| 宁波甬能综合能源服务有限公司 | 41%股权 | 投资标的名称 | | | --- | --- | --- | --- | | 918.13 | | 投资金额（万元） | | | 完成 | | 投资进展情况 终止 | 交易要素变更 | | 受宏观经济和行业政策等因素影响，标的公 | 司未来经营情况存在一定不确定性。敬请广 | 特别风险提示（如有） | | | 大投资者理性投资，注意投资风险。 | | | | 一、对外投资基本情况 宁波能源集团股份有限公司（以下简称"宁波能源"或"公司"）于 2025 年 8 月 8 日召开的八届三十二次董事会审议通过了《关于收购控股子公司少数股 东股权的议案》，同意公司以现金方式按 780.13 万元加上过渡期损益分摊值的 价格收购宁波美科二氧化碳热泵技术有限公司（以下简称"宁波美科"）持有的 宁波甬能综合能源服务有限公司（以下简称"甬能综能"）35%股权，按 133.74 万元加上过渡期损益分摊值的价格收购宁波国通项目管理咨询有限公司（以下简 称"宁波国通"）持有的甬能综能 6%股权，收购完成后宁波能源将持有甬能综 能 100%股权。具体内容详见公司于 2025 ...

Core Viewpoint - The transaction involving Dechuang Environmental Protection (603177.SH) has raised market concerns due to the unstable performance of the target company, unclear details regarding soil pollution, and various doubts surrounding the historical pricing of equity and the involvement of related parties [1]. Company Performance - Huaxin Environmental Technology Co., Ltd. (华鑫环保), established in 2005, has shown unstable operational performance, with a net profit of 158,500 yuan in 2024, a loss of 3.15 million yuan in 2023, and a profit of 3.06 million yuan in 2022 [4]. - The company primarily handles medical and industrial hazardous waste, with an annual processing capacity of 30,000 tons of industrial hazardous waste and 9,800 tons of medical waste [4]. Industry Background - The hazardous waste disposal industry in Zhejiang Province has faced challenges, with disposal prices dropping significantly from 4,559.9 yuan per ton in 2022 to 1,752.54 yuan per ton in the first half of 2025, impacting Huaxin Environmental's revenue [5]. Transaction Details - The acquisition of 40% equity in Huaxin Environmental by Dechuang's subsidiary Ningbo Yongde Environmental Development Co., Ltd. from Zhejiang Mingyan Asset Management Co., Ltd. is valued at 67.64 million yuan, but lacks performance commitment clauses [6]. - The funding for this transaction will come from Dechuang's own funds and bank loans, despite the company having 246 million yuan in cash, of which 211 million yuan is not classified as cash and cash equivalents [6]. Potential Costs and Liabilities - Huaxin Environmental owns two industrial land parcels, with a total area of 50,569 square meters, but one parcel is currently idle due to soil pollution, and the costs for future soil remediation are uncertain [8]. - There are concerns that Dechuang may incur additional costs for soil remediation after acquiring the equity [9]. Related Party Transactions - The transaction is classified as a related party transaction due to previous financial interactions between Mingyan Asset and Dechuang's controlling shareholder [9]. - Mingyan Asset, which has no significant business operations and is in debt to Dechuang's controlling shareholder, may be selling the equity to repay its debts [12]. Historical Pricing and Valuation - The historical transaction price for the 40% equity in Huaxin Environmental is unclear, with the current transaction price suggesting a decline in the company's valuation over two years [13]. - Discrepancies exist between the book value of Huaxin Environmental reported by East Jiang Environmental and the valuation provided by the appraisal company [18].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600982 证券简称：宁波能源 公告编号：临2025-050 债券代码: 242520.SH 债券简称: GC甬能Y1 宁波能源集团股份有限公司 关于举办2025年半年度网上业绩说明会的公告 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法律责任。 重要内容提示： ● 会议问题征集：投资者可于2025年9月29日前访问网址 https://eseb.cn/1rLOAKCezu0或扫描下方小程序 码，点击"进入会议"进行会前提问，公司将通过本次业绩说明会上，在信息披露允许范围内就投资者普 遍关注的问题进行回答。 ■ 一、说明会类型 宁波能源集团股份有限公司（以下简称"公司"）已于2025年8月30日在上海证券交易所网站 （www.sse.com.cn）披露了《宁波能源集团股份有限公司2025年半年度报告》及其摘要。为便于广大投 资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于2025年9月29日16:00-17:00在"价值 在线"（www.ir-online.cn ...

