Core Viewpoint - Rongsheng Environmental Protection's stock price has shown fluctuations, with a year-to-date increase of 17.19% but a recent decline of 6.58% over the past five trading days [1] Group 1: Stock Performance - As of September 24, Rongsheng Environmental Protection's stock price was 13.78 CNY per share, with a market capitalization of 3.757 billion CNY [1] - The stock experienced a trading volume of 94.436 million CNY, with a turnover rate of 2.56% [1] - The company has seen a 20.56% increase in stock price over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, Rongsheng Environmental Protection reported a revenue of 1.061 billion CNY, a year-on-year decrease of 5.53% [2] - The net profit attributable to shareholders for the same period was 115 million CNY, down 34.57% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Rongsheng Environmental Protection was 14,600, a decrease of 3.75% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.89% to 18,610 shares [2] Group 4: Dividend Information - Since its A-share listing, Rongsheng Environmental Protection has distributed a total of 922 million CNY in dividends, with 388 million CNY distributed over the past three years [3] - New institutional shareholders include Huaxia Zhuoxin One-Year Open Bond Fund and Huaxia Hope Bond A, holding 900,000 shares and 750,100 shares respectively [3] Group 5: Business Overview - Rongsheng Environmental Protection, established on November 9, 1998, focuses on the production of recycled packaging paper products and is positioned in the midstream of the paper industry [1] - The company's main revenue sources include sales of raw paper and paper products (96.05%), steam sales (3.58%), and other services [1]

Market Overview - The paper sector experienced a decline of 1.53% on September 19, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers included Songyang Resources, which rose by 10.00% to a closing price of 23.87, and Xianhe Co., which increased by 3.59% to 23.69 [1] - Other stocks with positive performance included Bohui Paper (+2.20%), Sun Paper (+0.62%), and Wuzhou Special Paper (+0.17%) [1] - Conversely, significant decliners included Zhixing Paper, which fell by 10.06% to 6.44, and Qingshan Paper, down 9.90% to 4.37 [2] Trading Volume and Capital Flow - The paper sector saw a net outflow of 1 billion yuan from institutional investors, while retail investors contributed a net inflow of approximately 1 billion yuan [2] - The trading volume for Songyang Resources was 242,700 hands, with a transaction value of 561 million yuan, indicating strong interest despite the overall sector decline [1] Individual Stock Capital Flow - Songyang Resources experienced a net outflow of 51.21 million yuan from institutional investors, while retail investors showed a net inflow of 924.91 thousand yuan [3] - Kai'en Co. had a net inflow of 14.60 million yuan from institutional investors, contrasting with a net outflow from retail investors [3] - Other stocks like Xianhe Co. and Huatai Co. also showed mixed capital flows, with varying degrees of institutional and retail investor activity [3]

Group 1 - The recent decline in "Yushu Technology Concept Stocks" in the A-share market is notable, with companies like Shoukai Co., Ltd. experiencing a drop of over 9.6% [1][3] - Shoukai Co., Ltd. saw a significant stock price increase of over 200% from September 3 to September 18, driven by its indirect stake in Yushu Technology [3][5] - Other companies such as Jinfat Technology and Rongsheng Environmental Protection also experienced substantial price increases of 54.76% and 26.09%, respectively, during the same period [4][5] Group 2 - The surge in stock prices was based on weak fundamentals, as Shoukai Co., Ltd. clarified that its actual indirect ownership of Yushu Technology is only 0.3% [5][7] - Jinfat Technology and Rongsheng Environmental Protection reported similarly low indirect ownership stakes of 0.32% and 0.022%, respectively [7] - Regulatory scrutiny has increased due to irrational speculation, with Shoukai Co., Ltd. facing severe trading anomalies and potential restrictions on investor accounts [5][7]

