.11, 1.41, and 1.79 RMB [8] - 2024 PE ratio estimated at 15x, PB ratio at 2.1x [8] Market Performance - Current stock price at 11.10 RMB, with a 52-week range of 10.13-16.30 RMB [4] - Market capitalization stands at 12 billion RMB [4] - Stock performance shows -2% in 1 month, -6% in 3 months, and -30% in 12 months [7] Valuation Comparison - Comparable companies show 2024 average PE of 11.1x and median of 9.7x [11] - Longjing's 2024 PB valuation of 2.1x is higher than industry average of 1.1x and median of 1.3x [8][11]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥4,672,123,317.62, a decrease of 5.44% compared to ¥4,941,012,911.12 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥431,351,514.48, showing a slight increase of 0.80% from ¥427,920,356.66 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥390,546,048.04, representing a significant increase of 32.66% from ¥294,403,167.88 in the same period last year[13]. - The net cash flow from operating activities reached ¥531,726,095.47, a substantial increase of 488.85% compared to ¥90,298,830.32 in the previous year[13]. - The total assets at the end of the reporting period were ¥25,120,752,371.43, a slight decrease of 0.70% from ¥25,297,488,964.28 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company increased by 2.41% to ¥7,932,619,736.28 from ¥7,746,009,200.60 at the end of the previous year[13]. - Basic earnings per share remained stable at ¥0.40, unchanged from the same period last year[14]. - The diluted earnings per share also remained at ¥0.36, consistent with the previous year[14]. - The weighted average return on net assets was 5.45%, a decrease of 0.16 percentage points from 5.61% in the previous year[15]. - The company reported a significant increase in the weighted average return on net assets after deducting non-recurring gains and losses, rising to 4.94% from 3.86% in the previous year, an increase of 1.08 percentage points[15]. Environmental Initiatives - The coal-fired power sector is expected to reduce carbon emissions by approximately 20% by 2025 compared to 2023 levels, with a target of 50% reduction by 2027[19]. - The steel industry has seen a 60% reduction in pollutant emissions, with 43% of crude steel capacity undergoing full-process transformation[20]. - Wind and solar power installations continue to grow rapidly, with the company focusing on project operations and new project expansions[22]. - The energy storage market is evolving quickly, with the company enhancing its operational efficiency and product quality while exploring partnerships[23]. - The company emphasizes technological innovation and has intensified R&D efforts in environmental protection and new energy sectors[24]. - The company is actively pursuing high-quality orders in the steel sector and is preparing for potential projects in the coking and cement industries[21]. - The company reported a non-recurring profit of 40,805,466.44 RMB for the period, primarily from government subsidies and asset disposals[16]. Market Development and Strategy - Cash flow management has been strengthened, leading to positive outcomes in operational efficiency[25]. - The company is committed to proactive market development, conducting comprehensive analyses to seize market opportunities[26]. - A specialized marketing meeting was held to enhance the company's market attack capabilities and ensure sustainable contract growth[27]. - The company secured new environmental engineering contracts totaling 5.527 billion RMB in the first half of 2024, with the power industry accounting for 56.79% of the new contracts[30]. - The company is actively expanding its international market presence, particularly in Southeast Asia, securing dust removal and desulfurization projects in Thailand, Vietnam, and the Philippines[31]. Financial Management and Investments - Long-term borrowings increased by 72.87% to approximately 2.57 billion RMB, attributed to new loans from financial institutions[36]. - The company reported a 61.05% decrease in employee compensation liabilities, primarily due to the payment of last year's year-end bonuses[36]. - The total investment for the adjusted project in Tibet is approximately 600 million RMB, down from 2.8 billion RMB, with a revised capacity of 115MW solar and 65MW/130MWh energy storage[39]. - The company achieved a production capacity of 1.2 million high-quality rollers annually, meeting current and future market demands[88]. - The company invested RMB 550 million in principal-protected financial products, with an expected annual yield of 2.35% for a term from April 19, 2024, to April 19, 2027[91]. Environmental Compliance and Monitoring - The company is classified as a key pollutant discharge unit by environmental protection authorities[48]. - The company has a total nitrogen control index of 242.67 tons per annum[50]. - The company has a total sulfur dioxide control index of 95.546 tons per annum[49]. - The company has a total nitrogen oxides control index of 204.739 tons per annum[48]. - The company has a total particulate matter control index of 29.219 tons per annum[48]. - The company has a total ammonia nitrogen control index of 1.062 tons per annum[48]. - The company has a total chemical oxygen demand control index of 10.623 tons per annum[48]. - The company has completed the election of the chairman of the board and the chairman of the supervisory board[45]. - The company has an environmental impact assessment approval document, indicating adherence to regulatory standards[52]. - The company has established a total of 48 monitoring points for unorganized emissions[67]. Shareholder and Governance Matters - The company committed to distributing at least 30% of the average annual distributable profits over the next three years, based on the current profitability and cash flow situation[78]. - The company has ensured that there are no direct or indirect competitive businesses with its controlling shareholder, thus protecting the interests of minority shareholders[78]. - The total amount of guarantees provided by the company during the reporting period, excluding guarantees for subsidiaries, was 11,000,000 RMB[81]. - The company has maintained a good integrity status during the reporting period, with no significant legal or regulatory issues reported[79]. - The company has adhered to the disclosure requirements for related party transactions, with actual transactions not exceeding the estimated amounts[79]. Accounting and Financial Reporting - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, reflecting the overall financial position, operating results, and cash flows of the group[150]. - The company recognizes long-term equity investments formed by business combinations at the book value of the owner's equity of the acquired entity on the merger date[188]. - The company measures identifiable assets and liabilities of the acquired entity at fair value on the acquisition date, with goodwill recognized if the acquisition cost exceeds the fair value of net identifiable assets[146]. - The company recognizes investment income based on its share of the net profit or loss of the investee, adjusting the carrying amount of the investment accordingly[190]. - The company utilizes the equity method for accounting for joint ventures, reflecting its rights to the net assets of the joint arrangements[156].