Group 1 - The core event involves a block trade of 4.0612 million shares of Weiming Environmental, with a transaction value of 74.037 million yuan, accounting for 44.34% of the total trading volume on that day [1] - The average transaction price was 18.23 yuan, which represents a discount of 5.2% compared to the market closing price of 19.23 yuan [1] - The highest transaction price recorded was 19 yuan, while the lowest was 17.25 yuan [1]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The Ministry of Finance's comprehensive debt reduction measures have been effectively implemented since the fourth quarter of last year, with a focus on accelerating the issuance of local government special bonds and improving cash flow for environmental sectors [2][4][20] - The report highlights that the average interest cost of replaced debts has decreased by over 2.5 percentage points, saving more than 450 billion yuan in interest expenses [4][19] - The report anticipates that the early allocation of part of the 2026 new local government debt limit will further enhance cash flow for various environmental sectors [4][20] Summary by Sections Debt Issuance Progress - As of August 2025, 40% of the 60 billion yuan special debt limit for 2024-2026 has been issued, with 27.8 billion yuan of new local government special bonds issued this year [4][19] - The issuance of special refinancing bonds for debt replacement has accelerated, with 99% of the 2 trillion yuan quota for 2025 already in place [6][21] Cash Flow Improvement - The report suggests that the acceleration of debt reduction will benefit multiple environmental sectors, particularly those with significant government receivables [7][36] - The focus on debt reduction is expected to lead to a substantial improvement in cash flow for To G enterprises, as the government is committed to resolving hidden debt risks [5][20] Investment Logic - Two recommended investment strategies are identified: 1. Value side: Focus on sectors with large absolute receivables and low risk, such as waste incineration and water operations [7][38] 2. Elasticity side: Pay attention to sectors with low price-to-book ratios and high government receivables, where performance is significantly affected by credit impairment losses [7][38] Special Debt Utilization - The report notes that the use of special bonds for clearing government debts has become a new purpose for local government special bonds, with a focus on addressing overdue payments to enterprises [6][35]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The Ministry of Ecology and Environment held a press conference on "High-Quality Completion of the 14th Five-Year Plan," indicating ongoing progress in the "dual carbon" policy [1] - Solid waste management and water governance policies are expected to strengthen the fundamentals of hazardous waste and water-related companies [13] - The demand for environmental monitoring equipment is anticipated to continue growing due to the ongoing "dual carbon" policy [13] Summary by Sections Industry Trends - Since the beginning of the 14th Five-Year Plan, the capacity for hazardous waste utilization and disposal has increased by 58.8%, and the capacity for municipal solid waste incineration has increased by 72.4% compared to the end of the 13th Five-Year Plan [10] - Over 3000 solid waste management projects have been implemented across 113 cities, with an investment of approximately 560 billion yuan [10] Solid Waste Management - The solid waste sector has seen a significant improvement in cash flow and dividend payouts, with a focus on operational efficiency and cost reduction [14] - The average revenue growth for the solid waste sector was 1%, with net profit increasing by 8% in the first half of 2025 [14] Water Management - The water sector is expected to experience a cash flow turnaround similar to that of the waste incineration sector, with a projected increase in free cash flow starting in 2026 [18] - Water pricing reforms are being implemented in cities like Guangzhou and Shenzhen, which may lead to a new round of price adjustments [18] Sanitation Equipment - The penetration rate of electric sanitation vehicles increased by 6.53 percentage points to 16.71% in the first eight months of 2025, with sales of electric sanitation vehicles rising by 69.34% year-on-year [22] - The total sales of sanitation vehicles reached 49,577 units, reflecting a year-on-year increase of 3.2% [22] Bio-Diesel - The average price of waste cooking oil increased to 6,713 yuan per ton, while the average price of biodiesel remained stable at 8,400 yuan per ton, resulting in a decrease in profit margins [34] Lithium Battery Recycling - The prices of metals and discounts on ternary battery materials have increased, leading to improved profitability in lithium battery recycling [39]

Core Viewpoint - The announcement from Zhejiang Weiming Environmental Co., Ltd. corrects the date of a significant equity change involving major shareholders, indicating a reduction in their combined shareholding from 74.84% to 70.00% due to various trading activities and the impact of convertible bonds [1][3][4]. Summary by Sections Equity Change Notification - The initial notification regarding the equity change mistakenly stated the start date as May 9, 2022, which has been corrected to May 9, 2020 [1][3]. - The equity change period is from May 9, 2020, to September 18, 2025, during which major shareholders reduced their holdings through various trading methods [3][4]. - The combined shareholding of major shareholders decreased from 74.84% to 70.00%, triggering a 5% threshold change [4]. Convertible Bonds Impact - The company issued 12 million convertible bonds (referred to as "Wei 20 Convertible Bonds") on November 2, 2020, with a total value of 120 million yuan [4]. - The bonds entered the conversion period on May 6, 2021, and were fully redeemed on December 6, 2021, leading to an increase in the total share capital by 46,698,549 shares [4]. - The conversion of these bonds resulted in a passive decrease in the shareholding percentage of the information disclosure obligors [4]. Employee Stock Ownership Plan Extension - The board approved an extension of the 2021 employee stock ownership plan by an additional 24 months, now set to expire on December 5, 2027 [6][11]. - The original duration of the plan was 24 months, from December 6, 2021, to December 5, 2023 [7]. - As of the announcement date, the employee stock ownership plan holds 13,789,772 shares, representing 0.81% of the current total share capital [9][11].

