Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 16.19 yuan based on a 12x PE for 2025 [4][6]. Core Views - The company's revenue for Q1-Q3 2025 was 26.979 billion yuan, a year-on-year decrease of 12.84%, while the net profit attributable to shareholders was 453 million yuan, down 15.10% year-on-year. The decline in revenue is primarily attributed to falling coal prices [1][2]. - Despite the overall revenue decline, the company managed to increase coal sales volume by 3.95 million tons, or 14.13%, in the first half of 2025, showcasing its procurement advantages [2]. - The company is enhancing its renewable energy business and has successfully launched several projects, including a 200MW/400MWh shared energy storage project in Yunnan [3]. Financial Performance Summary - For Q1-Q3 2025, the company reported a net operating cash flow of 1.781 billion yuan, a significant improvement from a negative cash flow of 352 million yuan in the same period of 2024 [1]. - The projected revenues for 2025-2027 are 43.622 billion yuan, 44.692 billion yuan, and 45.692 billion yuan, with corresponding net profits of 753 million yuan, 905 million yuan, and 944 million yuan [4][12]. - The company’s PE ratios for the projected years are 11.0, 9.1, and 8.7, indicating a favorable valuation trend [12][4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company reported a revenue of 26.979 billion yuan for Q1-Q3 2025, a year-on-year decrease of 12.84%, with a net profit attributable to shareholders of 453 million yuan, down 15.10% year-on-year [3]. - The decline in revenue is primarily attributed to pressure in the coal sector, where an increase in sales volume contributed 2.058 billion yuan, while a drop in coal prices reduced revenue by 6.057 billion yuan [3]. - The company is focusing on enhancing its comprehensive energy service capabilities, particularly in the cogeneration sector, to support the transition to a green and low-carbon economy [4]. - The company has successfully expanded its coal sales volume despite a weak overall coal market, responding strategically to regional energy demands [4]. Financial Summary - For Q3 2025, the company achieved a revenue of 8.557 billion yuan, a year-on-year decrease of 22.38%, with a net profit of 150 million yuan, down 13.32% year-on-year [3]. - The company is expected to achieve net profits of 744 million yuan, 804 million yuan, and 913 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11x, 10x, and 9x [5][6]. - The projected revenue for 2025 is 44.765 billion yuan, with a growth rate of 0.1% [6].