债券代码: 242520.SH 债券简称: GC 甬能 Y1 证券代码：600982 证券简称：宁波能源 公告编号：临 2025-050 宁波能源集团股份有限公司 关于举办2025年半年度网上业绩说明会的公告 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法律责任。 重要内容提示： 一、说明会类型 宁波能源集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日在 上海证券交易所网站（www.sse.com.cn）披露了《宁波能源集团股份有限公司 2025 年半年度报告》及其摘要。为便于广大投资者更加全面深入地了解公司经 营业绩、发展战略等情况，公司定于 2025 年 9 月 29 日 16:00-17:00 在"价值在 线"（www.ir-online.cn）举办 2025 年半年度网上业绩说明会，与投资者进行 沟通和交流，广泛听取投资者的意见和建议。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 9 月 29 日 16:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议 ...

债券代码：242520.SH 债券简称：GC 甬能 01 一、本次注销情况概述 宁波能源集团股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召 开董事会第八届第二十一次会议，审议并通过了《关于拟清算注销子公司的议 案》，同意清算注销子公司兰溪甬能生物质能源有限公司（以下简称"兰溪生物 质"），并授权公司管理层办理本次清算注销相关事宜。具体内容详见公司于 2024 年 10 月 31 日在上海证券交易所网站（http://www.sse.com.cn）披露的《关 于清算注销子公司的公告》（公告编号：临 2024-069）。 二、注销进展情况 宁波能源集团股份有限公司 关于清算注销子公司的进展公告 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。 兰溪生物质已于近日完成企业注销手续，未来将不再纳入公司合并报表范 围，不会对公司合并财务报表产生实质性影响。本次注销子公司事项不会影响公 司正常生产经营和整体业务发展，对公司盈利水平无重大影响，不存在损害公司 及股东特别是中小股东利益的情形。 特此公告。 宁波能源集团股 ...

Core Viewpoint - Ningbo Energy (600982) reported a mixed financial performance for the first half of 2025, with a decline in total revenue but an increase in net profit compared to the same period in 2024 [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.874 billion yuan, a decrease of 11.24% year-on-year [1] - Net profit attributable to shareholders was 141 million yuan, an increase of 13.05% year-on-year [1] - In Q2 2025, total revenue was 899 million yuan, down 10.15% year-on-year, while net profit was 98.27 million yuan, up 2.61% year-on-year [1] - Gross margin improved to 18.84%, up 39.27% year-on-year, and net margin increased to 9.56%, up 32.88% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 252 million yuan, accounting for 13.44% of revenue, an increase of 10.46% year-on-year [1] - Earnings per share rose to 0.12 yuan, an increase of 8.85% year-on-year, while operating cash flow per share decreased to 0.22 yuan, down 55.45% year-on-year [1] Balance Sheet and Cash Flow Summary - Short-term debt pressure increased, with a current ratio of 0.74 [1] - Cash and cash equivalents increased to 762 million yuan, up 8.22% year-on-year [1] - Accounts receivable rose to 1.599 billion yuan, an increase of 20.40% year-on-year [1] - Interest-bearing liabilities increased to 8.01 billion yuan, up 4.41% year-on-year [1] Significant Changes in Financial Items - Prepayments increased by 178.4% due to increased coal procurement prepayments [3] - Other receivables surged by 622.62% due to confirmed dividends from joint ventures [4] - Right-of-use assets rose by 239.2% due to new leasing assets [5] - Contract liabilities increased by 41.95% due to higher prepayments for goods [9] - Other payables increased by 124.96% as 22 companies were included in the consolidation scope [12] Business Model and Investment Considerations - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these projects [16] - Historical return on invested capital (ROIC) has been relatively weak, with a median ROIC of 4.47% over the past decade [15] - Cash flow metrics indicate potential liquidity concerns, with cash and cash equivalents representing only 6.61% of total assets [17]

