截至9月30日，伟明环保股东户数2.78万，较上期减少4.24%；人均流通股61281股，较上期增加4.62%。 2025年1月-9月，伟明环保实现营业收入58.80亿元，同比减少2.74%；归母净利润21.35亿元，同比增长 1.14%。 分红方面，伟明环保A股上市后累计派现29.69亿元。近三年，累计派现14.92亿元。 机构持仓方面，截止2025年9月30日，伟明环保十大流通股东中，睿远均衡价值三年持有混合A （008969）位居第七大流通股东，持股2700.00万股，相比上期减少100.00万股。香港中央结算有限公司 位居第八大流通股东，持股2429.68万股，相比上期增加192.41万股。 责任编辑：小浪快报 11月25日，伟明环保盘中上涨2.12%，截至09:54，报23.55元/股，成交3919.83万元，换手率0.10%，总 市值401.42亿元。 资金流向方面，主力资金净流入46.91万元，特大单买入145.19万元，占比3.70%，卖出0.00元，占比 0.00%；大单买入526.70万元，占比13.44%，卖出624.98万元，占比15.94%。 伟明环保今年以来股价涨11.33%，近5 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [13]. Core Insights - The Indonesian waste incineration market is set to begin construction in Q1 2026, with potential revenue recognition in the same year. The market is expected to generate annual operational revenue of approximately 29.4 to 36.5 billion yuan [2][58]. - The high calorific value of Indonesian waste, influenced by its composition, is projected to yield higher profitability and cash flow compared to domestic projects. The average electricity generation per ton of waste is estimated at 539 kWh, with revenue per ton of waste ranging from 612 to 758 yuan [2][9][51]. Summary by Sections Market Demand - Indonesia faces a pressing waste management crisis, with over 60% of waste improperly disposed of. In 2023, the country generated 56.63 million tons of waste, with only 39.01% managed properly, leading to significant environmental and public health concerns [6][18]. - The economic conditions in Indonesia, including a GDP per capita of approximately 4,925 USD in 2024, urbanization rate of 59.2%, and a population growth CAGR of 0.8% over the past five years, support the feasibility of widespread waste incineration [6][33]. Government Initiatives - The Indonesian presidential decree (2025 No. 109) was issued to streamline the waste incineration project process, with the first projects expected to start construction in Q1 2026. The decree outlines responsibilities for various stakeholders, including the sovereign investment fund and local governments [7][30][34]. Project Quality - The calorific value of Indonesian waste is significantly higher than that of domestic waste, with typical urban waste calorific values of 8.6 MJ/kg compared to 5.34 MJ/kg in China. This difference is attributed to the composition of waste, including a lower proportion of moisture-rich food waste and a higher proportion of combustible materials [8][38]. - The average electricity generation per ton of waste is estimated to be between 482 and 597 kWh, which is higher than the average in China [9][47]. Financial Projections - The revenue structure for Indonesian waste incineration projects will primarily consist of electricity sales, with a fixed price of 0.2 USD per kWh. This contrasts with domestic projects, which often include waste disposal fees that can delay cash flow [10][55]. - The projected annual operational revenue for the Indonesian waste incineration market could reach between 29.4 billion and 36.5 billion yuan, assuming an 85% penetration rate of waste incineration [51][58]. Investment Recommendations - The report recommends leading companies with established positions in the Indonesian market, such as Weiming Environmental, China Everbright International, and others, to capitalize on the emerging opportunities [11][58].

