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].

（作者系北京师范大学经济与工商管理学院副教授） （文章来源：经济日报） 碳普惠是通过市场化机制激励个人、家庭、社区及中小微企业绿色减碳的创新模式，旨在将微观主体分 散的减碳行为转化为可用于碳足迹抵消、碳市场交易或多元激励兑换的"绿色权益"。近年来，我国在碳 普惠制度设计、平台建设、方法学开发和公众参与等方面取得了积极进展，各地相继出台综合性、领域 特色性碳普惠方法学，为减排量核算提供科学依据。数十个富有地方特色的数字碳普惠平台陆续上线， 如北京上线首个绿色生活碳普惠平台"绿色生活季"，上海推出了绿色出行一体化平台"随申行"，武汉打 造个人数字碳账户平台"武碳江湖"。平台实现个人碳减排量的计量与可视化，可用于兑换礼品礼券，还 支持将减排量捐赠至公益项目、参与"碳中和众筹"等活动。 拓展基于数字化碳普惠平台的应用场景，构建多元化激励机制和减排成果消纳渠道。鼓励政府部门、科 研机构、数字平台企业等加强协同合作，持续完善碳普惠平台的系统架构、底层方法学、核算标准和技 术支撑体系。充分运用物联网、区块链、人工智能等技术，提升对居民衣、食、住、行、用、游等全场 景低碳行为的数据采集、识别与处理能力，实现低碳行为可识别、可 ...

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4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5月8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 ...

证券代码：601330 证券简称：绿色动力 公告编号：临 2025-025 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2025年第一次临时股东大会的延期公告 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： 会议延期后的召开时间：2025 年 5 月 16 日 一、 原股东大会有关情况 1. 原股东大会的类型和届次 2025年第一次临时股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601330 | 绿色动力 | 2025/4/28 | 三、 延期后股东大会的有关情况 1. 延期后的现场会议的日期、时间 召开的日期时间：2025 年 5 月 16 日 14 点 00 分 2. 延期后的网络投票起止日期和投票时间 网络投票的起止日期：自2025 年 5 月 16 日 二、 股东大会延期原因 绿色动力环保集团股份有限公司（以下简称"公司"）2025 年第一次临时 股东大会原定于 2025 年 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the solid waste management industry, particularly focusing on the integration of waste incineration and IDC (Internet Data Center) projects, emphasizing the potential for efficiency improvements and enhanced return on equity (ROE) through market reforms and pricing adjustments [1][2]. Key Points and Arguments - **Market Valuation and ROE Potential**: The solid waste management sector, particularly through IDC initiatives, has the potential to double its ROE, with reference to international leaders like Waste Management (WM) achieving ROE of over 30%, a price-to-earnings (PE) ratio of 33x, and a price-to-book (PB) ratio of 11x [1]. - **Zero Carbon Projects**: The combination of waste incineration and IDC is positioned as a solution for ultra-low Power Usage Effectiveness (PUE) zero carbon projects, highlighting advantages such as cleanliness, efficiency, stability, and economic viability, especially in urban centers [1]. - **Profitability Models**: Different operational models (pure energy supply, energy supply with cabinet leasing, and energy supply with computing power leasing) show significant profitability elasticity, with potential increases in ROE from 12% to 16%, 15%, and 18% respectively [1]. - **Operational Scale and Location**: Companies like Yongxing, Junxin, and others have a high percentage of their operations meeting the scale and location requirements for effective waste management and IDC integration [1]. Financial Highlights - **Increased Cash Flow and Dividends**: The industry is entering a mature phase with declining capital expenditures, leading to positive free cash flow in 2023 and continued growth in 2024. Companies are significantly increasing their dividends, with notable examples including: - Green Power: Cash dividend of 418 million yuan (+100%), dividend payout ratio of 71.45% [2]. - Hanlan Environment: Dividend of 0.8 yuan per share (+67%), payout ratio of 39.20% [2]. - Junxin Co.: Dividend payout ratio of 95% (+23%) with a commitment to maintain a minimum of 50% [2]. - Yongxing Co.: Cash dividend of 540 million yuan (+15%), payout ratio of 65.81% [2]. - Other companies also reported significant increases in dividends and payout ratios, indicating a strong trend towards returning value to shareholders [2]. Additional Insights - **Policy Impact**: The push for metered charging in waste management is expected to streamline commercial models and improve cash flow, further supporting the financial health of companies in the sector [2]. - **Long-term Dividend Commitments**: Several companies have made long-term commitments to maintain or increase dividend payouts, indicating confidence in future cash flows and profitability [2]. This summary encapsulates the key insights from the conference call, highlighting the solid waste management industry's growth potential, financial performance, and strategic direction.

