Group 1 - Guangzhou HuanTou Desijie Environmental Technology Co., Ltd. has been officially registered with a registered capital of 10 million RMB, primarily focusing on technology promotion and application services [1] - The company is 51% controlled by Guangzhou HuanTou Yongxing Group Co., Ltd. (601033.SH), with other shareholders including Zhejiang Desijie Environmental Technology Co., Ltd. (42%) and Shanghai Morandi Environmental Technology Co., Ltd. (7%) [1] - The business scope includes environmental technology services, energy-saving technology promotion, and research and integration of flue gas treatment equipment [1] Group 2 - The waste incineration industry is currently experiencing a wave of "ultra-low emission" technology upgrades, with stricter local standards being implemented across various provinces and cities [1] - The NOx emission limit in some regions has been reduced to 50 mg/m, significantly lower than the national standard of 300 mg/m and the EU 2010 standard of 200 mg/m [1] - HuanTou Desijie’s main technology direction includes the SNCR denitrification process based on polymer reducing agents, which has been patented by Zhejiang Desijie [2] - This technology is characterized by a wide reaction temperature range, strong flue gas adaptability, and low operating costs, making it a promising solution for waste incineration flue gas treatment [2] - HuanTou Yongxing's waste incineration projects have nitrogen oxide emissions that not only meet national standards but also exceed EU 2010 standards, although future upgrades will be necessary to meet stricter NOx emission standards [2] - The establishment of HuanTou Desijie will meet the environmental upgrade needs of multiple waste incineration projects and lay the foundation for entering the third-party denitrification market and expanding technology output [2] - In the long term, HuanTou Desijie is expected to become a key support for the environmental technology sector, fostering new business growth amid policy upgrades and industrial transformation [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has slightly declined, but collaboration with IDC is expected to lead to a revaluation of its value [5] - The company reported a revenue of 905 million yuan in Q1 2025, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 197 million yuan, down 3.4% year-on-year [7] - The decline in performance is attributed to increased maintenance time, which affected waste processing volume and increased maintenance costs [7] - The company is expected to benefit from the ongoing excavation of aged waste, which could bring significant profit increments [7] - The collaboration between waste incineration and IDC is anticipated to become an industry trend, with the company positioned to benefit from this shift [7] Financial Summary - Revenue projections for the company are as follows: 3,536 million yuan in 2023, 3,765 million yuan in 2024, 4,126 million yuan in 2025, 4,378 million yuan in 2026, and 4,540 million yuan in 2027, with growth rates of 7.38%, 6.45%, 9.58%, 6.12%, and 3.70% respectively [6] - Net profit attributable to shareholders is projected to be 735 million yuan in 2023, 821 million yuan in 2024, 917 million yuan in 2025, 1,022 million yuan in 2026, and 1,130 million yuan in 2027, with growth rates of 2.71%, 11.67%, 11.74%, 11.43%, and 10.64% respectively [6] - The company is expected to achieve a free cash flow of 740 million yuan in 2024, with a dividend payout ratio of 65.8%, leading to projected dividend yields of 4.2%, 4.7%, and 5.2% for 2025-2027 [7]

