Financial Position - Total assets at the end of the reporting period were approximately ¥25.09 billion, a decrease of 0.82% compared to the end of the previous year[5]. - Equity attributable to shareholders of the listed company increased to approximately ¥7.92 billion, reflecting a growth of 2.28% year-over-year[5]. - The total assets decreased slightly to CNY 25,089,108,388.85 from CNY 25,297,488,964.28, a decrease of approximately 0.83%[12]. - The total liabilities decreased to CNY 16,965,447,007.88 from CNY 17,348,530,591.45, a reduction of about 2.21%[12]. - The total liabilities increased to CNY 14,882,121,778.25 from CNY 14,654,450,192.76, showing a rise of approximately 1.6%[32]. - The total liabilities and equity amounted to CNY 21,687,145,605.47 as of Q1 2024, compared to CNY 21,376,691,820.45 in the previous year[34]. Cash Flow and Financing Activities - Cash and cash equivalents decreased to approximately ¥2.57 billion, down from ¥2.74 billion at the end of the previous year[11]. - The net cash flow from financing activities increased by 41.76%, primarily due to an increase in borrowings from financial institutions[8]. - The cash flow from financing activities showed a net inflow of CNY 746,593,393.31, compared to CNY 526,671,839.85 in the same period last year, indicating a significant increase in financing activities[31]. - The company raised CNY 914,000,000.00 through borrowings in Q1 2024, up from CNY 665,000,000.00 in Q1 2023[35]. - Net cash flow from financing activities for Q1 2024 was CNY 461,379,053.48, compared to CNY 489,433,339.39 in Q1 2023[55]. Revenue and Profitability - The net profit for the first quarter of 2024 was CNY 196,904,580.67, an increase from CNY 181,951,728.63 in the same period last year, representing a growth of approximately 8.4%[28]. - The total revenue for the first quarter was CNY 239,729,318.60, compared to CNY 210,208,415.54 in the previous year, indicating a year-over-year increase of about 14.1%[28]. - The company reported a total comprehensive income of CNY 199,541,506.75 for the quarter, compared to CNY 180,909,230.51 in the previous year, marking an increase of about 10.5%[28]. - The company reported a significant increase in cash received from sales, totaling CNY 994,506,588.20 in Q1 2024, compared to CNY 845,017,792.40 in Q1 2023, representing a growth of 17.7%[35]. - Net profit attributable to shareholders for Q1 2024 was CNY 198,948,207.57, an increase of 7.60% year-over-year[55]. - Basic earnings per share rose to CNY 0.18 from CNY 0.17, while diluted earnings per share increased to CNY 0.17 from CNY 0.16[29]. Assets and Liabilities - Prepayments increased by 39.05% due to higher payments for materials and installation projects[6]. - Other receivables rose by 30.19%, attributed to an increase in cash advances and guarantees paid[6]. - Non-current assets due within one year surged by 164.52%, driven by an increase in large time deposits maturing within the year[6]. - Long-term borrowings increased by 45.70%, indicating a rise in loans from financial institutions[8]. - Long-term borrowings rose to CNY 2,166,556,727.12 from CNY 1,486,958,753.16, an increase of approximately 45.67%[12]. - The company reported a decrease in short-term borrowings to CNY 663,309,748.46 from CNY 751,118,554.53, a decline of about 11.69%[12]. Inventory and Operating Costs - Inventory decreased to approximately ¥5.09 billion, down from ¥5.69 billion, indicating a reduction in stock levels[11]. - The company’s inventory as of March 31, 2024, was CNY 2,804,884,254.48, slightly up from CNY 2,766,681,634.14 at the end of 2023[31]. - Total operating costs for Q1 2024 were CNY 2,076,924,194.45, down from CNY 2,239,008,444.98 in Q1 2023[64]. Research and Development - The company’s R&D expenses for Q1 2024 were CNY 46,153,989.28, down from CNY 57,656,046.20 in Q1 2023, indicating a reduction of 20.0%[34]. - Research and development expenses for Q1 2024 were CNY 84,028,918.71, a decrease from CNY 99,297,085.77 in the previous year[64]. Contract Backlog - The company has a backlog of environmental engineering contracts amounting to CNY 183.55 billion and energy storage system contracts of CNY 16.5 billion[24]. - The company reported a total of CNY 23.11 billion in new environmental engineering contracts, with the power industry accounting for 66.31% and non-power industry for 33.69%[24].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 18.41 CNY, while the current price is 13.62 CNY [2][23]. Core Views - The company is significantly undervalued, and as its transformation logic gradually materializes, its performance is expected to exceed expectations [23]. - The controlling shareholder, Zijin Mining Group, has been actively increasing its stake in the company, demonstrating confidence in its future [23]. - The company has completed a share buyback of 7.51 million shares at an average price of 12.30 CNY per share, which is intended for employee stock ownership plans or equity incentives [16][23]. Summary by Sections Financial Performance - The projected net profits for 2024, 2025, and 2026 are 1.414 billion, 1.705 billion, and 2.107 billion CNY, respectively, corresponding to EPS of 1.31, 1.58, and 1.95 CNY [23]. New Energy Business - The company is advancing its clean energy projects, with nearly 1 GW of wind and solar projects under construction, expected to commence operations in 2024 [23]. - The company has launched its first 2 GWh PACK production line for energy storage and has successfully started a 5 GWh lithium iron phosphate energy storage cell project [23]. Traditional Environmental Business - The company secured new environmental engineering contracts worth 10.287 billion CNY in 2023, marking a 5% year-on-year increase, with a total of 18.51 billion CNY in hand [23].

