| 心 | | A 座 | 15 层 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期内履行持续督导职责的 | | | | | | | | | | | | 万同、朱邢风（2020 年 | | 7 月-2021 年 | 10 月） | | | 保荐机构 | 签字的保荐代表 | | | | | | | | | | | 代礼正、赵文婧（2021 年 | | 10 月-2023 年 | 12 | | | 人姓名 | | | | | | | | | 月） | | | | | | | | | 持续督导的期间 | | | 2020 年 | 7 月 14 日至 | | 2023 年 12 月 31 日 | | | 注：由于万同、朱邢风离职，保荐机构指派代礼正、赵文婧继续履行持续督导职责。 | | | | | | | | | 六、近三年主要会计数据和财务指标 | | | | | | | | | (一) 主要会计数据 | | | | | 单位：元 | 币种：人民币 | | | | | | | 本期比上 | | | | | 主要会计数据 | 2024 ...

Core Viewpoint - Jinan Hengyu Environmental Protection Technology Co., Ltd. announced a correction to its 2024 annual report, stating that the corrections will not impact the company's financial status or operating results for the year [1][6]. Correction Details - The correction pertains to data entry errors found in the "Management Discussion and Analysis" section, specifically in the "Revenue and Cost Analysis" subsection [1]. - The corrected figures include a total cost of 90,093,027.47 yuan for the current period, which represents a 20.43% increase compared to the previous year's total cost of 74,811,359.24 yuan [5]. Cost Structure Analysis - Direct materials accounted for 72.27% of total costs in the current period, down from 80.97% in the previous year [6]. - Direct labor constituted 3.99% of total costs, an increase from 2.77% year-on-year [6]. - Manufacturing expenses represented 21.56% of total costs, compared to 15.29% in the previous year [6]. Product Cost Breakdown - For the waste tire pyrolysis production line, total costs were 46,611,417.59 yuan, which is a 5.17% increase from 44,318,135.37 yuan in the previous year [5]. - The cost of direct materials for the waste tire pyrolysis line decreased by 14.14% year-on-year [5]. - The total cost for the waste plastic pyrolysis line was 9,443,301.74 yuan, reflecting a 47.21% decrease from the previous year's 17,888,683.79 yuan [5]. Other Notes - The company emphasized that aside from the corrections, all other contents of the 2024 annual report remain unchanged and will not affect the total equity of the owners or the company's profitability [6]. - The updated report is available on the Shanghai Stock Exchange website, and the company expressed apologies for any inconvenience caused to investors [6].

Financial Performance - The company reported a revenue of ¥154,939,466.05 for 2024, a decrease of 5.48% compared to the previous year[22]. - Net profit attributable to shareholders was ¥17,421,581.98, down 4.00% year-over-year[22]. - The net profit after deducting non-recurring gains and losses was ¥13,834,426.87, reflecting an 8.40% decline from the previous year[24]. - The net cash flow from operating activities increased significantly to ¥105,207,567.79, a rise of 688.30% compared to last year[22]. - The company's total assets reached ¥915,576,682.30, marking a 7.45% increase from the previous year[22]. - Basic earnings per share decreased to ¥0.2177, down 4.01% year-over-year[23]. - The R&D expenditure as a percentage of revenue was 6.64%, a decrease of 0.93 percentage points from the previous year[23]. - The company experienced a slight increase in net assets attributable to shareholders, which stood at ¥737,757,396.67, up 1.70% from last year[22]. - The company reported a significant increase in cash flow from operating activities, reaching CNY 105.21 million, up 688.30% from the previous year[139]. - The operating cost increased by 19.21% to CNY 91.16 million, primarily due to costs from newly acquired subsidiaries[139]. Dividend and Share Capital - The company plans to distribute a cash dividend of 0.88 RMB per 10 shares, totaling approximately 6,987,311.67 RMB, which represents 40.11% of the net profit attributable to shareholders[6]. - The total share capital of the company is 80,010,733 shares, after deducting 609,464 shares held in the repurchase account[6]. Risk Management and Compliance - The company has not faced any significant risks that could materially impact its operations during the reporting period[3]. - The company has received a standard unqualified audit report from Tianzhi International Accounting Firm[5]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[11]. - The company emphasizes the importance of investor awareness regarding potential risks associated with forward-looking statements[7]. - The company faces risks related to project contract adjustments, delays, and cancellations, which could adversely affect operational performance[129]. - The company has faced scrutiny from regulatory bodies, indicating a need for improved compliance measures[200]. Corporate Governance - The company has not disclosed any special arrangements for corporate governance[9]. - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team to enhance operational efficiency and support high-quality development[38]. - The company has implemented a strategy to adjust its management team in response to operational needs and market conditions[199]. - The company’s board of directors has been actively involved in nominating and electing new members to ensure effective governance[199]. Research and Development - The total R&D investment for the year was approximately ¥10.29 million, a decrease of 17.01% compared to the previous year, with R&D investment as a percentage of operating income dropping by 0.93 percentage points to 6.64%[107]. - The company has introduced 4 new products and 1 new process during the reporting period, enhancing its product structure and variety to meet customer demands[101]. - The company’s R&D efforts are focused on enhancing the technological content of its products and improving automation levels, which is expected to strengthen its core competitiveness[101]. - The company has a research and design team of 45 members, with R&D personnel accounting for 28.13% of the total workforce, indicating a focus on talent acquisition and retention[114]. Market and Product Development - The company is actively expanding its operational business, with the first BOO project launched in 2024 and a second project in progress, alongside a strategic acquisition of a controlling stake in a waste tire utilization project[55]. - The company aims to provide comprehensive solutions for organic waste treatment, combining equipment sales with consulting and technical support services[54]. - The company is exploring the application of pyrolysis technology in various fields, including oil sand extraction and medical waste treatment, indicating potential for future growth[41]. - The company has successfully implemented industrial continuous pyrolysis technology, enhancing the quality of recycled carbon black, which is crucial for expanding its application market and improving economic benefits in the waste tire pyrolysis industry[85]. Environmental and Regulatory Context - The new environmental protection laws and standards implemented in 2023 are driving the market towards continuous pyrolysis equipment, which is becoming mainstream due to its compliance with safety and environmental requirements[60]. - The government has introduced tax incentives to support the development of continuous pyrolysis technology for waste tires, encouraging its adoption in the recycling industry[64]. - The company has been recognized as a "Shandong Province Waste-Free Factory" and a "Single Champion in Manufacturing" by the Shandong Provincial Department of Ecology and Environment, reflecting its commitment to green and low-carbon development[92]. Strategic Goals and Future Outlook - The company aims to enhance the efficiency and safety of its pyrolysis systems by addressing key technical challenges such as dynamic sealing and preventing coking, which are critical for achieving continuous industrial operation[88]. - The company is focusing on expanding its market presence in the field of organic waste treatment, with a strong emphasis on technology development and industry standards[112]. - The company is committed to maintaining transparency in its financial reporting and governance practices[190]. - The company has a long-term vision for growth, with a focus on innovation and market expansion strategies[191].

