Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

Investment Rating - The report gives a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][18]. Core Viewpoints - The company's core business remains strong, with operational revenue of 2.964 billion RMB, a year-on-year increase of 8.02%, despite a significant decline in construction revenue by 95.42% due to fewer construction projects [5]. - The company has successfully launched the Jingxi project, increasing its operational capacity to over 40,000 tons per day, and processed 14.38 million tons of municipal waste in 2024, a 6.96% increase year-on-year [5]. - The company is expanding its green energy trading and collaborative business efforts, achieving notable results in projects like mobile energy storage heating and biogas purification [6]. - A dividend plan has been announced, with a cash dividend of 0.1 RMB per share for the interim and a proposed annual dividend of 0.20 RMB per share, reflecting the company's confidence in its future [7]. Financial Performance - In 2024, the company reported total revenue of 3.399 billion RMB, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 585 million RMB, down 7% year-on-year [4][10]. - The company expects revenue growth in the coming years, projecting revenues of 3.542 billion RMB, 3.704 billion RMB, and 3.880 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 668 million RMB, 714 million RMB, and 768 million RMB [8][10]. - The company's gross margin improved to 45.44%, an increase of 6.92 percentage points year-on-year, due to optimized revenue structure and cost control [5]. Comparative Analysis - The company's 2025 PE ratio is lower than the average of comparable companies in the waste treatment sector, indicating potential for valuation recovery [11].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [6][7]. Core Views - The company reported a revenue of 3.399 billion RMB for 2024, a year-on-year decrease of 14.08%, and a net profit attributable to shareholders of 585 million RMB, down 7.02% year-on-year [1]. - The company has a strong free cash flow, with a significant increase to 1.068 billion RMB in 2024 from 256 million RMB in 2023, indicating robust operational efficiency [3]. - The target prices for the A and H shares have been raised to 8.62 RMB and 4.61 HKD respectively, reflecting an upward revision in profit forecasts [4]. Revenue and Profitability - The company's solid waste treatment operational revenue for 2024 is projected at 3.361 billion RMB, representing a year-on-year growth of 7.04% [2]. - The gross profit margin is expected to be 45.85%, a slight decrease of 0.54 percentage points year-on-year [2]. - The company aims for a dividend per share (DPS) of 0.3 RMB for 2024, with a payout ratio of 71.5% [3]. Financial Projections - The forecasted net profit for 2025 is 684 million RMB, with expected growth rates of 16.93% in 2025, 7.19% in 2026, and 5.57% in 2027 [5]. - The report anticipates a steady increase in the company's performance metrics, including a projected PE ratio of 17.6 for 2025 [4]. Market Position - The company is actively embracing digital transformation, collaborating with Alibaba Cloud to enhance operational efficiency through the application of artificial intelligence in waste incineration [2]. - The current dividend yields for A and H shares are 4.6% and 10.0% respectively, highlighting the company's attractive dividend policy [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 was impacted by impairment losses in hazardous waste business, with total revenue of 3.399 billion yuan, down 14% year-on-year, and net profit attributable to shareholders of 585 million yuan, down 7% year-on-year [6] - Excluding the impairment losses, the company's core business showed stable profit growth, with a significant increase in operational metrics [6] - The company significantly increased its dividend payout ratio to 71.45%, with a cash dividend total of 418 million yuan, resulting in an A-share dividend yield of 4.55% and a H-share yield of approximately 9.85% [6] - The company has launched a stock incentive plan, indicating confidence in long-term growth, with performance targets set for net profit and return on equity [6] - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards due to the impairment, but the outlook remains positive with expected steady profit growth and improved free cash flow [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.460 billion yuan, with a year-on-year growth rate of 1.8% [2] - Net profit attributable to shareholders for 2025 is projected at 734 million yuan, representing a year-on-year increase of 25.5% [2] - The company’s gross margin is expected to be 45.8% in 2025, with a return on equity (ROE) of 9.0% [2] - The price-to-earnings (PE) ratio is projected to be 13 for 2025, decreasing to 11 by 2027 [2] Market Data - As of March 28, 2025, the closing price of the stock was 6.59 yuan, with a market capitalization of 6.518 billion yuan [3] - The stock has a price-to-book ratio of 1.2 and a dividend yield of 3.79% [3]

