安徽承义律师事务所 法律意见书 安徽承义律师事务所 关于安徽省通源环境节能股份有限公司 2025 年第一次临时股东大会的 法律意见书 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：合肥市政务区怀宁路 200 号栢悦中心大厦五楼、八楼 邮编：230071 电话：0551-65609815 传真：0551-65608051 _________________________________________________________________________________ 安徽承义律师事务所 法律意见书 安徽承义律师事务所 关于安徽省通源环境节能股份有限公司 2025年第一次临时股东大会的法律意见书 (2025)承义法字第 00253 号 安徽承义律师事务所（以下称"本所"）接受安徽省通源环境节能股份有限公司（以 下称"公司"）的委托，指派本律师以现场及线上方式出席公司 2025 年第一次临时股 东大会（以下称"本次股东大会"），对本次股东大会的合法性进行见证。 本律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、 ...

证券代码：688679 证券简称：通源环境 公告编号：2025-025 安徽省通源环境节能股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 17 日 （二） 股东大会召开的地点：安徽省合肥市包河区祁门路 3966 号公司 22 楼第 一会议室 （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： | 1、出席会议的股东和代理人人数 | 17 | | --- | --- | | 普通股股东人数 | 17 | | 2、出席会议的股东所持有的表决权数量 | 74,690,396 | | 普通股股东所持有表决权数量 | 74,690,396 | | 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 | 56.7169 | | 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（%） | 56. ...

安徽省通源环境节能股份有限公司 2025 年第一次临时股东大会会议资料 安徽省通源环境节能股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 11 月 安徽省通源环境节能股份有限公司 2025 年第一次临时股东大会会议资料 目 录 | 2 | 0 | 2 | 5 | 年 | 第 | 一 | 次 | 临 | 时 | 股 | 东 | 大 | 会 | 会 | 议 | 须 | 知 | 2 | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | | --- | - ...

Group 1: Investment Actions - Michael Burry's Scion Asset Management has significantly shorted NVIDIA and Palantir, with these positions making up 80% of its investment portfolio [1][3] - The nominal value of put options for Palantir is $912.1 million (5 million shares), while for NVIDIA it is $186.6 million (1 million shares) [4] - Burry's actions align with his previous warnings about an AI bubble, drawing parallels to the 1999-2000 internet bubble [5] Group 2: Company Responses - Palantir's CEO Alex Karp criticized Burry's shorting strategy, arguing that both Palantir and NVIDIA are highly profitable companies [3] - Burry's short positions are currently facing losses as both NVIDIA and Palantir's stock prices have risen since the end of September [5] Group 3: Market Trends and Insights - The AI storage market is experiencing structural changes due to demand driven by AI computing needs, with SK Hynix announcing new AI storage products [14][15] - The robotics industry in China has seen a revenue increase of 29.5% in the first three quarters of the year, driven by manufacturing upgrades and new industry demands [16]

Core Viewpoint - Tongyuan Environment's stock price has shown significant growth this year, but recent trading data indicates a slight decline in share price and net outflow of funds, suggesting potential volatility in the market [1][2]. Group 1: Stock Performance - As of November 4, Tongyuan Environment's stock price decreased by 2.03%, trading at 25.04 CNY per share with a total market capitalization of 3.298 billion CNY [1]. - Year-to-date, the stock price has increased by 139.62%, with a 4.16% rise over the last five trading days, 26.15% over the last 20 days, and 64.41% over the last 60 days [2]. - The company has appeared on the trading leaderboard twice this year, with the most recent net buy of 28.3049 million CNY on September 22 [2]. Group 2: Financial Performance - For the period from January to September 2025, Tongyuan Environment reported a revenue of 897 million CNY, reflecting a year-on-year decrease of 15.00%, and a net profit attributable to shareholders of -16.7941 million CNY, a decline of 345.82% [3]. - The company has distributed a total of 74.7997 million CNY in dividends since its A-share listing, with 31.3421 million CNY distributed over the past three years [4]. Group 3: Business Overview - Tongyuan Environment, established on April 15, 1999, and listed on December 25, 2020, specializes in solid waste pollution remediation, solid waste treatment, and water environment restoration [2]. - The company's revenue composition includes 41.23% from overall environmental solutions, 18.36% from solid waste pollution remediation, 14.53% from water environment restoration, and 10.59% from household photovoltaics [2]. - The company operates within the environmental protection sector, focusing on solid waste management and related concepts such as wastewater treatment and energy conservation [3].

