法律意见书 君致（法）字[2025]313 号 北京市君致律师事务所 北京市东城区北三环东路 36 号环球贸易中心Ｂ座 11 层 邮编(100013) Add: 11/F, Tower B, Global Trade Center, No.36 North Third Ring Road East, Dongcheng District, Beijing, 100013, PRC Tel: 010-52213236/7 北京市君致律师事务所 BEIJING JUNZHI LAW FIRM 北京市东城区 北三环东路 36 -环球贸易中 心 B 座 11 层 关于景津装备股份有限公司 2022 年 限 制 性 股 票 激 励 计 划 部分限制性股票回购注销实施情况之 www.junzhilawyer.com 1 北京市君致律师事务所 关于景津装备股份有限公司 2022 年限制性股票激励计划部分限制性股票 回购注销实施情况之法律意见书 君致法字 2025313 号 致:景津装备股份有限公司 北京市君致律师事务所(以下简称"本所")接受景津装备股份有限公司(以 下简称"景津装备"或"公司")的委托,担任公司 2022 ...

Core Viewpoint - The company plans to distribute a cash dividend of 0.50 RMB per share (including tax) based on the total share capital registered on the dividend distribution date, with a total proposed cash dividend of 288.19 million RMB for the first three quarters of 2025 [2][3][4]. Group 1: Profit Distribution Plan - The company reported an undistributed profit of 2.23 billion RMB as of September 30, 2025, with a net profit attributable to shareholders of 435.41 million RMB for the same period [3]. - The profit distribution will not include stock dividends or capital reserve transfers, maintaining a consistent per-share distribution ratio even if the total share capital changes before the registration date [3][4]. - The total share capital, after excluding 84,000 shares for repurchase, is 576.37 million shares, leading to a total cash dividend distribution of 288.19 million RMB [3]. Group 2: Decision-Making Process - The company held its annual general meeting on May 13, 2025, which approved the mid-term dividend arrangement for 2025, authorizing the board to determine the specific distribution plan based on actual conditions [5]. - The board of directors convened on November 18, 2025, and unanimously approved the profit distribution plan, affirming its alignment with the company's operational needs and compliance with distribution policies [5].

Core Points - The company announced a cash dividend distribution plan for the first three quarters of 2025, proposing a cash dividend of 0.50 yuan per A-share (tax included) [2] - As of September 30, 2025, the total share capital of the company, after excluding 84,000 restricted shares to be repurchased and canceled, is 576,373,000 shares [2] - The total cash dividend to be distributed amounts to 288,186,500 yuan (tax included) based on the aforementioned share capital [2]

Core Viewpoint - Jingjin Equipment (603279.SH) has proposed a profit distribution plan for the first three quarters of 2025, aiming to continuously reward shareholders and share the company's operational achievements with all shareholders [1] Group 1: Profit Distribution Plan - The company plans to distribute a cash dividend of 0.50 yuan per share (tax included) to all shareholders based on the total share capital registered on the dividend distribution date [1] - No bonus shares will be issued, and there will be no capital reserve fund conversion into share capital in this profit distribution [1] - As of September 30, 2025, after excluding 84,000 shares that need to be repurchased and canceled, the total share capital is 576,373,000 shares, leading to a total proposed cash dividend distribution of 288 million yuan (tax included) [1]

证券代码：603279 证券简称：景津装备 公告编号：2025-035 景津装备股份有限公司 关于公司2025 年前三季度利润分配方案的公告 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。 重要内容提示： ●每股分配比例：A 股每股派发现金红利 0.50 元（含税）。 ●景津装备股份有限公司（以下简称"公司"）本次利润分配以实施权益分 派股权登记日登记的总股本为基数，具体日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前,公司总股本发生变动的，公司拟维持每 股分配比例不变，相应调整分配总额，并将在相关公告中披露。 ●根据公司 2024 年年度股东会对 2025 年度中期分红安排的相关授权，本次 利润分配方案无需提交股东会审议。 一、2025 年前三季度利润分配方案内容 截至 2025 年 9 月 30 日，公司母公司报表中期末未分配利润为人民币 2,227,808,186.90 元，合并报表中归属于上市公司股东的净利润为人民币 435,411,510.52 元（以上数据未经审计）。 拟以实施权益分派股权登记日登记 ...