Core Viewpoint - The recent surge in stock prices of companies related to Yushutech is primarily driven by the announcement of Yushutech's IPO plan, leading to speculative trading in the market despite weak fundamentals of these companies [2][4]. Group 1: Stock Performance - From September 3 to September 18, shares of Shoukai Co. (首开股份) increased by 205.68%, while Jinfa Technology (金发科技) and Rongsheng Environmental (荣晟环保) saw increases of 54.76% and 26.09%, respectively [1][2]. - On September 19, the stocks of these companies experienced significant declines, with Shoukai Co. dropping by 2.48%, Jinfa Technology hitting the daily limit down, and Rongsheng Environmental falling by 8.75% [5][6]. Group 2: Ownership and Financials - Shoukai Co. clarified that its indirect ownership of Yushutech is only 0.3%, and Jinfa Technology's ownership is 0.32%, while Rongsheng Environmental's is merely 0.022% [4][6]. - Shoukai Co. reported a revenue of 18.039 billion yuan for the first half of 2025, a year-on-year increase of 105.19%, but still posted a net loss of 1.839 billion yuan [4][6]. - Rongsheng Environmental reported a revenue of 1.061 billion yuan for the first half of 2025, a decline of 5.53%, with a net profit drop of 34.57% [6]. Group 3: Market Reactions and Regulatory Actions - The speculative trading around Yushutech-related stocks has attracted regulatory scrutiny, with Zhongshan Securities announcing that Shoukai Co. is under investigation for severe trading anomalies [6].

Group 1 - The core viewpoint of the announcement is the resolution of the fourth temporary shareholders' meeting of Zhejiang Rongsheng Environmental Paper Co., Ltd. held on September 16, 2025, with no rejected proposals [1][2] - The meeting was convened by the board of directors and chaired by Mr. Feng Shengyu, utilizing a combination of on-site and online voting methods, complying with relevant laws and regulations [2][3] - All seven current directors attended the meeting, along with the board secretary and other executives [3] Group 2 - The meeting reviewed several proposals, including the 2025 semi-annual profit distribution plan, which was approved [4] - Other approved proposals included amendments to the company's articles of association and the implementation details of the cumulative voting system, as well as the remuneration management system for directors and senior management [5] - The voting results indicated that the special resolution required more than two-thirds of the votes from attending shareholders, while ordinary resolutions required more than half [5] Group 3 - The meeting was witnessed by lawyers from Shanghai Jintiancheng Law Firm, confirming that all procedures and results were in compliance with legal requirements [6] - The legal opinion provided by the lawyers affirmed the legality and validity of the meeting's convening, attendance, voting procedures, and results [6]

上海市锦天城律师事务所 关于浙江荣晟环保纸业股份有限公司 2025 年第四次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于浙江荣晟环保纸业股份有限公司 2025 年第四次临时股东会的 法律意见书 致：浙江荣晟环保纸业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江荣晟环保纸业股份 有限公司（以下简称"公司"）委托，就公司召开 2025 年第四次临时股东会（以 下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《上市公司股东会规则》等法律、法规、规章和其他规范 性文件以及《浙江荣晟环保纸业股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了必要的核查 ...

| 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-078 | | --- | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 23 | 转债 | | 浙江荣晟环保纸业股份有限公司 2025年第四次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 二、 议案审议情况 (一) 非累积投票议案 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 16 日 (二)股东会召开的地点：浙江省嘉兴市平湖经济技术开发区镇南东路 588 号公司 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 175 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 145,011,213 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.2698 | (四) ...

Market Overview - The paper sector experienced a slight increase of 0.24% on September 16, with Jingxing Paper leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in the Paper Sector - Zhi Xing Paper (002067) saw a significant rise of 10.04%, closing at 5.92 with a trading volume of 1.295 million shares and a turnover of 752 million yuan [1] - Rongsheng Environmental (603165) increased by 5.96%, closing at 14.23 with a trading volume of 146,700 shares and a turnover of 206 million yuan [1] - Biaolin Packaging (605500) rose by 2.96%, closing at 10.09 with a trading volume of 109,800 shares and a turnover of 110 million yuan [1] Top Losers in the Paper Sector - Qingshan Paper (600103) declined by 3.92%, closing at 4.41 with a trading volume of 7.3169 million shares and a turnover of 3.198 billion yuan [2] - Guanmeng High-tech (600433) fell by 1.73%, closing at 3.41 with a trading volume of 116,930 shares and a turnover of 40.1 million yuan [2] - Songyang Resources (603863) decreased by 1.37%, closing at 21.53 with a trading volume of 109,100 shares and a turnover of 23.5 million yuan [2] Capital Flow Analysis - The paper sector experienced a net outflow of 113 million yuan from institutional investors and 185 million yuan from speculative funds, while retail investors saw a net inflow of 298 million yuan [2] - The top net inflows from retail investors were observed in Zhi Xing Paper (002067) with 259 million yuan, while the largest outflow from institutional investors was also in the same stock [3]

