| 转债代码：113652 | 转债简称：伟 22 转债 | | | | --- | --- | --- | --- | | 证券代码：603568 转债代码：113683 | 证券简称：伟明环保 转债简称：伟 24 转债 | 公告编号：临 | 2025-074 | 浙江伟明环保股份有限公司 关于入选印度尼西亚废物转化能源项目选定供应商 名单的公告 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。 二、 对公司的影响 公司具备垃圾焚烧发电技术研发、设备制造、项目投资建设运营方面突出的 综合实力，本次入选印度尼西亚垃圾焚烧发电项目选定供应商名单，显示了印度 尼西亚主权投资基金对公司财务、技术能力与项目投资、建设和运营管理水平的 认可，有助于公司将先进的垃圾处理技术和管理能力向一带一路国家输出，拓展 海外垃圾焚烧发电市场。本次入选选定供应商名单对公司 2025 年财务状况及经 营成果不会产生直接影响。 三、 风险提示 本次为公司入选印度尼西亚环境友好型废物转化能源项目选定供应商名单， 后续公司还需参加具体项目的合作伙伴选择程序，最终 ...

Group 1 - The company Weiming Environmental (603568) responded to investor inquiries on October 31, indicating that as of September 30, 2025, the number of shareholders is 27,765 [1]

Core Viewpoint - The company aims to expand its solid waste treatment capacity and enhance operational management and merger integration capabilities through the acquisition of Shengyun Environmental and Guoyuan Environmental, aligning with its long-term development strategy [1] Group 1 - The company has acquired Shengyun Environmental and Guoyuan Environmental to increase its solid waste treatment scale [1] - The acquisitions are part of the company's strategy to improve operational management and merger integration capabilities [1] - This strategic move is in line with the company's long-term development goals [1]

Core Viewpoint - Weiming Environmental Protection is a leading company in the domestic waste incineration power generation sector, showcasing strong financial performance and growth potential in various business segments [1][2][6]. Financial Performance - In Q3 2025, Weiming Environmental achieved a revenue of 5.88 billion yuan, ranking 6th among 35 companies in the industry, with the top company, Zhejiang Fu Holdings, generating 16.155 billion yuan [2]. - The net profit for the same period was 2.238 billion yuan, placing Weiming Environmental at the top of the industry, with the second-highest net profit being 1.828 billion yuan from Hanlan Environment [2][6]. Profitability and Debt Management - The company's debt-to-asset ratio stood at 44.87% in Q3 2025, lower than the industry average of 50.06%, indicating strong debt management capabilities [3]. - Weiming Environmental's gross profit margin was 49.57%, significantly higher than the industry average of 25.02%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.24% to 27,800, while the average number of circulating A-shares held per shareholder increased by 4.62% to 61,300 [5]. - The top ten circulating shareholders include notable entities such as Ruiyuan Balanced Value Mixed Fund and Hong Kong Central Clearing Limited, with changes in their holdings noted [5]. Business Highlights - The company reported a total waste input of 10.553 million tons and generated 2.82 billion kWh of electricity in Q3 2025, with new projects and green certificate trading showing progress [5][6]. - New equipment orders reached approximately 4.47 billion yuan, and the new materials project began to contribute to revenue, with both Jiama Company and Weiming Shengqing Company achieving profitability in Q3 [5][6]. Future Outlook - Analysts project Weiming Environmental's net profit to reach 3.05 billion yuan, 3.60 billion yuan, and 4.02 billion yuan for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5][6].

Core Viewpoint - Weiming Environmental announced the convening of its 2025 first extraordinary shareholders' meeting and reported its revenue composition for 2024, indicating a strong focus on industrial operations [1] Group 1: Company Announcement - Weiming Environmental's seventh board meeting was held on October 29, 2025, via telecommunication [1] - The meeting reviewed the proposal for the 2025 first extraordinary shareholders' meeting [1] Group 2: Financial Performance - For the year 2024, Weiming Environmental's revenue composition is as follows: 99.42% from industrial operations and 0.58% from other businesses [1] - The company's market capitalization is currently 37.7 billion yuan [1]

