Summary of Key Points from Conference Call Records Industry Focus - The discussion centers around the waste management and renewable energy sectors, particularly focusing on waste-to-energy (WTE) technologies and the integration of green electricity with waste management practices [1][2]. Core Insights and Arguments - Recent policy developments from two ministries encourage the direct connection of green electricity, including biomass and waste incineration, promoting local consumption and increasing self-use ratios to at least 35% by 2030 [1][2]. - Waste incineration is highlighted as a unique renewable energy source with advantages such as: 1. Stable power generation with annual utilization hours exceeding 7000 [2]. 2. Proximity to urban areas, offering ample land at lower costs [2]. 3. Minimal barriers for direct connections, with high procurement costs from the grid [2]. - Companies in the sector are accelerating their collaborative layouts in data centers (IDC), with improvements in profitability, cash flow, and increased dividends expected to drive performance and valuation [2]. - The long-term goal of self-sufficiency in research and development for scientific instruments is emphasized, suggesting a focus on foundational industries rather than short-term policy fluctuations [2][3]. Additional Important Content - Domestic companies have been enhancing their R&D and production capabilities, with some firms expected to excel in high-end development amidst this trend [3]. - The automation of sanitation services is gaining traction, with major companies accelerating their investments in this area. The potential market size for unmanned sanitation services in China could reach 280 billion yuan by 2025, with significant opportunities in the sales of autonomous cleaning vehicles [4]. - The trend towards "sanitation automation" is seen as an optimization of business models within the industry, allowing waste management companies to reduce labor intensity and expedite the integration of waste-to-energy solutions [4]. Companies to Watch - Suggested companies for investment consideration include: - 盈峰环境 (Yingfeng Environment) - 聚光科技 (Juguang Technology) - 永兴股份 (Yongxing Co.) - 瀚蓝环境 (Hanlan Environment) - 海螺创业 (Conch Venture) [1][2].

Group 1 - The core point of the news is that Rongsheng Environmental Protection (603165.SH) announced that its controlling shareholder, Feng Ronghua, has been taken into custody by the police for personal reasons, which has raised concerns about the company's leadership and governance [1] - Feng Ronghua resigned from his positions as chairman and other roles due to reaching the legal retirement age just two days prior to the police action, indicating a potential leadership transition [1] - The company stated that its operations remain normal and that the matters involving Feng are personal and unrelated to the company's business [1] Group 2 - Rongsheng Environmental Protection has experienced a decline in revenue for two consecutive years, with 2023 revenue reported at 2.291 billion yuan, a decrease of 10.6% year-on-year, and a projected revenue of 2.235 billion yuan for 2024, down 2.45% [2] - In contrast, the net profit for 2023 was 271 million yuan, reflecting a significant increase of 60.99% year-on-year, with a further increase to 286 million yuan in 2024, up 5.79% [2] - The fluctuations in performance are attributed to the prices of raw materials and product sales, with a noted decrease in raw paper prices impacting revenue, while the decline in raw material costs has positively affected gross margins and net profits [2]

证券简称：荣晟环保 证券代码：603165 债券简称：荣 23 转债 债券代码：113676 广发证券股份有限公司 关于浙江荣晟环保纸业股份有限公司 向不特定对象发行可转换公司债券 2025 年第一次临时受托管理事务报告 受托管理人 （住所：广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 二〇二五年五月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》、《可转换公司债券管理办法》、《浙江荣晟环保纸业股份有限公司 向不特定对象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》"）、《浙江荣晟环保纸业股份有限公司向不特定对象发行可转换公司债券 募集说明书》等，由本次可转债受托管理人广发证券股份有限公司（以下简称"广 发证券"、"受托管理人"）编制。广发证券对本报告中所包含的从上述文件中 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广发证券所作的承诺 或声明。在任 ...

