Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The logic of improving solid waste quality and efficiency, along with cash flow enhancement, continues to be realized, while the construction of the national carbon market is strengthened and carbon constraints are tightening [1] - The report highlights the importance of cash flow improvements and dividend increases in the waste incineration sector, driven by reduced capital expenditures and enhanced operational efficiency [39] Summary by Sections Industry Trends - The environmental protection industry is experiencing a stable revenue growth, with the waste incineration sector's revenue reaching 23.2 billion yuan, a 1% increase year-on-year, and net profit of 5.1 billion yuan, an 8% increase year-on-year [10][13] - The report emphasizes the need for a market-oriented approach in water services, predicting significant cash flow improvements similar to those seen in the waste incineration sector [7] Policy Tracking - The central government has issued guidelines to strengthen the national carbon market, aiming for a more comprehensive coverage of industrial sectors and a robust carbon pricing mechanism by 2030 [35][36] - The report suggests that stricter carbon monitoring will increase demand for carbon monitoring equipment, benefiting companies like Snowy Dragon and Juguang Technology [38] Company Performance - **Huanlan Environment**: Achieved a net profit of 966 million yuan in H1 2025, a 28% increase year-on-year, with a significant contribution from its subsidiary [29] - **Green Power**: Reported a 24% increase in net profit in H1 2025, driven by increased waste incineration and operational efficiency [31] - **Haihua Entrepreneurship**: Experienced a 9.33% increase in net profit, with a focus on stable growth in waste disposal and energy generation [31] - **Yongxing Co.**: Increased its waste processing volume, leading to a 9% rise in net profit [32] Cash Flow and Dividends - The waste incineration sector is seeing a significant increase in free cash flow, with projections indicating potential dividend payouts reaching 50% to 150% in the coming years [40][41] - The report notes that companies are beginning to distribute dividends more actively, with Huanlan Environment initiating its first mid-year dividend [24][29]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - In the first half of 2025, the company achieved operating revenue of 1.684 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 377 million yuan, a year-on-year increase of 24.5% [2][4] - In Q2 alone, the company recorded operating revenue of 856 million yuan, remaining flat year-on-year, while the net profit attributable to shareholders reached 192 million yuan, reflecting a year-on-year growth of 17.1% [2][4] - The company has been continuously improving quality and efficiency, resulting in a net profit margin increase of 3.08 percentage points year-on-year in Q2 [10] - The operating cash flow net amount increased by 16.4% year-on-year, and the interest-bearing debt ratio decreased by 2.1 percentage points, indicating a positive outlook for the company's operational indicators and potential for dividend increases [10] Summary by Sections Financial Performance - The company processed a total of 7.1543 million tons of municipal waste in the first half of 2025, a year-on-year increase of 2.1%, with a cumulative power generation of 2.539 billion kWh, reflecting a year-on-year increase of 1.62% [10] - The cumulative steam supply reached 513,800 tons, a significant year-on-year growth of 114.98% [10] - The company’s gross profit margin improved by 4.78 percentage points year-on-year, while the expense ratio decreased by 2.18 percentage points [10] Operational Efficiency - The company has entered a pure operational phase since January 2024, with no new projects under construction, maintaining a stable processing capacity of 40,300 tons per day [10] - The company has expanded its business operations, including sludge direct spray disposal and external steam supply, contributing to revenue growth [10] Future Outlook - The company is expected to achieve net profits of 684 million yuan, 731 million yuan, and 776 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.8%, 6.94%, and 6.16% [10] - Assuming a dividend payout ratio of 60%, 65%, and 70%, the corresponding dividend yields for the stock price as of August 28, 2025, are projected to be 4.21%, 4.87%, and 5.57% [10]

