证券日报网讯 2月26日，旺能环境在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 数为15743户。 （文章来源：证券日报） ...

Summary of Conference Call on Waste Management Industry in Southeast Asia Industry Overview - The Southeast Asian waste management market is experiencing significant demand growth, with a restructuring of the market currently underway [1] - The region faces a continuous increase in waste generation coupled with insufficient end-processing capacity, particularly in incineration rates [1] Key Insights - Chinese companies have accelerated their overseas expansion starting in 2023, leveraging cost and engineering capabilities to rapidly increase market share in Southeast Asia [2] - High electricity prices and disposal fees are enhancing profitability, although operational and policy risks must be monitored [2] - Under the assumption of a unified scale of 1,000 tons per day, optimistic scenarios suggest that project revenues in Southeast Asia could be approximately 1.8 to 2.7 times that of domestic projects, with profits ranging from 2 to 5 times domestic levels, and net profit margins potentially exceeding 25% [2] Financial Performance and Outlook - As overseas projects come online, international business is expected to become a core engine for smoothing domestic cycles and enhancing company performance [3] - The high returns in overseas markets also imply a more complex operational environment and policy negotiations, necessitating improved local management, risk hedging, and comprehensive operational capabilities [3] - The industry is witnessing a cash flow turning point, with over 90% of companies increasing dividend payouts due to robust cash flow [3] - Average waste disposal volume, power generation, and grid-connected electricity are projected to grow by 8%, 7%, and 8% year-on-year, respectively, in the first half of 2025 [3] - The industry is entering a capital expenditure contraction phase, with the proportion of under-construction capacity dropping below 10%, leading to a decline in financial costs and substantial cash flow improvement [3] Strategic Recommendations - Recommended companies to watch include: 1. Operators: Weiming Environmental, Junxin Co., China Everbright Environment, Hanlan Environment, China Tianying, Zhongke Environmental, Wangneng Environment, Green Power, etc. [4] 2. Equipment/Engineering Output: Sanfeng Environment [4] - Short-term strategies include heat transformation and collaborative disposal to extract existing profits, while long-term strategies focus on overseas contributions to performance elasticity and exploring new green energy monetization paths such as zero-carbon parks and integrated electricity solutions [3]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The Southeast Asian waste incineration market is poised for significant growth, with a projected demand for incineration capacity reaching 222,000 tons per day by 2030 and 491,000 tons per day by 2050, representing an investment opportunity exceeding 100 billion [6][15] - The domestic waste incineration market in China has entered a mature phase, with the operational capacity reaching 1.16 million tons per day by the end of 2024, reflecting an 8% year-on-year increase [16][20] - The profitability of waste incineration projects in Southeast Asia is expected to be significantly higher than domestic projects, with potential net profit margins exceeding 25% under optimistic scenarios [6][15] Summary by Sections Domestic Waste Market - The domestic incineration market is relatively saturated, with listed companies' capacity under construction accounting for less than 10% of total operational capacity [16][26] - The business model of waste incineration is resilient, characterized by stable profits and strong cash flow, with a 4.9% year-on-year increase in revenue for the waste incineration sector in Q1-Q3 2025 [28][31] Southeast Asian Waste Incineration Market - Population growth and urbanization are driving waste generation, making incineration the preferred solution for urban management in Southeast Asia [6][15] - The incineration rate in Southeast Asia is expected to accelerate, with significant investment opportunities available [6][15] Profitability and Operational Risks - High electricity prices and disposal fees are enhancing profitability, with revenue from Southeast Asian projects estimated to be 1.8 to 2.7 times that of domestic projects [6][15] - The operational environment in overseas markets presents complexities that require enhanced local management and risk mitigation strategies [6][15] Recommendations - Focus on operators using BOT/BOO models for overseas investments, such as Weiming Environmental, Junxin Co., and China Tianying [6][15] - Consider equipment and engineering firms like Sanfeng Environment that leverage their manufacturing capabilities to enter overseas markets [6][15]

