Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company is transitioning into a pure operation phase with a focus on improving operational efficiency and dividend potential [5][8] - The company has a strong shareholder backing from Beijing State-owned Assets Management Company, which has provided financial support for capacity expansion [8][30] - The company has a solid operational capacity with room for efficiency improvements, particularly in energy generation metrics [9][43] Summary by Sections Company Overview - The company is the first A+H share listed waste incineration power generation enterprise in China, with operations covering 20 provinces and a daily waste processing capacity of 40,300 tons as of the end of 2024 [8][23] - The company has entered a pure operation asset phase, with operational revenue accounting for 98.9% of total revenue starting from 2024 [25] Operational Efficiency - The company has achieved a compound annual growth rate (CAGR) of 20.5% in waste incineration volume from 2019 to 2024, with a total incineration volume of 14.38 million tons in 2024 [9][36] - There is potential for further optimization in operational metrics compared to peers, particularly in capacity utilization and energy generation [9][43] Project Advantages and Business Expansion - The company primarily operates in economically developed regions, with 64% of its waste incineration revenue coming from these areas in 2024 [10][51] - The company is expanding its business model to include energy supply to industrial clients, with a significant increase in steam supply volume projected [10][59] Incentives and Dividend Potential - The company has set ambitious performance targets for its stock incentive plan, aiming for a net profit of no less than 711 million yuan in 2026 [11][64] - The dividend payout ratio for 2024 is expected to increase significantly to 71.5%, exceeding market expectations [11][70] Financial Analysis and Profit Forecast - The company is expected to achieve a net profit of 684 million yuan in 2025, with a projected growth rate of 16.8% [12][74] - The financial outlook indicates a stable cash flow with a focus on operational efficiency improvements leading to profit growth starting in 2025 [12][74]

Meeting Details - The shareholders' meeting of Green Power Environmental Group Co., Ltd. was held on a specified date in Shenzhen [1] - The meeting was chaired by Executive Director Hu Shengyong and combined on-site and online voting methods [1] Shareholder Participation - A total of 203 shareholders attended the meeting, with a total shareholding of 703,351,701 shares [1] - Among them, foreign shareholders (H shares) accounted for 277,597,560 shares, representing 19.9215% of the total shares [1] Voting Results - Non-cumulative voting resolutions were passed with significant support, including 99.8828% approval from A-shareholders [1] - The voting results for the proposal to provide guarantees for subsidiaries showed overwhelming support, with 99.9352% approval from A-shareholders [3] Legal Compliance - The meeting's procedures, including the qualifications of the convenor and attendees, as well as the voting process, complied with relevant laws and regulations [2][3]

Group 1 - The company will hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 26, 2025, from 15:00 to 16:00 [1][2] - The briefing will be conducted via video and online interaction, allowing the company to address common investor concerns within the scope of information disclosure [2] - Key participants in the briefing include the acting chairman and general manager, independent directors, and the financial director [2] Group 2 - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center website on the scheduled date [2][3] - Investors are encouraged to submit questions from May 19 to May 23, 2025, through the website or via the company's email [3] - After the briefing, the main content and proceedings will be available for viewing on the Shanghai Stock Exchange Roadshow Center [3]

重要内容提示： | 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2025-028 | | --- | --- | --- | | 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 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 会议召开时间：2025 年 5 月 26 日（星期一）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 19 日（星期一）至 5 月 23 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@dynagreen.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 绿色动力环保集团股份有限公司（以下简称"公司"）已于 ...

