Market Overview - On September 22, the comprehensive sector rose by 0.41% compared to the previous trading day, with Dongyangguang leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Dongyangguang (600673) closed at 25.02, with a gain of 1.42% and a trading volume of 845,500 shares, amounting to a transaction value of 2.085 billion yuan [1] - Other notable performers included Yuegui Co. (000833) with a closing price of 14.11, up 1.07%, and Nanjing New Bai (600682) at 7.67, up 0.92% [1] - Conversely, stocks like Zhangzhou Development (000753) and Hongmian Co. (000523) experienced slight declines of 0.14% and 0.30%, respectively [1] Capital Flow - The comprehensive sector saw a net outflow of 90.8654 million yuan from main funds, while retail funds experienced a net inflow of 24.7913 million yuan [2] - The main funds showed a significant outflow from stocks like Ningbo United (600051) and Nanjing Public Utilities (000421), with net outflows of 2.4774 million yuan and 3.2332 million yuan, respectively [3] Individual Stock Capital Flow - Zhangzhou Development (000753) had a net inflow of 14.4143 million yuan from main funds, while it faced a net outflow of 22.8642 million yuan from retail investors [3] - Other stocks like Guangdong Gui (000833) and Sanmu Group (000632) also reported mixed capital flows, with net inflows from main and retail funds [3]

证券代码：000652 证券简称：泰达股份 公告编号：2025-96 天津泰达资源循环集团股份有限公司 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。 特别风险提示: 公司及控股子公司提供担保的余额为 113.16 亿元，占公司最近一期经审计净资 产总额的 197.28%，对负债率超过 70%的控股子公司提供担保的余额为 81.77 亿元， 占公司最近一期经审计净资产总额的 142.56%，敬请投资者充分关注担保风险。 一、担保情况概述 根据经营发展需要，天津泰达资源循环集团股份有限公司（以下简称"公司"） 的控股子公司天津泰达能源集团有限公司（以下简称"泰达能源"）向华夏银行股 份有限公司天津南开支行（以下简称"华夏银行"）申请融资，敞口为 5,700 万元， 期限 6 个月。该业务为银行承兑汇票，票面金额为 11,400 万元，泰达能源以不少于 票面金额的 50%交存保证金并以所存保证金提供质押担保，公司提供 5,700 万元（敞 口）连带责任保证，并由公司二级子公司天津市东方年华特种材料有限公司（以下 简称"东方特种材料"）以 ...

Market Overview - The Shanghai Composite Index rose by 0.04% on September 16, with 21 out of the 28 sectors experiencing gains. The top-performing sectors were the comprehensive sector and machinery equipment, with increases of 3.62% and 2.06% respectively [1] - The sectors that saw declines included agriculture, forestry, animal husbandry, and fishery, which fell by 1.29%, and banking, which decreased by 1.15% [1] Capital Flow Analysis - The net outflow of capital from the two markets was 37.426 billion yuan, with 11 sectors experiencing net inflows. The machinery equipment sector led with a net inflow of 5.508 billion yuan, followed by the computer sector, which also saw a 2.06% increase and a net inflow of 4.945 billion yuan [1] - Conversely, 20 sectors experienced net outflows, with the non-ferrous metals sector leading the outflow at 10.335 billion yuan, followed by the power equipment sector with an outflow of 8.913 billion yuan. Other sectors with significant outflows included banking, non-bank financials, and pharmaceutical biology [1] Comprehensive Sector Performance - The comprehensive sector increased by 3.62% with a net inflow of 14.5 million yuan. Out of 16 stocks in this sector, 13 rose while 2 fell. The stocks with the highest net inflows included Dongyangguang with 206 million yuan, followed by Zhangzhou Development and Zhejiang Agricultural Shares with net inflows of 21.5552 million yuan and 9.8091 million yuan respectively [2] - The stocks with the highest net outflows in the comprehensive sector were Yuegui Shares, Nanjing New Hundred, and Te Li A, with outflows of 69.481 million yuan, 14.8845 million yuan, and 10.1847 million yuan respectively [2] Comprehensive Sector Capital Flow Ranking - The top stocks in the comprehensive sector based on capital flow included: - Dongyangguang: +7.37%, 4.42% turnover, 206.2576 million yuan inflow - Zhangzhou Development: +0.85%, 4.27% turnover, 21.5552 million yuan inflow - Zhejiang Agricultural Shares: +1.82%, 1.65% turnover, 9.8091 million yuan inflow - Other notable stocks included Zongyi Shares, Yatai Group, and Hongmian Shares, all showing positive performance and varying levels of capital inflow [2]

