| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-053 | | --- | --- | --- | --- | --- | | 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 第七届监事会第十一次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 监事会认为：公司2025年半年度报告的编制和审议程序符合法律、行政法规、 中国证监会和公司章程等各项规定，报告的内容能够真实、准确、完整地反映公 司2025年上半年度的经营情况。 具 体 内 容 详 见 公 司 于 2025 年 8 月 23 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《浙江伟明环保股份有限公司 2025 年半年度报告及 摘要》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 2、 审议通过《公司 2025 年半年度募集资金存放 ...

浙江伟明环保股份有限公司 第七届董事会第十七次会议决议公告 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。 一、 董事会会议召开情况 浙江伟明环保股份有限公司（以下简称"本公司"或"公司"）于2025年8 月15日以电子邮件的方式发出会议通知，并于2025年8月22日在公司会议室以现 场结合通讯方式召开第七届董事会第十七次会议。会议应到董事9名，实到董事9 名，公司监事、高级管理人员列席了会议。会议由董事长项光明先生主持。本次 会议的召集、召开和表决程序符合《中华人民共和国公司法》《公司章程》的规 定，会议合法有效。 二、 董事会会议审议情况 经审议，本次董事会表决通过以下事项： 1、审议通过《公司 2025 年半年度报告全文及摘要》 | 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-052 | | --- | --- | --- | --- | --- | | 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 ...

