Core Points - The company, Weiming Environmental Protection, announced that it will not exercise the right to lower the conversion price of the "Wei 22 Convertible Bonds" during the upcoming month from September 3, 2025, to October 2, 2025 [2] - If the conversion price adjustment clause is triggered again after October 3, 2025, the board will hold another meeting to decide whether to exercise the right to lower the conversion price [2] Summary by Sections - **Company Decision**: The board of Weiming Environmental Protection has decided not to lower the conversion price of the "Wei 22 Convertible Bonds" [2] - **Future Considerations**: The company will reassess the situation after October 3, 2025, if the conversion price adjustment clause is triggered again [2]

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-059 | | --- | --- | --- | --- | --- | --- | | 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 | | | 自 2025 年 8 月 13 日至 2025 年 9 月 2 日，浙江伟明环保股份有限公司 （简称"公司"）股票已出现任意连续三十个交易日中至少有十五个交 易日的收盘价低于当期"伟 22 转债"转股价格的 90%的情形，已触发"伟 22 转债"转股价格向下修正条款。 经公司第七届董事会第十八次会议审议通过，公司董事会决定本次不行 使"伟 22 转债"的转股价格向下修正的权利，且在未来一个月内（2025 年 9 月 3 日至 2025 年 10 月 2 日），如再次触发可转债的转股价格向下 修正条款，亦不提出向下修正方案。自 2025 年 10 月 3 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款，届时公司董事会 将再次召开会议决定是否行使"伟 22 转债 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11]. Core Insights - The environmental protection sector showed a slight increase in net profit, with a year-on-year growth of 1.32% in the first half of 2025, despite a slight decline in revenue [6][22]. - The performance of waste incineration and water services remains stable, while the overall growth of the sector is hindered by declines in air quality and recycling resources [6][22]. - The industry is transitioning towards a ToB model, which is expected to accelerate valuation recovery [9]. Summary by Sections Performance Overview - In H1 2025, the environmental protection sector achieved revenue of 142.1 billion yuan, a decrease of 0.20% year-on-year, and a net profit of 13.7 billion yuan, an increase of 1.32% [6][22]. - The gross profit margin improved to 28.7%, up by 0.30 percentage points year-on-year [6][22]. Income Statement - The sector's net profit growth is primarily driven by stable performance in waste incineration and water operations, while the recycling and air quality segments experienced declines [22][24]. - Waste incineration saw revenue growth of 1.81% and net profit growth of 9.31% in H1 2025 [23]. - Water operations reported a slight revenue decline of 1.38% but a net profit increase of 1.79% [30]. Balance Sheet - The environmental protection sector's debt ratio was 57.7%, showing a slight increase of 0.27 percentage points year-on-year [7]. - Accounts receivable and related assets continue to rise, indicating potential cash flow challenges [7]. Cash Flow Statement - The cash collection ratio improved to 93.5%, up by 3.9 percentage points year-on-year, with net cash flow from operating activities reaching 10.44 billion yuan, an increase of 13.8% [8]. - Investment activities showed a net expenditure of 27.4 billion yuan, primarily directed towards waste incineration and water operations [8]. Investment Strategy - The report recommends continued investment in waste incineration and water services, highlighting that the sector can support a price-to-earnings ratio of 14x-16x, while many quality stocks are currently trading at 10x-12x [9]. - The report suggests potential growth opportunities in various segments, including testing services and energy conservation [9].

Group 1 - The core viewpoint of the article highlights the recognition of Cheng Peng, the Secretary of the Board of Weiming Environmental Protection, who received the 10-Year Achievement Award at the 11th Jin Qilin Golden Secretary Honor List [1][2] - The Jin Qilin Golden Secretary selection has been held for eleven years, recognizing over 900 outstanding secretaries, and is considered a highly authoritative award in the industry [1] - The role of a Secretary of the Board is multifaceted, acting as a key link between the company and the capital market, ensuring compliance, and enhancing investor relations [1][2] Group 2 - Cheng Peng is recognized as an outstanding representative of secretaries, demonstrating exceptional capabilities in capital communication, compliance governance, and strategic collaboration [2] - The award reflects the market and investors' high recognition of Weiming Environmental Protection's governance level and value growth [2]

Market Overview - The Shanghai Composite Index is at 3864.71 points, above the six-month moving average, with a change of 0.18% [1] - The total trading volume of A-shares is 138.21 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 90 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Sanjiang Shopping (601116) with a deviation rate of 7.87% and a daily increase of 10.03% [1] - Xingyuan Environment (300266) with a deviation rate of 4.84% and a daily increase of 6.27% [1] - Pano Technology (831175) with a deviation rate of 4.55% and a daily increase of 6.93% [1] Stocks with Smaller Deviation Rates - Stocks like Ningbo Port, Weiming Environmental Protection, and Sanbian Technology have just crossed the six-month moving average with smaller deviation rates [1] - The table lists various stocks with their respective daily change percentages, turnover rates, six-month moving averages, latest prices, and deviation rates [1][2]

