Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.582 billion yuan, a year-on-year increase of 1.5%, and a net profit attributable to the parent company of 626 million yuan, a year-on-year increase of 24.4% [2][4]. - The third quarter continued the positive trend from the first half of the year, with a quarterly heating volume increase of 100% year-on-year and a net profit margin improvement of 4.09 percentage points [2][10]. - The company has entered a pure operation phase since January 2024, with stable processing capacity at 40,300 tons per day, and a cumulative waste volume of 10.9219 million tons in the first three quarters of 2025, a year-on-year increase of 2.00% [10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 899 million yuan, a year-on-year increase of 1.6%, and a net profit of 249 million yuan, a year-on-year increase of 24.2% [4][10]. - The gross profit margin in Q3 decreased slightly by 0.03 percentage points, but the overall gross margin for the first three quarters increased by 3.19 percentage points, indicating good efficiency improvements in the main business [10]. - The company’s operating cash flow in Q3 increased by 35.1% year-on-year, reaching 691 million yuan, supported by significant increases in government subsidy payments and cash received from sales [10]. Operational Efficiency - The company has actively expanded its sludge direct spray disposal, heating, and biogas purification businesses to generate incremental revenue [10]. - The financial expenses in Q3 decreased by 14.35 million yuan, mainly due to lower bank interest rates and reduced borrowing balances [10]. - The company’s asset-liability ratio and interest-bearing asset-liability ratio decreased by 1.7 percentage points and 0.8 percentage points year-on-year, respectively, indicating a trend of decreasing leverage [10]. Future Outlook - The company is expected to achieve net profits of 684 million yuan, 731 million yuan, and 776 million yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.8%, 6.94%, and 6.16% [10]. - Assuming a dividend payout ratio of 60%, 65%, and 70% for the respective years, the corresponding dividend yields are projected to be 3.99%, 4.63%, and 5.29% [10].

Core Viewpoint - Green Power Environmental (01330.HK) experienced a nearly 7% increase in stock price following its earnings report, with a current rise of 5.15% to HKD 5.51, and a trading volume of HKD 34.66 million [1] Group 1 - The stock price of Green Power Environmental rose nearly 7% after the earnings report [1] - As of the latest update, the stock is up 5.15% at HKD 5.51 [1] - The trading volume reached HKD 34.66 million [1]

Core Viewpoint - Green Power Environmental reported a positive financial performance for the first three quarters, with significant growth in net profit, leading to a rise in stock price [1] Financial Performance - For the first three quarters, the company achieved a revenue of 2.582 billion RMB, an increase of 1.5% year-on-year [1] - The net profit attributable to shareholders was 626 million RMB, reflecting a year-on-year growth of 24.4% [1] - In the third quarter alone, the revenue was 898 million RMB, up by 1.6% year-on-year, while the net profit was 249 million RMB, showing a year-on-year increase of 24.2% [1] Market Reaction - Following the earnings report, Green Power Environmental's stock price rose nearly 7%, with a current increase of 5.15%, trading at 5.51 HKD and a transaction volume of 34.66 million HKD [1] Analyst Insights - Dongwu Securities highlighted that Green Power Environmental exemplifies the logic of increasing dividends and return on equity (ROE) in the solid waste sector [1] - The current dividend yield for A-shares is 4.1%, while for Hong Kong shares, it is 6.3% [1] - The company is expected to enhance its free cash flow due to accelerated national subsidies and reduced capital expenditures, indicating potential for increased dividends [1] - The company is actively expanding in heating and cost control, leading to simultaneous growth in performance and ROE, along with the implementation of equity incentives to ensure sustained growth [1]

