证券代码：002034 证券简称：旺能环境 公告编号：2025-77 债券代码：128141 债券简称：旺能转债 旺能环境股份有限公司 关于签署大竹县餐厨垃圾处理服务项目特许经营协议的公告 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。 特别提示： 1.协议类型：日常经营性协议。 2.协议金额：餐厨垃圾收运处理服务费为240元/吨。 3.协议生效：本协议自甲乙双方法定代表人或授权代表签名盖章后生效。 4.对当期业绩的影响：对公司2025年度经营业绩不会产生重大影响，但项目的实 施将对公司未来业务发展产生积极影响。 一、协议签署情况概述 二、协议双方基本情况介绍 1.甲方：大竹县人民政府 法定代表人：何长华 注册地址：达州市大竹县新华路96号 1 主营业务：政府机构，无主营业务。 2.乙方：浙江旺能环保有限公司 法定代表人：宋平 注册资本：120,000万元 股权结构：公司持股100% 注册地址：浙江省湖州市龙溪街道环山路899号D座3楼 旺能环境股份有限公司（以下简称"公司"）于2025年9月11日收到全资子公司浙 江旺能环保有限公司（以下简称"浙江旺能"）与 ...

Core Viewpoint - The company has signed a supplementary agreement with the Dazhu County People's Government for a kitchen waste treatment service project, enhancing its capabilities in solid waste management [1] Group 1: Project Details - The project will utilize a build-operate-maintain model for kitchen waste collection and treatment [1] - The service fee for kitchen waste collection and treatment is set at 240 yuan per ton [1] - The designed processing capacity of the project is 100 tons per day [1] Group 2: Strategic Implications - The agreement aligns with the company's strategic business planning [1] - It is expected to strengthen the company's overall capabilities in the solid waste treatment sector [1] - The project is not anticipated to have a significant impact on the company's operating performance for the year 2025 [1]

Group 1 - The company, Wangneng Environment, has announced its intention to apply for the bankruptcy pre-restructuring of its subsidiary, Zhejiang Lixin New Materials Technology Co., Ltd., due to the latter's ongoing financial difficulties and insolvency [1][2] - The pre-restructuring aims to help Zhejiang Lixin recover its operational capabilities by introducing strategic investors to improve its asset-liability structure and mitigate further debt risks [2] - Zhejiang Lixin, despite being insolvent, possesses valuable production assets, including land, production equipment, and various licenses, which contribute to its potential for restructuring [2] Group 2 - Wangneng Environment reported a revenue of 1.701 billion yuan in the first half of the year, representing a year-on-year increase of 7.00%, and a net profit of 382 million yuan, up 5.24% [3] - The company is actively progressing on its current projects, including the expansion of its waste-to-energy facilities and several ongoing waste treatment projects [3] - In the waste-to-energy sector, Wangneng Environment has 14 projects that are also providing heating services, with a total heating supply of 747,300 tons in the first half of the year, an increase of over 24% compared to the same period last year [3]

Group 1 - The company, Wangneng Environment, announced on the evening of September 8 that its ninth board of directors held its twelfth meeting, where it approved the proposal to apply for the bankruptcy pre-restructuring of its subsidiary, Zhejiang Lixin [2] - The board also approved the proposal to convene the second interim shareholders' meeting for 2025 [2]

Group 1 - The company Wangneng Environment (002034) announced that it will hold the second extraordinary general meeting of shareholders on September 25, 2025 [1] - The agenda of the meeting includes the proposal to apply for the bankruptcy pre-restructuring of its subsidiary Zhejiang Lixin [1]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-75 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于申请控股子公司浙江立鑫破产预重整的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、误导性 陈述或重大遗漏。 旺能环境股份有限公司（以下简称"公司"）于2025年9月8日召开第九届董 事会第十二次会议，审议通过《关于申请控股子公司浙江立鑫破产预重整的议案》， 同意公司作为债权人向法院申请浙江立鑫新材料科技有限公司（以下简称"浙江 立鑫"）破产重整，并申请启动预重整程序。同时授权公司经营管理层在法律法 规允许的范围内组织实施浙江立鑫破产预重整相关具体事宜。 浙江立鑫最近一期经审计的净利润为-1.20亿元，占上市公司最近一期经审 计净利润5.61亿元的21.39%，属于对公司生产经营具有重要影响的子公司。根据 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第14 号——破产重整等事项》《公司章程》等相关规定，本议案经董事会审议通过之 后，尚需提交公司股东会进行审 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-76 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于召开 2025 年第二次临时股东会的通知 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。 旺能环境股份有限公司（以下简称"公司"）将于 2025 年 9 月 25 日召开 2025 年 第二次临时股东会，现就本次股东会相关事项通知如下： 一、召开会议的基本情况 （一）股东会届次：2025 年第二次临时股东会 （二）股东会的召集人：公司第九届董事会 公司于 2025 年 9 月 8 日召开的第九届董事会第十二次会议审议通过了《关于召开 2025 年第二次临时股东会的议案》。 现场会议时间：2025 年 9 月 25 日（星期四）下午 14：45，会期半天。 网络投票时间：2025 年 9 月 25 日。其中：通过深圳证券交易所交易系统进行网 络投票的具体时间为2025年9月25日上午9:15-9:25，9:30-11:30，下午13:00-15:00； ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-74 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 第九届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 1、审议通过《关于申请控股子公司浙江立鑫破产预重整的议案》 表决结果：同意票：9 票，反对票：0 票，弃权票：0 票。本议案尚需提交 2025 年第二次临时股东会进行审议。 董事会同意公司作为债权人向法院申请公司控股子公司浙江立鑫新材料科技有 限公司破产预重整事项。同时授权公司经营管理层在法律法规允许的范围内组织实施 浙江立鑫新材料科技有限公司破产预重整相关具体事宜。 具体内容详见刊登于 2025 年 9 月 9 日《证券时报》《证券日报》《上海证券报》 及巨潮资讯网上的《关于申请控股子公司浙江立鑫破产预重整的公告》（2025-75）。 2、审议通过《关于召开 2025 年第二次临时股东会的议案》 1 表决结果：同意票：9 票，反对票：0 票，弃权票： ...

