Key Points Company and Industry Overview 1. **Company Background**: Green Power is a leading company in the garbage incineration power generation industry in China. It was founded in 2000 as a private enterprise and later became a state-controlled listed company after being acquired by Beijing State-owned Assets Supervision and Administration Commission in 2005. The company's total assets exceed 20 billion yuan. 2. **Industry Status**: The garbage incineration power generation industry in China has matured over the past two decades. The number of new projects has decreased, and the industry is facing challenges such as declining national subsidies and insufficient garbage supply. 3. **Company Strategy**: Green Power focuses on operational efficiency, cost reduction, and diversification of business. The company aims to expand its non-electricity business, such as heating and steam supply, and explore overseas projects. Financial Performance and Dividends 1. **Revenue Structure**: Green Power's revenue structure has changed significantly since 2021 due to the new accounting treatment for BOT projects. Construction revenue has decreased significantly, while operating revenue from garbage incineration power generation and other sources has increased. 2. **Cash Flow**: The company's cash flow has improved significantly due to lower capital expenditures and increased operating revenue. Green Power has implemented an intermediate dividend and plans to increase the dividend ratio in the future. 3. **Dividend Policy**: The company has disclosed a three-year dividend plan, aiming to increase the dividend ratio each year. The current dividend yield is expected to exceed 7.5% in Hong Kong. Business Strategies and Growth Opportunities 1. **Operational Efficiency**: Green Power focuses on improving operational efficiency through technological innovation, such as digital management and R0 technology. The company aims to increase power generation efficiency by 2% and achieve stable operation with a reliability of 98%. 2. **Cost Reduction**: The company has implemented measures to reduce financial costs, such as refinancing project loans and obtaining low-interest loans from banks. 3. **Non-electricity Business**: Green Power plans to expand its non-electricity business, such as heating and steam supply, and explore opportunities in the waste treatment and other industries. 4. **Mergers and Acquisitions**: The company is actively seeking opportunities for mergers and acquisitions to expand its scale and enhance its competitiveness. 5. **Overseas Expansion**: Green Power is exploring overseas projects, particularly in Southeast Asia, to diversify its business and reduce dependence on the domestic market. Risks and Challenges 1. **National Subsidy Reduction**: The reduction in national subsidies for garbage incineration power generation projects may impact the profitability of some projects. 2. **Insufficient Garbage Supply**: Insufficient garbage supply in some areas may affect the operation of garbage incineration power generation projects. 3. **Political Risks**: Political risks associated with overseas projects may pose challenges to the company's expansion plans. Conclusion Green Power is a well-established company in the garbage incineration power generation industry with a solid financial foundation and clear growth strategy. The company is well-positioned to navigate the challenges and seize opportunities in the industry.

绿色动力环保集团股份有限公司 2024 年第四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 12 月 31 日，累计已有 124,000 元"绿动转债" 转换成公司 A 股普通股，累计转股数为 12,725 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 0.0009%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的可转债金额为 2,359,876,000 元，占可转债发行总 ...

Group 1: Financial Performance and Debt Management - The company expects a gradual decrease in debt ratio as capital expenditures significantly reduce, with normal repayment of interest-bearing debts upon maturity [2] - The construction revenue for the first three quarters was only 0.3 billion, and if no new projects commence, this revenue will continue to decline [3] - The company is optimizing its debt ratio by considering cash flow and funding needs [2] Group 2: Government Subsidies and Project Operations - The company has only one project in Changzhou where the national subsidy has expired, but it has not yet faced the expiration of any franchise periods [2] - National subsidy repayments have not yet normalized, but the overall situation this year is better than last year [3] - The company is exploring various strategies to mitigate the impact of subsidy reductions, including expanding gas supply business and negotiating higher waste treatment fees [2] Group 3: Market and Project Development - Currently, there are 10 projects that have signed gas supply agreements, indicating a proactive approach to expanding this business [2] - The green certificate market is currently oversupplied, but transaction volumes are expected to improve as energy consumption policies evolve [2] - The company is actively seeking mergers and acquisitions of quality waste incineration power projects to strengthen its core business [4] Group 4: Future Strategies and Innovations - The company plans to enhance operational efficiency by improving capacity utilization and expanding gas supply [4] - It aims to reduce production costs through centralized procurement and the implementation of new waste gas treatment technologies [4] - The company is considering participating in overseas projects, such as a waste incineration power project in Malaysia, in collaboration with experienced state-owned enterprises [4]

2024 年度第二次临时受托管理事务报告 债券受托管理人 证券代码：601330 证券简称：绿色动力 可转债代码：113054 可转债简称：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 二〇二四年十二月 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 ...