Core Viewpoint - Green Power Environmental (01330) shares rose nearly 7% post-earnings report, currently up 5.15% at HKD 5.51, with a trading volume of HKD 34.66 million [1] Financial Performance - For the first three quarters, the company reported revenue of RMB 2.582 billion, a year-on-year increase of 1.5% [1] - Net profit attributable to shareholders reached RMB 626 million, reflecting a year-on-year growth of 24.4% [1] - In the third quarter alone, revenue was RMB 898 million, up 1.6% year-on-year [1] - Net profit for the third quarter was RMB 249 million, showing a year-on-year increase of 24.2% [1] Market Analysis - Dongwu Securities highlighted that Green Power Environmental exemplifies the solid waste sector's ability to increase dividends and return on equity (ROE) [1] - The current dividend yield for A-shares is 4.1%, while for Hong Kong shares it is 6.3% [1] - With the acceleration of national subsidies and a decrease in capital expenditures, the company's free cash flow is expected to strengthen, indicating potential for increased dividends [1] - The company is actively expanding in heating and cost control, leading to simultaneous growth in performance and ROE [1] - The implementation of equity incentives is expected to secure continuous growth [1]

Core Viewpoint - Dongwu Securities reports that Green Power (601330) is a model for solid waste sector dividend increases and ROE enhancement, with potential for further dividend growth due to accelerated national subsidies and reduced capital expenditures [1] Financial Performance - For the first three quarters of 2025, the company's revenue reached 2.582 billion yuan (up 1.49% year-on-year), with a net profit attributable to shareholders of 626 million yuan (up 24.39%) [2] - The weighted ROE increased by 1.27 percentage points to 7.57% [2] - In Q3 2025, the company reported a revenue of 898 million yuan (up 1.64%) and a net profit of 249 million yuan (up 24.24%) [2] Revenue Growth - In the first three quarters of 2025, waste processing volume was 10.9219 million tons (up 2.00%), electricity generation was 3.867 billion kWh (up 1.17%), and heat supply volume was 788,100 tons (up 111.91%) [3] - In Q3 2025, waste processing volume was 3.7676 million tons (up 1.82%), electricity generation was 1.328 billion kWh (up 0.31%), and heat supply volume was 272,600 tons (up 105.12%) [3] Cost Reduction - Operating costs for the first three quarters of 2025 were 1.326 billion yuan (down 0.62 million yuan), with financial expenses decreasing by 17% [4] - In Q3 2025, financial expenses were 94 million yuan (down 0.14 million yuan year-on-year) [4] Cash Flow and Dividends - Operating cash flow for the first three quarters of 2025 was 1.323 billion yuan (up 25.46%), with free cash flow increasing by 45.98% to 1.113 billion yuan [5] - The increase in national subsidy recoveries significantly contributed to the rise in free cash flow [5] Equity Incentive Plan - The company updated its equity incentive plan, maintaining growth targets for net profit attributable to shareholders for 2026-2028 at no less than 711 million, 742 million, and 773 million yuan respectively [6]

Core Viewpoint - Green Power (601330.SH) reported a slight increase in revenue and a significant rise in net profit for the first three quarters of 2025, indicating positive financial performance despite a modest revenue growth [1] Financial Performance - The company achieved an operating revenue of 2.582 billion yuan for the first three quarters, reflecting a year-on-year growth of 1.49% [1] - The net profit attributable to shareholders reached 626 million yuan, marking a year-on-year increase of 24.39% [1] - Basic earnings per share were reported at 0.45 yuan [1]

Core Insights - Green Power Environmental Group Co., Ltd. reported a revenue of 2.582 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.49% [2] - The net profit attributable to shareholders reached 626 million yuan, up 24.39% year-on-year, while the net profit excluding non-recurring items increased by 24.55% [2] - The company processed 3.77 million tons of waste and generated 1,327.54 million kWh of electricity in the third quarter of 2025, indicating growth in both waste processing and electricity generation compared to the same period last year [2] Financial Performance - Revenue for the first three quarters of 2025 was 2.582 billion yuan, a 1.49% increase year-on-year [2] - Net profit attributable to shareholders was 626 million yuan, reflecting a 24.39% increase year-on-year [2] - Net profit excluding non-recurring items grew by 24.55% year-on-year [2] Operational Data - The company processed 3.77 million tons of waste in the third quarter of 2025 [2] - Electricity generation reached 1,327.54 million kWh, with grid-connected electricity at 1,092.98 million kWh and steam supply at 270,000 tons [2] Shareholder Structure - The controlling shareholder, Beijing State-owned Assets Management Co., Ltd., transferred 139 million shares to its wholly-owned subsidiary, maintaining a holding ratio of 44.42% [2] - The presence of two new long-term institutional investors among the top ten shareholders indicates market recognition of long-term value [2] Future Outlook - The company aims to strengthen its industry position through technological upgrades and business synergies, driven by the "dual carbon" policy [3] - The company's robust financial performance and operational efficiency position it favorably for upgrades in the environmental industry [3]

