证券代码：603071 证券简称：物产环能 公告编号：2025-041 浙江物产环保能源股份有限公司 第五届监事会第十一次会议决议公告 根据《中华人民共和国公司法》《关于新<公司法>配套制度规则实施相关过 渡期安排》《上市公司章程指引》《上海证券交易所股票上市规则》等法律法规、 规章和规范性文件的最新要求，结合公司实际情况，为进一步完善公司治理制度， 促进公司规范运作，公司取消监事会并对《公司章程》进行修订。 本议案尚需提交股东大会审议。 具体内容详见公司同日披露的《浙江物产环保能源股份有限公司关于取消 监事会并修订<公司章程>的公告》。 (二) 审议通过《关于 2025 年第三季度报告的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 本公司监事会及全体监事保证本公告内容不存在虚假记载、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、监事会会议召开情况 浙江物产环保能源股份有限公司（以下简称"公司"）第五届监事会第十一 次会议于 2025 年 10 月 20 日在公司会议室以现场结合通讯方式召开。本次会议 通知已于 2025 年 10 月 14 日通过邮件等方式送 ...

证券代码：603071 证券简称：物产环能 公告编号：2025-040 浙江物产环保能源股份有限公司 第五届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 浙江物产环保能源股份有限公司（以下简称"公司"）第五届董事会第十五次会 议于 2025 年 10 月 20 日在公司会议室以现场结合通讯方式召开。本次会议通知于 2025 年 10 月 14 日以电子邮件等方式发出。本次会议应出席董事 11 名，实际出席 11 名， 部分监事及高级管理人员列席会议。本次会议由董事长陈明晖先生主持召开，会议召开 符合《公司法》等法律法规及《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 (一) 审议通过《关于取消监事会及修改<公司章程>的议案》 表决情况：同意 11 票，反对 0 票，弃权 0 票。 根据《中华人民共和国公司法》《关于新<公司法>配套制度规则实施相关过渡期安 排》《上市公司章程指引》《上海证券交易所股票上市规则》等法律法规、规章和规范 性文件的最新要求，结合公 ...

Core Viewpoint - 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] Financial Performance - The company's operating revenue for Q3 2025 was 8.557 billion yuan, representing a decrease of 22.38% year-on-year [1] - The net profit attributable to shareholders was 150 million yuan, down 3.32% from the previous year [1] - The net profit excluding non-recurring gains and losses was 141 million yuan, reflecting a decline of 10.42% year-on-year [1]

浙江物产环保能源股份有限公司 2025 年第三季度报告 证券代码：603071 证券简称：物产环能 浙江物产环保能源股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比上 | | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 年同期增减变 动幅度(%) | 年初至报告期末 | 增减变动幅度 | | | | | | (%) | | 营业收入 | 8,557,295,593.40 | -22.38 | 26,979, ...

智通财经APP讯，物产环能(603071.SH)披露2025年第三季度报告，公司前三季度实现营收269.79亿元， 同比下降12.84%;归属于上市公司股东的净利润4.53亿元，同比下降15.1%;扣非净利润4.33亿元，同比下 降9.03%;基本每股收益0.81元。 ...

Core Insights - The company reported a third-quarter revenue of 8.557 billion, representing a decline of 22.38% compared to the previous year [1] - The net profit for the third quarter was 150 million, down 13.32% year-over-year [1] - For the first three quarters, the total revenue was 26.979 billion, a decrease of 12.84% compared to the same period last year [1] - The net profit for the first three quarters was 453 million, reflecting a decline of 15.10% year-over-year [1]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Core Points - The Zhejiang state-owned enterprise reform sector experienced a decline of 0.46% on October 16, with Chuangyuan Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the Zhejiang state-owned enterprise reform sector included: - Ningbo Ocean (601022) with a closing price of 10.57, up 5.17% and a trading volume of 662,300 shares, totaling 697 million yuan [1] - ST Jianhai (002586) with a closing price of 3.95, up 4.22% and a trading volume of 252,500 shares, totaling 99.89 million yuan [1] - Guyue Longshan (600059) with a closing price of 10.35, up 3.92% and a trading volume of 362,400 shares, totaling 376 million yuan [1] - Major decliners included: - Chuangyuan Co., Ltd. (300703) with a closing price of 29.56, down 6.60% and a trading volume of 93,000 shares, totaling 282 million yuan [2] - Yunda Co., Ltd. (300772) with a closing price of 19.18, down 4.39% and a trading volume of 276,500 shares, totaling 534 million yuan [2] - Zhejiang Dongri (600113) with a closing price of 52.35, down 4.17% and a trading volume of 49,700 shares, totaling 264 million yuan [2] Capital Flow - The Zhejiang state-owned enterprise reform sector saw a net outflow of 254 million yuan from institutional investors, while retail investors experienced a net inflow of 179 million yuan [2][3] - Key stocks with significant capital flow included: - Small Commodity City (600415) with a net inflow of 1.43 billion yuan from institutional investors [3] - Ningbo Ocean (601022) with a net inflow of 38.76 million yuan from institutional investors [3] - Qijing Machinery (603677) with a net inflow of 10.46 million yuan from institutional investors [3]

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].