Group 1 - The company reported a total operating revenue of 1.874 billion yuan for the first half of 2025, representing a year-on-year decrease of 11.24% [1] - The net profit attributable to shareholders of the parent company was 141 million yuan, showing a year-on-year increase of 13.05% [1] - The basic earnings per share were 0.1218 yuan [1]

Core Insights - Ningbo Energy reported a decrease in the number of shareholders to 61,000 as of June 30, 2025, down by 10,500 or 14.66% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 15,600 to 18,300, with an average market value of 81,400 yuan [1][2] - Compared to the industry average, Ningbo Energy's shareholder count is below the average of 109,000 for the power sector, and its average market value is significantly lower than the industry average of 290,000 yuan [1] Financial Performance - From March 31, 2025, to June 30, 2025, Ningbo Energy experienced a price decline of 3.53%, coinciding with a reduction in shareholder count [1][2] - During the same period, the company saw a net outflow of 286 million yuan from major funds, while retail investors contributed a net inflow of 300 million yuan [2]

Core Viewpoint - Ningbo Energy Group Co., Ltd. reported a decrease in operating income for the first half of 2025, while net profit increased, indicating a mixed performance amid operational challenges [2][3]. Financial Performance - Operating income for the first half of 2025 was CNY 1,873,613,747.51, a decrease of 11.24% compared to CNY 2,110,931,254.45 in the same period last year [2]. - Total profit increased by 28.85% to CNY 197,417,931.86 from CNY 153,218,851.42 year-on-year [2]. - Net profit attributable to shareholders rose by 13.05% to CNY 140,528,113.49 from CNY 124,307,918.46 [2]. - The net cash flow from operating activities decreased by 55.45% to CNY 243,181,237.61 from CNY 545,843,107.17 [2][3]. Key Financial Indicators - Basic earnings per share increased by 8.85% to CNY 0.1218 from CNY 0.1119 [2]. - Diluted earnings per share rose by 9.83% to CNY 0.1218 from CNY 0.1109 [2]. - The weighted average return on equity increased to 3.09% from 2.94% [2]. Business Operations - The company primarily engages in cogeneration, biomass power generation, pumped storage, and comprehensive energy services [3]. - The cogeneration segment showed good operational performance, with significant user expansion in various subsidiaries [3]. - The green energy segment demonstrated a stable upward trend, with successful completion of solar project acquisitions [3]. Strategic Initiatives - The company is focused on enhancing internal management and promoting innovation to achieve sustainable high-quality development [3]. - Investment in research and development increased by 45.25%, reflecting a commitment to technological advancement [3]. - The company has established partnerships with universities and research institutions to develop key technologies in biomass gasification and energy systems optimization [6]. Risk Management and Governance - The company has strengthened its governance structure by eliminating the supervisory board and adjusting its governance policies [7]. - A comprehensive risk management framework has been implemented to identify and mitigate significant operational risks [7].

Group 1 - The board of directors of Ningbo Energy Group Co., Ltd. held its 33rd meeting on August 19, 2025, in compliance with relevant laws and regulations [1] - The board approved the 2025 semi-annual report and its summary, with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1][2] - The board also approved a proposal to change the company's accounting estimates, which was reviewed by the audit committee [1] Group 2 - The board approved a proposal to change the members of the Strategic Committee, electing Mr. Ma Yifei as a member and chairman, replacing Mr. Lou Song Song [2] - The term for the newly elected chairman will be the same as that of the eighth board of directors [2]