Group 1: Ningde Times (宁德时代) - The company reported a revenue of 283.07 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.3%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.2% year-on-year [9][10] - The gross margin for Q3 2025 reached 25.8%, with a net margin of 19.1%, indicating stable profitability amidst strong demand in the lithium battery sector [10] - The company is expected to achieve net profits of 67.95 billion, 86.38 billion, and 103.81 billion yuan for 2025-2027, with corresponding PE ratios of 25, 19, and 16 times, maintaining a "Buy" rating due to strong downstream demand [10] Group 2: China Jushi (中国巨石) - The company achieved a revenue of 13.90 billion yuan in the first three quarters of 2025, a year-on-year increase of 19.5%, and a net profit of 2.57 billion yuan, up 67.5% year-on-year [11] - The company is expected to maintain net profits of 3.35 billion, 3.86 billion, and 4.42 billion yuan for 2025-2027, with current valuations of 19, 16, and 14 times [12] - The company is focusing on upgrading its production technology to enhance cost advantages and is accelerating its layout in specialty fabrics, which are expected to see increased demand due to high market activity in the PCB sector [12][14] Group 3: AI Computing Industry - The domestic AI computing industry is undergoing significant changes in both supply and demand, with rapid increases in token consumption driving AI capital expenditure growth [13] - The company, Moer Thread, is focused on developing a full-featured GPU chip and related products, with plans for commercialization starting in 2024 [15] - The software ecosystem is evolving, with major players like Huawei and Haiguang establishing their ecosystems, which are expected to enhance collaboration and integration within the AI computing landscape [15][18] Group 4: Other Companies - Wuzhou International (物产环能) reported a revenue of 2.6979 billion yuan for the first three quarters of 2025, down 12.84% year-on-year, but showed signs of stabilization in Q3 due to improved cash flow and coal price recovery [19] - The company plans to maintain a minimum dividend payout ratio of 40%, with a projected dividend yield of 5.01% based on expected net profits exceeding 900 million yuan in 2025 [19] - Runben Co. (润本股份) reported a Q3 revenue of 342 million yuan, up 16.67% year-on-year, but faced a slight decline in net profit due to increased competition and seasonal factors [21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is gradually stabilizing, with long-term dividend value becoming prominent. The third quarter results show a slight improvement in performance, primarily due to the recovery in coal prices and enhanced profitability in the combined heat and power sector [6][4] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 26,979 million yuan, a year-on-year decrease of 12.84%, and a net profit attributable to shareholders of 453 million yuan, down 15.10% year-on-year. The third quarter alone saw revenues of 85,570 million yuan and a net profit of 15 million yuan, reflecting a year-on-year decline of 22.39% and 13.32% respectively [6][5] - The operating cash flow for the first three quarters of 2025 was 1,781 million yuan, a significant increase compared to -352 million yuan in the same period of 2024 [6] - The company has committed to a minimum dividend payout ratio of 40%, with an estimated dividend yield of 5.01% for 2025, assuming the acquisition of Nantai Lake Power Technology is completed [6][5] Business Segments - The combined heat and power business is showing steady growth, with the establishment of the seventh combined heat and power company, which is expected to enhance revenue and profit contributions [6] - The company sold 4,259,500 tons of steam, a slight increase of 0.24% year-on-year, while the total power supply was 70,398.14 million kWh, a decrease of 3.60% year-on-year [6] Earnings Forecast - The earnings forecast for the company is as follows: 2025 estimated net profit of 940 million yuan, 2026 estimated net profit of 1,058 million yuan, and 2027 estimated net profit of 1,113 million yuan. The price-to-earnings ratio for 2025-2027 is projected to be 9, 8, and 7 times respectively [5][6]

浙江物产环保能源股份有限公司 浙江物产环保能源股份有限公司 2025 年第五次临时股东大会会议材料 （股票代码：603071） 二零二五年十一月 | | | 浙江物产环保能源股份有限公司 会议议程 召开时间：2025 年 11 月 6 日（星期四）下午 14:30 召开地点：杭州市庆春路 137 号华都大厦会议室 召开方式：本次会议采用现场和网络投票相结合的方式 主持人：董事长陈明晖先生 参会人员：股权登记日登记在册的股东或其授权代表、公司董事、监事、高 级管理人员及公司聘请的见证律师等。 一、主持人介绍到会董事、监事、高级管理人员、见证律师以及其他人员； 二、主持人报告现场出席的股东及股东代理人人数及其代表的有表决权股 份数量； 三、主持人宣布会议开始； 四、推选本次会议计票人、监票人； 五、与会股东审议以下议案 六、股东发言及公司董事、监事、高级管理人员回答股东提问； 七、现场投票表决； 八、统计现场投票表决结果、合并网络投票表决结果； 浙江物产环保能源股份有限公司 会议须知 为维护广大投资者的合法权益，确保浙江物产环保能源股份有限公司（以下 简称"公司"）股东大会的正常秩序和议事效率，保障股东在本次股东 ...

Core Insights - The company reported a significant decline in both revenue and net profit for the third quarter of 2025 compared to the same period last year [1] - The year-to-date financial performance also shows a downward trend in revenue and net profit for the first three quarters of 2025 [1] Financial Performance - Third quarter revenue was 8.557 billion, a year-on-year decrease of 22.38% [1] - Net profit for the third quarter was 150 million, down 13.32% year-on-year [1] - Year-to-date revenue for the first three quarters reached 26.979 billion, reflecting a 12.84% decline compared to the previous year [1] - Net profit for the first three quarters was 453 million, a decrease of 15.1% year-on-year [1] - Basic earnings per share stood at 0.81 yuan [1] Revenue Analysis - The company experienced a total revenue decrease of 3.975 billion compared to the same period last year [1] - Revenue from coal sales increased by 2.058 billion due to higher sales volume [1] - However, a decline in coal prices led to a revenue reduction of 6.057 billion [1] - Revenue changes from combined heat and power, renewable energy, and other businesses contributed an increase of 24 million [1]