Core Insights - On November 20, Weiming Environmental experienced a 0.94% increase in stock price, with a trading volume of 142 million yuan [1] - The company reported a financing buy-in amount of 9.31 million yuan and a net financing buy of 3.71 million yuan on the same day [1] - As of November 20, the total financing and securities lending balance for Weiming Environmental was 387 million yuan [1] Financing Summary - On November 20, Weiming Environmental had a financing buy-in of 9.31 million yuan, with a current financing balance of 374 million yuan, representing 0.93% of the circulating market value [1] - The financing balance is below the 10% percentile level over the past year, indicating a low position [1] Securities Lending Summary - On November 20, Weiming Environmental repaid 3,700 shares in securities lending and sold 11,000 shares, amounting to 261,100 yuan based on the closing price [1] - The remaining securities lending volume was 534,700 shares, with a balance of 12.69 million yuan, which is above the 90% percentile level over the past year, indicating a high position [1] Company Overview - Weiming Environmental, established on December 29, 2001, and listed on May 28, 2015, is located at 525 Shifu Road, Wenzhou, Zhejiang Province [1] - The company's main business involves urban household waste incineration power generation, with revenue composition as follows: equipment, EPC, and services at 55.72%, project operation at 43.82%, and others at 0.46% [1] Financial Performance - As of September 30, 2025, Weiming Environmental reported a total revenue of 5.88 billion yuan, a year-on-year decrease of 2.74%, while the net profit attributable to shareholders increased by 1.14% to 2.14 billion yuan [2] - The company has distributed a total of 2.97 billion yuan in dividends since its A-share listing, with 1.49 billion yuan distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Weiming Environmental was 27,800, a decrease of 4.24% from the previous period [2] - The average circulating shares per person increased by 4.62% to 61,281 shares [2] - Among the top ten circulating shareholders, Ruiyuan Balanced Value Three-Year Holding Mixed A (008969) held 27 million shares, a decrease of 1 million shares, while Hong Kong Central Clearing Limited increased its holdings by 1.92 million shares to 24.30 million shares [2]

Investment Rating - The report maintains an "Overweight" rating for the public utility and environmental sectors [5]. Core Insights - The environmental sector is expected to see improvements in financial statements due to ongoing debt reduction actions and increased government subsidy payments [1]. - The water utility sector is experiencing a decrease in accounts receivable turnover days, indicating improved cash flow [2]. - The waste incineration sector has seen unexpected increases in government subsidy payments, leading to a positive cash flow outlook [3]. - The sanitation sector is also witnessing a decline in accounts receivable turnover days, although it faces credit impairment pressures [4]. Summary by Sections Environmental Sector - The environmental sector is benefiting from a cumulative issuance of 4 trillion yuan in special bonds aimed at debt reduction, with significant government subsidy payments received by various companies [1]. - Recommended high-dividend stocks include Huanlan Environment, Weiming Environmental, Junxin Co., Green Power, and China Everbright Environment [1][8]. Water Utility Sector - The accounts receivable turnover days for the water utility sector have been decreasing since 2025, with a notable drop to 39 days in Q3 2025, down 45 days year-on-year [2]. - Cash flow indicators have improved across most quarters, with Q3 2025 showing a net cash ratio of 1.7 and operating cash flow to revenue ratio of 0.25, both increasing year-on-year [2]. Waste Incineration Sector - The accounts receivable turnover days for waste incineration have turned negative for the first time since 2023, indicating a decrease in receivables due to better-than-expected government subsidy payments [3]. - Cash flow metrics have also improved, with net cash ratios increasing in Q2 and Q3 2025 [3]. Sanitation Sector - The sanitation sector has seen a reduction in accounts receivable turnover days to 26 days in Q3 2025, down 12 days year-on-year [4]. - While cash flow has improved in Q3 2025, credit impairment remains a concern, particularly in the fourth quarter [4].

Core Insights - The environmental governance sector saw a slight increase of 0.45% on November 20, while the Shanghai Composite Index decreased by 0.4% and the Shenzhen Component Index fell by 0.76% [1] Group 1: Market Performance - The environmental governance sector's main stocks experienced mixed performance, with the leading stock being Beijete [1] - The Shanghai Composite Index closed at 3931.05, and the Shenzhen Component Index closed at 12980.82 [1] Group 2: Capital Flow - The environmental governance sector experienced a net outflow of 93.23 million yuan from main funds, while retail investors saw a net outflow of 73.20 million yuan [2] - Conversely, speculative funds recorded a net inflow of 166 million yuan [2] Group 3: Individual Stock Performance - Huicheng Environmental had a main fund net inflow of 97.52 million yuan, while retail investors had a net outflow of 86.75 million yuan [2] - Shengyuan Environmental saw a main fund net inflow of 86.25 million yuan, with a retail net outflow of 12.70 million yuan [2] - Beijete recorded a main fund net inflow of 75.07 million yuan, but faced a retail net outflow of 33.78 million yuan [2] - Other notable stocks included Fulongma, Sandamembrane, and Dechuang Environmental, each with varying levels of net inflows and outflows from different investor categories [2]

