广发证券股份有限公司 关于 福建龙净环保股份有限公司 2025 年度向特定对象发行 A 股股票 福建龙净环保股份有限公司 上市保荐书 之 上市保荐书 保荐机构（主承销商） 二零二五年十二月 声明 广发证券股份有限公司（以下简称"广发证券""保荐人"或"保荐机 构"）及具体负责本次证券发行上市项目的保荐代表人已根据《中华人民共和国 公司法》《中华人民共和国证券法》等法律、法规和中国证监会及上海证券交易 所的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则和行业自律 规范出具本上市保荐书，并保证本上市保荐书的真实、准确、完整。 如无特别说明，本上市保荐书中所有简称和释义，均与《福建龙净环保股份 有限公司 2025 年度向特定对象发行 A 股股票募集说明书》一致。 3-2-1 | 声 | 明 1 | | --- | --- | | | 目录 2 | | 第一节 | 本次证券发行基本情况 3 | | | 一、发行人基本情况 3 | | | 二、本次证券发行的基本情况 9 | | | 三、保荐代表人、项目协办人及项目组其他成员情况 11 | | | 四、发行人与保荐机构的关联关系 12 | | 第二节 | 保荐 ...

每经AI快讯，"A股绿色报告"项目监控到的数据显示，龙净环保（600388）间接控股子公司福建龙净储 能电池有限公司L3线技改项目环评审批获原则同意。该项目总投资额达2亿元。该审批信息于2025年12 月12日被相关监管机构披露。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在 让上市公司环境信息更加阳光透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境 监管数据，筛选监控上市公司及其旗下公司（包括分公司、参股公司和控股公司）的环境表现，加以专 业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周报，定期动态更 新上市公司环境风险榜。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自 担。 上期（总第227期）A股绿色周报显示，共有4家上市公司在近期暴露了环境风险。 (记者 刘志远 魏官红) ...

Core Viewpoint - The environmental equipment sector experienced a 0.6% increase on January 6, with Xianhe Environmental leading the gains. The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1]. Group 1: Stock Performance - Xianhe Environmental (300137) closed at 10.70, up 3.88% with a trading volume of 248,700 shares and a transaction value of 265 million yuan [1]. - Chuangyuan Technology (000551) closed at 15.17, up 3.06% with a trading volume of 692,900 shares and a transaction value of 1.031 billion yuan [1]. - Shijing Technology (301030) closed at 12.28, up 1.66% with a trading volume of 75,500 shares and a transaction value of 93.04 million yuan [1]. - Other notable stocks include Falsheng (000890) at 5.16, up 1.38%, and Longjing Environmental (600388) at 16.48, up 0.98% [1]. Group 2: Capital Flow - The environmental equipment sector saw a net outflow of 75.466 million yuan from institutional investors, while retail investors contributed a net inflow of 103 million yuan [2]. - The capital flow data indicates that Chuangyuan Technology experienced a net outflow of 20.5631 million yuan from institutional investors, while retail investors contributed a net inflow of 14.3357 million yuan [3]. - Xianhe Environmental had a net inflow of 8.0148 million yuan from retail investors, despite a net outflow of 16.6836 million yuan from institutional investors [3].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The report highlights the dual drivers of improved cash flow in the waste incineration sector due to decreased capital expenditure and accelerated national subsidies [9][10] - The State Council's issuance of the "Solid Waste Comprehensive Treatment Action Plan" is expected to benefit resource recycling and solid waste management industries [15][16] - The report emphasizes the potential for dividend increases in the waste incineration sector, projecting a rise in dividend potential from 114% to 141% due to improved cash flow and subsidy recovery [13][12] Summary by Sections Industry Trends - The environmental protection industry is experiencing a significant increase in cash flow and dividend potential due to reduced capital expenditures and improved national subsidy recovery [9][10] - The waste incineration sector is projected to see a substantial improvement in cash flow, with a notable increase in national subsidy recovery rates [10][11] Key Recommendations - The report recommends focusing on companies such as Huanlan Environment, Longjing Environmental Protection, and Green Power for their dividend potential and growth prospects [3][13] - It also suggests monitoring companies like Weiming Environmental and Sanfeng Environment for their overseas growth strategies [3][13] Policy Tracking - The "Solid Waste Comprehensive Treatment Action Plan" sets clear targets for solid waste utilization by 2030, which is expected to drive growth in the resource recycling sector [15][16] - The report notes that the plan includes measures to improve the commercial model for waste management, which will benefit the industry [16][17] Company Highlights - Longjing Environmental Protection has successfully connected its second phase of the solar storage project in Guyana and delivered its first electric mining truck, marking a significant step in green mining [21][24] - Jingjin Equipment, a leader in filter press manufacturing, is expected to benefit from the recovery in the lithium battery sector and overseas expansion [27][28] Market Performance - The report indicates that the environmental protection sector is poised for growth, driven by increased demand for waste management and recycling solutions [30][31] - The report also highlights the expected recovery in cash flow for water service companies, which could mirror the trends seen in the waste incineration sector [31]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - On December 29, 2025, the company successfully delivered its first pure electric mining dump truck LK220E and signed a procurement contract for electric mining trucks with Tibet Giant Dragon Copper [2][4]. - The electric mining truck's total lifecycle cost is significantly better than traditional fuel mining trucks, helping reduce carbon emissions and operational costs for Zijin Mining [2]. - The company is entering a performance acceleration period in green electricity starting from Q2, with good sales in energy storage and stable flue gas order scale, while actively expanding into new areas such as sodium-ion batteries [2]. Summary by Relevant Sections Event Description - The first pure electric mining dump truck LK220E was delivered on December 29, 2025, and a procurement contract was signed with Tibet Giant Dragon Copper [4]. Business Performance - The electric mining truck can reduce carbon emissions by over 120 tons annually per unit and lower the cost per ton-kilometer by over 30% compared to traditional fuel trucks, providing both environmental and economic benefits [10]. - The green electricity business reported a net profit of nearly 170 million yuan in the first three quarters, with stable operations in various projects [10]. - The company has a stable order scale in flue gas treatment, with new orders amounting to 7.626 billion yuan in the first three quarters, showing a year-on-year increase of 1.09% [10]. Financial Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.103 billion yuan, 1.408 billion yuan, and 1.705 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 32.8%, 27.7%, and 21.0% respectively [10]. - The corresponding PE valuations are projected to be 18.7x, 14.6x, and 12.1x for the same years [10].