Core Viewpoint - The financial performance and trading activity of Weiming Environmental Protection Co., Ltd. indicate a mixed outlook, with a slight decline in revenue but a modest increase in net profit, alongside significant trading volumes in both margin financing and securities lending [1][2]. Group 1: Financial Performance - As of June 30, 2025, Weiming Environmental reported operating revenue of 3.904 billion yuan, a year-on-year decrease of 5.10% [2]. - The net profit attributable to shareholders for the same period was 1.425 billion yuan, reflecting a slight increase of 0.13% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 2.969 billion yuan, with 1.492 billion yuan distributed over the past three years [2]. Group 2: Trading Activity - On August 28, 2023, Weiming Environmental's stock price fell by 0.31%, with a trading volume of 195 million yuan [1]. - The margin financing data for the same day showed a buying amount of 21.34 million yuan and a repayment of 23.38 million yuan, resulting in a net margin buy of -2.04 million yuan [1]. - The total margin financing and securities lending balance reached 473 million yuan, with the financing balance accounting for 1.43% of the circulating market value, indicating a high level compared to the past year [1]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Weiming Environmental was 29,000, an increase of 4.60% from the previous period [2]. - The average number of circulating shares per shareholder was 58,577, which decreased by 4.40% compared to the previous period [2]. - The top ten circulating shareholders include notable entities such as Ruiyuan Balanced Value Three-Year Holding Mixed A, holding 28 million shares, and Hong Kong Central Clearing Limited, holding 22.37 million shares, with the latter reducing its holdings by 1.92 million shares [2].

Core Viewpoint - Weiming Environmental announced significant external guarantees totaling approximately 11.588 billion yuan, which represents 77.14% of the company's audited net assets for 2024 [1] Group 1: External Guarantees - The total external guarantees provided by the company and its subsidiaries amount to approximately 11.588 billion yuan, accounting for 77.14% of the company's audited net assets for 2024 [1] - The actual balance of external guarantees is about 4.633 billion yuan, which is 30.84% of the company's audited net assets for 2024 [1] - Guarantees provided to subsidiaries total approximately 9.588 billion yuan, representing 63.82% of the company's audited net assets for 2024, with an actual balance of about 3.562 billion yuan, or 23.71% of the net assets [1] - Guarantees to associated companies amount to 2 billion yuan, which is 13.31% of the company's audited net assets for 2024, with an actual balance of approximately 1.07 billion yuan, or 7.12% of the net assets [1] Group 2: Revenue Composition - For the year 2024, the revenue composition of Weiming Environmental shows that industrial operations account for 99.42% of total revenue, while other businesses contribute 0.58% [1]

Core Viewpoint - The company, Weiming Environmental Protection, has signed a guarantee contract with China Construction Bank to provide a maximum guarantee amount of RMB 200 million for its subsidiary, Jiama New Energy Co., Ltd. [1] Summary by Relevant Sections - **Guarantee Details** - The company will provide a maximum guarantee of RMB 200 million for a series of debts under the main contract signed by its subsidiary with China Construction Bank [1] - The actual guarantee balance provided by the company before this guarantee was RMB 1,041.85 million [1] - This guarantee falls within the previously estimated limit and includes counter-guarantees [1]

担保对象及基本情况 | 嘉曼新能源有限公司（PT | JIAMAN | 被担保人名称 | NEW | ENERGY，以下简称"嘉曼公司"） | | | --- | --- | --- | --- | --- | --- | | 本次担保金额 | 20,000 | 万元 | 担 | 保 | 对 | | 实际为其提供的担保余额 | 104,185.03 | 万元（本次担保前） | 象 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | □否 | □不适用：_________ | | | 累计担保情况 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： | 对外担保逾期的累计金额（万元） | | 0.00 | | --- | --- | --- | | 截至 2025 年 8 月 26 日公司及其 控股子公司对外担保总额（万元） | | 1,158,830.41 | | 对外担保总额占上市公司最近一 | | 77.14 | | 期 ...

Core Viewpoint - The major shareholders of Weiming Environmental Protection (伟明环保) plan to reduce their holdings by up to 26,395,390 shares, accounting for 1.55% of the company's total share capital, through centralized bidding and block trading within three months after the announcement [1][2]. Shareholding Structure - As of the announcement date, the major shareholders, including Xiang Guangming and others, hold a total of 267,897,057 shares, representing 15.72% of the company's total share capital [2]. - Xiang Guangming holds 170,630,782 shares (10.01%), Zhu Shanyu holds 53,286,983 shares (3.13%), and other shareholders hold smaller percentages [2]. Reduction Plan Details - The reduction plan will not significantly impact the company's governance structure, equity structure, or ongoing operations [3]. - The shareholders will limit their total share reduction to 1% of the total share capital through centralized bidding and 2% through block trading within any consecutive 90-day period [1]. Previous Reductions - The major shareholders have previously reduced their holdings, with Xiang Guangming having cashed out approximately 41.77 million yuan from selling 1.13 million shares since December 2021 [4][5]. - Zhu Shanyu has cumulatively reduced 18.09 million shares, cashing out around 44.5 million yuan since August 2018 [6][7]. - Zhang Jinfeng and Zhang Xiaojian have also reduced their holdings, with Zhang Jinfeng cashing out approximately 8.87 million yuan from selling 3.27 million shares [8].