证券代码：688309 证券简称：恒誉环保 公告编号：2025-014 济南恒誉环保科技股份有限公司 单位：元 | | | | 分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 成本构 成项目 | 本期金额 | 本期占总成 本比例(%) | 上年同期金额 | 上年同期占 总成本比例 | 本期金额 较上年同 期变动比 | 情况 说明 | | | | | | | (%) | 例(%) | | | | 直接材 料 | 65,107,629.37 | 72.27 | 60,578,434.39 | 80.97 | 7.48 | | | | 直接人 | 3,597,640.30 | 3.99 | 2,070,925.97 | 2.77 | 73.72 | | | 环保行 | 工 | | | | | | | | 业 | 制 造 费 | 4,735,790.59 | 5.26 | 11,436,855.23 | 15.29 | -58.59 | | | | 用 | | | | | | | | | 运保费 | 16,651,96 ...

Group 1 - The stock of Hengyu Environmental Protection (688309) has a comprehensive score of 68.86, indicating a strong performance [1][2] - The main cost analysis shows the following prices: current main cost at 18.26 yuan, 5-day main cost at 17.97 yuan, 20-day main cost at 17.28 yuan, and 60-day main cost at 16.12 yuan [1][2] - There have been no instances of the stock hitting the upper or lower limits in the past year [1] Group 2 - The short-term pressure level is at 18.33 yuan, while the short-term support level is at 17.22 yuan [2] - As of July 3, 2025, the net inflow of main funds is 188.38 million yuan, accounting for 8% of the total transaction volume [2] - The financial data indicates earnings per share of 0.103 yuan, operating profit of 0.08 billion yuan, and a net profit of 7,007,368.86 yuan, with a sales gross margin of 33.539% [2][3]

Core Viewpoint - The legal opinion issued by Jindu Law Firm confirms that the differentiated dividend distribution plan proposed by Jinan Hengyu Environmental Technology Co., Ltd. complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [4][5][6]. Group 1: Differentiated Dividend Application - The reason for the differentiated dividend application is based on the company's share repurchase plan, which was approved by the board on April 26, 2022, with a repurchase amount between RMB 10 million and RMB 20 million [4]. - As of May 31, 2025, the total number of shares is 80,010,733, with 609,464 shares repurchased, leading to a discrepancy in the total shares eligible for profit distribution [4][5]. Group 2: Differentiated Dividend Plan - The proposed dividend distribution plan for 2024 includes a cash dividend of RMB 0.88 per 10 shares (tax included), calculated based on the total shares minus the repurchased shares [4][5]. - The total cash dividend to be distributed amounts to RMB 6,987,311.67 (tax included) [4]. Group 3: Calculation of Dividend Indicators - The actual participating share count for the dividend distribution is 79,401,269 shares after excluding the repurchased shares [5]. - The reference price for ex-dividend is calculated as (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the calculated reference price being approximately RMB 16.6727 per share [5]. - The impact of the differentiated dividend on the reference price is minimal, calculated at approximately 0.0042% [5]. Group 4: Conclusion - The legal opinion concludes that the differentiated dividend distribution plan adheres to the Company Law, Securities Law, Repurchase Rules, and Regulatory Guidelines, ensuring no detriment to the company or its shareholders [4][5].

