中信建投证券股份有限公司 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为 绿色动力环保集团股份有限公司（以下简称"绿色动力"或"公司"）公开发行可 转换公司债券的保荐机构，将完成绿色动力本次公开发行可转换公司债券的持续 督导工作。根据《证券发行上市保荐业务管理办法》（以下简称"《保荐办法》"） 以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法 规规定，对公司 2023 年度持续督导期间的规范运作情况进行了现场检查。现将 本次现场检查情况报告如下： 一、本次现场检查的基本情况 保荐机构于 2024 年 3 月 26 日对绿色动力进行了现场检查。参加人员为方纯 江、王皓正（以下简称"项目组"）。 在现场检查过程中，保荐机构结合绿色动力的实际情况，查阅、收集了有关 文件、资料，与公司管理人员和员工进行了访谈，实施了包括审核、查证、询问 等必要程序，检查了公司治理和内部控制、信息披露、公司的独立性以及与控股 股东及其他关联方资金往来、募集资金使用、关联交易、对外担保、重大对外投 资以及经营状况等情况，并在前述工作的基础上完成了本次现场检查报告。 二、对现场检查事项逐项发表 ...

关于绿色动力环保集团股份有限公司 2023 年持续督导年度报告书 中信建投证券股份有限公司 | 保荐机构名称：中信建投证券股份有 | 被保荐公司名称：绿色动力环保集团股 | | --- | --- | | 限公司 | 份有限公司 | | | 联系方式：020-38381288 | | 保荐代表人姓名：方纯江 | 联系地址：广州市天河区珠江新城冼村 | | | 路 5 号凯华国际中心 43 楼 | | | 联系方式：020-38381288 | | 保荐代表人姓名：赵旭 | 联系地址：广州市天河区珠江新城冼村 | | | 路 号凯华国际中心 楼 5 43 | 经中国证券监督管理委员会（简称"中国证监会"）《关于核准绿色动力环保 集团股份有限公司公开发行可转换公司债券的批复》（证监许可[2022]132 号）核 准，绿色动力环保集团股份有限公司（简称"公司"或"绿色动力"）公开发行面值 总额人民币 23.60 亿元的 A 股可转换公司债券，扣除发行费用后募集资金净额约 为 23.45 亿元。募集资金于 2022 年 3 月 3 日到账，经毕马威华振会计师事务所(特 殊普通合伙)审验，并出具了毕马威华振验字第 22 ...

中信建投证券股份有限公司 关于绿色动力环保集团股份有限公司 目前，绿色动力公开发行 A 股可转换公司债券的持续督导期已满，中信建 投证券现根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自 律监管指引第 11 号一一持续督导》等相关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 公开发行 A 股可转换公司债券之保荐总结报告书 经中国证券监督管理委员会(以下简称"中国证监会")《关于核准绿色动力环 保集团股份有限公司公开发行可转换公司债券的批复》（证监许可[2022]132 号） 核准，绿色动力环保集团股份有限公司（以下简称"绿色动力"或"公司"）于 2022 年 2 月 25 日公开发行 2,360 万张可转债，每张面值人民币 100 元，发行总额 236,000 万元。2021 年 8 月 3 日，绿色动力与中信建投证券股份有限公司（以下 简称"中信建投 ...

| | | 二、可转债本次转股情况 绿色动力环保集团股份有限公司 2024 年第一季度可转债转股结果暨股份变动公告 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： 一、可转债发行上市概况 经中国证监会《关于核准绿色动力环保集团股份有限公司公开发行可转换 公司债券的批复》（证监许可[2022]132号）核准，绿色动力环保集团股份有限 公司（以下简称"公司"）于2022年2月25日公开发行2,360万张可转债，每张 面值人民币100元，发行总额23.60亿元，票面利率：第一年0.20%、第二年 0.40%、第三年0.60%、第四年1.50%、第五年1.80%、第六年2.00%，期限6年。 累计转股情况：截至 2024 年 3 月 31 日，累计已有 112,000 元"绿动转债" 转换成公司 A 股普通股，累计转股数为 11,462 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 0.0008%。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的可转债金额为 2,359,8 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2023, the company achieved operating revenue of 3.956 billion yuan, a year-on-year decrease of 13.39%, and a net profit attributable to the parent company of 629 million yuan, down 15.51% year-on-year [1] - The company's operational revenue grew steadily to 3.14 billion yuan, an increase of 11.36% year-on-year, while the operational gross margin was 46.39%, a decline of 4.31 percentage points [1] - The company has successfully expanded its waste incineration capacity to over 40,000 tons per day as of January 2024, with a focus on optimizing profit and improving cash flow [1] - The company reported a positive free cash flow for the first time in 2023, with a dividend payout ratio of 33.22%, an increase of 10.77 percentage points from 2022 [1] - The company has successfully applied for green certificates for its Changzhou project, positioning itself advantageously in the green trading market [1] Summary by Sections Financial Performance - In 2023, the total operating revenue was 3.956 billion yuan, with a year-on-year decline of 13.39% [1] - The net profit attributable to the parent company was 629 million yuan, down 15.51% year-on-year [1] - The company’s operational revenue accounted for 79% of total revenue in 2023, up from 62% in 2022, leading to an overall gross margin increase of 4.14 percentage points to 38.52% [1] Capacity and Projects - As of January 2024, the company’s waste incineration operational capacity exceeded 40,000 tons per day, with the addition of four new waste incineration power generation projects in 2023 [1] - The company processed 13.4468 million tons of household waste in 2023, a year-on-year increase of 17.98% [1] Cash Flow and Dividends - The operating cash flow for 2023 was 978 million yuan, a decrease of 19.17% year-on-year [1] - The company’s capital expenditure was 722 million yuan, down 41.48% year-on-year, leading to a positive free cash flow for the first time [1] - The dividend per share was 0.15 yuan, representing a year-on-year increase of 25% [1] Market Position and Future Outlook - The company is focusing on building a low-carbon environmental industrial park as a new business development direction [1] - The green certificate application for the Changzhou project is expected to enhance the company's position in the green trading market, with potential for future price adjustments [1]