Core Viewpoint - Wangneng Environment is actively expanding its overseas market presence by investing in a new waste-to-energy project in Uzbekistan, which is expected to enhance its international business footprint and provide new growth opportunities amid a saturated domestic market [2][4]. Group 1: Investment Details - The company has approved an investment of up to 1.2 billion yuan to construct a waste incineration power plant in Bukhara, Uzbekistan, with a daily processing capacity of 1,500 tons [2][3]. - The investment represents approximately 17.96% of the company's latest audited net assets [2]. - The project includes a 2-year construction period and a 30-year operational period, with a designed capacity of 50 megawatts [2]. Group 2: Revenue Sources and Financial Strategy - Revenue for the project will primarily come from waste treatment fees and electricity sales, with treatment fees set at $5 per ton during the commissioning phase and $10 per ton during commercial operations [3]. - The electricity sale price is standardized at $0.10 per kilowatt-hour, with a formal sales agreement to be signed later [3]. - The company plans to finance the investment through 30% equity and 70% debt or equity financing, despite having a current cash position of 701 million yuan [3]. Group 3: Current Operations and Market Position - Wangneng Environment operates 21 waste-to-energy plants with a total capacity of 21,820 tons in various provinces in China and is also developing projects in Vietnam [4][6]. - The company is tracking 15 overseas projects, focusing on markets such as Vietnam, Malaysia, Thailand, Saudi Arabia, Mongolia, South Africa, Uzbekistan, and Cambodia [5][6]. - For the first half of 2025, the company reported revenues of 1.252 billion yuan from its waste treatment business, with a net profit of 428 million yuan [5].

Core Viewpoint - Wangneng Environment (002034) is planning to invest up to 1.2 billion RMB in a waste-to-energy project in Uzbekistan, which is expected to positively impact the company's future profitability [1][3]. Trading Information Summary - As of February 4, 2026, Wangneng Environment's stock closed at 17.36 RMB, up 1.46%, with a turnover rate of 1.76%, trading volume of 76,100 shares, and a transaction value of 131 million RMB [1]. - On the same day, the main funds experienced a net outflow of 3.29 million RMB, while speculative funds saw a net inflow of 8.79 million RMB, and retail investors had a net outflow of 5.50 million RMB [1][3]. Company Announcement Summary - The 16th meeting of the 9th Board of Directors approved an investment proposal to build a waste incineration power plant in Bukhara, Uzbekistan, with a daily processing capacity of 1,500 tons and a total investment not exceeding 1.2 billion RMB [1]. - The investment represents 8.29% of the company's most recent audited total assets and 17.96% of its net assets [1]. - The project will be executed under a build-operate-transfer (BOT) model, with a construction period of two years and an operation period of thirty years [1]. - The company has signed a Waste Supply Agreement with the relevant Uzbek authority, ensuring a guaranteed supply of waste and processing fees [1].

Group 1 - The company plans to invest up to 1.2 billion yuan in a waste-to-energy plant in Bukhara, Uzbekistan, with a daily processing capacity of 1,500 tons and a designed capacity of 50 MW [1] - The investment represents 8.29% of the company's latest audited total assets of 14.48 billion yuan and 17.96% of its latest audited net assets of 6.682 billion yuan [1] - The project will operate under a Build-Operate-Transfer (BOT) model, with a waste treatment fee of $5 per ton during the construction phase and $10 per ton during the operational phase [1] Group 2 - The project is seen as a strategic benchmark for the company's overseas expansion, contributing stable revenue and enhancing international brand influence [2] - There is potential for further expansion in waste management sectors such as kitchen waste and sludge treatment in Uzbekistan, driven by increasing urbanization and waste generation [2] - The investment aligns with the company's strategy to implement the Belt and Road Initiative and find new growth opportunities in saturated domestic markets [3] Group 3 - The company aims to enhance its competitiveness and profitability through this overseas project, which is crucial for expanding its international business footprint [3] - Key considerations for successful international expansion include selecting locations with strong policy support and significant waste management needs, adopting suitable cooperation models, and implementing risk mitigation strategies [3]

Core Viewpoint - The company plans to invest up to 1.2 billion RMB in a waste-to-energy project in Uzbekistan, aligning with the Belt and Road Initiative and aiming to expand its overseas market presence [1][2]. Investment Details - The project will process 1,500 tons of waste daily and has a capacity of 50 megawatts, with a construction period of 2 years and an operational period of 30 years [1]. - Funding will be sourced from 30% self-owned funds and 70% through equity or debt financing [1]. Market Context - Uzbekistan is a key node in the Belt and Road Initiative, with a rapidly growing economy projected to reach 1.47 billion USD in GDP by 2025, growing at 7.7% [1]. - The increasing demand for electricity and waste generation in Uzbekistan provides a significant market opportunity for environmental energy projects [1]. Strategic Importance - The investment is part of the company's strategy to explore new growth areas amid a saturated domestic market, enhancing profitability and core competitiveness [1][2]. - The local government supports the project through legislation, tax incentives, and foreign investment encouragement, ensuring a strong partnership [2]. Company Expertise - The company has extensive experience in the waste-to-energy sector, particularly in Belt and Road regions, and has previously signed contracts for similar projects in Vietnam [2]. - The company has been recognized as one of the top ten influential enterprises in the solid waste industry in China, establishing a strong market reputation [3]. Operational Excellence - The company has achieved the highest level of operational certification for waste incineration plants, indicating superior performance in environmental compliance and energy efficiency [3]. - The company holds comprehensive certifications covering the entire waste treatment process, reinforcing trust with local governments [4]. Future Outlook - The company aims to transition from a project builder to a standard setter in the industry, potentially increasing value and profit margins as it expands internationally [4].

