北京高能时代环境技术股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 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 北京高能时代环境技术股份有限公司（以下简称"公司"或"高能环境"） 于2025年4月25日（星期五）上午09:00-10:00在上海证券交易所上证路演中心（网 址https://roadshow.sseinfo.com/），采用网络互动方式召开"2024年度暨2025 年第一季度业绩说明会"。关于本次说明会的召开事项，公司于2025年4月17日在 《上海证券报》《中国证券报》及上海证券交易所网站披露了《高能环境关于召 开2024年度暨2025年第一季度业绩说明会的公告》（公告编号：2025-028）。现将 召开情况公告如下： 一、本次说明会召开情况 2025年4月25日，公司董事、总裁凌锦明先生，独立董事王竞达女士，副总 裁、财务总监孙敏先生，副总裁、董事会秘书张炯先生出席了本次说明会。公司 就2024年度及2025年第一季度经营成果及财务指标的具体情况与投资者进行互 动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 ...

证券代码：603588 证券简称：高能环境 公告编号：2025-029 北京高能时代环境技术股份有限公司 关于为全资子公司及控股孙公司提供担保的公告 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。 重要内容提示： 被担保人名称： 伊犁高能时代生物能源有限公司（以下简称"伊犁高能"）， 江西鑫科环保高新技术有限公司（以下简称"江西鑫科"）， 岳阳锦能环境绿色能源有限公司（以下简称"岳阳锦能"），均非上市公司关 联人。 本次担保金额及已实际为其提供的担保余额： 本次为伊犁高能担保金额不超过人民币 1,000 万元，为新增授信担保额度； 本次为江西鑫科担保金额不超过人民币 10,000 万元，为新增授信担保额度； 本次为岳阳锦能担保金额不超过人民币 3,000 万元，为续授信担保额度。 单位：万元 被担保公司 保证人 债权人 授信/贷 款期限 本次担 保金额 保证方式 是否存 在反担 保 本次担 保实施 前担保 预计额 度 本次调 剂后担 保预计 额度 本年度 新增担 保预计 额度 本年度 新增担 保预计 剩余额 度 本次担 保实施 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including 惠城环保 (Hui Cheng Environmental) and 高能环境 (Gao Neng Environment) [4][29]. Core Insights - The Ministry of Ecology and Environment has issued guidelines to strengthen the management of new pollutants and construction waste, marking a shift towards precise pollution control in China. This is expected to create new opportunities in environmental monitoring, industrial pollution control, and hazardous waste treatment [10][18]. - The report highlights the importance of companies with core competencies in industrial pollution control and environmental monitoring equipment, recommending 聚光科技 (Juguang Technology) and 雪迪龙 (Xuedilong) as potential investment targets [18]. - The construction waste management sector is entering a phase of refined management, with new technical specifications aimed at reducing, classifying, and recycling construction waste. Companies like 翰蓝环境 (Hanlan Environment) and 洪城环境 (Hongcheng Environment) are identified as having technological advantages in this area [19][28]. Summary by Sections 1. Investment Views - The report discusses the Ministry of Ecology and Environment's guidelines on new pollutants, emphasizing the prohibition of projects that do not meet pollution control requirements [10]. - It also covers the draft technical specifications for construction waste pollution control, which aim to enhance management practices [19]. 2. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 0.69% against a 1.19% increase in the Shanghai Composite Index [31]. - Notable stock performances include 国中水务 (Guozhong Water) with a gain of 13.07% and 易世达 (Yishida) with a loss of 14.61% [31]. 3. Industry News - Recent developments include the establishment of a regular supervision mechanism for urban sewage treatment plants in Guizhou and the release of a draft management method for ecological environment-oriented development projects in Shandong [40]. - A new standard for greenhouse gas emissions reporting in the liquor industry has been introduced, effective from April 19, 2025 [41][42]. 4. Key Announcements - The report includes performance forecasts for various companies, indicating significant growth in net profits for some firms, such as 甘肃能源 (Gansu Energy) and 银星能源 (Yinxing Energy) [43].

