2、 附表 委托单位：广州环投永兴集团股份有限公司 审计单位：广东中职信会计师事务所（特殊普通合伙） 联系电话：020-85806400 职信会计师事务所(特殊 当浦合伙 关于广州环投永兴集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 中职信 001 报字[2026]第 1457 号 关于广州环投永兴集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 广州环投永兴集团股份有限公司全体股东: 我们接受委托,审计了广州环投永兴集团股份有限公司(以下简称"永兴股 份")2025年度财务报表,包括 2025年12月 31 日的合并及母公司资产负债表, 2025 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有 者权益变动表,以及财务报表附注,并出具了审计报告。在此基础上,我们审核 了后附的永兴股份管理层编制的《2025年度非经营性资金占用及其他关联资金往 来情况汇总表》(以下简称"汇总表")。 一、管理层和治理层的责任 永兴股份管理层的责任是提供真实、合法、完整的相关资料,按照《上市公 司监管指引第 8号 -- ...

广州环投永兴集团股份有限公司 2025 年度会计师事务所履职情况评估报告 广州环投永兴集团股份有限公司（以下简称"公司"）聘请广东中职信会 计师事务所（特殊普通合伙）（以下简称"中职信会计师事务所"）作为公司 2025年度财务报告及内部控制审计机构。根据财政部、国资委及证监会颁布的 《国有企业、上市公司选聘会计师事务所管理办法》，公司对中职信会计师事 务所2025年度审计过程中的履职情况进行评估。具体情况如下： 一、资质条件 中职信会计师事务所于2020年6月28日成立（由会计师事务所有限公司转制 为特殊普通合伙企业）；注册地址：广州市天河区珠江东路11号1001室（自编 01-04、06单元）；首席合伙人：聂铁良。 项目合伙人：李炤洋先生，2003年成为注册会计师，2022年开始在中职信 会计师事务所执业，曾担任多家大型国企年度审计签字注册会计师，从2024年 开始为公司提供审计服务；近三年签署上市公司审计报告1家。 签字注册会计师：武文辉先生，2012年成为注册会计师，2024年开始在中 职信会计师事务所执业，2024年开始为公司提供审计服务；近三年未签署或复 核上市公司审计报告。 项目质量控制复核人：熊 ...

广州环投永兴集团股份有限公司2025 年年度报告 公司代码：601033 公司简称：永兴股份 广州环投永兴集团股份有限公司 2025 年年度报告 广州环投永兴集团股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、广东中职信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人谈强、主管会计工作负责人邓伟荣及会计机构负责人（会计主管人员）李健松 声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司第二届董事会第四次会议审议通过，公司拟以实施权益分派股权登记日登记的总股本为 基数，向全体股东每股派发现金红利0.63元（含税），以截至2025年12月31日的公司总股本90,000.00 万股计算，拟派发现金红利56,700.00万元（含税）（实际派发金额以公司后续发布的权益分派实 施公告为准），占本年度归属于上市公司股东净利润的比例为65.89% ...

证券代码：601033 证券简称：永兴股份 公告编号：2026-010 广州环投永兴集团股份有限公司 关于召开 2025 年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法律责任。 重要内容提示： ●会议召开时间：2026年4月9日（星期四）10:00-11:00 ●会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于2026年4月1日（星期三）至4月8日（星期三）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 yxgf@yxgrandtop.com.cn进行提问，邮件标题请注明"601033业绩说明会"。公 司将在说明会上对投资者普遍关注的问题进行回答。 广州环投永兴集团股份有限公司（以下简称"公司"）已于2026年3月28日 发布公司2025年年度报告，为便于广大投资者更全面深入地了解公司2025年年 度经营成果、财务状况，公司计划于2026年4月 ...

广州环投永兴集团股份有限公司 2025 年度独立董事述职报告 （吴贤静） 2025年8月25日起，本人担任广州环投永兴集团股份有限公司（以下简称 "公司"）第二届董事会独立董事，严格按照《公司法》《证券法》《上市公司 治理准则》《上市公司独立董事管理办法》《上海证券交易所上市公司自律监 管指引第1号--规范运作》等法律法规以及《公司章程》《独立董事工作制度》 等有关规定，积极履行独立董事职责，独立、勤勉、尽责地行使职权，按时参 加公司董事会及相关会议，发挥独立董事的作用。现将本人2025年度任期内 （2025年8月25日至2025年12月31日，下同）履职情况汇报如下： 一、独立董事的基本情况 （一）个人履历 | 会议类别 | 召开次数 | 应参加会议次数 | 参加次数 | 委托出席次数 | | --- | --- | --- | --- | --- | | 提名委员会 | 1 | 1 | 1 | 0 | | 审计委员会 | 2 | 2 | 2 | 0 | 吴贤静，女，1979年7月出生，中国国籍，无境外永久居留权，法学博士。 历任华中科技大学博士后、武汉大学讲师、深圳大学博士后。现任广东外语外 贸大学教授， ...

