二〇二五年十一月十七日 广州环投永兴集团股份有限公司 2025 年第三次临时股东会 会议资料 广州环投永兴集团股份有限公司 2025 年第三次临时股东会 会议资料 1 广州环投永兴集团股份有限公司 2025 年第三次临时股东会 会议资料 广州环投永兴集团股份有限公司 2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保广州环投永兴集团股份有限公司（以下 简称"本公司"或"公司"）股东会的正常秩序和议事效率，保证会议的顺利进行， 根据《中华人民共和国公司法》《中华人民共和国证券法》以及《公司章程》等 有关规定，制订以下会议须知，请出席股东会的全体人员遵照执行。 四、本公司聘请北京市中伦（广州）律师事务所执业律师出席本次股东会进 行见证，并出具法律意见书。 五、为保证会场秩序，进入会场后，请关闭手机或调至振动状态。未经公司 董事会同意，谢绝个人录音、拍照及录像。场内请勿大声喧哗。对干扰会议正常 秩序、寻衅滋事和侵犯其他股东合法权益的行为，工作人员有权予以制止，并及 时报告有关部门查处。 2 广州环投永兴集团股份有限公司 2025 年第三次临时股东会 会议资料 广州环投永兴集团股份有限公司 202 ...

2025 年 11 月 10 日 国网经营区自力现货市场全 美气价季节性上涨 申万公用环保周报(25/11/2~25/11/9) 本期投资后示 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傳浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 电力：国网经营区基本实现电力现货市场全覆盖。11 月 1 日，四川、重庆电力现货市场转入连续 结算试运行。至此，国家电网有限公司经营区内，省间现货市场以及山西、山东、甘肃、湖北、 浙江 5 个省级现货市场正式运行，18 个省级现货市场连续结算试运行，国家电网经营区基本实现 电力现货市场全覆盖。从电力现货市场正式运行的省份来看，以山西为例，作为全国第一个转正 的电力现货省份，2025年整 ...

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 2025 年 11 月 10 日 国网经营区电力现货市场全覆盖 欧 美气价季节性上涨 看好 ——申万公用环保周报(25/11/2~25/11/9) 本期投资提示： 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 - ⚫ 电力：国网经营区基本实现电力现货市场全覆盖。11 月 1 日，四川、重庆电力现货市场转入连续 结算试运行。至此，国家电网有限公司经营区内，省间现货市场以及山西、山东、甘肃、湖北、 浙江 5 个省级现货市场正式运行，18 个省级现货市场连续结算试运 ...

Summary of Yongxin Co., Ltd. Conference Call Company Overview - **Company**: Yongxin Co., Ltd. - **Industry**: Waste-to-energy sector Key Points and Arguments Financial Performance - Yongxin reported a 24% growth in Q3 2025, an increase of 15 percentage points compared to H1 2025, driven by stable operational factors and enhanced waste resource value, leading to cash flow growth [2][3] - For the first three quarters of 2025, revenue increased by 16% year-on-year, and net profit attributable to shareholders rose by 15% to 746 million yuan, with a weighted average ROE of 7.06% and a gross margin of 43.8% [2][7] - Q3 net profit growth was 24%, significantly higher than the 9.2% growth in H1 2025, attributed to improved capacity utilization from co-burning of aged waste [7] Industry Dynamics - The waste-to-energy industry has shown unexpected growth and dividend performance over the past two years, with Yongxin achieving a 66% actual dividend payout ratio [3] - The pricing model for waste incineration is case-by-case, and project returns are less affected by macroeconomic conditions due to the essential nature of waste treatment [3] Valuation and Market Perception - Yongxin's current PB ratio is approximately 1.3, lower than peers like Huanlan Environment and Green Power, primarily due to its low ROE [2][5][9] - The company has a high dividend payout ratio of over 60%, with a dynamic dividend yield of 3.6% [8] Growth Potential - Future growth is expected to be driven by heat supply transformation in 2026, with anticipated increases in waste volume and capacity utilization in Guangzhou [2][6] - The company has 35,000 tons of projects in hand, with 30,000 tons located in Guangzhou, where 18,000 tons are part of a phase two project not yet included in the national subsidy list, leading to undervalued earnings [10] - Yongxin's operational efficiency is expected to improve with the increase in co-burning of waste, projected to double the kitchen waste processing volume to approximately 1.4 million tons in 2025 [10] Future Cash Flow and Dividend Potential - Free cash flow is projected to reach 1.289 billion yuan in 2024, a 174% increase year-on-year, with further potential for dividend increases [8] - The theoretical dividend potential for 2025 and 2026 is estimated at 142% and 161%, respectively, with a commitment to maintain a dividend payout ratio of no less than 62% from 2023 to 2025 [8] Strategic Advantages - Yongxin's BOO model provides a longer operational term without the need to transfer assets to the government, giving it an advantage in contract negotiations [5] - The company is transitioning from power generation to heating to gain incremental revenue and reduce reliance on national subsidies, with significant room for growth in heating capacity [12] Conclusion - Yongxin is positioned to benefit from its advantageous location in Guangzhou, with ongoing improvements in operational efficiency, cash flow, and a commitment to high dividends, suggesting a strong investment opportunity [13]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Core Viewpoint - Yongxing Co., Ltd. is a leading waste treatment company in Guangzhou, focusing on waste incineration power generation, with high capacity utilization and cost control advantages [1] Group 1: Company Overview - Yongxing Co., Ltd. was established on May 21, 2009, and is listed on the Shanghai Stock Exchange as of January 18, 2024 [1] - The company is categorized under the environmental protection industry, specifically in waste management, and is involved in waste incineration power generation and biomass treatment [1] Group 2: Financial Performance - For Q3 2025, Yongxing reported revenue of 3.25 billion yuan, ranking 13th in the industry, while the net profit was 758 million yuan, ranking 9th [2] - The industry leader, Zhejiang Fu Holdings, had a revenue of 16.155 billion yuan, and the average revenue in the industry was 3.334 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Yongxing's debt-to-asset ratio was 57.27%, higher than the industry average of 50.06% [3] - The gross profit margin for Q3 2025 was 43.82%, exceeding the industry average of 25.02% [3] Group 4: Management and Shareholder Information - The total compensation for General Manager Tan Qiang in 2024 was 1.4541 million yuan, an increase of 440,500 yuan from 2023 [4] - The largest shareholder is Guangzhou Environmental Investment Group, with the actual controller being the Guangzhou Municipal Government [4] Group 5: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 3.42% to 29,400 [5] - The average number of circulating A-shares held per shareholder increased by 3.54% to 8,174.39 [5] Group 6: Business Highlights and Future Outlook - The increase in revenue and net profit for the first three quarters of 2025 was attributed to higher waste intake and the consolidation of Jiejin Company [5] - Forecasts for 2025-2027 project revenues of 4.134 billion yuan, 4.387 billion yuan, and 4.751 billion yuan, with net profits of 932 million yuan, 1.062 billion yuan, and 1.170 billion yuan respectively [5] - East Wu Securities noted improvements in gross margin and return on equity, with a decrease in capital expenditure and a 16.9% increase in free cash flow [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown accelerated growth in its third-quarter performance, with a significant increase in revenue and net profit driven by higher waste processing volumes and contributions from acquisitions [4] - The company is recognized as a leader in solid waste treatment in Guangzhou, with stable profitability in its main business and potential for upward performance elasticity due to increased capacity utilization from co-incineration of aged waste [4] - The company has successfully reduced financial costs and improved operational efficiency, leading to a notable decrease in financial expenses [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 3.25 billion yuan, a year-on-year increase of 16.3%, and a net profit attributable to shareholders of 746 million yuan, up 15% [1] - In the third quarter alone, the company reported operating revenue of 1.19 billion yuan, a year-on-year increase of 23.36%, and a net profit of 284 million yuan, up 25.61% [2] - The company's gross profit margin was 43.82%, with a net profit margin of 23.33%, both showing slight improvements from the previous quarter [4] Future Earnings Forecast - The company is projected to achieve operating revenues of 4.13 billion yuan, 4.39 billion yuan, and 4.75 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The forecasted net profit attributable to shareholders is expected to be 932 million yuan, 1.06 billion yuan, and 1.17 billion yuan for the same years [4]