Financial Performance - The company's operating revenue for the first half of 2025 was approximately ¥3.90 billion, a decrease of 5.10% compared to ¥4.11 billion in the same period last year[22] - Total profit for the first half of 2025 reached approximately ¥1.66 billion, reflecting a slight increase of 2.20% from ¥1.63 billion in the previous year[22] - The net profit attributable to shareholders of the listed company was approximately ¥1.42 billion, showing a marginal increase of 0.13% compared to ¥1.42 billion in the same period last year[22] - The net cash flow from operating activities was approximately ¥1.32 billion, an increase of 0.86% from ¥1.31 billion in the previous year[22] - The basic earnings per share for the first half of 2025 remained stable at ¥0.84, unchanged from the same period last year[23] - The diluted earnings per share increased to ¥0.82, up 1.23% from ¥0.81 in the previous year[23] - The weighted average return on net assets decreased to 10.16%, down 2.03 percentage points from 12.19% in the previous year[24] - The net profit after deducting the impact of share-based payments for the current reporting period is CNY 1,480,183,136.59, a slight increase of 0.19% compared to CNY 1,477,361,988.30 in the same period last year[27] - The company reported a total comprehensive income of CNY 1,471,029,794.10 for the first half of 2025, compared to CNY 1,460,825,225.94 in the same period last year, indicating a growth of 0.7%[178] Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥29.19 billion, representing a growth of 6.22% from ¥27.48 billion at the end of the previous year[22] - The net assets attributable to shareholders of the listed company increased to approximately ¥13.93 billion, a rise of 4.66% from ¥13.31 billion at the end of the previous year[22] - The company's total assets include ¥3,100,473,341.10 in overseas assets, accounting for 10.62% of total assets[67] - The total liabilities increased to CNY 2,796,698,440.66 from CNY 2,721,600,067.27 year-over-year, marking a rise of 2.8%[174] - Total equity decreased to CNY 6,865,056,902.57 from CNY 7,050,756,006.43, a decline of 2.6%[174] - The total owner's equity at the end of the reporting period is approximately CNY 12.53 billion, with a significant increase from the previous period[193] Revenue Streams and Business Segments - The company's main products include electricity sales, waste disposal services, and equipment sales, with revenue generated from power generation and waste treatment fees[39] - The company is one of the largest low-carbon environmental service providers in China, focusing on three main business segments: environmental governance, equipment manufacturing, and new energy materials[37] - The company's environmental project operating revenue reached RMB 1.711 billion, while equipment, EPC, and service revenue amounted to RMB 2.175 billion in the first half of the year[43] - The company processed 655,680 tons of municipal waste and 23,980 tons of kitchen waste in the first half of 2025, with a total electricity generated of 1.863 billion kWh[43] Investments and Projects - The company has invested in a nickel metal smelting project in Indonesia and is establishing a lithium battery new materials industrial base in China, producing battery-grade nickel sulfate, electrolytic nickel, and ternary precursor materials[38] - The company is actively exploring overseas market layouts and diversifying revenue channels to enhance profitability and market competitiveness[30] - The company plans to jointly invest $18 million in a nickel project in Singapore, with a total project investment not exceeding $500 million[109] Research and Development - The company emphasizes the importance of technology research and development, with measures in place to protect core technologies and prevent leakage[79] - The company has added 12 invention patents, 28 utility model patents, and 9 software copyrights in the reporting period, enhancing its technological barriers[81] - The company is actively engaged in the research and development of new materials equipment, including nickel metallurgy and environmental protection equipment, to support its projects and generate external sales revenue[38] Governance and Compliance - The company is focusing on enhancing governance and compliance, having established a more comprehensive corporate governance system in response to regulatory changes[82] - The company has implemented a robust investor relations management system, including various communication channels to ensure transparency and fairness in information disclosure[82] - The company is enhancing its governance structure to mitigate management risks associated with its controlling shareholder's influence[79] Social Responsibility - The company donated a total of RMB 1.2427 million in charitable contributions in the first half of the year, reflecting its commitment to social responsibility[95] - The company has committed RMB 500,000 to support infrastructure development in Cangnan County and RMB 300,000 for talent cultivation in the Longwan District education development fund[95] Market Trends and Industry Outlook - The domestic waste incineration power generation industry is transitioning from a high-speed development phase to a high-quality development phase, facing new opportunities and challenges[30] - The growth potential for waste incineration capacity remains, particularly in the central and western regions of China, despite a slowdown in growth rates since 2021[33] - The global sales of new energy vehicles are expected to exceed 17 million units in 2024, with a year-on-year growth of 26%[35] - The Chinese government continues to provide strong support for the new energy vehicle industry, emphasizing its importance in achieving carbon neutrality goals[35] Financial Management - The company has a low asset-liability ratio, indicating strong financing capabilities and a solid financial position[57] - The company reported a significant decrease in investment amounting to ¥9,828,546.00, down 97.69% from ¥424,759,983.22 in the previous year[68] - The cash flow from financing activities decreased by 162.70% to -¥257,400,210.13, compared to ¥410,512,196.31 last year[61] Shareholder Information - The company distributed cash dividends totaling 813 million yuan for the 2024 fiscal year, marking the highest single dividend payout in its history[81] - The company has maintained a cumulative cash dividend of nearly 3 billion yuan since its listing, with the last three years' dividends accounting for 69.77% of the average annual net profit attributable to the parent company[82] - The largest shareholder, Weiming Group Co., Ltd., holds 696,373,119 shares, accounting for 40.85% of the total shares[143]

Core Insights - Zhejiang Weiming Hongxia Steel Structure Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The company is co-owned by Weiming Environmental Protection's wholly-owned subsidiary Weiming Environmental Equipment Group Co., Ltd. and Hongxia Construction Co., Ltd. [1] Company Overview - The legal representative of the newly established company is Wang Jinghong [1] - The business scope includes metal structure manufacturing, metal materials manufacturing, metal materials sales, new materials technology research and development, and development and sales of industrial robots [1]