浙江物产环保能源股份有限公司 环境、社会责任及公司治理（ESG） 信息披露管理办法 （2025 年 10 月经公司第五届董事会第十五次会议审议通过） 第一章 总 则 第一条 为 构 建 科 学 、 系 统 、 规 范 的 环 境 、 社 会 责 任 及 公 司 治 理 （Environment, Social and Governance，以下简称"ESG"）工作体系，加强浙 江物产环保能源股份有限公司（以下简称"公司"）ESG信息披露管理，强化 公司ESG自我约束机制，推动公司实现可持续高质量发展，根据国务院国资委 及生态环境部等相关国家部委关于建立健全ESG体系、规范ESG专项报告编制 的相关工作要求，按照中国证监会、上海证券交易所有关上市公司信息披露的 规定及公司相关制度，特制定本办法。 第二条 本办法适用于公司ESG信息编制、披露事务的管理。 第三条 本办法所称ESG信息披露，是指反映公司在环境、社会责任和公 司治理三个维度履行社会责任的理念、战略、方法，以及经营活动在国家战略、 产业、民生和环境等领域产生的价值，在公司信息披露的指定媒体上披露公司 ESG信息的行为。 第四条 公司必须及时、公平地披露 ...

第一章 总 则 浙江物产环保能源股份有限公司 信息披露豁免与暂缓管理制度 （2025 年 10 月修订） 第一条 为规范浙江物产环保能源股份有限公司（以下简称"公司"）和其 他信息披露义务人信息披露暂缓、豁免行为，加强信息披露监管，保护投资者 合法权益，根据《中华人民共和国保守国家秘密法》《中华人民共和国证券法》 （以下简称"《证券法》"）《上市公司信息披露管理办法》《上市公司信息 披露暂缓与豁免管理规定》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第 2 号——信息披露事务管理》等法律、行政法规和 规章以及《浙江物产环保能源股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报 告、临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"） 和上海证券交易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平 地披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不 得实施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义 ...

浙江物产环保能源股份有限公司 章 程 第一章 总 则 第一条 为维护浙江物产环保能源股份有限公司（以下简称"公司"或 "本公司"）、股东、职工和债权人的合法权益，规范公司的组织和行 为，根据《中华人民共和国公司法》（以下简称《公司法》）《中华 人民共和国证券法》（以下简称《证券法》）《中国共产党章程》（以 下简称《党章》）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定由浙江物产燃料有限 公司整体变更发起设立的股份有限公司。在浙江省市场监督管理局注 册登记，取得营业执照，统一社会信用代码 91330000142911467W。 第三条 公司于 2021 年 11 月 19 日经中国证券监督管理委员会（以下 简称"中国证监会"）[2021]3689 号文批准，首次向社会公众发行人 民币普通股 10,043.18 万股，于 2021 年 12 月 16 日在上海证券交易所 上市。 第四条 公司注册名称： 中文全称：浙江物产环保能源股份有限公司 英文全称：ZJMI Environmental Energy Co., Ltd. 第五条 公司住所：杭州市庆春路 137 号； 邮政编码：31000 ...

浙江物产环保能源股份有限公司 对外担保管理制度 （2025 年 10 月修订） 第一章 总则 第一条 为了维护投资者的利益，规范浙江物产环保能源股份有限公司 （以下简称"公司"）的担保行为，控制公司资产运营风险，促进公司健康 稳定地发展，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上市公司监管指引第 8 号——上市公司资金往来、对外 担保的监管要求》等法律法规以及《浙江物产环保能源股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 本制度所称担保是指公司以第三人身份为他人银行债务或其他 债务提供担保责任，担保方式包括但不限于保证、抵押或质押。担保的债务 具体种类包括但不限于银行借款担保、银行开立信用证和银行承兑汇票担保、 开具保函的担保等。 本制度所称对外担保包括公司对控股子公司的担保。公司控股子公司对 于向公司合并报表范围之外的主体提供担保的，应视同上市公司提供担保。 第三条 公司对外担保应当遵守以下规定： （一）对外担保必须经董事会或股东会审议； （二）应由股东会审批的对外担 ...