绿色动力（601330） 买入（维持） [Table_Tag] [Table_Summary] 投资要点 事件：2023 年公司实现营业收入 39.56 亿元，同比减少 13.39%，归母 净利润 6.29 亿元，同比减少 15.51%，扣非归母净利润 6.18 亿元，同比 减少 15.66%；加权平均 ROE 同比减少 2.33pct 至 8.31%。 运营收入稳健增长，盈利结构优化。2023 年公司运营收入 31.40 亿元， 同比增长 11.36%，运营毛利率 46.39%，同比下降 4.31pct，主要系新投 运项目爬坡，以及部分项目掺烧工业垃圾需支付原料成本所致；建造收 入 8.15 亿元，同比下降 53.33%，建造毛利率 8.22%，同比增长 0.15pct。 公司运营收入占比从 2022 年 62%提升至 2023 年 79%，盈利结构优化， 高毛利业务占比提升导致2023年综合毛利率同比提升4.14pct至38.52% 截至 2024M1 公司垃圾焚烧运营产能超 4 万吨/日，拓展供汽优化盈利 改善现金流。2023 年公司新投产 4 个垃圾焚烧发电项目，新增垃圾处 理能力 4,600 吨/日 ...

Business Operations - The company operates in a mature waste-to-energy industry, with overall capacity utilization declining due to increased processing capacity[1] - The company has not made any significant changes to its main business operations during the reporting period[1] - The company is adapting to a complex global macroeconomic environment while navigating domestic economic fluctuations[1] - The company is focused on improving efficiency and cost management in waste-to-energy projects as a key strategy for sustainable development[1] - The company is actively exploring potential regional markets to enhance operational efficiency and project quality in its waste-to-energy projects[73] - The company has multiple ongoing waste-to-energy projects across various regions, including the Jiangsu Taizhou and Hubei Wuhan projects, contributing to its market expansion strategy[160] Financial Performance - Operating revenue for the current period is $3,955,548,511.61, a decrease of 13.39% compared to the same period last year[75] - The company achieved a revenue of RMB 395,554.85 million, a decrease of 13.39% compared to the same period last year[120] - The net profit attributable to shareholders was RMB 62,928.14 million, down 15.51% year-on-year[120] - The company reported a net cash outflow from investment activities of $689,075,952.80, a significant improvement from the previous year's outflow of $1,110,698,445.81[75] - The net profit attributable to shareholders for 2023 was approximately ¥629.28 million, down 15.51% from ¥744.77 million in 2022[192] - The total profit for the reporting period was RMB 777,086,059.95, a decrease of RMB 114,556,815.89 compared to the same period last year[176] Corporate Governance - The board of directors held a total of 9 meetings during the year, with 7 conducted in a hybrid format combining in-person and communication methods[4] - The company has established a nomination committee to evaluate and recommend suitable candidates for board positions, considering factors such as experience and diversity[11] - The remuneration and assessment committee held 2 meetings to discuss the performance evaluation and salary plans for senior management for 2023[15] - The company has established management systems for its subsidiaries, including appointing key management personnel and setting annual performance targets[22] - The company has revised multiple systems in accordance with the latest laws and regulations to enhance corporate governance and compliance management[187] Environmental Commitment - The company is committed to environmental protection and adheres to national laws and regulations regarding pollution control, with no reported exceedances of emission standards[32] - The company has implemented carbon reduction measures, achieving a reduction of 4,294,926 tons of CO2 equivalent emissions[80] - The company emphasizes a focus on safety, environmental protection, and efficient operations in its operational philosophy[120] - The waste incineration power generation industry is encouraged by national policies, with a focus on ecological civilization and addressing environmental issues[112] Shareholder Relations - The company plans to distribute a cash dividend of RMB 0.15 per share for the fiscal year 2023, totaling approximately RMB 209.02 million, pending shareholder approval[46] - The company has established a shareholder return plan for 2021-2023, emphasizing cash dividends, with a minimum of 10% of distributable profits allocated for cash dividends each year[20] - The company has established multiple communication channels with shareholders, including annual general meetings and reports, to enhance investor relations and provide insights into business performance and strategies[52] Operational Efficiency - The company has implemented a comprehensive training mechanism for employees, including five specialized training programs and various skill competitions to enhance professional skills and operational efficiency[18] - The company is focused on enhancing its operational efficiency through the development of new technologies in waste management and energy recovery systems[160] - The company has developed leading technology in waste incineration, including a patented multi-drive reverse-push mechanical grate furnace[97] Market Position - The company has a strong market layout, extending its operations to economically developed regions and covering a wide geographical area[96] - The company operates under a BOT model for waste incineration power generation, with a market presence across 20 provinces[91] - The company's operational projects in the waste incineration power generation sector have a processing capacity of 39,500 tons per day and an installed capacity of 842 MW, ranking among the industry's leaders[115] Compliance and Audit - The audit and risk management committee reviewed the financial performance for the year ending December 31, 2023, and recommended the appointment of PwC as the external auditor[10] - The external auditor, PwC, provided a standard unqualified opinion on the internal control audit report for the fiscal year ending December 31, 2023[23] - The company has implemented compliance procedures to ensure adherence to applicable laws and regulations, including the Stock Exchange Listing Rules and Chinese financial reporting standards[55] Revenue and Costs - Operating costs decreased by 18.86% to $2,431,798,308.92, primarily due to reduced construction costs[75] - The company reported an increase in labor costs by 11.29% and environmental protection fees by 20.61% due to increased operational projects and higher environmental requirements[179] - The gross profit margin increased to 38.52%, up from 34.38% in the previous year, primarily due to a lower proportion of construction revenue[176] Strategic Partnerships - The company signed an investment cooperation agreement with the government of Jinan City to develop a low-carbon environmental industrial park[108] - The company plans to continue its market expansion through strategic partnerships and potential acquisitions in the environmental services sector[160]