事件：公司发布2024 年年报，2024 年，公司营业收入33.99 亿元，同比下降14%；归母净利润5.85 亿 元，同比下降7%。 核心观点： 发布分红规划和股权激励计划，彰显发展信心。公司2024 年已派发中期利润分配，向全体股东每股派 发现金红利0.1 元（含税），拟派发年度年度分红，向全体股东每股派发现金股利0.20 元（税前），中 期及年度利润分配合计派发现金红利4.18 亿元（含税）。2024 年8 月，公司发布《未来三年股东分红回 报规划（2024 年-2026 年）》，明确了公司未来三年每年以现金方式分配的利润分别不低于当年实现的 可分配利润的40%、45%、50%。2024 年12 月，公司发布股票激励计划草案，限制性股票的首次授予价 格为每股3.25 元，本激励计划的解除限售考核年度为2026-2028年三个会计年度，业绩考核目标值为 2026-2028 年净利润分别不低于7.11/7.42/7.73 亿元，净资产收益率均不低于8.2%，经营活动现金流量净 额分别不低于11.44/11.93/12.42 亿元。 盈利预测：我们预计公司2025-2027 年实现营业收入分别为35.42/3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has significantly increased its free cash flow, with a dividend payout ratio raised to 71.45% [1] - The company's operational revenue has shown a robust growth, with a focus on enhancing profitability through effective project management and expansion in core areas [1][7] - The company has implemented a stock incentive plan, reflecting confidence in its growth trajectory [1] Financial Performance Summary - For 2024, the company achieved total revenue of 33.99 billion yuan, a year-on-year decrease of 14% [7] - The net profit attributable to the parent company for 2024 was 5.85 billion yuan, down 7% year-on-year [7] - The operating revenue accounted for 99% of total revenue, with a gross margin of 45.85% [7] - Free cash flow for 2024 surged by 318% to 10.68 billion yuan, with operating cash flow net amounting to 14.38 billion yuan, an increase of 47% [7] - The company’s dividend payout for 2024 was 4.18 billion yuan, marking a 100% increase [7] Financial Forecasts - Projected total revenue for 2025 is 35.93 billion yuan, with a growth rate of 5.71% [8] - Expected net profit attributable to the parent company for 2025 is 6.50 billion yuan, reflecting an 11.03% growth in 2026 [8] - The earnings per share (EPS) for 2025 is estimated at 0.47 yuan, with a price-to-earnings (P/E) ratio of 14.14 [8] Cash Flow and Capital Expenditure - The company’s capital expenditure is projected to decrease significantly, contributing to a positive cash flow situation [1][7] - The average interest rate for 2024 was 3.93%, down by 0.12 percentage points, indicating effective cost management [7] Strategic Outlook - The company is strategically positioned in economically developed regions, with significant potential for B-end expansion and collaboration in the IDC sector [1][7] - The stock incentive plan aims for a steady increase in net profit, with targets set for 2026-2028 [1][7]

Core Viewpoint - Green Power (601330.SH) reported a total revenue of 3.399 billion yuan and a net profit attributable to shareholders of 585 million yuan for the year 2024, with a proposed cash dividend of 2.00 yuan per 10 shares [2] Financial Performance - The company plans to distribute a total cash dividend of 279 million yuan (including tax) based on its total share capital of 1.393 billion shares [2] - Cumulatively, Green Power has distributed approximately 1.445 billion yuan in cash dividends since its listing, accounting for about one-third of its financing amount [3] - The total cash dividends for the mid-year and annual profit distribution in 2024 amount to approximately 418 million yuan (including tax), representing 71.45% of the net profit attributable to shareholders for the year [2][3] Industry Position - Green Power is one of the earliest companies in China engaged in waste incineration power generation, operating 37 projects with a total installed capacity of 857 MW, leading the industry in both project quantity and waste processing capacity [2] - The waste incineration power generation industry has entered a stable development phase, with decreasing capital expenditures and improving cash flow for companies [3] Future Outlook - The company aims to enhance its core competitiveness and create greater value for shareholders while contributing to sustainable development [4] - The chairman emphasized the importance of waste incineration power generation in achieving environmental and energy goals, highlighting the industry's bright future despite challenges [3]

Core Viewpoint - The company reported a decline in both revenue and net profit for the year 2024, indicating significant challenges despite advancements in technology and digital transformation efforts [1][4][6] Group 1: Financial Performance - The company achieved an operating revenue of 3.399 billion yuan, a year-on-year decrease of 14.08% [1][4] - The net profit attributable to shareholders was 585 million yuan, down 7.02% year-on-year [1][4] - This marks the second consecutive year of declining revenue and profit for the company [4] Group 2: Project and Operational Insights - A reduction in construction projects was identified as the primary reason for the revenue decline [4] - The company’s gross profit was 1.544 billion yuan, with a slight increase of 1.31%, and the gross margin improved to 45.42% [4] - The operational projects showed stable growth, with the company processing 14.3824 million tons of municipal waste, a year-on-year increase of 6.96% [5] - The electricity generated reached 4.2609 billion kWh, up 9.42% year-on-year, and steam supply increased by 31.49% to 563,600 tons [5] Group 3: Technological Advancements - The company continued to push for technological innovation and digital transformation, achieving notable results [6] - Collaboration with Alibaba Cloud led to the application of AI technology in waste incineration, significantly enhancing operational efficiency [6] - The company has obtained a total of 80 authorized patents, including 19 invention patents, showcasing strong R&D capabilities [6] - However, the financial impact of these technological advancements has yet to be fully realized, indicating a need for time to translate these innovations into revenue and profit [6]

