Core Points - Qingdao Danuo Environmental Protection Equipment Co., Ltd. announced a cash dividend of CNY 0.24 per share, totaling CNY 29,537,040.00 for all shareholders [1] - The profit distribution plan was approved at the annual general meeting on June 5, 2025 [1] - The dividend will be distributed based on the total share capital of 123,071,000 shares [1] Distribution Details - The cash dividend will be distributed to shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [1] - The actual cash dividend received by individual shareholders may vary based on their holding period, with different tax implications for different durations [3][4][6] - For QFII shareholders, a 10% withholding tax will apply, resulting in an effective cash dividend of CNY 0.216 per share [4][6] Tax Implications - Individual shareholders holding shares for over one year will not be subject to personal income tax on dividends [3] - For shares held for less than one year, tax will be calculated based on the holding period, with a maximum effective tax rate of 20% for those held for one month or less [3] - Other institutional investors will be responsible for their own tax payments, with the gross dividend being CNY 0.24 per share [6]

证券代码：688501 证券简称：青达环保 公告编号：2025-030 青岛达能环保设备股份有限公司 2024年年度权益分派实施公告 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： 每股现金红利0.24元 二、 分配方案 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/7/18 | 2025/7/21 | 2025/7/21 | 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 6 月 5 日的2024年年度股东大会审议通过。 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。 3. 分配方案： 本次利润分配以方案实施前的公司总股本123,071,000股为基数，每股派发现 金红利0.24元（含税），共计派发现金红利29,537,040.00元。 无 是否涉及差异化分红送转：否 每股分配比例 1. 发放年度：2024年年 ...

Investment Rating - The report rates the environmental industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][10]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansion and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, but performance varies among companies due to factors such as historical electricity revenue recognition and increased depreciation from new capacity. Major companies are expected to show varied net profit growth in Q1-Q2 2025 [3]. - The sanitation market remains stable, with no significant profit contribution from automation technologies yet. Major companies are expected to see steady net profit growth [3]. - Equipment performance is diverging due to different downstream impacts. Conventional equipment companies may face margin pressure, while power environmental equipment is benefiting from increased demand [3]. Summary by Category Municipal Water Services - Overall operations are stable, with net profit growth expected for major companies: Tianyuan Environmental (+50%), Xingrong Environment (+8%), and Hongcheng Environment (+4%) in Q1-Q2 2025 [3][4]. Waste Incineration - The sector is stable, with varied net profit growth: Huanlan Environment (+1%), Junxin Co. (+42%), Green Power (+25%), Chengfa Environment (+10%), and Yongxing Co. (+7%) [3][4]. Sanitation - The sanitation market is stable, with expected net profit growth for major companies: Yingfeng Environment (+5%) and Yuhua Tian (+7%) [3][4]. Equipment - Conventional equipment companies are facing competitive pressure, with expected declines in net profit growth: Jingjin Equipment (-15%). In contrast, power environmental equipment companies are seeing significant growth: Qingda Environmental (+359%) and water treatment equipment companies like Wotton Technology (+23%) [3][4]. Investment Recommendations - Municipal environmental companies are recommended for their stable profitability and improving cash flow, including Junxin Co., Huanlan Environment, Xingrong Environment, Green Power, Hongcheng Environment, Yongxing Co., Yuehai Investment, and Guangda Environment [3]. - Companies in the unmanned sanitation sector, such as Yingfeng Environment and Yuhua Tian, are recommended for their potential in digital transformation [3]. - SAF suppliers and raw material providers are highlighted for their growth potential due to EU policies [3]. - Wotton Technology is recommended for its ongoing import substitution in reverse osmosis membranes [3].