Group 1 - The core point of the article is that Weiming Environmental announced the extension of its 2021 employee stock ownership plan for an additional 24 months, now set to expire on December 5, 2027 [2] - The decision was made during the 19th meeting of the 7th Board of Directors held on September 19, 2025 [2] - This extension reflects the company's commitment to employee engagement and retention through equity participation [2] Group 2 - The announcement was made public on the evening of September 19 [2] - The original expiration date of the employee stock ownership plan was set for December 5, 2025, which has now been extended [2] - The move is expected to enhance employee motivation and align their interests with the company's long-term performance [2]

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。 | 证券代码：603568 | 证券简称：伟明环保 | 公告编号：临2025-062 | | --- | --- | --- | | 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 关于大股东及一致行动人权益变动触及5%刻度的提 示性公告的更正公告 浙江伟明环保股份有限公司（以下简称"公司"）于2025年9月19日在上海 证券交易所（www.sse.com.cn）披露了《浙江伟明环保股份有限公司关于大股东 及一致行动人权益变动触及5%刻度的提示性公告》（公告编号：临2025-060）和 《浙江伟明环保股份有限公司简式权益变动报告书》，现将有关情况更正补充如 下： 一、《浙江伟明环保股份有限公司关于大股东及一致行动人权益变动触及5% 刻度的提示性公告》之"二、权益变动触及5%刻度的基本情况"中权益变动起始 日期进行更正，由"2022年5月9日"更正为"2020年5月9日"，具体如下： ...

浙江伟明环保股份有限公司 简式权益变动报告书 （修订稿） 上市公司名称：浙江伟明环保股份有限公司 股票简称：伟明环保 股票代码：603568 股票上市地点：上海证券交易所 1 信息披露义务人之六：朱善银 住所：浙江省温州市龙湾区 通讯地址：浙江省温州市龙湾区 信息披露义务人之七：章锦福 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之八：章小建 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之一：伟明集团有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 信息披露义务人之二：项光明 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之三：温州市嘉伟实业有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 信息披露义务人之四：王素勤 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之五：朱善玉 住所：浙江省温州市龙湾区 通讯地址：浙 ...

浙江伟明环保股份有限公司 关于延长公司2021年员工持股计划存续期的公告 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。 浙江伟明环保股份有限公司（以下简称"公司"）于2025年9月19日召开了 第七届董事会第十九次会议，审议通过了《关于延长公司2021年员工持股计划存 续期的议案》，关联董事回避表决。董事会同意将公司2021年员工持股计划存续 期再延长24个月，存续期延长至2027年12月5日。现将相关事项公告如下： 一、公司2021年员工持股计划基本情况 1、根据第六届董事会第十次会议和2021年第一次临时股东大会审议通过《关 于〈浙江伟明环保股份有限公司2021年员工持股计划（草案）〉及其摘要的议案》， 公司2021年员工持股计划的原存续期为24个月，自公司股东大会审议通过本计划 草案之日起计算，即2021年12月6日至2023年12月5日。 | 证券代码：603568 | 证券简称：伟明环保 | 公告编号：临2025-061 | | --- | --- | --- | | 转债代码：113652 | 转债简称：伟22转 ...

信息披露义务人之一：伟明集团有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 浙江伟明环保股份有限公司 简式权益变动报告书 上市公司名称：浙江伟明环保股份有限公司 股票简称：伟明环保 股票代码：603568 股票上市地点：上海证券交易所 信息披露义务人之二：项光明 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之三：温州市嘉伟实业有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 信息披露义务人之四：王素勤 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之五：朱善玉 住所：浙江省温州市龙湾区 通讯地址：浙江省温州市龙湾区 信息披露义务人之六：朱善银 1 住所：浙江省温州市龙湾区 通讯地址：浙江省温州市龙湾区 信息披露义务人之七：章锦福 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之八：章小建 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿 ...

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-060 | | --- | --- | --- | --- | --- | --- | | 证券代码：113652 | 证券简称：伟 | 22 | 转债 | | | | 证券代码：113683 | 证券简称：伟 | 24 | 转债 | | | 浙江伟明环保股份有限公司 关于大股东及一致行动人权益变动触及 5%刻度的 提示性公告 大股东伟明集团有限公司、项光明、温州市嘉伟实业有限公司及其一 致行动人朱善玉、朱善银等保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 | 伟明集团有限公司 |  □ | 控股股东/实控人 控股股东/实控人的一致 | | | --- | --- | --- | --- | | | | | 91330304723622727G  | | | 行动人 | | □ 不适用 | | | □ | 其他直接持股股东 | | | 温州市嘉伟实业有限 | □ | 控股股东/实控人 | 913303047707 ...