盈峰环境科技集团股份有限公司 2025 年度跟踪评级报告 声 明 盈峰环境科技集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0818 号 中诚信国际信用评级有限责任公司 2025 年 6 月 23 日 2 盈峰环境科技集团股份有限公司 2025 年度跟踪评级报告 | 本次跟踪发行人及评级结果 | 盈峰环境科技集团股份有限公司 AA+ /稳定 | | --- | --- | | 本次跟踪债项及评级结果 | + "盈峰转债" AA | | 跟踪评级原因 | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行 | | | 跟踪评级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | | 本次跟踪维持主体及债项上次评级结论，主要基于盈峰环境科技集团股份有 限公司（以下简称"盈峰环境"或"公司"）所处环保产业前景良好，环保 | | 评级观点 | 板块保持行业优势地位，2024 年新能源环保装备产销量大幅增长，资本结构 | | | 稳健及融资渠道畅通等方面的优势对公司整体信用实力提供的有力支持。同 | | | 时，中诚信国际也关注到控股股东股权质押比例较高，存在经营 ...

法律意见书 浙江天册律师事务所 关于 盈峰环境科技集团股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 盈峰环境科技集团股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H1011 号 致：盈峰环境科技集团股份有限公司 浙江天册律师事务所（以下简称"本所"）接受盈峰环境科技集团股份有限 公司（以下简称"盈峰环境"或"公司"）的委托，指派本所律师参加贵公司 2024 年年度股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 本法律意见书仅供 2024 年年度股东大会之目的使用。本所律师同意将本法 律意见书随盈峰环境本次股东大会其他信息披露资料一并公告，并依法对本所在 其中发表的法律意见承担法律责任。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对盈 峰环境本次股东大会所涉及的有关事项和相关文件进行了必要的核查和验证，同 时听取了公司就有关事实的陈述和说明。现出具法律意见 ...

（一）会议召开的情况 1、召开时间： 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。 特别提示： 在本次会议召开期间没有增加、否决或变更提案。 一、会议召开和出席的情况 证券代码：000967 公告编号：2025-038 号 盈峰环境科技集团股份有限公司 2024 年年度股东大会决议公告 （1）现场会议召开时间：2025 年 6 月 23 日下午 14:30。 （2）网络投票时间：2025 年 6 月 23 日。 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 23 日 9:15- 9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网投票系统投票时间为 2025 年 6 月 23 日 9:15—15:00。 2、现场会议召开地点：盈峰环境科技集团股份有限公司（以下简称"盈峰环境"、 "公司"）总部会议室,广东省佛山市顺德区北滘镇新城区怡欣路 7-8 号盈峰中心 23 层； 3、召开方式：本次股东大会采取现场投票与网络投票相结合的方式； 4、召集人：公司董事会； 5、现场会议主持人：会议由董事长马刚先生 ...

Industry Overview - The urban environmental protection industry focuses on solving urban environmental issues and improving ecological quality through technology and management measures [1][9] - The industry has seen significant growth, with the market size projected to increase from 1.01 trillion yuan in 2019 to 1.49 trillion yuan in 2024 [7][9] Industry Environment - Urban areas are densely populated and face severe environmental challenges, making urban environmental protection a priority for national development [5] - As of the end of 2023, there are 694 cities in China, with an urbanization rate of 67%, indicating ongoing urbanization and a growing demand for environmental services [5] Industry Status - The urban environmental protection industry is categorized into four segments: energy conservation and emission reduction (35.81%), pollution control (29.96%), recycling (20.91%), and natural resource protection (13.32%) [9] - Major companies in the industry include China Everbright Environment, Beijing Enterprises Water Group, and China Tianying, which are part of the leading competitive tier [11] Future Trends - Technological innovation is driving the industry towards smart environmental solutions, with advancements in IoT, AI, and big data enhancing operational efficiency [17] - Continuous policy support is expected to facilitate market reforms, with initiatives aimed at improving resource and environmental market mechanisms [18] - The international market is becoming increasingly important, with Chinese environmental companies expanding their presence in Southeast Asia and the Middle East [19]