Core Insights - Green Power (601330.SH) reported a total operating revenue of 2.582 billion yuan for Q3 2025, ranking 16th among disclosed peers, with a year-on-year increase of 37.86 million yuan, representing a 1.49% growth compared to the same period last year [1] - The company's net profit attributable to shareholders reached 626 million yuan, ranking 10th among peers, with an increase of 123 million yuan year-on-year, reflecting a 24.39% growth [1] - Operating cash flow net inflow was 1.323 billion yuan, ranking 7th among peers, with a year-on-year increase of 268 million yuan, achieving five consecutive years of growth, up 25.46% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 59.83%, a decrease of 0.99 percentage points from the previous quarter and a decrease of 1.73 percentage points from the same period last year [3] - The latest gross profit margin is 48.63%, ranking 4th among peers, with an increase of 3.19 percentage points year-on-year, marking three consecutive years of growth [3] - The latest return on equity (ROE) is 7.45%, ranking 11th among peers, with an increase of 1.24 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.45 yuan, ranking 16th among peers, with an increase of 0.09 yuan year-on-year, reflecting a 25.00% growth [3] - The latest total asset turnover ratio is 0.12 times, unchanged from the same period last year, with a year-on-year increase of 3.62% [3] - The latest inventory turnover ratio is 26.27 times, ranking 11th among peers, with an increase of 0.90 times year-on-year, representing a 3.54% growth [3] Shareholder Structure - The number of shareholders is 35,100, with the top ten shareholders holding 1.126 billion shares, accounting for 80.77% of the total share capital [3] - The largest shareholder is Beijing State-owned Assets Management Co., Ltd., holding 32.63% [3] - Other significant shareholders include HKSCC Nominees Limited (27.23%) and Beijing Industrial Development Investment Management Co., Ltd. (10.00%) [3]

Core Viewpoint - The company has updated its A-share restricted stock incentive plan, adjusting the number of incentive targets, the number of restricted stocks to be granted, and related expressions concerning the supervisory board to better implement the plan [40][59]. Summary by Sections 1. Adjustment Methods for Grant Price of Restricted Stocks - The adjustment methods for the grant price of restricted stocks include calculations based on capital reserve transfers, stock dividends, stock splits, rights issues, reverse stock splits, and cash dividends [1][2][3][4][5]. 2. Accounting Treatment of Restricted Stocks - The company will adjust the expected number of restricted stocks that can be released based on the latest information on the number of employees eligible for release and performance indicators, in accordance with accounting standards [6][10][11]. 3. Implementation Procedures of the Incentive Plan - The implementation of the restricted stock incentive plan requires approval from the board of directors and must be reviewed by the shareholders' meeting [14][15][16]. 4. Updates to the Incentive Plan - The number of initial grant targets has been reduced from 220 to 195, and the total number of restricted stocks to be granted has been adjusted from 41.8 million shares to 40.35 million shares, which is approximately 2.90% of the company's total share capital [46][52]. 5. Impact on Financial Performance - The incentive costs arising from the plan will be recorded in regular profits and losses, with an estimated share payment cost of 3.20 yuan per share based on the closing price on the day before the announcement [11][55]. 6. Legal and Financial Opinions - Legal and independent financial advisors have concluded that the updated incentive plan complies with relevant laws and regulations and will not adversely affect the company's financial status or operating results [61][62].

Core Viewpoint - Green Power Environmental (01330) reported a slight increase in revenue and a significant rise in net profit for the first three quarters of 2025, indicating a positive financial performance despite modest revenue growth [1] Financial Performance - Revenue for the first three quarters of 2025 reached 2.582 billion RMB, reflecting a year-on-year growth of 1.49% [1] - Net profit attributable to shareholders was 626 million RMB, showing a year-on-year increase of 24.39% [1] - Basic earnings per share stood at 0.45 RMB [1]