广州环投永兴集团股份有限公司董事会审计委员会 对广东中职信会计师事务所（特殊普通合伙） 履行监督职责情况报告 2025 年度，广州环投永兴集团股份有限公司（以下简称"公司"）董事会审 计委员会根据《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交 易所上市公司自律监管指引第 1 号--规范运作》《上市公司审计委员会工作指引》 和《公司章程》《董事会审计委员会议事规则》等规定和要求，本着勤勉尽责的 原则，对广东中职信会计师事务所（特殊普通合伙）（以下简称"中职信会计师 事务所"）履行了监督职责，具体情况如下： 一、2025 年年审会计师事务所基本情况 （一）会计师事务所基本情况 中职信会计师事务所成立于 2020 年 6 月 28 日，注册地址为广州市天河区珠 江东路 11 号 1001 室（自编 01-04、06 单元），首席合伙人为聂铁良。 截至 2025 年末，中职信会计师事务所合伙人数量 31 名，注册会计师数量 187 名。 （二）聘任会计师事务所履行的程序 公司第二届第二次董事会及 2025 年第三次临时股东会审议通过了《关于续 聘 2025 年度会计师事务所的议案》，同意聘任中职信会计师事 ...

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - Electricity generation in January-February 2026 showed a significant recovery, with total generation reaching 15,718 billion kWh, a year-on-year increase of 4.1%. Hydropower generation increased by 6.8%, while thermal power grew by 3.3% [2][5]. - The natural gas market is experiencing price increases due to geopolitical tensions in the Middle East, with Northeast Asia LNG spot prices reaching $25.3/mmBtu, a 29.74% increase week-on-week [18][27]. Summary by Sections Electricity - In January-February 2026, electricity generation totaled 15,718 billion kWh, with thermal power contributing 10,539 billion kWh (3.3% YoY) and hydropower 1,560 billion kWh (6.8% YoY). The overall electricity demand increased by 6.1% YoY, driven primarily by the secondary industry [2][12]. - The secondary industry accounted for 64% of the electricity demand increase, with notable growth in manufacturing and high-energy-consuming sectors [12][13]. - Recommendations include investing in companies like Datang Power, China Power, and Huaneng Power for thermal power, and China Nuclear Power and China General Nuclear Power for nuclear energy [16][17]. Natural Gas - The report highlights the impact of the recent attack on Qatar's LNG infrastructure, which has led to a 17% loss in production capacity and further price increases in the global natural gas market [18][27]. - As of March 20, 2026, the Henry Hub spot price was $3.04/mmBtu, while European prices saw significant increases, with TTF prices at €59.00/MWh (15.69% increase) and NBP prices at 149.95 pence/therm (19.01% increase) [19][27]. - Investment recommendations focus on LNG traders with international contracts, such as ENN Energy and Jiu Feng Energy, and unconventional gas resource companies benefiting from high gas prices [40]