证券研究报告·公司点评报告·环境治理 高能环境（603588） 2025 年一季报点评：收入增长利润率提升， 重视再生资源的资源价值 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,580 | 14,500 | 16,300 | 18,699 | 21,018 | | 同比（%） | 20.58 | 37.04 | 12.42 | 14.71 | 12.40 | | 归母净利润（百万元） | 504.64 | 481.82 | 631.61 | 753.76 | 912.75 | | 同比（%） | (27.13) | (4.52) | 31.09 | 19.34 | 21.09 | | EPS-最新摊薄（元/股） | 0.33 | 0.32 | 0.41 | 0.49 | 0.60 | | P/E（现价&最新摊薄） | 15.91 | 16.66 | 12.71 | 10.65 | 8.79 | [Tab ...

丨证券研究报告丨 公司研究丨点评报告丨高能环境（603588.SH） [Table_Title] 高能环境 2025Q1 点评：扣非业绩同比增 22.8%，关注资源化项目盈利提升 报告要点 [Table_Summary] 高能环境 2025Q1 实现营收 33.08 亿元，同比增 5.9%；归母净利润 2.25 亿元，同比增 15.8%； 扣非归母净利润 2.03 亿元，同比增 22.8%。参考 2024 年整体情况，我们推测今年一季度固废 危废资源化利用板块营收仍保持较快增长（推测江西鑫科、靖远二期、金昌高能二期、珠海新 虹同比贡献增量较多）。2025Q1 经营活动现金流净额达到 2.62 亿元，同比大幅改善，且资本 开支明显收敛。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 %% %% research.95579.com 1 请阅读最后评级说明和重要声明 %% %% 高能环境 ...

Summary of Conference Call Company Overview - The conference call discusses the operations and financial performance of GaoNeng Environment, focusing on its resource recycling and circular economy strategies for 2024 [1][2]. Key Points Industry and Company Focus - GaoNeng Environment is primarily engaged in resource recycling, with a focus on metal resource recovery and non-metal recycling [1][7]. - The company has two main areas of resource recovery: metal and non-metal [1][7]. Financial Performance - In 2024, GaoNeng Environment achieved a revenue of approximately 14.5 billion, representing a 37% year-over-year increase from 10 billion in 2023 [11]. - The company's profit for 2024 is projected to be 480 million, a decrease of about 4% compared to 500 million in 2023 [11]. - The operating cash flow turned positive in 2024, reaching 760 million, compared to a negative 950 million in 2023 [12]. Production Capacity and Projects - The company has successfully launched several projects, including the Zhuhai project, which is expected to process over 120,000 tons of material annually [46][47]. - The production capacity for copper and precious metals has been significantly enhanced, with the company now capable of producing 10,000 tons of copper and various quantities of precious metals [3][5][6]. Market Dynamics - The company is expanding its overseas market presence, particularly in Southeast Asia, Central Asia, Latin America, and Africa, focusing on establishing stable raw material supply channels [10][32]. - The environmental engineering market is experiencing a decline in payment capabilities, prompting a shift in focus from government clients to larger corporate clients [9]. Challenges and Adjustments - The company is facing challenges in the environmental engineering sector due to reduced government investment, leading to a strategic shift towards operational services [9]. - The Chongqing project has faced operational difficulties, resulting in a temporary halt due to environmental compliance issues [44][45]. Future Outlook - The company anticipates a significant increase in revenue and profit in 2025, with expectations of new product developments and market expansions [17][19]. - There is a focus on improving the profitability of the new projects and enhancing operational efficiencies [24][37]. Additional Insights - The company is actively participating in the renewable energy market, having obtained green electricity certificates for several projects [8]. - The overall asset structure remains stable, with total assets at 27.3 billion and a debt ratio of 63.7% [13]. Conclusion - GaoNeng Environment is strategically positioned for growth in the resource recycling industry, with a focus on expanding its operational capabilities and market reach while navigating challenges in the environmental engineering sector [10][11][12].

