Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 14.5 billion yuan in 2024, representing a year-on-year growth of 37.0%, primarily driven by the gradual release of capacity in the metal resource recycling segment [1][2]. - The net profit attributable to the parent company slightly decreased to 480 million yuan, down 4.5% year-on-year, mainly due to significant profit declines in the environmental engineering segment and goodwill impairment related to acquisitions [1][5]. - The solid waste and hazardous waste recycling segment saw a substantial revenue increase of 72.2% year-on-year, totaling 11.14 billion yuan, with a gross margin of 9.1% [2]. - The environmental operation service segment's revenue grew by 6.3% year-on-year to 1.73 billion yuan, with a gross margin of 49.9% [2]. - The environmental engineering segment's revenue fell by 34.3% year-on-year to 1.63 billion yuan, with a gross margin of 12.9% [2]. Summary by Sections Financial Performance - The company's overall gross margin decreased to 14.4%, down 3.8 percentage points year-on-year, primarily due to a significant drop in the gross margin of the environmental engineering segment [3]. - The company improved its expense control, with a total expense ratio of 7.3%, down 2.9 percentage points year-on-year [3]. - Operating cash flow significantly improved to 760 million yuan, a 17.1 billion yuan increase compared to the previous year [3]. Business Segments - The company has established a comprehensive industrial chain for multi-metal extraction, enhancing profitability through integrated operations in copper, lead, and nickel recycling [4]. - The copper recycling segment has seen operational improvements and successful project launches, contributing to a closed-loop industrial chain for resource recovery [4]. - The lead recycling segment has optimized its product structure and expanded raw material types, achieving a comprehensive recovery chain [4]. - The nickel recycling segment's new project has significantly enhanced the ability to separate and purify precious metals, improving competitive strength [4]. Profit Forecast - The company is expected to achieve net profits of 680 million yuan, 810 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14.1, 11.9, and 10.2 [5][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 14.5 billion yuan for 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 482 million yuan [4][5]. - The solid waste hazardous waste resource utilization segment achieved a revenue of 11.14 billion yuan, a significant increase of 72.17% year-on-year, driven by the gradual release of production capacity in the metal resource recovery sector [6][8]. - The company plans to implement substantial cash dividends in 2024, with a total cash dividend of approximately 609 million yuan for the year [6][8]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 145 billion yuan, with a net profit of 482 million yuan. The fourth quarter saw a revenue of 30.49 billion yuan, a slight decrease of 1.34% year-on-year [4][5]. - The gross profit margin for the year was 14.4%, down 3.79 percentage points year-on-year, while the net profit margin was 3.74%, a decrease of 1.06 percentage points [8]. Business Segments - The solid waste hazardous waste resource utilization segment's revenue was 11.14 billion yuan, with a notable increase in sales volumes for various metals, including a 54.3% increase in cathode copper sales [8]. - The environmental engineering segment's revenue decreased by 34.26% year-on-year, indicating challenges in this area [8]. Future Outlook - The company is expected to focus on improving the profitability of resource recovery projects in 2025, with anticipated net profits of 727 million yuan, 820 million yuan, and 907 million yuan for 2025, 2026, and 2027, respectively [8]. - The company’s operating cash flow significantly improved to 760 million yuan in 2024, compared to a negative cash flow of 953 million yuan in the previous year [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.80 RMB [7][8]. Core Insights - The company reported a revenue of 14.5 billion RMB for 2024, a year-on-year increase of 37.0%, but the net profit attributable to shareholders decreased by 4.5% to 482 million RMB, which was below the forecasted range of 505 to 650 million RMB due to credit impairment and asset impairment losses totaling 155.82 million RMB [1][2]. - The environmental engineering segment faced significant challenges, with a 66.8% year-on-year decline in gross profit, primarily due to intensified competition [1][2]. - The resource recovery segment showed improvement, with a 72.2% year-on-year increase in revenue to 111.37 billion RMB, contributing to a significant improvement in operating cash flow, which reached 760 million RMB [3][4]. Summary by Sections Financial Performance - In 2024, the company's revenue was 14.5 billion RMB, with a net profit of 482 million RMB, reflecting a decrease of 4.5% year-on-year [1][6]. - The environmental engineering business revenue dropped by 34.3% to 1.633 billion RMB, with gross profit declining by 66.8% to 211 million RMB [2][6]. - The resource recovery segment's revenue increased by 72.2% to 111.37 billion RMB, with a gross margin improvement of 0.85 percentage points to 9.14% [3][6]. Future Projections - The forecast for net profit attributable to shareholders for 2025-2027 is 611 million RMB, 763 million RMB, and 962 million RMB, respectively, with corresponding EPS of 0.40, 0.50, and 0.63 RMB [4][6]. - The report anticipates a significant reduction in engineering revenue for 2025 and 2026 by 68.9% and 75.2%, respectively, leading to a downward adjustment in net profit estimates by 18.2% and 23.0% [1][4]. Valuation - The target price of 7.80 RMB is based on a 19.5x PE ratio for 2025, reflecting an increase from the previous target of 6.82 RMB based on a 14x PE [4][8]. - The report suggests that the long-term contraction of the engineering segment may not be detrimental, as it could lead to improved cash flow and reduced credit impairment risks [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 14.5 billion yuan in 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 482 million yuan [2][6]. - The solid waste hazardous waste resource utilization segment saw significant revenue growth of 72.17%, contributing 11.14 billion yuan to the total revenue. The environmental engineering segment's revenue declined by 34.26% [2][6]. - The company plans to implement substantial cash dividends in 2024, with a total cash dividend of approximately 609 million yuan for the year [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.049 billion yuan, a slight decrease of 1.34% year-on-year. The net profit attributable to shareholders was a loss of 79 million yuan, indicating a slight improvement in losses compared to the previous year [6]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 760 million yuan for the year, compared to a negative 953 million yuan in the previous year [2][6]. Revenue Breakdown - The revenue from the solid waste hazardous waste resource utilization segment was 11.14 billion yuan, while the environmental operation service segment generated 1.729 billion yuan, and the environmental engineering segment brought in 1.633 billion yuan [2][6]. - The company saw a notable increase in the sales volume of metals, with cathode copper sales reaching approximately 53,700 tons, a year-on-year increase of 54.3% [2][6]. Profitability and Margins - The overall net profit margin for 2024 was 3.74%, a decrease of 1.06 percentage points year-on-year. The gross margin for the year was 14.4%, down 3.79 percentage points from the previous year [2][6]. - The gross margin for the solid waste hazardous waste resource utilization segment was 9.14%, an increase of 0.85 percentage points, while the environmental engineering segment's gross margin fell to 12.89%, a decrease of 12.62 percentage points [2][6]. Future Outlook - The company is expected to focus on improving the profitability of resource utilization projects in 2025, with anticipated net profits of 727 million yuan, 820 million yuan, and 907 million yuan for 2025, 2026, and 2027, respectively [2][6].