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on November 19, 2025, at the company's office in Wenzhou, Zhejiang Province [2] - The meeting was conducted with a combination of on-site and online voting, presided over by the chairman of the board, Mr. Xiang Guangming [2][3] Attendance - Out of 9 current directors, 6 attended the meeting, while all 3 supervisors were present [3] - The board secretary and other senior executives also attended the meeting [3] Resolutions Passed - A resolution to increase the number of board seats, abolish the supervisory board, change registered capital, and amend the Articles of Association was approved [4] - Several governance documents were approved, including rules for board meetings, shareholder meetings, fundraising management, external guarantee management, related party transaction management, independent director work system, and external investment and financing management [5][6] - The election of an independent director for the seventh board was also approved [6] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the meeting's procedures and resolutions complied with relevant laws and regulations [7] Employee Director Election - The company held an employee representative meeting on November 19, 2025, where Ms. Li Yuyan was elected as an employee representative director, replacing Ms. Wang Heping [10] - Ms. Li meets the qualifications required by laws and regulations for a director [10] Convertible Bond Redemption Conditions - The company indicated that from November 5 to November 19, 2025, its stock price closed above 130% of the conversion price for ten consecutive trading days [14] - If the stock price remains above 130% of the conversion price for five trading days within the next nineteen days, it will trigger the conditional redemption clause for the "Wei 24 Convertible Bond" [21] Convertible Bond Issuance Details - The company issued 2.85 million convertible bonds with a total value of 285 million yuan, with a maturity of six years and a tiered interest rate structure [15][16] - The initial conversion price was set at 18.28 yuan per share, adjusted to 17.55 yuan per share as of June 6, 2025 [17] Board Meeting Decisions - The board meeting on November 19, 2025, approved the election of Mr. Xiang Guangming as the representative director and legal representative of the company [26] - The board also approved the establishment of an audit committee, replacing the supervisory board, with Ms. Li Mochou as the chairperson [28]

（文章来源：证券日报） 证券日报网讯 11月19日晚间，伟明环保发布公告称，公司于2025年11月19日召开职工代表大会，经与 会职工代表审议，同意汪和平女士不再担任第七届监事会职工代表监事，选举李玉燕女士为第七届董事 会职工代表董事。 ...

证券日报网讯 11月19日晚间，伟明环保发布公告称，自2025年11月5日至2025年11月19日，公司股票已 有十个交易日收盘价不低于"伟24转债"当期转股价格的130%。若在未来十九个交易日内，公司股票有 五个交易日的收盘价不低于当期转股价格的130%（含130%），即22.82元/股，将触发"伟24转债"的有 条件赎回条款。届时根据《浙江伟明环保股份有限公司向不特定对象发行可转换公司债券募集说明书》 中有条件赎回条款的相关约定，公司有权按照债券面值加当期应计利息的价格赎回全部或部分未转股 的"伟24转债"。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Weiming Environmental (SH 603568) held its 22nd meeting of the 7th Board of Directors on November 19, 2025, via telecommunication, where it reviewed the proposal for electing a director to execute company affairs [1] - For the year 2024, Weiming Environmental's revenue composition is 99.42% from industrial operations and 0.58% from other businesses [1] - As of the report date, Weiming Environmental has a market capitalization of 40.1 billion yuan [1]

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-078 | | --- | --- | --- | --- | --- | --- | | 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 2、 因公司实施 2024 年度利润分配方案，自 2025 年 6 月 6 日起，"伟 24 转债"的转股价格由 18.03 元/股调整为 17.55 元/股。具体内容详见公司于 2025 年 5 月 30 日在上海证券交易所网站（www.sse.com.cn）披露的《浙江伟明环保 股份有限公司关于因利润分配调整可转债转股价格的公告》（公告编号：临 2025-039）。 关于"伟 24 转债"预计满足赎回条件的提示性公告 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： 自 2025 年 11 月 5 日至 2025 年 11 月 19 日，浙江伟明环保股份有 ...