Revenue and Financial Performance - The construction revenue for 2022 and 2023 was 1.747 billion CNY and 0.815 billion CNY respectively, with a significant decrease in revenue leading to a decline in operating income and net profit [2] - The company's accounts receivable consists mainly of waste treatment fees (approximately 47%) and national subsidies (approximately 39%) [2] - About 60% of accounts receivable is aged within one year, and 80% within two years [2] Operational Insights - The main sources of operational income are waste treatment fees and electricity fees, with a stable proportion [3] - Capital expenditure for the first three quarters of 2024 is approximately 0.4 billion CNY, expected to decrease further if no new projects or acquisitions occur [3] - The company has signed steam supply agreements for 10 projects, expanding its steam supply business [4] Debt and Financial Strategy - The company does not currently plan to deliberately reduce its debt ratio, as it expects a natural decline in debt ratio due to reduced capital expenditure [3] - The company is exploring various strategies to enhance efficiency, including expanding waste sources and improving capacity utilization [4] Future Plans and Market Strategy - The company is focused on enhancing its market value through improved performance, increased dividend ratios, and stable dividend expectations [5] - The company is actively seeking mergers and acquisitions in the waste incineration power generation sector to strengthen its core business [5] - There are plans to participate in overseas markets, including bidding for a waste incineration power project in Malaysia [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong confidence in its performance and growth potential [2][26]. Core Views - The company has announced a restricted stock incentive plan, reflecting its confidence in steady development [2][21]. - The company expects a compound annual growth rate (CAGR) of 4.6% in net profit from 2023 to 2028, with specific performance targets set for the coming years [20]. - The company has significantly improved its free cash flow, reaching 763 million yuan in the first three quarters of 2024, a substantial increase compared to the previous year [17]. Financial Summary - Total revenue for 2022 was 4,567 million yuan, with projections of 3,372 million yuan for 2024 and 3,666 million yuan for 2026, indicating a decline followed by a recovery [4]. - The net profit for 2022 was 784 million yuan, with forecasts of 734 million yuan for 2024 and 876 million yuan for 2026, showing a gradual increase [4]. - The company's gross margin improved to 47% in Q3 2024, up by 2 percentage points from the previous quarter, driven by increased waste intake [10]. Dividend Policy - The company has committed to increasing its dividend payout, with a target dividend rate of no less than 50% by 2026 [26]. - The dividend rate for 2023 was 33%, with planned increases to 40% and 45% in the following years [26]. Market Data - As of December 20, 2024, the closing price of the stock was 6.45 yuan, with a market capitalization of 6,380 million yuan for circulating A shares [25]. - The stock's price-to-earnings (PE) ratio is projected to be 13 for 2024, decreasing to 11 by 2026 [26]. Performance Metrics - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 9.3% by 2026 [16]. - The earnings per share (EPS) is projected to rise from 0.50 yuan in 2024 to 0.60 yuan in 2026 [26].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has announced a restricted stock incentive plan, which reflects its confidence in long-term development and aims to enhance employee motivation [1] - The incentive plan includes specific performance targets for the years 2026-2028, indicating a robust growth strategy [1] - The company is entering a cash flow harvesting period, with a commitment to increasing dividends over the next three years [1] Financial Forecasts and Valuation - Total revenue is projected to decline from 39.56 billion in 2023 to 34.63 billion in 2024, before recovering to 39.08 billion by 2026 [1] - Net profit attributable to shareholders is expected to decrease from 6.29 billion in 2023 to 5.91 billion in 2024, with a gradual increase to 7.39 billion by 2026 [1] - The latest diluted EPS is forecasted to be 0.42 yuan in 2024, improving to 0.53 yuan by 2026 [1] - The P/E ratio is projected to be 15.04 in 2024, decreasing to 12.03 by 2026 [1] Incentive Plan Details - The incentive plan involves issuing 41.8 million restricted shares, representing 3.0% of the company's total share capital [1] - The plan includes five key performance indicators, such as non-recurring net profit growth and return on equity, with specific targets set for 2026-2028 [1] - The plan aims to align employee performance with company growth, ensuring that the interests of employees and shareholders are closely linked [1] Dividend Policy - The company has announced a three-year dividend plan, committing to distribute at least 40%, 45%, and 50% of its distributable profits in 2024, 2025, and 2026, respectively [1] - The first interim dividend was paid in 2024, with a distribution of 0.1 yuan per share, reflecting a 46% payout ratio [1]