Core Viewpoint - The company, Jingjin Equipment (603279.SH), has proposed a profit distribution plan for the first three quarters of 2025, aiming to reward shareholders and share the operational achievements of the company [1] Group 1: Profit Distribution Plan - The board of directors has proposed a cash dividend of 0.50 yuan per share (tax included) to all shareholders, based on the total share capital registered on the dividend distribution date [1] - The total number of shares for the dividend calculation is 576,373,000 shares, after excluding 84,000 shares that are subject to repurchase and cancellation [1] - The total cash dividend to be distributed amounts to 288 million yuan (tax included) [1]

会议召开时间：2025 年 11 月 26 日（星期三）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 19 日（星期三）至 11 月 25 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jjhbzqb@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 证券代码：603279 证券简称：景津装备 公告编号：2025-034 景津装备股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 景津装备股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Jingjin Equipment's net profit attributable to shareholders for Q1-Q3 2025 reached 435 million yuan, a decrease of 34.53% year-on-year, with Q3 alone showing a net profit of 107 million yuan, down 47.9% year-on-year. Despite the short-term pressure on performance, there is optimism regarding a rebound in demand driven by lithium battery sector recovery. [1] Company Performance - Jingjin Equipment's net profit for Q1-Q3 2025 was 435 million yuan, reflecting a year-on-year decline of 34.53% [1] - In Q3 2025, the company reported a net profit of 107 million yuan, which is a significant decrease of 47.9% compared to the same period last year [1] - Despite the decline in profits, the company's cash flow has shown growth, with net cash flow from operating activities significantly exceeding overall net profit, which is expected to support dividend distribution [1] Industry Outlook - The report highlights that several companies, including Fulim Precision, Longpan Technology, Hunan Youneng, and Fengyuan Co., have announced expansion plans, indicating a new round of capacity expansion in the lithium battery cathode materials sector [1] - There is an expectation for a reversal in demand within the filter press industry, driven by the recovery in the lithium battery market [1] - The overall sentiment remains positive, maintaining a "buy" rating for Jingjin Equipment based on the anticipated demand recovery [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Views - The company has faced short-term pressure on performance, primarily due to challenges in the new energy sector and product price declines. Revenue for the first three quarters of 2025 was 4.2 billion yuan, a decrease of 10.7% year-on-year, with net profit dropping by 34.53% to 435 million yuan [4][5]. - Despite the performance decline, the company’s operating cash flow has improved, with a net cash flow from operating activities of 658 million yuan, an increase of 11.73% year-on-year, which is expected to support dividend payouts [5]. - The report anticipates a demand rebound in the lithium battery sector, driven by new production expansions in lithium iron phosphate materials, which is expected to positively impact the filter press industry [6]. Summary by Sections Company Overview - Latest closing price: 16.72 yuan - Total shares: 576 million, with a total market capitalization of 9.6 billion yuan [3]. Financial Performance - For Q1-Q3 2025, the company reported a revenue of 4.2 billion yuan, a decrease of 10.7% year-on-year, and a net profit of 435 million yuan, down 34.53% [4][5]. - The gross margin decreased by 4.59 percentage points to 24.47%, while the expense ratio slightly increased to 9.48% [5]. Earnings Forecast and Valuation - Projected revenues for 2025-2027 are 5.55 billion, 6.22 billion, and 6.87 billion yuan, with year-on-year growth rates of -9.43%, 11.95%, and 10.47% respectively. Net profits are expected to be 601 million, 729 million, and 871 million yuan, with growth rates of -29.11%, 21.23%, and 19.49% [7][10]. - The estimated P/E ratios for 2025-2027 are 16.03, 13.22, and 11.06 [7].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].