| | | | 一、审计报告……………………………………………………… 第 | 1—7 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 | 8—16 页 | | （一）合并资产负债表…………………………………………… | 第 8 页 | | （二）母公司资产负债表………………………………………… | 第 9 页 | | （三）合并利润表…………………………………………………第 | 10 页 | | （四）母公司利润表………………………………………………第 | 11 页 | | （五）合并现金流量表……………………………………………第 | 12 页 | | （六）母公司现金流量表…………………………………………第 | 13 页 | | （七）合并所有者权益变动表………………………………第 14—15 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 16 页 | | 三、财务报表附注……………………………………………… 第 | 17—144 页 | | 四、附件………………………………………………………… 第 145—148 | 页 ...

| | | | | | | | 二、附件………………………………………………………………第 | 3—6 | 页 | | --- | --- | --- | --- | | (一) | 本所营业执照复印件……………………………………… | 第 3 | 页 | | (二) | 本所执业证书复印件……………………………………… | 第 4 | 页 | | (三) | 本所签字注册会计师执业证书复印件…………………第 | 5—6 | 页 | 内部控制审计报告 天健审〔2025〕2-63 号 四、财务报告内部控制审计意见 我们认为，高能环境公司于 2024 年 12 月 31 日按照《企业内部控制基本规 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是高能 环境公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性 ...

