证券代码：000035 证券简称：中国天楹 公告编号：TY2025-47 中国天楹股份有限公司 关于为子公司提供担保的公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、本次担保情况概述 （一）担保额度审议情况 中国天楹股份有限公司（以下简称"中国天楹"或"公司"）分别于 2025 年 4 月 27 日、2025 年 6 月 10 日召开第九届董事会第十一次会议和 2024 年年度 股东大会，审议并通过了《关于 2025 年度为子公司提供担保额度的议案》，同意 公司 2025 年度在现有担保总额的基础上，再提供不超过人民币 170.10 亿元的新 增担保额度，包括但不限于公司与控股子公司之间、各控股子公司之间及为参股 子公司提供的担保。 （二）本次担保情况 1、担保事项一 公司控股子公司锡林浩特市天楹环保能源有限公司（以下简称"锡林浩特天 楹"）与鄂尔多斯银行股份有限公司锡林郭勒分行（以下简称"鄂尔多斯银行锡 林郭勒分行"）签订《项目贷款借款合同》，鄂尔多斯银行锡林郭勒分行向锡林 浩特天楹提供人民币 19,000.00 万元借款，用于支付锡林浩特市生活垃圾 ...

Core Viewpoint - The company, China Tianyang Co., Ltd., has received notification from its controlling shareholder, Nantong Qianchuang Investment Co., Ltd., regarding the lifting of pledge registration for part of its shares [1]. Group 1: Share Pledge Information - The controlling shareholder, Nantong Qianchuang, along with its concerted parties, Nantong Kunder Investment Co., Ltd. and Mr. Yan Shengjun, has provided details on the status of pledged shares [1]. - The company confirms that the controlling shareholder and its concerted parties have a good credit status and sufficient risk control capabilities, ensuring that the pledged shares do not pose a risk of forced liquidation or transfer [1]. - The company will continue to monitor the changes in share pledges by Nantong Qianchuang and its concerted parties, fulfilling its information disclosure obligations in a timely manner [1]. Group 2: Documentation - The documents for reference include the certificate for the lifting of securities pledge registration and the notification letter from the controlling shareholder, Nantong Qianchuang [2]. Group 3: Announcement - This announcement is made by the board of directors of China Tianyang Co., Ltd. on November 21, 2025 [4].

Core Viewpoint - China Tianying announced the release of a portion of its shares from pledge by its controlling shareholder, Nantong Qianchuang Investment Co., Ltd, totaling 131.241935 million shares [2] Group 1 - The announcement was made on the evening of November 20 [2] - The total number of shares being released from pledge is 131.241935 million [2]

中国天楹股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 中国天楹股份有限公司（以下简称"公司"）近日接到公司控股股东南通乾 创投资有限公司（以下简称"南通乾创"）函告，获悉其将持有的本公司部分股 份办理了解除质押登记手续，具体事项如下： 证券代码：000035 证券简称：中国天楹 公告编号：TY2025-46 | 严圣军 | 9,390.1228 | 3.93% | 8,148.00 | 86.77% | 3.41% | 0 | 0 | 0 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 南通坤德 | 7,534.5534 | 3.16% | 7,400.00 | 98.21% | 3.10% | 0 | 0 | 0 | 0 | | 合计 | 59,076.8945 | 24.74% | 38,707.8065 | 65.52% | 16.21% | 0 | 0 | 0 | 0 | 公司控股股东南通乾创及其一致行动人南通 ...