Investment Highlights - The report highlights significant acceleration in national subsidies recovery for the environmental sector in July-August 2025, with Everbright receiving 2.064 billion yuan, surpassing the 1.534 billion yuan received in the same period of 2024 [1][4] - The solid waste sector has shown improvements in return on equity (ROE) and cash flow, with a 1% increase in revenue and an 8% increase in net profit for the first half of 2025 [5][6] - The report recommends several companies for investment, including Hanlan Environment, Green Power, and Everbright Environment, among others [2] Solid Waste Sector Insights - The solid waste sector's performance in the first half of 2025 includes a 9% increase in operating cash flow, reaching 6.9 billion yuan, and a 24% increase in free cash flow compared to the first half of 2024 [5][6] - The average waste incineration companies saw a 1.8% increase in tonnage output and a 1.2% increase in grid-connected output in the first half of 2025 [5][6] - Companies are expanding their operations and improving efficiency, with notable increases in heating supply rates for several firms [5][6] Water Sector Analysis - The water sector is expected to experience a cash flow turnaround, with a projected increase in free cash flow for companies like Xingrong and Shouchuang starting in 2026 [6] - Price reforms in water services are anticipated to enhance growth and valuation, with recent price adjustments in cities like Guangzhou and Shenzhen [6] Sanitation Sector Developments - The penetration rate of electric sanitation vehicles is accelerating, with a 77.6% increase in sales of new energy sanitation vehicles in the first seven months of 2025 [7][8] - The report notes a significant rise in the number of automated sanitation projects, indicating a growing trend towards automation in the sector [7][8] Industry Tracking - The report tracks the performance of various sectors, including the increase in sales of sanitation vehicles and the profitability of biodiesel production, with a notable rise in the price of used cooking oil [8] - Lithium battery recycling is also highlighted, with improvements in profitability due to changes in pricing for lithium and cobalt [8]

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to improve the pricing mechanism for nearby consumption of renewable energy, which is expected to create new opportunities for green electricity direct connection projects starting from October 1, 2025 [1][2][3]. Group 1: Policy and Mechanism - The notification clarifies the economic responsibilities between nearby consumption projects and the public grid, allowing renewable energy projects to pay for supply reliability based on their needs [3][4]. - The new pricing mechanism is designed to enhance the willingness of the grid to provide stable supply services, facilitating the implementation of projects like waste incineration and green electricity direct connections [4][5]. Group 2: Project Requirements - Projects must have a clear interface, with power sources, loads, and storage connected as a whole to the public grid, ensuring safety and responsibility [3][4]. - Projects are required to have a self-consumption ratio of at least 60% of total available generation and 30% of total consumption, with new projects starting from 2030 needing a minimum of 35% [4][5]. Group 3: Economic Advantages - The economic feasibility of projects increases with higher load rates and smaller capacities connected to the public grid, as projects not connected to the grid are exempt from certain fees [4][5]. - For example, in Guangdong Province, the average market transaction price in 2025 is projected to be 0.3910 yuan per kWh, while the costs associated with grid connection and operation total 0.2721 yuan per kWh, leading to a total of 0.6631 yuan per kWh. Direct supply from waste incineration can offer a price advantage of 0.05 to 0.08 yuan per kWh compared to using grid electricity [5]. Group 4: Recommended Companies - The notification is expected to benefit companies involved in green electricity direct supply projects, with specific recommendations including Huanlan Environment, Yongxing Co., Conch Venture, Green Power Environmental Protection, Junxin Co., and Weiming Environmental Protection, while also suggesting attention to Wangneng Environment [5].