表决情况：7 票赞成，0 票弃权，0 票反对。执行董事乔德卫先生、胡声泳先 生回避表决。 公司《A 股限制性股票激励计划（草案）》及其摘要、授予方案已经公司第五 1 证券代码：601330 证券简称：绿色动力 公告编号：临 2024-063 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 第五届董事会第五次会议决议公告 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。 绿色动力环保集团股份有限公司（以下简称"公司"或"集团"）第五届董 事会第五次会议于2024年12月20日在公司会议室以现场会议结合通讯方式召开， 会议通知已于2024年12月15日以电子邮件送达各位董事。会议应出席董事9名， 实际出席董事9名。本次会议由董事长乔德卫先生主持，公司监事与部分高级管 理人员列席本次会议。本次会议的召开符合《中华人民共和国公司法》等法律、 法规、规范性文件以及《绿色动力环保集团股份有限公司章程》的有关规定。经 与会董事充分审议并经过有效表决，本次会议审议通过了以下议案： 一、审议通过了《关于公司及其摘要的 议 ...

股份有限公司 关于 绿色动力环保集团股份有限公司 A股限制性股票激励计划（草案） 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 上海荣正企业咨询服务（集团） 之 独立财务顾问报告 2024年12月 1 | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、本激励计划的主要内容 7 | | （一）激励工具及标的股票来源 7 | | （二）授予的限制性股票数量 7 | | （三）激励对象的范围及分配情况 7 | | （四）限制性股票的有效期、授予日及授予后相关时间安排 8 | | （五）限制性股票授予价格的确定方法 10 | | （六）限制性股票授予条件 11 | | （七）限制性股票解除限售条件 12 | | （八）激励计划其他内容 17 | | 五、独立财务顾问意见 18 | | （一）对本激励计划是否符合政策法规规定的核查意见 18 | | （二）对公司实行股权激励计划可行性的核查意见 18 | | （三）对激励对象范围和资格的核查意见 19 | | （四）对股权激励计划权益授出额度的核查意见 19 | | （五）对股权激励计 ...

绿色动力环保集团股份有限公司 2024 年 12 月 20 日 1 注：1.本计划激励对象未参与两个或两个以上上市公司股权激励计划。 2.激励对象中没有持有公司 5%以上股权的主要股东或实际控制人及其配偶、父母、子女。 3.上述任何一名激励对象通过全部有效的股权激励计划获授的本公司 A 股股票均未超过公 司总股本的 1%。公司全部有效的激励计划所涉及的标的 A 股股票总数累计不超过股权激励计划 提交股东大会时公司股本总额的 10%。 4.上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 绿色动力环保集团股份有限公司董事会 A 股限制性股票激励计划激励对象名单 | 序号 | 姓名 | 职务 | 限制性股票数量 （万股） | 占授予总数比例 | 占公司股本比例 | | --- | --- | --- | --- | --- | --- | | 1 | 乔德卫 | 董事长 | 130 | 3.1100% | 0.0933% | | 2 | 胡声泳 | 董事 | 80 | 1.9139% | 0.0574% | | 3 | 奚强 | 副总经理 | 80 | 1.9139% | 0.0574% | ...