无锡华光环保能源集团股份有限公司（以下简称"公司"）2024 年年度股东 大会于 2025 年 5 月 20 日在无锡市金融一街 8 号国联金融大厦 15 楼 1516 会议室 召开。上海市广发律师事务所经公司聘请,委派陈洁律师、张燕珺律师出席现场 会议,根据《中华人民共和国公司法》(以下简称"《公司法》")、《上市公司股东 会规则》(以下简称"《股东会规则》")等法律法规、其他规范性文件以及《无锡 华光环保能源集团股份有限公司章程》(以下简称"《公司章程》")的规定,就本 次股东大会的召集和召开程序、召集人及出席会议人员的资格、会议议案、表决 方式和表决程序、表决结果和会议决议等出具本法律意见书。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺,公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的,且一 切足以影响本法律意见书的事实和文件均已向本所披露,而无任何隐瞒、疏漏之 处。 上海市广发律师事务所 关于无锡华光环保能源集团股份有限公司 2024 ...

证券代码：600475 证券简称：华光环能 公告编号：2025-026 无锡华光环保能源集团股份有限公司 2024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)股东会召开的时间：2025 年 5 月 20 日 (二)股东会召开的地点：无锡市金融一街 8 号国联金融大厦 15 楼 1516 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 | 107 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 569,635,181 | | 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 | | | 份总数的比例（%） | 59.7702 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议采用现场表决与网络投票相结合的表决方式。会议由公司董事会召 集，董事长蒋志坚先生主持，符合《公司法》和《公司章 ...

证券代码：600475 证券简称：华光环能 公告编号：临 2025-028 无锡华光环保能源集团股份有限公司 第九届董事会第一次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 无锡华光环保能源集团股份有限公司（以下简称"公司"）第九届董事会第一次会 议通知于 2025 年 5 月 16 日以书面、电话及邮件等形式发出，会议于 2025 年 5 月 20 日 在公司会议室以现场结合通讯形式召开。董事长蒋志坚先生主持会议，会议应出席董事 9 人，实际出席董事 9 人。公司高级管理人员列席了本次会议。本次会议的召开符合《中 华人民共和国公司法》、《无锡华光环保能源集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，会议合法、有效。 二、董事会会议审议情况 （一）审议通过了选举蒋志坚先生为公司第九届董事会董事长 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过了《关于选举公司第九届董事会审计委员会成员的议案》 经审议，公司第九届董事会审计委员会成员为：耿成轩、 ...

股票代码：600475 股票简称：华光环能 编号：临2025-025 无锡华光环保能源集团股份有限公司 关于2024年度业绩说明会召开情况的公告 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个别及连带责任。 无锡华光环保能源集团股份有限公司（以下简称"华光环能"、"公司"）于 2025 年5 月19 日（星期一）下午 13:00-14:10 在上海证券交易所"上证路演中心"网 络平台（http://roadshow.sseinfo.com）召开了业绩说明会，就公司 2024 年度经营情况 等相关事宜与投资者进行了交流和沟通。现将召开情况公告如下： 一、本次说明会召开情况 2025 年 5 月 9 日，公司披露了《关于召开 2024 年度业绩说明会的公告》（公告 编号：临 2025-024）。2025 年 5 月 19 日（星期一）下午 13:00-14:10，公司在上海证 券交易所"上证路演中心"网络平台（http://roadshow.sseinfo.com）以视频录播结合 网络互动方式召开了业绩说明会。 公司董事长蒋志坚先生、总经 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next six months [11]. Core Insights - In 2024, the company achieved total operating revenue of 9.11 billion yuan, a year-on-year decrease of 13.31%, and a net profit attributable to shareholders of 704 million yuan, down 4.98% year-on-year. This decline is primarily due to the impact of fluctuations in photovoltaic component prices and uncertainties in project returns affecting the distributed photovoltaic power station business [1][2]. - The equipment manufacturing segment saw significant revenue growth of 20.21% in 2024, driven by the company's efforts to expand both domestic and international markets, capitalizing on opportunities in equipment upgrades and energy conservation. The current order backlog stands at 3.04 billion yuan, an increase of 43% year-on-year [1][3]. - The company initiated two rounds of cash dividends in 2024, totaling 430 million yuan, which accounts for 61.08% of the net profit attributable to shareholders for the year [1][10]. Summary by Sections Equipment Segment - In 2024, revenue from the equipment segment reached 1.74 billion yuan, reflecting a year-on-year increase of 20.18%, attributed to rapid growth in the high-end environmental boiler market and revenue from gas turbine waste heat boilers. The gross margins for environmental and waste heat boilers are approximately 6.8% and 15.7%, respectively, showing a decline of 5-7 percentage points due to intense market competition [3]. - The total order backlog for boiler equipment is 3.04 billion yuan, with 1.11 billion yuan for environmental boilers and 1.53 billion yuan for traditional energy-efficient boilers, along with 405 million yuan for equipment upgrades and spare parts [3]. Environmental Operations - In 2024, the company launched a new project for kitchen waste disposal with a capacity of 725 tons per day, resulting in environmental operation services generating revenue of 638 million yuan, a year-on-year increase of 5.50%, with a gross margin of approximately 30% [4]. Power Station Engineering - The revenue from power station engineering in 2024 was 675 million yuan, a significant decline of 70.08%, primarily due to fluctuations in photovoltaic component prices and uncertainties in renewable energy consumption affecting the distributed photovoltaic power station business [10]. - The current order backlog for traditional power station engineering is 1.1 billion yuan, which is expected to support a year-on-year revenue growth of 4% in 2025 [10]. Thermal Power Operations - In 2024, revenue from thermal power operations was 4.6 billion yuan, an increase of 15.6%, mainly due to the full-year consolidation of the Xiexin power station starting in 2024, with a gross margin of 21%, remaining stable year-on-year [10]. Hydrogen Energy - The company signed an order for a hydrogen production project in Shanghai and won a bid for a significant green hydrogen and ammonia integrated project, marking a successful entry into large-scale hydrogen production equipment orders [10].