相关日期 证券代码：601033 证券简称：永兴股份 公告编号：2025-024 广州环投永兴集团股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.60元 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/7 | － | 2025/5/8 | 2025/5/8 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经广州环投永兴集团股份有限公司（以下简称"本公司"） 2025 年 4 月 21 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： | 股份类别 | 股权登记日 | ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-023 广州环投永兴集团股份有限公司 关于 2024 年度"提质增效重回报"行动方案 评估报告的公告 2024年，公司积极拓展运营管理服务输出业务，新增多个运营检修服务项 目及环境监管技术服务项目。公司高度关注并参与绿证交易业务，合计申领绿 证约690万张。 1 公司积极通过对外项目拓展、收并购等方式扩大公司业务区域布局，提升 公司业务规模。2024年9月，公司联合中标怀集县环保发电项目；2024年12月， 公司在越南成立全资子公司，积极探索海外项目投资发展新途径。 公司已全面掌握吊机无人值守、焚烧炉ACC智能控制、烟气污染物自动控 制等智慧电厂关键技术，开展智能巡检、DCS与烟气监测智能联动、SNCR和 SCR协同脱硝技术、餐厨垃圾厌氧消化产沼优化运营等技术研发应用和创新实 践，有效提升了公司环境效益和资源化利用效率。 二、积极回报投资者，落实分红、限售锁定以及稳定股价等承诺 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。 为深入贯彻落实国务院《关于进一步提高上 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-022 广州环投永兴集团股份有限公司 第一届监事会第二十三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 广州环投永兴集团股份有限公司（以下简称"公司"）第一届监事会第二 十三次会议通知于2025年4月22日以电子邮件方式发出，并于2025年4月25日以 现场会议方式召开。本次会议由监事会主席王化平先生主持，应当出席监事3 名，实际出席监事3名。本次会议的召开和表决程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》等有关规定。 二、监事会会议审议情况 （一）审议通过《关于<2025年第一季度报告>的议案》 经审议，监事会认为：公司《2025年第一季度报告》的编制和审核程序符 合法律、法规和公司管理制度的各项规定；2025年第一季度报告的内容和格式 符合中国证监会和上海证券交易所的各项规定，所包含的信息真实、准确地反 映出公司2025年第一季度的财务状况和经营成果；在提出本意见前，未发现参 与《2025年第一季度 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-021 广州环投永兴集团股份有限公司 第一届董事会第二十八次会议决议公告 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法律责任。 一、董事会会议召开情况 广州环投永兴集团股份有限公司（以下简称"公司"）第一届董事会第二 十八次会议通知于2025年4月22日以电子邮件方式发出，并于2025年4月25日以 现场会议方式召开。本次会议由公司董事张雪球先生主持，应当出席董事6名， 实际出席董事6名，公司监事和部分高级管理人员列席了会议。本次会议的召开 和表决程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 等有关规定。 二、董事会会议审议情况 （一）审议通过《关于<2025年第一季度报告>的议案》 本议案经第一届董事会审计委员会第十六次会议审议通过。 具体内容详见公司于2025年4月26日在《上海证券报》《中国证券报》《证券 日报》《证券时报》和上海证券交易所网站（www.sse.com.cn）披露的《永兴股份 2025年第一季度报告》。 表决结果：6票同意、0票反 ...

Financial Performance - The basic earnings per share for Q1 2025 is 0.2200 yuan, a decrease of 8.33% compared to Q1 2024, which was 0.2400 yuan, and a decline from 0.3000 yuan in Q1 2023 [1] - The operating revenue for Q1 2025 is 9.05 billion yuan, down 2.48% from 9.28 billion yuan in Q1 2024, and an increase from 8.8 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 is 1.97 billion yuan, a decrease of 3.43% from 2.04 billion yuan in Q1 2024, and a decline from 2.24 billion yuan in Q1 2023 [1] - The return on equity for Q1 2025 is 2.49%, an increase of 15.81% compared to 2.15% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 10,945.47 million shares, accounting for 45.61% of the circulating shares, with an increase of 9,269.84 million shares compared to the previous period [1] - New entrants among the top shareholders include Guangzhou Urban Investment Group with 3,750.00 million shares (15.63%) and Science City (Guangzhou) Investment Group with 3,750.00 million shares (15.63%) [2] - Other new shareholders include Guangzhou Baiyun Urban Development Investment Group with 1,500.00 million shares (6.25%) and several funds and insurance companies [2] Dividend Distribution - The company has decided not to distribute dividends or transfer shares in this period [3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 904,910,020.17, a decrease of 2.52% compared to CNY 928,318,321.71 in the same period last year[4] - Net profit attributable to shareholders was CNY 196,637,139.28, down 3.40% from CNY 203,560,550.32 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.22, reflecting an 8.33% decline from CNY 0.24 in the same period last year[4] - Total operating revenue for Q1 2025 was ¥904,910,020.17, a decrease of 2.4% from ¥928,318,321.71 in Q1 2024[16] - Operating profit for Q1 2025 was ¥227,306,056.91, slightly up from ¥226,177,734.93 in Q1 2024[16] - Net profit for Q1 2025 was ¥227,482,254.33, compared to ¥226,163,649.47 in Q1 2024, indicating a