| 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2025-036 | | --- | --- | --- | | 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 1 关于控股股东拟无偿划转所持公司股份的提示性公告 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： 绿色动力环保集团股份有限公司（以下简称"公司"或"绿色动力"）控股股 东北京市国有资产经营有限责任公司（以下简称"北京国资公司"）拟将其持有 的公司股份139,345,273股（人民币普通股，占公司总股本的10.00%）无偿划转至 其全资子公司北京工业发展投资管理有限公司（以下简称"北工投资"）。划转 完成后，北京国资公司直接持有公司32.63%股权，通过全资子公司北工投资间接 持有公司10.00%股权，通过全资子公司北京国资（香港）有限公司（以下简称"北 京国资（香港）"）间接持有公司1.78%股权。 本次权益变动不会导致公司的控股股东和实际控制人发生变化，公司控股股东 和实际控制人仍为北京国 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the improvement in cash flow and dividend potential due to reduced capital expenditures in the waste management sector, alongside enhanced return on equity (ROE) through quality improvements in heating and IDC collaborations [1][11][15]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a significant shift with a 9% increase in the sector's performance compared to the Shanghai and Shenzhen 300 indices [3]. - The report highlights a 73% increase in sales of new energy sanitation vehicles, with a penetration rate rising to 14.95% [25]. Key Recommendations - The report recommends several companies for investment, including Huaneng Environment, Green Power, and Yongxing Co., among others, due to their strong dividend potential and operational efficiency [5][11]. - It suggests focusing on companies like Yuehai Investment and Xingrong Environment for their robust cash flow and high dividend yields [17]. Policy Tracking - The Ministry of Ecology and Environment has issued a notice to enhance the quality of law enforcement, which is expected to improve operational efficiency and compliance in the industry [9][10]. - The report notes that the government is concentrating on environmental governance funding for 2025, which may positively impact the sector [7]. Financial Performance - The waste management sector is projected to see a significant increase in free cash flow, with dividends expected to rise as capital expenditures decrease [11][12]. - Specific companies are highlighted for their dividend growth, such as Junxin Co. with a 37% increase in cash dividends and Green Power with a 100% increase [12][13]. Market Dynamics - The report discusses the trend of garbage incineration and IDC collaborations as a new growth avenue, emphasizing the advantages of clean and efficient energy generation [14]. - The water utility sector is also highlighted for its stable growth and high dividends, with ongoing water price reforms expected to enhance profitability [15][17]. Sector Performance - The environmental protection and public utilities index rose by 2.69% during the week of July 7-11, 2025, outperforming the broader market indices [45].

Group 1 - The stock price of Green Power (601330) closed at 7.63 yuan as of July 11, 2025, reflecting a 1.33% increase from the previous week's closing price of 7.53 yuan [1] - The highest intraday price reached 7.76 yuan on July 8, 2025, while the lowest intraday price was 7.52 yuan on July 7, 2025 [1] - The current total market capitalization of Green Power is 10.632 billion yuan, ranking 18th out of 105 in the environmental governance sector and 1577th out of 5149 in the A-share market [1] Group 2 - Green Power submitted a securities change monthly report as of June 30, 2025, indicating no changes in the legal/registered share capital [2][3] - The number of H-shares and A-shares remains unchanged at 404,359,792 shares and 989,093,251 shares, respectively, with a par value of 1 yuan per share [2][3] - The total issued amount of the A-share convertible bonds is 2.359873 billion yuan, with no changes this month, and the conversion price is set at 9.35 yuan [2][3]

Investment Rating - The investment rating for the industry is "Increase" which indicates a relative increase of more than 15% compared to the CSI 300 index [28] Core Insights - The Central Financial Committee's sixth meeting emphasized the high-quality development of the marine economy and the exploration of marine carbon sink accounting [8] - The first international standard for algal carbon footprint has been officially released, marking a breakthrough in carbon footprint standards [8] - The national carbon market is expanding beyond the power sector, increasing the demand for CCER (Voluntary Carbon Emission Reduction) [9] - New methodologies for CCER are expected to accelerate expansion, including projects related to low-concentration gas utilization in coal mines and energy-saving in highway tunnel lighting [10] Summary by Sections Weekly Investment Perspective - The meeting highlighted the need for top-level design in marine economic development and encouraged social capital participation [8] - The national carbon market will include cement, steel, and electrolytic aluminum industries, with a target to cover 7.5 billion tons of greenhouse gas emissions by 2027 [9] Environmental Sector Performance - The environmental sector saw a weekly increase of 0.81%, with notable stock performances including Xuedilong (+31.74%) and Sandetech (+26.25%) [13][16] - The weekly trading volume for national carbon market emissions was 2.47 million tons, with an average price of 72.64 yuan/ton, reflecting a 62% decrease from the previous week [14] Carbon Neutrality Tracking - The CCER trading volume reached 103,000 tons with an average price of 87.04 yuan/ton [14] - The Shanghai pilot carbon market achieved 100% compliance for twelve consecutive years, with a significant increase in green electricity consumption [18] Investment Recommendations - Recommendations include leading waste incineration companies such as Sanfeng Environment and Huanlan Environment, as well as companies in the recycling sector like Zhuoyue New Energy and Sanlian Hongpu [11]