东方金诚关注到，近日荣晟环保公开披露的《浙江荣晟环保纸业股份有限公司关于控股股东、 实际控制人被采取强制措施的公告》称，荣晟环保控股股东、实际控制人冯荣华先生因个人原因被 公安机关采取强制措施。 上述事项发生后，东方金诚通过向公司邮件询问、查询公开资料等方式了解上述事项对公司的 影响。原董事长冯荣华先生已于 2025 年 5 月 24 日辞任相关职务，现由冯晟宇先生担任公司的法定 代表人、董事长和战略委员会主任委员。冯晟宇先生 2018 年 3 月至今任职于荣晟环保，历任嘉兴 市荣晟包装材料有限公司销售经理、荣晟环保副总经理、总裁兼董事。 东方金诚将持续关注上述事项后续进展情况，关注荣晟环保经营和财务状况的变化，并及时披 露相关事项对荣晟环保主体信用等级、评级展望以及"荣 23 转债"信用等级可能产生的影响。 特此公告。 东方金诚国际信用评估有限公司关于浙江荣晟环保纸业股份有限 公司控股股东、实际控制人被采取强制措施的关注公告1 东方金诚公告【2025】0228 号 东方金诚国际信用评估有限公司（以下简称"东方金诚"）受托对浙江荣晟环保纸业股份有限 公司（以下简称"荣晟环保"或"公司"）及其发行的"2023 ...

Group 1 - Guangdian Electric's wholly-owned subsidiary plans to sell 5.91% stake in Shanghai Winshun Electric Technology Co., Ltd. to Yapp Automotive Parts Co., Ltd. for 62.63 million yuan, aiming to optimize asset structure [1] - Anhui Natural Gas received approval for the registration of 500 million yuan short-term financing bonds and 600 million yuan medium-term notes, valid for two years [1] - Kirin Security received government subsidies totaling 6.48 million yuan, which are related to revenue [2] Group 2 - Junshi Biosciences received approval for two new indications for its self-developed drug, Oncorhynchus monoclonal antibody injection, targeting adult patients with heterozygous familial hypercholesterolemia and non-familial hypercholesterolemia [3] - China Resources Double Crane's subsidiary passed GMP compliance inspection for small and large volume injection production lines [4] - Nanjing Public Utilities' board approved the absorption and merger of its wholly-owned subsidiary, Nanjing Jinguang Industry Co., Ltd. [7] Group 3 - Boya Bio received drug registration certificate for human immunoglobulin (pH4) in the Dominican Republic, valid until August 12, 2029 [8] - Jizhi Co. announced that its controlling shareholder and actual controller committed not to reduce their shareholdings until December 31, 2025 [9] - Yuhua Tian won a bid for the integrated urban management project in Lanzhou City, with a total service subsidy of 353 million yuan [10] Group 4 - Anke Rui obtained five invention patent certificates related to various energy management and control technologies [11] - Kebo Da's wholly-owned subsidiary plans to acquire 100% of Czech IMI Company for approximately 9.43 million euros to enhance global production layout [13] - Yantian Port announced a cash dividend of 1.30 yuan per 10 shares, totaling 676 million yuan [14] Group 5 - Huawang Technology plans to distribute a cash dividend of 0.45 yuan per share and a capital reserve increase of 0.20 shares per share [15] - Kabe Yi established a wholly-owned subsidiary in Japan to enhance its business layout [16] - Dongcheng Pharmaceutical's subsidiary received approval for the marketing of sodium fluoride injection, a PET radiopharmaceutical [18] Group 6 - Huaxin New Materials' subsidiary received two utility model patent certificates for innovative devices [19] - Lingang Steel's new 2290 cubic meter blast furnace has been successfully put into operation [21] - Xinlitai received drug registration certificate for Sacubitril/Valsartan tablets, the first of its kind in China [23] Group 7 - Aike Co.'s subsidiary received project designation notices from multiple clients for electric drive platform components [25] - Tonghe Pharmaceutical received drug registration certificate for Apixaban in South Korea [26] - Junting Hotel signed a cooperation agreement with Choice Hotels for exclusive brand usage in mainland China [28] Group 8 - Guangdong Hongtu plans to establish a wholly-owned subsidiary in Zhengzhou to enhance market layout [30] - Yuheng Pharmaceutical signed a joint promotion agreement for Pemafibrate tablets with Xinghe Pharmaceutical [31] - Chongqing Steel terminated the absorption and merger of its wholly-owned subsidiary, citing strategic advantages of independent operation [33] Group 9 - Jihong Co. announced the listing of its H-shares on the Hong Kong Stock Exchange [34] - Deshi Co. announced plans for shareholders to reduce their holdings by up to 0.3% [36] - Xinhai Medical's subsidiary received medical device registration for a dialysis fluid filter [42]