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - Electricity generation in January-February 2026 showed a significant increase, with total generation reaching 15,718 billion kWh, a year-on-year growth of 4.1%. The growth was driven by a recovery in thermal power and an increase in hydropower generation [2][7]. - The natural gas market is experiencing price increases due to geopolitical tensions in the Middle East, particularly following an attack on Qatar's LNG infrastructure, which has led to a 29.74% increase in Northeast Asia LNG spot prices [22][32]. Summary by Sections Electricity - In January-February 2026, electricity generation reached 15,718 billion kWh, with thermal power contributing 10,539 billion kWh (up 3.3%) and hydropower 1,560 billion kWh (up 6.8%). The overall electricity demand increased by 6.1% year-on-year, with the secondary industry contributing 64% to the growth [2][14][17]. - The manufacturing sector showed strong performance, with significant growth in high-energy-consuming industries. The building materials sector recorded its first positive growth since March of the previous year, increasing by 1.0% [16][19]. Natural Gas - As of March 20, 2026, the Henry Hub spot price was $3.04/mmBtu, while the TTF spot price in Europe rose to €59.00/MWh, reflecting a 15.69% increase. The Northeast Asia LNG spot price reached $25.3/mmBtu, marking a 29.74% increase [22][23]. - The report highlights the impact of geopolitical events on natural gas prices, particularly the attack on Qatar's LNG facilities, which has led to a significant reduction in production capacity [32][40]. Investment Recommendations - For thermal power, companies such as Datang Power, Jingtou Energy, and Huaneng Power are recommended due to expected positive growth in profitability [19]. - In the hydropower sector, companies like Guotou Power and Changjiang Power are suggested for their potential valuation recovery [19]. - The report also recommends focusing on LNG traders with international long-term contracts, such as Xin'ao Co. and Jiufeng Energy, as well as unconventional gas resource companies benefiting from high gas prices [45].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights a dual benefit for the waste incineration industry, characterized by "performance growth + valuation enhancement" driven by the recovery of slag metals, green steam, and collaborative electricity generation [5] - The report emphasizes the significant potential for profit elasticity in the waste incineration sector, with an average profit elasticity of 44% for 12 listed waste incineration companies under specific conditions [5] - The report suggests that the waste incineration industry is entering a new phase of "resource value realization + market price increase" [5] Summary by Sections 1. Slag Resource Utilization: Driven by Metal Price Increases, Performance Elasticity Released - The report states that the slag generated from waste incineration has high resource utilization value, with a slag yield rate of approximately 20-25% from 1 ton of waste [14] - The economic value of recoverable metals in 1 ton of slag is estimated to exceed 550 CNY, with significant contributions from gold, silver, copper, iron, and aluminum [21][20] - The pricing mechanism for slag is evolving from a cost item to a resource asset, with market-driven pricing becoming more prevalent [15][19] 2. Steam Heating: Green Energy with Carbon Reduction and Cost-Effectiveness - The report notes that the steam heating capacity of waste incineration companies has been rapidly increasing, with some companies experiencing a compound annual growth rate of 59% in steam heating volume [31] - The profitability of steam sales is significantly higher than that of electricity sales, with direct steam sales yielding approximately 400 CNY per ton compared to 220 CNY per ton for electricity [38] - The report indicates that the current steam heating ratio is still low, suggesting substantial potential for future growth [34] 3. Collaborative Electricity Generation: High-Quality HOLA Assets, Ongoing Valuation Reconstruction - The report highlights that the integration of electricity generation with waste incineration is gaining strategic importance, particularly in the context of the AI era and the increasing demand for stable, low-cost green electricity [5] - The collaborative electricity generation projects are expected to enhance the performance stability and dividend potential of companies in the waste incineration sector [5] 4. Recommendations for Attention: Companies to Watch - The report recommends focusing on companies such as Wangneng Environment, China Everbright Environment, and Junxin Co., which are expected to benefit from performance growth and high dividends [5] - Specific insights into companies include: - Wangneng Environment: Positive cash flow and ongoing integration of electricity generation and heating [5] - Junxin Co.: High growth in performance and dividends, with expectations for overseas expansion [5] - Huanlan Environment: Significant increase in operating cash flow and steam heating exceeding expectations [5]

Investment Rating - The report maintains a positive outlook on the public utility and environmental protection sectors, indicating a favorable investment environment for these industries [1]. Core Insights - The report highlights the implementation of the "14th Five-Year Plan" focusing on the construction of a new energy system, emphasizing the integration of various energy sources such as wind, solar, hydro, and nuclear power [3][6]. - It notes the recent slight decline in global gas prices due to geopolitical tensions affecting LNG supply, particularly from Qatar, while also mentioning the stable domestic supply in the U.S. [14][20]. - The report provides specific investment recommendations across various sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, reflecting a diversified approach to energy investments [12][34]. Summary by Sections 1. Electricity - The "14th Five-Year Plan" emphasizes the construction of a new energy system, promoting non-fossil energy sources and setting ambitious installation targets for nuclear, offshore wind, and pumped storage by 2030 [3][7]. - The plan aims to enhance the efficiency and resilience of the power system, optimize energy flow, and accelerate the development of smart grids and new energy storage solutions [6][8]. 2. Gas - The report discusses the impact of ongoing Middle Eastern tensions on global gas prices, with specific price data indicating fluctuations in various markets, including a 10.27% increase in U.S. Henry Hub spot prices [14][15]. - It highlights the current state of LNG prices in Northeast Asia, which have decreased by 13.33% recently, while also noting the overall supply constraints due to geopolitical factors [28][32]. 3. Weekly Market Review - The public utility, electricity, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the reporting period, while the gas sector lagged behind [36]. 4. Company and Industry Dynamics - The report mentions recent developments in energy safety and the approval of new energy storage projects in Inner Mongolia, indicating ongoing investments in energy infrastructure [39][42]. - It also highlights significant projects such as the completion of the first unit of the "Hualong One" nuclear power plant in Zhejiang, marking a milestone in China's nuclear energy development [45][46].