股东会召开日期：2026年1月12日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 证券代码：600388 证券简称：龙净环保 公告编号：2025-087 福建龙净环保股份有限公司 2026年第一次临时股东会提示性公告暨会议资料 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： （一）股东会类型和届次 2026年第一次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会采用的表决方式是现场投票和网络投票结合的 方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2026 年 1 月 12 日14 点 30 分 召开地点：福建龙岩新罗区工业中路 19 号龙净环保工业园 1 号楼 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 12 日至2026 年 1 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The successful grid connection of the second phase of the Guyana solar-storage project and the ongoing progress of overseas green electricity projects are key highlights [8] - The company is expected to benefit from the increasing demand for air pollution control equipment, with a projected net profit growth of 63.15% in 2024 and continued growth in subsequent years [8] - The company has a strong order backlog of 19.7 billion, which is expected to accelerate revenue recognition [8] Financial Projections - Total revenue is projected to decline by 7.64% in 2023, followed by a recovery with a growth of 20.74% in 2025 [8][9] - The net profit attributable to the parent company is forecasted to be 508.97 million in 2023, increasing to 1.23 billion by 2025, representing a growth of 48.33% [8][9] - The earnings per share (EPS) is expected to rise from 0.40 in 2023 to 0.97 in 2025 [8][9] Market Position - The company is positioned as the largest manufacturer of air pollution control equipment globally, benefiting from market demand driven by new construction and upgrades in the power and non-power sectors [8] - The company has successfully completed five international projects this year, enhancing its strategic layout in the mining equipment sector [8]

Group 1 - The core viewpoint of the news is that Longking Environmental Protection Co., Ltd. has experienced fluctuations in its stock price, with a current market value of 20.549 billion yuan and a year-to-date stock price increase of 30.80% [1][2] - As of December 30, the stock price decreased by 2.06% to 16.18 yuan per share, with a trading volume of 88.5187 million yuan and a turnover rate of 0.43% [1] - The company reported a revenue of 7.858 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 18.09%, and a net profit attributable to shareholders of 780 million yuan, up 20.53% year-on-year [2] Group 2 - Longking Environmental Protection's main business segments include environmental equipment manufacturing (64.93%), new energy business (24.59%), project operation revenue (7.34%), and soil remediation (0.87%) [2] - The company has distributed a total of 3.184 billion yuan in dividends since its A-share listing, with 763 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased to 44,400, with an average of 28,630 circulating shares per shareholder, a slight decrease of 0.04% [2]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].