Financial Performance - The company's operating revenue for 2023 was CNY 3,955,548,511.61, a decrease of 13.39% compared to CNY 4,567,117,851.39 in 2022[20]. - Net profit attributable to shareholders for 2023 was CNY 629,281,357.74, down 15.51% from CNY 744,767,290.31 in 2022[20]. - The net cash flow from operating activities for 2023 was CNY 977,677,149.93, a decrease of 19.17% compared to CNY 1,209,581,828.27 in 2022[20]. - Basic earnings per share for 2023 was CNY 0.45, down 15.09% from CNY 0.53 in 2022[21]. - The weighted average return on net assets for 2023 was 8.31%, a decrease of 2.33 percentage points from 10.64% in 2022[21]. - The total assets at the end of 2023 were CNY 22,537,265,642.95, a slight decrease of 0.62% from CNY 22,677,440,152.69 at the end of 2022[20]. - The net assets attributable to shareholders at the end of 2023 were CNY 7,807,439,716.26, an increase of 6.51% from CNY 7,330,237,121.56 at the end of 2022[20]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 629,281,357.74, a decrease from RMB 722,293,217.33 in the same period of 2022, primarily due to a reduction in net profit[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.15 per share (before tax) based on the total share capital on the dividend distribution record date[6]. - The company has calculated its distributable reserves for dividends at RMB 2,058,119,860.42, with no share premium account available for capitalized dividend distribution[124]. - The cash dividend amount represents 33.22% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is RMB 62,928.14 million[199]. - The cash dividend distribution plan states that the cash dividends should not exceed 10% of the distributable profits for the year, with a cumulative distribution over the last three years not less than 30% of the average annual distributable profits[198]. - The board of directors has confirmed that the cash dividend policy aligns with the company's articles of association and shareholder meeting resolutions[198]. - The company emphasizes cash dividends as a priority in its shareholder return plan for the years 2021 to 2023, focusing on maintaining sustainable operations[197]. - The company has not proposed any stock dividends for the year 2023, indicating a focus solely on cash distributions[199]. Audit and Compliance - The company reported a standard unqualified audit opinion from PwC Zhong Tian LLP for the annual report[5]. - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no false records or significant omissions[4]. - The annual report complies with all disclosure requirements set by relevant regulations in both mainland China and Hong Kong[9]. - The supervisory board confirmed that the financial report for the year 2023 was prepared in accordance with relevant accounting standards and accurately reflects the company's financial status and operating results[130]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management, ensuring compliance with relevant laws and regulations[131]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with applicable provisions throughout the reporting period[133]. Operational Highlights - The company operates multiple waste-to-energy projects across various regions, including Wuhan, Taizhou, and Pingyang, contributing to its overall capacity[14]. - The company is involved in the construction and operation of several BOT (Build-Operate-Transfer) projects, enhancing its market presence in waste management[15]. - The company has plans for expansion in existing projects, such as the second phase of the Wuhan project, which aims to increase capacity and efficiency[15]. - The company launched four new waste-to-energy projects, increasing waste processing capacity by 4,600 tons per day[26]. - The company processed 13.4468 million tons of household waste, an increase of 17.98% year-on-year[26]. - The