Group 1 - The company held its 16th meeting of the 9th Board of Directors on February 2, 2026, where all 9 directors attended, and the meeting complied with legal regulations [2] - The Board unanimously approved an investment proposal to build a waste incineration power plant in Uzbekistan with a total investment not exceeding 1.2 billion RMB, which represents 8.29% of the company's total audited assets and 17.96% of its net assets [3][6] - The project involves a daily processing capacity of 1,500 tons of municipal waste and is expected to generate revenue from waste disposal fees and electricity sales [17] Group 2 - The project will be executed by the company's wholly-owned subsidiary, Wangneng (UZ) Environmental Protection Energy PTE. LTD, which signed a Waste Supply Agreement with the Uzbek government agency responsible for waste management [7][9] - The project is part of the company's strategy to expand its overseas business and is aligned with China's Belt and Road Initiative, aiming to find new growth opportunities in a competitive domestic market [17] - The waste disposal fee is set at 5 USD per ton during the testing phase and will increase to 10 USD per ton during commercial operation, with a project duration of two years for construction and thirty years for operation [13][17]

Key Points - Company Zhiyang Innovation plans to acquire control of Lingming Photon, leading to a suspension of trading starting February 4 [2] - Kailong High-Tech intends to purchase 70% of Jinhua Wanda, with trading resuming on February 4 [2] - ST Cube has completed its suspension review and will resume trading on February 4 [2] - YaoKang Bio reported a net profit growth of 31.49% for 2025 [2][7] - Excellent New Energy reported a net profit growth of 14.16% for 2025 [2][7] - Xuguang Electronics plans to raise no more than 1 billion yuan through a private placement [2][9] - ST Blowing and ST Jinling have received court approval for their restructuring plans [2][10] - Han Jian Heshan intends to acquire 99.9978% of Xingfu New Materials, with trading resuming on February 4 [2] - Jiashitang's controlling shareholder will change to Tongrentang Group, with trading resuming on February 4 [2] - Fulian Precision plans to increase capital in its subsidiary Jiangxi Shenghua with Ningde Times [2] - Microchip Biotech signed a licensing and distribution agreement with Nizhpharm for Sidaben [2][17] - Jiefang Automotive plans to use up to 10 billion yuan for entrusted wealth management [2][12] - Ningde Times has repurchased 15.99 million A-shares for a total of 4.386 billion yuan [2][12] Focus on Mergers and Acquisitions - Kailong High-Tech will acquire 70% of Jinhua Wanda through a combination of share issuance and cash payment, marking a significant asset restructuring [4] - Han Jian Heshan's acquisition of Xingfu New Materials aims to expand its business into organic chemical raw materials [15] - Jiashitang's share transfer to Tongrentang Group will change its controlling shareholder and actual controller [12] Performance Highlights - YaoKang Bio's total revenue for 2025 reached 793.25 million yuan, a 15.49% increase, with a net profit of 144.40 million yuan [7] - Excellent New Energy's total revenue for 2025 was 2.942 billion yuan, a 17.43% decrease, but net profit increased to 170.12 million yuan [7] Important Investments - Huangshan Tourism plans to invest 530 million yuan in a hotel project [3][16] - Wangneng Environment intends to invest up to 1.2 billion yuan in a waste incineration power plant in Uzbekistan [3][14] - Common Friend Technology signed a procurement agreement with Envision Energy for a total procurement amount of approximately 949 million yuan [3][14]

Core Viewpoint - The company Wangneng Environment has approved an investment of up to 1.2 billion RMB to build a waste incineration power plant in Uzbekistan, with a daily processing capacity of 1,500 tons of municipal waste [1][2] Group 1: Investment Details - The total investment for the project is capped at 1.2 billion RMB [1] - The plant will be located in Bukhara, Uzbekistan [1] - The company’s wholly-owned subsidiary, Wangneng (UZ) Environmental Protection Energy PTE. LTD, has signed a Waste Supply Agreement with the relevant Uzbek authority [1] Group 2: Revenue Sources - Revenue will primarily come from waste treatment fees and electricity sales [2] - The waste treatment fee is set at 5 USD per ton during the commissioning phase and will increase to 10 USD per ton once commercial operations begin [2] - The electricity sale price is determined at 10 cents per kilowatt-hour, following the industry standard in Uzbekistan [2]