Group 1: Macro Insights - Gold prices have reached new highs, with London gold rising nearly 7% to $3,578 per ounce and COMEX gold touching $3,640 per ounce, reinforcing the "long bull" logic for gold as a long-term investment [2][4] - The report emphasizes the unique long-term allocation value of gold amidst profound changes in global geopolitical logic and financial systems, suggesting that while short-term fluctuations may occur, the long-term outlook remains positive [2][4] Group 2: Hong Kong Stock Market Analysis - A comprehensive multi-factor framework for the Hong Kong stock market has been constructed, analyzing 339 factors across four main categories: price-volume, fundamentals, liquidity, and consensus expectations [2] - The report highlights the statistical performance of different types of factors and explores the factor effects across market capitalization and industry, as well as the impact of southbound capital on factor effectiveness [2] - A stock selection strategy has been implemented, resulting in an annualized return of 10.57% for a selected 50-stock portfolio and an annualized excess return of 8.65% for an enhanced southbound stock portfolio [2] Group 3: Fixed Income and Trade Dynamics - The report discusses the evolution of global trade order, emphasizing the shift from cooperation to friction in economic relations, and the transition towards regionalization and fragmentation in industrial division [4] - It notes that the current global supply-demand imbalance, conflicts over pricing power, and the debt cycle are accelerating the restructuring of trade order, presenting both challenges and opportunities for China [4] Group 4: Company-Specific Insights - For the company "乖宝宠物" (Guaibao Pet), the report attributes its leadership in the pet food market to continuous innovation in products, deep channel development, and effective marketing strategies, maintaining a target price of 130 CNY and a "buy" rating [7] - "蔚来" (NIO) reported a revenue of 31 billion CNY for H1 2025, a year-on-year increase of 13.5%, and is expected to continue cost reduction and efficiency improvements, maintaining a "buy" rating [8] - "旺能环境" (Wangneng Environment) achieved a revenue of 1.701 billion CNY in H1 2025, with growth driven by its waste incineration projects and expansion into new business areas, also maintaining a "buy" rating [8] - "黑芝麻智能" (Heizhima Intelligent) reported a revenue of 253 million CNY in H1 2025, a year-on-year increase of 40.4%, and is expected to expand its product line and improve software algorithms, maintaining a "buy" rating with a target price of 24.46 HKD [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 21.39 [5][4]. Core Views - The company's revenue for H1 2025 reached RMB 1.701 billion, representing a year-over-year increase of 7.00%, while net profit attributable to shareholders was RMB 382 million, up 5.24% year-over-year [1][2]. - The company is expected to achieve growth through quality improvement and business optimization, despite stable waste incineration capacity [1]. - The expansion into intelligent computing centers, heating services, and overseas markets is anticipated to contribute positively to performance [1][3]. Revenue Breakdown - For H1 2025, the revenue from household waste disposal was RMB 1.252 billion (up 3.50% YoY) with a gross margin of 49.89% (up 1.85 percentage points YoY) [2]. - The revenue from kitchen waste disposal was RMB 211 million (up 6.69% YoY) with a gross margin of 36.07% (up 3.41 percentage points YoY) [2]. - The company reported losses in resource recycling businesses, including a loss of RMB 19.76 million from waste rubber recycling and a loss of RMB 20.23 million from waste battery recycling [2]. Business Expansion - The company has completed the registration of the "Zero Carbon Intelligent Computing Center" project with a processing capacity of 2,150 tons per day [3]. - The heating business has seen significant growth, with a total heating volume of 747,300 tons in H1 2025, an increase of over 24% year-over-year [3]. - A contract was signed with Vietnam's Thai Binh Province for a solid waste incineration plant project with a minimum daily processing capacity of 600 tons [3]. Financial Projections - The company is projected to achieve net profits of RMB 597 million, RMB 631 million, and RMB 678 million for the years 2025, 2026, and 2027, respectively [4][9]. - The target price of RMB 21.39 is based on a price-to-earnings (PE) ratio of 15.5 times for 2025, reflecting a positive outlook compared to the previous target price of RMB 17.80 [4][5].