Group 1: Macroeconomic Insights - In March 2025, exports increased significantly with a year-on-year growth rate of 12.4%, up from 2.3% in January-February, surpassing Bloomberg's consensus estimate of 4.6% [2] - The trade surplus for March reached $102.6 billion, contributing to a cumulative trade surplus of nearly 2 trillion RMB in the first quarter, which is an increase of approximately 600 billion RMB year-on-year [2] - The estimated contribution of external demand to actual GDP growth is projected to be 2.9 percentage points, potentially pushing the actual GDP year-on-year growth rate to 5% or higher [2] Group 2: Market Trends and Fund Flows - In the A-share market, there was a net outflow of financing funds close to 100 billion RMB last week, but the financing balance stabilized in the latter half of the week, indicating a potential market reversal [3] - The week saw significant inflows into broad-based ETFs, with net inflows reaching a record high since 2018, driven by institutional announcements of increased holdings [3] - The scale of share buybacks and capital increases reached new highs for 2025, indicating strong support for market stabilization [3] Group 3: Real Estate Sector Analysis - In 2024, the overall performance of domestic real estate companies was under pressure, with declines in both sales and land acquisition amounts, but the industry concentration increased, showing resilience among leading firms [12] - The main theme for 2025 is expected to be "steady operation and focus on core business," with a strategy of "sales-driven investment" to revitalize old inventory [12] - There is an anticipated increase in the proportion of operating profits for some real estate companies, alongside a continuous push for product quality upgrades [12] Group 4: Lithium Battery Materials Outlook - In 2024, capital expenditures for most lithium battery material companies declined year-on-year, with significant changes in supply-demand dynamics and profitability [13] - The report forecasts a tightening supply-demand situation for lithium iron phosphate and lithium hexafluorophosphate in the second half of 2025, leading to potential price increases [13] - Companies with cost or technological advantages in the supply chain are expected to see improvements in market share and profitability [13] Group 5: Company-Specific Performance - Shanghai Construction Group reported a revenue of 300.2 billion RMB for 2024, a slight decline of 1.45% year-on-year, but net profit increased by 39.2% [14] - Net profit for Guoyuan Securities reached 2.244 billion RMB in 2024, a year-on-year increase of 20%, driven by a 123% increase in investment income [15] - Net profit for NetEase Technology in 2024 was 675 million RMB, reflecting a 10.02% year-on-year increase, with expectations for accelerated growth in 2025 due to AI applications [15]