Summary of Key Points from the Conference Call Industry Overview - The waste incineration power generation industry is entering a mature phase, with significant reductions in capital expenditures and a focus on efficiency improvements to drive profit growth [1][3][5] - The industry has substantial growth potential, driven by cash flow improvements and declining capital expenditures, which enhance free cash flow and dividend capacity [2][18] Core Insights and Arguments - **Revenue Growth and Cost Reduction**: Companies have achieved revenue growth and cost reductions by enhancing heating and power generation efficiency. One ton of waste generates approximately two tons of steam, which corresponds to 200 kWh of electricity, with selling steam being more profitable than selling electricity [2][10][11] - **Resource Value Enhancement**: Waste is viewed as a valuable resource with significant potential for increased energy value through improved power generation and heating conversion ratios [3][4] - **Financial Performance**: Green Power's case study shows a 33% revenue growth in Q1 2025 without new capacity, driven by a doubling of heating volume and a decrease in financial costs [1][6] - **Financial Cost Reduction**: Financial costs are expected to decrease by approximately 30 million yuan in 2024 compared to 2023, with further reductions anticipated in 2025, bringing total financial costs close to 400 million yuan [8][18] Business Model Innovations - The business model innovation in waste power generation provides a significant cost advantage over natural gas heating, with waste disposal fees accounting for over 25% of revenue under the concession model [1][6] - The ToB heating revenue model allows for immediate cash recovery, significantly improving operating cash flow [6] Cash Flow and Profitability - The average collection rate for listed companies is around 50%, with a net present value ratio of 1.7, indicating substantial future cash flow gains as national subsidy collection rates improve [6][18] - The industry is expected to exhibit a dual resonance of growth and dividends, enhancing overall profitability [7] Future Development Prospects - The industry is poised for growth due to refined management practices and technological improvements, which will enhance competitiveness and profitability [14][18] - If the industry can achieve competitive power generation levels similar to Zhongke Environmental's 35%, it could lead to over 20% profit growth across the sector [14] Company-Specific Insights - Green Power's Q1 2025 performance included total revenue of 830 million yuan, a year-on-year increase of 23 million yuan, with electricity generation up 3% to 1.03 billion kWh and heating volume up 97% to 225,000 tons [6] - Other companies in the industry, such as Zhongke Environmental and Huanlan Environment, are also expanding their heating capacities significantly, indicating a trend towards increased efficiency and profitability [12][18] Conclusion - The waste incineration power generation sector is characterized by improving cash flows, declining costs, and innovative business models, positioning it for sustained growth and enhanced shareholder returns [5][18]

Core Viewpoint - As of July 8, 2025, Green Power (601330) closed at 7.69 yuan, experiencing a slight decline of 0.13% with a trading volume of 65,200 shares and a total transaction value of 50.1492 million yuan [1] Trading Information Summary - On July 8, 2025, the capital flow for Green Power indicated a net outflow of 318.92 thousand yuan from main funds, accounting for 6.36% of the total transaction value; meanwhile, speculative funds saw a net inflow of 298.07 thousand yuan, representing 5.94% of the total transaction value, and retail investors had a net inflow of 20.85 thousand yuan, which is 0.42% of the total transaction value [2][4] Company Announcement Summary - Green Power Environmental Group Co., Ltd. reported in its June 2025 securities change monthly report that the company's legal/registered capital has not changed, with H-shares and A-shares having 404,359,792 shares and 989,093,251 shares respectively, maintaining a total legal/registered capital of 1,393,453,043 yuan. The number of issued shares also remains unchanged, with no treasury shares [3] - The company has an A-share convertible bond, with a total issuance amount of 2,359,873,000 yuan as of the end of last month, with no changes this month. The conversion price is set at 9.35 yuan, and the conversion period is from September 5, 2022, to February 24, 2028 [3][4]

