Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - Since 2024, some waste incineration and water service companies have announced reductions in loan interest rates and financial expenses, which are expected to contribute positively to their performance in a low-interest environment [2][16] - The report emphasizes the importance of focusing on companies with stable performance, increased dividends, valuation recovery, and declining borrowing costs in the waste incineration and water service sectors [6][40] Summary by Sections Debt Situation - Waste incineration and water service projects typically have a high debt financing ratio, often around 70%. These projects require significant upfront investment over 1-2 years, followed by a 20-30 year period to recover costs through operational income [4][17] - As of the end of 2024, the outstanding debt for major companies in the sector includes: - China Everbright International: 91.7 billion HKD - Conch Venture: 28.2 billion HKD - Hanlan Environment: 16.3 billion CNY - Beijing Enterprises Water Group: 75.5 billion CNY - Yuehai Investment: 23.9 billion HKD - Xingrong Environment: 14.8 billion CNY [4][17] Trends in Debt Ratios - The debt ratio for waste incineration companies has shown a declining trend over the past two years, while the increase in water service companies' debt ratios has slowed down [5][21] Impact of Borrowing Costs - Since 2018, interest rates have been on a downward trend, and as new project loan rates decrease, some companies are replacing high-interest loans. This could lead to further reductions in borrowing costs, positively impacting the performance of waste incineration and water service companies [6][31] - The report recommends focusing on companies in the waste incineration and water service sectors that exhibit stable performance and declining borrowing costs, highlighting companies such as Hanlan Environment, Xingrong Environment, China Everbright International, and others [6][40] Performance Sensitivity to Borrowing Costs - If the average borrowing cost decreases by 10, 30, or 50 basis points in 2025, the estimated profit elasticity for leading companies such as Beijing Enterprises Water Group, China Everbright International, and Green Power will be 3.62%, 10.86%, and 18.10% respectively [38] - If the average borrowing cost reaches 2.50% in 2025, the profit elasticity for top companies will be significantly higher, with estimates of 28.28% for Yuehai Investment and 20.57% for Beijing Enterprises Water Group [38] Industry Growth and Transformation - The waste incineration and water service sectors are experiencing steady growth, improved cash flow, and increased dividends. Recent market reforms are pushing the industry towards a transformation from government-oriented (To G) to business and consumer-oriented (To B, To C) models, which is expected to accelerate valuation recovery [6][40]

Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that the third extraordinary general meeting of shareholders of Zhejiang Rongsheng Environmental Paper Co., Ltd. held in 2025 was conducted in compliance with relevant laws and regulations, ensuring the legality and validity of the meeting procedures and outcomes [2][3][5]. Group 1: Meeting Organization and Procedures - The meeting was convened by the company's board of directors, with the notice published on July 8, 2025, ensuring a 15-day notice period before the meeting [3][4]. - The meeting took place on July 23, 2025, at the company's conference room, presided over by the chairman [3][4]. - The voting method combined on-site and online voting, with specific time slots for online voting [4]. Group 2: Attendance and Voting Results - A total of 144 shareholders and their proxies attended the meeting, representing 152,572,633 shares, which is 58.5663% of the total voting shares [5][6]. - The voting results showed overwhelming support for the proposals, with the majority of votes in favor, including 99.3463% for one of the resolutions [6][7][9]. - The legal opinion confirmed that all attendees had valid qualifications and that the voting procedures adhered to legal requirements [6][8]. Group 3: Conclusion - The legal opinion concluded that all aspects of the meeting, including the convening, attendance, and voting procedures, complied with the Company Law and relevant regulations, affirming the legality and validity of the meeting [8].

Meeting Details - The shareholders' meeting was held on July 23, 2025, at the company's conference room in Jiaxing, Zhejiang Province [1] - The attendance rate of ordinary shareholders and preferred shareholders with restored voting rights was 59.2042% [1] Voting Process - The meeting was conducted with a combination of on-site and online voting, presided over by Mr. Feng Shengyu [1] - The procedures for convening and holding the meeting complied with the Company Law and the company's articles of association [1] Resolutions Passed - All non-cumulative voting proposals were approved with significant support from shareholders, with the following voting results: - Proposal 1: 151,575,394 votes in favor (99.3463%) [1] - Proposal 2: 151,545,634 votes in favor (99.3268%) [1] - Proposal 3: 151,515,334 votes in favor (99.3070%) [1] - Proposal 4: 151,523,234 votes in favor (99.3121%) [1] - Proposal 5: 151,522,994 votes in favor (99.3120%) [1] Legal Compliance - The meeting's procedures, qualifications of attendees, and voting results were confirmed to be in accordance with legal regulations and the company's articles of association [2]

为保障职工民主决策、民主管理、民主监督的权利，促进浙江荣晟环保纸业 股份有限公司（以下简称"公司"）健康发展，根据《公司法》《公司章程》的 规定，公司于 2025 年 7 月 23 日召开职工代表大会，经与会职工代表表决，同意 选举顾永明同志（简历详见附件）为公司第八届董事会职工代表董事，任期自本 次职工代表大会审议通过之日起至公司第八届董事会任期届满之日止。 证券代码：603165 证券简称：荣晟环保 公告编号：2025-066 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 关于选举职工代表董事的公告 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。 顾永明先生与公司控股股东及实际控制人、持股 5%以上股东及公司其他董 事、高级管理人员不存在关联关系。截至本公告披露日，顾永明先生未持有公 司股份，不存在《公司法》等法律法规规定的不得担任董事的情形及被中国证 监会采取不得担任上市公司董事、高级管理人员的市场禁入措施并且尚未解除 的情形，未受过中国证券监督管理委员会行政处罚和证券交易所公开谴责或通 ...

