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]

Core Viewpoint - The company plans to distribute a cash dividend of 0.1 RMB per share, amounting to a total of approximately 139.35 million RMB, which represents 36.94% of the net profit attributable to shareholders for the first half of 2025 [1][2]. Summary by Sections Profit Distribution Plan - The company has a total undistributed profit of 2.332 billion RMB as of June 30, 2025, and aims to implement a profit distribution to enhance investor satisfaction and maintain continuous cash dividends [1]. - The cash dividend distribution will be based on the total share capital on the record date for the rights distribution, with the specific date to be announced later [1]. - If there are changes in the total share capital due to convertible bonds or other factors before the record date, the company will maintain the per-share distribution amount but adjust the total distribution accordingly [2]. Decision-Making Process - The company's board of directors approved the profit distribution plan during a meeting on August 28, 2025, with unanimous support [2]. - The supervisory board has also agreed that the profit distribution plan aligns with the long-term interests of the company and its shareholders, complying with relevant laws and regulations [2].

Core Points - The company held its 14th meeting of the 5th Board of Directors on August 28, 2025, where several key proposals were approved [1][2][3] - The 2025 interim financial report was reviewed and approved by the Board, with a unanimous vote of 9 in favor [2][3] - The company announced a profit distribution plan for the first half of 2025, proposing a distribution of RMB 1.0 per 10 shares (pre-tax) [2] - The interim performance announcement and half-year report for 2025 were also approved by the Board [3] - A special report on the use of raised funds for the first half of 2025 was approved [3] - The Board agreed to liquidate and deregister the wholly-owned subsidiary, Longhui Green Power Renewable Energy Co., Ltd., due to its lack of operational activities [3] - The company scheduled its second extraordinary general meeting of 2025 for September 19, 2025, in Beijing [3]

Core Points - The company held its sixth meeting of the fifth supervisory board on August 28, 2025, where several key proposals were approved [1][2][3] Group 1: Financial Reports - The supervisory board approved the "2025 Semi-Annual Financial Report," which was reviewed by Lixin Accounting Firm [1] - The board confirmed that the financial indicators in the report accurately reflect the company's financial status and operational results for the first half of 2025 [2][3] Group 2: Profit Distribution - The company proposed a profit distribution plan, allocating RMB 1.0 per 10 shares (pre-tax) based on the total share capital on the registration date [2] - The distribution amount will be adjusted if the total share capital changes on the registration date, while the per-share distribution remains unchanged [2] Group 3: Fund Utilization - The board approved a special report on the storage and actual use of raised funds for the first half of 2025 [3]

Investment Rating - The report assigns a "Buy" rating for both H-shares and A-shares of the company, indicating a positive outlook for future performance [1]. Core Insights - The company achieved a revenue of 1.684 billion RMB in H1 2025, reflecting a year-on-year increase of 1.41%, while the net profit attributable to shareholders rose by 24.49% to 377 million RMB [7]. - The report highlights the company's ability to maintain revenue growth despite a decline in construction income, driven by increased waste processing and steam supply [7]. - Cost reduction strategies have led to a decrease in operating costs by 7.57%, resulting in improved gross and net profit margins [7]. - The company has demonstrated strong operational metrics, with a capacity utilization rate of 97.27% and a significant increase in steam supply [7]. - Free cash flow has increased, supporting stable dividend payouts, with a mid-year dividend of 0.1 RMB per share [7]. Financial Projections - The report forecasts total revenue for 2025 to be 3.593 billion RMB, with a projected net profit of 649.61 million RMB, reflecting a growth rate of 11.03% [1][8]. - Earnings per share (EPS) is expected to rise to 0.47 RMB in 2025, with a price-to-earnings (P/E) ratio of 9.38 for H-shares [1][8]. - The company is projected to maintain a healthy return on equity (ROE) of 8.09% by 2027, indicating strong profitability [8].

Group 1 - The core viewpoint of the article highlights the financial performance of Green Power (601330.SH) in the first half of 2025, showing a revenue of 1.684 billion yuan, which represents a year-on-year growth of 1.41% [1] - The net profit attributable to shareholders of the parent company reached 377 million yuan, reflecting a year-on-year increase of 24.49% [1] - The company announced a cash dividend of 1 yuan per 10 shares (tax included) for all shareholders [1]

Core Insights - Green Power Environmental (01330.HK) reported a total revenue of 1.684 billion yuan for the first half of 2025, representing a year-on-year growth of 1.41% [1] - The net profit attributable to shareholders reached 377 million yuan, marking a year-on-year increase of 24.49% [1] - The company proposed a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders [1]

Group 1 - The company reported a total operating revenue of 1.684 billion yuan for the first half of 2025, representing a year-on-year increase of 1.41% [1] - The net profit attributable to shareholders of the parent company was 377 million yuan, showing a year-on-year growth of 24.49% [1] - The basic earnings per share were 0.27 yuan, and the company proposed a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders [1]