Core Viewpoint - The rural waste management market in China is expanding due to increasing waste generation, with a per capita daily waste production of 0.86 kg, growing faster than urban areas. The market size reached 302.7 billion yuan in 2024, reflecting a year-on-year growth of 7.19% [1][13]. Industry Overview - Rural waste management involves the classification, collection, transportation, and disposal of waste generated by rural residents, aiming for reduction, resource recovery, and harmless treatment. The main model is "household classification, village collection, town transportation, county processing," but some areas still rely on simple landfilling or open burning, leading to secondary pollution [2][5]. Industry Development History - The industry has evolved through four stages: 1. Self-consumption period before 2003, where waste was managed naturally [5]. 2. Governance initiation from 2003 to 2007, with the introduction of centralized waste management [5][6]. 3. Pilot promotion from 2008 to 2014, where waste classification began to be implemented [6]. 4. Special governance period from 2015 onwards, with systematic deployment of rural waste management strategies [6]. Industry Chain - The upstream of the rural waste management industry includes waste generation, waste treatment equipment, and technology research and services. The midstream involves waste processing, while the downstream applications include environmental protection, energy, and agriculture [8]. Market Size - The rural waste management market is driven by the increasing waste generation and supportive government policies. The market size in 2024 is projected at 302.7 billion yuan, with a growth rate of 7.19% [1][13]. Key Enterprises - Leading companies in the rural waste management sector include: - **Huanlan Environment**: Offers integrated waste management solutions and operates numerous waste-to-energy projects [15][17]. - **Fuchun Environmental**: Focuses on waste-to-energy projects, effectively addressing rural waste issues [19]. - **China Everbright International**: Engages in various waste management sectors, promoting standardized and professional development [17]. - **Weili Environmental**: Specializes in leachate treatment and landfill restoration, contributing to rural ecological improvements [17]. Industry Development Trends 1. **Technological Upgrades and Resource Utilization**: The industry is moving towards more environmentally friendly and efficient circular economy practices, with waste-to-energy and resource recovery becoming mainstream [21]. 2. **Diversified Operation Models and Market Transformation**: The shift from government-led to multi-stakeholder management is expected, with increased participation from social capital [22]. 3. **Full-Chain Control and Digital Transformation**: Emphasis on comprehensive management from waste generation to processing, utilizing digital tools for improved efficiency and quality [23].

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 会议资料 2025 年 5 月 9 日 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会议资料 目录 | 2025 | 年第一次临时股东大会会议须知 3 | | | --- | --- | --- | | 2025 | 年第一次临时股东大会会议议程 5 | | | 议案一 | 关于为子公司提供担保的议案 | 6 | | 议案二 | 关于申请注册并发行中期票据的议案 | 8 | | 议案三 | 关于选举董事的议案 | 10 | | 附件： | 非独立董事候选人简历 | 11 | 2 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会议资料 2025 年第一次临时股东大会会议须知 各位股东及股东代表： 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率,根据《绿色动力环保集团股份有限公司章程》及《绿色动力环 保集团股份有限公司股东大会议事规则》等规定，特制订本次会议须 知： 一、本次股东大会设立秘书处，负责办理本次大会召开期间的相 关事宜。 二、股东大会期间，为确保会议的严肃性和正常秩序，参会人员 应当经秘书处确认 ...

证券代码：601330 证券简称：绿色动力 公告编号：临 2025-024 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2025年第一次临时股东大会增加临时提案的公告 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。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2025年第一次临时股东大会 2. 股东大会召开日期：2025 年 5 月 9 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601330 | 绿色动力 | 2025/4/28 | 二、 增加临时提案的情况说明 1. 提案人：北京市国有资产经营有限责任公司 2. 提案程序说明 绿色动力环保集团股份有限公司（以下简称"公司"）已于2025 年 4 月 17 日公告了股东大会召开通知，单独持有42.63%股份的股东北京市国有资产经营有 限责任公司，在2025 年 4 月 28 日提出临时提案并书面提交股东大会召集人。股 东大会召集 ...

证券研究报告·公司点评报告·环保 绿色动力（601330） 2025 一季报点评：归母同增 33%超预期，提 质增效成果显著 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,956 | 3,399 | 3,593 | 3,765 | 3,910 | | 同比（%） | (13.39) | (14.08) | 5.71 | 4.79 | 3.85 | | 归母净利润（百万元） | 629.28 | 585.08 | 649.61 | 717.62 | 760.30 | | 同比（%） | (15.51) | (7.02) | 11.03 | 10.47 | 5.95 | | EPS-最新摊薄（元/股） | 0.45 | 0.42 | 0.47 | 0.51 | 0.55 | | P/E（现价&最新摊薄） | 16.65 | 17.91 | 16.13 | 14.60 | 13.78 | [Table_Tag] ...