重要内容提示： | 回购方案首次披露日 | 2024/10/25 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 7,201,232股 | | 累计已回购股数占总股本比例 | 2.64% | | 累计已回购金额 | 80,693,176.72元 | | 实际回购价格区间 | 10.77元/股~11.59元/股 | 一、 回购股份的基本情况 浙江荣晟环保纸业股份有限公司（以下简称"公司"）分别于 2024 年 10 月 23 日、2024 年 11 月 11 日召开第八届董事会第九次会议和 2024 年第三次临时股东大 会，逐项审议并通过了《关于 2024 年第二期以集中竞价交易方式回购公司股份的 议案》，同意公司使用自有资金或自筹资金（含银行回购专项贷款等）以集中竞价 交易方式回购公司股份，用于减少公司注册资本。本次回购价格不超过人民币 ...

Summary of Key Points Core Viewpoint - Rongsheng Environmental Protection (603165.SH) has repurchased a total of 7,201,232 shares, representing 2.64% of the company's total share capital as of August 31, 2025, through centralized bidding on the Shanghai Stock Exchange [1] Group 1: Share Repurchase Details - The highest price for the repurchased shares was 11.59 CNY per share, while the lowest price was 10.77 CNY per share [1] - The total amount spent on the share repurchase was 80,693,176.72 CNY, excluding transaction commissions and other fees [1] Group 2: Company Capital Structure - As of August 31, 2025, the total share capital of the company is 272,623,818 shares [1]

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Financial Performance - The company reported total revenue of 1.061 billion yuan for the first half of 2025, a decrease of 5.53% year-on-year [1] - The net profit attributable to shareholders was 115 million yuan, down 34.57% compared to the previous year [1] - In Q2 2025, total revenue was 528 million yuan, reflecting an 8.39% decline year-on-year, while net profit for the quarter was 44.43 million yuan, a decrease of 47.47% [1] - The gross margin was 13.05%, down 22.84% year-on-year, and the net margin was 10.84%, a decline of 30.74% [1] - Total operating expenses (selling, administrative, and financial) amounted to 57.91 million yuan, representing 5.46% of revenue, an increase of 128.95% year-on-year [1] Cash Flow and Debt - The company reported a significant decrease in cash and cash equivalents, with 126 million yuan, down 91.71% year-on-year [1] - The company's interest-bearing debt increased to 2.209 billion yuan, up 11.08% from the previous year [1] - The operating cash flow per share was -0.96 yuan, a decline of 485.21% year-on-year [1] Shareholder Returns - The company has consistently implemented cash dividends since its listing, distributing 5.00 yuan per 10 shares in May 2025, totaling approximately 131 million yuan [4] - The company emphasizes a long-term, stable, and sustainable profit distribution policy, with undistributed profits amounting to 1.478 billion yuan as of Q1 2025 [4] Operational Metrics - The company's return on invested capital (ROIC) was 8.09% last year, indicating average capital returns [3] - The average cash flow from operations over the past three years is only 11.13% of current liabilities, suggesting potential liquidity concerns [3] - The ratio of accounts receivable to profit reached 82.49%, indicating a high level of receivables relative to net profit [3]

Core Viewpoint - The company plans to distribute a cash dividend of 0.60 yuan per share (including tax) for the first half of 2025, amounting to a total of 154,727,337.60 yuan, which represents 134.52% of the net profit attributable to shareholders for the period [1][2][4]. Profit Distribution Plan - As of June 30, 2025, the company's distributable profit is 1,246,946,851.44 yuan, with a total share capital of 272,622,828 shares, minus 14,743,932 shares held in the repurchase account, resulting in 257,878,896 shares eligible for dividend distribution [1][2]. - The company will not issue bonus shares or convert capital reserves into share capital during this distribution [1][2]. Reasonableness of Cash Dividend Plan - The proposed cash dividend of 154,727,337.60 yuan accounts for 134.52% of the net profit attributable to shareholders and 12.41% of the company's undistributed profits at the end of the period [2][4]. - The plan considers the company's profitability, cash flow, debt repayment capacity, and future funding needs, ensuring it does not affect normal operations or future development [2][4]. Decision-Making Process - The board of directors approved the profit distribution plan during the 19th meeting on August 29, 2025, and it will be submitted for approval at the fourth extraordinary general meeting of shareholders in 2025 [5][6]. - The audit committee reviewed and approved the plan, confirming its compliance with relevant regulations and its alignment with the company's cash dividend policy [5].

Group 1 - The company held its 19th meeting of the 8th Board of Directors on August 29, 2025, with all 7 directors present, ensuring compliance with relevant laws and regulations [1] - The Board approved the half-year report for 2025 with unanimous support, indicating strong governance and oversight [2] - The Board also approved a special report on the use of raised funds for the first half of 2025, reflecting transparency in financial management [2] Group 2 - A profit distribution plan was proposed, suggesting a cash dividend distribution of RMB per 10 shares to shareholders registered on the equity registration date, pending shareholder approval [3] - The Board approved amendments to the company's articles of association, aligning with current legal requirements and company practices, which will also require shareholder approval [3][4] - Several internal governance documents, including the cumulative voting system and compensation management system, were revised to enhance operational efficiency and compliance [4][5] Group 3 - The Board agreed to convene the 4th extraordinary general meeting of shareholders on September 16, 2025, to discuss the approved proposals, indicating proactive engagement with shareholders [5]

Core Viewpoint - Rongsheng Environmental Protection (603165.SH) reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in the company's financial performance [1] Financial Performance - The company achieved revenue of 1.061 billion yuan, a year-on-year decrease of 5.53% [1] - The net profit attributable to shareholders was 115 million yuan, down 34.57% year-on-year [1] - The non-recurring net profit was 75.26 million yuan, reflecting a significant decline of 49.42% compared to the previous year [1] - Basic earnings per share stood at 0.44 yuan [1] Dividend Distribution - The company proposed a cash dividend of 6.00 yuan per 10 shares (including tax) [1]

证券日报网讯 8月29日晚间，荣晟环保发布公告称，公司第八届董事会第十九次会议审议通过了《关于 2025年半年度报告及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

Group 1 - The company reported a revenue of 1.061 billion RMB for the first half of 2025, representing a year-on-year decrease of 5.53% [1] - The net profit attributable to shareholders was 115 million RMB, down 34.57% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 75.26 million RMB, a decline of 49.42% compared to the previous year [1] - The basic earnings per share were 0.44 RMB [1] Group 2 - The company proposed a cash dividend of 6.00 RMB per 10 shares (including tax) [1]

浙江荣晟环保纸业股份有限公司 公司章程 2025 年 8 月修订 | 第一章 总则 | | --- | | 第二章 经营宗旨和范围 | | 第三章 股份 . | | 第一节 股份发行 . | | 第二节 股份增减和回购 | | 第三节 股份转让 . | | 第四章 股东和股东会 . | | 第一节 股东 . | | 第二节 控股股东和实际控制人 | | 第三节 股东会的一般规定 | | 第四节 股东会的召集 . | | 第五节 股东会的提案与通知 | | 第六节 股东会的召开 | | 第七节 股东会的表决和决议………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………18 | | 第五章 董事会 | | 第一节 董事 . | | 第二节 独立董事 | | 第三节 董事会 | | 第四节 董事会专门委员会 | | 第五节 董事会秘书 | | 第六章 高级管理人员 . | | 第七章 党的组织 . | | 第八章 财务会计制度、利润分配和审计 . | | 第一节 财务会计制度 . | | ...