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed company secretaries in 2024, averaging 754,300 yuan per year [1] - The average salary for company secretaries in the environmental governance sector is approximately 643,400 yuan, with the highest salary being 1.5239 million yuan and the lowest at 135,500 yuan [1] Salary Trends - The average salary for company secretaries in 2024 decreased by 16,300 yuan compared to 2023, representing a decline of 4% [3] - The distribution of salaries shows that the majority (49%) of company secretaries earn between 500,000 and 1 million yuan [1] Age and Education Distribution - The average age of company secretaries is approximately 44.29 years, with the majority (49%) aged between 40 and 49 [3] - Educational qualifications show that there are 2 PhDs, 38 Master's degrees, 44 Bachelor's degrees, and 3 Associate degrees among company secretaries, with corresponding average salaries of 1.127 million yuan, 653,600 yuan, 616,500 yuan, and 490,100 yuan respectively [5] Compliance and Violations - A total of 9 company secretaries received warnings or public notifications for violations in 2024-2025 [7] - Specific cases include: - Zhuang Jianlong from Guozhong Water received 2 warnings and was fined 1.75 million yuan for non-compliance, with a salary of 370,000 yuan [8] - Fang Guangquan from Jinyuan Co. received 2 warnings and was fined 400,000 yuan, with a salary of 1.0978 million yuan [9]

作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平 分行业来看，环保-环境治理行业（申万二级行业）上市公司财务总监CFO 2024年薪酬平均数约为68.52万元。其中薪酬最高为绿色动力易智勇，2024年薪酬高达155万元；薪酬最低为清水源 从年龄结构来看，财务总监CFO的年龄平均数约为47.15岁，其中40-49岁最多，人数共41人，占比约57%。其中，年龄最大的为艾布鲁殷明坤，75岁高龄，2024年薪酬为48万元；年龄最小的 从学历分布来看，博士、硕士、本科、大专分别为2人、18人、46人及4人，对应平均薪酬分别为94.21万元、79.32万元、63.95万元及54.58万元，整体学历较高，且学历与薪酬呈正相关关 从公司业绩及薪酬关系来看，财务总监CFO作为公司高管，其薪酬应与公司业绩挂钩，形成一定激励，驱动高管为公司盈利发力，然而行业内却出现了薪酬与公司业绩倒挂的情况：雪浪环境王惠 从违规情况来看，行业内共有9名财务总监CFO在2024-2025年收到过警示函、公开通报 ...

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total compensation for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - The average salary for CFOs in the environmental management sector is approximately 685,200 yuan, with the highest salary being 1.55 million yuan and the lowest at 137,000 yuan [1][5] - There is a concerning trend of salary increases for CFOs despite declines in company performance, indicating a disconnect between compensation and company profitability [7][9] Salary Distribution - The average salary for CFOs across different educational backgrounds shows a positive correlation with education level: PhD (942,100 yuan), Master's (793,200 yuan), Bachelor's (639,500 yuan), and Associate's (545,800 yuan) [5] - The majority of CFOs (43%) earn between 500,000 and 1 million yuan [1] Age Structure - The average age of CFOs is approximately 47.15 years, with the largest age group being 40-49 years, accounting for about 57% [3] - The oldest CFO is 75 years old, while the youngest is 35 years old [3] Performance and Compensation Relationship - Several CFOs received salary increases despite significant declines in their companies' net profits, such as: - Xuelang Environment's CFO received a 14% salary increase while the company's net profit dropped by 892.6% [7] - Delin Hai's CFO saw a 70% salary increase despite a 540.9% decline in net profit [7] - There are instances of CFOs with multiple violations receiving high salaries, raising concerns about accountability [9][10] Violation Cases - Nine CFOs received warnings or public notifications for violations in 2024-2025, indicating issues with compliance and governance within the industry [7] - Specific cases include: - Yang Jihua from Lian Tai Environmental, who had three violations and a salary of 349,500 yuan [8] - Fang Guangquan from Jinyuan Co., who had two violations and a salary of 1.0978 million yuan [9]