Group 1 - The concept of elderly care robots is gaining traction, with significant movements in related ETFs, particularly the largest robot ETF in the Shenzhen market, which saw a trading volume exceeding 1.1 billion yuan and a 0.34% increase [1] - The ETF has experienced a net inflow of nearly 120 million yuan over the past two days, indicating strong investor interest [1] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have initiated a pilot program for intelligent elderly care service robots, requiring at least 200 household applications and deployments of 200 units [1] Group 2 - The humanoid robot industry chain is continuously evolving, with advancements in hardware, components, algorithms, and application scenarios, maintaining a high level of industry vitality [2] - The competition in the hardware segment is intensifying, leading to rapid cost reductions for components like screws and reducers, but also resulting in a deteriorating competitive landscape before the industry fully scales [2] - Investment opportunities in the "AI + robotics" sector are highlighted, focusing on areas such as sensors, dexterous hands, robotic dogs, exoskeletons, and specialized applications, which are not solely dependent on humanoid robots [2] - The humanoid robot industry is expected to open up broader market opportunities, potentially surpassing the automotive sector, marking a significant investment opportunity from "0 to 1" [2]

Core Viewpoint - The environmental protection market is experiencing a decline in demand, while accounts receivable for companies are increasing, indicating financial strain within the industry [2][3]. Group 1: Market Conditions - Environmental companies are facing increasing accounts receivable, with many relying on project sales to maintain operations [3]. - The total accounts receivable for 97 listed environmental companies reached approximately 172.1 billion yuan in Q1 2025, with an average of about 1.78 billion yuan per company [4]. - The accounts receivable issue is exacerbated by local governments' delayed payments, particularly affecting small and medium-sized enterprises [3][6]. Group 2: Financial Strain and Solutions - Companies are urging local governments to ensure operational funding for projects, with a funding gap estimated between 100 billion to 200 billion yuan, totaling around 400 billion yuan when including historical debts [2]. - Recent regulatory changes, such as the revised "Regulations on Payment of Small and Medium Enterprises' Funds," aim to improve payment timelines but may increase cash flow pressure on contractors [5][9]. Group 3: Legal Actions and Industry Dynamics - There is a rising trend of environmental companies suing local governments for overdue payments, indicating a shift in the industry's approach to financial disputes [7][9]. - The environmental sector is undergoing a survival of the fittest, with some companies exploring new markets and technologies to adapt to changing conditions [13][14]. Group 4: PPP Projects and Future Outlook - The environmental industry is significantly impacted by the challenges associated with existing Public-Private Partnership (PPP) projects, with estimated government payment responsibilities reaching 14.34 trillion yuan [10][12]. - The industry is expected to see structural growth driven by industrial environmental demand, as municipal market growth slows down [14].

Core Viewpoint - The company has approved a share repurchase plan to enhance employee incentives and shareholder value through the buyback of its A-shares, with a total amount ranging from RMB 200 million to RMB 300 million and a maximum repurchase price of RMB 9.25 per share [1][2]. Group 1: Share Repurchase Plan - The company convened the 9th temporary meeting of the 10th board of directors on April 10, 2025, to approve the share repurchase plan [1]. - The repurchase will utilize both self-funds and a special loan from a bank, specifically for the purpose of implementing employee stock ownership plans [1]. - The repurchase period is set for 12 months from the date of board approval [1]. Group 2: Progress Update - As of May 31, 2025, the company has not yet conducted any share repurchases through the designated securities account [2]. - The company has signed a loan agreement with China Construction Bank for the share repurchase [2]. - Future repurchases will be executed based on market conditions within the specified timeframe, with timely disclosures to investors as required by regulations [2].

证券代码：000967 公告编号：2025-037 号 盈峰环境科技集团股份有限公司 关于回购公司股份进展情况的公告 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。 盈峰环境科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日 召开第十届董事会第九次临时会议审议并通过了《关于回购公司股份方案暨取得 回购专项贷款承诺书的议案》，同意公司使用自有资金和银行股票回购专项贷款 资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股）股票，回购的 公司股份将全部用于实施公司股权激励或员工持股计划。本次回购总金额不低于 人民币 2 亿元（含）且不超过人民币 3 亿元（含），回购价格不超过 9.25 元/股 （含），回购期限为自董事会审议通过回购股份方案之日起 12 个月内。具体内 容详见公司于 2025 年 4 月 11 日、2025 年 4 月 15 日刊登于公司指定信息披露媒 体《证券日报》《证券时报》《中国证券报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）的《关于回购公司股份方案暨取得回购专项贷款承诺书 的公告》《关 ...