Core Viewpoint - During the "14th Five-Year Plan" period, the company has successfully transitioned to a resource recycling strategy, marking a shift from unrelated diversification to a focused approach on ecological and environmental protection [2][3]. Strategic Transformation - The company has committed to a strategic transformation from unrelated diversification to a "focused diversification" centered on ecological and environmental protection, aiming to strengthen its position in the "dual carbon" industry and cultivate new avenues in the circular economy [2][3]. - The company’s chairman emphasized that this strategic decision has led to two significant breakthroughs: a substantial increase in the ecological and environmental protection business scale and the establishment of its industry position [3]. Business Growth and Financial Performance - As of 2024, the total assets of the company's key subsidiary, Tianjin TEDA Environmental Protection, reached 14.991 billion yuan, a 172.49% increase from 2020, with a net profit attributable to shareholders of 186 million yuan, up 47.05% from 2020 [3]. - The company’s environmental protection business has expanded its coverage to 10 provinces and 21 cities, transitioning from a regional player to a national solid waste treatment company [3]. Asset Structure Optimization - The company is implementing a dual strategy of "external expansion + internal enhancement," focusing on acquiring environmental assets and divesting non-core assets [4]. - In 2024, the company successfully acquired the solid waste business from China Resources, resulting in a 40% year-on-year increase in environmental business revenue to 868 million yuan [4]. - The company completed the transfer of 100% equity in its regional development subsidiary for 2.593 billion yuan, marking a significant step in divesting from real estate-related businesses [4]. Technological Innovation - The company has increased its R&D investment by an average of 10.55% annually, focusing on the ecological and environmental protection industry [7]. - Significant technological breakthroughs have been achieved in waste gas purification and fly ash treatment, with new materials developed for various applications [7]. Global Expansion Strategy - The company plans to implement its first overseas project by 2025, focusing on key regions and adopting a "light asset" cooperation strategy [9][10]. - A memorandum of understanding has been signed with an Egyptian company to explore waste-to-energy projects and landfill closure projects in Egypt [10]. - The company leverages its experience in waste-to-energy projects and partnerships with state-owned enterprises to mitigate initial investment risks and enhance market integration [10].

Core Viewpoint - During the "14th Five-Year Plan" period, the company has successfully transitioned to a resource recycling strategy, marking a significant shift from unrelated diversification to focused diversification in the ecological and environmental protection sector [3][4]. Group 1: Strategic Transformation - The company officially changed its name to "Tianjin TEDA Resource Recycling Group Co., Ltd." in July 2025, solidifying its commitment to the resource recycling industry [3]. - The company has significantly increased its solid waste treatment capacity from 5,610 tons to 23,660 tons per day, representing a growth of over 400% [3]. - The strategic decision to focus on ecological and environmental protection has led to two major breakthroughs: a substantial increase in the scale of the ecological protection business and the establishment of its industry position [4]. Group 2: Financial Performance - By 2024, the total assets of the company's key subsidiary, TEDA Environmental Protection, reached 14.991 billion yuan, a 172.49% increase compared to 2020 [4]. - The net profit attributable to the parent company was 186 million yuan, reflecting a 47.05% increase from 2020 [4]. - The company has expanded its operations to cover 10 provinces and 21 cities, transitioning from a regional to a national solid waste treatment company [4]. Group 3: Asset Structure Optimization - The company is implementing a dual strategy of "external expansion + internal enhancement" to optimize its asset structure [5]. - In 2024, the company successfully acquired the solid waste business of China Resources, resulting in a 40% year-on-year increase in environmental business revenue to 868 million yuan [6]. - The company has divested non-core assets, including the transfer of 100% equity in its regional development subsidiary for 2.593 billion yuan [7]. Group 4: Technological Innovation - The company has increased its R&D investment by an average of 10.55% annually, focusing on the ecological and environmental protection industry [10]. - Significant technological breakthroughs have been achieved in solid waste treatment, including the development of a new type of chelating agent for fly ash treatment [12]. - The company has also made advancements in new materials, achieving large-scale production of crystalline thermoplastic polyester filament technology [12]. Group 5: Global Expansion - The company plans to launch its first overseas project by 2025, focusing on key regions and adopting a light asset cooperation strategy [14]. - A memorandum of understanding has been signed with an Egyptian company to explore waste-to-energy projects and landfill closure projects [15]. - The company leverages its experience in waste-to-energy projects in China to establish a strong brand presence and operational foundation for international projects [15].