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

Group 1 - The company, Qingdao Danuo Environmental Protection Equipment Co., Ltd., focuses on sustainable development strategies in the ecological environment, specializing in energy-saving and environmental protection equipment [1] - The company is actively seizing market opportunities and driving quality development through technological innovation and digital empowerment [1] - The company has benefited from favorable policies such as accelerated investment in new thermal power and upgrades of existing units, leading to an increase in the delivery of energy-saving environmental treatment system products [1] Group 2 - The company is set to complete the delivery of a 120MW fish-solar complementary project in Jiaozi Town, Guozhou City, in the first quarter of 2025, which is expected to positively impact its operating performance [1] - Preliminary financial data for 2025 indicates that the company's operating situation is good, although these figures are unaudited and should not be used to predict the full-year performance [1]

证券代码：688501 证券简称： 青达环保 公告编号：2025-029 1 青岛达能环保设备股份有限公司董事会 2025 年 6 月 19 日 青岛达能环保设备股份有限公司（以下简称"公司"）始终以服务国家生态 环境可持续发展战略为宗旨，深耕于节能环保装备领域，致力于节能减排、环保 降碳、清洁能源消纳、新能源等高端装备的开发、设计、制造、销售、运维及服 务，为电力、热力、化工、冶金、垃圾处理、新能源等领域的客户提供节能环保 处理系统解决方案。公司积极抢抓市场机遇，锚定技术创新与数智赋能双轮驱动， 全方位、多举措推动公司各项经营建设工作提质增效，扎实推进公司高质量发展。 受益于国家新建火电投资加速及存量机组升级改造等一系列利好政策的影 响下，公司交付的节能环保处理系统产品增加；同时，公司建设的胶州市李哥庄 镇 120MW 渔光互补项目于 2025 年第一季度完成交付，对公司经营业绩产生积极 影响。截至目前，公司经营情况良好，据公司财务部门初步核算，公司 2025 年 1-6 月预计实现营业收入 90,000.00 万元到 125,000.00 万元，较上年同期增加 75.12%到 143.22%。 二、相关风 ...

Core Viewpoint - The company expects to achieve an operating revenue of 900 million to 1.25 billion yuan in the first half of 2025, representing an increase of 75.12% to 143.22% compared to the same period last year [1] Group 1 - The increase in revenue is attributed to the delivery of energy-saving and environmental protection treatment system products [1] - The completion of the 120MW fish-solar complementary project in Ligezhuang Town, Jiaozhou City, is expected to positively impact the company's operating performance in the first quarter of 2025 [1]

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

证券代码：688501 证券简称：青达环保 公告编号：2025-028 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 5 日 （二） 股东大会召开的地点：山东省青岛市胶州市胶北办事处工业园达能路 3 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 青岛达能环保设备股份有限公司 2024年年度股东大会决议公告 | 1、出席会议的股东和代理人人数 | 135 | | --- | --- | | 普通股股东人数 | 135 | | 2、出席会议的股东所持有的表决权数量 | 39,839,667 | | 普通股股东所持有表决权数量 | 39,839,667 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 32.3712 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 32.3712 | 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： 本次会议是否有被否决议案：无 3、 董事 ...

北京海润天睿律师事务所 法律意见书 北京海润天睿律师事务所 关于青岛达能环保设备股份有限公司 2024 年年度股东大会的 法律意见书 中国·北京 北京市朝阳区建外大街甲 14 号北京广播大厦 5&9&10&13&17 层 电话：010-65219696；传真：010-88381869 二〇二五年六月 关于青岛达能环保设备股份有限公司 2024 年年度股东大会的法律意见书 4、本所及本所律师同意将本法律意见书作为公司本次股东大会的必备文 件予以公告，未经本所及本所律师事先书面同意，任何人不得将其用作其他任 何目的。 致：青岛达能环保设备股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受青岛达能环保设备股 份有限公司（以下简称"公司"）的委托，指派本所律师参加公司 2024 年年 度股东大会，并根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上市公司股东会规则》（以下简称"《股东会规则》")《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》（以下简称"《自律监管 指引第 1 号》")等法律法规、规范性文件及《青岛达能环保设备股份有限公 司章程》（以下简称"《公司章程》")的有 ...