浙江荣晟环保纸业股份有限公司 关于选举职工代表董事的公告 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。 为保障职工民主决策、民主管理、民主监督的权利，促进浙江荣晟环保纸业 股份有限公司（以下简称"公司"）健康发展，根据《公司法》《公司章程》的 规定，公司于 2025 年 7 月 23 日召开职工代表大会，经与会职工代表表决，同意 选举顾永明同志（简历详见附件）为公司第八届董事会职工代表董事，任期自本 次职工代表大会审议通过之日起至公司第八届董事会任期届满之日止。 顾永明先生当选职工代表董事后，与公司第八届董事会其他非职工代表担任 的董事共同组成第八届董事会。公司董事会成员数量仍为 7 名，其中兼任公司高 级管理人员以及由职工代表担任的董事人数总计不超过公司董事总数的二分之 一，符合相关法律法规及规范性文件的要求。 | 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-066 | | --- | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 23 | 转债 | | ...

证券代码：603165 证券简称：荣晟环保 公告编号：2025-065 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年第三次临时股东大会决议公告 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 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 23 日 (二)股东大会召开的地点：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 审议结果：通过 表决情况： (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 | 144 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 152,572,633 | | 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（%） | 59.2042 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，冯晟宇 ...

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 年第三次临时股东大会的 法律意见书 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 年第三次临时股东大会（以 下简称"本次股东大会"）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，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出具该法律意见书所需的相关文件、 资料，并参加了公司本次股东大会的全过程。本所保证本法律意见书所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并愿意承担相应法律责任。 锦 天 域 律师事务 所 ALLBRIG ...

| 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-067 | | --- | --- | --- | --- | | 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 二、董事会审议情况 （一）审议通过《关于选举代表公司执行公司事务的董事的议案》 公司董事会同意选举董事长冯晟宇先生为代表公司执行公司事务的董事，担 任法定代表人，任期至第八届董事会届满之日止。 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 浙江荣晟环保纸业股份有限公司（以下简称"公司"）于 2025 年 7 月 23 日在公司会议室以现场方式召开第八届董事会第十七次会议。会议通知已于 2025 年 7 月 23 日以电话、口头等方式发出，经全体董事一致同意豁免本次会议 通知时限要求。会议由冯晟宇董事长主持，应当出席董事 7 人，实际出席董事 7 人。公司高级管理人员列席了本次会议。本次会议的召集和召开符合《中华人民 共和国公司法》及《公司章程》等有关规定，所作的 ...

Group 1 - The paper industry is experiencing a significant upward trend, with notable stock price increases for several companies [1] - Jingxing Paper Industry (002067) has reached its daily limit increase, indicating strong market performance [1] - Rongsheng Environmental Protection (603165) has seen a rise of over 9%, reflecting positive investor sentiment [1] Group 2 - Other companies in the sector, such as Sun Paper Industry (002078), Minfeng Special Paper (600235), and Yueyang Forest Paper (600963), are also witnessing stock price increases, suggesting a broader industry rally [1]

浙江荣晟环保纸业股份有限公司 2025 年第三次临时股东大会 会议资料 （证券代码：603165） 二〇二五年七月二十三日 1 浙江荣晟环保纸业股份有限公司 2025 年第三次临时股东大会会议资料 目 录 | 2025 年第三次临时股东大会会议须知 1 | | --- | | 2025 年第三次临时股东大会会议议程 3 | | 议案一：关于取消监事会、变更注册资本并修订《公司章程》的议案 5 | | 议案二：关于修订公司《股东会议事规则》的议案 58 | | 议案三：关于修订公司《董事会议事规则》的议案 59 | | 议案四：关于修订公司《独立董事工作制度》的议案 60 | | 议案五：关于修订公司《对外投资管理制度》的议案 61 | | 议案六：关于修订公司《对外担保管理制度》的议案 62 | | 议案七：关于修订公司《防范控股股东、实际控制人及其他关联方占用公司资金 | | 管理制度》的议案 63 | | 议案八：关于修订公司《关联交易管理制度》的议案 64 | | 议案九：关于修订公司《募集资金管理制度》的议案 65 | | 议案十：关于修订公司《会计师事务所选聘制度》的议案 66 | 2 浙江荣晟环保 ...