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。 鉴于绿色动力环保集团股份有限公司（以下简称"公司"）董事长空缺，为 保障公司董事会正常运作以及公司经营平稳，根据《中华人民共和国公司法》《绿 色动力环保集团股份有限公司章程》等相关规定，公司董事会提名委员会提议推 举执行董事、总经理成苏宁先生代为履行董事长（法定代表人）职责。 | | | 公司于 2025 年 5 月 16 日召开第五届董事会第十次会议，以 9 票赞成、0 票 弃权、0 票反对审议通过了《关于推举董事代为履行董事长职责的议案》。同意 推举执行董事、总经理成苏宁先生代为履行董事长（法定代表人）职责，直至董 事会正式选举产生董事长（法定代表人）或做出其他决定，同意成苏宁先生担任 公司在香港联交所授权代表。 绿色动力环保集团股份有限公司 关于推举董事代为履行董事长职责的公告 特此公告。 绿色动力环保集团股份有限公司董事会 2025 年 5 月 17 日 ...

证券代码：601330 证券简称：绿色动力 公告编号：临 2025-026 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 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 205 | | --- | --- | | 其中：A 股股东人数 | 203 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 980,949,261 | | 其中：A 股股东持有股份总数 | 703,351,701 | | 境外上市外资股股东持有股份总数（H 股） | 277,597,560 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 70.3970 | | 份总数的比例（%） | | (一) 股东大会召开的时间：2025 年 5 月 ...

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Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Summary of Green Power's Conference Call Company Overview - **Company**: Green Power - **Industry**: Waste-to-Energy (Waste Incineration) Key Points and Arguments Financial Performance - **Q1 2025 Performance**: Revenue increased by 23 million yuan, driven by a doubling of heat supply (22.5 million tons) and a 3% increase in electricity generation [2][6] - **Cost Reduction**: Operating costs decreased by approximately 30 million yuan, and period expenses fell by 20 million yuan, benefiting from bulk procurement and reduced financial costs [2][9] - **Net Profit Growth**: Net profit rose by 33% in Q1 2025, with operating cash flow reaching 270 million yuan, a 21% increase year-on-year [2][11] - **Free Cash Flow**: Simplified free cash flow reached 157 million yuan, a 94% year-on-year increase [2][11] Operational Efficiency - **Mature Stage of Waste Incineration**: The waste incineration sector is entering a mature phase, characterized by declining capital expenditures and improved dividend capabilities [5][22] - **Return on Equity (ROE)**: Expected to continue rising from 2024 to 2025, with a dividend payout ratio exceeding 70%, the highest in A-shares [2][5] Growth Drivers - **Heat Supply and Electricity Generation**: Significant growth in heat supply and electricity generation has led to increased revenue, with heat supply nearly doubling year-on-year [3][6] - **Collaboration with IDC**: Partnerships with IDC are expected to enhance revenue streams, particularly in key regions [16][22] - **Cost Control Measures**: Initiatives such as supply chain integration and maintenance cost control are contributing to improved profitability [17][19] Future Outlook - **Projected Free Cash Flow**: Anticipated to reach 1.068 billion yuan in 2024, with further increases expected in 2025 [4][21] - **Long-term Dividend Capability**: Free cash flow is expected to support over 100% of dividends, ensuring long-term sustainability [19][21] - **Market Positioning**: Companies with strong operational capabilities and forward-looking strategies in heat supply and IDC expansion are likely to achieve superior returns and valuation premiums [5][22][23] Industry Trends - **Maturation of Waste Incineration Sector**: The sector is seeing a trend towards improved operational efficiency and increased dividends, with significant variations among companies due to management capabilities and project locations [5][22] - **Potential Areas for Exploration**: Opportunities exist in sludge treatment and kitchen waste processing, alongside cost reduction strategies [8][22] Investment Recommendations - **Attractive Dividend Yield**: Green Power's current dividend yield exceeds 4% in A-shares and around 8% in Hong Kong, making it an attractive investment [23] - **Continuous Monitoring**: Investors are encouraged to keep an eye on the company's developments and performance metrics [23] Additional Important Insights - **Debt Management**: The company has successfully reduced its comprehensive financing rate through debt replacement strategies [10] - **Profitability Recovery**: Improvements in hazardous waste project profitability and operational efficiency are key contributors to the company's financial recovery [13][14]

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].