company generated 3.89423 billion kWh of electricity, representing a year-on-year growth of 11.87%[26]. - The company aims to strengthen its core business in waste-to-energy and explore new growth points in low-carbon environmental industry parks[27]. Risk Management - The company has detailed various risks in the report, which can be found in the management discussion and analysis section[8]. - The company emphasizes the importance of investment risk awareness for investors regarding future plans and strategies[7]. - The company faces risks from fluctuating waste supply and calorific value, which could impact operational efficiency and profitability[112]. - The company will monitor policy changes closely, as alterations in renewable energy pricing and subsidies could adversely affect profitability and cash flow[109]. Governance and Management - The company has established a governance structure that includes independent directors and a remuneration committee to ensure transparency and accountability[155]. - The company has a total of 85,900 shares held by senior management, with no changes reported during the period[136]. - The company has appointed several new directors and independent directors, with their tenures ranging from 2021 to 2024[136]. - The company has a diverse management team with expertise in engineering, finance, and operations, enhancing its strategic capabilities[149]. - The company emphasizes governance and transparency in its management structure, as detailed in the governance section of the report[137]. Research and Development - The company has obtained a total of 75 authorized patents, including 18 invention patents, reflecting its commitment to technological innovation[36]. - Total research and development (R&D) expenses amounted to RMB 7,372,735.78, representing 0.19% of total revenue[79]. - The company is actively exploring new technologies, including an integrated ultra-low emission technology for waste incineration flue gas, which has shown promising results in trials[36]. - The company continues to conduct trials for new processes, including a novel de-ammoniation technology, to enhance operational efficiency in various projects[36]. Market Position and Strategy - The company operates in the waste-to-energy sector, which is characterized by government encouragement, regional monopolies, capital intensity, and minimal seasonal and cyclical fluctuations[41]. - The company is positioned to benefit from the recent adjustments in waste incineration power pricing policies, which will enhance revenue sources post-subsidy[37]. - The company aims to achieve "zero landfill" for primary waste in regions with significant waste generation, promoting the construction of incineration facilities[40]. - The company is focused on enhancing waste incineration processing facilities in county-level regions, particularly where daily waste collection exceeds 300 tons[40]. - The company is positioned to capitalize on the growing market for waste incineration in county-level regions as part of national policy initiatives[105].

绿色感器 21 | 3 2023年度财务报表及审计报告 " " : t and . 普华永道 审计报告 and .. . 绿色 保集团股份有限公司 202 年度财务报表及审计 | 审计报告 | 1 - 9 | | --- | --- | | 2023 年度财务报表 | | | 合并资产负债表 | 1 - 2 | | 公司资产负债表 | 3 - 4 | | 合并利润表 | 5 - 6 | | 公司利润表 | 7 | | 合并现金流量表 | 8 | | 公司现金流量表 | 9 | | 合并股东权益变动表 | 10 - 11 | | 公司股东权益变动表 | 12 - 13 | | 财务报表附注 | 14 - 109 | | 财务报表补充资料 | 1 - 2 | 页码 普华永道中天审字(2024)第 10029 号 (第一页,共九页) 绿色动力环保集团股份有限公司全体股东: 审计意见 í (一) 我们审计的内容 我们审计了绿色动力环保集团股份有限公司(以下简称"绿色动力")的财务报 表,包括 2023年12月 31日的合并及公司资产负债表,2023年度的合并及公司利润 表、合并及公司现金流量表、合并及公司股东权益变动 ...

按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程 度降低，根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二. 内部控制评价结论 公司代码：601330 公司简称：绿色动力 绿色动力环保集团股份有限公司 2023 年度内部控制评价报告 绿色动力环保集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和 ...