证券代码：601330 证券简称：绿色动力 公告编号：临 2025-048 转债代码：113054 转债简称：绿动转债 绿色动力环保集团股份有限公司 关于召开2025年第二次临时股东大会及 2025 年第一次 A 股类别股东大会的通知 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、 召开会议的基本情况 召开的日期时间：2025 年 9 月 19 日 11 点 00 分 召开地点：北京市朝阳区林萃路 2 号国家速滑馆东侧二层贵宾室一 股东大会召开日期：2025年9月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2025年第二次临时股东大会、2025 年第一次 A 股类别股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自20 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11]. Core Insights - The environmental protection sector showed a slight increase in net profit, with a year-on-year growth of 1.32% in the first half of 2025, despite a slight decline in revenue [6][22]. - The performance of waste incineration and water services remains stable, while the overall growth of the sector is hindered by declines in air quality and recycling resources [6][22]. - The industry is transitioning towards a ToB model, which is expected to accelerate valuation recovery [9]. Summary by Sections Performance Overview - In H1 2025, the environmental protection sector achieved revenue of 142.1 billion yuan, a decrease of 0.20% year-on-year, and a net profit of 13.7 billion yuan, an increase of 1.32% [6][22]. - The gross profit margin improved to 28.7%, up by 0.30 percentage points year-on-year [6][22]. Income Statement - The sector's net profit growth is primarily driven by stable performance in waste incineration and water operations, while the recycling and air quality segments experienced declines [22][24]. - Waste incineration saw revenue growth of 1.81% and net profit growth of 9.31% in H1 2025 [23]. - Water operations reported a slight revenue decline of 1.38% but a net profit increase of 1.79% [30]. Balance Sheet - The environmental protection sector's debt ratio was 57.7%, showing a slight increase of 0.27 percentage points year-on-year [7]. - Accounts receivable and related assets continue to rise, indicating potential cash flow challenges [7]. Cash Flow Statement - The cash collection ratio improved to 93.5%, up by 3.9 percentage points year-on-year, with net cash flow from operating activities reaching 10.44 billion yuan, an increase of 13.8% [8]. - Investment activities showed a net expenditure of 27.4 billion yuan, primarily directed towards waste incineration and water operations [8]. Investment Strategy - The report recommends continued investment in waste incineration and water services, highlighting that the sector can support a price-to-earnings ratio of 14x-16x, while many quality stocks are currently trading at 10x-12x [9]. - The report suggests potential growth opportunities in various segments, including testing services and energy conservation [9].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [5][6]. Core Views - The company reported a revenue of 1.684 billion RMB for H1 2025, a year-on-year increase of 1.41%, and a net profit of 377 million RMB, up 24.49% year-on-year. The proposed cash dividend is 0.1 RMB per share, with a payout ratio of 36.9% [1][2]. - The company's solid waste management operations are stable, with strong free cash flow. The stock incentive plan sets clear growth targets for profits and cash flow, reflecting confidence in future development. The current dividend yield for A/H shares is 4.3%/7.0% [1][3]. - The company has seen a 45% year-on-year increase in free cash flow, with a net cash flow from operating activities rising by 16.36% to 632 million RMB [3]. Summary by Sections Financial Performance - In H1 2025, the company processed 7.1543 million tons of municipal waste, generating 2.539 billion kWh of electricity, with a gross margin increase of 4.90 percentage points to 49.53% due to cost control and revenue growth from new business areas [2][3]. - The income tax expense for H1 2025 was 97.75 million RMB, with an effective tax rate of 19.69% [2]. Cash Flow and Dividends - As of June 30, accounts receivable stood at 2.787 billion RMB, primarily due to extended settlement cycles. The company’s free cash flow reached 475 million RMB, indicating strong operational cash generation [3][4]. - The performance targets set in the stock incentive plan suggest potential for increased dividends per share (DPS) in the coming years [3]. Valuation and Price Targets - The target price for A shares is set at 8.18 RMB, while for H shares it is 6.25 HKD, based on a projected PE ratio of 16.7x for A shares and 11.6x for H shares [4][5]. - The report forecasts net profits of 684 million RMB, 733 million RMB, and 774 million RMB for 2025, 2026, and 2027 respectively [4][8].

Core Viewpoints - Profit growth outpaced revenue growth, demonstrating significant results from the company's "quality improvement and efficiency enhancement" strategy [2] - The company achieved operating revenue of 1.684 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 377 million yuan, a year-on-year increase of 24% [2][3] - Cost control measures led to a 7.57% decrease in operating costs, primarily due to reduced maintenance costs and lower environmental material costs from centralized procurement [2] - Financial expenses decreased significantly by 19.05%, mainly due to lower bank borrowing rates and balances [2] Business Performance - The company's waste treatment volume increased by 2.10% to 7.1543 million tons, and the electricity generated increased by 1.99% to 2.113 billion kWh [2] - The heating business experienced rapid growth, with steam supply reaching 513,800 tons, a substantial year-on-year increase of 114.98%, becoming a core driver of performance [2] - Several projects in the heating business achieved breakthroughs, including external steam supply in Jizhou and Zhaoqing, and significant increases in mobile heating in Changzhou [2] Financial Health - Capital expenditures decreased significantly, resulting in ample cash flow, which supports high dividend payouts to shareholders [3] - The net cash flow from operating activities reached 632 million yuan, a year-on-year increase of 16.36% [3] - The company maintained a high dividend payout ratio of 71.45% for the 2024 fiscal year, with plans to steadily increase the dividend ratio over the next three years [3] Profit Forecast - Revenue projections for 2025-2027 are 3.542 billion yuan, 3.704 billion yuan, and 3.880 billion yuan, with year-on-year growth rates of 4.22%, 4.57%, and 4.75% respectively [3] - Net profit attributable to shareholders is expected to be 680 million yuan, 723 million yuan, and 775 million yuan for the same period, with growth rates of 16.24%, 6.30%, and 7.25% respectively [3] - Based on the closing price on August 28, 2025, the corresponding PE ratios are projected to be 14.34, 13.49, and 12.58, with EPS of 0.49, 0.52, and 0.56 yuan [3]