Summary of Key Points from Conference Call Records Industry Focus - The discussion centers around the waste management and renewable energy sectors, particularly focusing on waste-to-energy (WTE) technologies and the integration of green electricity with waste management practices [1][2]. Core Insights and Arguments - Recent policy developments from two ministries encourage the direct connection of green electricity, including biomass and waste incineration, promoting local consumption and increasing self-use ratios to at least 35% by 2030 [1][2]. - Waste incineration is highlighted as a unique renewable energy source with advantages such as: 1. Stable power generation with annual utilization hours exceeding 7000 [2]. 2. Proximity to urban areas, offering ample land at lower costs [2]. 3. Minimal barriers for direct connections, with high procurement costs from the grid [2]. - Companies in the sector are accelerating their collaborative layouts in data centers (IDC), with improvements in profitability, cash flow, and increased dividends expected to drive performance and valuation [2]. - The long-term goal of self-sufficiency in research and development for scientific instruments is emphasized, suggesting a focus on foundational industries rather than short-term policy fluctuations [2][3]. Additional Important Content - Domestic companies have been enhancing their R&D and production capabilities, with some firms expected to excel in high-end development amidst this trend [3]. - The automation of sanitation services is gaining traction, with major companies accelerating their investments in this area. The potential market size for unmanned sanitation services in China could reach 280 billion yuan by 2025, with significant opportunities in the sales of autonomous cleaning vehicles [4]. - The trend towards "sanitation automation" is seen as an optimization of business models within the industry, allowing waste management companies to reduce labor intensity and expedite the integration of waste-to-energy solutions [4]. Companies to Watch - Suggested companies for investment consideration include: - 盈峰环境 (Yingfeng Environment) - 聚光科技 (Juguang Technology) - 永兴股份 (Yongxing Co.) - 瀚蓝环境 (Hanlan Environment) - 海螺创业 (Conch Venture) [1][2].

Industry Overview - The urban sanitation industry, also known as municipal sanitation, involves comprehensive management of environmental hygiene in public areas such as roads, squares, water bodies, public toilets, and waste transfer stations [2][4] - The industry has seen accelerated growth due to urbanization, increased demand for rural living environment improvements, and rising marketization of sanitation services, with the market size projected to grow from CNY 136.29 billion in 2018 to CNY 214.62 billion in 2024 [11][6] Market Dynamics - The urban sanitation market can be segmented into three main areas: urban road cleaning and maintenance, urban waste collection, and daily maintenance/cleaning, with road cleaning accounting for over 80% of the market share [13] - The market for urban road cleaning has expanded significantly, growing from CNY 113.01 billion in 2018 to approximately CNY 180 billion in 2024 [13] Policy Environment - The government has increasingly prioritized the development of the urban sanitation industry, issuing various policies aimed at enhancing urban cleaning and waste management, including promoting mechanized road cleaning and improving waste treatment facility management [8][10] Competitive Landscape - The market is characterized by a mix of diversified competition and increasing concentration, with leading companies like Qiaoyin, Yuhua Tian, and Yingfeng Environment expanding through mergers and acquisitions, while smaller regional firms maintain market share through localized services [15][19] - The industry is undergoing a technological transformation, with a focus on new energy equipment, smart sanitation, and autonomous driving, leading to the gradual elimination of traditional labor-intensive models [15] Future Trends - The adoption of new energy sanitation vehicles is accelerating, driven by national carbon reduction goals, with projections indicating that electric vehicles could account for over 30% of the fleet in the future [21] - Smart sanitation technologies are expected to penetrate over 60% of the market by 2030, enhancing operational efficiency through real-time management and automation [22] - The industry is also witnessing a shift towards green practices and international expansion, with companies increasingly adopting eco-friendly technologies and exploring overseas markets [24]