Core Viewpoint - The article analyzes the 2024 annual reports of 15 companies involved in electrolysis water hydrogen production equipment, highlighting the performance and challenges faced by both traditional energy companies and those primarily focused on hydrogen energy [2][5]. Group 1: Traditional Energy Companies - 11 companies from traditional sectors such as energy equipment, photovoltaics, and automotive components have entered the hydrogen sector, leveraging their existing manufacturing capabilities and resources [2][4]. - Despite decent revenue figures, many of these companies reported their worst net profits in recent years due to industry supply-demand imbalances and declining prices in photovoltaic products [2][4]. - Notable companies include China CRRC, Sunshine Power, and Shanghai Electric, with China CRRC achieving a revenue of 2464.57 billion and a net profit of 123.88 billion, reflecting a year-on-year growth of 5.21% and 5.77% respectively [6][7]. Group 2: Hydrogen-Focused Companies - Four companies primarily focused on hydrogen energy—Guofu Hydrogen Energy, Guohong Hydrogen Energy, Yihua Tong, and Reshape Energy—reported losses in 2024 due to several factors, including immature market demand and high R&D costs [5][6]. - Guofu Hydrogen Energy reported a revenue of 4.59 billion with a net loss of 2.09 billion, while Guohong Hydrogen Energy had a revenue of 4.42 billion and a net loss of 4.072 billion [6][18]. - The hydrogen industry is still in its early commercial stage, with significant reliance on policy subsidies and a lack of robust market growth, making profitability challenging for pure hydrogen companies [5][6]. Group 3: Performance Summary of Key Companies - China CRRC: Revenue of 2464.57 billion, net profit of 123.88 billion, both showing positive growth [6][7]. - Sunshine Power: Revenue of approximately 778.57 billion, net profit of about 110.36 billion, with a year-on-year increase of 7.76% and 16.92% respectively [7][8]. - Shanghai Electric: Revenue of 1161.86 billion, net profit of 7.52 billion, with a slight decline in profit [10][11]. - Guofu Hydrogen Energy: Revenue of 4.59 billion, net loss of 2.09 billion, indicating a significant increase in losses compared to the previous year [18]. - Guohong Hydrogen Energy: Revenue of 4.42 billion, net loss of 4.072 billion, with losses slightly reduced year-on-year [18].

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

无锡华光环保能源集团股份有限公司 2024 年年度股东大会 无锡华光环保能源集团股份有限公司 2024 年年度股东大会资料 二〇二五年五月 1 / 79 无锡华光环保能源集团股份有限公司 2024 年年度股东大会 目 录 | 年年度股东大会议程及相关事项 3 2024 | | | --- | --- | | 2024 年度股东大会表决办法 | 6 | | 议案一：《2024 年度董事会工作报告》 9 | | | 议案二：《2024 年度监事会工作报告》 19 | | | 议案三：《2024 年度独立董事述职报告》 24 | | | 议案四：《2024 年度财务决算报告》 45 | | | 议案五：《2025 年度财务预算报告》 46 | | | 议案六：《2024 年度利润分配预案及 年中期分红计划的议案》. 2025 | 48 | | 议案七：《关于 2024 年年度报告及摘要的议案》 50 | | | 议案八：《关于公司董事、监事 年度薪酬的议案》 2024 | 51 | | 议案九：《关于 2025 年度日常关联交易预计的议案》 | 52 | | 议案十：《关于 2025 年申请银行综合授信额度的议案》 ...

证券代码：600475 证券简称：华光环能 公告编号：临 2025-024 无锡华光环保能源集团股份有限公司 关于召开 2024 年度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 5 月 19 日(星期一) 下午 13:00-14:10 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播结合网络互动 投资者可于 2025 年 5 月 9 日(星期五) 至 5 月 16 日(星期五)16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600475@hghngroup.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 无锡华光环保能源集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 ...