Financial Performance - The company reported total revenue of 1.684 billion yuan for the first half of 2025, an increase of 1.41% year-on-year [1] - The net profit attributable to shareholders reached 377 million yuan, reflecting a year-on-year increase of 24.49% [1] - In Q2 2025, total revenue was 856 million yuan, with a net profit of 192 million yuan, showing a year-on-year increase of 0.0% and 17.11% respectively [1] - The gross margin improved to 49.53%, up by 10.98% year-on-year, while the net margin increased to 23.67%, up by 21.41% [1] Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 297 million yuan, accounting for 17.64% of revenue, a decrease of 13.11% year-on-year [1] - The company’s earnings per share (EPS) increased to 0.27 yuan, a rise of 22.73% year-on-year [1] Balance Sheet and Cash Flow - Cash and cash equivalents decreased to 917 million yuan, down by 10.05% year-on-year [1] - Accounts receivable increased to 2.787 billion yuan, reflecting a year-on-year growth of 16.67% [1] - Interest-bearing debt decreased to 11.539 billion yuan, down by 6.16% year-on-year [1] - The company’s cash flow per share improved to 0.45 yuan, an increase of 16.36% year-on-year [1] Return on Investment - The company's return on invested capital (ROIC) was 5.19% last year, indicating generally average capital returns [3] - The historical median ROIC since the company’s listing is 7.07%, with the lowest recorded ROIC being 4.8% in 2014 [3] Debt and Receivables Analysis - The cash flow ratio (cash and cash equivalents to current liabilities) stands at 50.12%, indicating a need for monitoring cash flow [4] - The interest-bearing debt ratio has reached 51.49%, suggesting a significant level of debt [4] - Accounts receivable to profit ratio is at 476.37%, highlighting potential concerns regarding receivables management [4] Future Expectations - Analysts project the company’s performance for 2025 to reach 650 million yuan, with an average EPS forecast of 0.47 yuan [4]

证券代码：601330 证券简称：绿色动力 公告编号：临 2025-047 转债代码：113054 转债简称：绿动转债 绿色动力环保集团股份有限公司 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： ? 每股分配金额：每股派发现金红利 0.1 元（含税） ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股 分配金额不变，相应调整分配总额，并将另行公告具体调整情况。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股等致 使公司总股本发生变动的，公司拟维持每股分配金额不变，相应调整分配总额。 如后续总股本发生变化，将另行公告具体调整情况。 本次利润分配方案尚需提交公司股东大会审议。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于2025年8月28日召开第五届董事会第十四次会议，以9票赞成、0票弃 权、0票反对审议通过了《关于2025年中期利润分配预案的议案》，同意公司 ...

证券代码：601330 证券简称：绿色动力 公告编号：临 2025-045 转债代码：113054 转债简称：绿动转债 绿色动力环保集团股份有限公司 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。 绿色动力环保集团股份有限公司（以下简称"公司"或"集团"）第五届董 事会第十四次会议于2025年8月28日在公司会议室以现场会议结合通讯方式召开。 会议通知于2025年8月22日以电子邮件送达各位董事。会议应出席董事9名，实际 出席董事9名。本次会议由代理董事长成苏宁先生主持，公司监事与部分高级管 理人员列席本次会议。本次会议的召开符合《中华人民共和国公司法》等法律、 法规、规范性文件以及《绿色动力环保集团股份有限公司章程》的有关规定。经 与会董事充分审议并经过有效表决，本次会议审议通过了以下议案： 三、审议通过了《关于<2025 年中期业绩公告>和<2025 年半年度报告>的议 案》。同意公司编制的《2025 年中期业绩公告》和《2025 年半年度报告》及其摘 要。 表决情况：9 票赞成，0 票弃权，0 票反对。 《2025 年中 ...

表决情况：3票同意，0票弃权，0票反对。 三、审议通过了《关于<2025年中期业绩公告>和<2025年半年度报告>的议案》。 与会监事认为：1、公司《2025年半年度报告》全文及摘要中的各项经济指标及 所包含的信息真实、准确、完整地反映了公司2025年半年度的财务状况和经营成 果；2、公司编制《2025年半年度报告》的程序和公司第五届董事会第十四次会 议审议通过《2025年半年度报告》的程序符合有关法律法规、《公司章程》和公 司内部管理制度的规定；3、公司《2025年半年度报告》的内容和格式符合中国 证监会和公司股票上市地证券交易所的规定；4、未发现参与公司《2025年半年 度报告》编制和审议的人员有违反保密规定的行为。 表决情况：3票同意，0票弃权，0票反对。 转债代码：113054 转债简称：绿动转债 绿色动力环保集团股份有限公司 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。 绿色动力环保集团股份有限公司（以下简称"公司"）第五届监事会第六次 会议于2025年8月28日在公司会议室以现场会议结合通讯方式召开，会议通知已 ...