地址：福建省龙岩市新罗区龙岩商务运营中心青年创业大厦 18 楼 邮政编码：364000 网址：http://www.fjlihan.com 电话：13959006999 传真：0597-2328998 转 805 电子邮箱:hayeke146100@163.com 龙净环保 2023 年年度股东大会 福建龙净环保股份有限公司 2023 年年度股东大会 法 律 意 见 书 1 龙净环保 2023 年年度股东大会 关于福建龙净环保股份有限公司 2023 年年度股东大会的法律意见书 致：福建龙净环保股份有限公司 福建力涵律师事务所(以下简称"本所")接受福建龙净环保股份有限公 司（以下简称"公司"）的委托，指派吴烈豪、蔡志评律师出席公司 2023 年年度股东大会，根据《公司法》《证券法》《上市公司股东大会规则》《上 海证券交易所上市公司股东大会网络投票实施细则》等法律、法规、规范性 文件及《福建龙净环保股份有限公司章程》(以下简称《公司章程》)的有关 规定出具法律意见。 为出具本法律意见书，本所律师列席了本次股东大会并审查了公司提 供的与本次股东大会有关的文件资料，包括但不限于召开本次股东大会的 通知、股东名册、出 ...

证券代码：600388 证券简称：龙净环保 公告编号：2024-044 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 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 4 月 12 日 (二)股东大会召开的地点：福建省龙岩市新罗区工业中路 19 号，龙净环保工业 园 1 号楼二层会议室。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 15 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 357,324,273 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 33.0517 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长林泓富先生主持会议。会议采用现 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-045 | | --- | --- | --- | | 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 关于股份回购实施结果暨股份变动的公告 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。 | 回购方案首次披露日 | 2023/9/29 | | --- | --- | | 回购方案实施期限 | 自公司股东大会审议通过后 个月 6 | | 预计回购金额 | 8,500 万元~9,500 万元 | | 回购价格上限 | 18 元/股 | | 回购用途 | 用于员工持股计划或股权激励 | | 实际回购股数 | 751 万股 | | 实际回购股数占总股本比例 | 0.6947% | | 实际回购金额 | 9,235.21 万元 | | 实际回购价格区间 | 9.97 元/股~13.99 元/股 | 重要内容提示： 一、回购审批情况和回购方案内容 福建龙净环保股份有限公司（以下简称"公司"）于 2023 年 9 月 28 日、2 ...