Investment Rating - The report rates the environmental industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][10]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansion and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, but performance varies among companies due to factors such as historical electricity revenue recognition and increased depreciation from new capacity. Major companies are expected to show varied net profit growth in Q1-Q2 2025 [3]. - The sanitation market remains stable, with no significant profit contribution from automation technologies yet. Major companies are expected to see steady net profit growth [3]. - Equipment performance is diverging due to different downstream impacts. Conventional equipment companies may face margin pressure, while power environmental equipment is benefiting from increased demand [3]. Summary by Category Municipal Water Services - Overall operations are stable, with net profit growth expected for major companies: Tianyuan Environmental (+50%), Xingrong Environment (+8%), and Hongcheng Environment (+4%) in Q1-Q2 2025 [3][4]. Waste Incineration - The sector is stable, with varied net profit growth: Huanlan Environment (+1%), Junxin Co. (+42%), Green Power (+25%), Chengfa Environment (+10%), and Yongxing Co. (+7%) [3][4]. Sanitation - The sanitation market is stable, with expected net profit growth for major companies: Yingfeng Environment (+5%) and Yuhua Tian (+7%) [3][4]. Equipment - Conventional equipment companies are facing competitive pressure, with expected declines in net profit growth: Jingjin Equipment (-15%). In contrast, power environmental equipment companies are seeing significant growth: Qingda Environmental (+359%) and water treatment equipment companies like Wotton Technology (+23%) [3][4]. Investment Recommendations - Municipal environmental companies are recommended for their stable profitability and improving cash flow, including Junxin Co., Huanlan Environment, Xingrong Environment, Green Power, Hongcheng Environment, Yongxing Co., Yuehai Investment, and Guangda Environment [3]. - Companies in the unmanned sanitation sector, such as Yingfeng Environment and Yuhua Tian, are recommended for their potential in digital transformation [3]. - SAF suppliers and raw material providers are highlighted for their growth potential due to EU policies [3]. - Wotton Technology is recommended for its ongoing import substitution in reverse osmosis membranes [3].

Core Points - The Shanghai Marine Industry Development Plan (2025-2035) emphasizes three main directions: leading industries, emerging industries, and future industries, focusing on ten development areas and five key tasks to build world-class industrial clusters [1] - The plan highlights the importance of supporting the research and application of new energy vessels and the low-carbon transformation of traditional ships, including the development of next-generation dual-fuel eco-friendly ships, liquid hydrogen transport vessels, and electric ships [1][2] Group 1: Shipbuilding and Marine Equipment - The plan calls for significant support for the research and application of new energy vessels and the low-carbon transformation of traditional ships [1] - It aims to accelerate the development of LNG, methanol, liquid ammonia, and hydrogen-powered vessels, as well as the development of green power systems [1] - The plan includes enhancing fuel supply service capabilities and expanding the service capacity for bonded fuel oil, LNG, and green methanol [1] Group 2: Marine Renewable Energy - The plan prioritizes the development of marine renewable energy, including offshore wind power, offshore photovoltaics, green methanol, and marine hydrogen energy [2] - It emphasizes the full industrial chain layout for green methanol, including production, storage, transportation, and supply [2] - The plan encourages the integration of offshore wind power with marine hydrogen energy and the exploration of new application models combining wind power generation and hydrogen storage [2]

職銜： 代理董事長 (董事、秘書或其他獲正式授權的人員) 第 9 頁 共 10 頁 v 1.1.1 FF301 註 在購回股份（股份被持作庫存股份）的情況下，「事件發生日期」應理解爲「發行人購回並以庫存方式持有股份的日期」。 份數目。 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 綠色動力環保集團股份有限公司（備註） 呈交日期: 2025年7月7日 I. 法定/註冊股本變動 證券代號 (如上市) 01330 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 404,359,792 RMB 1 RMB 404,359,792 增加 / 減少 (-) 0 RMB 0 本月底結存 404,359,792 RMB 1 RMB 404,359,792 證券代號 (如上市) 601330 說明 於上海證券交易所上市 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 989,093,251 RMB 1 RMB 989,093,251 增加 / 減少 (-) 0 RMB 0 本月底結存 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 綠色動力環保集團股份有限公司（備註） 呈交日期: 2025年7月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01330 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 404,359,792 | RMB | | 1 RMB | | 404,359,792 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 404,359,792 | RMB | | 1 RMB | | 404,359,792 | | 2. 股份分類 | 普通股 | 股份 ...