关于北京高能时代环境技术股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 中信证券股份有限公司（以下简称"中信证券"或"本保荐人"）作为北京高能 时代环境技术股份有限公司（以下简称"高能环境"或"公司"）非公开发行股票的 保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》等相关法津、法规和规范性文件 规定，就高能环境 2024 年度募集资金存放与实际使用情况进行了核查，核查情 况如下： 中信证券股份有限公司 二、募集资金管理情况 一、募集资金基本情况 经中国证券监督管理委员会《关于核准北京高能时代环境技术股份有限公司 非公开发行股票的批复》（证监许可〔2022〕1225 号）核准，公司本次非公开发 行 246,250,000 股股票（以下简称"本次发行"），发行价格为人民币 11.20 元/股， 募集资金总额为人民币 2,758,000,000.00 元。上述募集资金总额扣除 ...

北京高能时代环境技术股份有限公司 独立董事2024年度述职报告 （二）是否存在影响独立性的情况说明 作为公司的独立董事，本人及直系亲属、主要社会关系均未在公司担任除独 立董事以外的任何职务,也未在公司主要股东担任任何职务，与公司以及公司主 要股东之间不存在妨碍本人进行独立客观判断的关系，不存在影响独立董事独立 性的情况。 二、独立董事年度履职概况 （一）出席董事会会议及股东大会情况 2024年度，公司召开了11次董事会，5次股东大会，本人作为独立董事积极 作为独立董事，本人在召开董事会前主动了解并获取做出决策前所需要的情 况和资料，积极参加董事会等会议。在会议上，本人与公司非独立董事进行了充 分的沟通和交流，认真审议每个议案，积极参与讨论并提出合理化建议，为公司 董事会做出科学决策起到了积极作用，并听取了公司的财务报表年度审计等重大 事项。 （二）出席董事会专门委员会情况 作为北京高能时代环境技术股份有限公司（以下简称"公司"）的独立董事， 2024年度，本人按照《公司法》等法律法规以及《公司章程》《公司独立董事工 作制度》等规定，本着对全体股东认真负责的态度，在上市公司治理、内部控制、 信息披露、财务监督等 ...

北京高能时代环境技术股份有限公司 独立董事2024年度述职报告 作为北京高能时代环境技术股份有限公司（以下简称"公司"）的独立董事， 2024年度，本人按照《公司法》等法律法规以及《公司章程》《公司独立董事工 作制度》等规定，本着对全体股东认真负责的态度，在上市公司治理、内部控制、 信息披露、财务监督等各方面独立公正履职，勤勉尽责，积极发挥独立董事作用， 维护公司整体利益，维护全体股东特别是中小股东的合法权益。现将本人在2024 年度的履职情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 刘力，女，1968 年出生，毕业于中国政法大学，研究生学历，博士学位，法 学教授，中国国籍，无永久境外居留权。1990 年至今，在中国政法大学工作，现 任中国政法大学教授，白银有色集团股份有限公司独立董事。2023 年 8 月 31 日 至今任公司独立董事。 （二）是否存在影响独立性的情况说明 作为公司的独立董事，本人及直系亲属、主要社会关系均未在公司担任除独 立董事以外的任何职务,也未在公司主要股东担任任何职务，与公司以及公司主 要股东之间不存在妨碍本人进行独立客观判断的关系，不存在影响独立 ...

（二）是否存在影响独立性的情况说明 作为公司的独立董事，本人及直系亲属、主要社会关系均未在公司担任除独 立董事以外的任何职务,也未在公司主要股东担任任何职务，与公司以及公司主 要股东之间不存在妨碍本人进行独立客观判断的关系，不存在影响独立董事独立 性的情况。 二、独立董事年度履职概况 北京高能时代环境技术股份有限公司 独立董事2024年度述职报告 作为北京高能时代环境技术股份有限公司（以下简称"公司"）的独立董事， 2024年度，本人按照《公司法》等法律法规以及《公司章程》《公司独立董事工 作制度》等规定，本着对全体股东认真负责的态度，在上市公司治理、内部控制、 信息披露、财务监督等各方面独立公正履职，勤勉尽责，积极发挥独立董事作用， 维护公司整体利益，维护全体股东特别是中小股东的合法权益。现将本人在2024 年度的履职情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 徐盛明，男，1963 年出生，毕业于中南工业大学（现中南大学），研究生学 历，博士学位，化学工程与技术研究员，中国国籍，无境外永久居留权。1988 年 6 月至 1992 年 8 月，担任湖南有色金属研究院工程师 ...