证券代码：600388 证券简称：龙净环保 公告编号：2024-041 转债代码：110068 债券简称：龙净转债 福建龙净环保股份有限公司 2023 年年度股东大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： 股东大会召开日期：2024年4月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 （一）股东大会类型和届次 2023 年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 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：2024 年 4 月 12 日 14 点 30 分 召开地点：福建省龙岩市新罗区工业中路 19 号龙净环保工业园 1 号楼二层 会议室 （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大会网络投票系统 网络投票起止时间：自 2024 年 4 月 12 日至 2024 年 4 月 12 日 采用上海证券交易所网 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-042 | | --- | --- | --- | | 转债代码：110068 | 转债简称：龙净转债 | | 福建龙净环保股份有限公司 可转债转股结果暨股份变动公告 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个别及连带责任。 重要内容提示： 累计转股情况：截至2024年3月31日，累计已有人民币124,195,000元龙净转 债转为公司普通股，累计转股数12,056,442股，占龙净转债转股前公司已发行股 份总额（1,069,050,000股）的1.1278%。 未转股可转债情况：截至2024年3月31日，尚未转股的龙净转债金额为 1,875,805,000元，占龙净转债发行总量的比例为93.7903%。 2、因公司实施2020年度利润分配，转股价格于2021年7月5日由10.73元/股调 整至10.55元/股，详见《关于实施2020年度利润分配调整可转换公司债券转股价 格的公告》（公告编号：2021-034）。 3、因公司实施2022年半年度利润分配，转 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-043 | | --- | --- | --- | | 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 关于以集中竞价交易方式回购股份的进展公告 （一）2023 年 11 月 28 日，公司实施了首次回购股份，具体内容详见同日 披露的《关于以集中竞价交易方式首次回购公司股份的公告》（公告编号：2023- 113）。 （二）截至 2024 年 3 月 31 日，公司通过集中竞价交易方式已累计回购公司 股份 6,901,800 股，占公司总股本的比例为 0.6384%。回购的最高成交价格为 13.99 元/股，最低成交价格为 9.97 元/股，已累计支付的总金额为 84,744,668.93 元（不 含印花税、交易佣金等费用）。上述回购股份进展符合相关法律法规的规定及公 司回购股份方案的要求。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号—回购股份》等相关规定及公司回购股份方案，在回购期限内根 据市场情况择机作出回购决策并予以实施，并根据回购股份事 ...

Investment Rating - The report maintains a "Buy" rating for the company [20][8]. Core Insights - The company's 2023 revenue was 10.973 billion yuan, a year-on-year decrease of 7.64%, while the net profit attributable to shareholders was 509 million yuan, down 36.74% year-on-year [7][9]. - The decline in net profit was primarily due to a goodwill impairment provision of 361 million yuan and construction period expenses of approximately 80 million yuan related to the new energy business [7][9]. - The company has a solid order backlog in its environmental business, with new contracts amounting to 10.287 billion yuan in 2023, a year-on-year increase of 5.11% [7][9]. - The energy storage business has begun to gain traction, with significant contracts worth over 1.5 billion yuan secured [7][9]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 1.135 billion yuan, 1.458 billion yuan, and 1.915 billion yuan, respectively, with corresponding EPS of 1.05, 1.35, and 1.77 yuan [8][9]. - The company’s PE ratios for the same years are projected to be 12.19, 9.49, and 7.23 times [8][9]. - The total assets are expected to grow from 25.297 billion yuan in 2023 to 42.670 billion yuan by 2026 [10][9].

东亚前海证券有限责任公司 关于福建龙净环保股份有限公司继续使用部分闲置 募集资金进行现金管理的核查意见（修订版） 东亚前海证券有限责任公司（以下简称"东亚前海证券"或"保荐机构"） 作为福建龙净环保股份有限公司（以下简称"龙净环保"或"公司"）公开发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》、《上海 证券交易所股票上市规则》、《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》、《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等有关规定，对龙净环保继续使用部分闲置募集资金进行现金管理事 项进行了认真、审慎的核查，具体核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准福建龙 净环保股份有限公司的批复》（证监许可[2020]113 号）核准，福建龙净环保股 份有限公司公开发行面值总额人民币 2,000,000,000.00 元可转换公司债券，扣除 发行费用后，实际募集资金净额为人民币 1,979,582,334.90 元。本次发行募集资 金已于 2020 年 3 月 30 日全部到账，容诚会计师事务所（特殊普 ...