Core Insights - Tongyuan Environment (688679.SH) reported its Q3 2025 results on October 31, 2025, highlighting a total of 6 institutional investors holding shares, amounting to 20.35 million shares, which represents 15.45% of the total share capital [1] Institutional Holdings - The total institutional holding percentage decreased by 1.07 percentage points compared to the previous quarter [1] - The institutional investors include Anhui Yuantong Equity Investment Partnership, Anhui Zhong'an Overseas Technology Introduction Investment Partnership, Chengyi Investment Management Co., Ltd., CITIC Securities Asset Management (Hong Kong) Co., Ltd., Guangfa Asset Management (Hong Kong) Co., Ltd., and CICC CSI 1000 Index Enhanced Initiation A [1] Public Fund Activity - One new public fund was disclosed this period, namely CICC CSI 1000 Index Enhanced Initiation A [1] - A total of 35 public funds were not disclosed compared to the previous quarter, including E Fund Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF, Penghua Science and Technology Innovation Board Comprehensive ETF, and others [1] Foreign Investment Perspective - No new foreign institutional investors were disclosed this period, with the exception of CITIC Securities Asset Management (Hong Kong) Co., Ltd. [1]

Core Viewpoint - The company, Anhui Tongyuan Environmental Energy Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial statements for the third quarter have not been audited [3]. - The report includes major accounting data and financial indicators, with all figures presented in Chinese Yuan (RMB) [3][5]. - The company has not identified any non-recurring gains or losses during the reporting period [3][4]. Shareholder Information - There are no changes in the number of shareholders or significant shareholders compared to the previous period [4]. Other Important Information - The company has not identified any additional important information regarding its operational performance during the reporting period [5]. - The financial statements, including the consolidated balance sheet and cash flow statement, are prepared without audit [5][6].

Group 1 - Tongyuan Environment (SH 688679) announced on October 30 that its fourth board meeting was held to review proposals regarding the revision and formulation of company management systems [1] - For the year 2024, the revenue composition of Tongyuan Environment is 100% from ecological protection and environmental governance [1] - As of the report, the market capitalization of Tongyuan Environment is 3.3 billion yuan [1] Group 2 - Multiple regions are experiencing "negative electricity prices," raising questions about why power plants are reluctant to shut down despite not making profits from selling electricity [2]

Group 1 - The core point of the article is that Tongyuan Environment (688679.SH) reported a decline in revenue and a net loss for the third quarter of 2025 compared to the same period last year [1] Group 2 - For the first three quarters of 2025, the company achieved total operating revenue of 897 million yuan, representing a year-on-year decrease of 15% [1] - The net profit attributable to shareholders of the parent company was -16.79 million yuan, compared to a net profit of 6.83 million yuan in the same period last year [1] - The basic earnings per share were -0.13 yuan [1]

Core Viewpoint - Tongyuan Environment is a leading environmental remediation company in China, focusing on solid waste and water environment remediation, with multiple core technologies [1] Group 1: Business Performance - In Q3 2025, Tongyuan Environment reported revenue of 897 million yuan, ranking 26th in the industry, significantly lower than the top companies, Zhejiang Fu Holdings at 16.155 billion yuan and Feinan Resources at 10.707 billion yuan [2] - The company's net profit was -13.4131 million yuan, ranking 27th in the industry, far behind the leaders, Weiming Environmental at 2.238 billion yuan and Hanlan Environment at 1.828 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tongyuan Environment's debt-to-asset ratio was 59.59%, slightly down from 60.41% year-on-year but still above the industry average of 50.06%, indicating relatively high debt pressure [3] - The gross profit margin for Q3 2025 was 16.88%, down from 18.06% year-on-year and below the industry average of 25.02%, suggesting a need for improvement in profitability [3] Group 3: Management and Shareholder Information - Chairman Yang Ming's salary increased from 613,100 yuan in 2023 to 738,800 yuan in 2024, a year-on-year increase of 125,700 yuan [4] - As of September 30, 2025, the number of A-share shareholders increased by 7.01% to 3,693, while the average number of circulating A-shares held per household decreased by 6.55% to 35,700 [5]