marginal increase[16] - The net profit for Q1 2025 is approximately $202.15 million, a decrease of 2.3% compared to $207.66 million in Q1 2024[17] - The company’s total comprehensive income for Q1 2025 is $202.15 million, compared to $207.66 million in Q1 2024[17] Cash Flow - The net cash flow from operating activities decreased by 21.10%, amounting to CNY 408,845,072.40 compared to CNY 518,194,830.29 in the previous year[4] - Cash flow from operating activities for Q1 2025 is $408.85 million, a decrease of 21.1% from $518.19 million in Q1 2024[21] - The company reported a total cash inflow from operating activities of $938.05 million in Q1 2025, down from $1.04 billion in Q1 2024[21] - Total cash and cash equivalents at the end of Q1 2025 amount to $1.97 billion, down from $3.20 billion at the end of Q1 2024[22] - Cash flow from investing activities shows a net inflow of $443.66 million in Q1 2025, compared to a net outflow of $314.87 million in Q1 2024[22] - Cash flow from financing activities resulted in a net outflow of $7.18 million in Q1 2025, contrasting with a net inflow of $2.34 billion in Q1 2024[22] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 24,351,595,231.50, representing a 0.52% increase from CNY 24,226,716,821.26 at the end of the previous year[5] - The total assets as of the reporting date were ¥24,351,595,231.50, compared to ¥24,226,716,821.26 in the previous period[13] - Total liabilities amounted to ¥13,506,200,258.51, a slight decrease from ¥13,590,585,773.56 in the previous period[12] Shareholder Information - Shareholders' equity attributable to shareholders increased by 1.94% to CNY 10,691,287,832.69 from CNY 10,487,539,548.78 at the end of the previous year[5] - The equity attributable to shareholders was ¥10,691,287,832.69, up from ¥10,487,539,548.78 in the previous period[13] - The total number of ordinary shareholders at the end of the reporting period was 40,778[6] - The largest shareholder, Guangzhou Environmental Investment Group Co., Ltd., held 72.34% of the shares, totaling 651,043,223 shares[8] Expenses - Research and development expenses for Q1 2025 were ¥20,159,789.84, down 29.3% from ¥28,554,337.61 in Q1 2024[16] - Financial expenses for Q1 2025 were ¥66,842,493.57, a decrease of 29.2% from ¥94,232,482.08 in Q1 2024[16] - The company paid $40.46 million in taxes during Q1 2025, an increase from $24.42 million in Q1 2024[21] Investment Income - Investment income for Q1 2025 was ¥30,393,125.64, significantly higher than ¥12,305,483.78 in Q1 2024[16] Return on Equity - The company had a weighted average return on equity of 2.49%, an increase of 0.34 percentage points from 2.15% in the previous year[4] Non-recurring Gains and Losses - Non-recurring gains and losses for the period totaled CNY 10,998,232.68, primarily from government subsidies and other income[7]

北京市中伦（广州）律师事务所 关于广州环投永兴集团股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年四月 北京市中伦（广州）律师事务所 关于广州环投永兴集团股份有限公司 2024 年年度股东大会的 法律意见书 致：广州环投永兴集团股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）接受广州环投永兴集 团股份有限公司（以下简称"公司"）委托，指派章小炎律师和曾思律师（以下 简称"本所律师"）对公司 2024 年年度股东大会（以下简称"本次股东大会"） 的合法性进行见证并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 1．2025 年 3 月 27 日，公司召开第一届董事会第二十七次会议，审议通过 了《关 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-020 广州环投永兴集团股份有限公司 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）股东大会召开的时间：2025 年 4 月 21 日 （二）股东大会召开的地点：广州市越秀区流花路 121 号越秀国际会议中心 南塔 10 楼会议室 （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 | 534 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 753,135,543 | | 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（%） | 83.6817 | （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。 本次股东大会由公司董事会召集，由董事张雪球先生主持。本次股东大会采 用现场投票和网络投票相结合的方式进行表决，会议 ...