Core Viewpoint - The stock of Rongsheng Environmental Protection (603165.SH) experienced a significant drop of 6.11% on May 27, closing at a market value of 2.97 billion yuan due to news regarding the personal issues of its controlling shareholder, Feng Ronghua [1][2]. Company Announcement - Rongsheng Environmental Protection announced that it received a notification regarding Feng Ronghua being taken into custody by law enforcement for personal reasons, clarifying that this matter is unrelated to the company and that its operations remain normal [2][4]. - The company confirmed that Feng Ronghua has resigned from all positions within the company, including Chairman and legal representative, due to reaching the statutory retirement age [4][5]. Shareholding Structure - Feng Ronghua held a 38.31% stake in the company, while other family members, including Zhang Yunfang and Feng Shengyu, held 4.77%, 4.31%, and 4.31% respectively [4]. Board Restructuring - Following Feng Ronghua's resignation, the board of directors elected Feng Shengyu as the new Chairman and head of the Strategic Committee, while Zhang Yunfang was appointed as a member of the Audit Committee [4][5]. - Feng Shengyu, born in 1992, has been with the company since 2018 and previously held positions including Sales Manager and Vice General Manager [5].

Core Viewpoint - The stock of Rongsheng Environmental Protection (603165.SH) dropped 5.34% to 11 CNY per share following the announcement of the detention of its controlling shareholder, Feng Ronghua, due to personal reasons, although the company stated that this matter does not affect its operations [2][4]. Group 1: Company Announcement - Rongsheng Environmental Protection announced that it received a notification regarding Feng Ronghua's detention, clarifying that it is a personal matter unrelated to the company, and that daily operations remain normal [2]. - The company confirmed that Feng Ronghua is no longer in any position within the company and that appropriate arrangements have been made for related work [2]. - The company emphasized its sound governance structure and internal control mechanisms, stating that it will operate in accordance with relevant laws and regulations [2]. Group 2: Leadership Changes - On May 24, the board of directors received Feng Ronghua's resignation due to reaching the legal retirement age, which also resulted in his resignation as the legal representative of the company [4][5]. - Following his resignation, Feng Ronghua no longer holds any position within the company, and the board approved the election of Feng Shengyu as the new chairman and head of the strategic committee, while Zhang Yunhua was elected as a member of the audit committee [4][5]. - Feng Shengyu, born in 1992, has been with the company since 2018 and has held various positions, including sales manager and vice president [5]. Group 3: Company Background - Rongsheng Environmental Protection was established in 1980, transitioned from a collective enterprise in 1998, completed its shareholding reform in 2004, and was listed on the Shanghai Stock Exchange in 2017 [5]. - The company operates in five major sectors: ecological papermaking, environmental thermal power, green packaging, industrial investment, and new energy materials, with products including high-grade cardboard, corrugated paper, and functional cartons [5].

