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12月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 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: 2026年1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 | | | | 本月底結存 | | | 404,359,792 | RMB | | 1 RMB | | 404,359,792 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 二零二五年第四季度 可轉債轉股結果暨股本變動的公告 茲提述綠色動力環保集團股份有限公司（以 下 簡 稱「本公司」）日期為二零二一 年 七 月 二 十 三 日 的 公 告、本 公 司 日 期 為 二 零 二 一 年 八 月 六 日 的 通 函、本 公 司 日 期為二零二一年八月二十四日的股東大會投票表決結果公告及本公司日期為 二 零 二 二 年 二 月 二 十 二 日 的 公 告，內 容 有 關 建 議 發 行A股可轉換公司債券（「A 股可轉債」），以 及 本 公 司 日 期 為 二 零 二 二 年 八 月 二 ...

| 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2026-001 | | --- | --- | --- | | 转债代码：113054 | 转债简称：绿动转债 | | 重要内容提示： 一、可转债发行上市概况 累计转股情况：截至 2025 年 12 月 31 日，累计已有 139,000 元"绿动转债" 转换成公司 A 股普通股，累计转股数为 14,350 股，占可转换公司债券（以 下简称"可转债"）转股前公司已发行股份总额的 0.0010%。 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的可转债金额为 2,359,861,000 元，占可转债发行总量的 99.9941%。 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 日，"绿动转债" 转股金额为 3,000 元，转股数为 329 股。 公司于 2025 年 12 月 23 日完成 A 股限制性股票激励计划首次及预留部分（第 一批）限制性股票授予登记，公司股本增加 3,713 万股，"绿动转债"转股 价格因此于 2025 年 12 月 26 日由 9.05 元/股调整为 8.8 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Core Viewpoint - The article highlights the progress and potential of the Zhongjie Energy Battery Component Intelligent Manufacturing Project, which aims to produce high-efficiency photovoltaic cells and create a complete renewable energy industry chain in the Yimeng revolutionary old area [1][3]. Group 1: Project Overview - The Zhongjie Energy project is a provincial key renewable energy initiative, focusing on technological innovation and comprehensive layout to drive green transformation and high-quality development in the region [3]. - The project covers an area of 189 acres and features 141 core process equipment, all of which are tailored for the TOPCon high-efficiency battery production line [4]. - The project is expected to achieve mass production of photovoltaic cells by early next year, integrating manufacturing, power generation, energy storage, and transmission [1][4]. Group 2: Technological Advantages - The photovoltaic cells produced will utilize advanced technologies such as POLYfinger high-precision grid line technology, which enhances contact tightness and reduces energy loss, achieving a photoelectric conversion efficiency exceeding 26% [4][5]. - The project is designed to meet the growing domestic and international demand for high-efficiency, reliable, and adaptable photovoltaic products [5]. Group 3: Environmental and Economic Impact - The complementary relationship between the intelligent manufacturing project and the 300MW photovoltaic composite power generation project in Tongshi Town creates a synergy between manufacturing and ecological applications [6]. - The power generation project, operational since March 2025, is projected to save 165,000 tons of standard coal and reduce carbon dioxide emissions by 388,000 tons annually, equivalent to planting 11 million trees each year [6]. - The project generates stable income for local communities, providing over 3 million yuan annually through land transfer and profit-sharing, while also creating job opportunities in operation and agricultural activities [7]. Group 4: Future Prospects - Upon completion, the intelligent manufacturing project will fill the gap in the complete renewable energy industry chain in Linyi City, transitioning the regional industry from isolated breakthroughs to comprehensive upgrades [8]. - The project is expected to achieve an annual output value exceeding 6 billion yuan and create over 1,000 jobs, contributing significantly to regional economic development [8]. - The company is also investing in future technologies, such as perovskite battery technology, to maintain its competitive edge and enhance product capabilities [9].

重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《绿色 动力环保集团股份有限公司 2021 年公开发行可转换公司债券之受托管理协议》（以下简 称"《受托管理协议》"）《绿色动力环保集团股份有限公司公开发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）等相关公开信息披露文件、第三方机构出具 的文件等，由本期债券受托管理人中信建投证券股份有限公司（以下简称"中信建投证 券"）编制。中信建投证券对本报告中所包含的发行人、第三方机构出具文件的引述内 容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的承诺或声明。 在任何情况下，投资者依据本报告所进行的任何作为或不作为，中信建投证券不承担任 何责任。 证券代码：601330 证券简称：绿色动力 债券代码：113054 债券简称：绿动转债 绿色动力环保集团股份有限公司 公开发行 A 股可转换公司债券 2025 年度第六次临时受托管理事务报告 ...

Core Viewpoint - The acceleration of national subsidies recovery will enhance the cash flow value of the environmental protection sector, particularly in the waste incineration segment, which is expected to see improved cash flow and dividend potential due to reduced capital expenditures and increased operational cash flow [1][2]. Group 1: National Subsidy Recovery - The average account period for national subsidies in waste incineration enterprises remains stable at around two years, with a slowdown in the growth of outstanding payments [2]. - The national subsidy recovery rate has significantly accelerated in Q3 2025, improving cash flow and reversing credit impairment losses [2]. - The estimated national subsidy recovery rate for enterprises in Q1-Q3 2025 is approximately 40% to 199%, with an average of about 89%, a notable increase from the 39% average in 2024 [2]. Group 2: Renewable Energy Subsidy Fund - The renewable energy development fund's income is expected to achieve a balance around 2025, with historical outstanding payments projected to reach a maximum of 4,355 billion yuan [3]. - The fund's income has been increasing annually, while expenditures have reached their limit due to the decline in benchmark electricity prices and the acceleration of new energy installations [3]. Group 3: Dividend Potential Calculation - The potential for dividends in the waste incineration sector is projected to increase from 114% to 141% as capital expenditures decrease to maintenance levels and the national subsidy recovery rate improves from 40% to 100% [4].

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].