Core Viewpoint - China Tianying (SZ 000035) announced that its controlling shareholder, Nantong Qianchuang Investment Co., Ltd., has pledged approximately 110 million shares, representing 86.08% of its total holdings [1] Financial Performance - For the first half of 2025, China Tianying's revenue composition is as follows: waste incineration and electricity sales account for 50.98%, other services for 21.61%, urban environmental services for 19.85%, and construction services for 7.56% [1] Market Capitalization - As of the announcement date, China Tianying's market capitalization is 14.1 billion yuan [1]

证券代码：000035 证券简称：中国天楹 公告编号：TY2025-45 中国天楹股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 风险提示： 公司控股股东及其一致行动人累计质押股份数量占其所持公司股份数量比 例超过 80%，请投资者注意相关风险。 中国天楹股份有限公司（以下简称"公司"）近日接到公司控股股东南通乾 创投资有限公司（以下简称"南通乾创"）函告，获悉其将持有的本公司部分股 份办理了质押登记手续，具体事项如下： 二、股东股份累计质押基本情况 截至本公告披露日，公司控股股东南通乾创及其一致行动人南通坤德投资有 限公司（以下简称"南通坤德"）、严圣军先生所持质押股份情况如下： | 股东名称 | 持股数量 | | 累计质押数量 | 占其所 | 占公司 | 已质押股份情况 已质押股 | 占已质 | 未质押股份情况 未质押股 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （万股） | 持股比例 | （万股） | 持股份 | ...

Core Viewpoint - The controlling shareholder of China Tianying, Nantong Ganchuang, has pledged 110 million shares, accounting for 26.11% of its holdings and 4.61% of the company's total share capital [1] Summary by Categories Share Pledge Details - The pledge began on November 14, 2025, with the pledgee being Zhongyuan Trust Co., Ltd. [1] - The purpose of the pledge is to replace previous pledged borrowings [1]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Group 1: Industry Overview - The "15th Five-Year Plan" marks a new phase of comprehensive market-oriented development for the renewable energy sector, focusing on "scale expansion" and "quality improvement" [1] - By 2035, the total installed capacity of wind and solar power in China is targeted to exceed 3.6 billion kilowatts, with non-fossil energy accounting for over 30% of the energy mix [2] - The plan emphasizes the integration of renewable energy with traditional industries and the promotion of new business models such as green electricity direct connection and virtual power plants [2][3] Group 2: Policy and Strategic Initiatives - The "15th Five-Year Plan" aims to accelerate the construction of a new energy system, focusing on increasing the share of renewable energy and ensuring a reliable transition from fossil fuels [3] - Key initiatives include the development of distributed energy, zero-carbon factories, and parks, which are essential for implementing new energy concepts [3] - The dual-driven effect of policy and market forces is expected to significantly enhance the high-quality and stable development of renewable energy enterprises [3] Group 3: Company Performance - China Tianying (000035.SZ) reported a remarkable net profit of 102 million yuan for Q3 2025, a year-on-year increase of 2905.15%, driven by industry growth and technological innovation [4] - The company focuses on technological innovation as its core competitive advantage, investing in research and development across the hydrogen energy value chain [4][5] - China Tianying's projects, such as those in Liaoyuan and Anda, exemplify the integration of renewable energy generation, storage systems, and hydrogen production, enhancing energy utilization efficiency [5] Group 4: Future Outlook - The implementation of the "15th Five-Year Plan" is expected to create broader development opportunities for the renewable energy industry [6] - China Tianying's focus on technological innovation and project execution positions it as a leader in the transition from an "energy power" to an "energy strong country" [6]

Core Viewpoint - China Tianying's stock price has shown significant growth this year, with a 25.31% increase, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of November 5, China Tianying's stock price rose by 2.19% to 6.06 CNY per share, with a trading volume of 1.04 billion CNY and a market capitalization of 14.471 billion CNY [1]. - Year-to-date, the stock has increased by 25.31%, with recent performance showing a 4.12% rise over the last five trading days, 13.70% over the last 20 days, and 40.41% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, China Tianying reported a revenue of 3.942 billion CNY, a year-on-year decrease of 7.66%, and a net profit attributable to shareholders of 313 million CNY, down 13.79% year-on-year [2]. - The company has distributed a total of 373 million CNY in dividends since its A-share listing, with 134 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for China Tianying was 43,300, a decrease of 7.63% from the previous period, with an average of 56,001 circulating shares per shareholder, an increase of 8.26% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest with 81.4743 million shares, marking its entry as a new shareholder [3].