Group 1: Company Performance and Financial Management - The company reported a decrease in revenue and profit due to fluctuations in commodity prices and changes in market demand, with energy trading revenue reduced by approximately 1.6 billion yuan [5][9] - The asset-liability ratio was reported at 86.11%, with plans to reduce it by 1.4 percentage points through the divestment of non-core assets [6][9] - The company received 2.593 billion yuan from the divestment of Yangzhou Wanyun's 100% equity, which was completed in June 2025 [5][8] Group 2: Strategic Initiatives and Market Positioning - The company aims to enhance its market value through a series of measures, including the establishment of a "Value Management System" to clarify management responsibilities and monitoring mechanisms [5][7] - The company completed the acquisition of 100% equity in Tianjin Runtai Environmental Co., Ltd. and five biomass energy project companies by the end of 2024 [5][7] - The company plans to focus on its core business of ecological environmental protection and expand its market share and industry influence in the resource recycling sector [6][8] Group 3: Shareholder Engagement and Value Return - The company intends to repurchase shares worth between 35 million and 70 million yuan to enhance investor confidence and protect shareholder rights [3][5] - Cash dividends will be distributed to strengthen shareholder returns, with ongoing efforts to communicate company value to investors [3][5] - The company is committed to maintaining regular communication with investors and analysts to enhance investor relations [6][9] Group 4: Future Growth and Development Plans - The company is exploring new growth areas, including the recycling of power batteries and the integration of waste management services [6][8] - The company will continue to optimize its asset structure by divesting non-core businesses and focusing on its main operations [6][9] - The company is leveraging opportunities from the "Belt and Road" initiative to expand its international footprint in the ecological environmental industry [7][9]

Core Viewpoint - Tianjin TEDA Resource Recycling Group Co., Ltd. has provided a guarantee of 178.8551 million yuan for its subsidiary Yangzhou TEDA Environmental Protection Co., Ltd. to secure financing from China Railway Construction Financial Leasing Co., Ltd. [3][8] Summary by Sections 1. Guarantee Overview - Yangzhou TEDA Environmental Protection Co., Ltd. applied for financing of 178.8551 million yuan with a term of 72 months, for which the company provides a joint liability guarantee [3]. 2. Guarantee Approval - The company’s shareholders approved a guarantee limit of 690 million yuan for Yangzhou TEDA Environmental Protection in a meeting held on December 30, 2024. After this guarantee, the remaining guarantee balance for Yangzhou TEDA Environmental Protection is 599.0801 million yuan, leaving an available guarantee limit of 90.9199 million yuan [4]. 3. Basic Information of the Guaranteed Party - Yangzhou TEDA Environmental Protection Co., Ltd. was established on November 12, 2008, with a registered capital of 38 million yuan. Its main business includes urban waste incineration power generation and related environmental projects [5]. 4. Guarantee Agreement Details - The guarantee agreement includes a guarantee amount of 178.8551 million yuan, a joint liability guarantee method, and a guarantee period lasting until three years after the main contract obligations are fulfilled [7][9][10]. 5. Board of Directors' Opinion - The board believes that the guarantee is necessary for the subsidiary's operational needs and considers the associated risks to be manageable, ensuring no harm to the company's interests [12]. 6. Cumulative Guarantee Amount - After this guarantee, the total guarantee amount provided by the company and its subsidiaries is 11.266 billion yuan, which accounts for 196.41% of the company's latest audited net assets [13].

Group 1 - The company, Tianjin TEDA Co., Ltd., announced on the evening of September 10 that it has no overdue debts related to guarantees, no guarantees involved in litigation, and no obligations arising from being judged to bear guarantee responsibilities due to losing a lawsuit [2]

证券代码：000652 证券简称：泰达股份 公告编号：2025-95 天津泰达资源循环集团股份有限公司 关于为二级子公司扬州泰达环保提供 17,885.51 万元担保的公告 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。 特别风险提示: 公司及控股子公司提供担保的余额为 112.66 亿元，占公司最近一期经审计净资 产总额的 196.41%，对负债率超过 70%的控股子公司提供担保的余额为 83.00 亿元， 占公司最近一期经审计净资产总额的 144.70%，敬请投资者充分关注担保风险。 一、担保情况概述 根据经营发展需要，天津泰达资源循环集团股份有限公司（以下简称"公司"） 的二级子公司扬州泰达环保有限公司（以下简称"扬州泰达环保"）向中铁建金融 租赁有限公司（以下简称"中铁建金租"）申请融资 17,885.51 万元，期限 72 个月， 公司提供连带责任保证。 二、相关担保额度审议情况 经公司于 2024 年 12 月 30 日召开的 2024 年第七次临时股东大会审议，公司 2025 年度为扬州泰达环保提供担保的额度为 69,000 万元。本次担保前泰达 ...

Group 1 - The company announced that its controlling shareholder's name has changed from "Tianjin TEDA Investment Holding Co., Ltd." to "Tianjin TEDA Investment Holding (Group) Co., Ltd." [2] - The name change has been officially registered with the Tianjin Economic and Technological Development Zone Market Supervision Administration [2] - The company has obtained a new business license reflecting the name change [2]