Core Viewpoint - The company, Zhejiang Weiming Environmental Protection Co., Ltd., has announced the early redemption of its "Wei 24 Convertible Bonds" due to the stock price exceeding the redemption conditions, with trading ceasing on December 15, 2025, and the bonds being delisted on December 18, 2025 [2][4][13]. Redemption Details - The last conversion date for the "Wei 24 Convertible Bonds" is December 17, 2025, with only two trading days remaining before this date [3][12]. - The redemption price is set at 100.2904 CNY per bond, which includes the face value and accrued interest [9][11]. - The redemption registration date is December 17, 2025, and the redemption payment date is December 18, 2025 [6][11]. Conditions for Redemption - The redemption conditions were met as the company's stock price was above 130% of the conversion price for 15 out of 16 trading days from November 5 to November 26, 2025 [5][8]. - The company has the right to redeem the bonds if the stock price conditions are satisfied or if the remaining balance of unconverted bonds is less than 30 million CNY [7][8]. Trading and Conversion - Trading of the "Wei 24 Convertible Bonds" has ceased as of December 15, 2025, and investors are reminded to convert their bonds within the specified timeframe [12][18]. - After the redemption, the bonds will be delisted from the Shanghai Stock Exchange [4][13]. Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, affecting the net redemption amount [14][15].

证券日报网讯12月15日，伟明环保（603568）在互动平台回答投资者提问时表示，盛运环保大股东会根 据市场和自身业务发展规划，在法律法规许可的情况下，适时开展资本运作努力维护股东利益。 ...

证券日报网讯12月15日，伟明环保（603568）在互动平台回答投资者提问时表示，公司将积极跟踪资本 市场各项规则发展变化，努力实现盛运环保股东价值最大化。 ...

证券日报网讯12月15日，伟明环保（603568）在互动平台回答投资者提问时表示，盛运环保重整完成后 经营质量和效率均得到了大幅提升。后续盛运环保还将积极挖掘现有垃圾处理项目的经营潜力，推动装 备业务发展，并积极关注市场业务发展新机会，努力培育新质生产力。 ...

（文章来源：证券日报） 证券日报网讯 12月15日，伟明环保在互动平台回答投资者提问时表示，盛运环保业务发展稳健，后续 公司还将积极关注市场业务发展新机会，努力培育新质生产力。 ...

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-088 | | --- | --- | --- | --- | --- | --- | | 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 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 12 月 15 日起，"伟 24 转债"已停止交易。 最后转股日：2025 年 12 月 17 日 截至 2025 年 12 月 15 日收市后，距离 12 月 17 日（"伟 24 转债"最后转股 日）仅剩 2 个交易日，12 月 17 日为"伟 24 转债"最后一个转股日。 本次提前赎回完成后，"伟 24 转债"将自 2025 年 12 月 18 日起在上海证 券交易所摘牌。 关于实施"伟 24 转债"赎回暨摘牌的第八次 提示性公告 投资者所持"伟 24 转债"除在规定时限内通过二级市场继 ...

Summary of the Conference Call for Weiming Environmental Industry and Company Overview - The conference call focuses on Weiming Environmental, particularly its operations in the waste incineration sector in Indonesia and its new materials business in nickel smelting [2][3]. Key Points and Arguments Indonesian Waste Incineration Project - The Indonesian waste incineration project is set to start construction in Q1 2026 and begin operations in the second half of 2027 [2]. - The project is backed by a presidential decree that clarifies the business model, with the national sovereign fund Danatala holding a 30%-51% stake, and the state electricity company responsible for power purchase [3]. - Local governments will provide land and guarantee a daily supply of at least 1,000 tons of waste [3]. - The profitability of the Indonesian waste incineration market is significantly higher than that of China, with revenue per ton of waste approximately three times that of China [2][5]. - The expected contribution to Weiming Environmental's performance from this project is around 200 million yuan in 2026, assuming nickel prices at 15,000 USD/ton [3][9]. New Materials Business - Weiming Environmental's new materials business focuses on nickel smelting, with 20,000 tons of high-nickel capacity already operational and another 20,000 tons expected to come online in the next two quarters [2][6]. - Sales of high-nickel products exceeded 300 million yuan by Q3 2025, with expectations for production to reach over 30,000 tons in 2026 [7]. - Weiming Shengqing, a subsidiary, has a capacity of 75,000 tons of battery-grade nickel sulfate and has generated over 1 billion yuan in revenue with a net profit of approximately 100 million yuan in the first three quarters of 2025 [8]. Financial Performance and Projections - The waste incineration business has shown steady growth, with a 7.5% increase in waste intake and a 5.11% increase in electricity generation year-on-year as of Q3 2025 [10]. - The company expects annual growth rates of 5%-10% in waste incineration operations due to new project launches and technological optimizations [10]. - The equipment business is also projected to perform well in 2026 due to a significant increase in new orders [11]. Stock Valuation and Market Outlook - The current price-to-earnings (PE) ratio for Weiming Environmental is low, with estimates of 12.7 for 2025 and 10.5 for 2026 [12]. - Recent stock price weakness is attributed to convertible bond redemptions and a major shareholder's impending sell-off, which are expected to resolve after December 17 [12][13]. - Despite these challenges, the investment value of the company remains high due to clear growth catalysts from the Indonesian project and new materials business [13]. Other Important Insights - The Indonesian waste incineration market is projected to reach an operational revenue scale of 29.4 to 36.5 billion yuan in the long term, which is equivalent to half the size of the domestic market [5]. - The company is also exploring strategic partnerships and acquisitions to enhance performance further [10].

Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-087 | | --- | --- | --- | --- | --- | --- | | 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 | | | 截至 2025 年 12 月 12 日收市后，距离 12 月 17 日（"伟 24 转债"最后转股 日）仅剩 3 个交易日，12 月 17 日为"伟 24 转债"最后一个转股日。 本次提前赎回完成后，"伟 24 转债"将自 2025 年 12 月 18 日起在上海证 券交易所摘牌。 投资者所持"伟 24 转债"除在规定时限内通过二级市场继续交易或按照 17.55 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应 计利息 0.2904 元/张（即 100.2904 元/张）被强制赎回。若被强制赎回，可能面 临较大投资损失。 浙江伟明环保股份有限公司 关于实施"伟 24 转债"赎回暨摘牌的第七次 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 ...