北京高能时代环境技术股份有限公司 关于控股子公司中标锦州市餐厨垃圾处理 项目的公告 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。 近日，北京高能时代环境技术股份有限公司（以下简称"公司"）控股子公 司天津高能时代环境科技有限公司收到招标代理机构辽宁百安招标代理有限公 司发来的，经招标人锦州市住房和城乡建设局确认的《中标通知书》，天津高能 时代环境科技有限公司作为联合体牵头单位为"锦州市餐厨垃圾处理项目（锦州 市餐厨垃圾处理项目特许经营）"的中标人。 证券代码：603588 证券简称：高能环境 公告编号：2025-027 公司收到中标通知书后将与招标人洽谈签订上述项目合同事宜。上述项目预 计将对公司未来经营业绩产生积极的影响，但不影响公司业务、经营的独立性。 一、中标基本情况 1、项目名称：锦州市餐厨垃圾处理项目（锦州市餐厨垃圾处理项目特许经 营） 2、中标人名称： 联合体牵头单位：天津高能时代环境科技有限公司 联合体成员单位：湖南北控威保特环境科技股份有限公司 3、中标内容：锦州市凌河区、古塔区、太和区、松山新区及开发区等， ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,308,169,094.62, representing a 5.86% increase compared to CNY 3,125,074,136.64 in the same period last year[3] - Net profit attributable to shareholders was CNY 224,563,024.62, up 15.75% from CNY 194,006,643.83 year-on-year[3] - Net profit for Q1 2025 was RMB 262,477,816.89, compared to RMB 209,973,143.26 in Q1 2024, representing a growth of 25.00%[17] - The total comprehensive income for the current period is ¥262,477,816.89, compared to ¥209,973,143.26 in the previous period, reflecting an increase of approximately 25%[18] - Basic and diluted earnings per share for the current period are both ¥0.147, up from ¥0.127 in the previous period, indicating a growth of about 15.7%[18] Cash Flow - The net cash flow from operating activities increased significantly by 162.75%, reaching CNY 262,468,627.68 compared to CNY 99,894,045.11 in the previous year[3] - The net cash flow from operating activities for the first quarter of 2025 is ¥262,468,627.68, a substantial increase from ¥99,894,045.11 in the first quarter of 2024, representing a growth of approximately 162.5%[20] - Cash inflow from operating activities totaled ¥4,010,573,967.44, compared to ¥3,529,399,284.49 in the previous year, marking an increase of about 13.6%[20] - Cash outflow from operating activities was ¥3,748,105,339.76, up from ¥3,429,505,239.38, which is an increase of approximately 9.3%[20] - The net cash flow from investing activities is -¥86,635,587.27, compared to -¥535,240,019.85 in the previous period, indicating a reduction in cash outflow[21] - The net cash flow from financing activities for the current period is -¥302,738,879.04, a decrease from ¥304,269,848.47 in the previous period[21] - The ending cash and cash equivalents balance is ¥1,303,617,418.96, compared to ¥1,162,374,623.02 at the end of the previous period, reflecting an increase of approximately 12.1%[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 27,078,834,412.92, a slight decrease of 0.69% from CNY 27,267,773,417.21 at the end of the previous year[4] - Current assets totaled RMB 13,819,930,397.58 as of March 31, 2025, compared to RMB 13,887,598,987.51 at the end of 2024, showing a decrease of 0.49%[12] - Total liabilities increased to RMB 16,961,420,217.73 as of March 31, 2025, from RMB 17,371,794,838.89 at the end of 2024, a decrease of 2.36%[14] - The company's equity attributable to shareholders increased by 2.49% to CNY 9,271,168,359.32 from CNY 9,046,113,014.92 at the end of the last year[4] - The company's equity attributable to shareholders rose to RMB 9,271,168,359.32 as of March 31, 2025, compared to RMB 9,046,113,014.92 at the end of 2024, an increase of 2.49%[14] Research and Development - Research and development expenses surged by 159.43%, indicating increased investment in the solid waste and hazardous waste resource utilization sector[6] - Research and development expenses in Q1 2025 amounted to RMB 132,708,699.92, significantly higher than RMB 51,153,218.17 in Q1 2024, indicating an increase of 159.00%[17] Profitability - The company reported a gross profit margin of approximately 6.63% for Q1 2025, compared to 14.83% in Q1 2024, indicating a decline in profitability[17] - The company reported a significant increase in minority shareholder profit by 137.46%, attributed to the profitability of Jinchang Gaoneng[6] - The net profit attributable to minority shareholders increased to ¥37,914,792.27 from ¥15,966,499.43, showing a significant rise of about 137.5%[18] Strategic Outlook - The company has not identified any significant new strategies or market expansions in the current report[10] Operating Costs - Total operating costs for Q1 2025 were RMB 3,089,307,214.31, up from RMB 2,970,809,875.09 in Q1 2024, reflecting a year-on-year increase of 4.00%[16]

Core Viewpoint - The company, GaoNeng Environment, has won a bid for the Jinzhou kitchen waste treatment project, which is expected to positively impact its future operating performance [1] Group 1 - The company’s subsidiary, Tianjin GaoNeng Times Environmental Technology Co., Ltd., is the leading unit of the consortium that won the bid [1] - The bid amount for the project is 357.17 yuan per ton [1] - The project is scheduled to run from May 1, 2025, to April 30, 2064 [1] Group 2 - The project is anticipated to have a positive effect on the company's future operating performance [1] - The project will not affect the independence of the company's business and operations [1]