Financial Performance - The company’s financial report is guaranteed to be true, accurate, and complete by the board of directors and senior management[9]. - The company achieved operating revenue of RMB 3,398,572,272.66, a decrease of 14.08% compared to CNY 3,955,548,511.61 in 2023[26]. - Net profit attributable to shareholders for 2024 is CNY 585,082,147.27, down 7.02% from CNY 629,281,357.74 in 2023[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is CNY 578,600,321.04, a decrease of 6.36% from CNY 617,906,499.99 in 2023[26]. - The net cash flow from operating activities increased by 47.13% to CNY 1,438,470,488.62 in 2024, compared to CNY 977,677,149.93 in 2023[26]. - The net assets attributable to shareholders at the end of 2024 are CNY 8,052,817,092.46, an increase of 3.14% from CNY 7,807,439,716.26 at the end of 2023[26]. - Total assets at the end of 2024 are CNY 21,988,772,935.44, a decrease of 2.43% from CNY 22,537,265,642.95 at the end of 2023[26]. - Basic earnings per share decreased by 6.67% to RMB 0.42 in 2024 compared to RMB 0.45 in 2023[27]. - The weighted average return on equity fell to 7.32% in 2024, down from 8.31% in 2023, a decrease of 0.99 percentage points[27]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 585,082,147.27, a decrease from RMB 629,281,357.74 in the same period of 2023, primarily due to a reduction in net profit[125]. Dividend and Shareholder Returns - The company announced a cash dividend of RMB 0.2 per share (pre-tax) based on the total share capital as of the profit distribution record date[6]. - The company will not increase share capital from reserves or issue bonus shares for the fiscal year 2024[6]. - The company will carry forward the remaining undistributed profits to the next fiscal year[6]. - The company has implemented a mid-term cash dividend for the first time and established a three-year shareholder dividend return plan (2024-2026)[35]. - The company plans to pay a final dividend of RMB 0.2 per share (pre-tax) for the year ending December 31, 2024, totaling approximately RMB 278,690,500[128]. - The distributable reserves for dividend payments calculated according to relevant regulations amount to RMB 1,511,674,690.45, with no share premium account available for capitalized dividend distribution[137]. Operational Efficiency and Innovations - The company plans to deepen technical innovation and enhance operational efficiency to strengthen its core competitiveness[36]. - The company is focused on enhancing operational efficiency through technology development and facility upgrades to counteract rising environmental costs[116]. - The company has successfully implemented digital transformation initiatives, including the application of artificial intelligence in waste incineration management, leading to improved operational efficiency[43]. - The company is addressing public concerns regarding waste incineration by adhering to environmental standards and increasing community engagement[119]. Market and Industry Trends - The demand for harmless treatment of urban waste is increasing significantly, driven by the overall goals of ecological civilization construction and carbon neutrality[45]. - The waste incineration industry is entering a stable development phase, with key tasks focusing on quality improvement and efficiency enhancement[45]. - The company is positioned to leverage the growing emphasis on ecological civilization and environmental protection in China, which prioritizes waste management as a strategic emerging industry[52]. - The company has expanded its market presence to economically developed regions such as the Yangtze River Delta and Pearl River Delta, as well as central and western regions including Anhui, Hubei, and Sichuan[53]. Risks and Challenges - The company faces risks related to the fluctuation of waste supply and calorific value, which can impact operational efficiency and profitability[120]. - The company is subject to strict environmental regulations, which may increase operational costs and affect profitability due to rising environmental investment[116]. - The company is at risk of project cost overruns and delays due to external factors such as material price fluctuations and labor disputes[121]. - The company has established measures to mitigate risks from delayed accounts receivable, emphasizing strong communication with clients to ensure timely collections[118]. Governance and Management - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has not implemented any share incentive plans for the fiscal year ending December 31, 2024[155]. - The supervisory board held eight meetings during the year to monitor the company's operations and ensure compliance with legal and regulatory requirements[149]. - The company has maintained a stable management structure with no significant changes in shareholding among directors and supervisors[160]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to CNY 1,817.96 million[161]. Research and Development - The company is investing $50 million in R&D for new technologies aimed at enhancing operational efficiency[5]. - The company’s R&D expenses were RMB 7,097,412.89, showing a slight decrease of 3.73% compared to the previous year[67]. - The company has obtained a total of 80 authorized patents, including 19 invention patents, by the end of 2024, reflecting its commitment to technological innovation[43].

绿色动力环保集团股份有限公司 2024 年环境、社会及管治报告 1 | 一、关于本报告 | | --- | | 1.1 编制基础……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 5 | | 1.2 集团业务 | | 1.3 报告范围………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 6 | | 1.4 信息来源 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………7 | | 二、可持续发展管理 . | | 2.1 可持续发展战略 …………………………………………………………………………… ...