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-072 | | --- | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 | 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 | 24 | 转债 | | | 浙江伟明环保股份有限公司 关于不向下修正"伟 22 转债"转股价格的公告 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： 根据有关规定和《浙江伟明环保股份有限公司公开发行 A 股可转换公司债券 募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的"伟 22 转债"转股期自发行结束之日起满六个月后第一个交易日起至可转债到期日 止，即 2023 年 1 月 30 日至 2028 年 7 月 21 日。"伟 22 转债"初始转股价格为 32.85 元/股，最新转股价格为 27.27 元/股。历次转股价格调整情况如下： （一） 因公司实施 2023 年限制性股票激励计划，完成首 ...

| 转债代码：113652 转债代码：113683 | 转债简称：伟 22 转债简称：伟 24 | | | --- | --- | --- | | | 转债 转债 | | | | | 公告编号：临 | | 证券代码：603568 | 证券简称：伟明环保 | 2025-073 | 浙江伟明环保股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2025 年 11 月 19 日 14 点 00 分 股东大会召开日期：2025年11月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2025年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开地点：浙江省温州市府路 525 号同人恒玖大厦 16 楼公司 1 号会议室 (七) 涉及公开征集股东投 ...

| 证券代码：603568 | 证券简称：伟明环保 | | | | --- | --- | --- | --- | | | | 公告编号：临 | 2025-071 | | 转债代码：113652 | 转债简称：伟 22 转债 | | | | 转债代码：113683 | 转债简称：伟 24 转债 | | | 经审议，本次董事会表决通过以下事项： 1、 审议通过《关于不向下修正"伟 22 转债"转股价格的议案》 综合考虑公司的基本情况、股价走势、市场环境等多重因素，以及对公司长 期稳健发展与内在价值的信心，为维护全体投资者的利益，决定本次不向下修正 "伟22转债"转股价格，同时在未来三个月内（2025年10月30日至2026年1月29 日），如再次触及"伟22转债"转股价格向下修正条款，亦不提出向下修正方案。 自2026年1月30日开始重新起算，若再次触发"伟22转债"的转股价格向下修正 条件，届时公司董事会将再次召开会议决定是否行使"伟22转债"的转股价格向 下修正权利。 具 体 内 容 详 见 公 司 于 2025 年 10 月 30 日 在 上 海 证 券 交 易 所 网 站 浙江伟明环保股份有限公司 第七 ...

Core Viewpoint - The report highlights that prominent fund managers from Ruifeng Fund have increased their holdings in leading technology companies like Alibaba, indicating a strong belief in the potential of artificial intelligence as a major technological transformation following the internet era [1]. Fund Performance - The Ruifeng Growth Value Mixed Fund, managed by Fu Pengbo and Zhu Lin, saw a net value increase of over 50% in Q3, with A-class shares rising by 51.09%, outperforming the benchmark by 14.82%, marking the highest quarterly record since its inception in 2019 [1]. - The Ruifeng Balanced Value Three-Year Holding Mixed A Fund, managed by Zhao Feng, reported a net value growth rate of 19.29%, exceeding the benchmark return of 13.70% during the same period [3][4]. Portfolio Adjustments - The top ten holdings of the Ruifeng Growth Value Mixed Fund included stocks that doubled in price during Q3, such as Xinyi Technology, Shenghong Technology, and Cambricon, although these were reduced in the portfolio [1]. - The fund maintained a high stock asset allocation with over 90% in equities, and the top ten holdings accounted for 66% of the net value, showing a significant increase from the previous quarter [2][3]. Sector Focus - The fund managers expressed a continued positive outlook on artificial intelligence, focusing on sectors such as internet technology, optical modules, PCB, chips, and innovative pharmaceuticals [2][3]. - The report indicates that the concentration of holdings increased due to significant price rises in key stocks, particularly in the new energy and Apple supply chain sectors [3]. Investment Strategy - Zhao Feng emphasized that AI is becoming the largest technological transformation after the internet, with rapid adoption across various industries [5]. - The report notes that while there are uncertainties regarding the future returns from substantial investments in foundational models and data centers, leading internet companies are well-positioned financially to support these capital expenditures [6].

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]