Core Viewpoint - Yongxing Co., Ltd. has shown positive financial performance with significant revenue and profit growth, alongside active trading and financing activities, indicating strong market interest and investor confidence [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Yongxing Co., Ltd. achieved operating revenue of 3.25 billion yuan, representing a year-on-year increase of 16.30% [2]. - The net profit attributable to shareholders for the same period was 746 million yuan, reflecting a year-on-year growth of 15.00% [2]. - Cumulatively, the company has distributed a total of 1.008 billion yuan in dividends since its A-share listing [2]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Yongxing Co., Ltd. was 29,400, a decrease of 3.42% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.54% to 8,174 shares [2]. - On October 29, 2023, Yongxing Co., Ltd. saw a financing buy-in amount of 19.85 million yuan, with a net financing buy of 10.92 million yuan, indicating strong investor interest [1]. Group 3: Trading and Financing Details - On October 29, 2023, the total trading volume for Yongxing Co., Ltd. was 99.13 million yuan, with a stock price increase of 1.72% [1]. - The financing balance as of October 29, 2023, was 94.45 million yuan, accounting for 2.38% of the circulating market value, which is above the 50th percentile level over the past year [1]. - The short selling activity on the same day included a repayment of 200 shares and a sale of 500 shares, with a total short selling amount of 8,275 yuan, indicating low short selling interest [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 3.25 billion yuan, a year-on-year increase of 16.3%, and a net profit attributable to the parent company of 750 million yuan, up 15.0% year-on-year. The third quarter alone saw a revenue of 1.19 billion yuan, growing 23.4% year-on-year, and a net profit of 280 million yuan, which is a 25.6% increase year-on-year [2][4][11]. Summary by Sections Financial Performance - The company’s operating gross margin improved by 0.8 percentage points, while the expense ratio decreased by 3.0 percentage points in the first three quarters. The comprehensive gross margin stood at 43.8% [2][11]. - Capital expenditure continued to decline, with cash flow remaining healthy. The capital expenditure for the first three quarters was 370 million yuan, a decrease of 14.0% year-on-year [11]. Business Drivers - The significant growth in performance is attributed to the accelerated co-incineration of aged waste and the acquisition of subsidiaries. The company has actively expanded its waste treatment services, significantly enhancing the capacity utilization of its waste-to-energy projects [11]. - The company signed a cooperation agreement for the excavation of aged waste in Guangzhou, aiming to process 2.37 million tons over approximately three years, which is expected to sustain performance in the coming years [11]. Market Positioning - The company possesses several advantages over its peers, including high-quality project locations, low national subsidy ratios, and high calorific values, which contribute to excellent cash flow performance [11]. - The company’s projects are primarily based on government procurement services, which provide a quasi-perpetual operating model, suggesting a premium in DCF valuation compared to traditional BOT models [11]. Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025-2027 is 940 million, 1.05 billion, and 1.12 billion yuan, respectively. The current market capitalization corresponds to PE ratios of 15.6x, 14.0x, and 13.1x for the respective years [11].