绿色动力环保集团股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 26 日 绿色动力环保集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0228 号 ## 1 Introduction The _Planck_ satellite (Planck) is a very powerful instrument for studying the _Planck_ satellite. The _Planck_ satellite is a powerful instrument for studying the _Planck_ satellite. 本次评级为委托评级 ，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息 ，中诚信国际按照相 关性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、 准确性不作任何保证。 中诚信国际及项目人员履行了尽职 ...

Group 1 - Green Power Environmental Group Co., Ltd. and Beijing Ensa Engineering Technology Co., Ltd. applied for a patent titled "A Constant Flow Lift Valve Pump and Its Logic Control Method" with publication number CN120027058A, filed on April 2025 [1] - The patent describes a constant flow lift valve pump that includes a base with left and right valve pump components and a water tank, allowing for continuous material transport and improved equipment lifespan [1] - Green Power Environmental Group was established in 2000 in Shenzhen, focusing on specialized equipment manufacturing, with a registered capital of approximately 1.39 billion RMB [1] - The company has invested in 45 enterprises, participated in 2244 bidding projects, and holds 85 patents along with 11 trademarks [1] Group 2 - Beijing Ensa Engineering Technology Co., Ltd. was founded in 2009 in Beijing, primarily engaged in professional technical services, with a registered capital of approximately 40 million RMB [2] - The company has invested in 11 enterprises, participated in 96 bidding projects, and holds 95 patents along with 14 trademarks [2]

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 ...

北京市康达(深圳)律师事务所 EIJING KANGDA (SHENZHEN) LAW FIRM 广东省深圳市福田区中心四路一号嘉里建设广场 T1-19 层,邮编 518038 19/F, Kerry Plaza Tower 1.1-1 Zhongxinsi Road, Futian District, Shenzhen, Guangdong, Postal code: 518038 电话/TEL: (0755) 8860 0388 网址/WEBSITE: http://www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宇波 济南 昆明 南昌 北京市康达(深圳)律师事务所 关于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的法律意见书 康达(深圳)股会字【2025】第 0013 号 致:绿色动力环保集团股份有限公司 北京市康达(深圳)律师事务所(以下简称"本所")接受绿色动力环保 集团股份有限公司(以下简称"公司")的委托,指派本所律师参加公司 2025 年第一次临时股东大 ...

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]