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 ...

绿色动力环保集团股份有限公司 董事会提名委员会工作细则 绿色动力环保集团股份有限公司 董事会提名委员会工作细则 第一章 总则 第一条 为规范绿色动力环保集团股份有限公司（以下简称"公司"）董事、 高级管理人员的产生程序，完善公司治理结构，根据《中华人民共和国公司法》、 《上市公司治理准则》等相关法律、法规、规范性文件、《绿色动力环保集团股 份有限公司章程》 （以下简称"《公司章程》"）和《香港联合交易所有限公司证券 上市规则》、 第三条 提名委员会成员由三名以上的董事组成，成员应当为单数，其中独 立非执行董事应占多数，且至少应包含一名不同性别的董事。 第四条 提名委员会委员由董事长或三分之一以上董事会成员联合提名，并 由董事会以全体董事的过半数选举产生。 第五条 提名委员会设召集人即主任委员一名，由独立非执行董事委员担 任，由董事会任命，负责主持委员会工作。主任委员不能或不履行职责时，由二 分之一以上委员共同推举一名独立非执行董事委员代行其职责。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格。提名委员会委员可以 在任期届满以前向董事会 ...

绿色动力环保集团股份有限公司 董事会提名委员会工作细则 绿色动力环保集团股份有限公司 董事会提名委员会工作细则 第一章 总则 第一条 为规范绿色动力环保集团股份有限公司（以下简称"公司"）董事、 高级管理人员的产生程序，完善公司治理结构，根据《中华人民共和国公司法》、 《上市公司治理准则》等相关法律、法规、规范性文件、《绿色动力环保集团股 份有限公司章程》（以下简称"《公司章程》"）和《香港联合交易所有限公司证券 上市规则》、《上海证券交易所股票上市规则》（以下合称"《上市规则》"）及其它 有关规定,公司特设立董事会提名委员会，并结合公司实际,制定《绿色动力环保 集团股份有限公司董事会提名委员会工作细则》（以下简称"本细则"）。 第二条 董事会提名委员会是董事会设立的专门工作机构，主要职责是研究 董事、高级管理人员的选择标准和程序并提出建议；遴选合格的董事人选和高级 管理人员人选；对董事人选和高级管理人员人选进行审核并提出建议。 第二章 人员组成 第三条 提名委员会成员由三名以上的董事组成，成员应当为单数，其中独 立非执行董事应占多数，且至少应包含一名不同性别的董事。 第四条 提名委员会委员由董事长或三分之一 ...

证券代码：601330 证券简称：绿色动力 公告编号：临 2025-035 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 第五届董事会第十二次会议决议公告 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。 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 事会第十二次会议于2025年7月4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6月29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： 一、审议通过了《关于实施广元项目二期工程及对广元公司增资的议案》。 同意集团子公司广元博能再生能源有限公司（以下简称"广元公司"）实施广元 市生活垃圾焚烧发电厂 BOT 项目二期工程，设计处理能力为 35 ...

Summary of Key Points Core Viewpoint - The company has issued convertible bonds named "绿动转债" with a total amount of 2.36 billion RMB, which are now available for conversion into shares, with specific adjustments to the conversion price over time [1][2]. Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to publicly issue 23.60 million convertible bonds, each with a face value of 100 RMB, totaling 2.36 billion RMB [1]. - The bonds have a six-year term with varying interest rates, starting from 0.20% in the first year to 2.00% in the sixth year [1]. - The bonds began trading on the Shanghai Stock Exchange on March 23, 2022, under the code "113054" [1]. Conversion Details - The conversion period for "绿动转债" started on September 5, 2022, and will end on February 24, 2028 [2]. - The conversion price has been adjusted multiple times due to annual equity distributions, currently set at 9.35 RMB per share as of November 19, 2024 [2]. - As of June 30, 2025, a total of 127,000 RMB worth of bonds have been converted into 13,043 shares, representing 0.0009% of the company's total shares before conversion [2][3]. Share Capital Changes - The total share capital increased from 1,393,452,937 shares to 1,393,453,043 shares due to the conversion of bonds [3]. - The number of A-shares increased from 989,093,145 to 989,093,251 shares as a result of the conversion [3]. Unconverted Bonds Status - As of June 30, 2025, the amount of unconverted bonds stands at approximately 2.36 billion RMB, accounting for 99.9946% of the total issued convertible bonds [3].

| | | 经上海证券交易所自律监管决定书[2022]70号文同意，公司23.60亿元可转 债于2022年3月23日起在上海证券交易所挂牌交易，债券简称"绿动转债"，债 券代码"113054"。 根据有关规定和《绿色动力环保集团股份有限公司可转换公司债券募集说明 书》的约定，"绿动转债"自2022年9月5日起可转换为本公司股份。因公司实施 2021年年度权益分派，"绿动转债"转股价格自2022年7月21日起由9.82元/股调 整为9.72元/股；因公司实施2022年年度权益分派，"绿动转债"转股价格自2023 年7月26日起由9.72元/股调整为9.60元/股；因公司实施2023年年度权益分派， "绿动转债"转股价格自2024年6月26日起由9.60元/股调整为9.45元/股；因公 司实施2024年中期权益分派，"绿动转债"转股价格自2024年11月19日起由9.45 元/股调整为9.35元/股。 绿色动力环保集团股份有限公司 2025 年第二季度可转债转股结果暨股份变动公告 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 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection and testing sector [9] Core Insights - As of June 28, 2025, there are 23 convertible bonds listed in the environmental protection and testing sector, with a total issuance scale of approximately 233.9 billion yuan and a latest balance of 192.0 billion yuan. The sector features several low-price and low-premium convertible bonds, suggesting potential investment opportunities driven by profitability and conversion [2][4][20] - The report recommends focusing on convertible bonds such as Wei 22, Wei 24, Green Power, Yingfeng, Hongcheng, Wangneng, and Guojian, highlighting their potential for price appreciation due to underlying stock performance [6][30] Summary by Sections Convertible Bonds Overview - The environmental protection and testing sector has 23 convertible bonds currently trading, with a total remaining scale of 192 billion yuan. Among these, 1 bond is from a central enterprise, 3 from local state-owned enterprises, and 19 from private enterprises [4][20] - There is 1 convertible bond currently in the issuance application stage, with a scale of 4.93 billion yuan from Shengjian Technology [24] Issued and Delisted Convertible Bonds - As of June 28, 2025, 21 convertible bonds have been delisted from the environmental protection and testing sector, with a total issuance scale of 152.9 billion yuan. Five bonds were delisted in 2024, with an average time to maturity of 1.08 years [5][26] Investment Strategy - The report emphasizes two main drivers for investment: profitability and conversion. Profitability can be enhanced through capacity expansion and exploring new growth avenues, which may lead to stock price increases and higher conversion values. If the premium rate of convertible bonds remains stable or decreases slightly, their prices are expected to rise [30][32] - Conversion may be driven by increased capital expenditures for new projects or weakened cash flow from existing projects, potentially leading to adjustments in conversion prices and indirectly boosting bond prices [30][32] Financial Projections - The report includes financial forecasts for several companies in the sector, indicating expected growth in net profits and corresponding price-to-earnings (PE) ratios for the years 2024 to 2027 [31]