Core Viewpoint - The stock of Hengyu Environmental Protection (688309) shows a strong score of 55.03, indicating a robust performance despite recent market fluctuations [1]. Price and Cost Analysis - The current main cost is 16.81 yuan, with a short-term pressure level at 17.53 yuan and a short-term support level at 17.79 yuan [1][2]. - The stock has not experienced any limit-up or limit-down events in the past year [1]. Technical Analysis - The stock is currently showing bearish signals with patterns identified as "Three Black Crows" and "Two Black Flying Crows," suggesting a potential peak and subsequent decline [2][3]. - The mid-term trend remains unclear, and it is advised to wait for the main funds to choose a direction [2]. Fund Flow Data - On June 18, 2025, the net outflow of main funds was 22.65 thousand yuan, accounting for a 3% decrease in total transaction volume [2][3]. - Retail investors also showed a net outflow of 142.35 thousand yuan, indicating a lack of confidence among smaller investors [2][3]. Financial Data - The latest financial report indicates earnings per share of 0.103 yuan and a net profit of approximately 7 million yuan [2][3]. - The sales gross margin stands at 33.539%, reflecting a healthy profitability level [2][3]. Industry Context - The environmental protection sector has seen a slight decline, with related indices showing decreases of -0.61% for the environmental industry and -0.58% for energy-saving and environmental protection sectors [2][3].

关于济南恒誉环保科技股份有限公司差异化分红的 专项法律意见 致：济南恒誉环保科技股份有限公司 北京市金杜（济南）律师事务所（以下简称金杜）受济南恒誉环保科技股份有 限公司（以下简称公司或恒誉环保）委托，根据《中华人民共和国公司法》（以下 简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股份回购规则》（以下简称《回购规则》）、《上海证券交易所上市公司自律 监管指引第7号——回购股份》（以下简称《监管指引第7号》）及《上海证券交易 所股票上市规则》等中华人民共和国境内（为本法律意见之目的，不包括中华人民 共和国香港特别行政区、中华人民共和国澳门特别行政区和中华人民共和国台湾 地区）现行有效的法律、法规和规范性文件的规定以及《济南恒誉环保科技股份有 限公司章程》，就公司2024年度利润分配所涉及的差异化分红（以下简称本次差 异化分红）相关事项，按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 出具本法律意见。 本法律意见的出具已得到公司如下保证： 1.公司向金杜提供的所有文件资料及所作出的所有陈述和说明均是真实、准确、 完整和有效的，且一切足以影响本法律意见的事实和文件均已向金杜披 ...

证券代码：688309 证券简称：恒誉环保 公告编号：2025-013 济南恒誉环保科技股份有限公司 2024年年度权益分派实施公告 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025年 5月 20 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （公司回购专用证券账户除外） 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等规定， 公司回购专用账户中的股份，不享有股东大会表决权、利润分配、公积金转增股 本、认购新股和可转换公司债券等权利、不得质押和出借。 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/20 | 2025/6/23 | 2025/6/23 | 公 ...

Group 1 - The core viewpoint emphasizes the increasing attention on environmental protection issues and the focus on the development of environmental companies by investors and industry professionals [1] - The policy environment is a crucial factor in analyzing the development of environmental companies, as government policies directly impact business opportunities and market space [1][3] - Technological strength is an important indicator of the development potential of environmental companies, with advanced technology enhancing efficiency and competitiveness [3] Group 2 - Market demand and customer resources are critical, as different sectors within the environmental industry have varying growth trends, and stable customer relationships ensure business sustainability [3] - Financial health is key to evaluating a company's performance, with indicators such as revenue, net profit, and debt ratio providing insights into profitability and operational efficiency [3] - An analysis of Hengyu Environmental shows that it specializes in organic waste pyrolysis technology, benefiting from increasing demand due to heightened environmental requirements [4] Group 3 - Hengyu Environmental's financial indicators reveal a revenue of 2.5 billion and a net profit of 0.5 billion, with a debt ratio of 30%, indicating a relatively stable financial condition compared to peers [5] - The comparison with industry peers shows that Hengyu's revenue and net profit are at a medium level, while its lower debt ratio suggests a solid financial status [5] - Overall, Hengyu Environmental possesses certain advantages in technology and policy environment, indicating potential for better development in the environmental market [5]