《每日经济新闻》记者注意到，5月26日，荣晟环保公告称，接到前董事长冯荣华被公安机关采取强制 措施的通知，上述事件是冯荣华"个人原因"所导致。而就在5月24日，冯荣华才向荣晟环保递交了书面 辞职报告，辞职理由是退休。 董事长才退休两天 每经记者｜赵李南 每经编辑｜张海妮 荣晟环保（SH603165，股价11.62元，市值31.68亿元）前董事长冯荣华的命运迎来了突如其来的转折。 1965年出生的冯荣华，今年满60岁。自1998年荣晟环保的前身设立以来，冯荣华在漫长的岁月里不断打 拼，至2017年带领荣晟环保上市，这家公司也走进了公众视野。 今年5月24日，冯荣华向荣晟环保递交了书面辞职报告，辞职理由是退休。 "由于冯荣华已达到法定退休年龄，其提请辞去公司董事长、董事会战略委员会主任委员及董事会审计 委员会委员职务。"荣晟环保表示。 到了1998年，平湖市钟埭镇资产经营中心和冯荣华等签订《组建公司协议书》，约定拟设兴星纸业，注 册资本68.7万元。其中，平湖市钟埭镇资产经营中心出资9万元，冯荣华等出资59.7万元。 作为公司的创始人、实控人、董事长，荣晟环保感谢了冯荣华所做的贡献。 "冯荣华在公司任职期间勤勉尽 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, providing insights for investors [2] Group 1: Company Announcements - Shenghong Technology has preliminarily set the inquiry transfer price at 65.85 CNY per share, with 24 institutional investors participating and a total of 25.73 million shares to be transferred [3] - Foton Motor plans to establish a joint venture with EVE Energy, investing 500 million CNY to expand its new energy heavy truck business, with a 50% ownership stake [4] - Jiadu Technology disposed of 7.6647 million shares of CloudWalk Technology, realizing a post-tax investment loss of 16.29 million CNY, which is 14.18% of its 2024 net profit [6] - Chongqing Steel has decided to terminate the absorption merger of its wholly-owned subsidiary, believing that independent operation will better leverage its logistics capabilities [8] - Ha Welding Communication's products can be used in controllable nuclear fusion projects, but the revenue from this sector is currently minimal [9] Group 2: Shareholding Changes - Xinhua Medical's controlling shareholder plans to increase its stake in the company by 100 million to 200 million CNY within the next 12 months [10] Group 3: Major Contracts - Pingzhi Information signed a framework agreement for AI computing power technology services with China Telecom, totaling approximately 246 million CNY, which will not significantly impact the company's annual performance [12]

Group 1: Company Leadership Changes - Longi Green Energy announced that Li Zhenguo will resign from the positions of General Manager and Legal Representative to focus on R&D and technology management, while continuing as the head of the Central Research Institute and Chief Technology Officer [2] - The company appointed Zhong Baoshan as the new General Manager, and this leadership change is not expected to impact the company's operations [2] Group 2: Contracts and Agreements - Pingzhi Information signed an AI computing power technology service framework agreement with China Telecom's Shaanxi branch, with a total contract value of approximately 246 million yuan [3] - The actual execution amount will depend on specific orders, and the agreement is not expected to have a significant impact on the company's annual performance [3] Group 3: Share Issuance and Stock Transactions - *ST Songfa announced the issuance of 738 million new shares at a price of 10.16 yuan per share for asset acquisition [5] - Shenghong Technology set the preliminary inquiry transfer price at 65.85 yuan per share, with 24 institutional investors participating in the inquiry [3] Group 4: Shareholder Actions - Xinhua Medical's controlling shareholder plans to increase holdings by 100 million to 200 million yuan [6] - Several companies, including Yongmaotai and Green Harmony, announced plans for share reductions by up to 3% of total shares [6] Group 5: Corporate Developments - Rongsheng Environmental Protection reported that its controlling shareholder, Feng Ronghua, has been taken into custody by law enforcement, but this matter is unrelated to the company [4] - Chongqing Steel terminated the absorption merger with its wholly-owned subsidiary [7]