Summary of Weiming Environmental Conference Call Company and Industry Overview - **Company**: Weiming Environmental - **Industry**: Nickel production and waste incineration power generation Key Points and Arguments Nickel Production - Weiming Environmental's first high ice nickel production line is expected to be operational by the end of the year, with a 70% stake in the project, projected to contribute approximately 400 million RMB in net profit attributable to the parent company, significantly enhancing 2026 performance [2][3] - Current high ice nickel prices are around $13,000 per ton, with estimated production costs controlled between $11,000 and $12,000 per ton [2][3] - The company has laid out plans for three nickel smelting projects, with the first project expected to reach full production by 2025, contributing to a total capacity of 40,000 tons [3] - The company also holds a 20% stake in a 20,000-ton wet nickel smelting project [3] Waste Incineration Power Generation - Total waste incineration power generation capacity has reached approximately 40,000 tons, ranking within the top ten in the industry, generating annual operational revenue of 1.7 to 2 billion RMB and over 3 billion RMB in cash flow [2][6] - The business model relies on waste treatment fees (30%) and electricity sales (70%) [6] - The industry has entered a stable operational phase, with capacity exceeding the 14th Five-Year Plan target, and new capacity additions are not expected to increase further [10] Financial Performance and Projections - The company's net cash ratio typically hovers around 1.3 times, indicating strong operational cash flow relative to net profit [8] - A significant national subsidy payment is expected to return in June to July 2025, indicating an acceleration in subsidy disbursement [9] - For 2025, the environmental business is projected to grow by about 10%, with total profits expected to reach around 3 billion RMB, corresponding to a market capitalization of over 30 billion RMB, resulting in a PE ratio of less than 11 [25] Future Growth and Expansion - Future growth points include the high ice nickel smelting industry and overseas expansion, particularly in Southeast Asia, where modern waste incineration facilities are lacking [17][18] - The company is exploring partnerships to apply waste incineration power generation to high-energy-consuming enterprises, enhancing revenue through green electricity supply policies [20] - The Shanghai Lingyun Volunteer Center project is expected to influence the industry towards a rental model for computing power [21] Challenges and Opportunities - The nickel industry is expected to see upward price trends due to low-cost production, rapid downstream demand growth, and concentrated supply dynamics [7] - The company faces challenges in overseas expansion, including higher investment costs (20%-30% more than domestic) but has opportunities for higher revenue in markets like Indonesia [19] Key Milestones - Key milestones include the operational launch of the new high ice nickel production line by the end of the year and decisions based on nickel cost data expected in the third or fourth quarter [27] Additional Important Information - The company has a full industrial chain equipment manufacturing capability, which reduces capital expenditure and enhances competitiveness [4][16] - The waste incineration power generation business is expected to maintain a dividend payout ratio of around 30%, keeping the dividend yield at approximately 3% [27]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - In the environmental industry, the average CFO salary is reported at 8.77 million yuan, with a notable distribution where 45% of CFOs earn between 300,000 to 650,000 yuan [1][10] - Deepwater Haina's CFO has the highest salary in the industry at 2.44 million yuan, despite concerns regarding the company's financial quality [3][4] Salary Distribution - The salary distribution in the environmental sector shows that 45% of CFOs earn between 300,000 to 650,000 yuan, while only 12% earn over 1 million yuan [1][10] - Companies like Jinyuan and Zhejiang Fu Holdings have CFOs with salaries exceeding 1 million yuan, but both have faced regulatory penalties due to financial quality issues [5][6] Regulatory Issues - Deepwater Haina has been flagged for several violations, including inadequate bad debt provisions and inaccurate revenue cost accounting, which do not comply with accounting standards [4] - Zhejiang Fu Holdings received a warning for failing to disclose related party transactions accurately, leading to regulatory scrutiny [6] - Jinyuan Holdings is under investigation for non-operating fund occupation, which constituted 8.36% of its audited net assets, highlighting serious compliance failures [7][9] Age and Education Distribution - In the environmental sector, 48% of CFOs are aged between 40 to 49 years, while 34% are between 50 to 59 years [10] - The educational background of CFOs shows that 59% hold a bachelor's degree, and 30% have a master's degree, with some CFOs having only an associate degree [12][14]